Seagate Highlights Strategy to Build Long-Term Value in Today’s Data-driven World at 2025 Investor and Analyst Event

• Sets new financial targets through FY2028, underpinned by the adoption of Seagate’s first-to-market HAMR technology and continued focused execution

• Unveils differentiated product roadmap, with clear path from Mozaic 3+TB/disk to 10TB/disk

• Increases share repurchase authorization to $5 billion

FREMONT, Calif.--(BUSINESS WIRE)-- Seagate Technology Holdings plc (NASDAQ: STX), a leading innovator of mass-capacity data storage, today hosted its 2025 Investor and Analyst Event and outlined the Company’s clear strategy to capture growth opportunities ahead, drive profitability and build long-term value for customers and shareholders.

“Technology innovation and AI are fueling exponential data growth and driving demand for the hard drive storage industry. Seagate today is uniquely positioned to capture this opportunity with our Mozaic portfolio powered by market-leading HAMR technology. Our differentiated portfolio addresses critical data center challenges, including cost, scale and sustainability, enabling us to deliver storage solutions for customers from cloud to edge,” said Dave Mosley, Seagate’s chief executive officer.

“Since our last Investor Day in 2021, we have made structural improvements to extend demand visibility, maintain supply discipline, optimize product mix, and streamline cost structure. We are a stronger company today thanks to the dedicated efforts of our global team. This is an incredibly exciting time at Seagate, and we are confident we have the right technology and strategy to lead the next era of storage in today’s data-driven world, while delivering enhanced value to shareholders,” concluded Mosley.

New Financial Targets

During the event, the Company outlined new financial targets for the period through FY2028, which are supported by the adoption of HAMR technology.

	Target Performance1
Revenue	Low-to-mid teens CAGR
Gross Margin (Non-GAAP)	40% with further expansion opportunity, and Incremental margin of ~50%, starting at $2.6 billion in quarterly revenue
Operating Expenses (Non-GAAP)	~10% of revenue
Capital Expenditures	4-6% of revenue
Capital Returns	>75% of free cash flow

¹ Target performance covers period through FY2028. Revenue CAGR corrected to reflect period covering FY2025-FY2028.

Increased Share Repurchase Authorization

Additionally, Seagate also announced today that its Board of Directors has increased Seagate’s share repurchase authorization to $5 billion, underscoring its commitment to capital returns and confidence in the future. The authorization does not have a time limit and any share repurchases will be dependent on Seagate’s financial position, results of operations, available cash, cash flow, capital requirements, distributable reserves, and other factors deemed relevant by the Company.

Event Materials and Replay

The full presentation and replay from today's 2025 Investor and Analyst Event can be accessed on Seagate’s Investor Relations website at investors.seagate.com.

About Seagate Technology

Seagate Technology is a leading innovator of mass-capacity data storage. We create breakthrough technology so you can confidently store your data and easily unlock its value. Founded over 45 years ago, Seagate has shipped over four billion terabytes of data capacity and offers a full portfolio of storage devices, systems, and services from edge to cloud. To learn more about how Seagate leads storage innovation, visit www.seagate.com and our blog, or follow us on X, Facebook, LinkedIn, and YouTube.

©2025 Seagate Technology LLC. All rights reserved. Seagate, Seagate Technology, Mozaic 3+, Exos, and the Spiral logo are trademarks or registered trademarks of Seagate Technology LLC in the United States and/or other countries. All other trademarks or registered trademarks are the property of their respective owners. When referring to drive capacity, one gigabyte, or GB, equals one billion bytes, one terabyte, or TB, equals one trillion bytes, and one exabyte, or EB, equals one quintillion bytes.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical fact. Forward-looking statements include, among other things, statements about the Company’s plans, programs, strategies, prospects, and opportunities; financial outlook for future periods, including through fiscal year 2028; expectations regarding market demand for the Company’s products, our visibility into such demand and our ability to optimize our level of production and meet market and industry expectations and the effects of these future trends on Company’s financial and operational performance, including our ability to deliver profitable growth; anticipated shifts in technology and storage industry trends, and anticipated demand and performance of new storage product introductions, including HAMR-based Mozaic products; the Company’s capital allocation strategy, including potential repurchases of its common stock; and expectations regarding the Company’s business strategy and performance. Forward-looking statements generally can be identified by words such as “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “projects,” “should,” “may,” “will,” “will continue,” “can,” “could” or the negative of these words, variations of these words and comparable terminology, in each case, intended to refer to future events or circumstances. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are subject to various uncertainties and risks that could cause our actual results to differ materially from historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s latest periodic report on Form 10-Q or Form 10-K filed with the U.S. Securities and Exchange Commission. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on, and which speak only as of, the date hereof. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, unless required by applicable law. The inclusion of Seagate’s website addresses in this press release are provided for convenience only. The information contained in, or that can be accessed through, Seagate’s websites and social media channels are not part of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250522222067/en/

Investor Relations Contact:

Shanye Hudson, (510) 661-1600

shanye.hudson@seagate.com

Media Contact:

Karin Taylor, (408) 772-8279

karin.h.taylor@seagate.com

Source: Seagate Technology Holdings plc