Western Digital Corporation (WDC)

Operating profit margin

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Operating income (ttm)	US$ in thousands	3,034,000	2,570,000	2,083,000	1,021,000	-317,000	-1,183,000	-1,888,000	-1,923,000	-1,169,000	43,000	799,000	1,771,000	2,391,000	2,504,000	2,497,000	1,928,000	1,220,000	806,000	642,000	534,000
Revenue (ttm)	US$ in thousands	13,279,000	14,438,000	15,601,000	14,348,000	13,003,000	11,911,000	11,257,000	11,332,000	12,318,000	14,174,000	15,752,000	17,478,000	18,793,000	19,185,000	18,941,000	18,051,000	16,922,000	16,289,000	16,327,000	16,618,000
Operating profit margin		22.85%	17.80%	13.35%	7.12%	-2.44%	-9.93%	-16.77%	-16.97%	-9.49%	0.30%	5.07%	10.13%	12.72%	13.05%	13.18%	10.68%	7.21%	4.95%	3.93%	3.21%

June 30, 2025 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $3,034,000K ÷ $13,279,000K
= 22.85%

The operating profit margin of Western Digital Corporation has exhibited significant fluctuations over the specified periods. Starting at 3.21% as of September 30, 2020, there was a consistent upward trend, culminating in a peak of 13.18% on December 31, 2021. This period of growth reflects improving operational efficiency and increased profitability margins.

Following this peak, a slight decline was observed, with the margin slightly decreasing to 13.05% on March 31, 2022, and further diminishing to 10.13% by September 30, 2022. The downward trend intensified into the subsequent quarters, with the margin sharply dropping to 5.07% by December 31, 2022, and further shrinking to near breakeven at 0.30% on March 31, 2023.

From this point, the operating profit margin transitioned into negative territory, registering at -9.49% on June 30, 2023, and deteriorating further to -16.97% on September 30, 2023. The negative margins persisted into December 2023 at -16.77%, indicating a period of operational losses. The trend continued into March 2024 with a slight improvement to -9.93%, followed by further narrowing of losses to -2.44% as of June 30, 2024.

A notable turnaround occurred in the subsequent months, with the margin rebounding to 7.12% on September 30, 2024, and advancing substantially to 13.35% by December 31, 2024. The positive momentum continued into early 2025, with the margin reaching 17.80% in March and further increasing to 22.85% by June 30, 2025.

Overall, the trend demonstrates initial growth and margin expansion until late 2021, followed by a period of decline culminating in losses during 2023. However, recent data suggests a recovery trajectory with markedly improving operating profit margins into mid-2025.