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Arphra AIPlain-English read on Western Digital Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $16.92B | $18.79B | $6.26B | $6.32B | $9.52B | $12.86B | $17.64B | $22.32B | $27.62B |
| Cost of revenue | $12.4B | $12.92B | $4.86B | $4.54B | $5.83B | $9.28B | $12.66B | $16.13B | $19.13B |
| Gross profit | $4.52B | $5.87B | $1.39B | $1.77B | $3.69B | $3.86B | $5.19B | $6.64B | $8.15B |
| Gross margin | +26.72% | +31.26% | +22.24% | +28.07% | +38.78% | +30.02% | +29.42% | +29.76% | +29.50% |
| Operating | |||||||||
| Research & development | $2.24B | $2.32B | $986M | $950M | $994M | $1.76B | $2.37B | $3.01B | $3.78B |
| Selling, general & administrative | $1.11B | $1.12B | $807M | $726M | $568M | $1.28B | $1.74B | $2.27B | $2.72B |
| Total operating expenses | $3.3B | $3.48B | $1.94B | $2.18B | $1.36B | $3.36B | $4.68B | $5.93B | $7.22B |
| Operating income | $1.22B | $2.39B | -$548M | -$403M | $2.33B | $394.43M | $564.89M | $679.18M | $844.78M |
| Operating margin | +7.21% | +12.72% | -8.76% | -6.38% | +24.52% | +3.07% | +3.20% | +3.04% | +3.06% |
| EBITDA | $2.47B | $3.4B | $289M | $243M | $1.94B | $1.24B | $1.72B | $2.12B | $2.68B |
| EBIT | $1.25B | $2.48B | -$539M | -$325M | $1.49B | $77.27M | $107.72M | $136.75M | $175.19M |
| Below the line | |||||||||
| Interest expense | $326M | $304M | $310M | $414M | $357M | $646.27M | $902.4M | $1.14B | $1.38B |
| Interest income | $7M | $6M | $19M | $33M | $45M | $57.02M | $77.76M | $94.92M | $119.65M |
| Other income / expense | -$293M | -$220M | -$301M | -$336M | -$1.2B | — | — | — | — |
| Pre-tax income | $927M | $2.17B | -$849M | -$739M | $1.13B | -$582.28M | -$768.67M | -$1.02B | -$1.24B |
| Income tax expense | $106M | $625M | $53M | $26M | -$513M | — | — | — | — |
| Earnings | |||||||||
| Net income | $821M | $1.55B | -$1.68B | -$798M | $1.86B | -$833.4M | -$1.2B | -$1.48B | -$1.79B |
| Net income · continuing ops | $821M | $1.55B | -$902M | -$765M | $1.64B | -$392.25M | -$547.78M | -$701.4M | -$866.4M |
| Net margin | +4.85% | +8.23% | -26.92% | -12.63% | +19.55% | -6.48% | -6.82% | -6.65% | -6.48% |
| EPS · basic | $2.69 | $4.81 | $-5.37 | $-2.61 | $5.31 | $10.03 | $17.54 | $25.61 | $38.16 |
| EPS · diluted | $2.66 | $4.75 | $-5.37 | $-2.61 | $5.12 | $9.97 | $17.38 | $25.50 | $37.39 |
| EPS · low estimate | — | — | — | — | — | $9.83 | $11.66 | $19.79 | $32.69 |
| EPS · high estimate | — | — | — | — | — | $10.62 | $20.11 | $29.58 | $41.87 |
| Shares · basic | 305M | 312M | 318M | 326M | 347M | 344.95M | 345.88M | 350.32M | 350.21M |
| Shares · diluted | 309M | 316M | 318M | 326M | 359M | 360.87M | 361.83M | 358.44M | 358.34M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 17 | 17 | 16 | 8 |
| Analysts (EPS) | — | — | — | — | — | 11 | 10 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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