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Jun 27, 2025
Seagate Q4 2025 Earnings Report
Seagate reported strong results with increased revenue, EPS at the high end of guidance, and record gross margins in Q4 2025.
Key Takeaways
Seagate delivered a strong Q4 with 30% revenue growth and record gross margin, driven by cloud demand and HAMR ramp.
Revenue grew to $2.44B in Q4 2025, up from $1.89B the previous year.
GAAP EPS came in at $2.24, while non-GAAP EPS reached $2.59.
Net income totaled $488M for the quarter.
Record gross margin driven by strong cloud demand and operational improvements.
Forward Guidance
Seagate expects Q1 2026 revenue of $2.50B ± $150M and non-GAAP EPS of $2.30 ± $0.20, reflecting continued cloud demand and ongoing execution in HAMR transition.
Positive Outlook
- Strong demand expected from cloud customers
- Continued ramp of HAMR technology
- Estimated minimal impact from global tariff policies
- Improved cost structure entering FY26
- Positive cash flow outlook supported by ongoing operations
Challenges Ahead
- Potential impact from global minimum tax (Pillar Two)
- Expected dilution from 2028 exchangeable notes
- Uncertainty in macroeconomic conditions
- No reconciliation provided for full GAAP guidance
- Volatility in component procurement and demand forecasting
Historical Earnings Impact
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Avg. Return Before/After Earnings
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