Filing Flows › NetApp (NTAP) › Q1 FY26
NetApp (NTAP) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Aug 27, 2025
NetApp (NTAP) reported revenue of $1.4B for the first quarter fiscal 2026 (Q1 FY26), -9% from a year earlier and -19% from the quarter before. Operating margin was 22.1%, net earnings $233M (16.7% of revenue).
NetApp, Q1 FY26: revenue $1.4B (-9% year over year), operating margin 22.1%, net earnings $233M, operating cash flow $673M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | -19% | -9% |
| Gross profit | $1.1B | -8% | 0% |
| Operating profit | $309M | -11% | +10% |
| Net earnings | $233M | -31% | -6% |
| Operating cash flow | $673M | -0.3% | +97% |
| Free cash flow | $620M | — | +107% |
What changed
Revenue was $1.4B in Q1 FY26, down 9% year over year and down 19% from the previous quarter. Service was the largest line at 65% of revenue. Product lost $0.01B year over year (down 2%), 10% of the total change.
Gross margin was 78.5%, up 7.3 points from a year earlier. Operating profit was $0.31B, a 22.1% margin (up 3.8 points year over year). Operating expenses fell 3% while revenue fell 9%. The fastest-growing cost line was General & admin (+12%). Net earnings were $0.23B, down 6% year over year. The effective tax rate was 23.4%.
Operating cash flow was $0.67B (up 97% year over year), 289% of net earnings. Non-cash charges added back $0.05B of depreciation and amortization and $0.08B of share-based compensation. Working capital and other items added $0.31B. After purchases of Property and Equipment ($0.05B), free cash flow as the company reports it was $0.62B.
Questions
What was NetApp's revenue in the first quarter fiscal 2026?
NetApp (NTAP) reported revenue of $1.4B for the first quarter fiscal 2026 (Q1 FY26), -9% from a year earlier and -19% from the quarter before.
Was NetApp profitable in the first quarter fiscal 2026?
Operating profit was $309M (22.1% of revenue) and net earnings $233M.
Source: NetApp 10-Q on SEC EDGAR.