Stock

# Seagate Technology (STX)

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

Updated Oct 29, 2026

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

- Theme: [Memory and storage](/research/themes/memory-storage)

## Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.
- [Seagate fiscal Q1 2027 results](https://www.sec.gov/Archives/edgar/data/1137789/000113778926000300/stxq12027pressreleasefinan.htm)Primary 2026-10-27
- [Seagate fiscal Q1 2027 earnings call transcript](https://www.fool.com/earnings/call-transcripts/2026/10/28/seagate-stx-q1-2027-earnings-call-transcript/)Secondary 2026-10-28
- [Seagate 8-K: 2026 annual general meeting results](https://www.sec.gov/Archives/edgar/data/1137789/000113778926000305/stx-20261024.htm)Primary 2026-10-28
- [Seagate annual report on Form 10-K, fiscal 2026](https://www.sec.gov/Archives/edgar/data/1137789/000113778926000159/stx-20260703.htm)Primary 2026-08-04
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