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NetApp (NTAP) earnings and revenue breakdown

Latest: Q1 FY27 · 10-Q filed Sep 2, 2026 · NetApp (NTAP) Q1 FY27 earnings results →

Q1 FY27 Revenue up 30% year over year to $1.8B · 21¢ of every $1 of revenue kept as net profit · operating margin 26.6%

NetApp made $1.8B in Q1 FY27 (+30% Y/Y): All-Flash Revenues $1.3B, Hybrid-Flash and Other Revenues $510M. Operating margin 26.6%, net earnings $375M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 2, 2026.

Revenue$1.8B
Year over year+30%
Operating margin26.6%
Net earnings$375M
Operating cash flow$503M

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NetApp Q1 FY27 revenue breakdown: Sankey diagram of revenue (All-Flash Revenues, Hybrid-Flash and Other Revenues), costs, profit and cash flow
NetApp Q1 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.8B in Q1 FY27, up 30% year over year and down 7% from the previous quarter. All-Flash Revenues was the largest line at 72% of revenue. All-Flash Revenues added $0.42B year over year (up 47%), 99% of the total change.

Gross margin was 78.0%, down 0.5 points from Q1 FY26. Operating profit was $0.48B, a 26.6% margin (up 4.5 points year over year). Of the extra revenue versus Q1 FY26, 42% reached operating profit, above the 22% margin then. Operating expenses grew 19% against revenue growth of 30%. The fastest-growing cost line was General & admin (+17%). Net earnings were $0.38B, up 61% year over year. The effective tax rate was 22.5%.

Operating cash flow was $0.50B (down 25% year over year), 134% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.10B of share-based compensation. After purchases of property and equipment ($0.10B), free cash flow as the company reports it was $0.40B.

Quarterly history

NetApp revenue by quarterNetApp revenue by quarter$1.6BQ3 FY25$1.7BQ4 FY25$1.4BQ1 FY26$1.7BQ2 FY26$1.7BQ3 FY26$1.9BQ4 FY26$1.8BQ1 FY27
NetApp net earnings by quarterNetApp net earnings by quarter$299MQ3 FY25$340MQ4 FY25$233MQ1 FY26$305MQ2 FY26$334MQ3 FY26$404MQ4 FY26$375MQ1 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q1 FY2710-QSep 2, 2026$1.8B+30%26.6%$375M$503M
Q4 FY2610-KJun 5, 2026$1.9B+12%27.3%$404M$950M
Q3 FY2610-QFeb 26, 2026$1.7B+4%25.3%$334M$317M
Q2 FY2610-QNov 25, 2025$1.7B+3%23.4%$305M$127M
Q1 FY2610-QAug 27, 2025$1.4B-9%22.1%$233M$673M
Q4 FY2510-KJun 9, 2025$1.7B+4%20.1%$340M$675M
Q3 FY2510-QFeb 27, 2025$1.6B+2%22.1%$299M$385M

Charts

NetApp: revenue growth, year over year and quarter over quarterNetApp: revenue growth, year over year and quarter over quarterY/YQ/Q+2%Q3 FY25+4%+6%Q4 FY25-9%-19%Q1 FY26+3%+22%Q2 FY26+4%+0%Q3 FY26+12%+14%Q4 FY26+30%-7%Q1 FY27
Latest (Q1 FY27): Y/Y +30%, Q/Q -7%.
NetApp: where the cash came from (+) and went (−), TTM to Q1 FY27NetApp: where the cash came from (+) and went (−), TTM to Q1 FY27Operating cash flow$1.9BBuybacks−$850MOther investing−$841MCash drawn (+) / kept (−)$512MDividends−$411MCapital spending−$247MTaxes on employees’ shares−$154MShares issued$106MExchange rates−$12.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
NetApp: profit against cash, quarter by quarterNetApp: profit against cash, quarter by quarterNet incomeOperating cash flow$299MQ2 FY25$299M$385MQ3 FY25$340M$675MQ4 FY25$233M$673MQ1 FY26$305M$127MQ2 FY26$334M$317MQ3 FY26$404M$950MQ4 FY26$375M$503MQ1 FY27
Latest (Q1 FY27): Net income $375M, Operating cash flow $503M.
NetApp: diluted shares by fiscal yearNetApp: diluted shares by fiscal year226MFY21229MFY22220MFY23213MFY24209MFY25201MFY26
-11.1% since FY21: buybacks shrank the count.
NetApp in its industry: growth against margin (6 companies, SIC 3572)NetApp in its industry: growth against margin (6 companies, SIC 3572)revenue growth, year over year →↑ operating marginmedian +56%median 47%SNDKWDCSTXPQMCONTAP (+30%, 27%)
Computer Storage Devices; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About NetApp

NetApp, Inc. (NetApp, we, us, or the Company), headquartered in San Jose, California, is a global leader in Intelligent Data Infrastructure. Since our founding in 1992, we have transformed from a pioneering storage hardware provider into a software-driven, cloud-centric data infrastructure company. Our flagship ONTAP® data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native solutions, forms the backbone of digital transformation for thousands of enterprises worldwide. NetApp empowers organizations to manage, protect, and leverage data across on-premises, hybrid, and multi-cloud environments.

In its own words, from its 10-K, filed Jun 5, 2026.

NetApp against its Computer Storage Devices peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +30% against the peers' median +56%. Operating margin: 26.6% against the peers' median 46.7%.

CompanyQuarterRevenueY/YOp. margin
NTAP NetAppQ1 FY27$1.8B+30%26.6%
SNDK SandiskQ1 FY27$11.0B+378%79.6%
WDC Western DigitalQ1 FY27$4.4B+56%46.7%
STX Seagate Technology HoldingsQ1 FY27$4.2B+61%48.8%
P EverpureQ2 FY27$1.2B+38%5.3%
QMCO QuantumQ1 FY27$80.8M+26%6.2%

Source: NetApp 10-Q on SEC EDGAR · CIK 1002047 · Computer Storage Devices

Guidance and outlook

NetApp Revenue: guidance against what was reportedNetApp Revenue: guidance against what was reportedguided rangereported (above / within / below)Q1 FY26$1.4BQ2 FY26$1.7BQ3 FY26$1.7BFY26$6.9BQ4 FY26$1.9BFY27Q1 FY27$1.8BQ2 FY27
Met or beat 8 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
NetApp GAAP gross margin: guidance against what was reportedNetApp GAAP gross margin: guidance against what was reportedguided rangereported (above / within / below)Q3 FY2670.6%FY2670.7%Q4 FY2670.1%FY27
Met or beat 2 of 3 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns NTAP and who is buying

Largest holders of NTAP (13F)Largest holders of NTAP (13F)BlackRock$2.9BVanguard Group$2.9BVanguard Capital Management LLC$2.0BVanguard Portfolio Management LLC$1.9BState Street$1.5BPrimecap Management$1.4BGeode Capital Management, LLC$987MAmeriprise Financial$724MUBS AM, a distinct business unit …$688MWellington Management Group LLP$597M
Funds' net buying of NTAP by quarter (13F)Funds' net buying of NTAP by quarter (13F)−$384M2024-09−$165M2024-12−$319M2025-03$646M2025-06−$269M2025-09$515M2025-12$406M2026-03−$1.2B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on NTAP

History

Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results

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中文版：NetApp（NTAP）财报

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