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    Bit Market · Q3 2026 · Group report

    Hard Drive Makers, Q3 2026

    Western Digital and Seagate both grew about 17% on the quarter, and both now keep close to half of each sale as operating profit.

    A hard drive platter with its actuator arm and read/write headTop view of a hard drive: a round platter with concentric tracks and a center hub, and an actuator arm pivoting from the lower right so its head sits over the platter surface.BIT MARKET / EARNINGS DESK, Q3 2026Two drive makers, one patternHARD DRIVE · TOP VIEW · NOT TO SCALEACTUATOR ARMread/write headplatter

    Western Digital and Seagate are the two hard drive makers in the Q3 2026 earnings roundup, and this page reads their quarters side by side. The question here is whether the two grew at the same pace and kept the same share of each sale as operating profit.

    Both questions come out the same way. Revenue grew about 17% on the quarter at each company, and each kept close to half of its sales as operating profit. Western Digital also reports its growth from a year earlier. Seagate’s growth rate is my own arithmetic from its two latest releases, so the section below says which figures are reported and which are calculated. The Earnings Desk holds the other quarters and the other groups.

    Findings

    Both hard drive makers grew by about the same amount. Western Digital reports revenue up 17% on the quarter and 55% from a year earlier. Seagate’s revenue rose 16.6% on the quarter by my arithmetic from its first-quarter fiscal 2027 and fourth-quarter fiscal 2026 releases.

    Their operating margins are close too. Western Digital’s was 46.7% and Seagate’s 48.8%, so both keep nearly half of their sales as operating profit.

    Findings

    Both drive makers grew about 17% and kept nearly half as profit

    Revenue growth on the quarter and operating margin, Western Digital and Seagate

    Vertical bars, percent. Revenue growth on the quarter: Western Digital 17 percent, Seagate 16.6 percent. Operating margin: Western Digital 46.7 percent, Seagate 48.8 percent.Percent020406017%RevenuegrowthWD16.6%RevenuegrowthSeagate46.7%OperatingmarginWD48.8%OperatingmarginSeagateMeasure and companyWestern Digital (WD)Seagate
    Figure 1 · Western Digital reports its growth; Seagate’s growth is calculated from its first-quarter fiscal 2027 and fourth-quarter fiscal 2026 releases. Source: Western Digital and Seagate quarterly releases.

    Company-reported results, explained. Each company reports on its own fiscal calendar and in its own currency; the Period column says which quarter each row is. Not investment advice.

    01

    Company against company

    Hard drive makers on the same bars, then the year that led up to this quarter.

    Revenue is in US dollars so every company shares one axis, converted at the Federal Reserve’s average rate for the quarter. Operating margin needs no conversion. Each bar is the company’s own quarter that falls in these months, named on the right.

    Q3 2026 revenue, hard drive makersRevenue in US dollars for each of the hard drive makers that reported Q3 2026, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / HARD DRIVE MAKERSQ3 2026 revenue, hard drive makersUS dollars, largest firstREVENUE IN US DOLLARSREPORTED PERIOD$0$2B$4B$6BWD FQ1 2027: $4.381B (GAAP, C-E-421)WD$4.4BFQ1 2027Seagate FQ1 2027: $4.233B (GAAP, C-E-422)Seagate$4.2BFQ1 2027
    Each company’s own quarter that falls in these months; non-dollar revenue converted at the Federal Reserve H.10 average for the quarter; a dashed bar is preliminary. Source: Company releases; Federal Reserve H.10 via FRED.
    Q3 2026 operating margin, hard drive makersOperating margin for each of the hard drive makers that reported Q3 2026, sorted largest first, with each company’s own reporting period named on the right.BIT MARKET / HARD DRIVE MAKERSQ3 2026 operating margin, hard drive makersPercent of revenue, largest firstOPERATING MARGINREPORTED PERIOD0%20%40%60%Seagate FQ1 2027: 48.8% (GAAP, C-E-422)Seagate48.8%FQ1 2027WD FQ1 2027: 46.7% (GAAP, C-E-421)WD46.7%FQ1 2027
    Each company’s own quarter that falls in these months; a loss draws left of zero; a dashed bar is preliminary. Source: Company releases.
    Hard drive makers: revenue, year to this quarterRevenue in US dollars for hard drive makers over the five quarters up to Q3 2026.BIT MARKET / HARD DRIVE MAKERSHard drive makers: revenue, year to this quarterUS dollars; the rule marks this quarterthis issueHARD DRIVE MAKERS$0$2B$4B$6BWD FQ1 2026: $2.818B (GAAP, C-E-107)WD FQ2 2026: $3.017B (GAAP, C-E-109)WD FQ3 2026: $3.337B (GAAP, C-E-932)WD FQ4 2026: $3.747B (GAAP, C-E-049)WD FQ1 2027: $4.381B (GAAP, C-E-421)Seagate FQ1 2026: $2.629B (GAAP, C-E-101)Seagate FQ2 2026: $2.825B (GAAP, C-E-103)Seagate FQ3 2026: $3.112B (GAAP, C-E-054)Seagate FQ4 2026: $3.629B (GAAP, C-E-053)Seagate FQ1 2027: $4.233B (GAAP, C-E-422)● WD $4.4B● Seagate $4.2BQ3’25Q4’25Q1’26Q2’26Q3’26
    Up to five quarters ending with this one, each company’s own periods at their real end dates. Source: Company releases; Federal Reserve H.10 via FRED.
    Hard drive makers: margin, year to this quarterOperating margin for hard drive makers over the five quarters up to Q3 2026.BIT MARKET / HARD DRIVE MAKERSHard drive makers: margin, year to this quarterPercent of revenue; the rule marks this quarterthis issueHARD DRIVE MAKERS0%20%40%60%WD FQ1 2026: 28.1% (GAAP, C-E-108)WD FQ2 2026: 30.1% (GAAP, C-E-110)WD FQ3 2026: 35.7% (GAAP, C-E-936)WD FQ4 2026: 41.7% (GAAP, C-E-049)WD FQ1 2027: 46.7% (GAAP, C-E-421)Seagate FQ1 2026: 26.4% (GAAP, C-E-102)Seagate FQ2 2026: 29.8% (GAAP, C-E-104)Seagate FQ3 2026: 32.1% (GAAP, C-E-941)Seagate FQ4 2026: 43.0% (GAAP, C-E-055)Seagate FQ1 2027: 48.8% (GAAP, C-E-422)● Seagate 48.8%● WD 46.7%Q3’25Q4’25Q1’26Q2’26Q3’26
    Up to five quarters ending with this one; an arrow marks a quarter below the scale, with its value. Source: Company releases.

    02

    Side by side

    Every filed figure for the group in one table, each in its own currency and period.

    CompanyPeriodRevenueOperating incomeOperating marginCapex / revenueNAND shareRevenue, year on yearRevenue, last four quarters
    Western DigitalFQ1 2027Jul–Sep$4.381BGAAP$2.046BGAAP46.7%GAAP––up 55.5%filed currency$14.5BUS dollars
    SeagateFQ1 2027Jul–Sep$4.233BGAAP$2.064BGAAP48.8%GAAP5.0%gross PP&E–up 61.0%filed currency$13.8BUS dollars

    Under each period are the months it mostly covers. Year-on-year growth compares a company’s quarter with its same quarter a year earlier, in the currency it files in. The last four quarters add each quarter’s revenue in US dollars, shown where all four are filed.

    Sources

    Primary is the original paper, standard or datasheet. Secondary is a review, a vendor summary or a news report. Measured is my own test data.

    Show all 3 sources, 3 primary