Analyst Consensus ?
ConsensusHold51 ratings
Bullish2956.9%
Neutral1835.3%
Bearish47.8%
1 unmapped firm rating excluded from the percentages.
Seagate Technology Holdings plc · STX · FY2025 Q2 · Calendar Q1 2025
Seagate sees strong cloud storage demand, with a temporary supply constraint
The supplied analysis supports a constructive operating trajectory for Seagate: strong cloud and AI-related storage demand, HAMR progress, and capital discipline are positives, while the near-term supply constraint and dependence on hyperscale demand remain material checks.
Reported Before market openNASDAQTechnology
$168.90B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $1.87
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $2.32B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+3.7%
Event window
SPY move
+0.9%
Same window
Abnormal move
+2.8%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
+1.7%
Up to 20 sessions
STXSPY benchmark
Ask FN2 about STX FY2025 Q2
Transcript, numbers and history already loaded
What drove STX's +3.7% move after FY2025 Q2 earnings?What changed in STX's guidance and outlook in FY2025 Q2?Give me the bull and bear case for STX after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, the analysis points to continued strong demand and further Mozaic progress, including sampling of drives up to 36 TB. The main negative change is a temporary production issue expected to reduce March-quarter revenue by about $200 million.
Guidance delta
Management maintained its fiscal 2025 outlook while identifying a temporary $200 million March-quarter supply constraint.
Key takeaways
- Cloud and edge demand, including AI-related data growth, supported nearline and mass-capacity HDD demand.
- Mozaic HAMR drives were sampled at capacities up to 36 TB, with management expecting the technology to support capacity growth and margins.
- Free cash flow improved, debt declined, and capex was planned at the low end of the long-term range.
Management priorities
- Ramp Mozaic HAMR drives and qualify additional cloud customers.
- Expand shipments of 24–28 TB PMR platforms.
- Maintain disciplined capex while pursuing exabyte growth and customer total-cost-of-ownership benefits.
Follow STX with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$753.25Current
$65Low
$512.46Average
$1,600High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 13, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Overweight | Overweight | Maintain | Jul 30, 2026 |
| Argus Research | Buy | Buy | Maintain | Jul 30, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Jul 29, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 29, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Jul 29, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Jul 29, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 29, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Jul 29, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 1, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 8, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 12, 2026 |
| UBS | Neutral | Neutral | Maintain | Apr 29, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Mar 31, 2026 |
| Baird | Outperform | Outperform | Maintain | Jan 29, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 28, 2026 |
| Loop Capital | Buy | Buy | Maintain | Nov 10, 2025 |
| Benchmark | Buy | Buy | Maintain | Oct 29, 2025 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Jan 22, 2025 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Jan 11, 2024 |
| Summit Insights Group | Sell | Buy | Downgrade | Jul 27, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Jul 27, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Apr 21, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Jan 26, 2023 |
| Stifel | Buy | Buy | Maintain | Sep 1, 2022 |
| Fox Advisors | Equal Weight | Overweight | Downgrade | Jul 22, 2022 |
| Craig-Hallum | Hold | Buy | Downgrade | Jul 22, 2022 |
| CFRA | Hold | Hold | Maintain | Apr 23, 2020 |
| Stifel Nicolaus | Buy | Hold | Upgrade | Feb 3, 2020 |
| Bank of America | Underperform | Underperform | Maintain | Nov 4, 2019 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Nov 5, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Jefferies | Hold | Buy | Downgrade | Sep 11, 2017 |
| BMO Capital | Market Perform | Market Perform | Maintain | Jul 26, 2017 |
| Aegis Capital | Buy | Buy | Maintain | Jun 13, 2017 |
| Longbow Research | Buy | Neutral | Upgrade | Apr 11, 2017 |
| Guggenheim | Neutral | Neutral | Maintain | Jan 4, 2017 |
| Brean Capital | Buy | Buy | Maintain | Oct 12, 2016 |
| Needham | Strong Buy | Buy | Upgrade | Oct 11, 2016 |
| BTIG Research | Buy | Buy | Maintain | Oct 7, 2016 |
| Maxim Group | Hold | Hold | Maintain | May 2, 2016 |
| Pacific Crest | Overweight | Downgrade | Oct 16, 2015 | |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Sep 28, 2015 |
| S&P Capital IQ | Sell | Hold | Downgrade | Jan 23, 2014 |
| Cross Research | Hold | Buy | Downgrade | Jan 2, 2014 |
| PiperJaffray | Neutral | Neutral | Maintain | Jul 8, 2013 |
| FBN Securities | Sector Perform | Outperform | Downgrade | Jan 29, 2013 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Jan 29, 2013 |
| Lazard | Buy | Buy | Maintain | Aug 9, 2012 |
| Bank oferica | Neutral | Neutral | Maintain | Apr 27, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $753.25. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Analyst unavailable | $900 | $883.66 | +19.5% | Jul 30, 2026 |
| Barclays | Tom O'Malley | $1,250 | $761.03 | +65.9% | Jul 29, 2026 |
| Wedbush | Analyst unavailable | $1,000 | $760.45 | +32.8% | Jul 29, 2026 |
| Bernstein | Mark Newman | $1,350 | $759.51 | +79.2% | Jul 29, 2026 |
| Susquehanna | Analyst unavailable | $875 | $747.3 | +16.2% | Jul 29, 2026 |
| Robert W. Baird | Analyst unavailable | $1,080 | $747.3 | +43.4% | Jul 29, 2026 |
| Morgan Stanley | Erik Woodring | $1,187 | $747.3 | +57.6% | Jul 29, 2026 |
| Goldman Sachs | James Schneider | $960 | $747.3 | +27.4% | Jul 28, 2026 |
| UBS | Timothy Arcuri | $860 | $862.07 | +14.2% | Jul 13, 2026 |
| Wells Fargo | Aaron Rakers | $1,100 | $890.09 | +46.0% | Jul 10, 2026 |
| Susquehanna | Analyst unavailable | $775 | $843.09 | +2.9% | Jul 8, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $1,300 | $899.9 | +72.6% | Jun 29, 2026 |
| Melius Research | Ben Reitzes | $1,600 | $899.9 | +112.4% | Jun 29, 2026 |
| Morgan Stanley | Analyst unavailable | $1,035 | $1,000.62 | +37.4% | Jun 15, 2026 |
| Mizuho Securities | Analyst unavailable | $1,090 | $847.47 | +44.7% | Jun 8, 2026 |
| Wells Fargo | Analyst unavailable | $900 | $879.8 | +19.5% | Jun 1, 2026 |
| Barclays | Tom O'Malley | $1,000 | $845.76 | +32.8% | May 27, 2026 |
| Evercore ISI | Analyst unavailable | $1,000 | $806.75 | +32.8% | May 12, 2026 |
| Mizuho Securities | Analyst unavailable | $875 | $771.01 | +16.2% | May 6, 2026 |
| Morgan Stanley | Analyst unavailable | $767 | $675 | +1.8% | Apr 29, 2026 |
| Evercore ISI | Analyst unavailable | $750 | $669.2 | -0.4% | Apr 29, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $1,000 | $579.03 | +32.8% | Apr 29, 2026 |
| Susquehanna | Analyst unavailable | $615 | $579.03 | -18.4% | Apr 29, 2026 |
| Wedbush | Analyst unavailable | $825 | $579.03 | +9.5% | Apr 29, 2026 |
| Goldman Sachs | Analyst unavailable | $700 | $579.03 | -7.1% | Apr 29, 2026 |
| Barclays | Tom O'Malley | $750 | $579.03 | -0.4% | Apr 29, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $700 | $586.25 | -7.1% | Apr 27, 2026 |
| UBS | Analyst unavailable | $515 | $539.75 | -31.6% | Apr 21, 2026 |
| Evercore ISI | Analyst unavailable | $550 | $496.3 | -27.0% | Apr 8, 2026 |
| Mizuho Securities | Analyst unavailable | $475 | $425.99 | -36.9% | Feb 17, 2026 |
| UBS | Analyst unavailable | $440 | $431.23 | -41.6% | Feb 9, 2026 |
| Robert W. Baird | Tristan Gerra | $505 | $444.38 | -33.0% | Jan 29, 2026 |
| Bernstein | Analyst unavailable | $500 | $442.93 | -33.6% | Jan 29, 2026 |
| Morgan Stanley | Analyst unavailable | $468 | $429.8 | -37.9% | Jan 28, 2026 |
| Mizuho Securities | Analyst unavailable | $440 | $429.24 | -41.6% | Jan 28, 2026 |
| Goldman Sachs | James Schneider | $385 | $429.36 | -48.9% | Jan 28, 2026 |
| KeyBanc | Analyst unavailable | $500 | $433.5 | -33.6% | Jan 28, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $500 | $371.76 | -33.6% | Jan 28, 2026 |
| UBS | Timothy Arcuri | $385 | $371.76 | -48.9% | Jan 28, 2026 |
| Wells Fargo | Analyst unavailable | $450 | $371.76 | -40.3% | Jan 28, 2026 |
| Barclays | Tom O'Malley | $425 | $371.76 | -43.6% | Jan 28, 2026 |
| Mizuho Securities | Analyst unavailable | $400 | $358.29 | -46.9% | Jan 27, 2026 |
| Morgan Stanley | Erik Woodring | $372 | $344.22 | -50.6% | Jan 22, 2026 |
| BNP Paribas | Karl Ackerman | $380 | $329.48 | -49.6% | Jan 21, 2026 |
| UBS | Analyst unavailable | $335 | $326.28 | -55.5% | Jan 20, 2026 |
| Susquehanna | Analyst unavailable | $280 | $320.32 | -62.8% | Jan 16, 2026 |
| Barclays | Tom O'Malley | $370 | $312.28 | -50.9% | Jan 15, 2026 |
| Wells Fargo | Analyst unavailable | $360 | $312.28 | -52.2% | Jan 15, 2026 |
| Goldman Sachs | Analyst unavailable | $310 | $284.47 | -58.8% | Jan 9, 2026 |
| Mizuho Securities | Analyst unavailable | $370 | $284.47 | -50.9% | Jan 9, 2026 |
| Morgan Stanley | Erik Woodring | $337 | $288.13 | -55.3% | Dec 17, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $400 | $277.02 | -46.9% | Nov 6, 2025 |
| Wedbush | Analyst unavailable | $290 | $265.62 | -61.5% | Oct 29, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $280 | $262.25 | -62.8% | Oct 29, 2025 |
| Mizuho Securities | Analyst unavailable | $290 | $223 | -61.5% | Oct 29, 2025 |
| Susquehanna | Analyst unavailable | $150 | $223 | -80.1% | Oct 29, 2025 |
| Bernstein | Mark Newman | $275 | $258.33 | -63.5% | Oct 29, 2025 |
| Morgan Stanley | Analyst unavailable | $270 | $258.33 | -64.2% | Oct 29, 2025 |
| Rosenblatt Securities | Kevin Cassidy | $270 | $258.33 | -64.2% | Oct 29, 2025 |
| UBS | Timothy Arcuri | $230 | $223 | -69.5% | Oct 29, 2025 |
| Robert W. Baird | Tristan Gerra | $270 | $223 | -64.2% | Oct 29, 2025 |
| Barclays | Tim Long | $240 | $223 | -68.1% | Oct 29, 2025 |
| UBS | Timothy Arcuri | $235 | $225.4 | -68.8% | Oct 20, 2025 |
| Mizuho Securities | Vijay Rakesh | $280 | $226.03 | -62.8% | Oct 17, 2025 |
| Evercore ISI | Analyst unavailable | $330 | $214.38 | -56.2% | Oct 13, 2025 |
| Wells Fargo | Analyst unavailable | $240 | $214.38 | -68.1% | Oct 13, 2025 |
| Morgan Stanley | Analyst unavailable | $265 | $217.51 | -64.8% | Sep 29, 2025 |
| Mizuho Securities | Analyst unavailable | $245 | $216.64 | -67.5% | Sep 18, 2025 |
| Barclays | Tom O'Malley | $180 | $172.38 | -76.1% | Aug 28, 2025 |
| Robert W. Baird | Analyst unavailable | $188 | $147.42 | -75.0% | Jul 30, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $175 | $147.42 | -76.8% | Jul 30, 2025 |
| Morgan Stanley | Analyst unavailable | $168 | $147.42 | -77.7% | Jul 30, 2025 |
| Mizuho Securities | Vijay Rakesh | $130 | $112.74 | -82.7% | May 23, 2025 |
| Morgan Stanley | Erik Woodring | $140 | $112.74 | -81.4% | May 23, 2025 |
| Wedbush | Matt Bryson | $140 | $91.03 | -81.4% | Apr 30, 2025 |
| Rosenblatt Securities | Kevin Cassidy | $140 | $112.64 | -81.4% | Oct 23, 2024 |
| Goldman Sachs | Toshiya Hari | $112 | $112.64 | -85.1% | Oct 23, 2024 |
| Citigroup | Asiya Merchant | $130 | $112.64 | -82.7% | Oct 23, 2024 |
| Evercore ISI | Amit Daryanani | $135 | $112.64 | -82.1% | Oct 23, 2024 |
| Citigroup | Asiya Merchant | $110 | $100.73 | -85.4% | Sep 4, 2024 |
| Susquehanna | Mehdi Hosseini | $65 | $105.3 | -91.4% | Jul 24, 2024 |
| Morgan Stanley | Erik Woodring | $133 | $105.3 | -82.3% | Jul 24, 2024 |
| Loop Capital Markets | Ananda Baruah | $135 | $105.3 | -82.1% | Jul 24, 2024 |
| Rosenblatt Securities | Kevin Cassidy | $125 | $105.3 | -83.4% | Jul 24, 2024 |
| Barclays | Tom O'Malley | $95 | $105.3 | -87.4% | Jul 24, 2024 |
| UBS | Timothy Arcuri | $110 | $103.88 | -85.4% | Jul 8, 2024 |
| Mizuho Securities | Vijay Rakesh | $110 | $93.71 | -85.4% | May 31, 2024 |
| Wedbush | Matt Bryson | $100 | $85.81 | -86.7% | May 1, 2024 |
| Morgan Stanley | Erik Woodring | $115 | $88.21 | -84.7% | Mar 26, 2024 |
| Cantor Fitzgerald | C J Muse | $170 | $88.16 | -77.4% | Feb 16, 2024 |
| Rosenblatt Securities | Kevin Cassidy | $78 | $85.43 | -89.6% | Dec 14, 2023 |
| Wedbush | Matt Bryson | $55 | $63.96 | -92.7% | Apr 14, 2023 |
| Morgan Stanley | Erik Woodring | $72 | $65.34 | -90.4% | Apr 4, 2023 |
| Rosenblatt Securities | Kevin Cassidy | $75 | $60.43 | -90.0% | Mar 29, 2023 |
| Rosenblatt Securities | Kevin Cassidy | $60 | $51.96 | -92.0% | Oct 27, 2022 |
| Stifel Nicolaus | Analyst unavailable | $97 | $65.92 | -87.1% | Sep 1, 2022 |
| Deutsche Bank | Analyst unavailable | $72 | $65.69 | -90.4% | Sep 1, 2022 |
| Morgan Stanley | Analyst unavailable | $70 | $64.48 | -90.7% | Sep 1, 2022 |
| Rosenblatt Securities | Analyst unavailable | $80 | $66.96 | -89.4% | Sep 1, 2022 |
| Barclays | Analyst unavailable | $65 | $66.96 | -91.4% | Sep 1, 2022 |
| Goldman Sachs | Toshiya Hari | $80 | $76.98 | -89.4% | Jul 27, 2022 |
| Mizuho Securities | Vijay Rakesh | $83 | $76.42 | -89.0% | Jul 22, 2022 |
| Morgan Stanley | Analyst unavailable | $84 | $76.19 | -88.8% | Jul 22, 2022 |
| Deutsche Bank | Analyst unavailable | $75 | $83.61 | -90.0% | Jul 22, 2022 |
| Stifel Nicolaus | Analyst unavailable | $120 | $83.61 | -84.1% | Jul 22, 2022 |
| Morgan Stanley | Analyst unavailable | $89 | $77.58 | -88.2% | Jul 15, 2022 |
| Deutsche Bank | Analyst unavailable | $82 | $75.9 | -89.1% | Jul 15, 2022 |
| Barclays | Tom O’Malley | $70 | $74.21 | -90.7% | Jun 28, 2022 |
| Barclays | Tom O’Malley | $85 | $82.17 | -88.7% | Apr 29, 2022 |
| Susquehanna | Analyst unavailable | $67 | $80.94 | -91.1% | Apr 28, 2022 |
| Rosenblatt Securities | Analyst unavailable | $100 | $81.65 | -86.7% | Apr 28, 2022 |
| Mizuho Securities | Analyst unavailable | $95 | $81.65 | -87.4% | Apr 28, 2022 |
| Deutsche Bank | Analyst unavailable | $95 | $83.73 | -87.4% | Apr 19, 2022 |
| Wells Fargo | Analyst unavailable | $90 | $83.74 | -88.1% | Apr 19, 2022 |
| Stifel Nicolaus | Patrick Ho | $125 | $85.04 | -83.4% | Apr 9, 2022 |
| Mizuho Securities | Vijay Rakesh | $105 | $89.42 | -86.1% | Apr 2, 2022 |
| Morgan Stanley | Katy Huberty | $101 | $90.44 | -86.6% | Mar 16, 2022 |
| Rosenblatt Securities | Kevin Cassidy | $95 | $108.72 | -87.4% | Feb 6, 2022 |
| Benchmark Co. | Mark Miller | $112 | $103.68 | -85.1% | Jan 27, 2022 |
| Susquehanna | Mehdi Hosseini | $93 | $102.91 | -87.7% | Jan 27, 2022 |
| Deutsche Bank | Sidney Ho | $110 | $102.91 | -85.4% | Jan 27, 2022 |
| Citigroup | Jim Suva | $105 | $102.91 | -86.1% | Jan 27, 2022 |
| Cowen & Co. | Karl Ackerman | $120 | $102.91 | -84.1% | Jan 27, 2022 |
| Bank of America Securities | Wamsi Mohan | $130 | $96.44 | -82.7% | Jan 24, 2022 |
| Loop Capital Markets | Ananda Baruah | $130 | $99.68 | -82.7% | Jan 20, 2022 |
| Barclays | Thomas O'Malley | $100 | $112.39 | -86.7% | Jan 12, 2022 |
| Craig-Hallum | Christian Schwab | $112 | $97.14 | -85.1% | Jun 9, 2021 |
Track every rating change on STX the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationSeagate Technology Holdings plc, headquartered in Dublin, Ireland, is a global provider of advanced data storage technology and solutions, with operations spanning Singapore, the United States, the Netherlands, and other international regions. The company's extensive product portfolio encompasses a wide array of mass capacity storage offerings. These include enterprise-grade nearline hard disk drives (HDDs), solid-state drives (SSDs), and complete enterprise nearline systems, alongside specialized HDDs for video and imaging, and network-attached storage (NAS) drives. Beyond these, Seagate also supports legacy systems with Mission Critical HDDs and SSDs.…
Historical context
All STX earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
Get the STX recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-01-08T12:15:05.074415+00:00
- Polygon adjusted daily market bars · 2026-10-13T03:40:43.378751+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-13T03:40:43.375484+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-13. For educational purposes only; not investment advice.