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Seagate Technology
Seagate Technology (STX) investor relations material
Seagate Technology Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary27 Jan, 2026
Executive summary
Achieved record quarterly results with revenue reaching $2.83 billion, up 22% year-over-year, driven by strong data center demand and the ramp of HAMR-based Mozaic products.
Gross margin reached 42.2%, up 210 basis points sequentially and 670 basis points year-over-year, with operating margin at 31.9%.
Non-GAAP EPS was $3.11, up 19% quarter-over-quarter and exceeding guidance.
Free cash flow hit $607 million, the highest in eight years, with cash and equivalents over $1 billion and total liquidity of $2.3 billion.
HAMR technology ramped, with Mozaic 3 qualified by all major US CSPs and Mozaic 4 on track for qualification.
Financial highlights
December quarter revenue was $2.83 billion, up 7% sequentially and 22% year-over-year.
Non-GAAP gross margin was 42.2%; non-GAAP operating margin expanded to 31.9%.
Non-GAAP EPS was $3.11; net income for the quarter was $593 million.
Shipped 190 exabytes in the quarter, up 26% year-over-year; data center market accounted for 87% of shipment volume.
Free cash flow was $607 million, up 42% from the prior quarter.
Outlook and guidance
March quarter (Q3FY26) revenue guidance is $2.90 billion ±$100 million, with non-GAAP EPS guidance of $3.40 ±$0.20.
Operating margin expected in the mid-30% range; non-GAAP operating expenses projected at $290 million.
Guidance includes minimal expected impact from global tariff policies and the dilutive impact from Exchangeable Senior Notes due 2028.
Sequential improvement in both top and bottom line expected throughout calendar 2026.
Capital expenditures for FY26 expected to remain within 4%-6% of revenue.
Mozaic 4+ HAMR volume ramp timing?
Why were 2028 notes reclassified as current?
Edge IoT market growth drivers?
Mozaic product ramp's market share impact?
Debt retirement impact on interest expense?
Drivers of operating cash flow increase?
How does HAMR ramp accelerate exabyte growth?
What LTA structure allows for price increases?
What specific AI workloads drive HDD demand?
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Next Seagate Technology earnings date
Q3 202628 Apr, 2026
Seagate Technology
Next Seagate Technology earnings date
Q3 202628 Apr, 2026
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Frequently asked questions
Hard Drive Experts
Seagate Technology Holdings PLC is an American data storage company that develops and manufactures various types of hardware solutions such as hard drives and similar storage devices. The company is one of the largest players in the Hard Disk Drive (HDD) market and its growth has been fuelled by innovation as well as a number of strategic acquisitions over the years. The company is incorporated in Dublin, Ireland, but has its operational headquarters in Fremont, California. Seagate’s shares are traded on the Nasdaq.
A Pioneer
Seagate Technology was founded in 1979 by Alan Shugart and Finis Conner. Marking a significant development in the data storage industry, Seagate introduced the 5MB ST506, the first 5.25-inch hard disk drive, in 1980. This product played a crucial role in the development of the burgeoning microcomputer market, offering a new form of storage that was more compact and suitable for personal computers.
In its early years, Seagate focused on developing and refining hard disk drive technology, capitalizing on the growing demand for data storage solutions that were both reliable and accessible. The company's innovations in the 1980s, such as the introduction of new encoding techniques, were instrumental in increasing the storage capacity and efficiency of hard drives. These innovations helped establish Seagate as a key player in the data storage industry during its formative years.
Notable Acquisitions
Seagate Technology has strategically expanded through several significant acquisitions. One of its most impactful moves came in 1996 when it acquired Conner Peripherals, a prominent hard disk drive manufacturer. This acquisition notably increased Seagate's manufacturing capacity and market share and allowed the company to further accelerate its growth. Another major acquisition occurred in 2006 when Seagate purchased Maxtor Corporation, further solidifying its position in the global hard drive market. In 2011, Seagate entered the Solid-State Drive (SSD) market by acquiring the SSD assets from Samsung's hard disk drive business, diversifying its product range, and enhancing its technological offerings within SSDs.
Its Products Today
Today, Seagate is one of the dominating forces in the hard drive sector together with Western Digital. Its product lineup primarily includes hard disk drives (HDDs) and solid-state drives (SSDs), catering to both consumer and business markets. Seagate's HDDs are used extensively in desktops, laptops, and servers for bulk data storage. The company’s SSD offerings, incorporating the latest in NAND flash technology, are designed for high-speed data access and efficiency, finding applications in personal computing, gaming, and professional environments. Additionally, Seagate offers hybrid drives that combine HDD and SSD technology, external storage drives for personal data backup, and network-attached storage (NAS) systems suited for home and small business users.
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