10-K · June 5, 2026
NetApp, Inc. reported its fiscal year 2026 results showing a revenue increase to $6.925 billion, up 5% from fiscal 2025, primarily due to growth in the hybrid and public cloud segments. The company achieved a diluted…
Earnings analysis · 10-Q
NTAP earnings analysis
Filed September 2, 2026 · Our reading of the company's report
The latest report
NetApp delivered record quarterly revenue of $2.025 billion and a substantial non-GAAP EPS beat at $2.58, with growth led by all-flash arrays and Public Cloud. GAAP operating margin of 23.9% expanded meaningfully year…
Read full summary
NetApp delivered record quarterly revenue of $2.025 billion and a substantial non-GAAP EPS beat at $2.58, with growth led by all-flash arrays and Public Cloud. GAAP operating margin of 23.9% expanded meaningfully year over year despite a sequential decline, while GAAP EPS of $1.88 declined from $2.03 in the prior quarter. The company raised FY27 revenue and EPS outlook materially, supporting a bullish trend, although supplier commitments, change-of-control obligations, and acquisition-related dilution remain risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.88
- Operating margin
- 23.9%
What stood out
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Record revenue beats consensus
Revenue reached a record $2.025 billion, up approximately 3.8% from $1.95 billion in the prior quarter and 29.8% from $1.56 billion in the year-ago quarter; it exceeded the $1.837 billion consensus by 10.2%.
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Operating margin remains above year ago
GAAP operating margin was 23.9%, down from 27.3% in the prior quarter but up from 19.8% in the year-ago quarter, representing a 340-basis-point sequential decline and 410-basis-point year-over-year expansion.
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Strong non-GAAP EPS beat
GAAP EPS was $1.88 versus $2.03 in the prior quarter and $1.15 a year ago. Non-GAAP EPS was $2.58, exceeding the $2.04 consensus estimate by 26.5%.
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All-flash and cloud led growth
Growth was led by all-flash array revenue of $1.309 billion and Public Cloud revenue of $206 million, although the filing data provided does not include comparable prior-period segment figures.
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FY27 outlook materially raised
Management raised FY27 revenue guidance to $7.975-$8.225 billion from $7.325-$7.575 billion and GAAP EPS guidance to $7.35-$7.65 from $6.51-$6.81.
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Controls remained effective
The CEO and CFO concluded that disclosure controls were effective as of July 31, 2026, and the company reported no material changes to internal control over financial reporting during the first quarter of fiscal 2027.
What to watch
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Demand risk and fixed commitments
The updated operations risk disclosures state that the company makes firm, non-cancelable supplier commitments based on forecasted demand, creating potential excess or obsolete inventory and margin pressure if demand weakens. The 10-Q also reports $1.302 billion remaining under the share-repurchase program, highlighting significant ongoing capital allocation commitments.
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Higher change-of-control obligations
The amended change-of-control agreements provide severance of 150% of annual base salary plus applicable bonus for covered executives, or 200% for the CEO, along with COBRA coverage for up to 18 months, or 24 months for the CEO.
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Acquisition and insider-sale overhang
The company issued 28,706 shares to a former DataPelago shareholder and disclosed insider Rule 10b5-1 plans covering up to 150,000 shares for the CEO and 11,683 shares for the audit committee chair, creating potential dilution or stock-sale overhang.
Management's outlook
FY27 GAAP EPS outlook was raised from $6.51-$6.81 to $7.35-$7.65, while FY27 revenue outlook was raised from $7.325-$7.575 billion to $7.975-$8.225 billion. Q2 FY27 guidance was $2.025-$2.175 billion of revenue and $1.97-$2.07 of GAAP EPS.
Earlier filings 4
10-Q · February 26, 2026
NetApp (NTAP) reported strong Q3 results with revenues of $1.71 billion and EPS of $2.12, surpassing estimates. Gross margins were stable at 70.6%, while operating expenses decreased relative to revenue growth.…
10-Q · November 25, 2025
NetApp (NTAP) reported strong Q2 2026 results with revenue rising to $1.71 billion, a 6.03% year-over-year increase, and EPS of $2.05, exceeding estimates by 18.5%. The robust performance was primarily driven by growth…
10-Q · August 27, 2025
NetApp, Inc. reported a solid Q1 for fiscal 2026 with revenue of $1.56 billion, exceeding expectations. Gross margin improved to 70.4%, while diluted EPS came in at $1.15, reflecting a year-over-year decline but above…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.