Company file · NTAP
NetApp
NetApp's revenue rose 5.4% in FY2026, to $6.9B, and net income rose 7.6% to $1.3B
Revenue rose 5.4% to $6.9B in FY2026, from $6.6B in FY2025. Net income rose 7.6% to $1.3B. Hybrid Cloud was the largest segment, at 90% of revenue.
Key facts
In fiscal 2026, which ended Apr 24, 2026, NetApp (Nasdaq: NTAP) took in $6.9B of revenue (up 5.4% on fiscal 2025); net income was $1.3B (up 7.6%). The most recent quarter, ended Jul 31, 2026, brought revenue of $2.0B, up 29.9% year over year, with net income of $375M. Hybrid Cloud was the biggest single line by segment: 90% of fiscal 2026 revenue. Sources: 10-K for fiscal 2026 (filed Jun 5, 2026) and 10-Q for the quarter ended Jul 31, 2026 (filed Sep 2, 2026).
Source: 10-K FY2026, filed Jun 5, 2026
Source: 10-Q filed Sep 2, 2026
How it makes money
By segment, FY2026
Source: 10-K FY2026, XBRL breakdown
By segment in FY2026: Hybrid Cloud (90%) and Public Cloud (10%), as shares of total revenue. Total revenue was $6.9B.
Source: 10-K FY2026
By product or service, FY2026
Share is of the FY2026 total; the last column is the change from FY2025.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q1 FY2027 (May to Jul 2026) compared with Q1 FY2026 (May to Jul 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q1 FY2027Q1 FY2026
Company
Source: NetApp 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026
By segment
Source: NetApp 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026
The bull case and the bear case
The bull case
- Revenue rose 5.4% in FY2026 to $6.9B, from $6.6B a year earlier. 10-K, FY2026
- Net income rose 7.6% in FY2026 to $1.3B, from $1.2B. 10-K, FY2026
- Operating cash flow rose 37.3% in FY2026 to $2.1B. 10-K, FY2026
- Diluted shares fell 3.8% in FY2026, so each share represents a larger slice of profit. 10-K, FY2026
The bear case
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include competition; customer demand; security and privacy. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
NetApp is in the technology hardware, storage & peripherals industry, part of the information technology sector. The SEC files it under Computer Storage Devices.
NetApp reports 2 segments: Hybrid Cloud and Public Cloud.
Its fiscal year ends in April; the latest, FY2026, ended Apr 24, 2026.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the technology hardware, storage & peripherals industry. They are not a summary of NetApp’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- CompetitionTechnology markets move fast, and rivals large and small can change prices or products.
- Customer demandSpending by customers on technology rises and falls with their budgets and the economy.
- Security and privacyCyberattacks, outages and data-privacy rules can raise costs or harm customer trust.
- Supply and tradeReliance on suppliers and exposure to tariffs or export rules can limit what it can sell or build.
- Intellectual propertyPatent claims and licensing disputes can lead to costs or limits on products.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | $6.3B | $6.6B | $6.9B |
| Net income | $986M | $1.2B | $1.3B |
| Operating cash flow | $1.7B | $1.5B | $2.1B |
| Cash & equivalents (year end) | $1.9B | $2.7B | $2.1B |
| Total debt (year end) | $2.4B | $3.2B | $2.5B |
| Diluted shares | 213M | 209M | 201M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Commercial paper and the current part of long-term debt plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Executive and director changes: 8-K Item 5.02
- Regulation FD
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- NetApp names its fiscal year by the calendar year in which it ends, so FY2026 is the year that ended Apr 24, 2026.
Recent filings
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about NetApp
How does NetApp make money?
In fiscal 2026, revenue totaled $6.9B. By segment in FY2026: Hybrid Cloud (90%) and Public Cloud (10%), as shares of total revenue. Total revenue was $6.9B. Source: 10-K for fiscal 2026, filed Jun 5, 2026.
What was NetApp's revenue in fiscal 2026?
Revenue came to $6.9B in the year ended Apr 24, 2026. Going back two years, it was $6.3B in fiscal 2024 and $6.6B in fiscal 2025, so the latest year was up 5.4%. Source: 10-K for fiscal 2026, filed Jun 5, 2026.
Is NetApp profitable?
Yes, by US accounting rules (GAAP): net income was $1.3B in fiscal 2026, up 7.6% from $1.2B a year earlier. For the quarter ended Jul 31, 2026, net income was $375M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2026, filed Jun 5, 2026.
What did NetApp report in its latest quarterly filing?
The 10-Q for the quarter ended Jul 31, 2026 shows revenue of $2.0B, against $1.6B in the same quarter a year before (up 29.9%), and net income of $375M, against $233M (up 60.9%). Source: 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026.
How much cash and debt does NetApp have?
On Jul 31, 2026, cash and cash equivalents stood at $1.6B and total debt at $2.5B. Total debt here is commercial paper and the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Sep 2, 2026.
What are the main risks NetApp faces?
NetApp's own risk factors are in Item 1A of its 10-K for fiscal 2026, filed Jun 5, 2026. Risks that are common among companies in the technology hardware, storage & peripherals industry include Competition; customer demand; security and privacy; supply and trade; intellectual property. The first: Technology markets move fast, and rivals large and small can change prices or products. Source: 10-K, Item 1A Risk Factors.
Where do these NetApp numbers come from?
Two filings NetApp made with the SEC: its fiscal 2026 10-K, filed Jun 5, 2026, and its 10-Q for the quarter ended Jul 31, 2026, filed Sep 2, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning NetApp
- Two Sigma Investments: 1,143,442 shares, reported value $177.0M at Jun 30, 2026 (+82.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 754,479 shares, reported value $116.8M at Jun 30, 2026 (+964.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Millennium Management: 316,103 shares, reported value $48.9M at Jun 30, 2026 (−57.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 122,832 shares, reported value $19.0M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
- Bridgewater Associates: 19,260 shares, reported value $3.0M at Jun 30, 2026 (−82.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Maverick Capital: 4,375 shares, reported value $0.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in NTAP
- The editor holds no position in NetApp (NTAP). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell NTAP from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 6, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold NTAP, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| NetAppNTAP | FY2026 | $6.9B | +5.4% | $1.3B |
| AppleAAPL | FY2026 | $478.8B | +15.1% | $132.2B |
| Dell | FY2026 | $113.5B | +18.8% | $5.9B |
| SandiskSNDK | FY2026 | $20.2B | +175.3% | $11.4B |
| Seagate TechnologySTX | FY2026 | $12.2B | +34.1% | $3.2B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.