Short answer
Seagate Technology (STX) filed its fiscal 2026 10-K annual report with the SEC on Aug 4, 2026. It reported revenue of $12.2B (+34.1% year over year) and net income of $3.2B.
- Top risk flagged: Export control compliance risk related to Settlement Agreement with BIS over sales to Huawei, with suspended denial order subject to audits through 2028
FY2026 key financial metrics · XBRL
- Revenue
- $12.2B
- +34.1% YoY
- Net income
- $3.2B
- +116.7% YoY
- Operating margin
- 33.6%
- +12.8 pp YoY
- EPS (diluted)
- $13.90
- +105.3% YoY
- ROE
- 146.9%
- +471.2 pp YoY
- Operating cash flow
- $3.7B
- +239.2% YoY
Source: XBRL data from the Seagate Technology (STX) FY2026 10-K on SEC EDGAR. USD.
Seagate Technology FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: design and manufacture of HDDs and storage systems for Data Center and Edge IoT markets
- New emphasis on AI-enabled computing support in Data Center solutions with HDDs up to 44TB and systems up to 3.5PB
- Strategic focus on advancing areal density via Mozaic platform and HAMR technology for scalable, energy-efficient mass storage
- Workforce of approximately 30,000 employees, including 25,000 in Asia, supporting global manufacturing in six countries
- Held 3,036 US patents and continuing R&D investment in photonics, materials science, and advanced storage technologies
Management Discussion & Analysis
- Revenue $12.2B, up 34% YoY (+$3.1B) driven by increased nearline exabytes shipped and pricing actions
- Gross margin 46% vs 35% (+11 pts), operating margin 33.6% ($4.1B op income) vs 20.8% ($1.9B) in prior year
- Best segment: nearline HDD products with strong demand and higher pricing; Worst: non-nearline HDDs (no specifics disclosed)
- Operating cash flow $3.7B vs $1.1B; dividends paid $634M; share repurchases $176M; capex $569M with $465M committed
- FY27 capex to increase for HAMR tech ramp; risks from geopolitical uncertainty and trade policies; monitoring market dynamics
Risk Factors
- Export control compliance risk related to Settlement Agreement with BIS over sales to Huawei, with suspended denial order subject to audits through 2028
- Geopolitical exposure with significant manufacturing in China, Malaysia, Northern Ireland, Singapore, Thailand and US, vulnerable to regional disruptions and trade policy impacts
- Supply chain reliance on single-source suppliers for critical components and rare earth elements mainly from China, risking shortages and cost increases
- Competitive pressure from SSD manufacturers and alternative storage tech eroding HDD market share, especially in Edge IoT and data center segments
- High leverage with significant debt servicing requirements reducing cash flow flexibility and subject to covenants limiting dividends and additional indebtedness
Generated from the filing text; verify against the original. How to read a 10-K
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