Seagate’s fiscal Q1 2027 hard-drive exabyte shipments (July–September 2026) are supported by sustained hyperscale demand that now accounts for roughly 90% of nearline volume, with long-term supply agreements keeping most capacity allocated into 2028. Higher-density Mozaic 4 HAMR drives (up to 44 TB) are ramping with major cloud providers and are expected to represent half of HAMR exabytes by year-end 2026, lifting exabytes per unit without proportional increases in drive output. Fiscal Q4 2026 results showed 218 exabytes shipped, up 34% year-over-year, alongside non-GAAP gross margins of 52.7%, reflecting favorable pricing and mix. Management guided fiscal Q1 revenue to $4.1 billion, signaling continued momentum, while upcoming October 27 earnings will provide the first direct read on quarterly exabyte trends amid a market still viewed as structurally undersupplied despite modest Toshiba capacity additions.