WD annual report: cloud is 89% of fiscal 2026 revenue; top three customers 16%, 15% and 13%

Western Digital's annual report for the fiscal year ended July 3, 2026 shows cloud customers generated 89% of net revenue, or $11.49 billion of $12.92 billion. Client ($726 million) and consumer ($703 million) made up the rest. Three customers accounted for 16%, 15% and 13% of net revenue, and the top 10 for 73%, so a few hyperscale buyers drive the outlook. The company bought back $2.59 billion of stock during the year and expects capital spending in fiscal 2027 to be higher than in fiscal 2026.

• Cloud $11,490 million of $12,919 million net revenue (89%)
• Client $726 million; consumer $703 million
• Top three customers: 16%, 15% and 13% of net revenue; top 10: 73%
• Repurchased 14.7 million shares for $2.59 billion in fiscal 2026
• Capital expenditures $418 million in fiscal 2026; expected to be higher in fiscal 2027