Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market Information for Common Stock
Our common stock is listed on the Nasdaq Global Select Market (“Nasdaq”) under the symbol “WDC”. The approximate number of holders of record of our common stock as of July 23, 2025 was 720.
Dividends
Cash Dividend Program
On April 29, 2025, our Board of Directors authorized the adoption of a quarterly cash dividend program. Under the cash dividend program, holders of our common stock will receive dividends when and as declared by our Board of Directors. During the year ended June 27, 2025, we paid cash dividends of $0.10 per share of our outstanding common stock, totaling $36 million, including payment to holders of our Series A Preferred Stock in accordance with their participation rights.
Subsequent to year-end, on July 29, 2025, our Board of Directors declared a cash dividend of $0.10 per share of our common stock, which will be paid on September 18, 2025 to our shareholders of record as of the close of business on September 4, 2025.
We may modify, suspend, or cancel our cash dividend program in any manner and at any time. The amount of future dividends under our cash dividend program, and the declaration and payment thereof, will be based upon all relevant factors, including our financial position, results of operations, cash flows, capital requirements and restrictions under our Loan Agreement and other financing agreements, and shall be in compliance with applicable law.
Issuer Purchases of Equity Securities
The following table provides information about repurchases by us of shares of our common stock during the quarter ended June 27, 2025:
(in millions, except average price paid per share) Total Number of Shares Purchased Average Price Paid per Share (1)
Total Number of Shares Purchased As Part of Publicly Announced Program (2)
Maximum Value of Shares that May Yet be Purchased Under the Program (2)
Mar. 29, 2025 - Apr. 25, 2025
— $ — — $ 2,000
Apr. 26, 2025 - May 23, 2025
0.5 49.74 0.5 $ 1,975
May 24, 2025 - Jun. 27, 2025
2.3 54.92 2.3 $ 1,851
Total for the quarter ended Jun. 27, 2025
2.8 $ 53.97 2.8
(1) Includes commissions.
(2) On May 9, 2025, our Board of Directors authorized a share repurchase program for the repurchase of up to $2.0 billion of our common stock. There is no expiration date for the share repurchase program. Repurchases under the share repurchase program may be made in the open market or in privately negotiated transactions and may be made under a Rule 10b5-1 plan. We expect share repurchases to be funded principally by operating cash flows. The amount and timing of share repurchases will depend on market conditions and other corporate considerations. The company may suspend or discontinue the share repurchase program at any time.
Stock Performance Graph
The following graph compares the cumulative total stockholder return of our common stock with the cumulative total return of the S&P 500 Index and the Dow Jones U.S. Technology Hardware & Equipment Index for the five years ended June 27, 2025. The graph assumes that $100 was invested in our common stock at the close of market on July 3, 2020 and that all dividends were reinvested. Stockholder returns over the indicated period should not be considered indicative of future shareholder returns.
28
Table of Contents
TOTAL RETURN TO STOCKHOLDERS
(Assumes $100 investment at market close on July 3, 2020)
Total Return Analysis
July 3,
2020 July 2,
2021 July 1,
2022 June 30,
2023 June 28,
2024 June 27,
2025
Western Digital Corporation $ 100.00 $ 165.43 $ 102.31 $ 88.60 $ 178.53 $ 197.73
S&P 500 Index $ 100.00 $ 141.23 $ 125.94 $ 149.04 $ 185.64 $ 212.67
Dow Jones U.S. Technology Hardware & Equipment Index $ 100.00 $ 156.60 $ 137.50 $ 207.56 $ 315.78 $ 352.49
The stock performance graph shall not be deemed soliciting material or to be filed with the U.S. Securities and Exchange Commission (the “SEC”) or subject to Regulation 14A or 14C under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or to the liabilities of Section 18 of the Exchange Act, nor shall it be incorporated by reference into any past or future filing under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, except to the extent we specifically request that it be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act.
Item 6. [Reserved]
29
Table of Contents