Seagate Technology has wrapped up its fiscal 2025 on a high note, reporting a robust fourth quarter with revenue rising 30% year-on-year to US$2.44 billion (A$3.63 billion) – topping analyst expectations.

The data storage giant also delivered a non-GAAP diluted earnings per share (EPS) of US$2.59 (A$3.86), beating consensus by $0.15.

However, GAAP net income fell to US$488 million (A$726 million), down from US$513 million a year earlier.

CEO Dave Mosley credited ongoing demand from cloud providers and gains from the company’s HAMR (Heat-Assisted Magnetic Recording) storage technology for driving record gross margins of 37.4% and significant operating improvements.

For the full fiscal year, Seagate booked revenue of $9.1 billion (A$13.53 billion), up from $6.55 billion in FY2024.

The company’s GAAP EPS came in at $6.77 (A$10.06), while non-GAAP EPS soared to $8.10 (A$12.05). The company also generated $1.1 billion (A$1.64 billion) in cash from operations and returned $600 million (A$892 million) to shareholders via dividends.

Seagate reduced its debt load by $684 million (A$1.02 billion) during FY2025, finishing the year with $891 million (A$1.33 billion) in cash and 213 million shares outstanding.

Looking ahead, Seagate said it expects Q1 FY2026 revenue of $2.5 billion (A$3.72 billion) (±$150 million), and non-GAAP EPS of $2.30 (A$3.43) (±$0.20), with little expected impact from new global tax or tariff changes.

Shares of Seagate rose 1.48% to close at US$152.68 (A$227.34) on the Nasdaq following the results.

The stock is up over 54% year-on-year, reflecting growing investor confidence in Seagate’s positioning within the expanding cloud storage sector.

Seagate will pay a quarterly dividend of $0.72 (A$1.07) per share on October 9 to shareholders on record as of September 30.