Western Digital (WDC) FY2016 results: revenue $13.0 billion, down 10.8% on the year
Western Digital Corp. (WDC) reported revenue of $13.0 billion for fiscal 2016, the year ended 1 July 2016, down 10.8% on the year before. Net income was $242 million, down 83.5%, and diluted earnings per share $1.00. The figures are the company's own, from the 10-K it filed with the SEC on 29 August 2016.
Revenue
$13.0 billion
-10.8% on the year
FY2009FY2016
Operating margin
3.6%
11.1% a year earlier
FY2009FY2016
Net income
$242 million
-83.5% on the year
FY2009FY2016
Diluted EPS
$1.00
-83.8% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
12,994
14,572
15,130
-10.8%
Cost of revenue
9,559
10,351
10,770
-7.7%
Gross profit
3,435
4,221
4,360
-18.6%
Gross margin
26.4%
29.0%
28.8%
Research and development
1,627
1,646
1,661
-1.2%
Selling, general and administrative
997
788
813
+26.5%
Operating income
466
1,611
1,791
-71.1%
Operating margin
3.6%
11.1%
11.8%
Interest expense
266
49.0
56.0
+442.9%
Pre-tax income
153
1,577
1,752
-90.3%
Income tax
-89.0
112
135
Effective tax rate
-58.2%
7.1%
7.7%
Net income
242
1,465
1,617
-83.5%
Net margin
1.9%
10.1%
10.7%
Diluted EPS
$1.00
$6.18
$6.68
-83.8%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
1,983
2,242
2,816
-11.6%
Capital expenditure
584
612
628
-4.6%
Free cash flow
1,399
1,630
2,188
-14.2%
Free cash flow margin
10.8%
11.2%
14.5%
Cash from investing
-9,608
-953
-1,936
Cash from financing
10,751
-1,069
-385
Depreciation and amortisation
1,154
1,114
1,244
+3.6%
Share-based compensation
191
162
156
+17.9%
Buybacks
60.0
970
816
-93.8%
Dividends paid
464
396
259
+17.2%
Dividend per share
$2.00
$1.80
$1.25
+11.1%
Diluted shares, weighted
242m
237m
242m
+2.1%
Shares outstanding at period end
284m
230m
234m
+23.5%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
11,145
9,219
8,842
+20.9%
Short-term borrowings
n/a
n/a
0.0
Debt
17,526
2,556
2,438
+585.7%
Other liabilities
4,191
3,406
4,219
+23.0%
Total liabilities and equity
32,862
15,181
15,499
+116.5%
Fixed assets
3,503
2,965
3,293
+18.1%
Goodwill
9,951
2,766
2,559
+259.8%
Intangible assets
5,034
332
454
+1,416.3%
Investments
346
262
499
+32.1%
Cash and equivalents
8,151
5,024
4,804
+62.2%
Receivables
1,461
1,532
1,989
-4.6%
Inventory
2,129
1,368
1,226
+55.6%
Other assets
2,287
932
675
+145.4%
Total assets
32,862
15,181
15,499
+116.5%
10-K for the year ended 1 July 2016, filed 29 August 2016: the filing.