Leading data storage manufacturer Western Digital (NASDAQ: WDC) will be reporting results tomorrow before market hours. Here’s what you need to know.

Western Digital missed analysts’ revenue expectations by 43.5% last quarter, reporting revenues of $2.41 billion, down 20.5% year on year. It was a slower quarter for the company, with a significant miss of analysts’ adjusted operating income estimates.

Is Western Digital a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Western Digital’s revenue to decline 34.9% year on year to $2.25 billion, a reversal from the 23.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.11 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Western Digital has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Western Digital’s peers in the semiconductors segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Micron delivered year-on-year revenue growth of 38.3%, beating analysts’ expectations by 1.9%, and Texas Instruments reported revenues up 11.1%, topping estimates by 4.1%. Micron traded down 7.9% following the results while Texas Instruments was up 6.7%.

Read our full analysis of Micron’s results here and Texas Instruments’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the semiconductors stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.1% on average over the last month. Western Digital’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $62.07 (compared to the current share price of $40.03).

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