Seagate Technology Holdings plc (NASDAQ: STX), a leading innovator of mass-capacity data storage, today reported financial results for its fiscal first quarter ended October 3, 2025. "Seagate delivered strong September quarter results, with revenue growth of 21% year-over-year and non-GAAP EPS exceeding the high end of our guided range. Our performance underscores the team's strong execution and robust customer demand for our high-capacity storage products," said Dave Mosley, Seagate's chair and chief executive officer.

"With clear visibility into sustained demand strength, we are ramping shipments of our areal density-leading Mozaic HAMR products, which are now qualified with five of the world's largest cloud customers. These products address customers' performance, durability and TCO needs at scale to continue supporting demand for existing use cases such as social media video platforms as well as growth driven by new AI applications. AI is transforming how content is being consumed and generated, increasing the value of data and storage and Seagate is well positioned for continued profitable growth," Mosley concluded.During the fiscal first quarter, the Company generated $532 million in cash flow from operations and $427 million in free cash flow. Seagate's balance sheet remains healthy, and during the fiscal first quarter, the Company paid cash dividends of $153 million and repurchased 153 thousand ordinary shares for $29 million. As of the end of the quarter, cash and cash equivalents totaled $1.1 billion, and there were 214 million ordinary shares issued and outstanding.

Seagate has issued a Supplemental Financial Information document, which is available on Seagate's Investor Relations website.

Quarterly Cash Dividend
The Board of Directors of the Company (the "Board") declared a quarterly cash dividend of $0.74 per share, which will be payable on January 9, 2026 to shareholders of record as of the close of business on December 24, 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 second quarter 2026 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.

The Company is providing the following guidance for its fiscal second quarter 2026:

• Revenue of $2.70 billion, plus or minus $100 million
• Non-GAAP diluted EPS of $2.75, plus or minus $0.20

Our fiscal second quarter guidance includes:

• The estimated impact from the Pillar Two framework for the global minimal tax that is effective starting fiscal year 2026 in major jurisdictions in which the Company operates;
• The estimated net dilutive impact from the Exchangeable Senior Notes due 2028; and
• Minimal expected impact from global tariff policies announced as of the date of this release

Guidance regarding non-GAAP diluted EPS excludes known pre-tax charges related to estimated share-based compensation expenses of $0.24 per share.

We have not reconciled our non-GAAP diluted EPS guidance for fiscal second quarter 2026 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, 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 our historical non-GAAP financial measures to their nearest GAAP equivalent is contained in this release.