NetApp (NTAP) Q2 FY2026 earnings: revenue $1.7 billion, up 2.8% on the year

NetApp, Inc. (NTAP) reported revenue of $1.7 billion for Q2 FY2026, the quarter ended 24 October 2025, up 2.8% on the same quarter a year earlier. Net income was $305 million, up 2.0% on the year, and diluted earnings per share $1.51. The figures are the company's own, from the 10-Q it filed with the SEC on 25 November 2025.

Revenue

$1.7 billion

+2.8% on the year · +9.4% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

23.4%

20.8% a year earlier

Q3 FY2024Q2 FY2026

Net income

$305 million

+2.0% on the year · +30.9% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$1.51

+6.3% on the year · +31.3% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 8 raised, 7 new, 2 kept.

Net revenue rose 3%: Net revenues were $1,705 million, up 3% from $1,658 million a year earlier.
GAAP and non-GAAP EPS both rose: Diluted GAAP EPS was $1.51 against $1.42; non-GAAP diluted EPS was $2.05 against $1.87, up 10%.
Operating profit rose in dollars: GAAP operating profit was $399 million against $345 million; non-GAAP operating profit was $530 million against $475 million.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	1,705	1,559	1,658	+9.4%	+2.8%
Cost of revenue	478	461	481	+3.7%	-0.6%
Gross profit	1,227	1,098	1,177	+11.7%	+4.2%
Gross margin	72.0%	70.4%	71.0%
Research and development	251	242	257	+3.7%	-2.3%
Operating income	399	309	345	+29.1%	+15.7%
Operating margin	23.4%	19.8%	20.8%
Interest expense	26.0	29.0	-15.0	-10.3%
Pre-tax income	393	304	360	+29.3%	+9.2%
Income tax	88.0	71.0	61.0	+23.9%	+44.3%
Effective tax rate	22.4%	23.4%	16.9%
Net income	305	233	299	+30.9%	+2.0%
Net margin	17.9%	14.9%	18.0%
Diluted EPS	$1.51	$1.15	$1.42	+31.3%	+6.3%

$ million except per share.

Free 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	127	673	105	-81.1%	+21.0%
Capital expenditure	49.0	53.0	45.0	-7.5%	+8.9%
Free cash flow	78.0	620	60.0	-87.4%	+30.0%
Free cash flow margin	4.6%	39.8%	3.6%
Cash from investing	249	-181	564		-55.9%
Cash from financing	-383	-1,157	-842
Depreciation and amortisation	52.0	51.0	63.0	+2.0%	-17.5%
Share-based compensation	102	83.0	103	+22.9%	-1.0%
Buybacks	250	300	300	-16.7%	-16.7%
Dividends paid	103	104	106	-1.0%	-2.8%
Dividend per share	$0.52	$0.52	$0.52	0.0%	0.0%
Diluted shares, weighted	202m	203m	210m	-0.5%	-3.8%
Shares outstanding at period end	198m	200m	203m	-1.0%	-2.5%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	986	975	892	+1.1%	+10.5%
Debt	2,486	2,485	1,993	+0.0%	+24.7%
Operating lease liabilities	211	219	216	-3.7%	-2.3%
Other liabilities	5,947	6,000	5,903	-0.9%	+0.7%
Total liabilities and equity	9,630	9,679	9,004	-0.5%	+7.0%
Fixed assets	568	570	593	-0.4%	-4.2%
Goodwill	2,731	2,734	2,759	-0.1%	-1.0%
Intangible assets	31.0	37.0	96.0	-16.2%	-67.7%
Investments	942	1,239	744	-24.0%	+26.6%
Cash and equivalents	2,072	2,085	1,478	-0.6%	+40.2%
Receivables	988	787	873	+25.5%	+13.2%
Inventory	127	133	317	-4.5%	-59.9%
Other assets	2,171	2,094	2,144	+3.7%	+1.3%
Total assets	9,630	9,679	9,004	-0.5%	+7.0%

Questions

What was NetApp's revenue in Q2 FY2026?

NetApp (NTAP) reported revenue of $1.7 billion for Q2 FY2026, the quarter ended 24 October 2025, up 2.8% on the same quarter a year earlier.

How much did NetApp earn in Q2 FY2026?

Net income for Q2 FY2026 was $305 million, up 2.0% on the year, and diluted earnings per share $1.51.

When did NetApp report Q2 FY2026 results?

NetApp filed its 10-Q for the quarter ended 24 October 2025 with the SEC on 25 November 2025.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	1,566	796	2,498	1,592	1,663	1,526	1,581	1,432	1,562	1,606	1,668	1,541	1,658	1,641	1,732	1,559	1,705	1,713	1,948	2,025
Cost of revenue	507	541	591	546	576	525	506	436	452	455	492	443	481	496	539	461	478	504	583	606
Gross profit	1,059	255	1,089	1,046	1,087	1,001	1,075	996	1,110	1,151	1,176	1,098	1,177	1,145	1,193	1,098	1,227	1,209	1,365	1,419
Gross margin	68%	32%	44%	66%	65%	66%	68%	70%	71%	72%	71%	71%	71%	70%	69%	70%	72%	71%	70%	70%
R&D	216	220	235	240	243	230	243	247	262	249	271	252	257	247	256	242	251	237	261	274
Operating income	294	321	293	255	282	172	309	178	304	366	366	282	345	362	348	309	399	434	532	484
Operating margin	19%	40%	12%	16%	17%	11%	20%	12%	19%	23%	22%	18%	21%	22%	20%	20%	23%	25%	27%	24%
Interest expense	18.0	19.0	18.0	18.0	17.0	16.0	16.0	16.0	15.0	-17.0	16.0	-16.0	-15.0	-12.0	107	29.0	26.0	26.0	28.0	n/a
Pre-tax income	280	306	272	270	305	177	314	186	315	382	380	299	360	370	354	304	393	433	518	484
Tax rate	20%	18%	5%	21%	-146%	63%	22%	20%	26%	18%	23%	17%	17%	19%	4%	23%	22%	23%	22%	23%
Net income	224	252	259	214	750	65.0	245	149	233	313	291	248	299	299	340	233	305	334	404	375
Net margin	14%	32%	10%	13%	45%	4%	15%	10%	15%	19%	17%	16%	18%	18%	20%	15%	18%	19%	21%	19%
Diluted EPS	$0.98	$1.10	$1.13	$0.96	$3.41	$0.30	$1.13	$0.69	$1.10	$1.48	$1.37	$1.17	$1.42	$1.44	$1.65	$1.15	$1.51	$1.67	$2.03	$1.88
Operating cash flow	298	260	411	281	214	377	235	453	135	484	613	341	105	385	675	673	127	317	950	503
Capital expenditure	46.0	61.0	68.0	65.0	77.0	58.0	39.0	35.0	38.0	36.0	46.0	41.0	45.0	47.0	35.0	53.0	49.0	46.0	50.0	102
Free cash flow	252	199	343	216	137	319	196	418	97.0	448	567	300	60.0	338	640	620	78.0	271	900	401
Buybacks	125	125	250	350	150	200	150	400	300	100	100	400	300	200	250	300	250	200	200	200
Dividends paid	112	111	111	110	108	108	106	106	103	103	104	107	106	106	105	104	103	103	103	102
Shares outstanding	223m	223m	220m	218m	217m	214m	212m	209m	206m	206m	206m	205m	203m	203m	201m	200m	198m	198m	196m	196m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 24 October 2025, filed 25 November 2025: the filing.