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Seagate Technology Holdings (STX) Q2 FY2022 earnings: revenue $3.1 billion, up 18.8% on the year

Seagate Technology Holdings plc (STX) reported revenue of $3.1 billion for Q2 FY2022, the quarter ended 31 December 2021, up 18.8% on the same quarter a year earlier as this quarter's filing gives it. Net income was $501 million, up 78.9% on the year as this quarter's filing gives it, and diluted earnings per share $2.23. The figures are the company's own, from the 10-Q it filed with the SEC on 27 January 2022.

Revenue
$3.1 billion
+18.8% on the year · +0.0% on the quarter
Q3 FY2020Q2 FY2022
Operating margin
18.6%
13.3% a year earlier
Q3 FY2020Q2 FY2022
Net income
$501 million
+78.9% on the year · -4.8% on the quarter
Q3 FY2020Q2 FY2022
Diluted EPS
$2.23
+99.1% on the year · -2.2% on the quarter
Q3 FY2020Q2 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Revenue3,1163,1152,623+0.0%+18.8%
Cost of revenue2,168n/an/a
Gross profit948n/an/a
Gross margin30.4%n/an/a
Research and development228n/an/a
Selling, general and administrative136n/an/a
Operating income580586348-1.0%+66.7%
Operating margin18.6%18.8%13.3%
Interest expense62.0n/an/a
Pre-tax income514n/an/a
Income tax13.0n/an/a
Effective tax rate2.5%n/an/a
Net income501526280-4.8%+78.9%
Net margin16.1%n/an/a
Diluted EPS$2.23$2.28$1.12-2.2%+99.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Operating cash flow521n/an/a
Capital expenditure95.0n/an/a
Free cash flow426n/an/a
Free cash flow margin13.7%n/an/a
Cash from investing-76.0n/an/a
Cash from financing99.0n/an/a
Depreciation and amortisation10810496.0+3.8%+12.5%
Share-based compensation36.0n/an/a
Buybacks471n/an/a
Dividends paid151n/an/a
Dividend per share$0.70n/an/a
Diluted shares, weighted225m231m251m-2.6%-10.4%
Shares outstanding at period end219m225m240m-2.2%-8.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ2 FY2022Q1 FY2022Q2 FY2021On the quarterOn the yearLast 8 quarters
Shareholders' equity526601990-12.5%-46.9%
Debt5,9355,2105,229+13.9%+13.5%
Other liabilities2,914n/an/a
Total liabilities and equity9,375n/an/a
Fixed assets2,216n/an/a
Goodwill1,237n/an/a
Intangible assets19.0n/an/a
Securities held for sale or to maturity472n/an/a
Cash and equivalents1,5359911,799+54.9%-14.7%
Receivables1,399n/an/a
Inventory1,287n/an/a
Other assets1,210n/an/a
Total assets9,375n/an/a

Questions

What was Seagate Technology Holdings' revenue in Q2 FY2022?

Seagate Technology Holdings (STX) reported revenue of $3.1 billion for Q2 FY2022, the quarter ended 31 December 2021, up 18.8% on the same quarter a year earlier as the company restated it.

How much did Seagate Technology Holdings earn in Q2 FY2022?

Net income for Q2 FY2022 was $501 million, up 78.9% on the year, and diluted earnings per share $2.23.

When did Seagate Technology Holdings report Q2 FY2022 results?

Seagate Technology Holdings filed its 10-Q for the quarter ended 31 December 2021 with the SEC on 27 January 2022.

Quarterly results, the last 20 quarters

Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *Q1 FY2027
Revenue3,1162,8022,6282,0351,8871,8601,6021,4541,5551,6551,8872,1682,3252,1602,4442,6292,8253,1123,6294,233
Cost of revenue2,1681,9961,8691,5531,6411,5411,2981,3051,1931,2301,2871,4541,5131,4001,5301,5921,6491,6651,7311,806
Gross profit9488067594822463193041493624256007148127609141,0371,1761,4471,8982,427
Gross margin30%29%29%24%13%17%19%10%23%26%32%33%35%35%37%39%42%46%52%57%
R&D228233247234200191172171161164158181184180179186187194188200
SG&A136141149129125123114105108116131129139139154144143143147159
Operating income580429360107-160-31526.0-1291241433144034884315686948439981,5592,064
Operating margin19%15%14%5%-8%-17%2%-9%8%9%17%19%21%20%23%26%30%32%43%49%
Interest expense62.063.065.071.077.081.084.084.084.082.082.085.084.077.075.080.072.068.064.041.0
Pre-tax income51435128127.0-38.0-400-85.0-147-4.058.05383163503554926147078641,5051,982
Tax rate3%1%2%-7%n/an/an/an/an/a57%5%3%4%4%1%11%16%13%14%11%
Net income50134627629.0-33.0-433-92.0-184-19.025.05133053363404885495937481,2941,761
Net margin16%12%11%1%-2%-23%-6%-13%-1%2%27%14%14%16%20%21%21%24%36%42%
Diluted EPS$2.23$1.56$1.29$0.14-$0.16-$2.09-$0.44-$0.88-$0.09$0.12$2.39$1.41$1.55$1.57$2.24$2.43$2.60$3.27$5.58$7.59
Operating cash flow52146018024525122821812716918843495.02212595085327231,1141,3051,690
Capital expenditure95.097.072.013379.054.050.070.070.060.054.068.071.043.083.0105116161187211
Free cash flow42636310811217217416857.099.012838027.01502164254276079531,1181,479
Buybacks4714174864080.00.00.00.00.00.00.00.00.00.00.029.00.030.0117400
Dividends paid151154152147145145145145146147147147148152153153154161166168
Shares outstanding219m216m210m206m206m207m207m209m210m210m210m211m212m212m213m214m218m224m227m230m
Filing10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2021, filed 27 January 2022: the filing.