Western Digital (WDC) FY2015 results: revenue $14.6 billion, down 3.7% on the year
Western Digital Corp. (WDC) reported revenue of $14.6 billion for fiscal 2015, the year ended 3 July 2015, down 3.7% on the year before. Net income was $1.5 billion, down 9.4%, and diluted earnings per share $6.18. The figures are the company's own, from the 10-K it filed with the SEC on 21 August 2015.
Revenue
$14.6 billion
-3.7% on the year
FY2008FY2015
Operating margin
11.1%
11.8% a year earlier
FY2008FY2015
Net income
$1.5 billion
-9.4% on the year
FY2008FY2015
Diluted EPS
$6.18
-7.5% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
14,572
15,130
15,351
-3.7%
Cost of revenue
10,351
10,770
10,988
-3.9%
Gross profit
4,221
4,360
4,363
-3.2%
Gross margin
29.0%
28.8%
28.4%
Research and development
1,646
1,661
1,572
-0.9%
Selling, general and administrative
788
813
706
-3.1%
Operating income
1,611
1,791
1,266
-10.1%
Operating margin
11.1%
11.8%
8.2%
Interest expense
49.0
56.0
n/a
-12.5%
Pre-tax income
1,577
1,752
1,222
-10.0%
Income tax
112
135
242
-17.0%
Effective tax rate
7.1%
7.7%
19.8%
Net income
1,465
1,617
980
-9.4%
Net margin
10.1%
10.7%
6.4%
Diluted EPS
$6.18
$6.68
$3.98
-7.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
2,242
2,816
3,119
-20.4%
Capital expenditure
612
628
952
-2.5%
Free cash flow
1,630
2,188
2,167
-25.5%
Free cash flow margin
11.2%
14.5%
14.1%
Cash from investing
-953
-1,936
-970
Cash from financing
-1,069
-385
-1,048
Depreciation and amortisation
1,114
1,244
1,233
-10.5%
Share-based compensation
162
156
137
+3.8%
Buybacks
970
816
842
+18.9%
Dividends paid
396
259
181
+52.9%
Dividend per share
$1.80
$1.25
n/a
+44.0%
Diluted shares, weighted
237m
242m
246m
-2.1%
Shares outstanding at period end
230m
234m
237m
-1.7%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
9,219
8,842
7,893
+4.3%
Short-term borrowings
n/a
0.0
0.0
Debt
2,556
2,438
1,955
+4.8%
Other liabilities
3,406
4,219
4,188
-19.3%
Total liabilities and equity
15,181
15,499
14,036
-2.1%
Fixed assets
2,965
3,293
3,700
-10.0%
Goodwill
2,766
2,559
1,954
+8.1%
Intangible assets
332
454
605
-26.9%
Investments
262
499
n/a
-47.5%
Cash and equivalents
5,024
4,804
4,309
+4.6%
Receivables
1,532
1,989
1,793
-23.0%
Inventory
1,368
1,226
1,188
+11.6%
Other assets
932
675
487
+38.1%
Total assets
15,181
15,499
14,036
-2.1%
10-K for the year ended 3 July 2015, filed 21 August 2015: the filing.