NTAP

MKT CAP:$22B

NetApp, Inc.

Market Cap

$22B

Technology·Computer Hardware·🇺🇸 United States·NASDAQ

Technology·Computer Hardware·🇺🇸·NASDAQ

Stock Price

$104.53-$1.94 (-1.82%)

Apr 17, 2026

Company Details

NetApp, Inc. provides cloud-led and data-centric services to manage and share data on-premises, and private and public clouds worldwide. It operates in two segments, Hybrid Cloud and Public Could. The company offers intelligent data managem...

CEO

George Kurian

IPO Date

Nov 21, 1995

Website

www.netapp.com

Key Metrics TTM

Revenue

$6.7B

+3.1% YoY

Net Income

$1.2B

EPS (Diluted)

$5.98

Free Cash Flow

$1.6B

Revenue / Share

$33.55

Gross Margin

70.5%

Operating Margin

22.2%

Net Margin

18.1%

FCF Margin

24.0%

P/S

3.2x

P/E

17.9x

Earnings Reports

Q3 2026

Feb 26, 2026

$1.7B+4.4%EPS $1.67

Q2 2026

Nov 25, 2025

$1.7B+2.8%EPS $1.51

Q1 2026

Aug 27, 2025

$1.6B+1.2%EPS $1.15

FY 2025

Jun 9, 2025

$6.6B+4.9%EPS $5.67

Q4 2025

Jun 9, 2025

$1.7B+3.9%EPS $1.65

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$1.7B	$1.1B	$293M
Q1 23	$1.6B	$1.0B	$255M
Q2 23	$1.7B	$1.1B	$282M
Q3 23	$1.5B	$1.0B	$172M
Q4 23	$1.6B	$1.1B	$309M
Q1 24	$1.4B	$996M	$178M
Q2 24	$1.6B	$1.1B	$304M
Q3 24	$1.6B	$1.2B	$366M
Q4 24	$1.7B	$1.2B	$366M
Q1 25	$1.5B	$1.1B	$282M
Q2 25	$1.7B	$1.2B	$345M
Q3 25	$1.6B	$1.1B	$362M
Q4 25	$1.7B	$1.2B	$348M
Q1 26	$1.6B	$1.1B	$309M
Q2 26	$1.7B	$1.2B	$399M
Q3 26	$1.7B	$1.2B	$431M

Valuation

Quarter	P/S	P/E
Q4 22	3.4x	23.1x
Q1 23	3.4x	22.8x
Q2 23	3.3x	14.7x
Q3 23	3.3x	16.8x
Q4 23	3.4x	17.0x
Q1 24	3.5x	17.9x
Q2 24	3.5x	31.3x
Q3 24	3.5x	23.0x
Q4 24	3.5x	21.9x
Q1 25	3.4x	19.9x
Q2 25	3.3x	18.8x
Q3 25	3.3x	19.0x
Q4 25	3.3x	18.2x
Q1 26	3.3x	18.5x
Q2 26	3.3x	18.4x
Q3 26	3.2x	17.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$411M	$343M
Q1 23	$281M	$216M
Q2 23	$214M	$137M
Q3 23	$377M	$319M
Q4 23	$235M	$196M
Q1 24	$453M	$418M
Q2 24	$135M	$97M
Q3 24	$484M	$448M
Q4 24	$613M	$567M
Q1 25	$341M	$300M
Q2 25	$105M	$60M
Q3 25	$385M	$338M
Q4 25	$675M	$640M
Q1 26	$673M	$620M
Q2 26	$127M	$78M
Q3 26	$317M	$271M

Capital Expenditures

Quarter	CapEx
Q4 22	$68M
Q1 23	$65M
Q2 23	$77M
Q3 23	$58M
Q4 23	$39M
Q1 24	$35M
Q2 24	$38M
Q3 24	$36M
Q4 24	$46M
Q1 25	$41M
Q2 25	$45M
Q3 25	$47M
Q4 25	$35M
Q1 26	$53M
Q2 26	$49M
Q3 26	$46M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 22	+8.0%	+26.1%
Q1 23	+9.2%	+10.6%
Q2 23	+6.2%	+8.6%
Q3 23	-5.5%	+4.7%
Q4 23	-5.9%	-8.3%
Q1 24	-10.1%	-6.2%
Q2 24	-6.1%	-8.9%
Q3 24	+5.2%	-8.4%
Q4 24	+5.4%	+2.3%
Q1 25	+7.6%	+0.4%
Q2 25	+6.1%	+4.4%
Q3 25	+2.2%	+3.1%
Q4 25	+3.9%	+6.4%
Q1 26	+1.2%	-0.7%
Q2 26	+2.8%	-0.5%
Q3 26	+4.4%	+0.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$66M	3.9%
Q1 23	$67M	4.2%
Q2 23	$78M	4.7%
Q3 23	$93M	6.1%
Q4 23	$74M	4.7%
Q1 24	$87M	6.1%
Q2 24	$93M	6.0%
Q3 24	$89M	5.5%
Q4 24	$88M	5.3%
Q1 25	$85M	5.5%
Q2 25	$103M	6.2%
Q3 25	$103M	6.3%
Q4 25	$95M	5.5%
Q1 26	$83M	5.3%
Q2 26	$102M	6.0%
Q3 26	$97M	5.7%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 22	$235M	$72M	$480M
Q1 23	$240M	$72M	$458M
Q2 23	$243M	$67M	$479M
Q3 23	$230M	$59M	$450M
Q4 23	$243M	$67M	$442M
Q1 24	$247M	$74M	$468M
Q2 24	$262M	$75M	$461M
Q3 24	$249M	$81M	$439M
Q4 24	$271M	$78M	$460M
Q1 25	$252M	$75M	$471M
Q2 25	$257M	$77M	$485M
Q3 25	$247M	$74M	$451M
Q4 25	$256M	$85M	$458M
Q1 26	$242M	$84M	$461M
Q2 26	$251M	$89M	$465M
Q3 26	$237M	$86M	$455M

Revenue Segments

Quarter	Hybrid Cloud Segment	Public Cloud Segment	Product	Professional And Other Services	Support
Q1 23	$1.5B	$132M	—	—	—
Q2 23	$1.5B	$142M	—	—	—
Q3 23	$1.4B	$150M	—	—	—
Q1 24	$1.3B	$154M	—	—	—
Q2 24	$1.4B	$154M	—	—	—
Q3 24	$1.5B	$151M	—	—	—
Q1 25	$1.4B	$159M	—	—	—
Q2 25	$1.5B	$168M	—	—	—
Q3 25	$1.5B	$174M	—	—	—
Q3 26	—	$174M	$786M	$99M	$654M

Revenue by Geography

Quarter	Americas	Asia Pacific	E M E A
Q1 23	$856M	$236M	$500M
Q2 23	$889M	$239M	$535M
Q3 23	$821M	$214M	$491M
Q1 24	$754M	$232M	$446M
Q2 24	$789M	$248M	$525M
Q3 24	$802M	$237M	$567M
Q1 25	$763M	$265M	$513M
Q2 25	$862M	$253M	$543M
Q3 25	$833M	$249M	$559M
Q3 26	$882M	$246M	$585M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$4.1B	$22M	$4.1B
Q1 23	$3.3B	$151M	$3.4B
Q2 23	$2.7B	$364M	$3.0B
Q3 23	$2.6B	$501M	$3.1B
Q4 23	$2.3B	$754M	$3.1B
Q1 24	$2.0B	$955M	$3.0B
Q2 24	$1.9B	$686M	$2.6B
Q3 24	$1.8B	$1.1B	$2.9B
Q4 24	$1.9B	$1.3B	$3.3B
Q1 25	$1.7B	$1.4B	$3.0B
Q2 25	$1.5B	$744M	$2.2B
Q3 25	$1.5B	$750M	$2.3B
Q4 25	$2.7B	$1.1B	$3.8B
Q1 26	$2.1B	$1.2B	$3.3B
Q2 26	$2.1B	$942M	$3.0B
Q3 26	$1.6B	$1.4B	$3.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	228M	-0.4%	-0.4%
Q1 23	224M	-1.8%	-2.2%
Q2 23	220M	-1.8%	-3.9%
Q3 23	219M	-0.5%	-4.4%
Q4 23	217M	-0.9%	-4.8%
Q1 24	216M	-0.5%	-3.6%
Q2 24	211M	-2.3%	-4.1%
Q3 24	211M	0.0%	-3.7%
Q4 24	212M	+0.5%	-2.3%
Q1 25	212M	0.0%	-1.9%
Q2 25	210M	-0.9%	-0.5%
Q3 25	208M	-1.0%	-1.4%
Q4 25	206M	-1.0%	-2.8%
Q1 26	203M	-1.5%	-4.2%
Q2 26	202M	-0.5%	-3.8%
Q3 26	200M	-1.0%	-3.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	$140.0K	12K
Q1 23	$132.7K	12K
Q2 23	$138.6K	12K
Q3 23	$127.2K	12K
Q4 23	$131.8K	12K
Q1 24	$119.3K	12K
Q2 24	$130.2K	12K
Q3 24	$133.8K	12K
Q4 24	$141.3K	12K
Q1 25	$130.6K	12K
Q2 25	$140.5K	12K
Q3 25	$139.1K	12K
Q4 25	$148.0K	12K
Q1 26	$133.2K	12K
Q2 26	$145.7K	12K
Q3 26	$146.4K	12K

Revenue / Employee