NetApp(DE:NTA)
€168.66+1.16 (+0.69%)
DE:NTA
NetApp earnings date
€168.66
At close:+1.16 (+0.69%)
NetApp (NTA) Q1 2027 Earnings Report
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DE:NTA Q1 2027 EPS Results
- Actual EPS
- EUR 2.33
- Consensus EPS
- EUR 1.92
- Beat/Miss
- Beat by +EUR 0.41
- One Year Ago EPS
- EUR 1.40
DE:NTA Q1 2027 Revenue Results
- Actual Revenue
- EUR 1.83B
- Expected Revenue
- EUR 1.66B
- Beat/Miss
- Beat by +EUR 170.86M
- YoY Revenue Growth
- +30.12%
Earnings Announcement Details
- Quarter
- Q1 2027
- Date
- 09/02/2026
- Time
- After Close
- Conference Call
- Wednesday, September 2, 2026
DE:NTA Upcoming Earnings
NetApp's next earnings date is estimated for December 1, 2026, based on past reporting schedules.
Q1 2027 Earnings Call Audio
DE:NTA Q1 2027 Earnings Call
0:00 / 0:00
Q1 2027 Earnings Slide Deck
Q1 2027 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. NetApp reported record Q1 results, broad-based demand, substantial AI and cloud momentum, strong cash generation, and materially raised fiscal-year revenue, margin, and EPS guidance. The principal challenges were higher component costs, product-mix-related gross margin pressure, lower sequential inventory turns, and some timing variability from accelerated or deferred customer purchases, but management said product-margin expectations had improved slightly versus prior guidance and expressed strong confidence in the business.
Company Guidance
For Q2, NetApp expects revenue to be $2.1 billion, plus or minus $75 million, implying 23% year-over-year growth at the midpoint; gross margin is expected to be in the range of 67% to 68%, operating margin in the range of 30.9% to 31.9%, and earnings per share in the range of $2.54 and $2.64 with a midpoint of $2.59. For fiscal year 2027, revenue is expected to be in the range of $7.975 billion to $8.225 billion, with an $8.1 billion midpoint representing 17% year-over-year growth and an increase of $650 million compared to prior guidance; gross margin is expected to be in the range of 68.1% to 69.1%, operating margin in the range of 30.3% to 31.3%, and earnings per share in the range of $9.73 to $10.03, with a $9.88 midpoint representing 22% year-over-year growth.
- Record Q1 Financial PerformanceNetApp delivered a record-setting first quarter, exceeding Q1 guidance on every metric. Revenue increased 30% year-over-year to $2.03 billion, gross profit grew 29% to a record $1.43 billion, operating margin reached 31.9%, and non-GAAP EPS increased 66% year-over-year to $2.58.
- Broad-Based Demand MomentumManagement reported strength across customer sizes, geographies, industries, workloads, on-premises, Keystone, and cloud. Results reflected a healthier demand environment as customers invested in AI and modernization, along with some accelerated purchases and pricing benefits.
- Raised Fiscal 2027 OutlookFiscal 2027 revenue guidance was raised to $7.975 billion to $8.225 billion, with an $8.1 billion midpoint representing 17% year-over-year growth and an increase of $650 million versus prior guidance. Operating margin guidance was raised to 30.3% to 31.3%, and EPS guidance was raised to $9.73 to $10.03, with a $9.88 midpoint representing 22% year-over-year growth.
- Strong Q2 GuidanceQ2 revenue is expected to be $2.1 billion, plus or minus $75 million, implying 23% year-over-year growth at the midpoint. EPS guidance is $2.54 to $2.64, with a $2.59 midpoint.
- All-Flash Array GrowthAll-flash array revenue reached $1.31 billion in Q1, up 47% year-over-year. Management said customers are standardizing on NetApp for mission-critical workloads, including GPU-intensive AI pipelines, and that innovation and go-to-market execution are driving share gains.
- Public Cloud Revenue GrowthQ1 public cloud revenue grew 28% year-over-year to $206 million, or 19% excluding the additional week. Growth was driven by adoption of first-party and marketplace storage services, and public cloud gross margin was 86.4%, up 70 basis points sequentially and more than 6 percentage points year-over-year.
- Hybrid Cloud and Product Revenue ExpansionHybrid Cloud revenue was $1.82 billion, up 30% year-over-year and 27% excluding the additional week. Product revenue was $987 million, up 51% year-over-year, while management also reported accelerating interest in hybrid-flash solutions.
- AI and Data Lake Deal MomentumNetApp won approximately 350 AI and data lake modernization deals in Q1. Management said deal sizes are increasing as customers move from proof of concept to production-level workloads, with prior wins expanding into production environments.
- AI Platform and Customer WinsNetApp signed a significant agreement with Samsung Electronics, won a strategic public-sector modernization deal leveraging AFX with NVIDIA SuperPOD, and secured a significant win with an Asian neo-cloud provider for secure, scalable storage supporting AI services and inference workloads.
- New Customer Acquisition and Competitive DisplacementsManagement reported that new customer counts, new customer dollars, and expansion within existing customers were all ahead of internal forecasts. Examples included a major U.S. utility standardizing on NetApp's unified AI-ready data infrastructure, a European IT service provider selecting NetApp for critical infrastructure, and NetApp displacing a competitor at a leading transportation agency.
- Cloud Migration OpportunitiesNetApp reported customer wins involving Amazon FSx for NetApp ONTAP and Azure NetApp Files for VMware migration and data modernization. Management said these solutions delivered superior performance, lower cost, versatile workload support, technical advantages, and substantial cost savings in the cited customer deployments.
- DataPelago AcquisitionNetApp acquired DataPelago, whose Nucleus software engine enables high-performance in-place data processing, eliminates data movement, and streamlines AI readiness. Management said the acquisition expands the platform's AI data infrastructure capabilities and helps customers unlock additional value from unstructured data already managed on NetApp.
- JetStream AcquisitionAt the start of Q2, NetApp acquired JetStream, a provider of cloud-native disaster recovery for VMware environments. JetStream enables continuous protection and recovery across diverse storage environments with replication to NetApp cloud offerings such as Azure NetApp Files.
- Recurring Revenue and Contract VisibilityNetApp exited Q1 with $4.85 billion in deferred revenue, up 7% year-over-year, and remaining performance obligations of $5.65 billion, up 14% year-over-year.
- Operating Leverage and Cash GenerationOperating income increased 61% year-over-year to $645 million, while operating margin expanded 6.1 percentage points year-over-year to 31.9%. Cash flow from operations was $503 million and free cash flow was $401 million.
- Shareholder Returns and Reduced Share CountNetApp returned $302 million to shareholders in Q1, including $200 million in share repurchases and $102 million in dividends, or $0.52 per share. Diluted share count decreased by 3 million shares, or 1.5% year-over-year.
- Healthy Balance SheetNetApp ended the quarter with $3.6 billion in cash and short-term investments and $2.5 billion in gross debt, resulting in a net cash position of $1.1 billion.
- Keystone GrowthProfessional Services revenue was $112 million, up 15% year-over-year, mainly driven by continued robust growth in Keystone. Management said Keystone grew roughly in the same ballpark as prior quarters and as the overall flash business, and that the business was seeing more new customers and additional capabilities.
- Continued Investment in AI SolutionsManagement said it is continuing to invest in AI solutions while maintaining discipline in operating expenses. The expected full-year operating expense increase remains much less than half of projected revenue growth.
- AFX ProgressAFX is being positioned for high-end performance and scale environments, particularly AI GPU-as-a-service deployments, neo-clouds, and private AI clouds. Management said AFX is being certified across a large number of customers and is making good progress.
DE:NTA Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Dec 01, 2026 | 2027 (Q2) | 2.35- | 1.85 | ― | ― |
| Sep 02, 2026 | 2027 (Q1) | 1.922.33 | 1.4 | 66.45% (+0.93) | |
| May 28, 2026 | 2026 (Q4) | 2.052.20 | 1.74 | 25.91% (+0.45) | |
| Feb 26, 2026 | 2026 (Q3) | 1.861.92 | 1.73 | 10.99% (+0.19) | |
| Oct 24, 2025 | 2026 (Q2) | 1.701.85 | 1.69 | 9.63% (+0.16) | |
| Aug 27, 2025 | 2026 (Q1) | 1.391.40 | 1.41 | -0.64% (-0.01) | |
| May 30, 2025 | 2025 (Q4) | 1.711.74 | 1.63 | 7.22% (+0.12) | |
| Feb 27, 2025 | 2025 (Q3) | 1.731.73 | 1.75 | -1.55% (-0.03) | |
| Nov 21, 2024 | 2025 (Q2) | 1.611.69 | 1.43 | 18.35% (+0.26) | |
| Aug 28, 2024 | 2025 (Q1) | 1.311.41 | 1.04 | 35.65% (+0.37) |
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
