Seagate Technology Holdings plc (STX) Earnings
Seagate Technology Holdings plc is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $5.04. STX has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +10.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $3.51 | $4.10 | +16.8% | $3.1B | +5.1% |
| Jan 27, 2026 | $2.78 | $3.11 | +11.9% | $2.8B | +3.6% |
| Oct 28, 2025 | $2.40 | $2.61 | +8.8% | $2.6B | +3.2% |
| Jul 29, 2025 | $2.45 | $2.59 | +5.7% | $2.4B | +0.9% |
| Jan 21, 2025 | $1.87 | $2.03 | +8.6% | $2.3B | +0.2% |
| Oct 22, 2024 | $1.49 | $1.58 | +6.0% | $2.2B | +1.8% |
| Jul 23, 2024 | $0.76 | $1.05 | +37.8% | $1.9B | +0.9% |
| Jan 24, 2024 | $-0.07 | $0.12 | +271.4% | $1.6B | +0.4% |
| Oct 26, 2023 | $-0.20 | $-0.22 | -10.0% | $1.5B | -5.1% |
| Jul 26, 2023 | $-0.23 | $-0.18 | +21.7% | $1.6B | -5.0% |
| Apr 20, 2023 | $0.19 | $-0.28 | -247.4% | $1.9B | -5.9% |
| Jan 25, 2023 | $0.11 | $0.16 | +45.5% | $1.9B | +3.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
CE delivered a very strong March quarter with growth in revenue, gross margins, and free cash flow. Momentum continues for Mosaic hammer-based platforms with two large CSPs qualified on 4-plus terabyte per disc product. Seagate is entering a period of structural growth driven by durable demand, Mosaic products, and strategy for margin expansion, cash flow, and value creation. The company works closely with customers on technology roadmap alignment. Global team delivered strong quarter, and suppliers, customers, and shareholders are supported.
Guidance
Seagate expects June quarter revenue to be in the range of $3.45 billion, plus or minus $100 million, representing a 41% year-over-year improvement at midpoint. Non-GAAP operating expenses expected to be ~$295 million, non-GAAP operating margin in lower 40% range, and non-GAAP EPS expected to be $5, plus or minus 20 cents. Confident in delivering quarterly revenue growth and margin expansion through fiscal 2027.
Segment performance
In the March quarter, Seagate grew revenue 44% year over year to $3.1 billion. Non-GAAP gross margin was 47%, up 480 basis points sequentially. Non-GAAP operating margin was 37.5%, up 560 basis points sequentially. Data center market accounted for 88% of exabyte shipments and 80% of revenue, with data center revenue totaling $2.5 billion. Edge IoT markets made up 20% of revenue at $612 million.
Risks & headwinds
Geopolitical tensions, including Middle East conflict, could potentially impact the business, but teams are monitoring and mitigating supply and logistic disruptions. Also, actual results may differ from forward-looking statements due to risks and uncertainties associated with the business, as outlined in SEC filings.
Analyst Q&A
Q: Eric Woodring with Morgan Stanley asked about tailwinds from agentic AI to HDD demand and impact on mid-20% near-line exit.
A: Dave and Gianluca responded on how agentic AI references large data sets and unstructured data driving storage tier hits, and on the near-line exit related to Mosaic products.
Q: Asya Merchant with Citigroup asked about cost reductions and Hammer targets.
A: Dave and Gianluca discussed cost reductions from mix to higher capacity drives and full manufacturing utilization, and Hammer targets with Mosaic 4 expected to be majority of exabyte shipments exiting calendar 2026.
Q: Sonic Chatterjee with JP Morgan asked about pricing trends.
A: Dave and Gianluca talked about demand dictating pricing, current pricing strategy, and confidence in increasing profit and revenue through fiscal 2027.
Q: CJ Muse with Cancer Fitzgerald asked about agentic AI impact on product roadmap and supporting demand via aerial density.
A: Dave responded on architectures still driven by capacity per spindle as highest priority, and agentic AI needing historical data for compliance benefiting the business.
Q: Wamsi Mohan with Bank of America asked about cash flow deployment and pricing lock-in for fiscal 27.
A: Gianluca and Dave discussed focus on reducing debt, returning value to shareholders, and majority of near-line capacity allocated for fiscal 27.
Q: Chris Sankar with TD Cowen asked about mid-20% exabyte growth being from capacity per unit.
A: Dave responded on focus on aerial density for increasing capacity per unit rather than increasing units, with team focused on driving efficiencies through technology innovation.
Q: Mark Newman with Bernstein asked about pricing acceleration.
A: Dave and Gianluca stated no change in pricing strategy, with pricing depending on new contracts and mix, and same trend expected for fiscal 27.
Q: Jim Schneider with Goldman Sachs asked about price per exabyte growth for longer-dated orders.
A: Dave and Gianluca talked about new products, higher capacity products, and demand driving pricing, with focus on predictability and negotiating with customers.
Q: Amit Daryanani with Evercore asked about gross margin drivers and 70% incremental gross margin framework.
A: Dave and Gianluca discussed strong demand, outperformance from pricing, mix, and shift to Hammer, with confidence in continuing performance.
Q: Aaron Rakers with Wells Fargo asked about OpEx trajectory.
A: Dave and Gianluca stated OpEx expected to be relatively flat on dollar basis.
Q: Timothy Arcuri with UBS asked about units growth.
A: Dave responded on not growing units, with mix having more heads per drive, and total units not increasing unless edge resurgence.
Q: Carl Ackerman with BNP Paribas asked about Hammer exceeding half of total exabyte shipments.
A: Gianluca clarified on percentages of exabyte built on MR drive by end of fiscal 27 and ramp on Mosaic 4 Plus.
Q: Vijay Rakesh with Mizuho asked about margin impact from Hammer mix, utilization, price, and Mosaic 5.
A: Dave responded on cost leverage from holding line on bill of materials, technology investment, and exabyte output driving margins.
Q: Steven Fox with Fox Advisors asked about cost differential between HDDs per gigabyte and NAND.
A: Dave responded on NAND having niches, but hard drives' architectures sticky in data center storage tiers.
Q: Ananda Barua with Loop Capital asked about using Hammer to go down to lower capacity points.
A: Dave responded on high demand for Mosaic 4 at high end, and Mosaic 5 changing economics, with potential to address lower capacity markets later.
Q: Tom O'Malley with Barclays asked about prepayments in contracts.
A: Dave and Gianluca stated focus on predictability of shipments and pricing strategy, with no current focus on prepayments but not excluding in future.