NetApp, Inc. (NTAP) financials

NASDAQ · Technology · Computer Hardware · 11,700 employees · CEO George Kurian

Price: $199.18 -8.81%
Market cap: $39.1B
Enterprise value: $40.1B
Last report: Q1 '27 filed 2026-09-02
Next report: 2026-12-01 EPS est. $2.60

Revenue (TTM)$7.39B+12.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)25.7%+5.0 pp vs a year agoOperating income $1.9B

Net income (TTM)$1.42B+21.1% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$1.65B-0.5% vs a year agoCapex $247M

Diluted EPS (TTM)$7.09+25.3% vs a year agoSum of the last 4 quarters

Net cash$1.04B+80.0% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $39.1B
Revenue: $7.39B
Revenue growth: +18%
Profit margin: 19.2%
P/E: 27.7×
P/S: 5.3×
EV / EBITDA: 18.7×
Free cash flow: $1.65B
Net income: $1.42B
Revenue estimate: $8.18B
Earnings: 2026-12-01
Dividend: $2.08

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-02): revenue beat by 10.2%, EPS beat by 21.7%Revenue $2.03B vs $1.84B expected (+10.2%); EPS $2.58 vs $2.12 (+21.7%).
Revenue growth accelerating: 29.9% year on yearQ1 '27 revenue $2.03B, against an average of 5.2% over the four quarters before.
Operating margin 25.7% (TTM), +5.0 pp on a year agoOperating income grew 39.4% while revenue grew 12.2%.
Capex 3.3% of revenue (a year ago 2.7%)$247M invested in the last 4 quarters (+37.2% on a year earlier). Free cash flow $1.65B = 116.4% of net income.
Returned $1.26B to shareholders = 76.4% of free cash flowBuybacks $850M (a year earlier $1.05B), dividends $411M, stock-based pay $397M (TTM).
Diluted share count down 1.5% in a year200M diluted shares in Q1 '27, 203M a year earlier.
Net cash $1.04BCash + short-term investments $3.58B, debt incl. leases $2.53B; a year ago net cash $579M.

Last quarter: Q1 '27

Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q1 '27	Year ago	Change
Revenue	$2.03B	$1.56B	+29.9%
Gross margin	70.1%	70.4%	-0.4 pp
Operating income	$541M	$309M	+75.1%
Operating margin	26.7%	19.8%	+6.9 pp
Net income	$375M	$233M	+60.9%
Diluted EPS	$1.88	$1.15	+63.5%
Operating cash flow	$503M	$673M	-25.3%
Capex	$102M	$53M	+92.5%
Free cash flow	$401M	$620M	-35.3%
R&D	$274M	$242M	+13.2%
Stock-based compensation	$98M	$83M	+18.1%

Reported vs consensus

2026-09-02

	Actual	Consensus	vs consensus
Revenue	$2.03B	$1.84B	+10.2%
EPS (as estimated)	$2.58	$2.12	+21.7%

From the report of 2026-09-02 for Q1 '27: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q1 '27	y/y	Share	TTM	TTM y/y
Product	$987M	–	48.7%	–	–
Support	$720M	–	35.6%	–	–
Hybrid Cloud Segment	–	–	–	–	–
Public Cloud Segment	$206M	–	10.2%	–	–
Professional And Other Services	$112M	–	5.5%	–	–

Revenue by region

share of total

Segment	Q1 '27	y/y	Share	TTM	TTM y/y
Americas	$978M	–	48.3%	–	–
E M E A	$668M	–	33.0%	–	–
Asia Pacific	$379M	–	18.7%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $1.9B
Capex: -$247M
Buybacks: -$850M
Dividends: -$411M
Acquisitions: -$78M
Net debt issued: $0
Stock-based compensation: $397M
Free cash flow: $1.65B
Returned to shareholders / FCF: 76.4%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	27.7×	16.3×	10.7× – 21.4×
EV / EBITDA	18.7×	11.5×	10.1× – 13.8×
EV / Sales	5.4×	2.8×	2.2× – 3.5×
Price / FCF	23.7×	14.2×	11.5× – 16.6×
Price / Book	26.1×	16.6×	11.8× – 19.5×
FCF yield	4.2%	7.2%	6.0% – 8.7%
Return on invested capital	21.1%	16.5%	15.2% – 19.4%
Return on equity	113.7%	103.3%	86.0% – 114.0%

Analysts

Consensus target $219.30 (+10.1%)
range $170.00 – $300.00 · rating Hold

Strong buy0

Buy26

Hold37

Sell8

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2027	$8.18B	+18.1%	$10.01	+57.3%	19.9×	12
FY2028	$8.71B	+6.4%	$11.15	+11.4%	17.9×	13
FY2029	$9.3B	+6.9%	$12.49	+12.0%	16.0×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 238 figures NetApp, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
	–	–	–	$11M2026-04-24	–	–
Accounts Payable, Current	$566M	$404M	+40.1%	$550M2026-04-24	$511M	+7.6%
Accounts Receivable, after Allowance for Credit Loss, Current	$966M	$787M	+22.7%	$1.29B2026-04-24	$1.25B	+3.2%
Accrued Liabilities, Current	$1.2B	$895M	+34.1%	$1.15B2026-04-24	$1.12B	+2.6%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.41B	$1.6B	-12.2%	$1.39B2026-04-24	$1.57B	-11.3%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$21M	-$40M	+47.5%	-$11M2026-04-24	-$66M	+83.3%
Adjustments to Additional Paid in Capital, Other	–	–	–	$4M2024-04-26	–	–
Amortization of Intangible Assets	$4M2026-04-24	$6M	-33.3%	$21M2026-04-24	$47M	-55.3%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2M2026-01-23	0	–	2M2024-04-26	6M	-66.7%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$100M2026-04-24	$95M	+5.3%	$382M2026-04-24	$386M	-1.0%
Assets	$11B	$9.68B	+13.2%	$10.7B2026-04-24	$10.8B	-0.7%
Assets, Current	$5.67B	$4.69B	+21.0%	$5.78B2026-04-24	$5.85B	-1.3%
Business Combination, Acquisition Related Costs	$02026-04-24	$1M	-100.0%	$02026-04-24	$5M	-100.0%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$198M	–	–	–	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents	$9M	–	–	–	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities	$5M	–	–	–	–	–
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets	$16M	–	–	–	–	–
Capital Expenditures Incurred but Not yet Paid	$8M2026-04-24	$4M	+100.0%	$20M2026-04-24	$14M	+42.9%
Capitalized Contract Cost, Amortization	–	–	–	$106M2026-04-24	$123M	-13.8%
Capitalized Contract Cost, Impairment Loss	–	–	–	$02026-04-24	$0	–
Capitalized Contract Cost, Net	$269M2026-04-24	$168M	+60.1%	$269M2026-04-24	$168M	+60.1%
Capitalized Contract Cost, Net, Current	$117M2026-04-24	$64M	+82.8%	$117M2026-04-24	$64M	+82.8%
Capitalized Contract Cost, Net, Noncurrent	$152M2026-04-24	$104M	+46.2%	$152M2026-04-24	$104M	+46.2%
Cash and Cash Equivalents, at Carrying Value	$1.57B	$2.09B	-24.6%	$2.07B2026-04-24	$2.74B	-24.5%
Cash, Cash Equivalents, and Short-term Investments	$3.58B2026-04-24	$3.85B	-6.8%	$3.58B2026-04-24	$3.85B	-6.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$1.58B	$2.09B	-24.5%	$2.08B2026-04-24	$2.75B	-24.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$440M2026-04-24	$1.23B	-64.3%	-$674M2026-04-24	$840M	-180.2%
Commercial Paper	$0	$0	–	$02026-04-24	$0	–
Common Stock, Dividends, Per Share, Declared	$0.522026-04-24	$0.52	0.0%	$2.082026-04-24	$2.08	0.0%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.002026-04-24	$0.00	0.0%
Common Stock, Shares Authorized	885M	885M	0.0%	885M2026-04-24	885M	0.0%
Common Stock, Shares, Issued	196M	200M	-2.0%	196M2026-04-24	201M	-2.5%
Common Stock, Shares, Outstanding	196M	200M	-2.0%	196M2026-04-24	201M	-2.5%
Common Stocks, Including Additional Paid in Capital	$1.28B	$1.02B	+26.2%	$1.21B2026-04-24	$1.11B	+9.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$422M2026-04-24	$339M	+24.5%	$1.33B2026-04-24	$1.18B	+12.9%
Contract with Customer, Liability	–	–	–	$4.54B2025-04-25	$4.23B	+7.1%
Contract with Customer, Liability, Current	$2.25B	$2.27B	-0.8%	$2.32B2026-04-24	$2.28B	+1.8%
Contract with Customer, Liability, Noncurrent	$2.59B	$2.26B	+15.0%	$2.53B2026-04-24	$2.26B	+11.9%
Cost of Goods and Services Sold	$583M2026-04-24	$539M	+8.2%	$2.03B2026-04-24	$1.96B	+3.4%
Current Federal Tax Expense (Benefit)	–	–	–	$83M2026-04-24	$131M	-36.6%
Current Foreign Tax Expense (Benefit)	–	–	–	$130M2026-04-24	$128M	+1.6%
Current Income Tax Expense (Benefit)	–	–	–	$237M2026-04-24	$297M	-20.2%
Current State and Local Tax Expense (Benefit)	–	–	–	$24M2026-04-24	$38M	-36.8%
Debt Securities, Available-for-sale, Amortized Cost	$2.94B	$2.74B	+7.4%	$3.06B2026-04-24	$3.22B	-5.0%
Deferred Compensation Cash-based Arrangements, Liability, Classified, Noncurrent	$40M2026-04-24	$34M	+17.6%	$40M2026-04-24	$34M	+17.6%
Deferred Compensation Liability, Current	$9M2026-04-24	$7M	+28.6%	$9M2026-04-24	$7M	+28.6%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$82M2026-04-24	-$102M	+180.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$41M2026-04-24	$18M	+127.8%
Deferred Income Tax Assets, Net	$859M2026-04-24	$994M	-13.6%	$859M2026-04-24	$994M	-13.6%
Deferred Income Tax Expense (Benefit)	$87M2026-04-24	$10M	+770.0%	$135M2026-04-24	-$100M	+235.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$12M2026-04-24	-$16M	+175.0%
Deferred Tax Assets, Deferred Income	$267M2026-04-24	$250M	+6.8%	$267M2026-04-24	$250M	+6.8%
Deferred Tax Assets, Goodwill and Intangible Assets	$441M2026-04-24	$483M	-8.7%	$441M2026-04-24	$483M	-8.7%
Deferred Tax Assets, Gross	$1.18B2026-04-24	$1.29B	-8.4%	$1.18B2026-04-24	$1.29B	-8.4%
Deferred Tax Assets, in Process Research and Development	$182M2026-04-24	$198M	-8.1%	$182M2026-04-24	$198M	-8.1%
Deferred Tax Assets, Net	$829M2026-04-24	$966M	-14.2%	$829M2026-04-24	$966M	-14.2%
Deferred Tax Assets, Net of Valuation Allowance	$1.06B2026-04-24	$1.17B	-9.6%	$1.06B2026-04-24	$1.17B	-9.6%
Deferred Tax Assets, Other	$6M2026-04-24	$6M	0.0%	$6M2026-04-24	$6M	0.0%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$25M2026-04-24	$25M	0.0%	$25M2026-04-24	$25M	0.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves	$114M2026-04-24	$188M	-39.4%	$114M2026-04-24	$188M	-39.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-K 2026-04-24, 10-Q 2026-01-23, 10-Q 2025-10-24, 10-Q 2025-07-25, 10-K 2025-04-25, 10-Q 2025-01-24, 10-Q 2024-10-25, 10-Q 2024-07-26

Data as of 2026-11-02