STXSeagate Technology

4 paragraphs in Risk Factors of the 10-K filed Aug 4, 2026 with nothing like them in the 10-K filed Aug 1, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 74 Technology companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

We rely extensively on information technology systems, networks, and cloud-based platforms, including those operated by vendors, suppliers, and other third parties, to support our business operations. We and our third party providers are regularly subject to cybersecurity threats and attempted cyberattacks of varying types and degrees of sophistication, including phishing, social engineering, malware, ransomware, unauthorized access attempts, and other malicious activities. Such threats are common across our industry, continue to increase in frequency and sophistication, and may be difficult to prevent, detect, or mitigate, particularly as AI capabilities evolve to allow increasingly complex cyberattacks. Actual or perceived cybersecurity vulnerabilities or software or firmware defects affecting our products or services could also expose our customers’ systems, data, or operations to unauthorized access or other adverse impacts. This risk may be heightened as our products are deployed in increasingly interconnected enterprise, cloud, edge, and data center environments.

We have implemented security measures designed to prevent, detect, and respond to cybersecurity threats, but these measures may not be effective against all threats or prevent every incident. We cannot guarantee that our or our third party providers’ products, systems, components, software, or infrastructure are free of exploitable defects, bugs, or vulnerabilities, and use of AI technologies by us or our customers, suppliers, or other third parties may increase the complexity and effectiveness of cybersecurity threats and introduce new vulnerabilities into systems, software, products, and business processes. A cybersecurity incident or other compromise of our products, systems, or AI technologies used in our business, or those of our customers or third party providers, could result in unauthorized access to, disclosure, loss, misuse, or corruption of proprietary, confidential, or personal information, including intellectual property or information about our manufacturing, financials, customers, or employees. Cybersecurity incidents, as well as efforts to prevent, detect, or respond to such incidents, also may impair the functionality of our products, information technology systems, manufacturing operations, supply chain activities, product development efforts, or other critical business functions, or result in increased costs associated with investigation, containment, remediation and recovery, product updates, customer support, customer claims, contractual disputes, litigation, indemnification obligations, regulatory investigations, fines or penalties, damage to our reputation, and reduced sales or profitability. Any of these events, whether affecting our systems directly, the products and services we provide, or the systems of third parties on which we depend, could have a material adverse effect on our business, financial condition, and results of operations.

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Armed conflicts and geopolitical tensions may also result in sanctions, export restrictions, tariffs or other trade restrictions, limit or restrict our ability to access certain markets and disrupt key logistics networks, including air and ocean freight travel routes. These developments have increased, and could further increase, costs for energy, rare earth minerals, materials, components and transportation, constrain manufacturing capacity and require us to reconfigure aspects of our global supply chain. Geopolitical instability may also heighten cybersecurity risks, including state-sponsored attacks, which could disrupt our operations or those of our suppliers, customers or partners, and further adversely affect demand for our products.

Similar paragraph at 1 of 74 other Technology companies: WDC

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In addition, our operations are conducted at a limited number of facilities, and those of many of our direct and indirect suppliers, manufacturing vendors and customers are similarly concentrated in a limited number of geographic locations. Because our manufacturing footprint, and those of our key suppliers, is concentrated in relatively few sites, a disruption at any single location could affect a disproportionate share of our production capacity and operations, and any of the foregoing risks could be exacerbated as a result.

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New in the latest 10-Q

16 paragraphs in the 10-Q filed Oct 29, 2026 with nothing like them in the 10-Q filed Apr 29, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

For the Three Months Ended October 2, 2026 October 3, 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Revenue $ 4,233 $ 2,629 Cost of revenue 1,806 1,592 Product development 200 186 Marketing and administrative 159 144 Restructuring and other, net 4 13 Total operating expenses 2,169 1,935 Income from operations 2,064 694 Interest income 7 7 Interest expense (41) (80) Net loss from debt transactions (44) (6) Other, net (4) (1) Other expense, net (82) (80) Income before income taxes 1,982 614 Provision for income taxes 221 65 Net income $ 1,761 $ 549 Comprehensive income (loss), net of tax: Effects of derivative instruments (4) — Other comprehensive loss, net of tax (4) — Comprehensive income $ 1,757 $ 549 Net income per share: Basic $ 7.72 $ 2.58 Diluted $ 7.59 $ 2.43 Number of shares used in per share calculations: Basic 228 213 Diluted 232 226

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Seagate Technology Holdings plc (“STX”) and its subsidiaries (collectively, unless the context otherwise indicates, the “Company”) is a leading provider of mass-capacity data storage, accelerating the world’s ability to harness the full value of data. The Company designs and manufactures hard disk drives (“HDDs”), a foundational technology for delivering energy-efficient, mass-capacity storage with favorable storage economics that underpins modern digital infrastructure, along with storage systems and related solutions serving two principal end markets: Data Center and Edge / Internet of Things (“Edge IoT”). Data Center serves cloud and enterprise environments that rely on scalable, high-capacity storage infrastructure to support AI-enabled computing, business-critical applications and other data-intensive workloads. Edge IoT supports industrial and consumer-oriented environments where data is increasingly processed and stored closer to where it is created.

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In June 2026, holders of $ 35 million aggregate principal amount of the 3.50 % Exchangeable Senior Notes due 2028 (the “2028 Notes”) exercised their exchange right in accordance with the terms of the indenture. In settlement, during the three months ended October 2, 2026, the Company paid $ 35 million principal amount in cash and delivered approximately 0.4 million shares of the Company’s common stock in respect of the exchange obligation in excess of the principal amount.

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There was no corresponding change to the $ 1.5 billion notional value of the capped call transactions as of October 2, 2026. The current cap price of the capped call transactions is $ 107.741 per share.

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Subsequent to the Company’s Condensed Consolidated Balance Sheet date, on October 15, 2026, the entire outstanding principal amounts of the Old 2032 Notes and the New 2032 Notes (the “2032 Notes”) totaling $ 750 million were redeemed. The Company expects to record a net loss of approximately $ 81 million in the second quarter of fiscal year 2027.

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For the Three Months Ended (In millions, except per share data) October 2, 2026 October 3, 2025 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Numerator: Net income $ 1,761 $ 549 Number of shares used in per share calculations: Total shares for purposes of calculating basic net income per share 228 213 Weighted-average effect of dilutive securities: Employee equity award plans and 2028 Notes if-converted shares 4 13 Total shares for purposes of calculating diluted net income per share 232 226 Net income per share Basic $ 7.72 $ 2.58 Diluted 7.59 2.43

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The Company's operations are subject to U.S. and foreign environmental laws and regulations, including those governing air and water discharges, the management and disposal of hazardous substances and wastes, the cleanup of contaminated sites, and the use of certain substances in electronic products. Failure by the Company or its suppliers to comply with applicable environmental requirements could have a material adverse effect on the Company's business. In addition, while the Company has been identified as a responsible or potentially responsible party at several contaminated sites, based on current estimates the Company does not expect its costs related to these sites to be material.

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We reduced our outstanding principal amount of debt by $1.2 billion, primarily through redemption and repurchase of certain Senior Notes for total consideration of $1.1 billion, as well as exchanges and redemption of our remaining 2028 Notes for total consideration of $186 million cash and approximately 2 million of our ordinary shares.

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In the September 2026 quarter, demand for our data storage solutions strengthened. Growth was led by data center end markets in which we experienced sustained demand for our high-capacity nearline drives across global cloud customers, as well as increasing sales for enterprise/OEM customer deployments. Demand continues to be supported by growth from both traditional data intensive workloads and AI related applications. As AI adoption expands, increasing volumes of data are generated, retained and reused, and we believe the value organizations derive from their data will increasingly extend beyond its initial use. These trends support demand growth for scalable, cost-efficient and reliable storage solutions over the foreseeable future.

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• $17 million taxes paid related to net share settlement of equity awards; partially offset by

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As of October 2, 2026, we had approximately $706 million of long-term tax payable pertaining to Pillar Two global minimum tax.

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Risk Factors

We rely extensively on information technology systems, networks, and cloud-based platforms, including those operated by vendors, suppliers, and other third parties, to support our business operations. We and our third party providers are regularly subject to cybersecurity threats and attempted cyberattacks of varying types and degrees of sophistication, including phishing, social engineering, malware, ransomware, unauthorized access attempts, and other malicious activities. Such threats are common across our industry, continue to increase in frequency and sophistication, and may be difficult to prevent, detect, or mitigate, particularly as AI capabilities evolve to allow increasingly complex cyberattacks. Actual or perceived cybersecurity vulnerabilities or software or firmware defects affecting our products or services could also expose our customers’ systems, data, or operations to unauthorized access or other adverse impacts. This risk may be heightened as our products are deployed in increasingly interconnected enterprise, cloud, edge, and data center environments.

Read in the 10-Q ↗

We have implemented security measures designed to prevent, detect, and respond to cybersecurity threats, but these measures may not be effective against all threats or prevent every incident. We cannot guarantee that our or our third party providers’ products, systems, components, software, or infrastructure are free of exploitable defects, bugs, or vulnerabilities, and use of AI technologies by us or our customers, suppliers, or other third parties may increase the complexity and effectiveness of cybersecurity threats and introduce new vulnerabilities into systems, software, products, and business processes. A cybersecurity incident or other compromise of our products, systems, or AI technologies used in our business, or those of our customers or third party providers, could result in unauthorized access to, disclosure, loss, misuse, or corruption of proprietary, confidential, or personal information, including intellectual property or information about our manufacturing, financials, customers, or employees. Cybersecurity incidents, as well as efforts to prevent, detect, or respond to such incidents, also may impair the functionality of our products, information technology systems, manufacturing operations, supply chain activities, product development efforts, or other critical business functions, or result in increased costs associated with investigation, containment, remediation and recovery, product updates, customer support, customer claims, contractual disputes, litigation, indemnification obligations, regulatory investigations, fines or penalties, damage to our reputation, and reduced sales or profitability. Any of these events, whether affecting our systems directly, the products and services we provide, or the systems of third parties on which we depend, could have a material adverse effect on our business, financial condition, and results of operations.

Read in the 10-Q ↗

In addition, our operations are conducted at a limited number of facilities, and those of many of our direct and indirect suppliers, manufacturing vendors and customers are similarly concentrated in a limited number of geographic locations. Because our manufacturing footprint, and those of our key suppliers, is concentrated in relatively few sites, a disruption at any single location could affect a disproportionate share of our production capacity and operations, and any of the foregoing risks could be exacerbated as a result.

Read in the 10-Q ↗

Share sales and buybacks

(1) For the fiscal quarter ended October 2, 2026, the total number of shares repurchased related to the tax withholding from the vesting of restricted stock units was immaterial.

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(2) The Company’s Board of Directors increased the authorization for the repurchase of its ordinary shares to $5.0 billion on May 21, 2025.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Oct 29, 2026 against Item 1A of the 10-K filed Aug 4, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.