Seagate Technology Holdings Plc · NASDAQ:STX
Seagate Technology — Q1 2026 Earnings Presentation
14 slides from Seagate Technology's earnings presentation, Oct 28, 2025
Slide 1: Supplemental Financial Information Q1FY26
SUPPLEMENTAL FINANCIAL INFORMATION Q1FY26 OCTOBER 28, 2025
Slide 2: Safe Harbor Statement and Use of Non-GAAP Financial Information
Safe Harbor Statement and Use of Non-GAAP Financial Information This document and our other communications regarding our quarterly financial results contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide curre
Slide 3: Q1FY26 Financial Results
Q1FY26 Financial Results Delivered strong Q1FY26 results1 underscoring focus on Q1FY26 expanding profitability Revenue $2.63B o Revenue up 21% YoY, underpinned by strong Data Center market demand Gross Margin (non-GAAP) 40.1% o Record gross margin of 40.1%, up ~220 bps QoQ and ~680 bps Operating Mar
Slide 4: Markets and Technology Highlights
Markets and Technology Highlights Markets Technology o Data Center revenue increased 34% YoY to o Shipped >1M Mozaic HAMR drives in September $2.1B, representing 80% of total revenue quarter o Global cloud customers are driving demand o Mozaic 3+ HAMR based drives qualified with 5 of strength with o
Slide 5: Quarterly Financial Trends
Quarterly Financial Trends Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 QoQ YoY 1 Results (non-GAAP) Revenue ($M) 2,168 2,325 2,160 2,444 2,629 8% 21% Gross Margin % 33.3% 35.5% 36.2% 37.9% 40.1% 2.2 ppt 6.8 ppt Operating Expenses ($M) 281 287 274 286 291 2% 4% Operating Margin % 20.4% 23.1% 23.5% 26.2% 29.0%
Slide 6: Quarterly Financial Trends Continued
Quarterly Financial Trends Continued Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 QoQ YoY Revenue by End Market ($M) 2,168 2,325 2,160 2,444 2,629 8% 21% Data Center1 1,582 1,736 1,615 1,863 2,114 13% 34% As a % of total revenue 73% 75% 75% 76% 80% 4 ppt 7 ppt Edge IoT1 585 589 545 581 515 -11% -12% As a % of
Slide 7: Guidance Q2FY26
Guidance Q2FY26 Q2FY26 Revenue $2.70 billion ± $100 million Operating Margin1 (non-GAAP) ~30% of revenue Diluted Earnings Per Share1,2 (non-GAAP) $2.75 ± $0.20 Guidance based on announced tariff policies as of October 28, 2025 and reflects minimal direct impact to Q2FY26 financial outlook. At the mi
Slide 8: Debt Capital Structure
Debt Capital Structure o $2.4B Liquidity1, $1.1B cash, $1.3B revolving credit facility o $5.0B Debt2, weighted average interest rate of 5.9%, weighted average maturity of ~5 years o Link to Illustrative Table of Potential Dilutive Impact of Exchangeable Senior Notes due 2028 Debt Metrics Debt Maturi
Slide 9: We Build Value in a Data-Driven World
We Build Value in a Data-Driven World Content Creation in the Age of Storing the Future: Redefining Generative AI: Implications for Storage for the Al Era Value and Scale Seagate’s Chief Commercial Officer Explore how generative AI is B.S. Teh at Reuters Momentum AI transforming the way organization
Slide 10: Reconciliation Tables
Reconciliation Tables Seagate | 10
Slide 11: Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit ($M) Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 GAAP Gross Profit $ 714 $ 812 $ 760 $ 914 $ 1,037 Amortization of acquired intangible assets — — — — 3 Purchase order cancellation fees (1) — (3) (5) — Restructuring and other, net — — 10 3 — Share-b
Slide 12: Reconciliation of GAAP Net Income to Non-GAAP Net Income
Reconciliation of GAAP Net Income to Non-GAAP Net Income ($M) Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 GAAP Net Income $ 305 $ 336 $ 340 $ 488 $ 549 Acquisition-related charges — — 5 2 1 Amortization of acquired intangible assets — — — — 3 Net gain from business divestiture — — (8) — — Net loss from debt
Slide 13: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow ($M) Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Net Cash Provided by Operating Activities $95 $221 $259 $508 $532 Acquisition of property, equipment and leasehold improvements (68) (71) (43) (83) (105) Free Cash Flow $27 $150 $216
Slide 14: www.seagate.com
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