Western Digital Corporation (WDC) Earnings
Western Digital Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $3.28. WDC has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +12.1% over the last four).
| 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% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
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.