Data storage solutions provider Seagate Technology PLC announced its financial results for the fourth quarter and full fiscal year ending July 3, 2026, on Monday afternoon.

For the full fiscal 2026 year, the company's total revenue increased by 34% compared to the prior year, achieving record-high profitability and generating a record $3.1 billion in free cash flow.

Chairman and CEO Dave Mosley stated, "Our fourth-quarter performance was robust, with revenue and non-GAAP earnings per share exceeding expectations, concluding fiscal 2026 on a strong note. This outstanding result was driven by robust demand in the cloud data center market and superb execution by our team. We anticipate this growth momentum will continue into fiscal 2027."

Mosley further added, "As AI continues to accelerate the generation, storage, and value realization of data, we are highly confident in the long-term demand outlook for high-capacity storage. Leveraging our Mozaic platform and differentiated HAMR (Heat-Assisted Magnetic Recording) technology roadmap, Seagate is uniquely positioned to meet the growing demand for exabyte-scale storage capacity, enabling customers to scale efficiently while driving our own profit growth and long-term value creation."

In the fourth quarter of fiscal 2026, cash generated from operations was $1.3 billion, and free cash flow was $1.1 billion. For the full fiscal year, operating cash flow reached $3.7 billion, and free cash flow totaled $3.1 billion. The company returned $810 million to shareholders through dividends and share repurchases.

Additionally, Seagate Technology PLC strengthened its balance sheet, reducing total debt by $302 million in the fourth quarter and $1.4 billion for the full fiscal year, ending the year with a total debt of $3.6 billion. As of the fiscal year-end, the company held $1.7 billion in cash and cash equivalents, with 227 million shares of common stock outstanding.