WDC
Western Digital Corporation
Price as of Jul 20, 2026
WDC earnings
Western Digital Corporation earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $2.39 | $2.72 | +13.8% | $3.3B | +2.8% |
| Jan 29, 2026 | $1.93 | $2.13 | +10.4% | $3.0B | +3.0% |
| Oct 30, 2025 | $1.59 | $1.78 | +11.9% | $2.8B | +3.2% |
| Jul 30, 2025 | $1.48 | $1.66 | +12.2% | $2.6B | +5.4% |
| Apr 30, 2025 | $1.12 | $1.36 | +21.4% | $2.3B | -0.9% |
| Jan 29, 2025 | $1.35 | $1.77 | +31.1% | $4.3B | +0.6% |
| Oct 24, 2024 | $1.72 | $1.78 | +3.5% | $4.1B | -0.5% |
| Jul 31, 2024 | $1.18 | $1.44 | +22.0% | $3.8B | +0.5% |
| Apr 25, 2024 | $0.22 | $0.63 | +190.3% | $3.5B | +2.6% |
| Jan 25, 2024 | $-1.13 | $-0.69 | +38.9% | $3.0B | -8.4% |
| Jan 31, 2023 | $-0.08 | $-0.42 | -425.0% | $3.1B | +4.3% |
| Oct 27, 2022 | $0.30 | $0.20 | -33.3% | $3.7B | +4.1% |
Earnings call summary
Q3 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
WD started calendar year 2026 with strong execution. AI-driven data economy creates demand for high-capacity storage. WD's technology roadmap includes high-capacity drives, UltraSMR technology, and performance innovation. Long-term agreements extend into calendar 28 and 29. Continued innovation and execution to meet customer needs.
Guidance
Third quarter revenue was $3.3 billion, up 45% year-over-year. EPS was $2.72. Q4 revenue anticipated to be $3.65 billion plus minus $100 million, midpoint reflecting 40% year-over-year growth. Gross margin expected in range of 51 to 52%. Operating expenses expected in range of $385 million to $395 million.
Segment performance
In the third quarter of fiscal 2026, revenue was $3.3 billion, up 45% year-over-year. Cloud represented 89% of total revenue at $3 billion, up 48% year-over-year. Consumer represented 6% of revenue at $186 million, up 24% year-over-year. Client represented 5% of total revenue at $179 million, up 31% year-over-year. Gross margin exceeded 50%, and EPS nearly doubled compared to last year.
Analyst Q&A
Q: Eric Woodring at Morgan Stanley asked about tailwinds from agentic AI and its impact on HDD growth.
A: Three core drivers: training storage requirements, agentic AI and inferencing generating new data to store, and physical AI generating synthetic data needing storage.
Q: Amit Daryanani with Evercore asked about pricing and cost per exabyte.
A: Pricing up due to value creation and new LTAs. Cost per exabyte down due to higher aerial density, uptake of ultra-SMR, and supply chain efficiency.
Q: Aaron Rakers at Wells Fargo asked about capacity to fulfill demand.
A: No plans to increase unit capacity, focus on improving aerial density and mixing customers.
Q: Tom O'Malley at Barclays asked about pricing appetite and LTAs.
A: Focus on predictable pricing for customer architectural decisions. Progress in LTAs extending into 2029.
Q: Asia Merchant with Citi asked about yield, reliability, and HDD vs Flash.
A: Yields and quality high. HDD for large-scale object storage, Flash for high IOPS. Symbiotic relationship.
Q: Samic Chatterjee with JPMorgan asked about gross margin outperformance.
A: Driven by strong pricing, mix to higher capacity drives, and cost reduction execution.
Q: Wamsi Mohan with Bank of America asked about UltraSMR adoption.
A: Expansion into tier 2 CSPs, 60% of exabytes to be on ultra-SMR by end of 2027.
Q: CJ Muse at Cantor Fitzgerald asked about LTAs and SanDisk position.
A: LTAs have exabyte volume and pricing. Intention to monetize remaining SanDisk shares tax-free by end of 2026.
Q: Carl Ackerman at BNP Paribas asked about media capacity and LTAs.
A: Focus on aerial density improvements, not unit capacity. Purchase orders placed a year in advance, LTEA frameworks beyond first year.
Q: Chris Sankar with TD Cowan asked about demand patterns across hyperscale customers.
A: Similar demand patterns due to ongoing data storage requirements for training, inference, and synthetic data.
Q: Jim Schneider at Goldman Sachs asked about Hammer on shipments.
A: Focus on de-risking transition to Hammer, four customers in qualification with positive feedback.
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-07-29.