Financial Analysis

Debt The following table provides details of the Companys debt as of April 3, 2026 and June 27, 2025: (Dollars in millions) April 3, 2026 June 27, 2025 Unsecured Senior Notes issued by Seagate HDD Cayman (1) $500 issued on June 18, 2020 at 4.091% due June 1, 2029 (the Old June 2029 Notes) (3) $ 38 $ 452 $500 issued on December 8, 2020 at 3.125% due July 15, 2029 (the Old July 2029 Notes) (4) 38 138 $500 issued on May 30, 2023 at 8.25% due December 15, 2029 ( the Old December 2029 Notes ) (5) 8 500 $500 issued on June 10, 2020 at 4.125% due January 15, 2031 (the Old January 2031 Notes) (4) 23 237 $500 issued on December 8, 2020 at 3.375% due July 15, 2031 (the Old July 2031 Notes) (4) 16 61 $500 issued on May 30, 2023 at 8.50% due July 15, 2031 ( the Old 8.50% July 2031 Notes ) (4) 29 500 $750 issued on November 30, 2022 at 9.625% due December 1, 2032 (the Old 2032 Notes) (3) 19 750 $500 issued on December 2, 2014 at 5.75% due December 1, 2034 (the Old 2034 Notes) (3) 162 489 Unsecured Senior Notes issued by Seagate Data Storage Technology Pte. Ltd. (2) $400 issued on May 27, 2025 at 5.875% due July 15, 2030 (the 2030 Notes) (4) 400 400 $431 issued on June 30, 2025 at 4.091% due June 1, 2029 (the New June 2029 Notes) (3) 379 $100 issued on June 30, 2025 at 3.125% due July 15, 2029 (the New July 2029 Notes) (4) 100 $492 issued on June 30, 2025 at 8.25% due December 15, 2029 ( the New December 2029 Notes ) (5) 492 $213 issued on June 30, 2025 at 4.125% due January 15, 2031 (the …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table provides information about disaggregated revenue by sales channel and country for the Companys single reportable segment: For the Three Months Ended For the Nine Months Ended (Dollars in millions) April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025 Revenues by Channel OEMs $ 2,471 $ 1,711 $ 6,953 $ 5,301 Distributors 452 264 1,066 791 Retailers 189 185 547 561 Total $ 3,112 $ 2,160 $ 8,566 $ 6,653 Revenue by Country (1) : United States $ 1,631 $ 1,090 $ 4,239 $ 3,246 Singapore 1,169 847 3,511 2,741 The Netherlands 311 222 813 663 Other 1 1 3 3 Total $ 3,112 $ 2,160 $ 8,566 $ 6,653 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurement of Fair Value Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Fair Value Hierarchy A fair value hierarchy is based on whether the market participant assumptions used in determining fair value are obtained from independent sources (observable inputs) or reflect the Company's own assumptions of market participant valuation (unobservable inputs). A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are: Level 1 - Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices for identical assets and liabilities in markets that are inactive; quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; or Level 3 - Prices or valuations that r …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The Company recorded an income tax provision of $116 million and $295 million for the three and nine months ended April 3, 2026, respectively. The income tax provision for the three months ended April 3, 2026 included approximately $25 million of net discrete benefit, primarily associated with net excess tax benefits related to share-based compensation expense. The income tax provision for the nine months ended April 3, 2026 also includes total discrete tax benefit of approximately $65 million, primarily related to the release of certain valuation allowances in connection with the enactment of the One Big Beautiful Bill Act in July 2025, as well as net excess tax benefits related to share-based compensation expense. The Companys income tax provision for the three and nine months ended April 3, 2026 differed from the provisions for income taxes that would be derived by applying the Singaporean statutory rate of 17% to income before income taxes, primarily due to the net effect of tax benefits related to earnings generated in jurisdictions that are subject to tax incentive programs, offset by the effects of Pillar Two global minimum tax in major jurisdictions that the Company operates starting from fiscal year 2026. During the nine months ended April 3, 2026, the Companys unrecognized tax benefits excluding interest and penalties increased by approximately $30 million to $137 million, substantially all of which would impact the effective tax rate, if recognized, su …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Legal, Environmental and Other Contingencies The Company assesses the probability of an unfavorable outcome of all its material litigation, claims or assessments to determine whether a liability had been incurred and whether it is probable that one or more future events will occur confirming the fact of the loss. In the event that an unfavorable outcome is determined to be probable and the amount of the loss can be reasonably estimated, the Company establishes an accrual for the litigation, claim or assessment. In addition, in the event an unfavorable outcome is determined to be less than probable, but reasonably possible, the Company will disclose an estimate of the possible loss or range of such loss; however, when a reasonable estimate cannot be made, the Company will provide disclosure to that effect. Litigation is inherently uncertain and may result in adverse rulings or decisions. Additionally, the Company may enter into settlements or be subject to judgments that may, individually or in the aggregate, have a material adverse effect on its results of operations. Accordingly, actual results could differ materially. Litigation Lambeth Magnetic Structures LLC v. Seagate Technology (US) Holdings, Inc., et al. On April 29, 2016, Lambeth Magnetic Structures LLC filed a complaint against Seagate Technology (US) Holdings, Inc. and Seagate Technology LLC in the U.S. District Court for the Western District of Pennsylvania, alleging infringement of U.S. Patent No. 7,128,988, seeki …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Recently Adopted Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-07 (ASC Topic 280), Improvements to Reportable Segment Disclosures . This ASU improves reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. The Company adopted the disclosure requirement for its annual reporting in fiscal year 2025 and adopted the guidance for interim period reporting beginning the first quarter of fiscal year 2026 on a retrospective basis. Refer to Note 7. Business Segment. In November 2024, the FASB issued ASU 2024-04 (ASC Subtopic 470-20), Induced Conversions of Convertible Debt Instruments. This ASU clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The guidance is effective for fiscal years beginning after December 15, 2025, with early adoption permitted. The Company adopted the guidance on a prospective basis in fiscal year 2026 and applied the amendments in the ASU to the exchanges of the 2028 Notes. Refer to Note 3. Debt. Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09 (ASC Topic 740), Improvements to Income Tax Disclosures . This ASU requires disaggregated income tax disclosures on the rate reconciliation and income taxes paid. The Company is required to adopt this guidance for its annual reporting in fiscal year 2026 on a p …

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Revenue The following table provides information about disaggregated revenue by sales channel and country for the Companys single reportable segment: For the Three Months Ended For the Nine Months Ended (Dollars in millions) April 3, 2026 March 28, 2025 April 3, 2026 March 28, 2025 Revenues by Channel OEMs $ 2,471 $ 1,711 $ 6,953 $ 5,301 Distributors 452 264 1,066 791 Retailers 189 185 547 561 Total $ 3,112 $ 2,160 $ 8,566 $ 6,653 Revenue by Country (1) : United States $ 1,631 $ 1,090 $ 4,239 $ 3,246 Singapore 1,169 847 3,511 2,741 The Netherlands 311 222 813 663 Other 1 1 3 3 Total $ 3,112 $ 2,160 $ 8,566 $ 6,653 …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segment The Companys manufacturing operations are based on technology platforms that are used to produce various data storage and systems solutions that serve multiple applications and markets. The Company has determined that its Chief Operating Decision Maker (CODM), the Chief Executive Officer, evaluates performance of the Company and makes decisions regarding investments in the Companys technology platforms and manufacturing infrastructure based on the Companys consolidated results, including net income reported on the Condensed Consolidated Statements of Operations. As a result, the Company has concluded that its manufacture and distribution of storage solutions constitutes one operating segment. Significant expense categories regularly provided to and reviewed by the CODM are those presented in the Condensed Consolidated Statements of Operations. …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders Equity (Deficit) Share Capital The Companys authorized share capital is $13,500 and consists of 1,250,000,000 ordinary shares, par value $0.00001, of which 224,408,070 shares were outstanding as of April 3, 2026, and 100,000,000 preferred shares, par value $0.00001, of which none were issued or outstanding as of April 3, 2026. Repurchases of Equity Securities All repurchases are effected as redemptions in accordance with the Companys Constitution. For the nine months ended April 3, 2026, the Company repurchased 0.3 million shares for $65 million under its share repurchase program. These amounts differ from the repurchases of ordinary shares amounts in the Companys Condensed Consolidated Statements of Cash Flows due to timing differences between repurchases and cash settlement thereof. As of April 3, 2026, $4.9 billion remained available for repurchase under the existing repurchase authorization limit approved by the Board of Directors. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Subsequent Events Dividend Declared On April 28, 2026, the Board of Directors of the Company declared a quarterly cash dividend of $0.74 per share, which will be payable on July 7, 2026 to shareholders of record as of the close of business on June 24, 2026.

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