WDC
Western Digital Cycle Profile
Filing-based cycle metrics and interpretation boundaries for Western Digital inside the Semiconductor Cycle Economics project.
Consolidated WDC Form 10-K issuer-level financials; FY2025 reflects post-separation continuing operations and is flagged as not comparable to pre-spinoff consolidated rows.
Company profile
Cycle Profile: Western Digital
Mixed consolidated HDD-plus-flash memory-cycle proxy.
Fiscal-year note: 52/53-week fiscal year ending on the Friday nearest June 30.
FY2025 revenue
$9,520M
FY2026 Q3 op margin
35.7%
CapEx intensity
4.3%
Inventory days
49.5
Interpretation
Cycle-economics role
Western Digital gives a long SEC-filer storage-cycle series, but the consolidated issuer mixed HDD and flash before the SanDisk separation.
Interpretation limit
FY2025 and FY2026 quarterly WDC rows are post-separation continuing operations. They are shown for context, not as the same denominator as the pre-spinoff consolidated cycle rows.
Cycle rows
Cycle rows
| Window | Basis | Swing | Revenue decline | Peak to trough | Read |
|---|---|---|---|---|---|
| FY2018 to FY2019 | operating margin | -17.0pp | -19.8% | 4 qtrs | Mixed HDD-plus-flash issuer-level cycle; not a pure memory read. |
| FY2022 to FY2023 | operating margin | -23.1pp | -34.5% | 4 qtrs | FY2024 remains pre-spinoff original basis; FY2025 continuing operations are not treated as the same cycle denominator. |
Annual cycle metrics
Filing-derived annual values used by the project. Missing values render as unavailable rather than estimated.
Western Digital annual metrics
| FY | Period ended | Revenue | Gross margin | Operating margin | CapEx intensity | Inventory days | Status |
|---|---|---|---|---|---|---|---|
| 2014 | 2014-06-27 | $15,130M | 28.8% | 11.8% | 4.2% | 29.6 | reviewed |
| 2015 | 2015-07-03 | $14,572M | 29.0% | 11.1% | 4.2% | 34.3 | reviewed |
| 2016 | 2016-07-01 | $12,994M | 26.4% | 3.6% | 4.5% | 59.8 | reviewed |
| 2017 | 2017-06-30 | $19,093M | 31.8% | 10.2% | 3.0% | 44.8 | reviewed |
| 2018 | 2018-06-29 | $20,647M | 37.3% | 17.5% | 4.0% | 52.0 | reviewed |
| 2019 | 2019-06-28 | $16,569M | 22.6% | 0.5% | 5.3% | 72.3 | reviewed |
| 2020 | 2020-07-03 | $16,736M | 22.6% | 2.0% | 3.9% | 67.0 | reviewed |
| 2021 | 2021-07-02 | $16,922M | 26.7% | 7.2% | 6.8% | 78.0 | reviewed |
| 2022 | 2022-07-01 | $18,793M | 31.3% | 12.7% | 6.0% | 70.7 | reviewed |
| 2023 | 2023-06-30 | $12,318M | 15.3% | -10.4% | 6.7% | 109.6 | reviewed |
| 2024 | 2024-06-28 | $13,003M | 22.7% | -2.4% | 3.8% | 93.8 | reviewed original pre spinoff basis |
| 2025 | 2025-06-27 | $9,520M | 38.8% | 24.5% | 4.3% | 49.5 | post spinoff continuing operations not cycle comparable |
Scope
This is descriptive business analysis based on public filings. It does not provide investment advice, valuation targets, or trading recommendations.