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Seagate Technology (STX)

Seagate makes high-capacity hard drives for data centers, and its fiscal Q1 2027 revenue rose 61% to $4.233B.

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Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

What it does

Seagate makes hard disk drives and other mass-capacity storage. Its data center drives go mainly to cloud service providers, OEMs, distributors and large enterprises. It is moving its drives to a recording method called HAMR, sold under the Mozaic name.

Role in the theme

In the Memory and storage theme, Seagate supplies high-capacity hard drives to cloud data centers. The company says hard drives carry the vast majority of exabytes shipped into large data center deployments.

Latest

  • 2026-10-27: Fiscal Q1 2027 (ended 2026-10-02) revenue was $4.233B, up 61% from a year earlier. Non-GAAP gross margin was 57.8% and non-GAAP EPS was $7.68. Free cash flow was $1.5B.
  • 2026-10-27: Guidance for fiscal Q2 is revenue of $4.8B, plus or minus $100M, and non-GAAP EPS of $9.20, plus or minus $0.20. The quarterly dividend rose about 3% to $0.76 per share.
  • 2026-10-27: Seagate retired $1.2B of debt in the quarter and another $750M after it. Gross debt is now $1.6B.
  • 2026-10-27: On the call, data center revenue was $3.4B, or 81% of the total. Management said most nearline supply is allocated under long-term agreements through calendar 2028. Some cloud agreements run to 2030. Mozaic 4 drives are ramping at two large cloud providers.
  • 2026-10-24: All six proposals passed at the annual general meeting, including the election of nine directors.

What to watch

  • More Mozaic 4 customers. Management said it expects more qualifications over the next couple of months.
  • Net cash. Management said it expects to be net cash positive by the end of calendar 2026.
  • Costs. Management said external component costs are much higher than a year ago.
  • Next report: fiscal Q2 2027 results. The date is not announced (not confirmed).

Covered in

Sources

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