---
schema_version: "secwatch.filing_event.v1"
accession: "0000106040-23-000006"
form_type: "8-K"
ticker: "WDC"
cik: "0000106040"
company_name: "WESTERN DIGITAL CORP"
filed_at: "2023-01-31T23:59:59+00:00"
generated_at: "2026-06-20T04:48:55.161669+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Western Digital posts Q2 loss, revenue down 36% YoY; secures $875M loan facility

## Summary
- Q2 FY2023 revenue $3.11B (-36% YoY); GAAP EPS -$1.40, Non-GAAP EPS -$0.42.
- Cloud revenue $1.22B (-33% QoQ, -36% YoY); hard drive inventory digestion cited.
- Q3 revenue guidance $2.60B-$2.80B; Non-GAAP EPS guidance -$1.70 to -$1.40.
- Q3 guidance includes $250M underutilization charges (flash wafer starts cut 30%).
- Entered $875M 364-day delayed draw term loan facility (JPMorgan agent) to boost liquidity.

## SEC filing metadata
- accession: 0000106040-23-000006
- form_type: 8-K
- ticker: WDC
- cik: 0000106040
- company_name: WESTERN DIGITAL CORP
- filed_at: 2023-01-31T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 2.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/106040/000010604023000006/0000106040-23-000006-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/106040/000010604023000006/wdc-20230125.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000106040-23-000006
- JSON: https://secwatch.observer/filing/0000106040-23-000006.json
- Plain text: https://secwatch.observer/filing/0000106040-23-000006.txt

## Key facts
- Debt Financings
  WESTERN DIGITAL CORP incurred term loan of $875.0 million with J.P. Morgan Chase Bank, N.A., as administrative agent at Adjusted Term SOFR Rate plus an applicable margin varying from 1.750% to 2.625% maturing the earlier of (i) 364 days following the draw date and (ii) 91 days prior to maturity of the 2024 Convertible Notes.
  - Instrument: term loan
  - Principal: $875.0 million
  - Counterparty: J.P. Morgan Chase Bank, N.A., as administrative agent
  - Rate: Adjusted Term SOFR Rate plus an applicable margin varying from 1.750% to 2.625%
  - Maturity: the earlier of (i) 364 days following the draw date and (ii) 91 days prior to maturity of the 2024 Convertible Notes
  - Event: incurrence
  source text: On January 25, 2023, Western Digital Corporation, a Delaware corporation (the “Company”), entered into a loan agreement (the “Loan Agreement”) among the Company, each lender party thereto, J.P. Morgan Chase Bank, N.A., as administrative agent, and the other parties thereto. The Loan Agreement provides for, among other things, a new 364-day delayed draw term loan facility (“Delayed Draw Term Loan Facility” and the loans thereunder, the “Delayed Draw Term Loans”) in an aggregate principal amount of up to $875.0 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/106040/000010604023000006/0000106040-23-000006-index.htm
- Earnings Releases
  WESTERN DIGITAL CORP reported fiscal third quarter of 2023 results: revenue $2.60 billion to $2.80 billion, EPS $(1.70) to $(1.40). Guidance initiated.
  - Period: fiscal third quarter of 2023
  - Revenue: $2.60 billion to $2.80 billion
  - EPS: $(1.70) to $(1.40)
  - Guidance: initiated
  - Result: guidance update
  source text: • Expect fiscal third quarter 2023 revenue to be in the range of $2.60 billion to $2.80 billion. • Expect Non-GAAP EPS in the range of $(1.70) to $(1.40)
  evidence_url: https://www.sec.gov/Archives/edgar/data/106040/000010604023000006/0000106040-23-000006-index.htm
- Earnings Releases
  WESTERN DIGITAL CORP reported fiscal second quarter ended December 30, 2022 results: revenue $3.11 billion, net income $(446), EPS $(1.40).
  - Period: fiscal second quarter ended December 30, 2022
  - Revenue: $3.11 billion
  - Net income: $(446)
  - EPS: $(1.40)
  - Result: reported results
  source text: by specific reference in such filing. --- EX-99.1 (EX-99.1) --- Western Digital Reports Fiscal Second Quarter 2023 Financial Results News Summary • Second quarter revenue was $3.11 billion, at the high end of the guidance range. • Second quarter GAAP earnings per share (EPS) was $(1.40) and Non-GAAP EPS was $(0.42), which includes $100 million of underutilization
  evidence_url: https://www.sec.gov/Archives/edgar/data/106040/000010604023000006/0000106040-23-000006-index.htm
- Material Agreements
  WESTERN DIGITAL CORP entered into Loan Agreement with J.P. Morgan Chase Bank, N.A., as administrative agent, and the lenders party thereto valued at up to $875.0 million (effective 2023-01-25).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: J.P. Morgan Chase Bank, N.A., as administrative agent, and the lenders party thereto
  - Value: up to $875.0 million
  - Effective: 2023-01-25
  source text: On January 25, 2023, Western Digital Corporation, a Delaware corporation (the “Company”), entered into a loan agreement (the “Loan Agreement”) among the Company, each lender party thereto, J.P. Morgan Chase Bank, N.A., as administrative agent, and the other parties thereto. The Loan Agreement provides for, among other things, a new 364-day delayed draw term loan facility (“Delayed Draw Term Loan Facility” and the loans thereunder, the “Delayed Draw Term Loans”) in an aggregate principal amount of up to $875.0 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/106040/000010604023000006/0000106040-23-000006-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.