Technology
Western Digital's FY2026 10-K shows revenue up 36% and gross margin near 49% on cloud HDD strength, while net income was lifted by a $6.5B non-operating Sandisk gain and management used cash to reduce debt and repurchase shares.
Key risk: Revenue concentration in cloud and top customers
Cloud accounted for 89% of net revenue and the top 10 customers 73%, with three customers each over 10%. Losing any of these customers, or reductions in their demand, could materially harm operating results.
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