Western Digital Corp. Files 10-Q for Q2 FY2025
Ticker: WDC · Form: 10-Q · Filed: Jan 31, 2025 · CIK: 106040
Sentiment: neutral
Topics: 10-Q, earnings, financials
TL;DR
WDC 10-Q filed: Q2 FY25 results out. Check financials.
AI Summary
Western Digital Corp. reported its second quarter fiscal year 2025 results for the period ending December 27, 2024. The company's filing includes financial data and operational details for this period. Key financial information and business segments are detailed within the report.
Why It Matters
This filing provides investors and analysts with the latest financial performance and operational status of Western Digital Corp., crucial for understanding the company's current health and future prospects in the storage device market.
Risk Assessment
Risk Level: medium — The company operates in a highly competitive and cyclical industry, subject to rapid technological changes and market demand fluctuations.
Key Numbers
- 0.33 — Shares (Indicates share information, though specific context is limited in the provided snippet.)
Key Players & Entities
- WESTERN DIGITAL CORP (company) — Filer
- 20241227 (date) — Period of Report
- 20250131 (date) — Filed as of Date
- SAN JOSE (location) — Business Address City
- IRVINE (location) — Mail Address City
FAQ
What were Western Digital's total revenues for the second quarter of fiscal year 2025?
The provided text does not contain specific revenue figures for the quarter ending December 27, 2024.
What is the company's fiscal year end?
Western Digital Corp.'s fiscal year ends on July 03.
What is the Standard Industrial Classification (SIC) code for Western Digital Corp.?
The SIC code for Western Digital Corp. is 3572, which corresponds to Computer Storage Devices.
When was the company formerly known as General Digital Corp.?
The company was formerly known as General Digital Corp. and the date of name change was January 25, 1973.
What is the filing date for this 10-Q report?
This 10-Q report was filed as of January 31, 2025.
Filing Stats: 4,746 words · 19 min read · ~16 pages · Grade level 17.8 · Accepted 2025-01-30 19:53:33
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 Par Value Per Share WDC The Nasdaq Stoc
Filing Documents
- wdc-20241227.htm (10-Q) — 1716KB
- a7bexhibit102.htm (EX-10.2) — 37KB
- a7cexhibit103.htm (EX-10.3) — 277KB
- a6awdc-2025q2ex311.htm (EX-31.1) — 8KB
- a6bwdc-2025q2ex312.htm (EX-31.2) — 8KB
- a6cwdc-2025q2ex321.htm (EX-32.1) — 4KB
- a6dwdc-2025q2ex322.htm (EX-32.2) — 4KB
- wdc-20241227_g1.gif (GRAPHIC) — 16KB
- 0000106040-25-000008.txt ( ) — 10227KB
- wdc-20241227.xsd (EX-101.SCH) — 69KB
- wdc-20241227_cal.xml (EX-101.CAL) — 107KB
- wdc-20241227_def.xml (EX-101.DEF) — 344KB
- wdc-20241227_lab.xml (EX-101.LAB) — 851KB
- wdc-20241227_pre.xml (EX-101.PRE) — 595KB
- wdc-20241227_htm.xml (XML) — 1532KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) Condensed Consolidated Balance Sheets — As of December 27, 2024 and June 28, 2024 6 Condensed Consolidated Statements of Operations — Three and Six Months Ended December 27, 2024 and December 29, 2023 7 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Six Months Ended December 27, 2024 and December 29, 2023 8 Condensed Consolidated Statements of Cash Flows — Six Months Ended December 27, 2024 and December 29, 2023 9 Condensed Consolidated Statements of Convertible Preferred Stock and Shareholders' Equity — Six Months Ended December 27, 2024 and December 29, 2023 10 Notes to Condensed Consolidated Financial Statements 12
Management's Discussion and Analysis of Financial Condition and Results of Operations 39
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 39
Quantitative and Qualitative Disclosures About Market Risk 56
Item 3. Quantitative and Qualitative Disclosures About Market Risk 56
Controls and Procedures 56
Item 4. Controls and Procedures 56
OTHER INFORMATION
PART II. OTHER INFORMATION
Legal Proceedings 57
Item 1. Legal Proceedings 57
Risk Factors 57
Item 1A. Risk Factors 57
Other Information
Item 5. Other Information 57
Exhibits 57
Item 6. Exhibits 57 Unless otherwise indicated, references herein to specific years and quarters are to our fiscal years and fiscal quarters, and references to financial information are on a consolidated basis. As used herein, the terms "we," "us," "our," the "Company," "WDC," and "Western Digital" refer to Western Digital Corporation and its subsidiaries, unless we state, or the context indicates, otherwise. WDC, a Delaware corporation, is the parent company of our data storage business. Our principal executive offices are located at 5601 Great Oaks Parkway, San Jose, California 95119. Our telephone number is (408) 717-6000. Western Digital, the Western Digital logo, SanDisk, and WD are registered trademarks or trademarks of Western Digital or its affiliates in the U.S. and/or other countries. All other trademarks, registered trademarks and/or service marks, indicated or otherwise, are the property of their respective owners. 3 Table of Contents
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This document contains forward-looking statements within the meaning of the federal securities laws. Any statements that do not relate to historical or current facts or matters are forward-looking statements. You can identify some of the forward-looking statements by the use of forward-looking words, such as "may," "will," "could," "would," "project," "believe," "anticipate," "expect," "estimate," "continue," "potential," "plan," "forecast," and the like, or the use of future tense. Statements concerning current conditions may also be forward-looking if they imply a continuation of current conditions. Examples of forward-looking statements include, but are not limited to, statements concerning: our expectations regarding our plan to separate our hard disk drives ("HDD") and flash-based products ("Flash") business units; the impact of the global macroeconomic environment; expectations regarding demand trends and market conditions for our products; expectations related to our sale of a portion of our equity interest in SanDisk Semiconductor (Shanghai) Co. Ltd.; expectations related to our joint ventures and partnerships including relating to our Flash Ventures joint venture with Kioxia Corporation ("Kioxia"); expectations regarding our tax resolutions, effective tax rate and our unrecognized tax benefits; expectations regarding the merits of our position and our plans with respect to certain litigation matters; and our beliefs regarding our capital allocation plans and the sufficiency of our available liquidity to meet our working capital, debt and capital expenditure needs. These forward-looking statements are based on management's current expectations, represent the most current information available to us as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and other factors that could cause actual results or performance to differ materially from those expressed or implied in the for
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) WESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, except par value) (Unaudited) December 27, 2024 June 28, 2024 ASSETS Current assets: Cash and cash equivalents $ 2,291 $ 1,879 Accounts receivable, net 2,597 2,166 Inventories 3,420 3,342 Other current assets 1,064 673 Total current assets 9,372 8,060 Property, plant and equipment, net 2,930 3,167 Notes receivable and investments in Flash Ventures 861 991 Goodwill 9,729 10,032 Other intangible assets, net 77 78 Other non-current assets 2,487 1,860 Total assets $ 25,456 $ 24,188 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,627 $ 1,411 Accounts payable to related parties 369 313 Accrued expenses 1,576 1,480 Income taxes payable 468 525 Accrued compensation 516 608 Current portion of long-term debt 150 1,750 Total current liabilities 4,706 6,087 Long-term debt 7,216 5,684 Other liabilities 1,188 1,370 Total liabilities 13,110 13,141 Commitments and contingencies (Notes 9, 10, 12 and 16) Convertible preferred stock, $ 0.01 par value; authorized — 5 shares; issued and outstanding — 0.2 shares; aggregate liquidation preference of $ 265 and $ 257 , respectively 229 229 Shareholders' equity: Common stock, $ 0.01 par value; authorized — 750 shares; issued and outstanding — 348 shares and 343 shares, respectively 3 3 Additional paid-in capital 4,885 4,752 Accumulated other comprehensive loss ( 633 ) ( 712 ) Retained earnings 7,862 6,775 Total shareholders' equity 12,117 10,818 Total liabilities, convertible preferred stock and shareholders' equity $ 25,456 $ 24,188 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 6 Table of Contents WESTERN DIGITAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (Unaudited) Three Months Ended Six Months En