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Seagate Technology Holdings plcSTX

Sector
Technology
Industry
Computer Storage Devices
Exchange
Nasdaq

Stock Price $STX

Latest filings

You are here#29 of 67 in Technology by market cap

Filing record · 2016–202610-K1110-Q328-K152

STX filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 152 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Dec ’17Dec ’17
  2. Restructuring8-K · Jun ’20Jun ’20
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Leadership change8-K · Oct ’25Oct ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $8.57B
YoY changeLargest recent move+38.9%in FY25Latest −5.8%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All STX Financial Metrics61 metrics

Income Statement16

Balance Sheet26

Cash Flow14

Per Share5

02—Overview

Seagate Technology Holdings plc Financial Overview 2021–2025

Updated Jul 10, 2026

Seagate Technology's gross margin ballooned from a cyclical trough of 18%a in FY2023 to a record 46.5% by Q3 2026, signaling a profound structural shift in its underlying business. The core investment thesis is clear: Seagate has successfully transformed from a volume-driven legacy hardware vendor into a highly profitable, AI-centric data center infrastructure provider. By heavily leaning into high-capacity nearline drives, the company is capturing surging demand and exacting premium pricing from hyperscale cloud operators.

This transition required surviving severe macroeconomic headwinds that temporarily compressed the top line. Total revenue contracted from $10.7 billion in FY2021 to $9.1 billionb in FY2025, yet profitability rebounded sharply as the product mix shifted away from consumer hardware. Following a $529 million net loss in FY2023, Seagate aggressively restructured operations to deliver 39% revenue growth in FY2025 alongside $1.5 billion in net income. By Q3 2026, the company posted a $748 million quarterly net profit on $3.112 billion in revenue, generating the necessary cash flow to deleverage its balance sheet and support a $5 billion share repurchase authorization.

The market aggressively repriced the equity to reflect this enhanced earnings power and operational discipline. At the close of FY2025, investors valued Seagate at a $30.1 billionc market cap, trading at $141.44 per share and a 20.9x price-to-earnings multiple.

Recent Developments (Q2 and Q3 2026)

Seagate aggressively deleveraged its balance sheet throughout Q2 2026 and Q3 2026 by retiring its 2028 exchangeable senior notes. The company exchanged $785.9 milliond in principal for cash and 7.97 million ordinary shares, subsequently calling the remainder for full redemption by September 2026. This liability reduction, combined with $2.369 billion in operating cash flow over nine months, flipped shareholders' equity from a $453 million deficit to a positive $1.095 billion. During Q3 2026, diluted earnings hit $3.27 per share despite absorbing a $105 million legal settlement charge.

Bulls emphasize that retiring the 2028 notes eliminates significant future interest expenses and fortifies liquidity. Conversely, bears warn that settling these exchanges required substantial equity issuance, diluting current shareholders. The stock appears richly valued at 77.6x earnings as of April 29, 2026, reflecting massive market premiums on AI infrastructure plays.

What to watch: final redemption impact of the 2028 notes in September 2026; board dynamics following Director Michael R. Cannon's departure at the 2026 annual meeting.

03—Filings

Recent SEC Filings

  1. 8-KSeagate Technology Holdings plc 8-K Report, Unregistered Securities Sale (Sep 9, 2026)Seagate Technology Holdings plc (STX) disclosed on September 9, 2026 that its subsidiary, Seagate HDD Cayman, has fully settled its 3.50% Exchangeable Senior Notes due 2028, which had roughly $150.7 million in principal outstanding. On September 8, 2026, the notes that were called for redemption and not submitted for exchange were repaid in cash at par plus accrued interest. Notes submitted for exchange before 5:00 p.m. New York time on September 3, 2026 were settled on the same date, with principal paid in cash and the excess exchange value paid in Seagate ordinary shares plus cash in lieu of fractional shares. In total, Seagate paid approximately $150.97 million in cash and issued 1,647,862 ordinary shares. The filing does not break down how the cash splits between principal, accrued interest, and fractional-share payments, and it does not disclose the share price used to value the exchange. The filing also does not state the company's total ordinary shares outstanding, so the dilution percentage cannot be calculated from this document alone. The share issuance was made under the Section 3(a)(9) exemption from Securities Act registration. For investors, this is a routine capital-structure event that eliminates the exchangeable notes and their associated debt obligation. The share issuance is modest in count, and the exchange feature meant that the notes' value to holders was tied to the stock price, so the settlement mechanics are the main point of interest. The disclosure is administrative and does not include new guidance, financial results, or changes to operations.
  2. 8-KSeagate Technology Holdings plc 8-K Report, Executive Changes (Sep 4, 2026)Seagate Technology Holdings plc (STX) announced in an 8-K filing dated September 4, 2026, that Mr. Shankar Arumugavelu will not seek re-election to the Board of Directors at the upcoming 2026 Annual General Meeting of Shareholders. Mr. Arumugavelu will continue his service as a director until the conclusion of the meeting. Importantly, the filing explicitly states that Mr. Arumugavelu's decision is not a result of any disagreement with the Company regarding its operations, policies, or practices. The Board of Directors has expressed gratitude for his contributions during his tenure. This is a routine director transition, and investors should note the absence of any concerns about company performance or strategy related to this departure.
  3. 8-KSeagate Technology Holdings plc 8-K Report, Financial Results (Jul 28, 2026)Seagate reported fiscal Q4 2026 (quarter ended July 3, 2026) revenue of $3.63 billion, up roughly 49% year over year from $2.44 billion, with GAAP gross margin of 52.3% (versus 37.4%) and non-GAAP diluted EPS of $5.71 (versus $2.59). GAAP diluted EPS was $5.58. Operating margin on a GAAP basis reached 43.0%, and free cash flow was $1.1 billion. For the full fiscal year 2026, revenue grew 34% to $12.2 billion, GAAP net income rose to $3.18 billion from $1.47 billion, and free cash flow reached a record $3.1 billion. Management attributed the performance to robust cloud data center demand and cited exabyte demand growth tied to AI, along with its Mozaic platform and HAMR roadmap. The balance sheet improved meaningfully. Seagate retired $302 million of debt in the quarter and $1.4 billion for the year, bringing total debt to about $3.6 billion from roughly $5.0 billion a year earlier. Shareholders' equity swung to $2.2 billion from a deficit of $453 million. The board declared a quarterly dividend of $0.74 per share, payable October 7, 2026, and the company returned $810 million to shareholders in fiscal 2026 through dividends and buybacks. For fiscal Q1 2027, Seagate guided to revenue of $4.1 billion (plus or minus $100 million) and non-GAAP diluted EPS of $7.30 (plus or minus $0.20), which excludes an estimated $0.26 per share of share-based compensation. Investors should note that GAAP earnings include a $105 million legal settlement in fiscal 2026 and $151 million of debt-transaction losses, both excluded from non-GAAP results. The guidance also includes the dilutive impact of the 2028 exchangeable notes, and the company stated minimal expected impact from tariffs and Middle East conflict.
  4. 8-KSeagate Technology Holdings plc 8-K Report, Regulation FD Disclosure (Jun 12, 2026)On June 11, 2026 (US) / June 12, 2026 (Singapore), Seagate Technology Holdings plc (NASDAQ: STX) disclosed through Form 8-K that its subsidiary Seagate HDD Cayman has issued a notice calling for the redemption of all outstanding 3.50% Exchangeable Senior Notes due 2028. The redemption date is September 8, 2026, when remaining notes not submitted for exchange will be redeemed in cash at par plus accrued and unpaid interest. Interest stops accruing on the redemption date unless Seagate HDD fails to pay in full. Holders may exchange notes until 5:00 p.m. New York time on September 3, 2026. The current exchange rate is 12.1363 ordinary shares per $1,000 principal amount, which will be adjusted on June 25, 2026 to reflect the previously announced $0.74 per share dividend under the indenture. Principal is paid in cash, and the excess exchange value is settled in ordinary shares (with cash in lieu of fractional shares). Seagate HDD expects to eliminate approximately $150.7 million of debt through voluntary exchanges and redemption of any unexchanged notes. For investors, this is a modest, largely housekeeping capital-structure event relative to Seagate's overall balance sheet. It reduces outstanding exchangeable debt and may lead to some share issuance if holders convert, which would be mildly dilutive. The filing does not include updated financial results, guidance, or a stated rationale beyond debt elimination, so investors should weigh it against the company's latest 10-Q or 10-K for full context.
  5. 8-KSeagate Technology Holdings plc 8-K Report, Unregistered Securities Sale (May 28, 2026)Seagate Technology Holdings plc (NASDAQ: STX) announced on May 28, 2026 that it closed privately negotiated exchanges of $185.908 million principal amount of its subsidiary Seagate HDD Cayman's 3.50% Exchangeable Senior Notes due 2028. Consideration consisted of $185.908 million in cash plus an aggregate of 2,023,124 (approximately 2.02 million) ordinary shares of Seagate. The exchanges were completed May 26-27, 2026, with the share count determined over a one-trading-day averaging period beginning May 21, 2026. The exchanged notes have been retired, leaving approximately $185.8 million of the notes outstanding on unchanged terms. For investors, this is a relatively small, routine capital-structure transaction. The filing does not disclose the company's balance sheet impact, the effective price per share, or the reasons behind the exchange in detail, and the cash and share components are modest relative to the company's overall capitalization. The roughly 2.02 million new shares represent a limited dilution event, and the cash outlay of $185.9 million reduces the principal of exchangeable debt that would otherwise have been settled in the future. The shares were issued in private placements under Section 4(a)(2), so they were not registered and may carry resale restrictions. The 8-K itself contains no new guidance, earnings information, or operational updates. Investors seeking to assess the full effect should review the company's latest Form 10-Q or 10-K for share count, debt schedules, and the exchangeable note terms, as well as the May 21, 2026 Form 8-K that originally announced the transaction.
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04—See also

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