Filing Flows › NetApp (NTAP) › Q1 FY27 › vs Q1 FY26
NetApp (NTAP) Q1 FY27 vs Q1 FY26 (year over year)
NetApp's revenue rose $421M (+30%) from $1.4B in Q1 FY26 to $1.8B in Q1 FY27. The biggest changes: All-Flash Revenues +$416M (+47%); Hybrid-Flash and Other Revenues +$5.0M (+1%). Gross margin 78.0% against 78.5% (-0.5 pts).
NetApp, Q1 FY27: revenue $1.8B (+30% year over year), operating margin 26.6%, net earnings $375M, operating cash flow $503M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 78.0% | 78.5% | -0.5 pts |
| Operating margin | 26.6% | 22.1% | +4.5 pts |
| Net margin | 20.6% | 16.7% | +3.9 pts |
| Free cash flow margin | 22.0% | 44.3% | -22.3 pts |
Every line
| Line | Q1 FY27 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| All-Flash Revenues | $1.3B | $893M | $416M | +47% |
| Hybrid-Flash and Other Revenues | $510M | $505M | $5.0M | +1% |
| Revenue | $1.8B | $1.4B | $421M | +30% |
| Gross profit | $1.4B | $1.1B | $321M | +29% |
| Cost of revenue | $400M | $300M | $100M | +33% |
| Operating profit | $484M | $309M | $175M | +57% |
| Operating expenses | $935M | $789M | $146M | +19% |
| Pre-tax earnings | $484M | $304M | $180M | +59% |
| Research & development | $274M | $242M | $32.0M | +13% |
| Sales & marketing | $507M | $461M | $46.0M | +10% |
| General & admin | $98.0M | $84.0M | $14.0M | +17% |
| Net earnings | $375M | $233M | $142M | +61% |
| Income tax | $109M | $71.0M | $38.0M | +54% |
| Depreciation & amortization | $33.0M | $51.0M | −$18.0M | -35% |
| Share-based compensation | $98.0M | $83.0M | $15.0M | +18% |
| Working capital & other | $3.0M | −$306M | $309M | — |
| Operating cash flow | $503M | $673M | −$170M | -25% |
| Free cash flow (company-reported) | $401M | $620M | −$219M | -35% |
| Purchases of property and equipment | $102M | $53.0M | $49.0M | +92% |
Questions
How much did NetApp's revenue grow year over year in Q1 FY27?
NetApp's revenue rose $421M (+30%) from $1.4B in Q1 FY26 to $1.8B in Q1 FY27.
What drove NetApp's revenue change in Q1 FY27?
All-Flash Revenues +$416M (+47%); Hybrid-Flash and Other Revenues +$5.0M (+1%).