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Seagate Technology (STX) Q1 2026 Earnings
Reported Oct 28, 2025 at 4:07 PM ET · SEC Source
Q1 26 EPS
$2.61
BEAT +8.75%
Est. $2.40
Q1 26 Revenue
$2.63B
BEAT +3.06%
Est. $2.55B
vs S&P Since Q1 26
+247.2%
BEATING MARKET
STX +255.3% vs S&P +8.1%
Market Reaction
Did STX Beat Earnings? Q1 2026 Results
Seagate Technology delivered a convincing beat across the board in fiscal Q1 2026, as surging demand for high-capacity storage powered revenue of $2.63 billion, up 21.3% year over year and ahead of the $2.55 billion consensus by 3.06%, while non-GAAP… Read more Seagate Technology delivered a convincing beat across the board in fiscal Q1 2026, as surging demand for high-capacity storage powered revenue of $2.63 billion, up 21.3% year over year and ahead of the $2.55 billion consensus by 3.06%, while non-GAAP diluted EPS of $2.61 topped the $2.40 analyst estimate by 8.75%. The headline driver was accelerating adoption of Seagate's Mozaic HAMR technology, now qualified with five of the world's largest cloud customers, which helped lift non-GAAP gross margin to a record 40.1% from 33.3% a year ago and expand non-GAAP operating margin to 29.0% from 20.4%. Free cash flow swelled to $427.00 million from just $27.00 million in the year-ago quarter, underscoring the improving profitability of the ramp. The strong results prompted at least one Wall Street firm to raise its price target on the stock to $400. Looking ahead, Seagate guided fiscal Q2 2026 revenue of $2.70 billion and non-GAAP EPS of $2.75, citing sustained visibility into demand from both cloud infrastructure and emerging AI workloads.
Key Takeaways
- • 21% year-over-year revenue growth driven by robust demand for high-capacity storage products
- • Non-GAAP EPS exceeded the high end of guided range
- • Record GAAP gross margin of 39.4% and non-GAAP gross margin of 40.1%
- • Strong execution in ramping Mozaic HAMR products for cloud customers
- • AI-driven content consumption and generation increasing value of data and storage
STX YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
STX Revenue by Segment
Business unit performance breakdown
“Seagate delivered strong September quarter results, with revenue growth of 21% year-over-year and non-GAAP EPS exceeding the high end of our guided range. Our performance underscores the team's strong execution and robust customer demand for our high-capacity storage products.”
— Dave Mosley, Q1 2026 Earnings Press Release
STX Earnings Trends
STX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
STX EPS Trend
Earnings per share: estimate vs actual
STX Revenue Trend
Quarterly revenue: estimate vs actual
STX Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q3 26 BEAT | $3.51 | $4.10 | +16.94% | $3.11B | +5.10% |
| Q2 26 BEAT | $2.84 | $3.11 | +9.58% | $2.83B | +2.55% |
| Q1 26 BEAT | $2.40 | $2.61 | +8.75% | $2.63B | +3.06% |
| Q4 25 BEAT FY | $2.44 | $2.59 | +6.01% | $2.44B | +0.67% |
| FY Full Year | — | $8.10 | — | $9.10B | — |