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Sentiment · FY2026 Q4
Seagate raised its annual revenue growth target to a minimum of 20% over the next few years as revenue surged 44% to $3.1 billion with record gross margin of 47% and non-GAAP EPS of $4.10, up 115% year-over-year. The Mozaic 4+ HAMR platform ramp accelerated while nearline capacity was allocated through calendar 2027 and free cash flow approached $1 billion. Data center revenue grew 55% with enterprise AI momentum building alongside the AI inference inflection, and Fitch upgraded the company to investment grade.
Demand | Product Launch | Margin | Pricing | Revenue Growth | Supply Chain | Competitive Dynamics | Innovation & R&D | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 4 | 5 | 5 | 1 | 3 | 4 | 2 | 4 |
| 2025Q3 | 5 | 2 | 2 | 2 | 4 | 4 | 1 | 1 |
| 2025Q4 | 5 | 6 | 3 | 2 | 4 | 3 | ||
| 2026Q1 | 9 | 4 | 4 | 4 | 2 | 3 | 2 | 3 |
| 2026Q2 | 3 | 5 | 7 | 6 | 1 | 2 | 2 | 1 |
| 2026Q3 | 4 | 3 | 3 | 6 | 2 | 1 | 3 | 2 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 5 | 5 | 9 | 3 | 4 |
| Product Launch | 5 | 2 | 6 | 4 | 5 | 3 |
| Margin | 5 | 2 | 3 | 4 | 7 | 3 |
| Pricing | 1 | 2 | 2 | 4 | 6 | 6 |
| Revenue Growth | 3 | 4 | 4 | 2 | 1 | 2 |
| Supply Chain | 4 | 4 | 3 | 2 | 1 | |
| Competitive Dynamics | 2 | 1 | 3 | 2 | 2 | 3 |
| Innovation & R&D | 4 | 1 | 3 | 1 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $2.17B | +49.1% | $1.41 | +260.2% | 18.6% | 14.1% | $27M |
| FY2025 Q2 | $2.33B | +49.5% | $1.55 | +1805.2% | 21.0% | 14.5% | $150M |
| FY2025 Q3 | $2.16B | +30.5% | $1.57 | +1208.3% | 20.0% |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wamsi Mohan | Bank of America | 8 (13%) |
| Amit Daryanani | Evercore ISI | 7 (0%) |
| Erik Woodring | Morgan Stanley |
| 15.7% |
| $216M |
| FY2025 Q4 | $2.44B | +29.5% | $2.24 | -6.3% | 23.2% | 20.0% | $425M |
| FY2026 Q1 | $2.63B | +21.3% | $2.43 | +72.3% | 26.9% | 20.9% | $427M |
| FY2026 Q2 | $2.83B | +21.5% | $2.60 | +67.7% | 29.9% | 21.0% | $828M |
| FY2026 Q3 | $3.11B | +44.1% | $3.27 | +108.3% | 32.1% | 24.0% | $953M |
| FY2026 Q4 | $3.63B | +48.5% | $5.58 | +149.1% | 43.0% | 35.7% | — |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| CJ Muse | Cantor Fitzgerald | 7 (14%) |
| Vijay Rakesh | Mizuho Securities | 7 (0%) |
| Asiya Merchant | Citigroup | 7 (0%) |
| Ananda Baruah | Loop Capital | 7 (0%) |
| Steven Fox | Fox Advisors | 6 (0%) |
| Tim Arcuri | UBS | 6 (17%) |
| Aaron Rakers | Wells Fargo | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 8 (13%) |
| Morgan Stanley | 1 | 7 (29%) |
| Evercore ISI | 1 | 7 (0%) |
| Loop Capital | 1 | 7 (0%) |
| Cantor Fitzgerald | 1 | 7 (14%) |
| Citigroup | 1 | 7 (0%) |
| Mizuho Securities | 1 | 7 (0%) |
| TD Cowen | 2 | 7 (0%) |
What STX and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Seagate, for example, is modernizing its data foundation to better support its mission of powering data-driven innovation at global scale.”
Seagate is modernizing its data foundation on Snowflake, a read-through on its move off legacy infrastructure.
“I know you announced a partnership with NVIDIA.”
An analyst references Seagate's announced partnership with NVIDIA in the context of large-scale AI data-lake storage demand.
“Fitch recently upgraded Seagate credit to investment grade, recognizing our strengthening balance sheet and profitability expansion.”
Fitch upgraded Seagate to investment grade, citing its strengthening balance sheet and profitability expansion.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
STX Seagate Technology Holdings | 10 | +44.1% | |
| ANET Arista Networks | 9 | +35.1% | |
| DELL Dell Technologies | 10 | +40.2% | |
| HPQ HP Inc. | 5 | +6.9% | |
| IONQ IonQ, Inc. | 9 | +754.7% | |
| NTAP NetApp | 8 | +4.4% | |
| QBTS D-Wave Quantum Inc. | 2 | -81.0% | |
| RGTI Rigetti Computing, Inc. | 8 | +198.9% | |
| SMCI Supermicro | 7 | +122.7% | |
| WDC Western Digital | 9 | +45.5% |