NetApp (NTAP) FY2025 results: revenue $6.6 billion, up 4.9% on the year
NetApp, Inc. (NTAP) reported revenue of $6.6 billion for fiscal 2025, the year ended 25 April 2025, up 4.9% on the year before. Net income was $1.2 billion, up 20.3%, and diluted earnings per share $5.67. The figures are the company's own, from the 10-K it filed with the SEC on 9 June 2025.
Revenue
$6.6 billion
+4.9% on the year
FY2018FY2025
Operating margin
20.3%
19.4% a year earlier
FY2018FY2025
Net income
$1.2 billion
+20.3% on the year
FY2018FY2025
Diluted EPS
$5.67
+22.5% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
1,506
1,685
1,107
-10.6%
Capital expenditure
168
155
239
+8.4%
Free cash flow
1,338
1,530
868
-12.5%
Free cash flow margin
20.4%
24.4%
13.6%
Cash from investing
147
-735
-1,390
Cash from financing
-828
-1,344
-1,513
Depreciation and amortisation
196
198
181
-1.0%
Share-based compensation
386
357
312
+8.1%
Buybacks
1,150
900
850
+27.8%
Dividends paid
424
416
432
+1.9%
Dividend per share
$2.08
$2.00
$2.00
+4.0%
Diluted shares, weighted
209m
213m
220m
-1.9%
Shares outstanding at period end
201m
206m
212m
-2.4%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,040
1,146
1,159
-9.2%
Debt
3,235
2,392
2,389
+35.2%
Operating lease liabilities
216
220
248
-1.8%
Other liabilities
6,332
6,129
6,022
+3.3%
Total liabilities and equity
10,823
9,887
9,818
+9.5%
Fixed assets
563
604
650
-6.8%
Goodwill
2,723
2,759
2,759
-1.3%
Intangible assets
43.0
124
181
-65.3%
Investments
1,104
1,349
754
-18.2%
Cash and equivalents
2,742
1,903
2,316
+44.1%
Receivables
1,246
1,007
987
+23.7%
Inventory
186
186
167
0.0%
Other assets
2,216
1,955
2,004
+13.4%
Total assets
10,823
9,887
9,818
+9.5%
10-K for the year ended 25 April 2025, filed 9 June 2025: the filing.