Seagate Technology's third quarter 2026 revenue grew 44% YoY, beating estimates on strong AI-driven storage demand.

Seagate reported fiscal third quarter 2026 results that surpassed analyst expectations on both revenue and earnings, driven by strong demand and record margin performance. The company also provided an optimistic outlook for the fourth quarter, guiding for continued sequential growth.

Key Highlights

• Revenue for the fiscal third quarter reached $3.11 billion, an increase of 44% year-over-year and ahead of the $2.94 billion consensus estimate.
• Non-GAAP diluted EPS came in at $4.10, up 116% from the prior year and significantly beating the expected $3.47, aided by a record non-GAAP gross margin of 47.0%.
• The company generated substantial free cash flow of $953 million and retired $641 million in debt during the quarter.
• Management provided strong fiscal fourth quarter guidance with revenue expected to be $3.45 billion and non-GAAP EPS of $5.00 at the respective midpoints.