Seagate Technology Holdings (STX) Company Report

Strong Q2 2026 financial performance: Revenue of $2.83 billion (+7% sequentially, +22% year-over-year); non-GAAP gross margin of 42.2%; non-GAAP operating margin of 31.9%; and non-GAAP EPS of $3.11.
Record exabyte shipments: 190 EB shipped (+26% year-over-year), with 165 EB to data center customers (+31% year-over-year) and average cloud nearline drive capacity of ~26 TB.
Robust cash flow and balance sheet actions: $607 million free cash flow generated (+42% quarter-over-quarter), $500 million of gross debt retired, net leverage at 1.1×, and $2.3 billion of total liquidity at quarter end.
March quarter guidance: Revenue of $2.9 billion ± $100 million (midpoint +34% year-over-year), non-GAAP EPS of $3.40 ± $0.20, and expected non-GAAP operating margin in the mid-30s%.

7 days ago

Transcript

Seagate posts Q2 2026 results

STX

Earnings

Guidance Update

Seagate reported Q2 revenue of $2.83 billion, up 7% sequentially and 22% year-over-year; non-GAAP gross margin was 42.2%, operating margin 31.9%, and EPS $3.11.
The company shipped 190 exabytes in the quarter (+26% YoY), with 165 exabytes to the data center market (87% of volume, +31% YoY).
Q2 free cash flow was $607 million, the company returned $154 million to shareholders and retired approximately $500 million of exchangeable notes, reducing gross debt to $4.5 billion and net leverage to 1.1×.
March-quarter guidance calls for revenue of $2.9 billion ± $100 million (mid-34% YoY growth) and non-GAAP EPS of $3.40 ± $0.20.

7 days ago

Transcript

Seagate reports Q2 2026 results

STX

Earnings

Guidance Update

Revenue of $2.83 B (+7% QoQ, +22% YoY), non-GAAP gross margin of 42.2% (+210 bps QoQ) and EPS of $3.11 in the December quarter
190 EB shipped (+26% YoY) with 87% volume in data center and average cloud nearline capacity of ~26 TB per drive
HAMR shipments exceeded 1.5 M units in Q4, including 3 TB/disk Mozaic products to first CSP, with Mozaic 4 TB/disk qualifications on track
$607 M free cash flow, $500 M debt retired, and net leverage improved to 1.1×, with $1 B cash and $2.3 B total liquidity
Q3 revenue guidance of $2.9 B ± $100 M (midpoint +34% YoY) and EPS of $3.40 ± $0.20

7 days ago

Transcript

Seagate Technology reports Q2 FY26 results

STX

Earnings

Guidance Update

Revenue grew 22% YoY to $2.83 billion, surpassing the high end of guidance
Non-GAAP gross margin expanded to 42.2%, up ~670 bps YoY, and operating margin reached 31.9%
Data Center revenue rose 28% YoY to $2.2 billion on strong cloud demand
Generated record free cash flow of $607 million, up 42% sequentially
Q3 FY26 guidance: revenue of $2.90 billion ± $0.10 billion and non-GAAP EPS of $3.40 ± $0.20

7 days ago

Presentation

Seagate Technology reports Q2 2026 results

STX

Earnings

Dividends

Guidance Update

Revenue of $2.83 billion; GAAP gross margin 41.6% (non-GAAP 42.2%); GAAP EPS $2.60 (non-GAAP $3.11)
Cash flow from operations of $723 million and free cash flow $607 million; retired $500 million of Exchangeable Senior Notes and declared a quarterly dividend of $0.74 per share
Fiscal Q3 2026 guidance: revenue of $2.90 billion ± $100 million and non-GAAP EPS of $3.40 ± $0.20

7 days ago

8-K

Seagate Technology reports fiscal Q2 2026 results

STX

Earnings

Guidance Update

Dividends

Seagate posted $2.83 billion in revenue, 41.6% GAAP gross margin (42.2% non-GAAP), and GAAP diluted EPS of $2.60 (non-GAAP $3.11) for Q2 2026.
Generated $723 million in operating cash flow and $607 million in free cash flow; retired $500 million of 2028 Exchangeable Senior Notes and held $1.0 billion in cash and equivalents at quarter end.
Declared a $0.74 per share quarterly cash dividend payable April 8, 2026.
Provided Q3 2026 guidance of $2.90 billion revenue (± $100 million) and non-GAAP diluted EPS of $3.40 (± $0.20).

7 days ago

Press Release

Seagate launches 32TB drives for AI video analytics

STX

Product Launch

Seagate begins global shipping of 32TB capacities across its SkyHawk AI, Exos, and IronWolf Pro portfolios to channel and retail partners starting January 14.
Debuted at Intersec 2026 in Dubai, the drives address an AI-driven video analytics surge—IDC forecasts over 75% of organizations expect video data to at least double within five years.
Recommended retail prices are $699.99 for SkyHawk AI, $729.99 for Exos, and $849.99 for IronWolf Pro.
Built on CMR and Mozaic technologies, the new drives deliver enterprise-grade capacity and performance with 5-year limited warranties and data recovery services.

Jan 12, 2026, 11:01 AM

Press Release

Seagate outlines strong demand, supply discipline, and HAMR roadmap

STX

Demand Inflection: Exabyte demand has surpassed the 25% growth forecast at May investor day, driven by video (including AI video) and emerging applications like autonomous driving and robotics.
Supply Discipline: Industry product roadmap supports ~25% exabyte growth without increasing unit shipments; firm purchase orders cover the next 4–5 quarters, with LTAs extending into 2027+ for capacity planning.
HAMR Technology Roadmap: Transitioning from 30 TB gen1 HAMR to 40 TB gen2 in H1 2026, aiming for 70% exabyte share by end of FY 2027, with subsequent plans for 50 TB and 100 TB drives to improve cost-per-TB and profitability.
Qualification Timelines: After initial intensive testing for HAMR, subsequent customer qualifications proceed on a normal 2–3 quarter cadence; gen2 HAMR is not expected to face additional delays.

Dec 9, 2025, 2:30 PM

Transcript

Seagate outlines supply tightness, HAMR ramp and capital return plans at UBS 2025 Global Technology and AI Conference

STX

Share Buyback

Demand has exceeded supply for over two years, with Seagate focusing on increasing exabytes via higher-capacity HAMR drives rather than units.
The company is booked through 2026 and into 2027, yet HDDs remain downstream of other data-center constraints and are not currently a build-out bottleneck.
HAMR adoption is accelerating: five cloud providers qualified (plus two more in H1 2026), targeting 40% of exabytes from HAMR by June 2026 and 70% by June 2027.
Seagate has doubled gross margin in 10 quarters, driven primarily by mix shift to higher-capacity drives and consistent pricing.
Net debt reduced from $6 billion to $4.5 billion, with further convertible pay-downs and plans to increase share repurchases and dividends.

Dec 1, 2025, 9:15 PM

Transcript

Seagate outlines supply constraints and HAMR ramp at UBS 2025 Global Tech and AI Conference

STX

Share Buyback

Dividends

Seagate has faced over two years of supply-demand tightness and continues to prioritize exabytes over unit shipments without expanding production capacity.
The company expects 40% of its exabyte shipments to be HAMR-based by the end of fiscal 2026 and 70% by the end of fiscal 2027 as customer qualifications accelerate.
Over the past 10 quarters, Seagate has doubled its gross margin, driven mainly by mix shifts to higher-capacity drives and a consistent pricing strategy.
Seagate reduced net debt from $6 billion to $4.5 billion, has begun converting remaining convertibles, and plans to ramp up share buybacks following a recent dividend increase.

Dec 1, 2025, 9:15 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for Seagate Technology Holdings.

Q2 2026

Jan 27, 2026

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Q1 2026

Oct 28, 2025

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Q4 2025

Jul 29, 2025

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Seagate Technology Holdings (STX)

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