Seagate Technology Holdings plc (the "Company" or "Seagate"), a leading innovator of mass-capacity data storage, today reported financial results for its fiscal third quarter ended March 28, 2025.

"Seagate delivered another solid quarter of profitable year-on-year growth and margin expansion, elevating our non-GAAP EPS to the top of our guidance range. Our performance underscores the structural enhancements we've made to our business model and healthy supply/demand environment for mass capacity storage," said Dave Mosley, Seagate's chief executive officer. "We remain focused on executing our HAMR product ramp to support ongoing cloud customer demand. While we navigate the current dynamic macroeconomic environment, we are confident that our technology leadership, resilient financial model and solid industry fundamentals will drive profitable growth through 2025 and beyond," Mosley concluded.Fiscal Q3 2025 Highlights

• Revenue of $2.16 billion
• GAAP diluted earnings per share (EPS) of $1.57; non-GAAP diluted EPS of $1.90
• Cash flow from operations of $259 million and free cash flow of $216 million
• Declared cash dividend of $0.72 per share

Quarterly Financial Results
For a detailed reconciliation of GAAP to non-GAAP results, see accompanying financial tables.

During the fiscal third quarter the Company generated $259 million in cash flow from operations, $216 million in free cash flow and returned $152 million of capital to shareholders through its quarterly dividend. The Company reduced the outstanding debt by $536 million, exiting the fiscal third quarter with total debt of $5.1 billion. As of the end of the quarter, cash and cash equivalents totaled $814 million, and there were 212 million ordinary shares issued and outstanding.

Seagate has issued a Supplemental Financial Information document, which is available on Seagate's Investor Relations website at investors.seagate.com.Quarterly Cash Dividend
The Board of Directors of the Company (the "Board") declared a quarterly cash dividend of $0.72 per share, which will be payable on July 8, 2025, to shareholders of record as of the close of business on June 25, 2025. The payment of any future quarterly dividends will be at the discretion of the Board and will be dependent upon Seagate's financial position, results of operations, available cash, cash flow, capital requirements and other factors deemed relevant by the Board.

Business Outlook
The business outlook for the fiscal fourth quarter 2025 is based on our current assumptions and expectations; actual results may differ materially as a result of, among other things, the important factors discussed in the Cautionary Note Regarding Forward-Looking Statements section of this release.

The Company is providing the following guidance for its fiscal fourth quarter 2025, which reflects minimal expected impact from global tariff policies announced as of the date of this release:

• Revenue of $2.40 billion, plus or minus $150 million
• Non-GAAP diluted EPS of $2.40, plus or minus $0.20

Guidance regarding non-GAAP diluted EPS excludes known pre-tax charges related to estimated share-based compensation expenses of $0.22 per share.

We have not reconciled our non-GAAP diluted EPS guidance for fiscal fourth quarter 2025 to the most directly comparable GAAP measure, other than estimated share-based compensation expenses, because material items that may impact these measures are out of our control and/or cannot be reasonably predicted, including, but not limited to, net (gain) loss from debt transactions, purchase order cancellation fees, strategic investment losses (gains) or impairment charges, income tax adjustments on these measures, and other charges or benefits that may arise. The amounts of these measures are not currently available but may be material to future results. A reconciliation of the non-GAAP diluted EPS guidance for fiscal fourth quarter 2025 to the corresponding GAAP measures is not available without unreasonable effort. A reconciliation of our historical non-GAAP financial measures to their nearest GAAP equivalent is contained in this release.