# NetApp, Inc. (NTAP)

Informational only - not investment advice.

CIK: 0001002047
SIC: 3572 Computer Storage Devices
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3572 Computer Storage Devices](/industry/3572/)
Latest 10-K filed: 2026-06-05
SEC page: https://www.sec.gov/edgar/browse/?CIK=1002047
Filing source: https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-20260424.htm

## At a glance

FY2026 · period end 2026-04-24 · filed 2026-06-05 · accession 0001193125-26-259683 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001002047.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,237,000,000 USD | 2026 | verified |
| Net income | 1,276,000,000 USD | 2026 | verified |
| Assets | 10,744,000,000 USD | 2026 | verified |
| Free cash flow | 1,869,000,000 USD | 2026 | computed |
| Net margin | 20.46% | 2026 | computed |
| Operating margin | 26.84% | 2026 | computed |
| Revenue YoY | +5.59% | 2026 | computed |
| ROE | 94.45% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | NTAP | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 20.5% | 7.7% | 93 | 110 |
| Operating margin | 26.8% | 13.1% | 93 | 104 |
| Revenue growth | 5.6% | 5.8% | 45 | 111 |
| FCF margin | 30.0% | 9.6% | 96 | 103 |
| ROE | 94.4% | 11.7% | 95 | 108 |
| ROA | 11.9% | 5.6% | 88 | 111 |
| Liabilities / equity | 6.95 | 1.10 | 96 | 108 |
| Current ratio | 1.44 | 2.02 | 31 | 110 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 6237000000 | USD | 2026 | 2026-06-05 |
| Net income | 1276000000 | USD | 2026 | 2026-06-05 |
| Assets | 10744000000 | USD | 2026 | 2026-06-05 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001002047.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2009 | 2010 | 2011 | 2012 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 3,406,400,000 | 3,931,400,000 | 5,122,600,000 | 6,233,200,000 |  |  |  |  |  |  |  | 5,657,000,000 | 5,907,000,000 | 6,237,000,000 |
| Net income |  |  |  |  | 481,000,000 | 116,000,000 | 1,169,000,000 | 819,000,000 | 730,000,000 | 937,000,000 | 1,274,000,000 | 986,000,000 | 1,186,000,000 | 1,276,000,000 |
| Operating income |  |  |  |  | 621,000,000 | 1,158,000,000 | 1,221,000,000 | 945,000,000 | 1,031,000,000 | 1,157,000,000 | 1,018,000,000 | 1,214,000,000 | 1,337,000,000 | 1,674,000,000 |
| Gross profit |  |  |  |  | 3,364,000,000 | 3,709,000,000 | 3,945,000,000 | 3,623,000,000 | 3,815,000,000 | 4,220,000,000 | 4,209,000,000 | 4,433,000,000 | 4,613,000,000 | 4,899,000,000 |
| Diluted EPS |  |  |  |  | 1.71 | 0.42 | 4.51 | 3.52 | 3.23 | 4.09 | 5.79 | 4.63 | 5.67 | 6.35 |
| Operating cash flow |  |  |  |  | 986,000,000 | 1,478,000,000 | 1,341,000,000 | 1,060,000,000 | 1,333,000,000 | 1,211,000,000 | 1,107,000,000 | 1,685,000,000 | 1,506,000,000 | 2,067,000,000 |
| Capital expenditures |  |  |  |  | 175,000,000 | 145,000,000 | 173,000,000 | 124,000,000 | 162,000,000 | 226,000,000 | 239,000,000 | 155,000,000 | 168,000,000 | 198,000,000 |
| Dividends paid |  |  |  |  | 208,000,000 | 214,000,000 | 403,000,000 | 439,000,000 | 427,000,000 | 446,000,000 | 432,000,000 | 416,000,000 | 424,000,000 | 413,000,000 |
| Share buybacks |  |  |  |  | 705,000,000 | 794,000,000 | 2,111,000,000 | 1,411,000,000 | 125,000,000 | 600,000,000 | 850,000,000 | 900,000,000 | 1,150,000,000 | 950,000,000 |
| Assets |  |  |  |  | 9,493,000,000 | 9,991,000,000 | 8,741,000,000 | 7,522,000,000 | 9,360,000,000 | 10,026,000,000 | 9,818,000,000 | 9,887,000,000 | 10,823,000,000 | 10,744,000,000 |
| Liabilities |  |  |  |  | 6,713,000,000 | 7,715,000,000 | 7,651,000,000 | 7,280,000,000 | 8,675,000,000 | 9,188,000,000 | 8,659,000,000 | 8,741,000,000 | 9,783,000,000 | 9,393,000,000 |
| Stockholders' equity |  |  |  |  | 2,949,000,000 | 2,276,000,000 | 1,090,000,000 | 242,000,000 | 685,000,000 | 838,000,000 | 1,159,000,000 | 1,146,000,000 | 1,040,000,000 | 1,351,000,000 |
| Cash and cash equivalents |  |  |  |  | 2,444,000,000 | 2,941,000,000 | 2,325,000,000 | 2,658,000,000 | 4,529,000,000 | 4,112,000,000 | 2,316,000,000 | 1,903,000,000 | 2,742,000,000 | 2,070,000,000 |
| Free cash flow |  |  |  |  | 811,000,000 | 1,333,000,000 | 1,168,000,000 | 936,000,000 | 1,171,000,000 | 985,000,000 | 868,000,000 | 1,530,000,000 | 1,338,000,000 | 1,869,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2009 | 2010 | 2011 | 2012 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  |  |  |  |  |  |  | 17.43% | 20.08% | 20.46% |
| Operating margin |  |  |  |  |  |  |  |  |  |  |  | 21.46% | 22.63% | 26.84% |
| Return on equity |  |  |  |  | 16.31% | 5.10% | 107.25% | 338.43% | 106.57% | 111.81% | 109.92% | 86.04% | 114.04% | 94.45% |
| Return on assets |  |  |  |  | 5.07% | 1.16% | 13.37% | 10.89% | 7.80% | 9.35% | 12.98% | 9.97% | 10.96% | 11.88% |
| Liabilities / equity |  |  |  |  | 2.28 | 3.39 | 7.02 | 30.08 | 12.66 | 10.96 | 7.47 | 7.63 | 9.41 | 6.95 |
| Current ratio |  |  |  |  | 1.50 | 1.97 | 1.45 | 1.18 | 1.74 | 1.50 | 1.35 | 1.19 | 1.26 | 1.44 |

## As-reported value updates

8 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/NTAP/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-06-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001002047.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2021-10-29 |  |  | 0.98 | reported discrete quarter |
| 2022-Q3 | 2022-01-28 |  |  | 1.10 | reported discrete quarter |
| 2023-Q1 | 2022-07-29 |  |  | 0.96 | reported discrete quarter |
| 2023-Q2 | 2022-10-28 |  |  | 3.41 | reported discrete quarter |
| 2023-Q3 | 2023-01-27 | 1,526,000,000 | 65,000,000 | 0.30 | reported discrete quarter |
| 2023-Q4 | 2023-04-28 | 1,581,000,000 | 245,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-07-28 | 1,432,000,000 | 149,000,000 | 0.69 | reported discrete quarter |
| 2024-Q2 | 2023-10-27 | 1,562,000,000 | 233,000,000 | 1.10 | reported discrete quarter |
| 2024-Q3 | 2024-01-26 | 1,606,000,000 | 313,000,000 | 1.48 | reported discrete quarter |
| 2024-Q4 | 2024-04-26 | 1,668,000,000 | 291,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q3 | 2025-01-24 | 1,641,000,000 | 299,000,000 | 1.44 | reported discrete quarter |
| 2025-Q4 | 2025-04-25 | 1,732,000,000 | 340,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-07-25 | 1,559,000,000 | 233,000,000 | 1.15 | reported discrete quarter |
| 2025-Q2 | 2025-10-24 | 1,705,000,000 | 305,000,000 | 1.51 | reported discrete quarter |
| 2026-Q3 | 2026-01-23 | 1,713,000,000 | 334,000,000 | 1.67 | reported discrete quarter |
| 2026-Q4 | 2026-04-24 | 1,948,000,000 | 404,000,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from NTAP's latest 10-K: [/company/NTAP/business/](/company/NTAP/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from NTAP's latest 10-K: [/company/NTAP/risk-factors/](/company/NTAP/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1002047/000119312526076622/ntap-20260123.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2026-01-23

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This section and other parts of this Quarterly Report on Form 10-Q contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Forward-looking statements also can be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not guarantees of future performance and the actual results of NetApp, Inc. ("NetApp," “we,” “us,” "our," or the “Company”) may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those described in our Annual Report on Form 10-K for the year ended April 25, 2025 ("2025 Annual Report on Form 10-K"), including under the heading “Risk Factors” and discussed in this Form 10-Q under the heading “Risk Factors,” which are incorporated herein by reference. The following discussion should be read in conjunction with our consolidated financial statements as of and for the fiscal year ended April 25, 2025, and the notes thereto, contained in our 2025 Annual Report on Form 10-K, and the condensed consolidated financial statements and notes thereto included elsewhere in this Form 10-Q. We assume no obligation to revise or update any forward-looking statements for any reason, except as required by law.

25

Overview

Our Company

NetApp helps customers make their data infrastructure more seamless, more dynamic, and higher performing. We were incorporated in 1992, are headquartered in San Jose, California, and provide a full range of enterprise-class software, systems and services that customers use to transform their data infrastructures across data types, workloads, and environments to realize business possibilities.

We leverage over thirty years of innovation to make data infrastructure intelligent. Our unified data storage solutions deliver flexible, simplified, and silo-free infrastructure. Our active data management capabilities focus on security, compliance, and sustainability, while our adaptive operations enhance performance, efficiency, and productivity. Our extensive portfolio integrates hybrid and multi-cloud environments, addressing key customer priorities such as modernizing legacy systems, enhancing resilience against ransomware, and developing scalable, high-performance data pipelines for artificial intelligence (AI) workloads.

NetApp empowers customers to harness their data for accelerated innovation, improved operations, and competitive advantage. Our unified data storage solutions provide the flexibility to consistently and easily store any data type and support any workload. As the only enterprise-grade storage service natively embedded in the world’s largest clouds, we power data across Amazon AWS, Microsoft Azure, and Google Cloud. Our integrated data services enable active data management, security, protection, governance, and sustainability. Additionally, our operational services support adaptive operations across infrastructure, applications, and teams. Together with our Hybrid Cloud products, these services enable customers to construct a seamless, intelligent data infrastructure across hybrid multi-cloud environments.

Our operations are organized into two segments: Hybrid Cloud and Public Cloud.

Hybrid Cloud offers a unified data storage portfolio of storage management and infrastructure solutions that helps customers modernize their data centers. Our Hybrid Cloud portfolio accommodates both structured and unstructured data with unified storage optimized for flash, disk, and cloud storage, capable of handling data-intensive workloads and applications. Hybrid Cloud includes software, hardware, and related support, along with professional and other services.

Public Cloud offers a portfolio of products delivered primarily as-a-service, including related support. This portfolio includes cloud storage, data services, and operational services. These services are generally available on the leading public clouds, including Amazon AWS, Microsoft Azure, and Google Cloud.

Stock Repurchase and Dividend Activity

During the first nine months of fiscal 2026, we repurchased 7.0 million shares of our common stock at an average price of $107.26 per share, for an aggregate purchase price of $750 million. We also declared aggregate cash dividends of $1.56 per share in that period, for which we paid $310 million.

Restructuring Events

In the first nine months of fiscal 2026, we approved a restructuring plan to redirect resources to highest return activities and reduce costs. Aggregate charges recorded from restructuring plans during the first nine months of fiscal 2026 totaled $22 million.

Results of Operations

Our fiscal year is reported as a 52- or 53-week year that ends on the last Friday in April. Fiscal years 2026 and 2025, ending on April 24, 2026 and April 25, 2025, respectively, are each 52-week years, with 13 weeks in each of their quarters. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in April and the associated quarters, months and periods of those fiscal years.

26

The following table sets forth certain condensed consolidated statements of income data as a percentage of net revenues for the periods indicated:

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[[/GREPCENT_TABLE]]

Percentages may not add due to rounding

Discussion and Analysis of Results of Operations

Net Revenues (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","","Nine Months Ended"],["","","January 23, 2026","","","January 24, 2025","","","% Change","","","January 23, 2026","","","January 24, 2025","","","% Change"],["Net revenues","","$","1,713","","","$","1,641","","","","4","%","","$","4,977","","","$","4,840","","","","3","%"]]
[[/GREPCENT_TABLE]]

The increase in net revenues for the third quarter and first nine months of fiscal 2026 compared to the corresponding periods of fiscal 2025 was due to an increase in both product and services revenues. Product revenues as a percentage of net revenues remained relatively flat in the third quarter and first nine months of fiscal 2026, as compared to the corresponding periods of fiscal 2025. Fluctuations in foreign currency exchange rates favorably impacted net revenues percentage growth by approximately two percentage points in the third quarter and first nine months of fiscal 2026, compared to the corresponding periods of fiscal 2025.

Product Revenues (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","","Nine Months Ended"],["","","January 23, 2026","","","January 24, 2025","","","% Change","","","January 23, 2026","","","January 24, 2025","","","% Change"],["Product revenues","","$","786","","","$","758","","","","4","%","","$","2,228","","","$","2,195","","","","2","%"]]
[[/GREPCENT_TABLE]]

Hybrid Cloud

Product revenues are derived through the sale of our Hybrid Cloud solutions and consist of sales of configured all-flash array systems (including All-Flash FAS A-Series and All-Flash FAS C-Series with capacity flash) and hybrid systems, which are bundled hardware and software products, as well as add-on flash, disk and/or hybrid storage and related OS, StorageGrid, OEM products, and add-on optional software.

Total product revenues increased in the third quarter and first nine months of fiscal 2026 compared to the corresponding periods of the prior year primarily due to higher sales of all-flash array systems and the favorable impact from foreign exchange rate fluctuations.

27

Services Revenues (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","","Three Months Ended","","","Nine Months Ended"],["","","January 23, 2026","","","January 24, 2025","","","% Change","","","January 23, 2026","","","January 24, 2025","","","% Change"],["Services revenues","","$","927","","","$","883","","","","5","%","","$","2,749","","","$","2,645","","","","4","%"],["Support","","","654","","","","621","","","","5","%","","","1,948","","","","1,887","","","","3","%"],["Professional and other services","","","99","","","","88","","","","13","%","","","295","","","","257","","","","15","%"],["Public cloud","","","174","","","","174","","","","\u2014","%","","","506","","","","501","","","","1","%"]]
[[/GREPCENT_TABLE]]

Hybrid Cloud

Hybrid Cloud services revenues are derived from the sale of: (1) support, which includes both hardware and software support contracts (the latter of which entitle customers to receive unspecified product upgrades and enhancements, bug fixes and patch releases), and (2) professional and other services, which include customer education and training.

Support revenues increased in the third quarter and first nine months of fiscal 2026 compared to the corresponding periods of the prior year, primarily due to a higher aggregate support contract value for our installed base and the favorable impact from foreign exchange rate fluctuations.

Professional and other services revenues increased in the third quarter and first nine months of fiscal 2026 compared to the corresponding periods of the prior year primarily due to an increase in revenues from our Keystone storage-as-a-service offering.

Public Cloud

Public Cloud revenues are derived from the sale of public cloud offerings delivered primarily as-a-service, which include cloud storage, data services and operational services.

Public Cloud revenues were flat in the third quarter and increased marginally in the first nine months of fiscal 2026 compared to the corresponding periods of the prior year, due to higher customer demand, driven by NetApp’s diversified cloud offerings and overall growth in the cloud market, offset by the loss of revenue from our Spot by NetApp business which we sold in the fourth quarter of fiscal 2025.

Cost of Revenues

Our cost of revenues consists of:

(1) cost of product revenues, composed of (a) cost of Hybrid Cloud product revenues, which in

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-20260424.htm
Complete FY 2026 MD&A: /company/NTAP/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-06-05
Report date: 2026-04-24

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion of our financial condition and results of operations should be read together with the financial statements and the accompanying notes set forth under Part II, Item 8. – Financial Statements and Supplementary Data. The following discussion also contains trend information and other forward-looking statements that involve a number of risks and uncertainties. The Risk Factors set forth in Part I, Item 1A. – Risk Factors are hereby incorporated into the discussion by reference.

Executive Overview

Our Company

NetApp is a global leader in Intelligent Data Infrastructure, empowering organizations to realize the full potential of their data in a rapidly evolving digital world. Headquartered in San Jose, California, and serving customers in approximately 150 countries, NetApp delivers innovative solutions that enable seamless data management, protection, and mobility across on-premises, hybrid, and multi-cloud environments.

Our flagship ONTAP® data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native offerings, forms the foundation for customers’ digital transformation initiatives. NetApp’s deep integration with all major public cloud providers—AWS, Microsoft Azure, and Google Cloud—enables our customers to run critical workloads anywhere, with consistent performance, security, and governance.

NetApp's strategic focus is on modernizing data infrastructure, enabling resilient and secure operations, optimizing cloud strategies, and accelerating artificial intelligence (AI) adoption. Through continued investment in innovation, we have expanded our portfolio to include advanced AI-ready infrastructure, Storage-as-a-Service (Keystone), and robust cyber resilience solutions. Our partnerships with leading technology companies and a global ecosystem of channel partners further extend our reach and solution capabilities.

Our operations are organized into two segments: Hybrid Cloud and Public Cloud.

Hybrid Cloud offers a unified data storage portfolio of storage management and infrastructure solutions that helps customers modernize their data centers. Our Hybrid Cloud portfolio accommodates both structured and unstructured data with unified storage optimized for flash, disk, and cloud storage, capable of handling data-intensive workloads and applications. Hybrid Cloud includes software, hardware, and related support, along with professional and other services.

Public Cloud offers a portfolio of products delivered primarily as-a-service, including related support. This portfolio includes cloud storage, data services, and operational services. These services are generally available on the leading public clouds, including AWS, Microsoft Azure, and Google Cloud.

Global Business Environment

Supply Chain

Inflationary pressures and supply chain constraints have impacted our operations beginning in the second half of fiscal 2026. We have experienced increased costs for memory and other components, which have affected our gross margins, and we expect costs will remain elevated, or continue to increase, in the near term. Additionally, the tight supply environment for specific products, which is anticipated to persist, could pose challenges in meeting customer demand for those products.

To address these challenges, we have implemented several strategic actions:

•
We raised our pricing in the fourth quarter of fiscal 2026, in line with market trends. We expect to continue adjusting prices as necessary to offset rising costs and remain aligned with the market. While we aim to match supplier costs with our pricing to customers, we recognize the need to give customers time to adjust to these changes.

•
We are leveraging our relationships with multiple suppliers where available to enable component availability and manage costs effectively. This strategy helps us maintain competitive positions in the market from a pricing standpoint. Our history of successful supplier management positions us well to navigate these challenges.

•
We continue to offer a wide range of solutions to meet various customer needs and priorities. This includes competitive storage options, all-flash solutions, hybrid-flash solutions, public cloud solutions, and our Keystone Storage-as-a-Service offering. By providing diverse options, we aim to align with our customers’ budget priorities and deliver the best value offerings.

37

These actions are part of our ongoing efforts to mitigate the impact of inflation and supply chain constraints on our operating results. We will continue to monitor these trends and uncertainties and adjust our strategies as needed to maintain our financial performance.

Financial Results and Key Performance Metrics Overview

The following table provides an overview of key financial metrics for the years indicated (in millions, except per share amounts and percentages):

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[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","April 24, 2026","","","April 25, 2025"],["Deferred revenue","","$","4,845","","","$","4,536"]]
[[/GREPCENT_TABLE]]

•
Net revenues: Our net revenues increased 5% in fiscal 2026 compared to fiscal 2025, due to increases in both product revenues and services revenues.

•
Gross margin: Our gross margin increased less than one percentage point in fiscal 2026 compared to fiscal 2025, due to the increase in gross margins on services revenues, partially offset by lower gross margins on product revenues.

•
Income from operations as a percentage of net revenues: Our income from operations as a percentage of net revenues increased by four percentage points in fiscal 2026 compared to fiscal 2025, primarily due to higher net revenues.

•
Provision for income taxes: Our provision for income taxes increased in fiscal 2026 compared to fiscal 2025 primarily due to benefits related to the Internal Revenue Service ("IRS") examination of our fiscal 2018 and 2019 U.S. income tax returns in the prior year.

•
Net income and Diluted net income per share: The increase in both net income and diluted net income per share in fiscal 2026 compared to fiscal 2025 reflect the factors discussed above.

Stock Repurchase Program and Dividend Activity

During fiscal 2026, we repurchased 9.0 million shares of our common stock at an average price of $105.89 per share, for an aggregate purchase price of $950 million. We also declared aggregate cash dividends of $2.08 per share in fiscal 2026, for which we paid a total of $413 million.

Restructuring Events

During fiscal 2026, we executed a restructuring plan and recognized expenses totaling $21 million consisting primarily of employee severance-related costs related to the current year and prior year plans.

Senior Notes Repayment

On June 23, 2025, upon maturity, we repaid the 1.875% Senior Notes due June 2025 for an aggregate amount of $757 million, comprised of the principal and unpaid interest.

38

Results of Operations

Our fiscal year is reported on a 52- or 53-week year that ends on the last Friday in April. An additional week is included in the first fiscal quarter approximately every six years to realign fiscal months with calendar months. Fiscal years 2026, 2025 and 2024, which ended on April 24, 2026, April 25, 2025 and April 26, 2024, respectively, are all 52-week years, with 13 weeks in each of their quarters. Unless otherwise stated, references to particular years, quarters, months and periods refer to our fiscal years ended in April and the associated quarters, months and periods of those fiscal years.

The following table sets forth certain consolidated statements of income data as a percentage of net revenues for the periods indicated:

[[GREPCENT_TABLE]]
[["","","Year Ended"],["","","April 24, 2026","","","April 25, 2025","","","April 26, 2024"],["Revenues:"],["Product","","","46","%","","","46","%","","","45","%"],["Services","","","54","","","","54","","","","55"],["Net revenues","","","100","","","","100","","","","100"],["Cost of revenues:"],["Cost of product","","","20","","","","20","","","","18"],["Cost of services","","","9","","","","10","","","","11"],["Gross profit","","","71","","","","70","","","","71"],["Operating expenses:"],["Sales and marketing","","","27","","","","28","","","","29"],["Research and development","","","14","","","","15","","","","16"],["General and administrative","","","5","","","","5","","","","5"],["Restructuring charges","","","\u2014","","","","1","","","","1"],["Acquisition-related expense","","","\u2014","","","","\u2014","","","","\u2014"],["Total operating expenses","","","47","","","","50","","","","51"],["Income from operations","","","24","","","","20","","","","19"],["Other (expense) income, net","","","\u2014","","","","1","","","","1"],["Income before income taxes","","","24","","","","21","","","","20"],["Provision for income taxes","","","5","","","","3","","","","4"],["Net income","","","18","%","","","18","%","","","16","%"]]
[[/GREPCENT_TABLE]]

Percentages may not add due to rounding

Discussion and Analysis of Results of Operations

Net Revenues (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","","Year Ended"],["","","April 24, 2026","","","April 25, 2025","","","% Change","","","April 26, 2024","","","% Change"],["Net revenues","","$","6,925","","","$","6,572","","","","5","%","","$","6,268","","","","5","%"]]
[[/GREPCENT_TABLE]]

The increase in net revenues for fiscal 2026 compared to fiscal 2025 was due to an increase in both product revenues and services revenues. Product and services revenues as a percentage of net revenues remained relatively flat in fiscal 2026 as compared to fiscal 2025. Fluctuations in foreign currency exchange rates favorably impacted net revenues percentage growth year-over-year by two percentage points.

The increase in net revenues for fiscal 2025 compared to fiscal 2024 was due to an increase in both product revenues and services revenues. Product revenues as a percentage of net revenues increased by one percentage point in fiscal 2025 compared to fiscal 2024, while services revenues as a percentage of net revenues decreased by one percentage point.

39

Two customers, each of which is a distributor, accounted for 10% or more of net revenues:

[[GREPCENT_TABLE]]
[["","","Year Ended"],["","","April 24, 2026","","","April 25, 2025","","","April 26, 2024"],["Customer A","","","22","%","","","21","%","","","22","%"],["Customer B","","","21","%","","","24","%","","","22","%"]]
[[/GREPCENT_TABLE]]

Product Revenues (in millions, except percentages):

[[GREPCENT_TABLE]]
[["","","Year Ended"],["","","April 24, 2026","","","April 25, 2025","","","% Change","","","April 26, 2024","","","% Change"],["Product revenues","","$","3,194","","","$","3,040","","","","5","%","","$","2,849","","","","7","%"]]
[[/GREPCENT_TABLE]]

Hybrid Cloud

Product revenues are derived through the sale of our Hybrid Cloud solutions and consist of sales of configured all-flash array systems (including AFF A-Series and AFF C-Series with capacity flash) and hybrid systems (including FAS), which are bundled hardware and

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/NTAP/mda/fy2026/
All MD&A years: /company/NTAP/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/NTAP/mda/fy2025/): filed 2025-06-09; accession 0000950170-25-083705 (https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-20250425.htm)
- [FY 2024 MD&A](/company/NTAP/mda/fy2024/): filed 2024-06-10; accession 0000950170-24-071327 (https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-20240426.htm)
- [FY 2023 MD&A](/company/NTAP/mda/fy2023/): filed 2023-06-14; accession 0000950170-23-027948 (https://www.sec.gov/Archives/edgar/data/1002047/000095017023027948/ntap-20230428.htm)
- [FY 2022 MD&A](/company/NTAP/mda/fy2022/): filed 2022-06-16; accession 0000950170-22-011708 (https://www.sec.gov/Archives/edgar/data/1002047/000095017022011708/ntap-20220429.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3572 Computer Storage Devices) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/NTAP.md · JSON record: /company/NTAP.json · verified financials: /company/NTAP/financials.json / /company/NTAP/financials.csv · machine TOC for the whole site: /llms.txt