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SEAGATE - Investor Relations Contact : Shanye Hudson , ( 510 ) 661-1714 shanye.hudson@seagate.com Media Contact : Gregory Belloni , ( 415 ) 235-9092 gregory.belloni@seagate.com SEAGATE TECHNOLOGY REPORTS FISCAL THIRD QUARTER 2021 FINANCIAL RESULTS Revenue of $ 2.73 billion GAAP operating margin of 14.1 % ; non - GAAP operating margin of 15.4 % GAAP diluted earnings per share ( EPS ) of $ 1.39 ; non - GAAP diluted EPS of $ 1.48 Generated $ 378 million in cash flow from operations and $ 274 million in free cash flow Returned $ 912 million to shareholders through dividends and the repurchase of 11.3 million ordinary shares Declared cash dividend of $ 0.67 share per FREMONT , CA - April 22 , 2021 - Seagate Technology plc ( NASDAQ : STX ) ( the “ Company ” or “ Seagate " ) , a world leader in data storage infrastructure solutions , today reported financial results for its fiscal third quarter ended April 2 , 2021 . " Seagate delivered another quarter of strong financial performance driven by ongoing operational execution and record sales of our high capacity nearline drives . We grew revenue , expanded profitability and achieved non - GAAP EPS above our guided range . Our March quarter results underscore the strength of our HDD product portfolio and increasing demand for mass capacity storage , " said Dave Mosley , Seagate's chief executive officer . " These trends lend further support to our June outlook , including an anticipated return to solid year - over - year revenue growth in the June quarter and enhanced profitability . As the datasphere continues to grow in scale and complexity , our innovative technology , flexible product roadmap and mass data expertise make us well positioned to capture significant opportunities in our core HDD business and address customers ' emerging needs to move , secure and store data across a more distributed enterprise . " Quarterly Financial Results GAAP Non - GAAP FQ3 2021 FQ3 2020 Revenue ( $ M ) $ 2,731 2,718 $ FQ3 2021 2,731 FQ3 2020 $ 2,718 Gross Margin 27.1 % 27.4 % 27.4 % 28.0 % Operating Margin 14.1 % 13.8 % 15.4 % 15.5 % Net Income ( $ M ) $ 329 $ 320 $ 350 $ 363 Diluted Earnings Per Share $ 1.39 $ 1.22 $ 1.48 $ 1.38 The Company generated $ 378 million in cash flow from operations and $ 274 million in free cash flow during the fiscal third quarter 2021. Seagate maintained a healthy balance sheet and during the fiscal third quarter 2021 , the Company paid cash dividends of $ 161 million and repurchased 11.3 million ordinary shares for $ 751 million . Cash and cash equivalents totaled $ 1.2 billion at the end of the quarter . There were 230 million ordinary shares issued and outstanding as of the end of the quarter . For a detailed reconciliation of GAAP to non - GAAP results , see accompanying financial tables .