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NetApp cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$401M in Q1 FY27 · $1.6B over twelve months

Operating cash flow$503M
Capital spending−$102M
Free cash flow+$401M
Cash / net income1.3×
Cash conversion cycle17 days

Analysis

In Q1 FY27, NetApp generated $503M of operating cash flow and spent $102M on capital projects, leaving free cash flow of $401M.

Over the twelve months to Jul 31, 2026, operating cash flow was $1.9B; the largest uses were buybacks ($850M), other investing ($841M), dividends ($411M); besides operations, cash came from shares issued ($106M); the cash balance fell by $512M.

Operating cash flow was $503M against net income of $375M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: receivables +$317M, inventory −$176M, prepaid and other assets −$114M.

Its cash conversion cycle was 17 days (receivables 61 + inventory 46 − payables 90).

Free cash flow

NetApp: free cash flow by quarterNetApp: free cash flow by quarter$338MQ3 FY25$640MQ4 FY25$620MQ1 FY26$78.0MQ2 FY26$271MQ3 FY26$900MQ4 FY26$401MQ1 FY27
Operating cash flow less capital spending.
NetApp: operating cash flow against capital spendingNetApp: operating cash flow against capital spendingOperating cash flowCapital spending$385M$47.0MQ3 FY25$675M$35.0MQ4 FY25$673M$53.0MQ1 FY26$127M$49.0MQ2 FY26$317M$46.0MQ3 FY26$950M$50.0MQ4 FY26$503M$102MQ1 FY27
Latest (Q1 FY27): Operating cash flow $503M, Capital spending $102M.

Capital allocation, year by year

NetApp: where the cash came from (up) and went (down), by fiscal yearNetApp: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $1.2BFY22: Shares issued $1.0MFY22: Capital spending −$226MFY22: Acquisitions −$380MFY22: Buybacks −$600MFY22: Dividends −$446M$1.2BFY22FY23: Operating cash flow $1.1BFY23: Net borrowing −$250MFY23: Shares issued $1.0MFY23: Capital spending −$239MFY23: Acquisitions −$491MFY23: Buybacks −$850MFY23: Dividends −$432M$1.1BFY23FY24: Operating cash flow $1.7BFY24: Shares issued $2.0MFY24: Capital spending −$155MFY24: Buybacks −$900MFY24: Dividends −$416M$1.7BFY24FY25: Operating cash flow $1.5BFY25: Net borrowing $840MFY25: Shares issued $108MFY25: Capital spending −$168MFY25: Buybacks −$1.1BFY25: Dividends −$424M$2.5BFY25FY26: Operating cash flow $2.1BFY26: Net borrowing −$750MFY26: Shares issued $103MFY26: Capital spending −$198MFY26: Buybacks −$950MFY26: Dividends −$413M$2.2BFY26
Over these 5 years operating cash flow totalled $7.6B; the largest uses were buybacks ($4.5B) and dividends ($2.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.6B
Debt$2.5B
Net cash$1.1B
Due within a year$550M

NetApp funds itself: free cash flow was $1.6B over the last twelve months, and $3.6B of cash and investments stands against $2.5B of debt ($550M due within a year, 6.5× covered by cash).

Where the cash came from and went

NetApp: sources (+) and uses (−) of cash, Q1 FY27NetApp: sources (+) and uses (−) of cash, Q1 FY27Operating cash flow$503MCash drawn (+) / kept (−)$496MOther investing−$494MBuybacks−$200MCapital spending−$102MDividends−$102MAcquisitions−$78.0MTaxes on employees’ shares−$74.0MShares issued$57.0MExchange rates−$6.0M
NetApp: sources (+) and uses (−) of cash, TTM to Q1 FY27NetApp: sources (+) and uses (−) of cash, 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 profit to cash

NetApp: net income to operating cash flow, Q1 FY27NetApp: net income to operating cash flow, Q1 FY27Net income$375MDepreciation & amortization$33.0MStock-based pay$98.0MDeferred taxes−$5.0MReceivables$317MInventory−$176MPayables$19.0MAccrued liabilities−$75.0MDeferred revenue$32.0MPrepaid and other assets−$114MOther liabilities$3.0MOperating cash flow$503M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY2761469017
Q4 FY2661247510
Q3 FY266121776
Q2 FY26472580-8
Q1 FY266631907
Q4 FY2556388015
Q3 FY2549549112
Q2 FY25435094-1

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27$503M−$102M−$78.0M−$200M−$102M—$57.0M$496M$401M
Q4 FY26$950M−$50.0M—−$200M−$103M——−$440M$900M
Q3 FY26$317M−$46.0M—−$200M−$103M—$49.0M$444M$271M
Q2 FY26$127M−$49.0M—−$250M−$103M——$12.0M$78.0M
Q1 FY26$673M−$53.0M—−$300M−$104M−$750M$54.0M$658M$620M
Q4 FY25$675M−$35.0M—−$300M−$105M——−$1.2B$640M
Q3 FY25$385M−$47.0M—−$200M−$106M—$53.0M−$31.0M$338M

NetApp: income statement and cash flow

NetApp, Q1 FY27: revenue $1.8B (+30% year over year), operating margin 26.6%. The chart follows the revenue to costs, profit and cash.

NetApp: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.