Western Digital is a leading developer, manufacturer, and provider of data storage devices and solutions based on both hard disk drive and NAND flash technologies. The company's broad portfolio delivers powerful hard disk drives (HDD) and flash-based products (Flash) storage solutions for everyone from students, gamers and home offices, to the largest enterprises and public clouds. The company's technology and products address multiple end markets: “Cloud,” “Client” and “Consumer.” The company has a differentiated innovation engine driving advancements in storage and semiconductor technologies.

On October 30, 2023, the Board of Directors authorized a plan to separate the HDD and Flash business units into two independent, public companies by the end of calendar year 2024.

• Employees: Approximately 51,000 (as of June 28, 2024)
• Geographic Footprint: 36 countries
• Headquarters: San Jose, California
• Founded: 1970
• Revenue: $13.003 billion (FY2024)
• Key Subsidiaries/Brands: Western Digital, SanDisk and WD

• CEO: David Goeckeler
• Other Key Executives: Gene Zamiska (Senior Vice President, Global Accounting and Chief Accounting Officer)

• Annual Revenue: $13.003 billion (FY2024)
• Net Income: $(798) million
• Total Assets: $24.188 billion
• Key Financial Highlights: Net revenue increased 6% compared to 2023. Consolidated gross profit increased $1.06 billion in 2024 compared to 2023.

Western Digital offers a broad range of data storage devices and solutions, including:

• Hard Disk Drives (HDD): Non-volatile data storage by recording magnetic information on a rotating disk.
• Flash-based Products (Flash): Non-volatile data storage based on flash technology, including solid state drives (SSDs) and removable memory devices.
• Cloud Products: High-capacity enterprise HDD, high-performance enterprise SSD and platforms for public or private cloud environments and enterprise customers.
• Client Products: HDD and SSD desktop and notebook PCs, gaming consoles and set top boxes, as well as flash-based embedded storage products for mobile phones, tablets, notebook PCs and other portable and wearable devices, automotive applications, Internet of Things and industrial and connected home applications.
• Consumer Products: HDD and SSD embedded into external storage products and removable Flash, which include cards, universal serial bus (USB) flash drives and wireless drives.

The company operates through two reportable segments:

• Flash: Includes flash-based products. Revenue of $6.687 billion in FY2024.
• HDD: Includes hard disk drive products. Revenue of $6.316 billion in FY2024.

The company's strategy focuses on leadership, innovation and execution to be an industry-leading and broad-based developer, manufacturer and provider of storage devices and solutions. Key elements include:

• Drive Leadership in HDD: Provide reliable capacity growth and improved total cost of ownership.
• Drive Differentiated Leadership in Flash: Capitalize on market transition to solid state drives.
• Lead in Storage Innovation: Invest in leading HDD technologies to enable future drive capacity transition.
• Deliver Customer Value: Increase long-term engagement and through-cycle agreements with key hyperscalers.
• Accelerate Operational Excellence: Achieve operational excellence to translate technology into stockholder value.

The company operates in the data storage industry, which is highly competitive. Key trends include increased computing complexity and advancements in artificial intelligence, growth in cloud computing applications, connected mobile devices and Internet-connected products and edge devices. The company competes with other manufacturers of HDD and Flash in the Cloud, Client and Consumer end markets. Major competitors include Seagate Technology Holdings plc and Toshiba Electronic Devices & Storage Corporation (HDD), and Kioxia, Micron Technology, Inc., Samsung Electronics Co., Ltd., SK Hynix, Inc., Yangtze Memory Technologies Co., Ltd (Flash).

• Operational Risks: Adverse global or regional conditions could harm the business. The company is dependent on a limited number of qualified suppliers who provide critical services, materials or components, and a disruption in the supply chain could negatively affect the business. The company's operations, and those of certain of its suppliers and customers, are subject to substantial risk of damage or disruption. Public health crises have had, and could in the future have, a negative effect on the business.
• Business and Strategic Risks: The proposed separation of the HDD and Flash business units into two independent public companies is subject to various risks and uncertainties and may not be completed in accordance with the expected plans or anticipated timeline, or at all. The company relies substantially on strategic relationships with various partners, including Kioxia, which subjects it to risks and uncertainties that could harm its business. The company participates in a highly competitive industry that is subject to declining average selling prices, volatile demand, rapid technological change and industry consolidation, as well as lengthy product qualifications, all of which can negatively impact the business.
• Financial Risks: The company's level of debt may negatively impact its liquidity, restrict its operations and ability to respond to business opportunities, and increase its vulnerability to adverse economic and industry conditions. Tax matters may materially affect the company's financial position and results of operations. Fluctuations in currency exchange rates as a result of its international operations may negatively affect its operating results. Increases in the company's customers' credit risk could result in credit losses and term extensions under existing contracts with customers with credit losses could result in an increase in its operating costs.
• Legal and Compliance Risks: The company is subject to laws, rules and regulations relating to the collection, use, sharing and security of data, including personal data, and its failure to comply with these laws, rules and regulations could subject it to proceedings by governmental entities or others and cause it to incur penalties, significant legal liability, or loss of customers, loss of revenue and reputational harm. The company is and may become subject to state, federal and international legal and regulatory requirements, such as environmental, labor, health and safety, trade and public-company reporting and disclosure regulations, customers' standards of corporate citizenship and industry and coalition standards, and compliance with those regulations and requirements could cause an increase in its operating costs and failure to comply may harm its business. The company's aspirations, disclosures and actions related to environmental, social and governance (ESG) matters expose it to risks that could adversely affect its reputation and performance. The company and certain of its officers are and may continue to be involved in litigation, investigations and governmental proceedings, which may be costly, may divert the efforts of its key personnel and could result in adverse court rulings, fines or penalties, which could materially harm its business.