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Discontinued — last reported Q3 '26

Net debt at other companies

Cloudflare, Inc. logo
Cloudflare, Inc.NET
-5×-5.4×
Zscaler logo
ZscalerZS
19.2×+12.3×
Citigroup logo
CitigroupC
0.1×-0.3×
Morgan Stanley logo
Morgan StanleyMS
-0.2×
Wells Fargo & Company logo
Wells Fargo & CompanyWFC
0.6×-1.3×
American Express logo
American ExpressAXP
0.3×+0.3×

Other financials

Income statement

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Revenue$3.3B+45.5%
Gross profit$1.7B+83.8%
Operating income$1.2B+56.6%
Net income$3.2B+516%
EPS (diluted)$8.20+477%

Balance sheet

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Cash & equivalents$2.1B-41.0%
Total debt$1.7B-77.0%
Total equity$9.7B+87.0%
Total assets$15.0B-8.1%

Cash flow

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Operating cash flow$672.0M+1,876%
CapEx$73.0M-24.0%
Free cash flow$599.0M+1,066%

Valuation

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Market cap$187.8B+596%
Enterprise value$187.47B+531%
P/E28.8×+14.6×
P/S16×+13.1×

Profitability

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Gross margin45.4%+8.2pp
Operating margin30.3%+12.8pp
Net margin55.3%+36.8pp
FCF margin-7.2%-14.6pp

Returns & leverage

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Return on equity87.6%+66.1pp
Debt / equity0.2×-1.3×
Current ratio1.5×-0.1×

Where this comes from

Calculated from Western Digital’s reported figures.

The source filing: Western Digital’s 10-Q, filed April 30, 2026. Open the filing →

Filed
Apr 30, 2026, 6:13 PM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q2 2026
Accession
0001628280-26-029054

FAQ

What is Western Digital's net debt?
Western Digital (WDC) reported net debt of -$326M in Q1 2026.
How has Western Digital's net debt changed year-over-year?
Western Digital's net debt decreased by 108.1% year-over-year, from $4B to -$326M.
What is the long-term trend for Western Digital's net debt?
Over 4 years (2021 to 2025), Western Digital's net debt has grown at a -16.3% compound annual growth rate (CAGR), from $5.59B to $2.74B.
What does net debt mean?
Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

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