Seagate Technology plc Earnings Recaps
Q3 2026
Apr 29, 2026
Seagate shares surged 8% after the company’s fiscal Q3 report, as revenue jumped 44% year-over-year, gross margins hit all-time highs, and management issued notably upbeat guidance. Investors responded positively to record free cash flow and strong commentary on accelerating storage demand tied to AI and cloud infrastructure buildout.
Key takeaways
- Revenue grew 44% year-over-year, marking the tenth consecutive quarter of growth from cloud customers.
- Gross margins reached a record high, and non-GAAP operating income more than doubled.
- Free cash flow approached $1 billion, among the company’s highest ever levels.
- Guidance for Q4 was characterized as strong, with management raising annual growth targets to at least 20% over the next several years.
- Nearline hard drives accounted for close to 90% of total Exabyte shipments, and capacity is almost fully allocated through 2027 on extended customer contracts.
Q2 2026
Jan 28, 2026
Seagate Technology delivered exceptional fiscal Q2 2026 results, achieving record revenues and profit margins, driven by robust demand across high-capacity storage markets and a successful pricing strategy.
Key takeaways
- Revenue soared over 25% year-over-year, with record-breaking gross margins exceeding 42%.
- Non-GAAP earnings per share hit new highs, reflecting Seagate’s operational leverage and effective cost management.
- HAMR technology deployments ramped significantly, with over 1.5 million units shipped, underpinning Seagate's long-term capacity growth strategy.
- Strong demand for nearline drives is fully allocated through calendar 2026, with promising visibility into 2027 and beyond.
- Emerging AI-driven applications are anticipated to further drive data generation and storage requirements, reinforcing Seagate's market position.