Western Digital Corp. today reported fiscal third quarter 2025 financial results.

"Western Digital executed well in its fiscal third quarter achieving revenue at the high end of our guidance range and gross margin over 40%," said Irving Tan, CEO of Western Digital. "Even in a world marked by geopolitical uncertainty and shifting tariff dynamics, one thing remains constant: the exponential growth of data. When it comes to storing that data, at scale, no technology rivals the cost-efficiency and reliability of HDDs. With our rich portfolio of storage products, WD is uniquely positioned to meet our customers' mass storage needs."

On April 29, 2025, the company's Board of Directors authorized the adoption of a quarterly cash dividend program beginning with the quarter ending June 27, 2025 and declared a cash dividend of $0.10 per share of the company's common stock, payable on June 18, 2025 to shareholders of record as of June 4, 2025.Q3 2025 Financial Highlights
The company had an operating cash inflow of $508 million and ended the quarter with $3.48 billion of total cash and cash equivalents.Additional details can be found within the company's earnings presentation, which is accessible online at investor.wdc.com.

End Market Summary
In the fiscal third quarter:

• Cloud represented 87% of total revenue at $2.0 billion, down 4% sequentially and up 38% year-over-year. On a sequential basis, the decline was due to a 6% reduction in nearline bit shipments while pricing per unit in Cloud was up 5%. On a year-over-year basis, both revenue and bit shipments grew at 38% and 32%, respectively, driven by the strength of our product portfolio.
• Client represented 6% of total revenue at $137 million, down 2% on both a sequential and year-over-year basis. Compared to last quarter and last year, revenue was down due to lower unit shipments.
• Consumer represented 7% of total revenue at $150 million, down 13% sequentially and 4% year-over-year. The sequential decline in Consumer was primarily due to lower unit shipments; year over year, the decrease was largely due to pricing.

Business Outlook for Fiscal Fourth Quarter of 2025Basis of Presentation
On February 21, 2025 (the "Separation Date"), Western Digital Corporation ("WDC") completed the previously announced separation of its Flash business unit into a separate company, Sandisk Corporation ("Sandisk"). Sandisk is now an independent public company.

The financial and operating results of Sandisk subsequent to the Separation Date are no longer consolidated into WDC's financial and operating results, and the historical results and financial position of Sandisk for all periods prior to the Separation Date have been reflected as discontinued operations in WDC's preliminary condensed consolidated balance sheets and preliminary condensed consolidated statements of operations included in this release.

Dividend Program
The amount and timing of future dividends under the company's dividend program will depend on market conditions and other corporate considerations. The company may suspend or discontinue the dividend program at any time.

Investor Communications
The investment community conference call to discuss these results and the company's business outlook for the fiscal fourth quarter of 2025 will be broadcast live online today at 5:30 a.m. Pacific/8:30 a.m. Eastern. The live and archived conference call/webcast and the earnings presentation can be accessed online at investor.wdc.com.