The earnings call highlighted strong revenue and profitability growth, driven by increased demand in the cloud and successful product advancements such as HAMR. However, supply constraints and seasonal market declines present challenges in the near term.

Company Guidance

During the Seagate Technology Q2 2025 earnings call, the company provided robust guidance marked by a 7% sequential revenue growth in the December quarter, reaching $2.33 billion. The non-GAAP gross margin expanded by 220 basis points to 35.5%, while non-GAAP earnings per share exceeded $2 for the first time in 12 quarters. The growth was driven by a significant uptake in the cloud sector, with nearline product revenue almost doubling year-over-year and showing a near 60% increase for the entire calendar year. The company also reported a 50% year-over-year revenue growth and a fourfold increase in non-GAAP operating income, with mass capacity revenue and exabyte shipments increasing 9% sequentially. Looking ahead, Seagate expects fiscal Q3 revenue to be around $2.1 billion, plus or minus $150 million, with a non-GAAP EPS projected at $1.70, plus or minus $0.20, despite a temporary $200 million revenue impact due to supply constraints. The company remains optimistic about the future, citing strong demand from cloud customers and ongoing advancements in their HAMR-based Mosaic platform, which is expected to drive significant profitable revenue growth in fiscal 2025 and beyond.

Strong Revenue Growth

Seagate achieved a 7% sequential revenue growth in the December quarter, closing calendar 2024 on a strong note.

Non-GAAP Earnings Per Share Achievement

Non-GAAP earnings per share exceeded $2 for the first time in 12 quarters.

Nearline Product Revenue Surge

Nearline product revenue almost doubled year-over-year in the December quarter and showed nearly 60% growth for the entire calendar year.

HAMR Product Milestones

Seagate completed qualification and started ramping HAMR-based products, announcing sampling drives with capacities of up to 36 terabytes.

Operating Income and Margin Growth

Non-GAAP operating income increased by 22% sequentially, with an operating margin of 23.1%.

Gross Margin Improvement

Non-GAAP gross margin expanded by 220 basis points to 35.5%, marking the seventh consecutive quarter of sequential gross margin improvement.

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Seagate Tech (STX) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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STX Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 21, 2021	2021 (Q4)	1.87 / 2.00	1.2	66.67% (+0.80)	―	―
Oct 22, 2021	2022 (Q1)	2.21 / 2.35	0.93	152.69% (+1.42)	―	―
Jan 26, 2022	2022 (Q2)	2.36 / 2.41	1.29	86.82% (+1.12)	―	―
Apr 27, 2022	2022 (Q3)	1.87 / 1.81	1.48	22.30% (+0.33)	―	―
Jul 21, 2022	2022 (Q4)	1.89 / 1.59	2	-20.50% (-0.41)	―	―
Oct 26, 2022	2023 (Q1)	0.71 / 0.48	2.35	-79.57% (-1.87)
Jan 25, 2023	2023 (Q2)	0.09 / 0.16	2.41	-93.36% (-2.25)
Apr 20, 2023	2023 (Q3)	0.25 / -0.28	1.81	-115.47% (-2.09)
Jul 26, 2023	2023 (Q4)	-0.27 / -0.18	1.59	-111.32% (-1.77)
Oct 26, 2023	2024 (Q1)	-0.24 / -0.22	0.48	-145.83% (-0.70)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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STX Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 21, 2025	$101.25	$108.18	+6.84%
Oct 22, 2024	$111.81	$102.76	-8.09%
Jul 23, 2024	$103.82	$108.00	+4.03%
Apr 23, 2024	$84.75	$85.32	+0.67%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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