Selected Financial Data
since 2005
Income Statement
Western Digital Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenue, net | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Jun 30, 2023 | 12,318) | (1,285) | (1,706) |
| Jul 1, 2022 | 18,793) | 2,391) | 1,500) |
| Jul 2, 2021 | 16,922) | 1,220) | 821) |
| Jul 3, 2020 | 16,736) | 335) | (250) |
| Jun 28, 2019 | 16,569) | 87) | (754) |
| Jun 29, 2018 | 20,647) | 3,617) | 675) |
| Jun 30, 2017 | 19,093) | 1,954) | 397) |
| Jul 1, 2016 | 12,994) | 466) | 242) |
| Jul 3, 2015 | 14,572) | 1,611) | 1,465) |
| Jun 27, 2014 | 15,130) | 1,791) | 1,617) |
| Jun 28, 2013 | 15,351) | 1,266) | 980) |
| Jun 29, 2012 | 12,478) | 1,771) | 1,612) |
| Jul 1, 2011 | 9,526) | 781) | 726) |
| Jul 2, 2010 | 9,850) | 1,525) | 1,382) |
| Jul 3, 2009 | 7,453) | 519) | 470) |
| Jun 27, 2008 | 8,074) | 1,006) | 867) |
| Jun 29, 2007 | 5,468) | 415) | 564) |
| Jun 30, 2006 | 4,341) | 366) | 395) |
| Jul 1, 2005 | 3,639) | 197) | 198) |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
Financial performance from 2005 to 2023 is characterized by a long-term expansion phase followed by a period of significant volatility and a recent sharp contraction in both top-line and bottom-line results.
- Revenue Trends
- A consistent growth trajectory is observed from 2005 through 2013, with net revenue increasing from 3.6 billion US$ to a peak of 15.3 billion US$. Following a period of relative stagnation between 2014 and 2016, a second growth peak occurred in 2018, reaching 20.6 billion US$. However, subsequent years show a decline in stability, culminating in a substantial contraction in 2023, where revenue fell to 12.3 billion US$, the lowest level since 2012.
- Operating Income and Profitability
- Operating income exhibited growth alongside revenue until 2010, peaking initially at 1.5 billion US$. After fluctuating for several years, operating income reached an all-time high of 3.6 billion US$ in 2018. This was followed by a precipitous decline in 2019 to 87 million US$, representing a near-total erosion of operating profitability. While a recovery occurred between 2020 and 2022, peaking again at 2.3 billion US$, the period ended with a severe operating loss of 1.2 billion US$ in 2023.
- Net Income Volatility
- Net income patterns closely mirror operating results but exhibit greater extremes. The company maintained profitability for the majority of the period until 2019, when it recorded a net loss of 754 million US$, followed by a further loss of 250 million US$ in 2020. Although the company returned to profitability in 2021 and 2022, achieving a net income of 1.5 billion US$ in the latter year, this was reversed by a significant net loss of 1.7 billion US$ in 2023.
- Margin Analysis and Performance Divergence
- A divergence between revenue and profitability is evident in several cycles. Notably, between 2017 and 2018, revenue growth was accompanied by a surge in operating income. Conversely, the 2019 fiscal year showed a disconnect where revenue remained relatively high at 16.5 billion US$, yet net income plummeted into negative territory. The most recent data from 2023 indicates a simultaneous collapse in both revenue and earnings, suggesting a systemic downturn in profitability rather than a localized operational expense spike.
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Balance Sheet: Assets
Western Digital Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Jun 30, 2023 | 7,886) | 24,429) |
| Jul 1, 2022 | 9,453) | 26,259) |
| Jul 2, 2021 | 9,757) | 26,132) |
| Jul 3, 2020 | 9,048) | 25,662) |
| Jun 28, 2019 | 8,477) | 26,370) |
| Jun 29, 2018 | 10,638) | 29,235) |
| Jun 30, 2017 | 11,056) | 29,860) |
| Jul 1, 2016 | 12,584) | 32,862) |
| Jul 3, 2015 | 8,517) | 15,181) |
| Jun 27, 2014 | 8,720) | 15,499) |
| Jun 28, 2013 | 7,598) | 14,036) |
| Jun 29, 2012 | 7,141) | 14,206) |
| Jul 1, 2011 | 5,487) | 8,118) |
| Jul 2, 2010 | 4,720) | 7,328) |
| Jul 3, 2009 | 3,230) | 5,291) |
| Jun 27, 2008 | 2,731) | 4,875) |
| Jun 29, 2007 | 2,029) | 2,901) |
| Jun 30, 2006 | 1,492) | 2,073) |
| Jul 1, 2005 | 1,181) | 1,589) |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
The financial data reveals a period of aggressive asset expansion from 2005 through 2016, followed by a sustained phase of gradual contraction and stabilization. Total assets grew from 1,589 million USD in 2005 to a peak of 32,862 million USD in 2016, reflecting a substantial increase in the organization's balance sheet scale over a decade.
- Current Asset Trajectory
- Current assets exhibited a consistent upward trend from 2005 (1,181 million USD) through 2014 (8,720 million USD). A peak was reached in 2016 at 12,584 million USD, after which a steady decline occurred, with values receding to 7,886 million USD by June 30, 2023.
- Total Asset Expansion and Peak
- Total assets rose steadily between 2005 and 2014, increasing from 1,589 million USD to 15,499 million USD. A significant surge is observed between 2015 and 2016, where total assets more than doubled from 15,181 million USD to 32,862 million USD, marking the highest asset valuation in the analyzed period.
- Asset Contraction Phase
- Following the 2016 peak, a downward trend in total assets is evident, with the balance decreasing to 24,429 million USD by 2023. This contraction suggests a period of asset optimization, depreciation, or strategic divestment following the massive expansion of 2016.
- Shift in Asset Composition
- A notable shift in the composition of the balance sheet is observed. In 2005, current assets represented approximately 74% of total assets. By 2016, this proportion decreased to approximately 38%, and by 2023, it further declined to approximately 32%. This trend indicates a transition from a highly liquid asset base to one dominated by non-current assets, such as property, plant, equipment, or intangible assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
Western Digital Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current portion | Shareholders’ equity | |
|---|---|---|---|---|
| Jun 30, 2023 | 5,434) | 12,706) | 7,070) | 11,723) |
| Jul 1, 2022 | 5,237) | 14,038) | 7,022) | 12,221) |
| Jul 2, 2021 | 4,870) | 15,411) | 8,725) | 10,721) |
| Jul 3, 2020 | 4,406) | 16,111) | 9,575) | 9,551) |
| Jun 28, 2019 | 3,817) | 16,403) | 10,522) | 9,967) |
| Jun 29, 2018 | 4,456) | 17,704) | 11,172) | 11,531) |
| Jun 30, 2017 | 4,344) | 18,442) | 13,151) | 11,418) |
| Jul 1, 2016 | 6,949) | 21,717) | 16,994) | 11,145) |
| Jul 3, 2015 | 3,242) | 5,962) | 2,567) | 9,219) |
| Jun 27, 2014 | 3,845) | 6,657) | 2,438) | 8,842) |
| Jun 28, 2013 | 3,973) | 6,143) | 1,955) | 7,893) |
| Jun 29, 2012 | 4,032) | 6,537) | 2,185) | 7,669) |
| Jul 1, 2011 | 2,170) | 2,630) | 294) | 5,488) |
| Jul 2, 2010 | 2,023) | 2,619) | 400) | 4,709) |
| Jul 3, 2009 | 1,525) | 2,099) | 482) | 3,192) |
| Jun 27, 2008 | 1,564) | 2,179) | 509) | 2,696) |
| Jun 29, 2007 | 1,130) | 1,185) | 22) | 1,716) |
| Jun 30, 2006 | 859) | 916) | 44) | 1,157) |
| Jul 1, 2005 | 819) | —) | 53) | 702) |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
Between 2005 and 2023, the balance sheet underwent a significant transformation characterized by a period of aggressive capital expansion followed by a sustained phase of deleveraging. The most notable shift occurred in 2016, which marked a peak in both total liabilities and long-term debt, shifting the company's financial structure from a low-leverage position to a highly leveraged one before beginning a multi-year reduction in obligations.
- Liability Trends
- Current liabilities exhibited a gradual increase from US$ 819 million in 2005 to US$ 2,170 million in 2011, followed by a sharp escalation to US$ 4,032 million in 2012. A secondary peak was reached in 2016 at US$ 6,949 million. Since 2017, current liabilities have stabilized, fluctuating between US$ 3,817 million and US$ 5,434 million. Total liabilities followed a more dramatic trajectory, rising from US$ 916 million in 2006 to a peak of US$ 21,717 million in 2016. From 2017 to 2023, total liabilities decreased steadily, falling to US$ 12,706 million.
- Long-Term Debt Analysis
- Long-term debt remained relatively low until 2008, after which it grew to US$ 2,185 million by 2012. A massive surge is observed in 2016, where long-term debt escalated to US$ 16,994 million, representing the primary driver of the increase in total liabilities. Following this peak, a consistent downward trend is evident; the debt was reduced annually from 2017 to 2022, reaching US$ 7,022 million, before ending the period at US$ 7,070 million in 2023. This indicates a strategic focus on debt repayment over the last seven years.
- Shareholders' Equity Evolution
- Shareholders' equity showed consistent and robust growth for the majority of the period, increasing from US$ 702 million in 2005 to US$ 11,531 million in 2018. A period of moderate volatility occurred between 2019 and 2020, with equity dipping to US$ 9,551 million. However, a recovery followed, with equity rising to US$ 11,723 million by June 30, 2023. The overall growth in equity has provided a buffer against the significant debt levels assumed in 2016.
- Solvency and Leverage Observations
- The ratio of total liabilities to shareholders' equity peaked in 2016, where liabilities were approximately 1.95 times the value of equity. By 2023, this ratio improved significantly to approximately 1.08, reflecting a strengthened solvency position. The convergence of declining total liabilities and stabilizing shareholders' equity suggests a transition toward a more conservative financial structure.
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Cash Flow Statement
Western Digital Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Jun 30, 2023 | (408) | (762) | 875) |
| Jul 1, 2022 | 1,880) | (1,192) | (1,718) |
| Jul 2, 2021 | 1,898) | (765) | (817) |
| Jul 3, 2020 | 824) | 278) | (1,508) |
| Jun 28, 2019 | 1,547) | (1,272) | (1,829) |
| Jun 29, 2018 | 4,205) | (1,655) | (3,900) |
| Jun 30, 2017 | 3,437) | (636) | (4,595) |
| Jul 1, 2016 | 1,983) | (9,608) | 10,751) |
| Jul 3, 2015 | 2,242) | (953) | (1,069) |
| Jun 27, 2014 | 2,816) | (1,936) | (385) |
| Jun 28, 2013 | 3,119) | (970) | (1,048) |
| Jun 29, 2012 | 3,067) | (4,167) | 819) |
| Jul 1, 2011 | 1,655) | (793) | (106) |
| Jul 2, 2010 | 1,942) | (986) | (16) |
| Jul 3, 2009 | 1,305) | (551) | (64) |
| Jun 27, 2008 | 1,399) | (1,321) | 326) |
| Jun 29, 2007 | 618) | (383) | (86) |
| Jun 30, 2006 | 402) | (337) | 1) |
| Jul 1, 2005 | 461) | (314) | (7) |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
The financial trajectory between 2005 and 2023 is characterized by an extended period of operational growth and significant capital expansion, followed by a recent transition toward operational volatility and liquidity challenges.
- Operating Cash Flow Performance
- Net cash provided by operating activities demonstrated a consistent growth trend from 2005 through 2018, ascending from 461 million USD to a peak of 4.2 billion USD. This period indicates a strong capacity to generate liquidity from core business operations. However, a sharp reversal occurred after 2018, with cash flows dropping significantly to 824 million USD by 2020. Despite a brief recovery between 2021 and 2022, the trend culminated in a deficit of 408 million USD in 2023, representing a shift to negative cash generation from operations.
- Investing Activity and Capital Expenditure
- Investing activities remained predominantly negative throughout the analyzed period, reflecting continuous investment in assets and growth. Two distinct spikes in capital deployment are observable: an outflow of 4.1 billion USD in 2012 and a substantial peak of 9.6 billion USD in 2016. These outliers suggest significant strategic acquisitions or large-scale infrastructure investments. Outside of these peak years, investing outflows generally trended downward in magnitude from 2017 through 2023.
- Financing Activity and Capital Funding
- Financing cash flows were largely negative for the majority of the period, indicating the repayment of debt or distribution of capital to shareholders. A critical anomaly occurred in 2016, where a massive cash inflow of 10.7 billion USD was recorded, effectively funding the concurrent spike in investing activities. Following this event, financing remained negative until 2023, when an inflow of 875 million USD was observed, likely serving to offset the negative cash flow from operations during that fiscal year.
- Overall Cash Flow Synthesis
- The relationship between the three cash flow components reveals a transition from an organic growth phase (2005–2011) to a phase of aggressive, debt-funded expansion (2012–2016). The final period (2019–2023) indicates a deterioration in operational efficiency, as the company moved from being a strong generator of internal cash to relying on financing activities to compensate for operating losses in the most recent year.
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Per Share Data
Western Digital Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Jun 30, 2023 | -5.44 | -5.44 | 0.00 |
| Jul 1, 2022 | 4.81 | 4.75 | 0.00 |
| Jul 2, 2021 | 2.69 | 2.66 | 0.00 |
| Jul 3, 2020 | -0.84 | -0.84 | 1.50 |
| Jun 28, 2019 | -2.58 | -2.58 | 2.00 |
| Jun 29, 2018 | 2.27 | 2.20 | 2.00 |
| Jun 30, 2017 | 1.38 | 1.34 | 2.00 |
| Jul 1, 2016 | 1.01 | 1.00 | 2.00 |
| Jul 3, 2015 | 6.31 | 6.18 | 1.80 |
| Jun 27, 2014 | 6.88 | 6.68 | 1.25 |
| Jun 28, 2013 | 4.07 | 3.98 | 1.00 |
| Jun 29, 2012 | 6.69 | 6.58 | 0.00 |
| Jul 1, 2011 | 3.14 | 3.09 | 0.00 |
| Jul 2, 2010 | 6.06 | 5.93 | 0.00 |
| Jul 3, 2009 | 2.12 | 2.08 | 0.00 |
| Jun 27, 2008 | 3.92 | 3.84 | 0.00 |
| Jun 29, 2007 | 2.57 | 2.50 | 0.00 |
| Jun 30, 2006 | 1.84 | 1.76 | 0.00 |
| Jul 1, 2005 | 0.96 | 0.91 | 0.00 |
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), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-07-01), 10-K (reporting date: 2015-07-03), 10-K (reporting date: 2014-06-27), 10-K (reporting date: 2013-06-28), 10-K (reporting date: 2012-06-29), 10-K (reporting date: 2011-07-01), 10-K (reporting date: 2010-07-02), 10-K (reporting date: 2009-07-03), 10-K (reporting date: 2008-06-27), 10-K (reporting date: 2007-06-29), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-07-01).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial performance over the analyzed period is characterized by extreme volatility in earnings and a brief, inconsistent period of dividend distributions. Profitability has shifted from a long-term growth trajectory in the first decade to a highly cyclical and unstable pattern in the second decade, culminating in significant losses in the most recent fiscal year.
- Earnings Per Share Trends
- From 2005 to 2014, basic earnings per share exhibited a general upward trend, rising from 0.96 US$ to a peak of 6.88 US$. This period was marked by significant growth, although intermittent fluctuations occurred, such as the dip in 2009. Diluted earnings closely mirrored basic earnings throughout this phase, indicating a consistent relationship between basic and diluted share counts.
- Starting in 2016, a period of heightened instability emerged. Earnings plummeted to 1.01 US$ in 2016 before experiencing a brief recovery and then falling into negative territory in 2019 (-2.58 US$) and 2020 (-0.84 US$). A temporary rebound occurred in 2021 and 2022, with earnings reaching 4.81 US$ in 2022, before a sharp decline to -5.44 US$ in 2023, the lowest point in the recorded history.
- Dividend Distribution Patterns
- Dividend payments were nonexistent from 2005 through 2012. Distributions were initiated in 2013 at 1.00 US$ per share and grew steadily to 2.00 US$ by 2016, where they remained stagnant through 2018.
- A reduction in dividends to 1.50 US$ occurred in 2020, coinciding with a period of negative earnings. Following this reduction, dividend payments ceased entirely from 2021 onward, suggesting a strategic shift toward capital preservation in response to earnings volatility and substantial net losses.
The correlation between earnings performance and shareholder returns is evident, as the suspension of dividends followed a period of erratic profitability and severe losses. The wide variance between the highest and lowest earnings per share highlights a high degree of operational or market-driven risk affecting the bottom line over the long term.
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