Western Digital Corporation (WDC)

Outperform Recap: Q3 FY26

GM Crossed 50% Threshold, EPS +97% YoY, Net Cash Position Achieved, Investment Grade Upgrade, HAMR Qualifying with 4 Customers — Maintaining Outperform (High Conviction)

Outperform Recap: Q2 FY26

EPS +78% YoY First Quarter Above $2, GM 46.1% (+770bp YoY), CY28 LTA Extension, Q3 Guide +40% YoY — Maintaining Outperform, Raising Conviction to High

Outperform Recap: Q1 FY26

Triple-Beat + 1 Hyperscaler Signs Full CY27 Agreement + Dividend +25% + ePMR Shipments 2.2M: Maintaining Outperform

Outperform Recap: Q4 FY25

First Clean Pure-Play HDD Print Post-Spinoff: Revenue +30% YoY / GM +610bp / LTAs Cover All FY26 / $2B Buyback Initiated — Initiating at Outperform