STXSeagate Technology

Technology · Computer Storage · Nasdaq

Seagate is a leading provider of mass-capacity data storage, accelerating the world’s ability to harness the full value of data. 10-K, Item 1

Employees: 30,000
Headquarters: Singapore, U0
CEO: William D. Mosley
Next results: around Jan 26, 2027

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What the 10-K filed 2026-08-04 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-08-01.

Big customers

2 new

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“In fiscal year 2026, one customer accounted for approximately 14% of our consolidated revenue.”
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New “As of July 3, 2026, three customers accounted for 18%, 16% and 10%, respectively, of the Company’s accounts receivable.”
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New “As of June 27, 2025, one customer accounted for 18% of the Company’s accounts receivable.”
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“In fiscal year 2026, one customer accounted for approximately 14% of consolidated revenue.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“Shortages or delays in the receipt of, or cost increases in, critical components, equipment or raw materials necessary to manufacture our products, as well as reliance on single-source suppliers, have in the past and may in the future affect our production and development of products and harm our operating results.”
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“limited access to components that we obtain from a single or a limited number of suppliers; and”
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“We also often aim to lead the market in new technology deployments and leverage unique and customized technology from single source suppliers who are early adopters in the emerging market.”
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“Certain of the raw materials, components and equipment used by the Company in the manufacture of its products are available from single-sourced direct and indirect vendors.”
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Lawsuits and legal claims

1 new

Pending cases, settlements and what the company has set aside for them.

New “We recorded a charge of $105 million in fiscal year 2026 related to a litigation matter.”
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“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.”
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“On February 18, 2020, Seagate Technology LLC and certain of its affiliates, (collectively, the “Seagate Entities”) filed a complaint alleging violations of federal and state antitrust laws as well as breach of contract in the U.S.”
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“On April 8, 2022, the court dismissed with prejudice all claims against TDK and HTI after the Seagate Entities settled with those defendants.”
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“Ltd. filed a motion for Partial Summary Judgment under the Foreign Trade Antitrust Improvement Act (“FTAIA Motion”).”
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Guarantees and indemnities

1 new

Promises to pay someone else's debts or losses if they cannot.

“The nature of these indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay on behalf of its officers and directors.”
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“The nature of the Company’s indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay.”
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New “The remaining $40 million related to standard indemnification clauses, of which $25 million was received during fiscal year 2025 and $15 million was received during fiscal year 2026.”
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Debt covenants

1 new

Conditions in loan agreements that, if broken, can make debt due early.

“The Revolving Credit Facility is available for borrowings, subject to compliance with financial covenants and other customary conditions to borrowing.”
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New “As of July 3, 2026, the Credit Agreement includes one financial covenant, net leverage ratio of less than or equal to 6.75 to 1.00, commencing with the fiscal quarter ended June 27, 2025 and declining over time so that the maximum permitted net leverage ratio for each fiscal quarter ending after July 2, 2027 is 4.25 to 1.00.”
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“We continue to evaluate our debt portfolio and structure to comply with our financial debt covenants.”
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“As of July 3, 2026, we were in compliance with all of the covenants under our debt agreements.”
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“The Credit Agreement also contains a financial covenant that requires the Company to maintain a total net leverage ratio of less than or equal to 6.75 to 1.00, commencing with the fiscal quarter ended June 27, 2025 and declining over time so that the maximum permitted net leverage ratio for each fiscal quarter ending after July 2, 2027 is 4.25 to 1.00, in accordance with the terms of the Credit Agreement.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“As of July 3, 2026, we had unconditional purchase obligations of approximately $2.1 billion, primarily related to purchases of inventory components with our suppliers.”
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“As of July 3, 2026, the Company had unconditional long-term purchase obligations of approximately $547 million, primarily related to purchases of inventory components.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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