Western Digital Corporation Revenue in 2024

Western Digital Corporation reported $12.3B in revenue for fiscal year 2024. This represents a growth of 0% compared to the 2023 figure of $12.3B.

Revenue peaked at $18.8 billion in fiscal 2022 during the pandemic-era demand surge, then fell sharply to $12.32 billion in fiscal 2023 as NAND flash prices collapsed under oversupply conditions. Fiscal 2024 revenue of $12.32 billion was flat — the NAND cycle bottomed and began recovering while HDD revenue held steady from cloud demand. The net loss of $450 million in fiscal 2024 followed much larger losses in fiscal 2023, when NAND pricing was at multi-year lows and inventory write-downs compounded the operating losses. The recovery in flash pricing through late 2024 has improved the profitability picture significantly heading into fiscal 2025. The $22 billion market capitalization against $12.32 billion in revenue implies a price-to-sales multiple approaching two — a premium to where the company traded during the trough, reflecting market expectations of the post-separation valuation upside and the improving NAND cycle. The $16 billion SanDisk acquisition carried significant debt that has burdened the balance sheet. Credit rating downgrades in 2023 reflected concern about the combined debt load and flash cycle exposure — a risk that the separation into two companies addresses by allowing each business to be financed independently, matching each company's cash flow profile to an appropriate capital structure rather than requiring both to share one.