NTAP NetApp (NTAP) Q3 FY26 earnings call
NetApp delivered a strong Q3 FY26, achieving record operating income and EPS, driven by accelerating growth in AI, all-flash arrays, and public cloud services. The company is strategically navigating memory price inflation through pricing adjustments and portfolio flexibility, positioning itself as a critical data foundation for AI innovation and cloud transformation. Management expects continued momentum into Q4 and remains confident in its strategic plan.
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NTAP operating KPIs by quarter
| KPI | Jan 2025 Q3 FY25 | Apr 2025 Q4 FY25 | Jul 2025 Q1 FY26 | Oct 2025 Q2 FY26 | This call Jan 2026 Q3 FY26 | Apr 2026 Q4 FY26 | Jul 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Billings | $1.71BBillings of $1.71 billion increased 2% year-over-year.Source: earnings call transcript | $2.03BQ4 billings of $2.03 billion were up 12% year-over-year.Source: earnings call transcript | — | — | — | — | — | +18.7% |
| Remaining performance obligation (RPO) | $4.5BRemaining performance obligations were $4.5 billion.Source: earnings call transcript | $4.97BQ4 Remaining Performance Obligations were $4.97 billion, up approximately $500 million from Q1.Source: earnings call transcript | $4.94BQ1 remaining performance obligations were $4.94 billion, up 11%.Source: earnings call transcript | $4.9BRemaining performance obligations were $4.9 billion, growing 11% year-over-year.Source: earnings call transcript | $5.11BRemaining Performance Obligations were $5.11 billion, growing 14% year-over-year.Source: earnings call transcript | $5.65BRemaining performance obligations were $5.65 billion, up 14% year-over-year.Source: earnings call transcript | $5.65BRemaining performance obligations were $5.65 billion, up 14% year-over-year.Source: earnings call transcript | 0% |
| Unbilled remaining performance obligation | ~$350MUnbilled RPO was approximately $350 million, up 6% quarter-over-quarter.Source: earnings call transcript | ~$430MUnbilled Remaining Performance Obligations, which is a key indicator of future Keystone revenue growth was approximately $430 million, up 23% quarter-over-quarter.Source: earnings call transcript | $415MUnbilled RPO, a key indicator of future Keystone revenue was $415 million, up 40% year-over-year.Source: earnings call transcript | $456MUnbilled RPO, a key indicator of future Keystone revenue, was $456 million, up 39% year-over-year.Source: earnings call transcript | $482MUnbilled RPO, a key indicator of future Keystone revenue, was $482 million, up 38% year-over-year.Source: earnings call transcript | $807MUnbilled remaining performance obligations, a key indicator of future Keystone storage-as-a-service revenue growth, were $807 million, up 88% year-over-year.Source: earnings call transcript | — | +67.4% |
| Installed base penetration All-flash | 43%The penetration of our all-flash footprint into our installed base is now 43% -- so it's up, again, modestly every quarter, which is a reflection of both the scale of our installed base and the fact that we are growing new footprints in that installed base.Source: earnings call transcript | 44%In the fourth quarter, all-flash made up approximately 2/3 of Hybrid Cloud segment revenue, and 44% of systems in our installed base under active support contracts are all-flash.Source: earnings call transcript | — | ~46%Exiting the quarter, approximately 46% of installed base systems under active support contracts are All Flash.Source: earnings call transcript | — | — | — | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.