Jul 2026 (Q1 FY27) — Sep 2, 2026
NetApp Q1 FY27 — Record Revenue and EPS Driven by AI and Cloud Demand
Read the full callNetApp (NTAP) earnings
- Jul 2026
- Jul 2026 (Q1 FY27)
- Apr 2026
NetApp earnings: last reported Wed, 2 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,025 | +29.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 23.9 | +4.1 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 375 | +60.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
35 of 36 judged targets kept · 27 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year consolidated gross margin | 71% to 72% | Apr 2025 | Gross margin was 71.3%, up 20 basis points year-over-year, driven by Public Cloud and professional services gross margin expansion, and partially offset by lower product gross margin. | Achieved |
| Full-year capital return (percent of free cash flow) | up to 100% of free cash flow | Apr 2025 | we returned a total of $1.36 billion in value to our shareholders through share repurchases and cash dividends | Pending |
| Quarterly consolidated gross margin | 72.3% to 73.3% | Oct 2025 | Gross margin for the fiscal third quarter was 71.2%, up 50 basis points year-over-year, driven by Public Cloud gross margin expansion. | Missed |
1 of NetApp, Inc.'s 63 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 60 more targets are in the full ledger.
Claimed
- Revenue increased 30% year-over-year to $2.03 billion, exceeding guidance.
- Non-GAAP EPS grew 66% year-over-year to $2.58, outperforming expectations.
- Non-GAAP operating margin reached 31.9%, up 6.1 percentage points year-over-year.
- All-flash array revenue surged 47% year-over-year to $1.31 billion.
- Public cloud revenue grew 28% year-over-year to $206 million.
Qualified
- Product gross margin declined 150 basis points sequentially to 54.6%, primarily due to higher component costs.
- Inventory expanded both year-over-year and quarter-over-quarter, with inventory turns down sequentially to 6.
- Some accelerated purchase decisions contributed to Q1 results, implying potential pull-forward of demand, though management noted this was not a material part of the overall business.
Price
$207.37 +1.75% · +$3.57
Performance +74.2% 1Y
1Y: $119.07 on 17 Oct 2025 → $207.37. High $239.18 (12 Oct 2026), low $94.11 (20 Jan 2026).
- Previous close
- $203.8
- 52-week range
- $94.11 – $239.18
- One year
- +76.88%
Overview
- Symbol
- NTAP
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
35 of 36 judged targets kept · 27 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Full-year consolidated gross margin | 71% to 72% | Apr 2025 | Gross margin was 71.3%, up 20 basis points year-over-year, driven by Public Cloud and professional services gross margin expansion, and partially offset by lower product gross margin. | Achieved |
| Full-year capital return (percent of free cash flow) | up to 100% of free cash flow | Apr 2025 | we returned a total of $1.36 billion in value to our shareholders through share repurchases and cash dividends | Pending |
| Quarterly consolidated gross margin | 72.3% to 73.3% | Oct 2025 | Gross margin for the fiscal third quarter was 71.2%, up 50 basis points year-over-year, driven by Public Cloud gross margin expansion. | Missed |
Claimed
- Revenue increased 30% year-over-year to $2.03 billion, exceeding guidance.
- Non-GAAP EPS grew 66% year-over-year to $2.58, outperforming expectations.
- Non-GAAP operating margin reached 31.9%, up 6.1 percentage points year-over-year.
- All-flash array revenue surged 47% year-over-year to $1.31 billion.
- Public cloud revenue grew 28% year-over-year to $206 million.
Qualified
- Product gross margin declined 150 basis points sequentially to 54.6%, primarily due to higher component costs.
- Inventory expanded both year-over-year and quarter-over-quarter, with inventory turns down sequentially to 6.
- Some accelerated purchase decisions contributed to Q1 results, implying potential pull-forward of demand, though management noted this was not a material part of the overall business.
The full ledger
Open NetApp, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 63 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q4 FY26) — May 28, 2026
NetApp Q4 FY26 — Record Results Driven by AI and Cloud Demand
Read the full callJan 2026 (Q3 FY26) — Feb 26, 2026
NetApp Q3 FY26 — Record Profitability Driven by AI and Cloud Momentum
Read the full callEvery analysed call
NetApp earnings calls (NTAP)
Financials
What the filings say
Net profit, year on year: +61% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,658 | 1,641 | 1,732 | 1,559 | 1,705 | 1,713 | 1,948 | 2,025 |
| Operating profit | 345 | 362 | 348 | 309 | 399 | 434 | 532 | 484 |
| Operating margin | 20.8% | 22.1% | 20.1% | 19.8% | 23.4% | 25.3% | 27.3% | 23.9% |
| Other income | 15 | 8 | 6 | -5 | -6 | -1 | -14 | 0 |
| Interest | 15 | 12 | 107 | 29 | 26 | 26 | 28 | — |
| Profit before tax | 360 | 370 | 354 | 304 | 393 | 433 | 518 | 484 |
| Tax rate | 16.9% | 19.2% | 4.0% | 23.4% | 22.4% | 22.9% | 22.0% | 22.5% |
| Net profit | 299 | 299 | 340 | 233 | 305 | 334 | 404 | 375 |
| EPS ($ per share) | 1.47 | 1.47 | — | 1.16 | 1.53 | 1.69 | — | 1.91 |
| Line item | Apr 2019 | Apr 2020 | Apr 2021 | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,133 | 284 | 504 | 760 | 945 | 997 | 1,106 | 1,209 |
| Reserves | 0 | 0 | 211 | 122 | 265 | 208 | 0 | 153 |
| Total liabilities | 7,651 | 7,280 | 8,675 | 9,188 | 8,659 | 8,741 | 9,783 | 9,393 |
| Fixed assets | 759 | 727 | 525 | 602 | 650 | 604 | 563 | 592 |
| Investments | 1,574 | 224 | 67 | 22 | 754 | 1,349 | 1,104 | 1,514 |
| Total assets | 8,741 | 7,522 | 9,360 | 10,026 | 9,818 | 9,887 | 10,823 | 10,744 |
| Line item | Apr 2019 | Apr 2020 | Apr 2021 | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,341 | 1,060 | 1,333 | 1,211 | 1,107 | 1,685 | 1,506 | 2,067 |
| Cash from investing | 704 | 1,269 | 21 | -561 | -1,390 | -735 | 147 | -595 |
| Cash from financing | -2,631 | -1,960 | 444 | -1,017 | -1,513 | -1,344 | -828 | -2,147 |
| Net cash flow | -616 | 335 | 1,869 | -416 | -1,797 | -413 | 840 | -674 |
| Capital expenditure | -173 | -124 | -162 | -226 | -239 | -155 | -168 | -198 |
| Free cash flow | 1,168 | 936 | 1,171 | 985 | 868 | 1,530 | 1,338 | 1,869 |
NTAP revenue by segment
| Segment | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Hybrid Cloud | 90% | 89% | 91% | 90% | 90% | 90% | 91% | 90% | +30.1% |
| Public Cloud | 10% | 11% | 9% | 10% | 10% | 10% | 9% | 10% | +28.0% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
NTAP operating KPIs by quarter
| KPI | Apr 2025 Q4 FY25 | Jul 2025 Q1 FY26 | Oct 2025 Q2 FY26 | Jan 2026 Q3 FY26 | Apr 2026 Q4 FY26 | Jul 2026 Q1 FY27 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Remaining performance obligation (RPO) | $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 | ~$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 | 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.
Revenue by region
FY2027 · share of revenue
- Americas 48% ↓ 4 pt
- US 46% ↓ 3 pt
- EMEA 33%
- Asia Pacific 19% ↑ 3 pt
As NTAP cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
111 filings between Nov 10, 2025 and Oct 12, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$46.41M
43 sales by 8 insiders
91% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 10
- Award — granted as compensation
- 28
- Option exercise — converted options into shares
- 30
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Kurian George | — | $30.25M | Oct 1, 2026 |
| CERNUDA CESAR | — | $8.19M | Aug 17, 2026 |
| HELD GERALD | — | $2.50M | Oct 1, 2026 |
| O'Callahan Elizabeth M | — | $1.71M | Oct 12, 2026 |
| Ahuja Deepak | — | $1.37M | Sep 21, 2026 |
| NEVENS THOMAS MICHAEL | — | $1.16M | Sep 11, 2026 |
| Palin Carrie | — | $1.08M | Oct 2, 2026 |
| De Lorenzo Daniel | — | $135.9K | Jun 1, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Sale 10b5-1 plan | 1,000 | $237.4K |
| Oct 2, 2026 | Palin Carrie Director | Sale | 5,000 | $1.08M |
| Oct 1, 2026 | Kurian George CEO | Sale 10b5-1 plan | 1,002 | $212.1K |
| Oct 1, 2026 | HELD GERALD Director | Sale | 5,757 | $1.22M |
| Oct 1, 2026 | Kurian George CEO | Sale 10b5-1 plan | 3,689 | $771.0K |
| Oct 1, 2026 | Kurian George CEO | Sale 10b5-1 plan | 1,697 | $358.0K |
| Oct 1, 2026 | Kurian George CEO | Sale 10b5-1 plan | 3,612 | $759.2K |
| Sep 29, 2026 | Kurian George CEO | Sale 10b5-1 plan | 50,000 | $10.50M |
| Sep 24, 2026 | Kurian George CEO | Sale 10b5-1 plan | 37,000 | $7.40M |
| Sep 21, 2026 | Kurian George CEO | Sale 10b5-1 plan | 13,000 | $2.60M |
| Sep 21, 2026 | Ahuja Deepak Director | Sale 10b5-1 plan | 3,450 | $690.0K |
| Sep 14, 2026 | Kurian George CEO | Sale 10b5-1 plan | 12,845 | $2.47M |
| Sep 14, 2026 | Kurian George CEO | Sale 10b5-1 plan | 11,616 | $2.21M |
| Sep 14, 2026 | Kurian George CEO | Sale 10b5-1 plan | 12,681 | $2.43M |
| Sep 14, 2026 | Ahuja Deepak Director | Sale 10b5-1 plan | 3,526 | $684.2K |
| Sep 14, 2026 | Kurian George CEO | Sale 10b5-1 plan | 1,488 | $288.7K |
| Sep 14, 2026 | Kurian George CEO | Sale 10b5-1 plan | 1,370 | $264.9K |
| Sep 11, 2026 | NEVENS THOMAS MICHAEL Director | Sale | 5,940 | $1.16M |
| Sep 10, 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Sale 10b5-1 plan | 1,000 | $184.7K |
| Sep 8, 2026 | GUSTAFSSON ANDERS Director | Option exercise | 2,307 | — |
| Sep 8, 2026 | NEVENS THOMAS MICHAEL Director | Option exercise | 2,914 | — |
| Sep 8, 2026 | Palin Carrie Director | Option exercise | 2,307 | — |
| Sep 8, 2026 | HELD GERALD Director | Option exercise | 2,307 | — |
| Sep 8, 2026 | Fipps Paul Director | Option exercise | 2,646 | — |
| Sep 8, 2026 | Pelzer Francis J. Director | Option exercise | 2,307 | — |
| Sep 8, 2026 | KERR DEBORAH Director | Option exercise | 2,307 | — |
| Aug 17, 2026 | CERNUDA CESAR President | Sale 10b5-1 plan | 495 | $101.2K |
| Aug 17, 2026 | CERNUDA CESAR President | Sale 10b5-1 plan | 1,192 | $242.7K |
| Aug 17, 2026 | CERNUDA CESAR President | Sale 10b5-1 plan | 100 | $20.6K |
| Aug 17, 2026 | CERNUDA CESAR President | Sale 10b5-1 plan | 821 | $168.8K |
| Aug 15, 2026 | CERNUDA CESAR President | Option exercise | 4,402 | — |
| Aug 15, 2026 | De Lorenzo Daniel SVP, Chief Accounting Officer | Tax withheld | 266 | $54.5K |
| Aug 15, 2026 | De Lorenzo Daniel SVP, Chief Accounting Officer | Option exercise | 743 | — |
| Aug 15, 2026 | JABRE WISSAM G EVP, CFO | Tax withheld | 684 | $140.2K |
| Aug 15, 2026 | Kurian George CEO | Tax withheld | 3,817 | $782.4K |
| Aug 15, 2026 | JABRE WISSAM G EVP, CFO | Option exercise | 1,356 | — |
| Aug 15, 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Tax withheld | 1,468 | $300.9K |
| Aug 15, 2026 | Nair Syam EVP, Chief Product Officer | Option exercise | 42,739 | — |
| Aug 15, 2026 | Kurian George CEO | Option exercise | 7,565 | — |
| Aug 15, 2026 | Nair Syam EVP, Chief Product Officer | Tax withheld | 16,818 | $3.45M |
| Aug 15, 2026 | CERNUDA CESAR President | Tax withheld | 2,070 | $424.3K |
| Aug 15, 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Option exercise | 2,908 | — |
| Aug 10, 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Sale 10b5-1 plan | 1,000 | $193.8K |
| Jul 10, 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Sale 10b5-1 plan | 1,000 | $170.9K |
| Jun 23, 2026 | CERNUDA CESAR President | Sale 10b5-1 plan | 13,294 | $2.07M |
| Jun 23, 2026 | CERNUDA CESAR President | Sale 10b5-1 plan | 15,593 | $2.42M |
| Jun 23, 2026 | CERNUDA CESAR President | Sale 10b5-1 plan | 14,947 | $2.30M |
| Jun 23, 2026 | CERNUDA CESAR President | Sale 10b5-1 plan | 5,630 | $861.4K |
| Jun 10, 2026 | O'Callahan Elizabeth M EVP, Chief Admin. Officer | Sale 10b5-1 plan | 1,000 | $163.5K |
| Jun 3, 2026 | HELD GERALD Director | Sale | 7,132 | $1.28M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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