Seagate is held in the US Growth Portfolio, where it currently ranks second in momentum. The company reported fiscal fourth quarter and full year results after the close on Tuesday 28 July. Quarterly revenue rose 48 percent year on year to $3.63 billion, ahead of the roughly $3.49 billion consensus. Non-GAAP diluted earnings per share of $5.71 beat the $5.09 estimate by 62 cents, and compares with $2.59 in the same quarter last year. GAAP diluted EPS came in at $5.58.

Margins carried the quarter. Non-GAAP gross margin reached 52.7 percent, up from 37.9 percent a year ago, and the non-GAAP operating margin hit 44.6 percent against 26.2 percent. Operating expenses stayed close to flat, so almost all of the incremental revenue dropped through. Seagate generated $1.3 billion in operating cash flow and $1.1 billion in free cash flow during the quarter, retired $302 million of debt and returned $283 million to shareholders. The board declared a quarterly dividend of $0.74 per share, payable 7 October to holders of record on 24 September. 

For the full year, revenue of $12.2 billion was up 34 percent, non-GAAP EPS was $15.58 against $8.10 in fiscal 2025, and free cash flow reached $3.1 billion versus $818 million. Total debt fell $1.4 billion over the year to $3.6 billion, and shareholders’ equity swung from a $453 million deficit to $2.2 billion positive. 

The guidance is what moved the stock. Management pointed to fiscal first quarter revenue of $4.1 billion plus or minus $100 million and non-GAAP EPS of $7.30 plus or minus $0.20, roughly 9 percent and 24 percent above consensus respectively. Chair and chief executive Dave Mosley attributed the run to “robust cloud data center demand and disciplined execution” and said the company expects “durable long-term demand for mass capacity storage” served by its Mozaic platform and HAMR roadmap. Exabyte shipment detail sits in the separate supplemental financial information document rather than the earnings release. 

Shares closed the regular session down 8.5 percent at $747.30, part of a broader pullback ahead of the print, then rose 7.3 percent in extended trading to $802.01 before drifting back toward $780. Options pricing had implied a move of roughly 18 percent either way. The median analyst price target sits at $1,000, with a spread from $680 to $1,600.