Seagate Technology ( (STX) ) has released its Q1 earnings. Here is a breakdown of the information Seagate Technology presented to its investors.
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Seagate Technology is a prominent player in the data storage industry, known for its innovative mass-capacity storage solutions. The company offers a comprehensive range of storage devices, systems, and services, catering to both edge and cloud environments.
In its fiscal first quarter of 2026, Seagate Technology reported robust financial results, showcasing a significant increase in revenue and earnings per share. The company’s revenue reached $2.63 billion, marking a 21% growth compared to the previous year, while non-GAAP earnings per share exceeded expectations.
Key financial highlights for the quarter include a record GAAP gross margin of 39.4% and non-GAAP gross margin of 40.1%. Seagate also achieved a GAAP diluted earnings per share of $2.43 and a non-GAAP diluted EPS of $2.61. The company generated $532 million in cash flow from operations and returned $182 million to shareholders through dividends and share repurchases.
Seagate’s strategic focus on high-capacity storage products, particularly its Mozaic HAMR products, has been well-received by major cloud customers. This positions the company favorably to capitalize on growing demand driven by AI applications and social media platforms, which are increasingly reliant on data storage solutions.
Looking ahead, Seagate remains optimistic about its growth prospects, with expectations of continued demand strength. The company has provided guidance for the fiscal second quarter of 2026, anticipating revenue of approximately $2.70 billion and non-GAAP diluted EPS of $2.75, reflecting its confidence in sustaining profitable growth.