Western Digital (WDC) FY2021 results: revenue $16.9 billion, up 1.1% on the year
Western Digital Corp. (WDC) reported revenue of $16.9 billion for fiscal 2021, the year ended 2 July 2021, up 1.1% on the year before. Net income was $821 million, and diluted earnings per share $2.66. The figures are the company's own, from the 10-K it filed with the SEC on 27 August 2021.
Revenue
$16.9 billion
+1.1% on the year
FY2014FY2021
Operating margin
7.2%
2.0% a year earlier
FY2014FY2021
Net income
$821 million
FY2014FY2021
Diluted EPS
$2.66
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
16,922
16,736
16,569
+1.1%
Cost of revenue
12,401
12,955
12,817
-4.3%
Gross profit
4,521
3,781
3,752
+19.6%
Gross margin
26.7%
22.6%
22.6%
Research and development
2,243
2,261
2,182
-0.8%
Selling, general and administrative
1,105
1,153
1,317
-4.2%
Operating income
1,220
335
87.0
+264.2%
Operating margin
7.2%
2.0%
0.5%
Interest expense
326
413
469
-21.1%
Pre-tax income
927
-46.0
-287
Income tax
106
204
467
-48.0%
Effective tax rate
11.4%
n/a
n/a
Net income
821
-250
-754
Net margin
4.9%
-1.5%
-4.6%
Diluted EPS
$2.66
-$0.84
-$2.58
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
1,898
824
1,547
+130.3%
Capital expenditure
1,146
647
876
+77.1%
Free cash flow
752
177
671
+324.9%
Free cash flow margin
4.4%
1.1%
4.0%
Cash from investing
-765
278
-1,272
Cash from financing
-817
-1,508
-1,829
Depreciation and amortisation
1,212
1,566
1,812
-22.6%
Share-based compensation
318
308
306
+3.2%
Buybacks
0.0
0.0
563
Dividends paid
0.0
595
147
Dividend per share
$0.00
$1.50
$2.00
Diluted shares, weighted
309m
298m
292m
+3.7%
Shares outstanding at period end
308m
302m
295m
+2.0%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
10,800
9,551
9,967
+13.1%
Redeemable equity
0.0
0.0
n/a
Debt
8,725
9,575
10,522
-8.9%
Operating lease liabilities
204
209
n/a
-2.4%
Other liabilities
6,403
6,327
5,881
+1.2%
Total liabilities and equity
26,132
25,662
26,370
+1.8%
Fixed assets
3,188
2,854
2,843
+11.7%
Goodwill
10,066
10,067
10,076
-0.0%
Intangible assets
442
941
1,711
-53.0%
Investments
n/a
n/a
0.0
Cash and equivalents
3,370
3,048
3,455
+10.6%
Receivables
2,257
2,379
1,204
-5.1%
Inventory
3,616
3,070
3,283
+17.8%
Other assets
3,193
3,303
3,798
-3.3%
Total assets
26,132
25,662
26,370
+1.8%
10-K for the year ended 2 July 2021, filed 27 August 2021: the filing.