AI Earnings Predictions for NetApp Inc. (NTAP)

EX-99.1

2 ntap-ex99_1.htm

EX-99.1

EX-99.1

Exhibit 99.1

NetApp Reports Fourth Quarter and Fiscal Year 2026 Results

Delivers record net revenue, gross profit, operating income, cash flow from operations and free cash flow for Q4 and fiscal year 2026;

Fourth quarter net revenues of $1.95 billion, an increase of 12% year-over-year;

Fiscal year 2026 net revenues of $6.93 billion, an increase of 5% year-over-year

News Summary

• Record all-flash array net revenue of $1.2 billion for the fourth quarter of fiscal year 2026, an increase of 18% year-over-year

• Record Public Cloud net revenue of $182 million for the fourth quarter of fiscal year 2026, an increase of 11% year-over-year

• Record billings of $7.21 billion for fiscal year 2026, an increase of 6% year-over-year

• Returned $1.36 billion to stockholders through share repurchases and cash dividends in fiscal year 2026

SAN JOSE, Calif.—May 28, 2026—NetApp (NASDAQ: NTAP), the Intelligent Data Infrastructure company, today reported financial results for the fourth quarter and fiscal year 2026, which ended on April 24, 2026.

“Fiscal year 2026 was a landmark year for NetApp with record results across revenue, gross profit, operating income, cash flow from operations, and free cash flow. Our industry-leading hybrid cloud, intelligent data infrastructure platform, trusted by the world’s leading organizations, is powering customers’ AI driven transformations, delivering secure, high-performance access to data wherever it resides,” said George Kurian, Chief Executive Officer. “We achieved our target operating margin while launching next-generation AI solutions and expanding strategic partnerships. As enterprises scale their AI ambitions, NetApp’s unified data platform and flexible offerings position us for sustained growth. I am proud of our team’s execution and excited for the opportunities ahead in fiscal year 2027 and beyond.”

Fourth Quarter and Fiscal Year 2026 Financial Results

($ in millions, except earnings per share)

GAAP Results

Q4 FY26

Q4 FY25

% Change

FY2026

FY2025

% Change

Net revenues

$

1,948

$

1,732

12

%

$

6,925

$

6,572

5

%

Hybrid Cloud segment revenues

$

1,766

$

1,568

13

%

$

6,237

$

5,907

6

%

Public Cloud segment revenues

$

182

$

164

11

%

$

688

$

665

3

%

Gross profit

$

1,365

$

1,193

14

%

$

4,899

$

4,613

6

%

Net income

$

404

$

340

19

%

$

1,276

$

1,186

8

%

Earnings per share

$

2.03

$

1.65

23

%

$

6.35

$

5.67

12

%

Net cash provided by operating activities

$

950

$

675

41

%

$

2,067

$

1,506

37

%

Non-GAAP Results

Q4 FY26

Q4 FY25

% Change

FY2026

FY2025

% Change

Billings

$

2,163

$

2,032

6

%

$

7,206

$

6,780

6

%

Net revenues

$

1,948

$

1,732

12

%

$

6,925

$

6,572

5

%

Hybrid Cloud segment revenues

$

1,766

$

1,568

13

%

$

6,237

$

5,907

6

%

Public Cloud segment revenues

$

182

$

164

11

%

$

688

$

665

3

%

Gross profit

$

1,374

$

1,203

14

%

$

4,938

$

4,671

6

%

Net income

$

483

$

397

22

%

$

1,635

$

1,516

8

%

Earnings per share

$

2.43

$

1.93

26

%

$

8.13

$

7.25

12

%

Free cash flow

$

900

$

640

41

%

$

1,869

$

1,338

40

%

Full reconciliations between GAAP and non-GAAP measures, and explanations related to the usage of non-GAAP measures, are provided below.

Constant Currency — Q4 Fiscal Year 2026 versus Q4 Fiscal Year 2025

• In constant currency, year-over-year, net revenues increased by 10% and billings increased by 4%.

• The year-over-year fluctuations of GAAP and non-GAAP net income presented in the tables above each include a favorable impact of approximately $24 million from foreign currency exchange rate changes.

• The year-over-year fluctuations of GAAP and non-GAAP earnings per share presented in the tables above each include a favorable impact of approximately $0.12 from foreign currency exchange rate changes.

Constant Currency — Fiscal Year 2026 versus Fiscal Year 2025

• In constant currency, year-over-year, net revenues increased by 4% and billings increased by 4%.

• The year-over-year fluctuations of GAAP and non-GAAP net income presented in the tables above each include a favorable impact of approximately $65 million from foreign currency exchange rate changes.

• The year-over-year fluctuations of GAAP and non-GAAP earnings per share presented in the tables above each include a favorable impact of approximately $0.32 from foreign currency exchange rate changes.

First Quarter of Fiscal Year 2027 Financial Outlook

The Company provided the following financial guidance for the first quarter of fiscal year 2027:

Net revenues are expected to be in the range of:

$1.750 billion - $1.900 billion

GAAP

Non-GAAP

Consolidated gross margins are expected to be in the range of:

68.1% - 69.1%

69.1% - 70.1%

Operating margins are expected to be in the range of:

19.4% - 20.4%

28.4% - 29.4%

Earnings per share is expected to be in the range of:

$1.35

8-K

0001002047false00010020472026-02-262026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

NetApp, Inc. (Exact name of Registrant as Specified in Its Charter)

Delaware

0-27130

77-0307520

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

3060 Olsen Drive

San Jose, California

95128

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (408) 822-6000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 Par Value

NTAP

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On February 26, 2026, NetApp, Inc. ("NetApp" or the "Company") issued a press release reporting financial results for the third quarter of fiscal year 2026, ended January 23, 2026. The press release is furnished herewith as Exhibit 99.1, to this Current Report.

NetApp is making reference to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this report, including the exhibits hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. Item 9.01 Financial Statements and Exhibits. (d) Exhibits.

Exhibit No.

Description

99.1

Press release, dated February 26, 2026, reporting earnings for the third quarter ended January 23, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NETAPP, INC.

(Registrant)

Date:

February 26, 2026

By:

/s/ Elizabeth O'Callahan

Elizabeth O'Callahan Executive Vice President, Chief Administrative Officer and Secretary

8-K

false000100204700010020472025-11-252025-11-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 25, 2025

NetApp, Inc. (Exact name of Registrant as Specified in Its Charter)

Delaware

0-27130

77-0307520

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

3060 Olsen Drive

San Jose, California

95128

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (408) 822-6000

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 Par Value

NTAP

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition. On November 25, 2025, NetApp, Inc. ("NetApp" or the "Company") issued a press release reporting financial results for the second quarter of fiscal year 2026, ended October 24, 2025. The press release is furnished herewith as Exhibit 99.1, to this Current Report.

NetApp is making reference to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this report, including the exhibits hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. Item 9.01 Financial Statements and Exhibits. (d) Exhibits.

Exhibit No.

Description

99.1

Press release, dated November 25, 2025, reporting earnings for the second quarter ended October 24, 2025

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NETAPP, INC.

(Registrant)

Date:

November 25, 2025

By:

/s/ Elizabeth O'Callahan

Elizabeth O'Callahan Executive Vice President, Chief Administrative Officer and Secretary