
Seagate reported Q1 '26 non-GAAP EPS of $2.61, exceeding estimates of $2.40, and revenue of $2.63B, surpassing estimates of $2.55B, with guidance for Q2 '26 revenue of $2.7B (plus or minus $100M) and non-GAAP EPS of $2.75 (plus or minus $0.20).
Bullish
Seagate delivered a strong start to fiscal 2026, with revenue growing 21% year-over-year and non-GAAP gross margins setting a new company record at 40.1%.
Bearish
Seagate is supply limited and is not adding unit capacity; instead, they are focused on product transitions to higher capacity points.