Western Digital (WDC) FY2019 results: revenue $16.6 billion, down 19.8% on the year
Western Digital Corp. (WDC) reported revenue of $16.6 billion for fiscal 2019, the year ended 28 June 2019, down 19.8% on the year before. Net income was -$754 million, and diluted earnings per share $-2.58. The figures are the company's own, from the 10-K it filed with the SEC on 27 August 2019.
Revenue
$16.6 billion
-19.8% on the year
FY2012FY2019
Operating margin
0.5%
17.5% a year earlier
FY2012FY2019
Net income
-$754 million
FY2012FY2019
Diluted EPS
-$2.58
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
16,569
20,647
19,093
-19.8%
Cost of revenue
12,817
12,942
13,021
-1.0%
Gross profit
3,752
7,705
6,072
-51.3%
Gross margin
22.6%
37.3%
31.8%
Research and development
2,182
2,400
2,441
-9.1%
Selling, general and administrative
1,317
1,473
1,445
-10.6%
Operating income
87.0
3,617
1,954
-97.6%
Operating margin
0.5%
17.5%
10.2%
Interest expense
469
676
847
-30.6%
Pre-tax income
-287
2,085
769
Income tax
467
1,410
372
-66.9%
Effective tax rate
n/a
67.6%
48.4%
Net income
-754
675
397
Net margin
-4.6%
3.3%
2.1%
Diluted EPS
-$2.58
$2.20
$1.34
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
1,547
4,205
3,437
-63.2%
Capital expenditure
876
835
578
+4.9%
Free cash flow
671
3,370
2,859
-80.1%
Free cash flow margin
4.0%
16.3%
15.0%
Cash from investing
-1,272
-1,655
-636
Cash from financing
-1,829
-3,900
-4,595
Depreciation and amortisation
1,812
2,056
2,128
-11.9%
Share-based compensation
306
377
394
-18.8%
Buybacks
563
591
0.0
-4.7%
Dividends paid
147
593
574
-75.2%
Dividend per share
$2.00
$2.00
$2.00
0.0%
Diluted shares, weighted
292m
307m
296m
-4.9%
Shares outstanding at period end
295m
296m
294m
-0.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
9,967
11,531
11,418
-13.6%
Debt
10,522
11,172
13,356
-5.8%
Other liabilities
5,881
6,532
5,086
-10.0%
Total liabilities and equity
26,370
29,235
29,860
-9.8%
Fixed assets
2,843
3,095
3,033
-8.1%
Goodwill
10,076
10,075
10,014
+0.0%
Intangible assets
1,711
2,680
3,823
-36.2%
Investments
0.0
116
118
Cash and equivalents
3,455
5,005
6,354
-31.0%
Receivables
1,204
2,197
1,948
-45.2%
Inventory
3,283
2,944
2,341
+11.5%
Other assets
3,798
3,123
2,229
+21.6%
Total assets
26,370
29,235
29,860
-9.8%
10-K for the year ended 28 June 2019, filed 27 August 2019: the filing.