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NTAP

NetApp, Inc.

NTAP

NetApp, Inc. • NASDAQ
$111.56 ▲ 2.11% (+2.31)
Market Cap $22.27 B
52w High $131.30
52w Low $71.84
Dividend Yield 2.08%
P/E 19.44
Volume 1.37M
Outstanding Shares 199.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $1.705B ▲ $805M ▲ $305M ▲ 17.889% ▲ $1.53 ▲ $399M ▲
Q1-2026 $1.557B ▼ $787M ▼ $233M ▼ 14.965% ▼ $1.16 ▼ $384M ▼
Q4-2025 $1.732B ▲ $845M ▲ $340M ▲ 19.63% ▲ $1.67 ▲ $428M ▼
Q3-2025 $1.641B ▼ $783M ▼ $299M 18.221% ▲ $1.47 $446M ▲
Q2-2025 $1.658B $832M $299M 18.034% $1.47 $438M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $3.014B ▼ $9.63B ▼ $8.644B ▼ $986M ▲
Q1-2026 $3.324B ▼ $9.679B ▼ $8.704B ▼ $975M ▼
Q4-2025 $3.846B ▲ $10.823B ▲ $9.783B ▲ $1.04B ▲
Q3-2025 $2.261B ▲ $8.989B ▼ $7.994B ▼ $995M ▲
Q2-2025 $2.222B $9.004B $8.112B $892M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $305M ▲ $0 ▼ $0 ▲ $0 ▲ $0 ▲ $0 ▼
Q1-2026 $233M ▼ $673M ▼ $-181M ▲ $-1.157B ▼ $-658M ▼ $620M ▼
Q4-2025 $340M ▲ $675M ▲ $-313M ▼ $851M ▲ $1.231B ▲ $640M ▲
Q3-2025 $299M $385M ▲ $-53M ▼ $-289M ▲ $31M ▲ $338M ▲
Q2-2025 $299M $105M $564M $-842M $-172M $60M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Hybrid Cloud Segment
Hybrid Cloud Segment
 $1.38Bn ▲$1.49Bn ▲$1.47Bn ▼$1.57Bn ▲
Public Cloud Segment
Public Cloud Segment
 $160.00M ▲$170.00M ▲$170.00M ▲$160.00M ▼

Five-Year Company Overview

Income Statement

Income Statement NetApp’s income statement shows a mature business that has managed to grow revenue modestly while steadily improving profitability. Sales have inched higher over the past few years, even with a slight dip mid‑period, and are now at their highest level in this five‑year window. More importantly, the company has expanded its margins: gross profit has grown faster than revenue, and operating profit has climbed consistently, suggesting better pricing power, product mix, and cost discipline. Net income has been a bit bumpier year to year, reflecting items like taxes, restructuring, or one‑off charges, but the overall trend is upward and current earnings are well above where they were five years ago. Earnings per share have grown even faster than profit, likely helped by share repurchases. Overall, this looks like a company that has successfully converted a relatively slow‑growing top line into stronger and more efficient earnings, which is a positive sign for a hardware‑oriented tech name.

Balance Sheet

Balance Sheet The balance sheet reflects a profitable, cash‑generative company that has leaned more heavily on debt and buybacks over time. Total assets have crept higher, but cash levels have moved down from earlier peaks before recovering somewhat in the most recent year, implying significant cash returned to shareholders or used for other corporate purposes. Debt has risen noticeably over the period, and shareholders’ equity remains quite slim, though it has improved from very low levels. This combination—more debt and a thin equity cushion—points to a more leveraged capital structure than many investors might expect for a storage vendor. While the business performance and cash generation help support this, it does mean NetApp is more sensitive to downturns or credit market stress than a debt‑free peer would be. The balance sheet is not weak, but it is clearly optimized for returns rather than maximum conservatism.

Cash Flow

Cash Flow NetApp’s cash flow profile is a major strength. Operating cash flow has been consistently strong, generally exceeding reported net income, which indicates good earnings quality and effective working capital management. Free cash flow has remained solidly positive every year, even in periods when earnings wobbled, and has rebounded well after a softer patch. Capital spending is modest and stable, underscoring the relatively asset‑light, software‑heavy nature of the business despite its “hardware” label. This combination—healthy free cash flow and low capital needs—gives NetApp meaningful flexibility to fund R&D, pursue acquisitions, pay down debt, and return capital to shareholders. From a sustainability standpoint, the cash generation looks like one of the company’s key financial advantages.

Competitive Edge

Competitive Edge NetApp holds a strong, though contested, position in enterprise storage and data management, particularly in hybrid and multi‑cloud environments. Its core ONTAP software and “Data Fabric” vision give customers a unified way to manage data across on‑premises systems and public clouds, which aligns well with how large enterprises actually run their IT today. The company’s moat rests heavily on switching costs and deep integrations. Once customers build processes around ONTAP, moving away can be disruptive and expensive. NetApp’s native services with major cloud providers—like tightly integrated offerings on Azure and AWS—make its technology feel embedded in those ecosystems, which competitors may struggle to replicate quickly. A broad partner and reseller network further reinforces its reach. That said, the storage and data infrastructure market is crowded and intensely competitive, with large incumbents and nimble newer players all chasing cloud, AI, and security‑driven workloads. NetApp’s position is strong but must be defended through continuous innovation, tight execution with cloud partners, and effective migration of its installed base to newer, subscription‑oriented offerings.

Innovation and R&D

Innovation and R&D Innovation is central to NetApp’s strategy, and recent moves show a deliberate shift from traditional storage hardware toward software, cloud services, and AI‑ready data platforms. ONTAP remains the centerpiece, but it is now delivered both on premises and as cloud services on all major hyperscalers, which extends the life and relevance of the company’s core technology. NetApp is investing in AI‑focused infrastructure, such as architectures that separate compute and storage for scalable AI performance and tools that streamline AI data pipelines alongside NVIDIA‑based systems. The AI Data Engine, AFX architecture, and integrations into developer tools like VS Code signal a push to make NetApp part of the modern AI and cloud‑native development workflow. Beyond performance, the company is adding value through advanced data services—replication, caching, ransomware detection, and isolated recovery—plus subscription models like Keystone storage‑as‑a‑service. All of this positions NetApp as more of a data platform provider than a box vendor. The main risk is execution: the company needs to maintain high R&D intensity and move quickly enough to keep pace with both cloud providers and fast‑moving competitors in AI and security.

Summary

Overall, NetApp looks like a mature, profitable infrastructure player that has successfully modernized its business model while still carrying some hallmarks of its hardware roots. Financially, it combines modest revenue growth with improving margins and robust free cash flow, indicating disciplined management and a focus on higher‑value, software‑rich offerings. The balance sheet is more leveraged and capital‑efficient than conservative, reflecting years of returning capital and using debt as a tool rather than a last resort. Cash generation, not raw balance sheet strength, is the cornerstone of its financial profile. Strategically, NetApp enjoys a meaningful competitive edge through ONTAP, its Data Fabric vision, and deep partnerships with major cloud providers. High switching costs and strong channel relationships help protect its installed base. At the same time, the company operates in a highly competitive arena where large vendors and cloud hyperscalers are all pushing into data, storage, and AI infrastructure. The key opportunities lie in expanding hybrid cloud services, scaling AI‑ready data platforms, and growing subscription and “as‑a‑service” models. The key risks center on competition, the need for sustained R&D investment, and a more leveraged capital structure that depends on continued strong cash flow. NetApp today resembles a cash‑rich, innovation‑focused infrastructure platform business rather than a traditional storage hardware vendor, with its long‑term trajectory tied closely to how well it executes on cloud and AI data strategies.

NEWS

November 25, 2025 · 4:01 PM UTC

NetApp Reports Second Quarter of Fiscal Year 2026 Results

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November 24, 2025 · 4:01 PM UTC

NetApp to Participate in Upcoming Technology Conferences

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November 12, 2025 · 3:00 PM UTC

NetApp Recognized as Winner of 2025 Microsoft Americas Partner of the Year for SDC Canada Category

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November 4, 2025 · 4:01 PM UTC

NetApp Hosts Second Quarter of Fiscal Year 2026 Financial Results Webcast

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October 28, 2025 · 11:00 AM UTC

Secret Double Octopus Appoints Former NetApp CEO Dan Warmenhoven to its Board of Directors

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