Form 10-K · Annual report
Seagate Technology 10-K, filed Aug 4, 2026
- Filed
- CIK
- 0001137789
- Accession no.
- 0001137789-26-000159
Summary
Seagate Technology reported fiscal 2026 revenue of $12.2 billion, up 34% from $9.1 billion a year earlier, and net income of $3.18 billion versus $1.47 billion, with gross margin rising to 46% from 35%. The company attributed the gains primarily to higher nearline exabytes shipped, pricing actions, and a product mix shift toward higher-capacity drives.
Key points
- Data center accounted for 80% of revenue, up from 75%, and total HDD exabytes shipped rose to 789 from 595, led by nearline at 695 versus 497.
- The income tax provision was $506 million compared with $44 million, with an effective tax rate of 13.73% versus 2.91% as Pillar Two global minimum tax took effect in major jurisdictions from fiscal 2026.
- Operating cash flow was $3.7 billion; financing activities used $2.3 billion, including $1.4 billion for redemption and repurchase of long-term debt and $634 million in dividend payments.
- A $105 million legal settlement charge and $27 million of restructuring charges, mostly employee termination benefits, were recorded in fiscal 2026.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
ITEM 7. MANAGEMENT'S DISCUSSION Results of Operations We list in the tables below summarized information from our Consolidated Statements of Operations and Comprehensive Income by dollar amounts and as a percentage of revenue: Fiscal Years Ended (Dollars in millions) July 3, 2026 June 27, 2025 Revenue $ 12,195 $ 9,097 Cost of revenue 6,637 5,897 Gross profit 5,558 3,200 Product development 755 724 Marketing and administrative 577 561 Legal settlement 105 — Restructuring and other, net 27 25 Income from operations 4,094 1,890 Other expense, net (404) (377) Income before income taxes 3,690 1,513 Provision for income taxes 506 44 Net income $ 3,184 $ 1,469 36 Table of Contents Fiscal Years…
An excerpt of the text as filed with the SEC, cut for length.
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