Seagate Technology

Seagate Technology designs and makes hard disk drives and other mass-capacity data storage products. The data center market gave 81% of revenue in the quarter to October 2, 2026, mainly through high-capacity nearline drives that cloud companies buy. Its Mozaic platform uses heat-assisted magnetic recording (HAMR) to store more data on each disk. It also sells drives and systems for edge and IoT uses, which gave 19% of revenue.

Seagate shipped 220 exabytes of hard drive capacity in that quarter. Revenue was $12.2 billion in fiscal 2026, up 34%. Seagate is a public limited company incorporated in Ireland, and its fiscal year ended on July 3, 2026.

The market prices Seagate for the risk that the present hard drive shortage ends. Revenue grew 61% in Q1 fiscal 2027, the non-GAAP gross margin reached 57.8%, and the data center market gave 81% of revenue. In past cycles, drive prices and margins fell fast when cloud customers slowed their purchases or when the industry added capacity. The share price fell sharply from September to early November 2026, although Seagate guided to higher revenue and EPS for Q2 fiscal 2027.

For the gap to close, three things must be true. Revenue and non-GAAP EPS must meet the Q2 fiscal 2027 guidance of $4.8 billion and $9.20 per share. Gross margins must stay high as Seagate moves more customers to its HAMR-based Mozaic drives. Cloud customers must keep their long-term orders, so that supply and demand stay in balance through 2027.

The Q2 fiscal 2027 report, expected in late January 2027, gives the next test. If these checks pass, the gap can close within about four quarters. The main reason it may not close is a downturn in data center spending, which can cut prices and margins quickly.

1. Oct 27, 2026Passed

   Q1 fiscal 2027 resultsRevenue and non-GAAP EPS at or above the guidance of $4.1 billion and $7.30 pass; results below guidance or a weak outlook fail.Outcome: Revenue was $4.23 billion and non-GAAP EPS was $7.68, above guidance, and Seagate guided to higher revenue and EPS for Q2 fiscal 2027.
2. Jan 26, 2027 · est.Pending

   Q2 fiscal 2027 results: margins and ordersRevenue near $4.8 billion, non-GAAP EPS near $9.20, a stable gross margin and a higher outlook pass; lower prices, a lower margin or weaker guidance fail.

Every passed and failed checkpoint across all picks

• October 27, 2026Seagate reported Q1 fiscal 2027 results. Revenue rose 61% to $4.23 billion, the non-GAAP gross margin was 57.8% and non-GAAP diluted EPS was $7.68, above the guidance of $7.30, plus or minus $0.20. Free cash flow was $1.5 billion. Seagate retired $1.2 billion of debt and raised its quarterly dividend by about 3% to $0.76. For Q2 fiscal 2027, it guided to revenue of $4.8 billion, plus or minus $100 million, and non-GAAP EPS of $9.20, plus or minus $0.20.
• October 15, 2026Seagate redeemed all $750 million of its 9.625% senior notes due 2032. Gross debt fell to about $1.6 billion.
• September 8, 2026Seagate settled exchanges of $150.51 million of its 3.50% exchangeable senior notes due 2028 with 1,647,862 shares and redeemed the rest of these notes for cash.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 26, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Oct 2, 2026Filed October 29, 2026 · stx-20261002
• 8-KShareholder vote resultsFiled October 28, 2026 · stx-20261024
• 8-KEarnings release and Investor disclosureFiled October 27, 2026 · stx-20261027
• 8-KInvestor disclosure and Other company newsFiled September 9, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled September 4, 2026 · stx-20260902
• 10-KAnnual report for the period ended Jul 3, 2026Filed August 4, 2026 · stx-20260703
• 8-KEarnings release and Investor disclosureFiled July 28, 2026 · stx-20260728
• 8-KInvestor disclosure and Other company newsFiled June 12, 2026 · Read it on sec.gov
• 8-KInvestor disclosure and Other company newsFiled May 28, 2026 · Read it on sec.gov
• 8-KInvestor disclosure and Other company newsFiled May 21, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1137789)

• Hard drive demand and prices move in cycles. The data center market gave 81% of revenue in Q1 fiscal 2027. If cloud customers slow their purchases or the industry adds capacity, prices and margins can fall quickly, as in past downturns.
• Seagate depends on the ramp of its HAMR-based Mozaic drives. Delays or low yields can raise costs and give competitors a chance to take share.
• The 10-Q says that the sales cycle for nearline storage is long and hard to predict. This makes it hard to forecast results and manage inventory.
• Seagate makes quarterly payments under a settlement with the U.S. Bureau of Industry and Security over hard drive sales to Huawei from 2020 to 2021. Trade restrictions and tariffs can also limit sales or raise costs.
• Solid state drives and other storage technologies compete with hard drives for some uses. A faster fall in flash prices can move part of the demand away from hard drives.

Seagate cut its debt quickly in 2026. Long-term debt was $2,351 million at October 2, 2026, down from $3,565 million at July 3, 2026, and cash was $1,258 million. Read more

Dividend yield

0.6% (last 12 months, at today’s price of $506.14)

Paid per share

$2.96 in the last 12 months (4 payments)

Current annual rate

$2.96 ($0.74 × 4 a year)

Payout ratio

21% of the last fiscal year’s earnings (the year that ended July 3, 2026)

Latest ex-dividend date

September 24, 2026, $0.74 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 2.0% a year.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.