NTAP NetApp (NTAP) Q1 FY26 earnings call
NetApp delivered a solid Q1 FY26, driven by robust demand for all-flash offerings, cloud storage, and AI solutions, which helped offset softness in the U.S. public sector and EMEA. The company is capitalizing on the emerging enterprise AI market by providing unified data infrastructure, leading to significant AI deal wins and an expanded ecosystem. NetApp remains focused on innovation and disciplined execution to drive share gains and enhance profitability.
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NTAP operating KPIs by quarter
| KPI | Jan 2025 Q3 FY25 | Apr 2025 Q4 FY25 | This call Jul 2025 Q1 FY26 | Oct 2025 Q2 FY26 | 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.