Q1 2026 revenue was $2.31 billion, up 21% sequentially and 23% year-over-year; GAAP net income of $112 million ($0.75 diluted EPS) and Non-GAAP diluted EPS of $1.22.
Datacenter revenue rose 26% sequentially, and BiCS8 technology accounted for 15% of total bits shipped.
GAAP gross margin improved to 29.8%, a 3.6 ppt increase quarter-over-quarter.
Fiscal Q2 2026 guidance: revenue of $2.55 billion–$2.65 billion and Non-GAAP diluted EPS of $3.00–$3.40.

Nov 6, 2025, 9:05 PM

Press Release

Western Digital reports Q1 2026 results

WDC

Earnings

Guidance Update

Share Buyback

Revenue of $2.818 billion in Q1 FY26, up 27% year-over-year, with a non-GAAP gross margin of 43.9%, marking a 660 bps expansion versus Q1 FY25.
Non-GAAP EPS of $1.78, a 137% increase year-over-year.
Operating cash flow of $672 million and free cash flow of $599 million in the quarter.
Boosted share repurchases to $553 million and raised the quarterly dividend to $0.125 per share; Q2 FY26 guidance calls for revenue of $2.9 billion ± $100 million, non-GAAP gross margin of 44%–45%, and EPS of $1.88 ± $0.15.

Oct 30, 2025, 8:30 PM

Presentation

Western Digital reports Q1 2026 results

WDC

Earnings

Guidance Update

Share Buyback

Delivered $2.8 billion in revenue (up 27% YoY), 43.9% non-GAAP gross margin, $1.78 non-GAAP EPS, and $599 million free cash flow in Q1 FY 2026.
Shipped 204 exabytes (+23% YoY), with 89% of revenue from cloud customers ($2.5 billion) and robust demand for higher-capacity nearline drives.
Advanced product roadmap: shipped 2.2 million ePMR drives (~70 exabytes) and accelerated HAMR qualification to H1 CY 2026, targeting volume ramp in H1 CY 2027.
Enhanced capital returns: repurchased ~6.4 million shares for $553 million and raised the quarterly dividend by 25% to $0.125 per share.
Fiscal Q2 2026 guidance: revenue of $2.9 billion ± $0.1 billion and gross margin of 44–45%.

Oct 30, 2025, 8:30 PM

Transcript

Western Digital reports Q1 2026 results

WDC

Earnings

Guidance Update

Dividends

Revenue of $2.82 billion, up 27% year over year.
GAAP diluted EPS of $3.07 and non-GAAP diluted EPS of $1.78.
Operating cash flow of $672 million and free cash flow of $599 million.
Q2 FY26 guidance: revenue of approximately $2.9 billion (up 20% YoY) and non-GAAP EPS of $1.88.
Board increased the quarterly cash dividend by 25% to $0.125 per share.

Oct 30, 2025, 8:11 PM

8-K

Western Digital reports Q1 FY 2026 results

WDC

Earnings

Guidance Update

Dividends

Revenue grew 27% year-over-year to $2.82 billion in Q1 FY 2026.
GAAP diluted EPS was $3.07 and non-GAAP diluted EPS was $1.78.
Operating cash flow reached $672 million, with free cash flow of $599 million.
The board increased the quarterly dividend by 25% to $0.125 per share.
For Q2 FY 2026, revenue is guided at $2.9 billion midpoint (+20% y/y) with non-GAAP EPS of $1.88.

Oct 30, 2025, 8:05 PM

Press Release

Western Digital opens expanded 25,600-sq-ft SIT Lab

WDC

New Projects/Investments

Product Launch

Western Digital has opened an expanded 25,600 sq ft System Integration and Test (SIT) Lab in Rochester to accelerate qualification of its high-capacity HDDs for AI and cloud workloads.
The facility features a mini data-center environment enabling real-world testing and close collaboration with customers across product lifecycles.
Wells Fargo and Evercore ISI raised their price targets to $150 (overweight) and $190 (outperform), respectively, following the announcement.
The company's market capitalization is $40.54 billion, and its shares traded up 0.99% to $116.56 at the time of the announcement.

Oct 13, 2025, 1:24 PM

Morningstar

WiredRE Development Corp launches Occupier Partnership Program

WDC

Product Launch

New Projects/Investments

WiredRE Development Corp introduced the Occupier Partnership Program (OPP) to directly engage AI, cloud, and enterprise firms in securing large-scale, power-ready data center capacity.
The OPP complements the existing Power & Real Estate Partnership (PREP) and aims to deliver first megawatts within 12 to 24 months through pre-qualified sites and shared project management.
WDC is advancing due diligence on over 8 GW of powered land opportunities in North America to support rapid deployment for hyperscale and AI operators.

Oct 8, 2025, 1:02 PM

Press Release

WiredRE launches PREP Program for accelerated data center site acquisitions

WDC

New Projects/Investments

Management Change

WDC launched the Power & Real Estate Partnership (PREP) Program to acquire and partner on power-ready land for the rapidly growing data center sector, targeting predictable outcomes in 18–24 months and offering early cashflow with WDC covering 100% of forward development costs.
The program provides land and power owners higher margins, faster closings, access to 10,000+ WiredRE experts and end-users, and reduced risk capital via WDC’s in-house EPC and supply chain expertise.
Anchor deal includes the sale of a 1,000 MW powered land site to Google, the largest AI-powered land transaction in ERCOT history.
Sean Stofer has joined WDC as Partner/Co-CEO, bringing over 20 years of energy sector leadership to enhance in-house site qualification and development planning.
WDC is qualifying North American sites with criteria including <6 ¢/kWh power, 100 MW+ availability, and scalability via grid and onsite generation.

Oct 1, 2025, 1:02 PM

Press Release

Western Digital outlines strong demand, stable pricing, and technology roadmap

WDC

Guidance Update

Product Launch

Share Buyback

Demand strong; expects 15% CAGR exabyte growth to 2028 base case with potential 23% upside as AI accelerates, and plans supply increases via areal density rather than unit volume.
Pricing environment stable with ASP per terabyte/exabyte flat sequentially and YoY; long-term agreements secured for fiscal 2026 and early 2027 with top customers.
Technology roadmap includes next-gen EPMR delivering 28 TB CMR and 36 TB ultra-SMR in H1 CY2026, and HAMR qualification in H2 CY2026 with volume ramp in H1 CY2027 targeting 36–44 TB drives.
Financials feature gross margins in the low-40s%, OpEx ~13% of revenue, net leverage at ~1× EBITDA; capital return includes a $0.10/share quarterly dividend and a $2 billion buyback program.

Sep 10, 2025, 9:25 PM

Transcript

Western Digital highlights robust demand growth, stable pricing, and advanced roadmap

WDC

Guidance Update

Product Launch

Share Buyback

Strong demand with 15–23% CAGR in storage exabytes through 2028, supply aligned via areal density gains (avg. unit 21–22 TB to reach 36–44 TB) without increasing unit capacity.
Stable pricing on an ASP per terabyte basis (flat QoQ/YoY) underpinned by POs/LTAs covering FY26 and early FY27 volumes and prices.
HDDs to command ~80% of new capacity due to 6× lower acquisition cost and 3.6× lower TCO vs SSDs, sustaining HDD’s ~80% installed base share.
Product roadmap: next-gen ePMR CMR at 28 TB/UltraSMR 36 TB qual’ing in H1 CY26; HAMR qual in H2 CY26, volume ramp of 36–44 TB drives in H1 CY27.
Financials: gross margins in low 40s% with further upside, net leverage ~1× EBITDA, $0.10/share dividend initiated, and $2 billion buyback program underway ($150 million executed Q3).

Sep 10, 2025, 9:25 PM

Transcript

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