Seagate Technology Holdings plc Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Date: Fiscal Q4 2026 (ended June 2026) / Full Year FY2026

Financial Highlights (Q4 FY2026)

  • Revenue: $3.6 billion (+17% sequentially from Q3 FY2026; +48% YoY from Q4 FY2025). Exceeded high end of guidance.
  • Non-GAAP Gross Margin: 52.7% (+570 bps sequentially from 47.0% in Q3 FY2026). Expanded for 13th consecutive quarter.
  • Non-GAAP Operating Margin: 44.6% (+710 bps sequentially).
  • Non-GAAP EPS: $5.71 (+39% QoQ; +121% YoY). Exceeded high end of guidance.
  • Free Cash Flow: $1.1 billion (strongest quarter in over a decade; +17% QoQ). FY2026 total FCF: $3.1 billion (record).
  • Exabytes Shipped: 218 EB total (+34% YoY); Data center: 195 EB (+11% QoQ; +43% YoY), representing 89% of total.
  • Data Center Revenue: $2.9 billion (+17% QoQ; +57% YoY).
  • Edge/IoT Revenue: $697 million (+14% QoQ; +20% YoY).

FY2026 Full-Year Performance vs. Prior Year

  • Revenue growth: +34%, driven by cloud/AI demand for mass capacity storage.
  • Non-GAAP gross margin: +10 percentage points YoY.
  • Non-GAAP EPS: +>90% YoY.
  • Record free cash flow: $3.1 billion.
  • Data center now ~90% of nearline exabyte shipments; nearline demand from cloud customers with 3 years of sequential quarterly exabyte growth.

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Operator: Welcome to the Seagate Technology Fiscal Fourth Quarter and Fiscal Year 2026 Conference Call. Please note this event is being recorded. I would now like to turn the conference over to Shanye Hudson, Senior Vice President, Investor Relations. Please go ahead. Shanye Hudson: Thank you. Hello, everyone, and welcome to today's call. Joining me are Dave Mosley, Seagate's Chair and Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer. We've posted our earnings press release and detailed supplemental information for our Q4 and fiscal 2026 year-end results on the Investors section of our website. During today's call, we'll refer to GAAP and non-GAAP measures. Non-GAAP figures are reconciled to GAAP figures in the earnings press release posted on our website and also included on our Form 8-K. We've not reconciled certain non-GAAP outlook measures because material items that may impact these measures are out of our control and/or cannot be reasonably predicted. Therefore, a reconciliation to the corresponding GAAP measures is not available without unreasonable effort. Before we begin, I'd like to remind you that today's call contains forward-looking statements that reflect management's current views and assumptions based on information available to us as of today and should not be relied upon as of any subsequent date. Actual results may differ materially from those contained in or implied by these forward-looking statements as they're subject to risks a

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