Seagate Technology Holdings (STX) 10-K Summary — Year Ended Jun 28, 2024
Seagate Technology Holdings plc filed its annual 10-K for the year ended June 28, 2024. The filing shows declining revenue and provides an overview of its data storage business, risk factors, and liquidity position.
Key takeaway
Year ended Jun 28, 2024 · FY2027 10-K
Seagate Technology Holdings plc filed its annual 10-K for the year ended June 28, 2024. The filing shows declining revenue and provides an overview of its data storage business, risk factors, and liquidity position.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$6.6B
Revenue reported for the fiscal year.
Operating income
$452M
Income from operations reported for the year.
Net income
$335M
Net income reported for the year.
Operating cash flow
$918M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jul 2, 2021 | $10.7B | n/a |
| Jul 1, 2022 | $11.7B | +9.2% |
| Jun 30, 2023 | $7.4B | -36.7% |
| Jun 28, 2024 | $6.6B | -11.3% |
Business overview
Seagate is a leading provider of data storage technology and infrastructure solutions, primarily manufacturing hard disk drives (HDDs). It also produces solid state drives (SSDs), storage subsystems, and offers a scalable edge-to-cloud mass data platform including data transfer shuttles and storage-as-a-service cloud. The company's HDD products target mass capacity storage for hyperscale data centers and clouds, as well as legacy markets where it does not plan significant investment.
Financial performance
Revenue for the year ended June 28, 2024 decreased compared to the prior year, reflecting a continued decline trend from the prior two years. Operating income and net income were reported alongside operating cash flow, indicating the company's profitability and cash generation during the period.
Material risks
The filing references risk factors in Item 1A, though the specific content is not provided in the supplied context. Based on the index, the company acknowledges unresolved staff comments from the SEC and cybersecurity risks as separate disclosure items. Investors should refer to the full filing for detailed risk descriptions.
Liquidity and capital
The filing includes a liquidity and capital resources discussion analyzing balance sheet and cash flow changes, covering material cash requirements and their general purpose. Operating cash flow was reported, though no specific capital allocation actions are detailed in the supplied context.
What to watch
Monitor the company's revenue trend and any stabilization after the reported decline in the next annual filing.