Western Digital Corporation (WDC) Cash Flow Statement
Where WDC’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $3.93B +132.3% vs FY2025
- Capital expenditures
- $418.0M 3.2% of revenue
- Free cash flow
- $3.51B 27.2% margin
- Returned to shareholders
- $2.78B 79% of free cash flow
- Change in cash
- −$535.0M cash at year-end $1.58B
Drawn to scale: where the cash came from and how it was used. Hover for values.
WDC operating cash flow, capex and free cash flow
WDC cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $3.44BFY2017 | $3.93BFY2026 | +1.5%/yr | |
| Capital expenditures | $557.0MFY2017 | $418.0MFY2026 | −3.1%/yr | |
| Free cash flow | $2.88BFY2017 | $3.51BFY2026 | +2.2%/yr | |
| Free cash flow margin | 15.1%FY2017 | 27.2%FY2026 | +12.1 pts | |
| Operating cash flow / net income | 8.66FY2017 | 0.42FY2026 | −8.24 | |
| Stock-based compensation | $394.0MFY2017 | $204.0MFY2026 | −7.1%/yr | |
| Dividends paid | $574.0MFY2017 | $184.0MFY2026 | −11.9%/yr | |
| Share buybacks (net) | $124.0MFY2017 | $2.59BFY2026 | +40.2%/yr | |
| Capex / revenue | 2.9%FY2017 | 3.2%FY2026 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WDC cash flow by activity
WDC net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
WDC cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $9.42B | $1.89B | −$798.0M | −$1.68B | $1.55B | $821.0M | −$250.0M | −$754.0M | $675.0M | $397.0M |
| Depreciation & amortization | $375.0M | $451.0M | $568.0M | $828.0M | $929.0M | $1.21B | $1.57B | $1.81B | $2.06B | $2.13B |
| Stock-based compensation | $204.0M | $265.0M | $295.0M | $318.0M | $326.0M | $318.0M | $308.0M | $306.0M | $377.0M | $394.0M |
| Change in working capital | −$865.0M | −$1.03B | −$307.0M | $92.0M | −$1.07B | −$175.0M | −$757.0M | −$260.0M | $486.0M | $91.0M |
| Other non-cash items | −$5.21B | $117.0M | −$52.0M | $38.0M | $154.0M | −$278.0M | −$43.0M | $443.0M | $611.0M | $427.0M |
| Cash from operating activities | $3.93B | $1.69B | −$294.0M | −$408.0M | $1.88B | $1.90B | $824.0M | $1.55B | $4.21B | $3.44B |
| Investing activities | ||||||||||
| Capital expenditures | −$418.0M | −$407.0M | −$487.0M | −$807.0M | −$1.11B | −$1.00B | −$647.0M | −$757.0M | −$809.0M | −$557.0M |
| Investments (net) | −$11.0M | $150.0M | −$27.0M | −$762.0M | $6.0M | $7.0M | $278.0M | $79.0M | $89.0M | −$47.0M |
| Acquisitions & other investing | $0 | $407.0M | $487.0M | $807.0M | −$91.0M | $231.0M | $647.0M | −$594.0M | −$935.0M | −$32.0M |
| Cash from investing activities | −$429.0M | $150.0M | −$27.0M | −$762.0M | −$1.19B | −$765.0M | $278.0M | −$1.27B | −$1.66B | −$636.0M |
| Financing activities | ||||||||||
| Dividends paid | −$184.0M | −$44.0M | $0 | −$80.0M | −$90.0M | −$22.0M | −$595.0M | −$584.0M | −$593.0M | −$574.0M |
| Share repurchases & issuance (net) | −$2.59B | −$149.0M | −$5.0M | −$80.0M | −$90.0M | −$56.0M | −$141.0M | −$563.0M | −$591.0M | −$124.0M |
| Net borrowing (repayment) | −$938.0M | $56.0M | $391.0M | −$19.0M | −$1.73B | −$886.0M | −$982.0M | −$500.0M | $500.0M | −$4.31B |
| Shares issued | $0 | $0 | $0 | $881.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$318.0M | −$1.48B | −$199.0M | $173.0M | $189.0M | $147.0M | $210.0M | −$182.0M | −$3.22B | $415.0M |
| Cash from financing activities | −$4.03B | −$1.61B | $187.0M | $875.0M | −$1.72B | −$817.0M | −$1.51B | −$1.83B | −$3.90B | −$4.59B |
| Summary | ||||||||||
| Net change in cash | −$535.0M | $563.0M | −$472.0M | −$304.0M | −$1.04B | $322.0M | −$407.0M | −$1.55B | −$1.35B | −$1.80B |
| Cash at end of period | $1.58B | $2.11B | $1.55B | $2.02B | $2.33B | $3.37B | $3.05B | $3.46B | $5.00B | $6.35B |
| Free cash flow | $3.51B | $1.28B | −$781.0M | −$1.22B | $773.0M | $895.0M | $177.0M | $790.0M | $3.40B | $2.88B |
| Free cash flow margin | 27.2% | 13.5% | −12.4% | −19.4% | 4.1% | 5.3% | 1.1% | 4.8% | 16.4% | 15.1% |
| Capex / revenue | 3.2% | 4.3% | 7.7% | 12.9% | 5.9% | 5.9% | 3.9% | 4.6% | 3.9% | 2.9% |
| Operating cash flow / net income | 0.42 | 0.90 | — | — | 1.22 | 2.31 | — | — | 6.23 | 8.66 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $3.19B | $3.21B | $1.84B | $1.18B | $282.0M | $520.0M | $594.0M | $493.0M | $39.0M | $135.0M | −$287.0M | −$685.0M |
| Depreciation & amortization | $99.0M | $96.0M | $92.0M | $88.0M | $86.0M | $110.0M | $120.0M | $135.0M | $138.0M | $140.0M | $143.0M | $147.0M |
| Stock-based compensation | $45.0M | $53.0M | $53.0M | $53.0M | $45.0M | $59.0M | $77.0M | $84.0M | $69.0M | $77.0M | $72.0M | $77.0M |
| Change in working capital | −$290.0M | −$93.0M | −$176.0M | −$99.0M | $120.0M | −$110.0M | −$288.0M | −$753.0M | $98.0M | −$303.0M | $30.0M | −$132.0M |
| Other non-cash items | −$1.66B | −$2.14B | −$1.07B | −$552.0M | $213.0M | −$71.0M | −$100.0M | $75.0M | $22.0M | $9.0M | −$50.0M | −$33.0M |
| Cash from operating activities | $1.39B | $1.12B | $745.0M | $672.0M | $746.0M | $508.0M | $403.0M | $34.0M | $366.0M | $58.0M | −$92.0M | −$626.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$108.0M | −$145.0M | −$92.0M | −$73.0M | −$71.0M | −$129.0M | −$116.0M | −$96.0M | −$116.0M | −$97.0M | −$150.0M | −$124.0M |
| Investments (net) | −$3.0M | $0 | −$24.0M | −$57.0M | −$70.0M | $142.0M | $123.0M | −$45.0M | −$58.0M | $7.0M | −$60.0M | $84.0M |
| Acquisitions & other investing | $0 | $0 | $0 | $73.0M | $71.0M | $129.0M | $116.0M | $96.0M | $116.0M | $97.0M | $150.0M | $124.0M |
| Cash from investing activities | −$111.0M | −$145.0M | −$116.0M | −$57.0M | −$70.0M | $142.0M | $123.0M | −$45.0M | −$58.0M | $7.0M | −$60.0M | $84.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$54.0M | −$43.0M | −$48.0M | −$39.0M | −$44.0M | $0 | $0 | — | — | — | −$40.0M | — |
| Share repurchases & issuance (net) | −$672.0M | −$752.0M | −$615.0M | −$553.0M | −$149.0M | −$12.0M | −$16.0M | −$64.0M | $5.0M | −$16.0M | −$2.0M | −$3.0M |
| Net borrowing (repayment) | −$870.0M | −$5.0M | −$32.0M | −$31.0M | −$1.84B | $1.97B | −$37.0M | −$38.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$825.0M | −$102.0M | −$8.0M | −$55.0M | −$12.0M | −$1.42B | $52.0M | $0 | −$324.0M | −$629.0M | $639.0M | $557.0M |
| Cash from financing activities | −$2.42B | −$902.0M | −$703.0M | −$678.0M | −$2.04B | $533.0M | −$1.0M | −$102.0M | −$319.0M | −$645.0M | $597.0M | $554.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.43B | $75.0M | −$73.0M | −$66.0M | −$1.36B | $1.19B | $586.0M | $154.0M | −$343.0M | −$587.0M | $449.0M | $9.0M |
| Cash at end of period | $617.0M | $2.05B | $1.98B | $2.05B | $2.11B | $3.48B | $2.29B | $1.71B | $1.55B | $1.89B | $2.48B | $2.03B |
| Free cash flow | $1.28B | $978.0M | $653.0M | $599.0M | $675.0M | $379.0M | $287.0M | −$62.0M | $250.0M | −$39.0M | −$242.0M | −$750.0M |
| Free cash flow margin | 34.2% | 29.3% | 21.6% | 21.3% | 25.9% | 16.5% | 6.7% | −2.8% | 12.5% | −2.2% | −8.0% | −27.3% |
| Capex / revenue | 2.9% | 4.3% | 3.0% | 2.6% | 2.7% | 5.6% | 2.7% | 4.3% | 5.8% | 5.5% | 4.9% | 4.5% |
| Operating cash flow / net income | 0.43 | 0.35 | 0.40 | 0.57 | 2.65 | 0.98 | 0.68 | 0.07 | 9.38 | 0.43 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
WDC cash generation
In fiscal 2026 (ended June 30, 2026), Western Digital generated $3.9 billion of cash from operations (up 132.3%) and spent $418.0 million on capital expenditures, leaving free cash flow of $3.5 billion, 27.2% of revenue. It returned $2.8 billion to shareholders through dividends ($184.0 million) and net share buybacks ($2.6 billion). Cash and equivalents fell by $535.0 million over the year.
Related: WDC income statement, WDC balance sheet, WDC dividend history. See the WDC stock overview for the latest quote and news.
WDC cash flow FAQ
What is Western Digital's free cash flow?
Western Digital's free cash flow was $3.5 billion in fiscal 2026: $3.9 billion of operating cash flow minus $418.0 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does Western Digital generate from operations?
Western Digital generated $3.9 billion of cash from operating activities in fiscal 2026, 0.42 times its net income of $9.4 billion.
How much does Western Digital spend on capital expenditures?
Western Digital spent $418.0 million on capital expenditures in fiscal 2026, 3.2% of revenue, compared with $407.0 million the year before.
How much stock does Western Digital buy back?
Western Digital spent $2.6 billion on net share repurchases in fiscal 2026.
How much does Western Digital pay in dividends?
Western Digital paid $184.0 million in dividends in fiscal 2026, 5.2% of free cash flow.