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Side-by-side financial comparison of Seagate Technology (STX) and Western Digital (WDC), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Western Digital is the larger business by last-quarter revenue ($3.0B vs $2.8B, roughly 1.1× Seagate Technology). Western Digital runs the higher net margin — 21.0% vs 61.1%, a 40.1% gap on every dollar of revenue. On growth, Western Digital posted the faster year-over-year revenue change (31.5% vs 30.8%). Over the past eight quarters, Seagate Technology's revenue compounded faster (30.7% CAGR vs -6.6%).
Seagate Technology Holdings plc is an American data storage company. It was incorporated in 1978 as Shugart Technology and commenced business in 1979. Since 2010, the company has been incorporated in Dublin, Ireland, with operational headquarters in Fremont, California, United States.
Western Digital Corporation, doing business as WD, is an American data storage company headquartered in San Jose, California. Established in 1970, the company is one of the world's largest manufacturers of hard disk drives (HDDs).
STX vs WDC — Head-to-Head
Income Statement — Q3 2026 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $2.8B | $3.0B |
| Net Profit | $593.0M | $1.8B |
| Gross Margin | 41.6% | 45.7% |
| Operating Margin | 29.8% | 30.1% |
| Net Margin | 21.0% | 61.1% |
| Revenue YoY | 30.8% | 31.5% |
| Net Profit YoY | 74.4% | 254.2% |
| EPS (diluted) | $2.60 | $4.73 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q1 26 | $2.8B | $3.0B | ||
| Q4 25 | $2.6B | $2.8B | ||
| Q2 25 | $2.4B | $-1.2B | ||
| Q1 25 | $2.2B | $2.3B | ||
| Q4 24 | $2.3B | $4.3B | ||
| Q3 24 | $2.2B | $4.1B | ||
| Q2 24 | $1.9B | $3.8B | ||
| Q1 24 | $1.7B | $3.5B |
| Q1 26 | $593.0M | $1.8B | ||
| Q4 25 | $549.0M | $1.2B | ||
| Q2 25 | $488.0M | $282.0M | ||
| Q1 25 | $340.0M | $520.0M | ||
| Q4 24 | $336.0M | $594.0M | ||
| Q3 24 | $305.0M | $493.0M | ||
| Q2 24 | $513.0M | $39.0M | ||
| Q1 24 | $25.0M | $135.0M |
| Q1 26 | 41.6% | 45.7% | ||
| Q4 25 | 39.4% | 43.5% | ||
| Q2 25 | 37.4% | — | ||
| Q1 25 | 35.2% | 39.8% | ||
| Q4 24 | 34.9% | 35.4% | ||
| Q3 24 | 32.9% | 37.9% | ||
| Q2 24 | 31.8% | 35.9% | ||
| Q1 24 | 25.7% | 29.0% |
| Q1 26 | 29.8% | 30.1% | ||
| Q4 25 | 26.4% | 28.1% | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 20.0% | 33.1% | ||
| Q4 24 | 21.0% | 19.9% | ||
| Q3 24 | 18.6% | 18.1% | ||
| Q2 24 | 16.6% | 5.7% | ||
| Q1 24 | 8.6% | 7.9% |
| Q1 26 | 21.0% | 61.1% | ||
| Q4 25 | 20.9% | 41.9% | ||
| Q2 25 | 20.0% | -24.4% | ||
| Q1 25 | 15.7% | 22.7% | ||
| Q4 24 | 14.5% | 13.9% | ||
| Q3 24 | 14.1% | 12.0% | ||
| Q2 24 | 27.2% | 1.0% | ||
| Q1 24 | 1.5% | 3.9% |
| Q1 26 | $2.60 | $4.73 | ||
| Q4 25 | $2.43 | $3.07 | ||
| Q2 25 | $2.24 | $0.72 | ||
| Q1 25 | $1.57 | $1.42 | ||
| Q4 24 | $1.55 | $1.63 | ||
| Q3 24 | $1.41 | $1.35 | ||
| Q2 24 | $2.43 | $0.15 | ||
| Q1 24 | $0.12 | $0.34 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $2.0B |
| Total DebtLower is stronger | — | $4.7B |
| Stockholders' EquityBook value | $459.0M | $7.1B |
| Total Assets | $8.7B | $15.6B |
| Debt / EquityLower = less leverage | — | 0.65× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q1 26 | $1.0B | $2.0B | ||
| Q4 25 | $1.1B | $2.0B | ||
| Q2 25 | $891.0M | $2.1B | ||
| Q1 25 | $814.0M | $3.5B | ||
| Q4 24 | $1.2B | $2.3B | ||
| Q3 24 | $1.2B | $1.7B | ||
| Q2 24 | $1.4B | $1.9B | ||
| Q1 24 | $795.0M | $1.9B |
| Q1 26 | — | $4.7B | ||
| Q4 25 | — | $4.7B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | — | $7.3B | ||
| Q4 24 | — | $7.4B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.4B | ||
| Q1 24 | — | $7.8B |
| Q1 26 | $459.0M | $7.1B | ||
| Q4 25 | $-63.0M | $5.9B | ||
| Q2 25 | $-453.0M | $5.3B | ||
| Q1 25 | $-829.0M | $5.2B | ||
| Q4 24 | $-1.1B | $12.1B | ||
| Q3 24 | $-1.3B | $11.6B | ||
| Q2 24 | $-1.5B | $10.8B | ||
| Q1 24 | $-1.9B | $10.1B |
| Q1 26 | $8.7B | $15.6B | ||
| Q4 25 | $8.4B | $14.4B | ||
| Q2 25 | $8.0B | $14.0B | ||
| Q1 25 | $7.6B | $16.4B | ||
| Q4 24 | $8.0B | $25.5B | ||
| Q3 24 | $8.0B | $24.8B | ||
| Q2 24 | $7.7B | $24.2B | ||
| Q1 24 | $7.1B | $23.8B |
| Q1 26 | — | 0.65× | ||
| Q4 25 | — | 0.80× | ||
| Q2 25 | — | 0.89× | ||
| Q1 25 | — | 1.42× | ||
| Q4 24 | — | 0.61× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.77× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
STX
| OE Ms | $2.3B | 81% |
| Distributors | $335.0M | 12% |
| Retail | $188.0M | 7% |
WDC
| Cloud | $2.7B | 89% |
| Client Devices | $176.0M | 6% |
| Consumer | $168.0M | 6% |
