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Seagate Technology Holdings cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$1.5B in Q1 FY27 · $4.2B over twelve months

Operating cash flow$1.7B
Capital spending−$211M
Free cash flow+$1.5B
Cash / net income1.0×
Cash conversion cycle27 days

Analysis

In Q1 FY27, Seagate Technology Holdings generated $1.7B of operating cash flow and spent $211M on capital projects, leaving free cash flow of $1.5B.

Over the twelve months to Oct 2, 2026, operating cash flow was $4.8B; the largest uses were net borrowing (+) / repaid (−) ($2.7B), capital spending ($675M), dividends ($649M); besides operations, cash came from shares issued ($68.0M), other investing ($29.0M); the cash balance rose by $256M.

Operating cash flow was $1.7B against net income of $1.8B — 1.0× profit, roughly in line with earnings. The largest differences: receivables −$283M, accrued liabilities +$272M, inventory −$129M.

Its cash conversion cycle was 27 days (receivables 36 + inventory 82 − payables 91).

Free cash flow

Seagate Technology Holdings: free cash flow by quarterSeagate Technology Holdings: free cash flow by quarter$150MQ2 FY25$216MQ3 FY25$425MQ4 FY25$427MQ1 FY26$607MQ2 FY26$953MQ3 FY26$1.1BQ4 FY26$1.5BQ1 FY27
Operating cash flow less capital spending.
Seagate Technology Holdings: operating cash flow against capital spendingSeagate Technology Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$221M$71.0MQ2 FY25$259M$43.0MQ3 FY25$508M$83.0MQ4 FY25$532M$105MQ1 FY26$723M$116MQ2 FY26$1.1B$161MQ3 FY26$1.3B$187MQ4 FY26$1.7B$211MQ1 FY27
Latest (Q1 FY27): Operating cash flow $1.7B, Capital spending $211M.

Capital allocation, year by year

Seagate Technology Holdings: where the cash came from (up) and went (down), by fiscal yearSeagate Technology Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $1.7BFY22: Net borrowing $499MFY22: Shares issued $68.0MFY22: Capital spending −$381MFY22: Buybacks −$1.8BFY22: Dividends −$610M$2.2BFY22FY23: Operating cash flow $942MFY23: Net borrowing $22.0MFY23: Shares issued $68.0MFY23: Capital spending −$316MFY23: Buybacks −$408MFY23: Dividends −$582M$1.0BFY23FY24: Operating cash flow $918MFY24: Net borrowing $212MFY24: Shares issued $66.0MFY24: Asset sales $326MFY24: Capital spending −$254MFY24: Dividends −$585M$1.5BFY24FY25: Operating cash flow $1.1BFY25: Net borrowing −$678MFY25: Shares issued $72.0MFY25: Asset sales $25.0MFY25: Capital spending −$265MFY25: Acquisitions −$88.0MFY25: Dividends −$600M$1.2BFY25FY26: Operating cash flow $3.7BFY26: Net borrowing −$1.4BFY26: Shares issued $56.0MFY26: Asset sales $15.0MFY26: Capital spending −$569MFY26: Buybacks −$176MFY26: Dividends −$634M$3.7BFY26
Over these 5 years operating cash flow totalled $8.3B; the largest uses were dividends ($3.0B) and buybacks ($2.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$2.4B
Net debt$1.1B

Seagate Technology Holdings funds itself: free cash flow was $4.2B over the last twelve months, and $1.3B of cash and investments stands against $2.4B of debt.

Seagate Technology Holdings: debt maturities by year (FY26)Seagate Technology Holdings: debt maturities by year (FY26)$186MYear 2$381MYear 3$636MYear 4$599MYear 5$1.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

Seagate Technology Holdings: sources (+) and uses (−) of cash, Q1 FY27Seagate Technology Holdings: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$1.7BNet borrowing (+) / repaid (−)−$1.3BBuybacks−$400MCash drawn (+) / kept (−)$335MCapital spending−$211MDividends−$168MShares issued$34.0MTaxes on employees’ shares−$17.0MOther financing−$1.0M
Seagate Technology Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Seagate Technology Holdings: sources (+) and uses (−) of cash, TTM to Q1 FY27Operating cash flow$4.8BNet borrowing (+) / repaid (−)−$2.7BCapital spending−$675MDividends−$649MBuybacks−$547MCash drawn (+) / kept (−)−$256MTaxes on employees’ shares−$86.0MShares issued$68.0MOther investing$29.0MOther financing−$12.0M

From profit to cash

Seagate Technology Holdings: net income to operating cash flow, Q1 FY27Seagate Technology Holdings: net income to operating cash flow, Q1 FY27Net income$1.8BDepreciation & amortization$76.0MStock-based pay$63.0MDeferred taxes−$57.0MOther non-cash$3.0MReceivables−$283MInventory−$129MPayables$101MAccrued liabilities$272MEmployee-related liabilities−$129MOther operating capital−$32.0MOperating cash flow$1.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2736829127
Q4 FY2634829025
Q3 FY2636839524
Q2 FY2637839525
Q1 FY26389010127
Q4 FY2529879125
Q3 FY2525969923
Q2 FY2524861019

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$1.7B−$211M−$400M−$168M−$1.3B$34.0M$335M$1.5B
Q4 FY26$1.3B−$187M−$117M−$166M−$300M$2.0M−$558M$1.1B
Q3 FY26$1.1B−$161M−$30.0M−$161M−$642M$27.0M−$99.0M$953M
Q2 FY26$723M−$116M—−$154M−$500M$5.0M$66.0M$607M
Q1 FY26$532M−$105M−$29.0M−$153M—$22.0M−$221M$427M
Q4 FY25$508M−$83.0M—−$153M−$147M$16.0M−$77.0M$425M
Q3 FY25$259M−$43.0M—−$152M−$531M$24.0M$424M$216M
Q2 FY25$221M−$71.0M—−$148M—$3.0M$1.0M$150M

Seagate Technology Holdings: income statement and cash flow

Seagate Technology Holdings, Q1 FY27: revenue $4.2B (+61% year over year), operating margin 48.8%. The chart follows the revenue to costs, profit and cash.

Seagate Technology Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.