Seagate Technology Holdings layoffs, on the record
Every job cut, severance charge and restructuring Seagate Technology Holdings reported in its annual reports, 2024 to 2026, quoted from the filings. Headcount went from approximately 30,000 to approximately 30,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2024 | approximately 30,000 | June 28, 2024 |
| 10-K for 2025 | approximately 30,000 | June 27, 2025 |
| 10-K for 2026 | approximately 30,000 | July 3, 2026 |
Job cuts, severance and restructuring
Our summaryCompany recorded restructuring and other, net as a benefit of $30 million, primarily from a net gain on a sale and leaseback in the December 2023 quarter, and said the restructuring plans were substantially completed by the end of fiscal 2023.
Word for word“Restructuring and other, net for fiscal year 2024 was a benefit of $30 million primarily related to the net gain from the sale and leaseback transaction during the December 2023 quarter.” 10-K for 2024
Our summaryCompany made cash payments primarily for workforce reduction costs under its restructuring plans, and reported remaining future restructuring payments.
Word for word“During the fiscal year ended June 28, 2024, we made cash payments of $116 million, primarily related to workforce reduction costs under our restructuring plans.” 10-K for 2024
Our summaryProduct development compensation fell due to workforce and temporary salary reductions.
Word for word“Product development expenses for fiscal year 2024 decreased by $143 million from fiscal year 2023 primarily due to a $112 million decrease in compensation and other employee benefits as a result of workforce and temporary salary reductions, a $49 million decrease in depreciation expense and a $7 million decrease in materials expense, partially offset by a $24 million increase in lease expense as we sold and leased back certain properties.” 10-K for 2024
Our summaryMarketing and administrative compensation fell due to workforce and temporary salary reductions.
Word for word“Marketing and administrative expenses for fiscal year 2024 decreased by $31 million from fiscal year 2023 primarily due to a $17 million decrease in compensation and other employee benefits as a result of workforce and temporary salary reductions, a $12 million decrease in advertising costs, a $6 million decrease in outside services expense, a $5 million decrease in travel expense, partially offset by a $7 million recovery in the December 2022 quarter of an accounts receivable previously written off in prior years and a $3 million increase in depreciation expense.” 10-K for 2024
Our summaryCompany recorded restructuring charges in fiscal 2025, including employee related termination benefits, an inventory write down for a discontinued product line, and right-of-use asset impairment charges.
Word for word“We recorded $38 million of restructuring charges in fiscal year 2025, of which $13 million was recorded to Cost of revenue and $25 million recorded to Restructuring and other, net, respectively, primarily related to an inventory write down due to a discontinued product line, employee related termination benefits and right-of-use ("ROU") asset impairment charges.” 10-K for 2025
Our summaryCompany made cash payments primarily related to workforce reduction costs under its restructuring plans, and said future cash payments under remaining active plans are immaterial.
Word for word“During the fiscal year ended June 27, 2025, we made cash payments of $14 million, primarily related to workforce reduction costs under our restructuring plans.” 10-K for 2025
Our summaryCompany reported restructuring and other, net expense in fiscal 2024 that was a net credit, mainly from gains on sale-leaseback of properties.
Word for word“During fiscal years 2024 and 2023, the Company sold and leased back certain properties and recorded a net gain of $ 30 million and $ 156 million respectively, within Restructuring and other, net in the Consolidated Statements of Operations.” 10-K for 2025
Our summaryCompany reported restructuring and other, net expense of $102 million in fiscal 2023 in its statement of operations.
Word for word“Restructuring and other, net 25 ( 30 ) 102 Total operating expenses 7,207 6,099 7,726 Income (loss) from operations 1,890 452 ( 342 )” 10-K for 2025
Our summaryThe company recorded restructuring charges in fiscal year 2026, mostly for employee termination benefits.
Word for word“In fiscal year 2026, we recorded $27 million of restructuring charges, primarily related to employee related termination benefits.” 10-K for 2026
Our summaryThe company recorded restructuring charges in fiscal year 2025 for employee termination benefits and right-of-use asset impairment.
Word for word“In fiscal year 2025, we recorded $25 million of restructuring charges in Operating expenses, primarily related to employee related termination benefits and right-of-use (“ROU”) asset impairment charges.” 10-K for 2026
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-07-01 | $175 million | — | $131 million |
| 2018-06-29 | $89 million | $522 million | $115 million |
| 2019-06-28 | $22 million | $575 million | $65 million |
| 2020-07-03 | $82 million | $406 million | $53 million |
| 2021-07-02 | $8 million | $300 million | $53 million |
| 2022-07-01 | $3 million | $274 million | $6 million |
| 2024-06-28 | −$30 million | $336 million | $116 million |
| 2025-06-27 | $13 million | $105 million | $14 million |
Seagate Technology Holdings filed 9 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Seagate Technology Holdings’s annual reports (10-K for 2026, 10-K for 2025, 10-K for 2024) and the financial data it files with the SEC, as of 2026-08-04. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.