Seagate
Seagate is a leading provider of mass-capacity data storage, accelerating the world’s ability to harness the full value of data.
10-K, Aug 4, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001137789-26-000159 · filed Aug 4, 2026
Business
How does Seagate make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $26 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $12.2B
- Gross profit: $5.6B
- Operating income: $4.1B
- Net income: $3.2B
- Free cash flow: $3.1B
Where do customers sit?
50.4% of revenue is from United States.
Source and method
Revenue by region, latest annual report.
10-K · 0001137789-26-000159 · XBRL revenue by country · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“For nearly 50 years, our portfolio of advanced storage solutions has helped hyperscale, cloud service providers (“CSPs”), enterprises and consumers protect, create and manage the data that powers their transformation and growth.”
“Hard disk drives (“HDDs”) remain a foundational technology for delivering scalable, energy-efficient, mass-capacity storage with favorable storage economics that underpins modern digital infrastructure.”
“Our vertically integrated engineering and manufacturing capabilities, together with continued investment in advanced storage technologies, position us to address customers' evolving storage requirements.”
Item 1 · Business · 10-K · 0001137789-26-000159 · filed Aug 4, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Revenue +34%
“Revenue in fiscal year 2026 increased approximately 34%, or $3.1 billion, from fiscal year 2025, primarily due to an increase in nearline exabytes shipped reflecting higher demand for nearline products and favorable pricing actions undertaken by the Company.”
Item 7 · MD&A · 10-K · 0001137789-26-000159 · filed Aug 4, 2026
Number check (revenue): stated $3.1B matches the stored change ($3.1B, ±10%)
Revenue: $12.2B FY2026 · +34.1% vs FY2025 · KPIs
Position (in the company’s words)
“This platform approach enables us to deliver differentiated storage solutions while responding efficiently to evolving customer and workload requirements.”
Item 1 · Business · 10-K · 0001137789-26-000159 · filed Aug 4, 2026
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 34% to $12.2B.
Revenue grew 48% YoY to $3.6B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 49.3%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
33.6% operating margin, up from 20.8%.
45.6% gross margin, up from 35.2%.
Operating income grew 117% to $4.1B.
Net income grew 117% to $3.2B.
R&D grew 4.3% to $755M.
SG&A grew 2.9% to $577M.
EPS diluted grew 105% to $13.90.
43.0% operating margin, up from 23.2%.
52.3% gross margin, up from 37.4%.
Operating income grew 174% YoY to $1.6B.
Net income grew 165% YoY to $1.3B.
R&D grew 5.0% YoY to $188M.
SG&A fell 4.5% YoY to $147M.
EPS diluted grew 108% YoY to $3.27.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $25 of every $100 as free cash.
Operating cash flow grew 239% to $3.7B.
Capex grew 115% to $569M.
Buybacks: $176M in FY2026.
Dividends grew 5.7% to $634M.
Stock-based compensation grew 6.5% to $213M.
Free cash flow grew 163% YoY to $1.1B.
Operating cash flow grew 157% YoY to $1.3B.
Capex grew 125% YoY to $187M.
Buybacks: $117M in FY2026 Q4.
Dividends grew 8.5% YoY to $166M.
Stock-based compensation fell 8.5% YoY.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$1.7B cash vs $3.6B debt.
Total debt fell 29% to $3.6B.
Interest expense fell 12% to $284M.
Total assets grew 24% to $10.0B.
Equity: $2.2B in FY2026.
Cash grew 91% YoY to $1.7B.
Total debt fell 29% YoY to $3.6B.
Interest expense fell 15% YoY to $64.0M.
Total assets grew 24% YoY to $10.0B.
Equity: $2.2B in FY2026 Q4.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Seagate depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Seagate annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Seagate
No supplier among the covered companies is named in the filings.
Seagate holds stakes in
No stake in a covered company found in SEC filings.
Others name Seagate
1 competitor mention (e.g. Western Digital) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 37 risk factors, one per theme.
Customer concentration
“A limited number of our key customers account for a significant portion of our revenue, and we have been, and may in the future be, adversely affected by reduced, delayed, loss of or canceled purchases by one or more of them, including large hyperscale data center companies and CSPs.”
Item 1A · Risk Factors · 10-K · 0001137789-26-000159 · filed Aug 4, 2026
Supply chain and manufacturing
“Our worldwide sales and manufacturing operations subject us to risks that may adversely affect our business related to disruptions in international markets, currency exchange fluctuations and increased costs.”
Item 1A · Risk Factors · 10-K · 0001137789-26-000159 · filed Aug 4, 2026
Competition
“We operate in highly competitive markets and our failure to anticipate and respond to technological changes and other market developments, including price competition, could harm our ability to compete and risk the commoditization of our products.”
Item 1A · Risk Factors · 10-K · 0001137789-26-000159 · filed Aug 4, 2026
AI and new products
“Our ability to increase our revenue and maintain our market share depends on our ability to successfully introduce and achieve market acceptance of new products on a timely basis. If our products do not keep pace with customer requirements, our results of operations will be adversely affected.”
Item 1A · Risk Factors · 10-K · 0001137789-26-000159 · filed Aug 4, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.48%.
Vanguard Capital Management LLC7.48%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
BlackRock, Inc.6.1%
13G/A · as of Mar 31, 2025 · filed Apr 23, 2025
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
8 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.8.1%
15.2M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.8%
14.6M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.3%
9.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Fmr LLC4.3%
8.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC4.3%
8.0M shares · 13F filed Aug 13, 2026 · share of 13F-reported
1,949 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 718 sales · $595M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 33 SEC metrics, FY2017–FY2026
Income statement 10
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
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| Cost of revenue | ||||||||||
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Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values