Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
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Western Digital Corp., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-07-01), 10-K (reporting date: 2021-07-02), 10-K (reporting date: 2020-07-03), 10-K (reporting date: 2019-06-28), 10-K (reporting date: 2018-06-29).
- Revenue Trends
- Net revenue shows a declining trend from 20,647 million USD in 2018 to 16,569 million USD in 2019, followed by a relatively stable period around 16,700 million USD during 2020 and 2021. There is an increase to 18,793 million USD in 2022, after which revenue significantly declines to 12,318 million USD in 2023.
- Cost of Revenue and Gross Profit
- Cost of revenue remains somewhat stable, fluctuating slightly around an average of approximately -12,500 million USD, but decreasing notably to -10,431 million USD in 2023. Gross profit declines sharply from 7,705 million USD in 2018 to about 3,752 million USD in 2019 and remains relatively flat in 2019 and 2020. A recovery is observed in 2021 and 2022 with gross profits reaching 5,874 million USD, but this is followed by a steep decline to 1,887 million USD in 2023.
- Operating Expenses
- Operating expenses, comprising research and development, selling, general, and administrative expenses, show a gradual overall decrease. Research and development expense reduces from -2,400 million USD in 2018 to -2,009 million USD in 2023. Similarly, selling, general, and administrative expenses decline from -1,473 million USD to -970 million USD during the same period. Total operating expenses decrease from -4,088 million USD in 2018 to -3,172 million USD in 2023, indicating cost control measures despite fluctuations in revenues.
- Employee Termination and Asset Impairment Costs
- These charges fluctuate over the years, initially negative at -215 million USD in 2018, diminishing to -32 million USD in 2020, followed by occasional positive and negative adjustments, including a positive 47 million USD in 2021. The figure is negative again at -193 million USD in 2023, suggesting episodic costs related to restructuring or impairments.
- Operating Income
- Operating income experiences significant volatility. Starting robustly at 3,617 million USD in 2018, it plunges to near breakeven (87 million USD) in 2019, then fluctuates modestly before peaking at 2,391 million USD in 2022. A stark reversal occurs in 2023 with an operating loss of -1,285 million USD, highlighting profitability challenges in the most recent year.
- Interest and Other Income/Expenses
- Interest income remains modest, decreasing consistently from 60 million USD in 2018 to a low of 6 million USD in 2022, with a slight uptick in 2023. Interest expense trends downward steadily from -676 million USD to around -312 million USD. Other income (expense), net, is consistently minor, swinging between negative and positive small amounts, contributing to a generally improving net interest and other income/expense position over time.
- Income Before Taxes and Net Income
- Income before taxes follows the pattern of operating income, showing a drop into negative territory in 2019 and 2020 with respective figures of -287 million USD and -46 million USD, rebounding to a peak of 2,123 million USD in 2022. This is followed by a marked decline to -1,560 million USD in 2023. Income tax expense declines significantly after 2018, demonstrating lower taxable income, while net income attributable to common shareholders mirrors these trends with losses in 2019 and 2020, recovery in 2021 and 2022, and a significant loss again in 2023.