Seagate Technology Holdings plc reported a significant increase in its financial performance for the fiscal year ending July 3, 2026, with total revenue reaching approximately $12.2 billion, a 34% increase from $9.1 billion in the previous fiscal year. The company achieved a gross margin of 46%, up from 35% in the prior year, and net income rose to $3.2 billion compared to $1.5 billion in fiscal year 2025. This growth was primarily driven by increased demand for high-capacity nearline hard disk drives (HDDs) and favorable pricing strategies.
The company shipped 789 exabytes of HDD storage capacity during the fiscal year, with a notable increase in nearline exabytes shipped, reflecting a strong demand from data center customers, particularly in cloud and enterprise markets. Seagate's revenue from data center solutions constituted 80% of total revenue, while Edge IoT products accounted for the remaining 20%. The company also reported a reduction in outstanding debt by $1.4 billion, which included exchanges of its 2028 Notes and repurchases of Senior Notes.
Strategically, Seagate has focused on enhancing its product offerings and operational efficiencies. The company launched its Mozaic hard drive platform, which utilizes heat-assisted magnetic recording (HAMR) technology to increase HDD capacities. Additionally, Seagate completed the acquisition of Intevac, Inc. in March 2025, further integrating critical components into its manufacturing processes. The company also recorded a $105 million charge related to a legal settlement during the fiscal year.
Operationally, Seagate employed approximately 30,000 full-time employees globally, with a significant presence in Asia. The company continues to invest in research and development to advance its technology and product capabilities. As of July 3, 2026, Seagate maintained a strong liquidity position with $1.7 billion in cash and cash equivalents, alongside a revolving credit facility of $1.3 billion. Looking ahead, Seagate anticipates continued demand growth for its data storage solutions, driven by the increasing value organizations derive from data, despite potential macroeconomic challenges and geopolitical uncertainties.
About Seagate Technology Holdings plc
Seagate Technology designs and manufactures data storage solutions, primarily hard disk drives (HDDs) and solid state drives (SSDs), serving enterprise, cloud, and consumer markets. Its products support mass capacity storage, edge-to-cloud infrastructure, and legacy applications. The company leverages advanced magnetic recording technologies, integrated manufacturing, and scalable systems to provide reliable, high-capacity, cost-effective storage for data centers, hyperscale providers, and end users worldwide.
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