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Seagate Technology (STX) Q3 2026 Earnings
Reported Apr 28, 2026 at 4:12 PM ET · SEC Source
Q3 26 EPS
$4.10
BEAT +16.94%
Est. $3.51
Q3 26 Revenue
$3.11B
BEAT +5.10%
Est. $2.96B
vs S&P Since Q3 26
+12.7%
BEATING MARKET
STX +16.7% vs S&P +4.1%
Market Reaction
Did STX Beat Earnings? Q3 2026 Results
Seagate Technology delivered a standout fiscal third quarter of 2026, with results that cleared Wall Street's bar by a wide margin and sent shares surging roughly 13% in after-hours trading. The hard disk drive maker posted adjusted EPS of $4.10, bea… Read more Seagate Technology delivered a standout fiscal third quarter of 2026, with results that cleared Wall Street's bar by a wide margin and sent shares surging roughly 13% in after-hours trading. The hard disk drive maker posted adjusted EPS of $4.10, beating the $3.50 consensus estimate by 17.13%, while revenue climbed 44.1% year over year to $3.11 billion, ahead of the $2.96 billion analysts had expected. The driving force behind the expansion was a sharp improvement in margins, with non-GAAP gross margin widening to 47.0% from 36.2% a year ago, reflecting favorable product mix and areal density-driven efficiencies tied to Seagate's HAMR-based Mozaic platform. Cash generation was equally impressive, with free cash flow reaching $953.00 million compared to $216.00 million in the year-ago period, enabling Seagate to retire roughly $641.00 million in debt during the quarter. Looking ahead, management guided fiscal Q4 revenue of $3.45 billion and non-GAAP EPS of $5.00, citing sustained AI-driven storage demand as a continued tailwind.
Key Takeaways
- • AI applications amplifying data creation and supporting sustained storage demand
- • Areal density-driven product strategy delivering higher-capacity, energy- and capital-efficient storage
- • Significant gross margin expansion from 35.2% to 46.5% GAAP year-over-year
- • Strong operating cash flow generation of $1.1 billion in the quarter
STX Forward Guidance & Outlook
For fiscal Q4 2026, Seagate guides revenue of $3.45 billion, plus or minus $100 million, and non-GAAP diluted EPS of $5.00, plus or minus $0.20. Guidance includes the estimated net dilutive impact from Exchangeable Senior Notes due 2028 and assumes minimal expected impact from global tariff policies and/or the current conflict in the Middle East as of the release date. Non-GAAP diluted EPS guidance excludes estimated share-based compensation expenses of $0.23 per share.
STX YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
STX Revenue by Segment
Business unit performance breakdown
“Seagate delivered outstanding March quarter results, exceeding the high end of our revenue and EPS guidance, achieving record margin performance, and generating close to $1 billion in free cash flow.”
— Dave Mosley, Q3 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 | — |