Seagate Technology (STX) Q1 2026 10-Q Quarterly Report
Seagate Technology (STX) 10-Q quarterly report for Q1 2026, filed with SEC EDGAR on Jan 30, 2026 for the fiscal period ending Jan 2, 2026. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Seagate Technology Q1 2026 10-Q Analysis
Management Discussion & Analysis
- • Revenue $2.83B Q2 FY26, up $500M (22%) YoY from $2.33B Q2 FY25, driven by higher nearline exabytes shipped and pricing actions
- • Gross margin 41.6% Q2 FY26 vs 34.6% Q2 FY25, up 7 points YoY due to pricing and favorable mix
- • Data center segment (majority business) showed strongest demand growth; total HDD exabytes shipped 190 EB vs 151 EB YoY
- • Operating cash flow $723M Q2 FY26; retired $500M long-term debt and paid $154M dividends this quarter
- • FY26 outlook notes strong demand in data center/AIdriven storage, but cautions on macroeconomic uncertainties and trade risks
Risk Factors
- • New export compliance risk from April 2023 Settlement Agreement with BIS on Huawei sales requiring audits and risking denial order if breached
- • Financial risk: 2028 Notes conditional exchange could force cash payments and require reclassification as current liability, hurting net working capital
- • Regulatory risk: evolving US export controls on encryption tech, with potential penalties and restricted sales in Asia Pacific region
- • Operational risk: supply chain vulnerable to Chinese rare earth export restrictions and dependence on single-source suppliers for critical HDD components
- • Market risk: customer consolidation and pricing pressures causing volume volatility and margin erosion, especially from hyperscale data centers and distributors
Seagate Technology Q1 2026 Quarterly FinancialsXBRL
Revenue
$2.8B
▲ +21.5% YoY▲ +7.5% QoQ
Net Income
$593M
▲ +76.5% YoY▲ +8.0% QoQ
Net Margin
21.0%
▲ +654bp YoY▲ +11bp QoQ
Source: XBRL data from Seagate Technology Q1 2026 10-Q filing on SEC EDGAR. All figures in USD.
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