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NetApp (NTAP) FY2026 results: revenue $6.9 billion, up 5.4% on the year

NetApp, Inc. (NTAP) reported revenue of $6.9 billion for fiscal 2026, the year ended 24 April 2026, up 5.4% on the year before. Net income was $1.3 billion, up 7.6%, and diluted earnings per share $6.35. The figures are the company's own, from the 10-K it filed with the SEC on 5 June 2026.

Revenue
$6.9 billion
+5.4% on the year
FY2019FY2026
Operating margin
24.2%
20.3% a year earlier
FY2019FY2026
Net income
$1.3 billion
+7.6% on the year
FY2019FY2026
Diluted EPS
$6.35
+12.0% on the year
FY2019FY2026

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 8 new.

  • Fourth-quarter revenue rose 12%: Net revenues were $1,948 million in the quarter, up 12% from $1,732 million a year earlier.
  • Public Cloud revenue rose 11%: Public Cloud segment revenue was $182 million in the fourth quarter, up 11% from $164 million; fiscal 2026 was $688 million, up 3%.
  • All-flash array revenue rose 18%: All-flash array revenue reached $1.2 billion in the quarter, up 18% from the prior-year quarter, within Hybrid Cloud segment revenue.
  • Non-GAAP operating margin rose to 32%: Non-GAAP operating margin was 32.0% in the fourth quarter against 28.6%, and 30.2% for fiscal 2026 against 28.3%.
  • Fiscal 2026 billings rose 6%: Billings were $7,206 million for fiscal 2026, up 6% from $6,780 million; fourth-quarter billings were $2,163 million, up 6%.
Read the Q4 FY2026 earnings call summary

From this 10-K

NetApp, headquartered in San Jose, California, sells data storage and data management systems and services. Founded in 1992, it describes itself as having moved from a storage hardware provider to a software-driven, cloud-centric data infrastructure company, with its ONTAP data management software at the centre of a portfolio of all-flash, hybrid-flash and cloud-native products. The stated point of all of it is managing, protecting and using data across on-premises, hybrid and multi-cloud environments. The filing describes the company as the only enterprise data infrastructure provider natively integrated with all the major public cloud providers, namely Amazon Web Services, Microsoft Azure and Google Cloud. The financial year ends in late April. There are two segments.

NetApp, Inc., the 10-K for 2026

NetApp, headquartered in San Jose, California, sells data storage and data management systems and services. Founded in 1992, it describes itself as having moved from a storage hardware provider to a software-driven, cloud-centric data infrastructure company, with its ONTAP data management software at the centre of a portfolio of all-flash, hybrid-flash and cloud-native products. The stated point of all of it is managing, protecting and using data across on-premises, hybrid and multi-cloud environments. The filing describes the company as the only enterprise data infrastructure provider natively integrated with all the major public cloud providers, namely Amazon Web Services, Microsoft Azure and Google Cloud. The financial year ends in late April. There are two segments.

Hybrid Cloud

This segment is the on-premises and private-cloud business: software, hardware and related support, plus professional and other services. ONTAP is the foundational software, running in the on-premises data centre and in private and public clouds, across NAS, SAN, object and container environments as well as software-defined storage. It carries autonomous ransomware detection, built-in data transport and storage efficiency features. Around it sit named tools: Snapshot for point-in-time file system copies, SnapCenter for backup and recovery of database and application workloads, SnapMirror for data replication across environments and storage tiers, SnapLock for disk-based data permanence, and ONTAP One, an all-in-one software licence.

The storage hardware

AFF A-Series and C-Series are scale-out unified storage arrays using flash solid state drives, with the A-Series tuned for low latency and the C-Series for capacity, which the filing positions as the step up from hybrid or hard-disk storage. ASA A-Series and C-Series are block-optimised all-flash arrays for SAN workloads, also running ONTAP, sold with a 100 percent guaranteed uptime and a guaranteed 4:1 storage efficiency. AFX is disaggregated scale-out storage aimed at AI work, integrating with the NetApp AI Data Engine for real-time metadata, inline vectorization and semantic search. FAS is high-capacity hybrid flash storage using disk or hybrid-flash configurations, suited to secondary storage for disaster recovery, backup and tiering. The E-Series and EF-Series run on the SANtricity operating system rather than ONTAP, for high-bandwidth SAN workloads such as real-time analytics, high-performance computing and databases, hybrid-flash in the E-Series and all-flash in the EF. StorageGRID is object storage for large archives, media repositories and web data stores, sold both as a NetApp-branded system and as software on third-party hardware.

Public Cloud

This segment is delivered primarily as a service and covers cloud storage, data services and operational services. The fully managed offerings are embedded natively in the hyperscalers: Azure NetApp Files on Microsoft Azure, Amazon FSx for NetApp ONTAP on AWS, and Google Cloud NetApp Volumes on Google Cloud. For customers who would rather run their own cloud storage infrastructure, Cloud Volumes ONTAP is available on all three. All of it is built on the same ONTAP software as the on-premises systems.

Who buys it and how

Products and services are sold in numerous countries through a direct sales force and an ecosystem of partners, including the major cloud providers, technology partners, value-added resellers, system integrators, original equipment manufacturers, service providers and distributors. Indirect channels represented the majority of net revenues in fiscal 2026. Sales to two major customers accounted for 43 percent of net revenues that year. The customer base spans energy, financial services, government, technology, internet, life sciences, healthcare services, manufacturing, media, entertainment, animation, video postproduction and telecommunications. As of 24 April 2026 the worldwide sales and marketing functions numbered approximately 5,000 managers, sales representatives and technical support staff, with offices in over 20 countries.

Manufacturing

Manufacturing is outsourced to third parties in Fremont, San Jose, Laredo in Texas, Guadalajara in Mexico, Helmond in the Netherlands, Tiszaujvaros in Hungary, Taoyuan in Taiwan and Singapore. Those operations cover materials procurement, commodity management, component engineering, test engineering, manufacturing engineering, product assembly, product assurance, quality control, final test and global logistics. The company relies on a limited number of suppliers for materials and on several key subcontractors for certain subassemblies and finished systems, and it qualifies multiple suppliers for critical components and builds in several locations to spread that risk.

From NetApp's annual report on Form 10-K for the year ended 24 April 2026. The filing

Written from the 10-K filed 5 June 2026: read the full 10-K.

The four quarters: Q1 FY2026 · Q2 FY2026 · Q3 FY2026 · Q4 FY2026

Income statement (profit and loss)

$ millionFY2026FY2025FY2024On the yearLast 8 years
Revenue6,9256,5726,268+5.4%
Cost of revenue2,0261,9591,835+3.4%
Gross profit4,8994,6134,433+6.2%
Gross margin70.7%70.2%70.7%
Research and development9911,0121,029-2.1%
Operating income1,6741,3371,214+25.2%
Operating margin24.2%20.3%19.4%
Interest expense10964.064.0+70.3%
Pre-tax income1,6481,3831,263+19.2%
Income tax372197277+88.8%
Effective tax rate22.6%14.2%21.9%
Net income1,2761,186986+7.6%
Net margin18.4%18.0%15.7%
Diluted EPS$6.35$5.67$4.63+12.0%
$ 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

$ millionFY2026FY2025FY2024On the yearLast 8 years
Operating cash flow2,0671,5061,685+37.3%
Capital expenditure198168155+17.9%
Free cash flow1,8691,3381,530+39.7%
Free cash flow margin27.0%20.4%24.4%
Cash from investing-595147-735
Cash from financing-2,147-828-1,344
Depreciation and amortisation179196198-8.7%
Share-based compensation382386357-1.0%
Buybacks9501,150900-17.4%
Dividends paid413424416-2.6%
Dividend per share$2.08$2.08$2.000.0%
Diluted shares, weighted201m209m213m-3.8%
Shares outstanding at period end196m201m206m-2.5%

Balance sheet

$ millionFY2026FY2025FY2024On the yearLast 8 years
Shareholders' equity1,3511,0401,146+29.9%
Debt2,4873,2352,392-23.1%
Operating lease liabilities204216220-5.6%
Other liabilities6,7026,3326,129+5.8%
Total liabilities and equity10,74410,8239,887-0.7%
Fixed assets592563604+5.2%
Goodwill2,7722,7232,759+1.8%
Intangible assets22.043.0124-48.8%
Investments1,5141,1041,349+37.1%
Cash and equivalents2,0702,7421,903-24.5%
Receivables1,2861,2461,007+3.2%
Inventory198186186+6.5%
Other assets2,2902,2161,955+3.3%
Total assets10,74410,8239,887-0.7%

10-K for the year ended 24 April 2026, filed 5 June 2026: the filing.