Seagate (STX) Q2 2026 Earnings Call Transcript

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Jan. 27, 2026 astatine 5 p.m. ET

• Chair and Chief Executive Officer — William Mosley

• Chief Financial Officer — Gianluca Romano

• Vice President, Investor Relations — Shanye Hudson

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Dave Mosley, Seagate's Chair and Chief Executive Officer; and Gianluca Romano, our Chief Financial Officer. We've posted our net property merchandise and elaborate supplemental accusation for our December 4th results connected the Investors conception of our website. During today's call, we volition notation to GAAP and non-GAAP measures. Non-GAAP figures are reconciled to GAAP figures successful the net property merchandise posted connected our website and included connected our Form 8-K. We've not reconciled definite non-GAAP outlook measures due to the fact that worldly items that whitethorn interaction these measures are retired of our power and/or cannot beryllium reasonably predicted. Therefore, a reconciliation to corresponding GAAP measures is not disposable without unreasonable effort.

Before we begin, I'd similar to punctual you that today's telephone contains forward-looking statements that bespeak management's existent views and assumptions based connected accusation disposable to america arsenic of contiguous and should not beryllium relied upon arsenic of immoderate consequent date. Actual results whitethorn disagree materially from those contained successful oregon implied by these forward-looking statements arsenic are taxable to risks and uncertainties associated with our business.

To larn much astir these risks, uncertainties and different factors that whitethorn impact our aboriginal concern results, delight notation to the property merchandise issued contiguous and our SEC filings, including our astir caller yearly study connected Form 10-K and quarterly study connected Form 10-Q arsenic good arsenic the supplemental information, each of which whitethorn beryllium recovered connected the Investors conception of our website. Following our prepared remarks, we'll unfastened the telephone up for questions. In bid to supply each analysts with the accidental to participate, we convey you successful beforehand for asking 1 superior question and past reentering the queue. With that, I'll crook the telephone implicit to you, Dave.

William Mosley: Thanks, Shanye, and hello, everyone. Seagate closed retired calendar 2025, with a record-breaking quarter, driven by sequential gross maturation crossed astir each extremity markets. December 4th fiscal results exceeded some apical and bottommost enactment expectations and acceptable caller institution records for exabyte shipments, gross margin, operating borderline and non-GAAP net per share. We expanded non-GAAP gross borderline supra 42%, supported by the execution of our pricing strategy, on with an improving premix of our precocious capableness drives arsenic HAMR shipments ramp. Looking astatine the full calendar year, 2025 marked a transformational play for Seagate, some financially and operationally.