Filing Flows › NetApp (NTAP) › Q1 FY27
NetApp (NTAP) Q1 FY27 earnings results (first quarter fiscal 2027)
10-Q filed Sep 2, 2026
NetApp (NTAP) reported revenue of $1.8B for the first quarter fiscal 2027 (Q1 FY27), +30% from a year earlier and -7% from the quarter before. Operating margin was 26.6%, net earnings $375M (20.6% of revenue).
NetApp, Q1 FY27: revenue $1.8B (+30% year over year), operating margin 26.6%, net earnings $375M, operating cash flow $503M. The chart follows the revenue to costs, profit and cash.
| Q1 FY27 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.8B | -7% | +30% |
| Gross profit | $1.4B | +4% | +29% |
| Operating profit | $484M | -9% | +57% |
| Net earnings | $375M | -7% | +61% |
| Operating cash flow | $503M | -47% | -25% |
| Free cash flow | $401M | — | -35% |
What changed
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.
Questions
What was NetApp's revenue in the first quarter fiscal 2027?
NetApp (NTAP) reported revenue of $1.8B for the first quarter fiscal 2027 (Q1 FY27), +30% from a year earlier and -7% from the quarter before.
Was NetApp profitable in the first quarter fiscal 2027?
Operating profit was $484M (26.6% of revenue) and net earnings $375M.
Source: NetApp 10-Q on SEC EDGAR.