Western Digital Corp

Company facts

Industry

Computer Storage Devices

Headquarters

San Jose, California

Most recent report

8-K/A, filed Aug 27, 2026

Incorporated

Delaware

Filings on record

1,015+ filings

On EDGAR

CIK 106040

Fiscal year ends

July

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 4 of 27 sections worth reading, with 0 positive, 11 notable, and 5 negative flags.

• Risk Factors (Item 1A)

  High customer concentration (89% Cloud) and $1.6B convertible notes now current debt.
  Notable

  • Long-term agreements commit Western Digital to deliver fixed volumes at formula-based prices, limiting upside.
  • Revolving credit facility matures in January 2027, near-term refinancing risk.
  • If the Separation fails to qualify as tax-free, Western Digital or its stockholders face significant tax liabilities.
  Negative

  • Cloud end market 89% of net revenue, top 10 customers 73%, three customers each 10%+ in FY2026.
  • 2028 Convertible Notes are currently convertible, classified as current debt as of July 3, 2026.

• Management's Discussion (Item 7)

  MD&A contains full financial results, capital allocation, and customer concentration risks.
  Notable

  • All Sandisk shares monetized by end of FY2026; used to reduce debt and buy back stock.
  • Share repurchases of $2.59B in FY2026; $3.26B remaining authorized.
  • Unrecognized tax benefits of $610M; $349M expected cash payment within 12 months.
  Negative

  • Top 10 customers accounted for 73% of FY2026 revenue, up from 68% in FY2025.
  • Three customers each at 16%, 15%, and 13% of FY2026 revenue, no single customer above 10% in FY2024.

• Financial Statements (Item 8)

  Core financials with massive profit jump, debt overhaul, and Sandisk monetization.
  Notable

  • Tax holiday benefit fell to $60M (FY2026) from $551M (FY2025) due to new GMT in Thailand.
  • SPEX jury verdict of $316M was overturned to $1 nominal; both sides appealing – no accrual taken.
  Negative

  • Three customers were 16%, 15%, and 13% of revenue; top 10 were 73% (FY2026).

• Other Information (Item 9B)

  Three senior insiders adopted trading plans in Q4 2026, a company-specific governance disclosure.
  Notable

  • Chief Product Officer Ahmed Shihab adopted a plan to sell up to 24,000 shares by June 2028.
  • Director Kimberly Alexy adopted a plan to sell up to 10,000 shares by December 2027.
  • CSMO Brian Scott Davis adopted a plan to sell up to 31,016 shares by February 2027.

What changed: FY2026 vs. FY2025

About 16% of WDC's FY2026 10-K is new information. 121 paragraphs were added, 292 changed, and 194 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 143
• Risk Factors (Item 1A) 71
• Management's Discussion (Item 7) 63
• Business (Item 1) 46
• Market for the Stock (Item 5) 12
• Form 10-K Summary (Item 16) 12
• Other Information (Item 9B) 4
• Market Risk (Item 7A) 4
• Directors and Officers (Item 10) 1