NTNX

MKT CAP:$11B

Nutanix, Inc.

Market Cap

$11B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$40.33-$10.27 (-20.30%)

Apr 20, 2026

Company Details

Nutanix, Inc. provides an enterprise cloud platform in North America, Europe, the Asia Pacific, the Middle East, Latin America, and Africa. The company offers Acropolis converges virtualization, enterprise storage services, and networking v...

CEO

Rajiv Ramaswami

IPO Date

Sep 30, 2016

Website

www.nutanix.com

Key Metrics TTM

Revenue

$2.7B

+15.9% YoY

Net Income

$267M

EPS (Diluted)

$0.92

Free Cash Flow

$777M

Revenue / Share

$9.13

Gross Margin

87.1%

Operating Margin

8.0%

Net Margin

9.9%

FCF Margin

28.9%

P/S

4.1x

P/E

41.1x

Earnings Reports

Q2 2026

Mar 2, 2026

$723M+10.4%EPS $0.36

Q1 2026

Dec 4, 2025

$671M+13.5%EPS $0.21

FY 2025

Sep 23, 2025

$2.5B+18.1%EPS $0.65

Q4 2025

Sep 23, 2025

$653M+19.2%EPS $0.13

Q3 2025

Jun 3, 2025

$639M+21.8%EPS $0.22

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$404M	$324M	-$93M
Q4 22	$386M	$306M	-$133M
Q1 23	$434M	$351M	-$81M
Q2 23	$486M	$400M	-$57M
Q3 23	$449M	$366M	-$59M
Q4 23	$494M	$414M	-$11M
Q1 24	$511M	$429M	-$6M
Q2 24	$565M	$484M	$37M
Q3 24	$525M	$445M	-$12M
Q4 24	$548M	$467M	-$12M
Q1 25	$591M	$508M	$27M
Q2 25	$655M	$569M	$65M
Q3 25	$639M	$556M	$49M
Q4 25	$653M	$569M	$31M
Q1 26	$671M	$583M	$49M
Q2 26	$723M	$632M	$86M

Valuation

Quarter	P/S	P/E
Q3 22	3.6x	—
Q4 22	2.2x	—
Q1 23	3.8x	—
Q2 23	3.7x	—
Q3 23	3.3x	—
Q4 23	3.9x	—
Q1 24	4.4x	—
Q2 24	6.9x	—
Q3 24	7.3x	—
Q4 24	5.8x	—
Q1 25	7.7x	—
Q2 25	7.9x	—
Q3 25	7.5x	769.2x
Q4 25	7.8x	105.5x
Q1 26	7.3x	86.7x
Q2 26	4.0x	40.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	-$3M	-$20M
Q4 22	$38M	$23M
Q1 23	$66M	$46M
Q2 23	$74M	$63M
Q3 23	$74M	$53M
Q4 23	$58M	$46M
Q1 24	$145M	$132M
Q2 24	$186M	$163M
Q3 24	$96M	$78M
Q4 24	$245M	$224M
Q1 25	$162M	$152M
Q2 25	$222M	$187M
Q3 25	$219M	$203M
Q4 25	$220M	$208M
Q1 26	$197M	$175M
Q2 26	$197M	$191M

Capital Expenditures

Quarter	CapEx
Q3 22	$17M
Q4 22	$15M
Q1 23	$20M
Q2 23	$11M
Q3 23	$22M
Q4 23	$13M
Q1 24	$13M
Q2 24	$24M
Q3 24	$18M
Q4 24	$20M
Q1 25	$10M
Q2 25	$35M
Q3 25	$15M
Q4 25	$12M
Q1 26	$22M
Q2 26	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+17.2%	-5.5%
Q4 22	-1.3%	-2.6%
Q1 23	+14.6%	-0.3%
Q2 23	+17.8%	+6.9%
Q3 23	+11.1%	+2.2%
Q4 23	+28.2%	-2.6%
Q1 24	+17.9%	+0.5%
Q2 24	+16.2%	-2.7%
Q3 24	+16.9%	+5.7%
Q4 24	+10.9%	+10.8%
Q1 25	+15.6%	+9.1%
Q2 25	+15.8%	+11.6%
Q3 25	+21.8%	+10.1%
Q4 25	+19.2%	+11.1%
Q1 26	+13.5%	+10.2%
Q2 26	+10.4%	+8.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$85M	20.9%
Q4 22	$80M	20.8%
Q1 23	$81M	18.7%
Q2 23	$85M	17.5%
Q3 23	$73M	16.3%
Q4 23	$73M	14.7%
Q1 24	$84M	16.4%
Q2 24	$86M	15.2%
Q3 24	$82M	15.7%
Q4 24	$82M	14.9%
Q1 25	$89M	15.0%
Q2 25	$93M	14.3%
Q3 25	$84M	13.2%
Q4 25	$85M	13.0%
Q1 26	$78M	11.6%
Q2 26	$103M	14.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 22	$142M	$40M	$235M
Q4 22	$144M	$43M	$253M
Q1 23	$149M	$46M	$236M
Q2 23	$142M	$84M	$230M
Q3 23	$143M	$53M	$229M
Q4 23	$146M	$49M	$229M
Q1 24	$152M	$48M	$235M
Q2 24	$160M	$50M	$237M
Q3 24	$159M	$51M	$246M
Q4 24	$167M	$52M	$259M
Q1 25	$174M	$54M	$253M
Q2 25	$183M	$60M	$261M
Q3 25	$186M	$61M	$260M
Q4 25	$194M	$63M	$281M
Q1 26	$187M	$61M	$285M
Q2 26	$202M	$68M	$278M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 22	17.2%	-17.7%	-0.5
Q4 22	-1.3%	-28.1%	-29.4
Q1 23	14.6%	-13.5%	1.1
Q2 23	17.8%	-6.4%	11.4
Q3 23	11.1%	-6.7%	4.4
Q4 23	28.2%	5.4%	33.6
Q1 24	17.9%	4.6%	22.5
Q2 24	16.2%	13.1%	29.3
Q3 24	16.9%	4.7%	21.6
Q4 24	10.9%	3.5%	14.4
Q1 25	15.6%	9.4%	25.1
Q2 25	15.8%	13.0%	28.8
Q3 25	21.8%	13.4%	35.2
Q4 25	19.2%	8.0%	27.2
Q1 26	13.5%	12.5%	26.0
Q2 26	10.4%	16.0%	26.4

Rule of 40

Revenue Segments

Quarter	Hardware	Professional Services	Software	Subscription and Circulation	Product	Service	Other Non Subscription Product
Q3 22	$1M	$22M	$9M	$370M	—	—	—
Q4 22	$340.0K	$23M	$11M	$351M	—	—	—
Q1 23	—	—	—	—	$209M	$225M	—
Q2 23	—	—	—	—	$251M	$236M	—
Q3 23	—	—	—	—	$213M	$236M	—
Q4 23	—	—	—	—	$240M	$254M	—
Q1 24	—	$23M	—	$479M	—	—	$9M
Q2 24	—	$25M	—	$532M	—	—	$8M
Q3 24	—	$26M	—	$487M	—	—	$12M
Q4 24	—	$27M	—	$519M	—	—	$2M
Q1 25	—	$27M	—	$561M	—	—	$3M
Q2 25	—	$28M	—	$624M	—	—	$2M
Q3 25	—	$28M	—	$610M	—	—	$1M
Q1 26	—	—	—	—	$349M	$322M	—
Q2 26	—	—	—	—	$387M	$335M	—

Revenue by Geography

Quarter	Asia Pacific	Emea	Other Americas	United States
Q3 22	$68M	$97M	$12M	$227M
Q4 22	$66M	$96M	$7M	$216M
Q1 23	$69M	$100M	$9M	$256M
Q2 23	$79M	$122M	$10M	$275M
Q3 23	$78M	$124M	$13M	$234M
Q4 23	$83M	$125M	$11M	$274M
Q1 24	$83M	$125M	$13M	$290M
Q2 24	$93M	$152M	$11M	$309M
Q3 24	$83M	$147M	$11M	$284M
Q4 24	$90M	$140M	$12M	$306M
Q1 25	$96M	$151M	$11M	$333M
Q2 25	$92M	$181M	$14M	$367M
Q3 25	$107M	$172M	$14M	$346M
Q1 26	$90M	$174M	$21M	$386M
Q2 26	$109M	$233M	$16M	$365M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$387M	$914M	$1.3B
Q4 22	$403M	$921M	$1.3B
Q1 23	$481M	$907M	$1.4B
Q2 23	$407M	$905M	$1.3B
Q3 23	$440M	$919M	$1.4B
Q4 23	$513M	$924M	$1.4B
Q1 24	$612M	$959M	$1.6B
Q2 24	$679M	$965M	$1.6B
Q3 24	$598M	$1.1B	$1.7B
Q4 24	$655M	$339M	$994M
Q1 25	$717M	$359M	$1.1B
Q2 25	$1.1B	$671M	$1.7B
Q3 25	$873M	$1.0B	$1.9B
Q4 25	$770M	$1.2B	$2.0B
Q1 26	$780M	$1.3B	$2.1B
Q2 26	$603M	$1.3B	$1.9B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	222M	+1.7%	+7.1%
Q4 22	225M	+1.3%	+6.0%
Q1 23	229M	+1.4%	+6.1%
Q2 23	232M	+1.5%	+6.0%
Q3 23	235M	+1.2%	+5.5%
Q4 23	238M	+1.3%	+5.5%
Q1 24	241M	+1.5%	+5.7%
Q2 24	299M	+23.6%	+28.7%
Q3 24	246M	-17.7%	+4.7%
Q4 24	248M	+0.9%	+4.2%
Q1 25	289M	+16.5%	+19.6%
Q2 25	293M	+1.6%	-1.7%
Q3 25	297M	+1.2%	+20.8%
Q4 25	297M	+0.2%	+20.0%
Q1 26	297M	-0.3%	+2.7%
Q2 26	294M	-0.8%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$66.4K	6K
Q4 22	$59.8K	6K
Q1 23	$67.2K	6K
Q2 23	$75.4K	6K
Q3 23	$69.5K	6K
Q4 23	$76.6K	6K
Q1 24	$79.2K	6K
Q2 24	$87.6K	6K
Q3 24	$81.3K	6K
Q4 24	$76.6K	7K
Q1 25	$82.7K	7K
Q2 25	$91.6K	7K
Q3 25	$89.4K	7K
Q4 25	$83.8K	8K
Q1 26	$86.0K	8K
Q2 26	$92.7K	8K

Revenue / Employee