Atlas Research Note

Seagate Q3 2026: Exabytes Are Allocated Through 2028, and Price Is Doing the Work

Ben Bajarin · October 28, 2026

Creative Strategies earnings read | October 28, 2026 | Seagate fiscal first-quarter 2027 (September quarter) results and conference call, October 27, 2026 Seagate grew September-quarter revenue 61% from a year earlier to $4.2 billion at a 50.7% operating margin, said the vast majority of its nearline exabyte supply is allocated under long-term agreements through calendar 2028, with some cloud agreements running through 2030, and said the gap between storage demand and supply is growing. Operating view: Seagate grew revenue 61% from a year ago on 21% more exabytes, so most of the growth this quarter came from price, with revenue per terabyte up about a third by our arithmetic. Management was open that this is how it intends to run the business.

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Notes

Seagate Q3 2026: Exabytes Are Allocated Through 2028, and Price Is Doing the Work

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