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Mar 28, 2025
Seagate Q3 2025 Earnings Report
Seagate delivered solid growth in Q3 2025 with strong profitability and margin expansion.
Key Takeaways
Seagate achieved year-on-year revenue and profitability growth, with non-GAAP EPS at the top of guidance, reflecting a healthy supply/demand environment and strategic operational improvements.
Revenue reached $2.16 billion, growing strongly year-over-year.
Non-GAAP EPS was $1.90, exceeding expectations.
Net Income surged to $340 million compared to $25 million a year ago.
Free cash flow remained strong at $216 million.
Forward Guidance
Seagate expects continued growth in Q4 2025, supported by strong cloud demand and technology leadership, but acknowledges macroeconomic uncertainties.
Positive Outlook
- Revenue guidance midpoint at $2.40 billion.
- Non-GAAP EPS guidance midpoint at $2.40.
- Minimal expected impact from global tariff changes.
- Continued ramp-up of HAMR product shipments.
- Strong visibility into cloud customer demand.
Challenges Ahead
- Potential macroeconomic volatility could impact demand.
- Exposure to global trade and tariff policy risks.
- Ongoing restructuring and transformation costs.
- Uncertain timing of market recovery in enterprise sectors.
- Dependence on favorable supply/demand balance for mass capacity storage.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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