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    WESTERN DIGITAL (WDC)

    Western Digital Corporation (WDC) is a leading developer, manufacturer, and provider of data storage devices and solutions, utilizing both hard disk drives (HDD) and NAND flash technologies. The company serves three primary end markets: Cloud, Client, and Consumer, offering products tailored for public or private cloud environments, original equipment manufacturers, and retail consumers . WDC operates under two main reportable segments, Flash and HDD, which significantly contribute to its overall financial performance . The company's revenue is geographically diversified, with major contributions from the United States, China, and other regions .

    1. Flash - Develops and provides NAND flash-based storage solutions for various applications, including personal computers, mobile devices, gaming, and automotive industries.
    2. HDD - Manufactures and supplies hard disk drive storage solutions, catering to enterprise customers and cloud environments, as well as OEMs and channel customers.

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    NamePositionExternal RolesShort Bio

    David V. Goeckeler

    Executive

    Chief Executive Officer

    Board Member at Automatic Data Processing, Inc. (ADP)

    David V. Goeckeler has been the CEO of WDC since March 2020, leading strategic acquisitions and development projects. He previously held senior roles at Cisco Systems, Inc..

    View Report →

    Irving Tan

    Executive

    Executive Vice President of Global Operations

    Chairman of the Board of Directors of SATS Ltd.; Board Member at Stanley Black & Decker, Singapore Economic Development Board, PSA International

    Irving Tan joined WDC in March 2022, overseeing manufacturing, procurement, and IT, and is set to become CEO of the standalone HDD company.

    Kimberly E. Alexy

    Board

    Director

    Founder and Principal of Alexy Capital Management; Board Member at Five9, Inc.

    Kimberly E. Alexy has been a director since November 2018, with expertise in capital markets and cybersecurity, serving as Chair of the Audit Committee.

    Matthew E. Massengill

    Board

    Independent Chair of the Board

    None

    Matthew E. Massengill has been a director since January 2000 and has served as Chair of the Board since 2015, with prior roles as CEO and President of WDC.

    Roxanne Oulman

    Board

    Director

    N/A

    Roxanne Oulman was appointed to the board effective upon the spin-off of WDC's flash business, serving on the Compensation and Talent Committee and the Audit Committee.

    Stephanie A. Streeter

    Board

    Lead Independent Director

    None

    Stephanie A. Streeter has been a director since November 2018, contributing to corporate responsibility practices and board refreshment efforts.

    1. Given the increasing demand for HDD capacity, especially from cloud and AI applications, how is Western Digital addressing potential capacity constraints, and what specific measures are you taking to expand your manufacturing capacity for heads and media to meet future demand?

    2. With the shift towards longer-term agreements in your HDD business, how are you managing the risks of customers placing shadow orders or overbooking, and are there plans to implement take-or-pay agreements to ensure demand visibility and mitigate supply-demand imbalances?

    3. As you progress with the separation of your Flash and HDD businesses, can you elaborate on the operational challenges and financial implications, including the anticipated increase in operating expenses due to synergy costs, and how this separation will enhance shareholder value in the long term?

    4. Despite achieving record HDD gross margins and the highest revenue levels in 11 quarters, HDD pricing remained relatively stable quarter-over-quarter; can you explain the factors influencing pricing dynamics and how sustainable is the current margin improvement amidst potential market volatility and competition?

    5. In your Flash business, you've highlighted ongoing weakness in consumer and client segments due to PC OEMs pushing out refresh cycles; what strategies are you implementing to mitigate these headwinds and drive growth in these challenged end markets?

    Research analysts who have asked questions during WESTERN DIGITAL earnings calls.

    Aaron Rakers

    Wells Fargo

    4 questions for WDC

    Also covers: AAPL, AMD, ANET +19 more

    Ananda Baruah

    Loop Capital Markets LLC

    4 questions for WDC

    Also covers: BURU, CRUS, DDD +14 more

    Asiya Merchant

    Citigroup Global Markets Inc.

    4 questions for WDC

    Also covers: APH, CDW, CRCT +12 more

    Karl Ackerman

    BNP Paribas

    4 questions for WDC

    Also covers: ANET, AVGO, CIEN +15 more

    Thomas O’Malley

    Barclays Capital

    4 questions for WDC

    Also covers: ALAB, ALGM, AMD +20 more

    Wamsi Mohan

    Bank of America Merrill Lynch

    4 questions for WDC

    Also covers: AAPL, APH, AVT +13 more

    Amit Daryanani

    Evercore

    3 questions for WDC

    Also covers: AAPL, AKAM, ANET +20 more

    Christopher Muse

    Cantor Fitzgerald

    3 questions for WDC

    Also covers: ADI, AMAT, AMD +13 more

    Mark Miller

    The Benchmark Company LLC

    3 questions for WDC

    Also covers: ACLS, ACMR, AEIS +11 more

    Vijay Rakesh

    Mizuho

    3 questions for WDC

    Also covers: ALGM, ALV, AMAT +16 more

    Erik Woodring

    Morgan Stanley

    2 questions for WDC

    Also covers: AAPL, CDW, CRCT +18 more

    Harlan Sur

    JPMorgan Chase & Co.

    2 questions for WDC

    Also covers: ADI, ALAB, AMAT +15 more

    Joseph Moore

    Morgan Stanley

    2 questions for WDC

    Also covers: ADI, AEVA, ALAB +22 more

    Steven Fox

    Fox Research

    2 questions for WDC

    Also covers: AMKR, APH, BDC +22 more

    Timothy Arcuri

    UBS

    2 questions for WDC

    Also covers: ADI, ALGM, AMAT +17 more

    Kris Shankar

    TD Cowen

    1 question for WDC

    Matthew Bryson

    Wedbush Securities Inc.

    1 question for WDC

    Also covers: AXTI, DBD, SIMO +1 more

    Mehdi Hosseini

    Susquehanna Financial Group

    1 question for WDC

    Also covers: AEIS, AMAT, ASML +17 more

    Sreekrishnan Sankarnarayanan

    Wolfe Research, LLC

    1 question for WDC

    Also covers: AAPL, AEIS, AMAT +21 more

    Srinivas Pajjuri

    Raymond James & Associates, Inc.

    1 question for WDC

    Also covers: ALAB, AMAT, ARM +10 more

    Tim Arcuri

    UBS

    1 question for WDC

    YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
    2025$150 Current portion of long-term debtN/A2.0% = (150 / 7,413) * 100
    2026$2,300 4.75% Senior unsecured notes4.75% 31.0% = (2,300 / 7,413) * 100
    2027$2,513 Variable Term Loan A-26.107% 33.9% = (2,513 / 7,413) * 100
    2028$1,600 3.00% Convertible notes3.00% 21.6% = (1,600 / 7,413) * 100
    2029$500 2.85% Senior notes2.85% 6.7% = (500 / 7,413) * 100
    2032$500 3.10% Senior notes3.10% 6.7% = (500 / 7,413) * 100

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    In HDD, we compete with this company in the Cloud, Client and Consumer end markets.

    Toshiba Electronic Devices & Storage Corporation

    In HDD, we compete with this company in the Cloud, Client and Consumer end markets.

    Kioxia

    In Flash, we compete with vertically integrated suppliers such as this company.

    In Flash, we compete with vertically integrated suppliers such as this company.

    Samsung Electronics Co., Ltd.

    In Flash, we compete with vertically integrated suppliers such as this company.

    SK Hynix, Inc.

    In Flash, we compete with vertically integrated suppliers such as this company.

    Yangtze Memory Technologies Co., Ltd.

    In Flash, we compete with vertically integrated suppliers such as this company.

    NameStart DateEnd DateReason for Change
    KPMG LLP1970 PresentCurrent auditor

    Recent press releases and 8-K filings for WDC.

    Western Digital outlines growth strategy and roadmap at Citi Global TMT Conference
    ·$WDC
    Revenue Acceleration/Inflection
    Product Launch
    Share Buyback
    • Western Digital is prioritizing growth and operational excellence, reorganizing with dedicated hyperscaler-focused teams and emphasizing product leadership through EPMR, UltraSMR, and upcoming HAMR technologies.
    • Demand is accelerating beyond the 15% exabyte CAGR baseline to roughly 23% driven by AI workloads, with firm multi-year POs from top four hyperscalers extending into FY27, indicating the early innings of a multi-quarter growth cycle.
    • The company shipped 32 TB UltraSMR drives at scale—800k units in Q1 post-qualification, 1.7 M in Q2, and over 2 M expected in Q3—and plans to introduce a 36 TB generation by early 2026 while advancing HAMR reliability and yields.
    • Gross margins have expanded into the low 40s% through cost reductions, stable pricing, and mix benefits; OpEx ran below the 14% of revenue target, providing further leverage as revenue grows.
    • Strong free cash flow and a healthy balance sheet (net debt ~$2.6 B) underpin a capital return policy of dividends and share buybacks—$150 M repurchased in Q1—offsetting dilution from in-the-money convertible notes.
    4 days ago
    Sandisk reports Q4 2025 results
    ·$WDC
    Earnings
    Guidance Update
    • Q4 2025 revenue was $1.90 billion, up 12% sequentially and above guidance.
    • Reported a GAAP net loss of $23 million (−$0.16 per share) and Non-GAAP EPS of $0.29, reversing a prior quarter loss.
    • Full-year 2025 revenue reached $7.355 billion, up 10% year-over-year, with a GAAP net loss of $1.641 billion.
    • Fiscal Q1 2026 outlook: revenue of $2.10 billion to $2.20 billion and Non-GAAP EPS of $0.70 to $0.90.
    Aug 14, 2025, 8:05 PM
    Western Digital Announces $2B Buyback and Strategic Priorities
    ·$WDC
    Dividends
    Share Buyback
    New Projects/Investments
    • $2 billion buyback program initiated immediately, complemented by a $0.40 per share dividend, as part of the company’s capital return and deleveraging strategy.
    • The company is focused on a cloud-centric business model with 87% of revenues tied to the cloud, emphasizing stronger customer engagement and long-term agreements with hyperscale clients.
    • Operational improvements have driven yield enhancements from around 60% to nearly 90% and support the transition to HAMR technology for increased capacity and reliability.
    May 13, 2025, 7:11 PM
    Western Digital Names New CFO Kris Sennesael
    ·$WDC
    CFO Change
    Hiring
    Executive Compensation
    • Western Digital has appointed Kris Sennesael as Executive Vice President and Chief Financial Officer, effective May 12, 2025.
    • Sennesael brings over 25 years of financial leadership experience, including roles as CFO at Skyworks Solutions, Enphase Energy, and Standard Microsystems.
    • His compensation package includes an annual base salary of $715,000, a 100% target bonus, a $2 million signing bonus, and significant equity awards.
    May 8, 2025, 12:00 AM
    Western Digital Q3 2025 Earnings, Strategic Updates & Financial Actions
    ·$WDC
    Earnings
    Dividends
    Guidance Update
    Debt Issuance
    • Q3 2025 earnings delivered robust performance with $2.3B in revenue, non-GAAP EPS of $1.36, and GAAP EPS of $2.11 .
    • Completed the planned Flash business separation and appointed new Chief Product Officer Ahmed Shihab to drive innovation .
    • Outlined a capital allocation strategy with a quarterly cash dividend of $0.10 per share, future share buybacks, and a target net leverage of 1.1–1.5× .
    • Generated strong liquidity with free cash flow of $436M and operating cash flow of $508M .
    • Secured long-term agreements with two hyperscale customers for data center demand and revenue visibility through calendar 2025 into H1 2026 .
    • Redeemed $1.8B of 4.750% Sr. Unsecured Notes, supporting strategic financial adjustments .
    • Noted revenue declines in key segments: cloud down 4%, client down 2%, and consumer down 13% .
    Apr 30, 2025, 12:31 PM
    Western Digital Announces Flash Business Separation
    ·$WDC
    M&A
    • Western Digital Corporation completed the separation of its Flash business unit into Sandisk Corporation, which is now an independent public company trading under the symbol SNDK (filing dated April 7, 2025).
    • The report provides preliminary unaudited financial statements and reclassifies the historical results of Sandisk as discontinued operations starting from the separation date.
    Apr 7, 2025, 12:00 AM
    Western Digital Redeems Senior Notes
    ·$WDC
    Debt Issuance
    • Western Digital Corporation announced the redemption of $1.8 billion in 4.75% Senior Notes due 2026, with the redemption scheduled for April 14, 2025 and executed at par, meaning 100% of the principal will be repaid.
    • After the redemption, the company will have $500 million of Senior Notes remaining outstanding, reflecting a significant reduction in its outstanding debt.
    Mar 13, 2025, 12:00 AM