NetApp Inc (NTAP)
NASDAQ:NTAP
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Earnings Data
Report Date
Sep 02, 2026After Close (Confirmed)
Period Ending
2027 (Q1)Consensus EPS Forecast
2.1Last Year’s EPS
1.55Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated a strong, constructive performance: record revenue, margins, EPS, and cash flow, driven by cloud, all-flash, Keystone, and accelerating AI-related demand. Management acknowledged component cost pressures and inventory changes, provided prudent margin guidance for FY27, and did not quantify AI revenue contribution. On balance the positives — clear revenue and profitability acceleration, robust cash generation, strong cloud/all-flash/Keystone growth, and meaningful AI deal momentum — outweigh the near-term margin and supply uncertainties, suggesting confidence in durable demand and disciplined financial management.Company Guidance
Record Revenue and Quarterly Strength
Q4 revenue was $1.95B, up 12% year-over-year and 14% sequentially; FY 2026 revenue was $6.93B, up 5% year-over-year (7% excluding the Spot divestiture). Q4 exceeded the high end of revenue guidance.
Strong Profitability and Margin Expansion
Q4 non-GAAP EPS was $2.43, up 26% year-over-year; FY non-GAAP EPS was $8.13, up 12% year-over-year. Q4 operating margin was a record 32.0% (up 340 bps YoY); FY operating margin was 30.2% (up 190 bps YoY). Q4 gross margin was 70.5% (up 100 bps YoY) and FY gross margin was 71.3% (up 20 bps YoY).
Exceptional Cash Generation and Capital Returns
Q4 operating cash flow was $950M and free cash flow was $900M, both up over 40% YoY and record highs; FY operating cash flow was $2.07B and FY free cash flow was $1.87B (up ~40% YoY). Returned $303M in Q4 to shareholders ($200M buybacks, $103M dividends) and returned $1.36B in value for the year. Announced increase in share repurchase authorization by $1B and plan to return up to 100% of FCF in FY27.
Cloud and All-Flash Momentum
FY26 public cloud revenue grew to $688M, up 18% YoY; first-party and marketplace cloud services grew 30% YoY. FY26 all-flash revenue was $4.2B, up 11% YoY (Q4 all-flash $1.2B, up 18% YoY).
Strong Growth in Keystone (Storage-as-a-Service)
Keystone storage-as-a-service revenue grew approximately 65% year-over-year, with unbilled RPO for Keystone contributing to unbilled remaining performance obligations of $807M, up 88% YoY.
AI Wins and Product Innovation
Approximately 500 AI and data-prep wins in Q4 and over 1,100 in FY26 (versus ~400 prior year). Launched/expanded solutions including AFX and AI Data Engine with early customer momentum and targeted use cases (Neo Cloud, financial services, life sciences).
Improving Public Cloud Gross Margin Mix
Public cloud gross margin was 85.7% in Q4 (up 60 bps sequentially and over 600 bps YoY), providing a mix tailwind to total company gross margin as cloud revenue grows faster than other segments.
NTAP Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NTAP Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 28, 2026 | $142.40 | $174.29 | +22.39% |
Feb 26, 2026 | $98.63 | $98.53 | -0.11% |
Oct 24, 2025 | $115.48 | $116.03 | +0.47% |
Aug 27, 2025 | $110.54 | $115.55 | +4.54% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does NetApp Inc (NTAP) report earnings?
NetApp Inc (NTAP) is schdueled to report earning on Sep 02, 2026, After Close (Confirmed).
What is NetApp Inc (NTAP) earnings time?
NetApp Inc (NTAP) earnings time is at Sep 02, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NTAP EPS forecast?
NTAP EPS forecast for the fiscal quarter 2027 (Q1) is 2.1.
