Western Digital (WDC) FY2017 results: revenue $19.1 billion, up 46.9% on the year
Western Digital Corp. (WDC) reported revenue of $19.1 billion for fiscal 2017, the year ended 30 June 2017, up 46.9% on the year before. Net income was $397 million, up 64.0%, and diluted earnings per share $1.34. The figures are the company's own, from the 10-K it filed with the SEC on 27 August 2019.
Revenue
$19.1 billion
+46.9% on the year
FY2010FY2017
Operating margin
10.2%
3.6% a year earlier
FY2010FY2017
Net income
$397 million
+64.0% on the year
FY2010FY2017
Diluted EPS
$1.34
+34.0% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
19,093
12,994
14,572
+46.9%
Cost of revenue
13,021
9,559
10,351
+36.2%
Gross profit
6,072
3,435
4,221
+76.8%
Gross margin
31.8%
26.4%
29.0%
Research and development
2,441
1,627
1,646
+50.0%
Selling, general and administrative
1,445
997
788
+44.9%
Operating income
1,954
466
1,611
+319.3%
Operating margin
10.2%
3.6%
11.1%
Interest expense
847
266
49.0
+218.4%
Pre-tax income
769
153
1,577
+402.6%
Income tax
372
-89.0
112
Effective tax rate
48.4%
-58.2%
7.1%
Net income
397
242
1,465
+64.0%
Net margin
2.1%
1.9%
10.1%
Diluted EPS
$1.34
$1.00
$6.18
+34.0%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
3,437
1,983
2,242
+73.3%
Capital expenditure
578
584
612
-1.0%
Free cash flow
2,859
1,399
1,630
+104.4%
Free cash flow margin
15.0%
10.8%
11.2%
Cash from investing
-636
-9,608
-953
Cash from financing
-4,595
10,751
-1,069
Depreciation and amortisation
2,128
1,154
1,114
+84.4%
Share-based compensation
394
191
162
+106.3%
Buybacks
0.0
60.0
970
Dividends paid
574
464
396
+23.7%
Dividend per share
$2.00
$2.00
$1.80
0.0%
Diluted shares, weighted
296m
242m
237m
+22.3%
Shares outstanding at period end
294m
284m
230m
+3.5%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
11,418
11,145
9,219
+2.4%
Debt
13,356
17,526
2,556
-23.8%
Other liabilities
5,086
4,191
3,406
+21.4%
Total liabilities and equity
29,860
32,862
15,181
-9.1%
Fixed assets
3,033
3,503
2,965
-13.4%
Goodwill
10,014
9,951
2,766
+0.6%
Intangible assets
3,823
5,034
332
-24.1%
Investments
118
346
262
-65.9%
Cash and equivalents
6,354
8,151
5,024
-22.0%
Receivables
1,948
1,461
1,532
+33.3%
Inventory
2,341
2,129
1,368
+10.0%
Other assets
2,229
2,287
932
-2.5%
Total assets
29,860
32,862
15,181
-9.1%
10-K for the year ended 30 June 2017, filed 27 August 2019: the filing.