Seagate Technology Holdings plc earnings overview

STX FY2026 Q3 · Calendar Q2 2026

Seagate Technology Holdings plc

Seagate's FY2026 Q3 results reflect a structural shift in HDD demand driven by AI and cloud workloads, not merely a cyclical upcycle. Revenue grew 44% YoY to $3.11 billion with EPS of $4.10 (beating the $3.51 consensus by 16.8%), record non-GAAP gross margins, and $953 million in free cash flow -- the highest in over a decade. The Mozaic HAMR platform is ramping on schedule, with Mozaic 4 (44 TB) set to dominate exabyte shipments by calendar 2026 and Mozaic 5 (50 TB) targeted for late 2027. Management raised next-quarter revenue guidance to $3.45 billion with operating margins in the low 40% range, reinforcing the thesis that AI infrastructure spending is translating into sustained mass-capacity storage demand. The stock surged 11.1% on the report and drifted an additional 36.9% over the subsequent period on 3x baseline volume.