Seagate Technology Holdings Plc · NASDAQ:STX
Seagate Technology — Q3 2025 Earnings Presentation
13 slides from Seagate Technology's earnings presentation, Apr 29, 2025
Slide 1: Supplemental Financial Information Q3FY25
SUPPLEMENTAL FINANCIAL INFORMATION Q3FY25 APRIL 29, 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: Q3FY25 Financial Results
Q3FY25 Financial Results Delivered solid March quarter results underscored by strong Q3FY25 execution and focus on profitability Revenue $2.16B o Revenue exceeded the midpoint of guidance, up 31% YoY, reflecting strong demand in nearline cloud Gross Margin (non-GAAP) 36.2% o Gross margin (non-GAAP)
Slide 4: Markets and Technology Highlights
Markets and Technology Highlights Markets Technology o Nearline1 shipments of 120 exabytes, down 5% o Seagate’s high-capacity product portfolio places us QoQ, up 55% YoY, reflecting continued cloud in a strong position to address mass capacity demand strength offset by temporary supply storage deman
Slide 5: Quarterly Financial Trends
Quarterly Financial Trends Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 QoQ YoY 1 Results (non-GAAP) Revenue ($M) 1,655 1,887 2,168 2,325 2,160 -7% 31% Gross Margin % 26.1% 30.9% 33.3% 35.5% 36.2% 0.7 ppt 10.1 ppt Operating Expenses ($M) 249 256 281 287 274 -5% 10% Operating Margin % 11.1% 17.3% 20.4% 23.1% 2
Slide 6: Quarterly Financial Trends Continued
Quarterly Financial Trends Continued Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 QoQ YoY Revenue by Product Line ($M) HDD 1,477 1,727 2,004 2,169 2,003 -8% 36% Mass Capacity 1,180 1,437 1,733 1,894 1,749 -8% 48% Mass Capacity as a % of HDD revenue 80% 83% 87% 87% 87% 0 ppt 7 ppt Legacy 297 290 270 275 254 -8
Slide 7: Guidance Q4FY25
Guidance Q4FY25 Q4FY25 Revenue $2.40 billion ± $150 million Operating Margin1 (non-GAAP) Mid twenties % of revenue Diluted Earnings Per Share1,2 (non-GAAP) $2.40 ± $0.20 Guidance based on announced tariff policies as of April 29, 2025 and reflects minimal direct impact to Q4FY25 financial outlook. A
Slide 8: Debt Capital Structure
Debt Capital Structure o $2.1B Liquidity1, $0.8B cash, $1.3B revolving credit facility o $5.2B Debt2, weighted average interest rate of 5.7%, weighted average maturity of ~5 years o Retired $536M in debt in Q3FY25, including 4.75% Notes that matured January 1, 2025 o Link to Illustrative Table of Po
Slide 9: Reconciliation Tables
Reconciliation Tables Seagate | 9
Slide 10: Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit
Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit ($M) Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 GAAP Gross Profit $425 $600 $714 $812 $760 Purchase order cancellation fees (1) (26) (1) — (3) Restructuring and other, net1 — — — — 10 Share-based compensation 8 9 10 13 14 Non-GAAP Gross Profit $43
Slide 11: Reconciliation of GAAP Net Income to Non-GAAP Net Income
Reconciliation of GAAP Net Income to Non-GAAP Net Income ($M) Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 GAAP Net Income $25 $513 $305 $336 $340 Acquisition-related charges — — — — 5 Net gain from business divestiture — (313) — — (8) Net loss from debt transactions — — — — 4 Purchase order cancellation fees
Slide 12: Reconciliation of Operating Cash Flow to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Q3FY24 Q4 FY24 Q1FY25 Q2FY25 Q3FY25 Flow ($M) Net Cash Provided by Operating Activities $188 $434 $95 $221 $259 Acquisition of property, equipment and leasehold improvements (60) (54) (68) (71) (43) Free Cash Flow $128 $380 $27
Slide 13: www.seagate.com
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