Western Digital Corporation · WDC · FY2025 Q1 · Calendar Q4 2024

Cloud storage demand strengthens as Western Digital raises outlook

The quarter supports a constructive near-term storage-demand narrative: cloud and data-center demand strengthened, enterprise SSD adoption accelerated, and UltraSMR HDD products expanded. The key counterweights are separation execution, Flash pricing and costs, and dependence on continued hyperscaler demand.

Reported After market closeNASDAQTechnology $128.64B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $1.78 Consensus $1.72
EPS surprise +3.5% Reported versus consensus
Reported revenue $4.09B Consensus $4.12B
Revenue surprise -0.5% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +4.7% Event window
SPY move -0.0% Same window
Abnormal move +4.8% Stock minus SPY
Volume 3.9× Versus trailing sessions
Subsequent drift -4.3% Up to 20 sessions
WDCSPY benchmark

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Transcript intelligence

What changed

Compared with the prior quarter, management's guidance sentiment moved from maintained to raised. The current analysis also points to stronger enterprise SSD mix expectations, new high-capacity drive launches, and continued progress toward the Flash/HDD separation.

Guidance delta

Management's FY2025 revenue and EPS outlook was slightly higher than the prior quarter.

Key takeaways

  • Cloud and data-center demand supported stronger revenue and margins.
  • Enterprise SSD demand is accelerating, while UltraSMR HDD adoption is expanding.
  • The Flash/HDD separation remains on schedule, with filings and financing activities pending.

Management priorities

  • Ramp enterprise SSD offerings and expand hyperscaler relationships.
  • Qualify and launch higher-capacity SSD and HDD products.
  • Complete the Flash/HDD separation and related financing activities.

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Earnings History

Estimate Beat Miss Match
WDC REVENUE earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q3 '24 estimate $3B Q3 '24 actual $3B, beat Q4 '24 estimate $4B Q4 '24 actual $4B, beat Q1 '25 estimate $4B Q1 '25 actual $4B, miss Q4 '25 estimate $2B Q4 '25 actual $3B, beat Q1 '26 estimate $3B Q1 '26 actual $3B, beat Q2 '26 estimate $3B Q2 '26 actual $3B, beat Q3 '26 estimate $3B Q3 '26 actual $3B, beat Q4 '26 estimate $4B Q4 '26 actual $4B, beat Q1 '27 estimate $4B Q2 '27 estimate $5B Q3 '27 estimate $5B
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Analyst Consensus ?

ConsensusBuy59 ratings
Bullish4372.9%
Neutral1525.4%
Bearish11.7%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$356.13Current
$50Low
$337.63Average
$1,050High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 27, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Neutral NeutralMaintainOct 23, 2026
TD Cowen Buy BuyMaintainOct 23, 2026
Rosenblatt Buy BuyMaintainOct 23, 2026
Morgan Stanley Overweight OverweightMaintainOct 23, 2026
JP Morgan Overweight OverweightMaintainOct 23, 2026
Show 55 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $356.13. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
Cantor FitzgeraldAnalyst unavailable$625$354.19 +75.5%Oct 23, 2026
SusquehannaAnalyst unavailable$405$354.19 +13.7%Oct 23, 2026
Mizuho SecuritiesVijay Rakesh$490$354.19 +37.6%Oct 23, 2026
UBSAnalyst unavailable$625$354.19 +75.5%Oct 23, 2026
Goldman SachsAnalyst unavailable$540$354.19 +51.6%Oct 23, 2026
See 122 more

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Company context

Snapshot as of publication

Western Digital Corporation designs, manufactures, and markets a broad range of data storage devices and software solutions across the United States, China, Hong Kong, Europe, the Middle East, Africa, and the rest of Asia, serving an international market. The company's product lineup includes client devices such as hard disk drives (HDDs) and solid-state drives (SSDs) for computing platforms like desktops, notebooks, smart video systems, gaming consoles, and set-top boxes. They also provide flash-based embedded storage solutions for mobile phones, tablets, laptops, and various portable and wearable technologies, extending into automotive, Internet of Things (IoT), industrial, and connected home applications. Additionally, Western Digital produces flash-based memory wafers.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2024-11-10T18:38:36.707185+00:00
  3. Polygon adjusted daily market bars · 2026-10-27T00:50:42.803952+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-27T00:50:42.801023+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-27. For educational purposes only; not investment advice.