Western Digital Corporation (WDC) Earnings: Q1 Fiscal 2027 Results and Next Report Date

The quarter ended October 2, 2026 and Western Digital published the results on October 22, 2026. Revenue and diluted EPS are shown against Q1 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Western Digital reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Western Digital's fiscal 2026 had 53 weeks, with a 14-week first quarter. The year-ago quarter in these comparisons therefore had one more week than Q1 fiscal 2027, which had 13.
• Year-ago GAAP EPS of $3.07 included a $611 million gain on Western Digital's retained interest in Sandisk, the flash business it separated in February 2025. Non-GAAP EPS excludes that gain.

Source: Western Digital Q1 fiscal 2027 results, October 22, 2026. Also in the Form 10-Q for the quarter ended October 2, 2026. Figures as reported; checked against the release on November 10, 2026.

How Western Digital splits revenue in its own release, under its own labels, for Q1 fiscal 2027 against Q1 fiscal 2026. Indented lines are parts of the line above them.

• Western Digital's Cloud revenue was $3.9 billion in Q1 fiscal 2027, up 54% from $2.5 billion in Q1 fiscal 2026, 88% of total revenue.
• Western Digital's Client revenue was $320 million in Q1 fiscal 2027, up 119% from $146 million in Q1 fiscal 2026, 7% of total revenue.
• Western Digital's Consumer revenue was $193 million in Q1 fiscal 2027, up 19% from $162 million in Q1 fiscal 2026, 4% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Western Digital's outlook table gives revenue of $5.1 billion plus or minus $100 million, non-GAAP gross margin of 60% to 61%, non-GAAP operating expenses of $400 million to $410 million, a tax rate of about 17% and non-GAAP EPS of $5.80 plus or minus $0.20 on about 380 million diluted shares. Western Digital guides on a non-GAAP basis only.

In its Q1 fiscal 2027 release (Kris Sennesael, CFO), Western Digital said:

“Looking ahead, for our fiscal second quarter of 2027, at the midpoint of the ranges, we expect revenue of $5.1 billion, non-GAAP gross margin of 60.5%, and non-GAAP EPS of $5.80.”

“Q2FY27 revenue expected to be up 66% to 72% year-over-year”

Source: Western Digital Q1 fiscal 2027 release, Oct 22, 2026.

This is the company's own guidance as of Oct 22, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the WDC forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. GAAP EPS in fiscal 2026 includes gains on Western Digital's retained Sandisk stake (for example $2,050 million in Q4 fiscal 2026), so it moves more than revenue. Q1 fiscal 2026 had 14 weeks.

Western Digital's next report is expected around January 28, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q1 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q1 fiscal 2027 (this page), reported Oct 22, 2026

Western Digital now sells hard disk drives only, and reports revenue in three end markets. In Q1 fiscal 2027 Cloud brought in $3,868 million of $4,381 million in total revenue, Client $320 million and Consumer $193 million. Total revenue rose 55% from $2,818 million. (Western Digital Q1 fiscal 2027 release, Oct 22, 2026; Western Digital Form 10-Q, Q1 fiscal 2027, Oct 23, 2026)

Cloud is 88% of revenue and is mainly high-capacity enterprise HDDs sold to hyperscale cloud providers and enterprises for data centers. Western Digital said Cloud revenue rose 54% on a more than 20% increase in exabytes shipped and an approximately 25% increase in average selling price per exabyte, the first from demand for high-capacity drives driven by data growth, cloud expansion and AI storage needs, the second from an improved pricing environment. (Western Digital Form 10-Q, Q1 fiscal 2027, Oct 23, 2026; Western Digital Form 10-K, fiscal 2026, Aug 14, 2026)

Client revenue, 7% of the total, rose 119% on an approximately 15% increase in exabytes shipped and an approximately 90% increase in average selling price per exabyte. Consumer revenue, 5% of the total, rose 19%: average selling price per exabyte was up about 70% while exabytes shipped fell about 30%. In both, Western Digital cited a shift to higher capacity drives. (Western Digital Form 10-Q, Q1 fiscal 2027, Oct 23, 2026)

Western Digital's revenue is concentrated. Its top 10 customers accounted for 64% of revenue in the quarter, against 73% a year earlier, and two customers accounted for 14% and 13%. From this quarter it attributes concentration to the ultimate end customer when distributors or contract manufacturers buy on that customer's behalf. By ship-to location, the Americas were $2,081 million, Asia $1,708 million and Europe, Middle East and Africa $592 million. (Western Digital Form 10-Q, Q1 fiscal 2027, Oct 23, 2026)

Western Digital's GAAP diluted EPS of $4.63 and non-GAAP EPS of $4.64 were almost the same in Q1 fiscal 2027. Non-GAAP excludes stock-based compensation, business realignment charges, gains on the retained interest in Sandisk, costs tied to debt and equity transactions and income tax adjustments. A year earlier the two diverged: GAAP EPS of $3.07 included a $611 million gain on the Sandisk stake, against non-GAAP EPS of $1.78. (Western Digital Q1 fiscal 2027 release, Oct 22, 2026)

Operating income rose to $2,046 million from $792 million, and GAAP gross margin widened to 57.8% from 43.5%. Business realignment charges were $43 million against $3 million, and stock-based compensation was $79 million. Income tax expense was $259 million on $2,038 million of pre-tax income. (Western Digital Q1 fiscal 2027 release, Oct 22, 2026)

Diluted weighted average shares were 384 million against 376 million. Western Digital repurchased 2.0 million shares for $1.00 billion in the quarter, against 6.4 million shares for $553 million a year earlier, and paid $570 million to settle convertible notes transactions. It raised its quarterly dividend by 17% to $0.175 per share. (Western Digital Q1 fiscal 2027 release, Oct 22, 2026; Western Digital Form 10-Q, Q1 fiscal 2027, Oct 23, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Western Digital publishes a non-GAAP outlook in its release. For Q2 fiscal 2027 it guided revenue of $5.1 billion plus or minus $100 million, which it said would be up 66% to 72% from a year earlier, non-GAAP gross margin of 60% to 61%, operating expenses of $400 million to $410 million, a tax rate of about 17%, and non-GAAP EPS of $5.80 plus or minus $0.20 on about 380 million diluted shares. (Western Digital Q1 fiscal 2027 release, Oct 22, 2026)

A consensus figure is the average of the models published by the analysts who cover Western Digital, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Western Digital's own release and filings put weight on for Q1 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning WDC is on is WDC a buy or a sell?, what analysts expect next is on the WDC forecast, and what the company does is on the Western Digital Corporation (WDC) stock page.

Every number on this page can be traced to a document Western Digital published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.