Key Highlights

  • Seagate (NASDAQ:STX) reports fiscal first quarter 2027 results after the close on Tuesday, October 27, 2026, with a call at 5:00 p.m. ET and consensus of USD 7.40 per share against guidance of USD 7.30, plus or minus USD 0.20.
  • Management guided revenue of USD 4.1 billion, plus or minus USD 100 million, after fiscal fourth quarter revenue of USD 3.63 billion, a GAAP gross margin of 52.3% and non-GAAP earnings of USD 5.71 per share.
  • Seagate (NASDAQ:STX) announced on Monday, October 26, 2026 that its Mozaic drives are on a Broadcom host bus adapter approved list, and that Microsoft Azure completed qualification.
  • The Federal Reserve decides on Wednesday, October 28, 2026, after raising rates on Wednesday, September 16, 2026, so the shares trade first on the company's own outlook.

Consensus Sits Above the Guidance Midpoint

Seagate (NASDAQ:STX), which makes hard disk drives for data centres, reports results for the quarter ended Friday, October 2, 2026 after the market close on Tuesday, October 27, 2026, with its call at 5:00 p.m. ET, so the first full trading reaction falls on Wednesday, October 28. Consensus earnings are USD 7.40 per share, USD 0.10 above the USD 7.30 midpoint of the guidance given on Tuesday, July 28, 2026, and inside the USD 7.10 to USD 7.50 range. Guided revenue is USD 4.1 billion, plus or minus USD 100 million. In the fiscal fourth quarter, revenue was USD 3.63 billion, GAAP earnings were USD 5.58 per share and non-GAAP earnings were USD 5.71. Results cannot be known in advance.

Why Pricing and Capacity Drive the Margin Story

Hard disk makers earn high margins when supply is tight, because customers such as cloud operators commit to capacity ahead of delivery. Seagate (NASDAQ:STX) reported a GAAP gross margin of 52.3% in the fiscal fourth quarter, operating cash flow of USD 1.3 billion and free cash flow of USD 1.1 billion. On Monday, October 26, 2026 it said its Mozaic drives, which combine heat-assisted and shingled magnetic recording to lift the data stored on each platter, joined a Broadcom host bus adapter approved list, and that Microsoft Azure had completed qualification. It also completed the redemption of its exchangeable notes on Wednesday, September 9, 2026, which lowers interest cost. Corning (NYSE:GLW), a supplier to artificial intelligence data centres, reports the same morning.

Risks and What to Watch

The bull case is revenue at or above the USD 4.2 billion top of the range, earnings above USD 7.50 per share and a guide for the December quarter that lifts the gross margin from 52.3%, which would confirm pricing power and could extend gains. The bear case is a result that merely meets the USD 7.40 consensus, because the bar already sits above the company midpoint, or any slip in the pace of higher capacity drives, since the new qualifications must convert into volume. Cautious commentary on demand from large cloud buyers would also weigh on the stock. The Federal Reserve decision on Wednesday, October 28, 2026 follows the September rate rise to 4.00%, so valuation pressure on long-duration growth earnings is a further risk.

Where Things Stand

The answer is that Seagate (NASDAQ:STX) needs a clear beat and a firm outlook, because consensus of USD 7.40 per share already exceeds its USD 7.30 guidance midpoint. The quarter's margin, free cash flow and the pace of Mozaic shipments matter more than a small revenue surprise. The next catalysts are the Seagate (NASDAQ:STX) release after the close on Tuesday, October 27, 2026, the call at 5:00 p.m. ET, the Corning (NYSE:GLW) report that morning and the Federal Reserve decision on Wednesday, October 28, 2026. Forecasts can change, and this is not investment advice.