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STX · FQ4 2026
Archived report (FQ4 2026). Latest deep dive →
The quarter in brief
A blowout quarter — revenue up 48% and operating margin nearly doubled to 43.0% on booming cloud data-center demand for mass-capacity storage, with record annual free cash flow and guidance pointing even higher.
Net Income
$1,294M
up 165% y/y
Revenue
$3,629M
up 48.5% y/y
Operating Profit
$1,559M
up 174% y/y
Gross Profit
$1,898M
up 108% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Revenue | $3,629 · +48.5% |
| Cost of Revenue | $1,731 · +13% |
| Gross Profit | $1,898 · +108% · 52.3% margin (was 37.4%) |
| Product Development | $188 · +5% |
| Marketing & Admin | $147 · -5% |
| Restructuring & Other | $4 |
| Operating Profit | $1,559 · +174% · 43.0% margin (was 23.2%) |
| Net Financial Items | $54 · net cost · Interest exp $64 less interest income $10; debt loss $10 offset by other +$10 |
| Pretax Income | $1,505 · +206% |
| Income Taxes | $211 · ≈14.0% rate (was $4M) |
| Net Income | $1,294 · +165% · Diluted EPS $5.58 · +149% |
Verdict: a blowout quarter — revenue up 48% and operating margin nearly doubled to 43.0% on booming cloud data-center demand for mass-capacity storage, with record annual free cash flow and guidance pointing even higher.
OCF $1,305M · FCF $1,118M · dividends + buybacks $283M in FQ4 · $302M debt retired in FQ4 ($1.4B in FY26, total debt $3.6B) · dividend raised to $0.74/sh · FY26 FCF record $3,105M.
Source and notation
* marks non-cash / ≈ estimated. Source: Seagate press release, 8-K EX-99.1 (SEC EDGAR).
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Chart: “STX FQ4 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/stx/fq4-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/stx/fq4-2026"><img src="https://whoreportstoday.com/t/stx/fq4-2026/sankey.png" alt="STX FQ4 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/stx/fq4-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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- Revenue grew 48.5% y/y to $3,629M while cost of revenue rose only 13% — gross margin jumped from 37.4% to 52.3% (+14.9 pp), the core of the profit explosion.
- Fiscal year 2026: revenue $12.2B (+34%), GAAP EPS $13.90 (vs $6.77), and record free cash flow of $3.1B; management credits cloud data-center demand and the HAMR-based Mozaic platform.
- Net income growth (+165%) understates pretax growth (+206%): the year-ago quarter had an unusually low $4M tax provision, while this quarter's tax was $211M (≈14% effective rate).
- Balance sheet repaired: shareholders' equity swung from a $453M deficit a year ago to positive $2,167M, with total debt down to $3.6B and cash up to $1.7B.
- Guidance for fiscal Q1 2027 is $4.1B ± $100M revenue and non-GAAP EPS $7.30 ± $0.20 — well above the just-reported quarter, implying continued acceleration.
- Non-GAAP net income of $1,319M (EPS $5.71) is close to GAAP this quarter — the main add-back is $54M of share-based compensation; no segment breakdown is given in the release (detail lives in the supplemental document).
What distorts the picture in this report and what to watch beyond the headlines.
STX — Seagate Technology Holdings designs, manufactures, and sells data storage devices, including hard disk drives and solid-state drives for enterprise and consumer markets.
It is headquartered in Dublin, Ireland.
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