Seagate: Net Profit Up 120% YoYear in Q3FY2026, Annual Revenue Growth Target Raised to at Least 20%

Seagate Technology released its financial results for the third quarter of fiscal 2026 (ending April 3, 2026). During the reporting period, the company achieved revenue of $3.112 billion, a year-over-year increase of 44%; non-GAAP net income stood at $934 million, surging 129% year over year. Its non-GAAP gross margin reached 47%, up 4.8 percentage points quarter-on-quarter, while the non-GAAP operating margin expanded to 37.5%, representing a quarter-on-quarter improvement of 5.6 percentage points.Seagate's strong performance was primarily driven by rising demand for high-capacity hard disk drives fueled by AI and optimized product mix, with notable shipment growth in data center and enterprise-grade storage solutions. Looking ahead to the fourth fiscal quarter, the company projects revenue of $3.45 billion (with a variance of ±$100 million) . Additionally, Seagate CEO Dave Mosley announced during the earnings call that the company has revised its annual revenue growth target upward, from a low double-digit percentage range to at least 20% annually for the next future years.