Western Digital (WDC) FY2020 results: revenue $16.7 billion, up 1.0% on the year
Western Digital Corp. (WDC) reported revenue of $16.7 billion for fiscal 2020, the year ended 3 July 2020, up 1.0% on the year before. Net income was -$250 million, and diluted earnings per share $-0.84. The figures are the company's own, from the 10-K it filed with the SEC on 28 August 2020.
Revenue
$16.7 billion
+1.0% on the year
FY2013FY2020
Operating margin
2.0%
0.5% a year earlier
FY2013FY2020
Net income
-$250 million
FY2013FY2020
Diluted EPS
-$0.84
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
16,736
16,569
20,647
+1.0%
Cost of revenue
12,955
12,817
12,942
+1.1%
Gross profit
3,781
3,752
7,705
+0.8%
Gross margin
22.6%
22.6%
37.3%
Research and development
2,261
2,182
2,400
+3.6%
Selling, general and administrative
1,153
1,317
1,473
-12.5%
Operating income
335
87.0
3,617
+285.1%
Operating margin
2.0%
0.5%
17.5%
Interest expense
413
469
676
-11.9%
Pre-tax income
-46.0
-287
2,085
Income tax
204
467
1,410
-56.3%
Effective tax rate
n/a
n/a
67.6%
Net income
-250
-754
675
Net margin
-1.5%
-4.6%
3.3%
Diluted EPS
-$0.84
-$2.58
$2.20
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
824
1,547
4,205
-46.7%
Capital expenditure
647
876
835
-26.1%
Free cash flow
177
671
3,370
-73.6%
Free cash flow margin
1.1%
4.0%
16.3%
Cash from investing
278
-1,272
-1,655
Cash from financing
-1,508
-1,829
-3,900
Depreciation and amortisation
1,566
1,812
2,056
-13.6%
Share-based compensation
308
306
377
+0.7%
Buybacks
0.0
563
591
Dividends paid
595
147
593
+304.8%
Dividend per share
$1.50
$2.00
$2.00
-25.0%
Diluted shares, weighted
298m
292m
307m
+2.1%
Shares outstanding at period end
302m
295m
296m
+2.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
9,551
9,967
11,531
-4.2%
Redeemable equity
0.0
n/a
n/a
Debt
9,575
10,522
11,172
-9.0%
Operating lease liabilities
209
n/a
n/a
Other liabilities
6,327
5,881
6,532
+7.6%
Total liabilities and equity
25,662
26,370
29,235
-2.7%
Fixed assets
2,854
2,843
3,095
+0.4%
Goodwill
10,067
10,076
10,075
-0.1%
Intangible assets
941
1,711
2,680
-45.0%
Investments
n/a
0.0
116
Cash and equivalents
3,048
3,455
5,005
-11.8%
Receivables
2,379
1,204
2,197
+97.6%
Inventory
3,070
3,283
2,944
-6.5%
Other assets
3,303
3,798
3,123
-13.0%
Total assets
25,662
26,370
29,235
-2.7%
10-K for the year ended 3 July 2020, filed 28 August 2020: the filing.