Western Digital (WDC) FY2018 results: revenue $20.6 billion, up 8.1% on the year
Western Digital Corp. (WDC) reported revenue of $20.6 billion for fiscal 2018, the year ended 29 June 2018, up 8.1% on the year before. Net income was $675 million, up 70.0%, and diluted earnings per share $2.20. The figures are the company's own, from the 10-K it filed with the SEC on 27 August 2019.
Revenue
$20.6 billion
+8.1% on the year
FY2011FY2018
Operating margin
17.5%
10.2% a year earlier
FY2011FY2018
Net income
$675 million
+70.0% on the year
FY2011FY2018
Diluted EPS
$2.20
+64.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
20,647
19,093
12,994
+8.1%
Cost of revenue
12,942
13,021
9,559
-0.6%
Gross profit
7,705
6,072
3,435
+26.9%
Gross margin
37.3%
31.8%
26.4%
Research and development
2,400
2,441
1,627
-1.7%
Selling, general and administrative
1,473
1,445
997
+1.9%
Operating income
3,617
1,954
466
+85.1%
Operating margin
17.5%
10.2%
3.6%
Interest expense
676
847
266
-20.2%
Pre-tax income
2,085
769
153
+171.1%
Income tax
1,410
372
-89.0
+279.0%
Effective tax rate
67.6%
48.4%
-58.2%
Net income
675
397
242
+70.0%
Net margin
3.3%
2.1%
1.9%
Diluted EPS
$2.20
$1.34
$1.00
+64.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
4,205
3,437
1,983
+22.3%
Capital expenditure
835
578
584
+44.5%
Free cash flow
3,370
2,859
1,399
+17.9%
Free cash flow margin
16.3%
15.0%
10.8%
Cash from investing
-1,655
-636
-9,608
Cash from financing
-3,900
-4,595
10,751
Depreciation and amortisation
2,056
2,128
1,154
-3.4%
Share-based compensation
377
394
191
-4.3%
Buybacks
591
0.0
60.0
Dividends paid
593
574
464
+3.3%
Dividend per share
$2.00
$2.00
$2.00
0.0%
Diluted shares, weighted
307m
296m
242m
+3.7%
Shares outstanding at period end
296m
294m
284m
+0.7%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
11,531
11,418
11,145
+1.0%
Debt
11,172
13,356
17,526
-16.4%
Other liabilities
6,532
5,086
4,191
+28.4%
Total liabilities and equity
29,235
29,860
32,862
-2.1%
Fixed assets
3,095
3,033
3,503
+2.0%
Goodwill
10,075
10,014
9,951
+0.6%
Intangible assets
2,680
3,823
5,034
-29.9%
Investments
116
118
346
-1.7%
Cash and equivalents
5,005
6,354
8,151
-21.2%
Receivables
2,197
1,948
1,461
+12.8%
Inventory
2,944
2,341
2,129
+25.8%
Other assets
3,123
2,229
2,287
+40.1%
Total assets
29,235
29,860
32,862
-2.1%
10-K for the year ended 29 June 2018, filed 27 August 2019: the filing.