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 under the symbol “WDC”. The approximate number of holders of record of our common stock as of August 7, 2026 was 644.
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 July 3, 2026, we paid aggregate cash dividends of $0.50 per share on our outstanding common stock, totaling $174 million, plus $2 million paid to the holders of our then-outstanding Series A Preferred Stock (“Preferred Shares”) in accordance with their participation rights.
Subsequent to year-end, on August 4, 2026, our Board of Directors declared a cash dividend of $0.15 per share of our common stock, which will be paid on September 17, 2026 to our shareholders of record as of the close of business on September 8, 2026.
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 credit 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 July 3, 2026:
(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)
April 4, 2026 - May 1, 2026 0.8 $ 362.89 0.8 $ 3,635
May 2, 2026 - May 29, 2026 2.5⁽³⁾ 485.14 0.6 $ 3,340
May 30, 2026 - July 3, 2026 3.1⁽⁴⁾⁽⁵⁾ 532.06 0.2 $ 3,260
Total for the quarter ended July 3, 2026 6.4 $ 426.16 1.6
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(1) Includes commissions.
(2) On May 9, 2025, our Board of Directors authorized a Share Repurchase Program (as defined below) for the repurchase of up to $2.0 billion of our common stock, and on February 2, 2026, our Board of Directors authorized the repurchase of up to an additional $4.0 billion of the Company’s 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 primarily by operating cash flows. The amount and timing of share repurchases will depend on market conditions and other corporate considerations. We may suspend or discontinue the Share Repurchase Program at any time.
(3) Amount includes an aggregate of 1,865,801 shares of our common stock that we received on May 7, 2026 in exchange for an aggregate of 653,203 shares of common stock of Sandisk. This transaction is not part of our publicly announced Share Repurchase Program and the shares received in this equity-for-equity exchange are not reflected in the column captioned “Average Price Paid per Share.”
(4) Amount includes an aggregate of 15,554 shares of our common stock that we received in June 2026 upon the settlement of $32 million notional amount of Capped Calls (as defined below) in connection with the settlement of the same principal amount of 2028 Convertible Notes that had been tendered by the holders. This transaction is not part of our publicly announced Share Repurchase Program and the shares received from the settlement of these Capped Calls are not reflected in the column captioned “Average Price Paid per Share.”
(5) Amount includes an aggregate of 2,890,702 shares of our common stock that we received on June 22, 2026 in exchange for an aggregate of 1,038,681 shares of common stock of Sandisk. This transaction is not part of our publicly announced Share Repurchase Program and the shares received in this equity-for-equity exchange are not reflected in the column captioned “Average Price Paid per Share.”
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 July 3, 2026. The graph assumes that $100 was invested in our common stock at the close of market on July 2, 2021 and that all dividends, including the distribution of Sandisk shares at Separation, were reinvested. Stockholder returns over the indicated period should not be considered indicative of future shareholder returns.
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TOTAL RETURN TO STOCKHOLDERS
(Assumes $100 investment at market close on July 2, 2021)
Total Return Analysis
July 2,
2021 July 1,
2022 June 30,
2023 June 28,
2024 June 27,
2025 July 3,
2026
Western Digital Corporation $ 100.00 $ 61.84 $ 54.02 $ 107.92 $ 119.52 $ 1,020.64
S&P 500 Index $ 100.00 $ 89.17 $ 105.53 $ 131.44 $ 150.59 $ 184.79
Dow Jones U.S. Technology Hardware & Equipment Index $ 100.00 $ 87.80 $ 132.54 $ 201.65 $ 225.09 $ 383.01
The stock performance graph shall not be deemed soliciting material or to be filed with the SEC or subject to Regulation 14A or 14C under 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 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]
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