STX — what changed in the latest 10-Q
A section-by-section comparison of STX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-29 vs the prior 10-Q · 2026-04-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +30 | −37 | ~17 | 14 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~6 | 7 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Risk factors | Some risk factors updated | +12 | −22 | ~32 | 166 |
| Other information | Text added/removed | +4 | −5 | ~2 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Legal proceedings
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-29
We reduced our outstanding principal amount of debt by $1.2 billion, primarily through redemption and repurchase of certain Senior Notes for total consideration of $1.1 billion, as well as exchanges and redemption of our remaining 2028 Notes for total consideration of $186 million cash and approxima…
In the September 2026 quarter, demand for our data storage solutions strengthened. Growth was led by data center end markets in which we experienced sustained demand for our high-capacity nearline drives across global cloud customers, as well as increasing sales for enterprise/OEM customer deploymen…
At the same time, the macroeconomic environment remains dynamic, marked by heightened geopolitical uncertainty and evolving trade policies. These factors may impact our business and results of operations. We will continue to monitor the situation and assess plans to mitigate future risk to the busin…
Revenue in the September 2026 quarter increased by $1.6 billion compared to the September 2025 quarter, primarily due to favorable pricing actions undertaken by the Company and an increase in nearline exabytes shipped reflecting higher demand for nearline products.
Gross margin for the September 2026 quarter increased by 5 percentage points compared to the June 2026 quarter, primarily driven by pricing actions undertaken by the Company, partially offset by higher external component costs.
Text removed vs the prior filing · source: 10-Q · 2026-04-29
Beginning in fiscal year 2026, we changed our presentation of principal data storage markets to better reflect current demand drivers and the growing impact of AI-driven applications. We now present our products and services under two end markets: Data center and Edge IoT. Data center comprises the …
We reflected these changes to our revenue and HDD exabytes shipped by end market retrospectively to the earliest period presented. The change had no impact on our previously reported consolidated net revenue.
In the March 2026 quarter, we continued to operate in a strong demand environment, particularly within the data center end markets. We experienced sustained demand growth for our high capacity nearline drives across global cloud customers, as well as increasing sales for enterprise edge deployments.…
Revenue for the three and nine months ended April 3, 2026, increased by $952 million and $1.9 billion from the three and nine months ended March 28, 2025, respectively, primarily due to an increase in nearline exabytes shipped reflecting higher demand for nearline products and favorable pricing acti…
We maintain various sales incentive programs such as channel and OEM rebates. Sales incentive programs were approximately 10% of gross revenue for the March 2026 quarter, 11% for the December 2025 quarter and 14% for the March 2025 quarter. Adjustments to revenues due to under or over accruals for s…
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-10-29
•Cybersecurity threats, vulnerabilities, and other security events affecting our systems, products, or data, or those of our vendors, suppliers, customers, or other third parties, could have a material adverse effect on our business, financial condition, and results of operations.
•Shortages or delays in the receipt of, or cost increases in, critical components, equipment or raw materials necessary to manufacture our products, as well as reliance on single-source suppliers, have in the past and may in the future affect our production and development of products and harm our o…
Our results of operations are highly dependent on cloud, enterprise and consumer spending and the resulting demand for our products. Reduced demand, particularly from our key cloud and enterprise customers as a result of a significant change in macroeconomic conditions or other factors, may result i…
Our sales to consumer and client-centric markets remain an important part of our business, and these markets have been, and we expect them to continue to be, adversely affected by:
Cybersecurity threats, vulnerabilities, and other security events affecting our systems, products, or data, or those of our vendors, suppliers, customers, or other third parties, could have a material adverse effect on our business, financial condition, and results of operations.
Text removed vs the prior filing · source: 10-Q · 2026-04-29
•Shortages or delays in the receipt of, or cost increases in, critical components, equipment or raw materials necessary to manufacture our products, as well as reliance on single-source suppliers, has in the past and may in the future affect our production and development of products and harm our op…
Risks Related to Information Technology, Data and Information Security
•We could suffer a loss of revenue and increased costs, exposure to significant liability including legal and regulatory consequences, reputational harm and other serious negative consequences in the event of cyber-attacks, ransomware or other cyber security breaches or incidents that disrupt our op…
•We must maintain and upgrade our global enterprise resource planning system and other information technology (“IT”) systems, and our failure to do so could have a material and adverse effect on our business, financial condition and results of operations.
Our results of operations are highly dependent on cloud, enterprise and consumer spending and the resulting demand for our products. Reduced demand, particularly from our key cloud and enterprise customers as a result of a significant change in macroeconomic conditions or other factors, may result i…
Other information
Text added vs the prior filing · source: 10-Q · 2026-10-29
Gianluca Romano Executive Vice President and Chief Financial Officer July 30, 2026September 30, 202777,020
Kian Fatt ChongExecutive Vice PresidentAugust 4, 2026August 4, 202735,387
James C. LeeExecutive Vice President, Chief Legal Officer and Corporate SecretarySeptember 2, 2026August 31, 202712,595
¹ Each plan will expire on the earlier of the end date or the completion of all transactions under the trading arrangement.
Text removed vs the prior filing · source: 10-Q · 2026-04-29
James C. Lee Executive Vice President, Chief Legal Officer and Corporate Secretary January 29, 2026January 29, 202719,958
Dr. John C. MorrisExecutive Vice President and Chief Technology OfficerJanuary 29, 2026May 7, 202781,462
Ban Seng TehExecutive Vice President, Global Sales and Sales Operations February 11, 2026February 11, 202754,366
Dr. William D. MosleyBoard Chair and Chief Executive OfficerFebruary 18, 2026April 30, 2027360,000
¹ The plan will expire on the earlier of the end date or the completion of all transactions under the trading arrangement.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice