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How NetApp (NTAP) makes money

NetApp (NTAP) made $1.8B of revenue in the first quarter fiscal 2027 (Q1 FY27), +30% from a year earlier. All-Flash Revenues brought in $1.3B (72%); Hybrid-Flash and Other Revenues brought in $510M (28%). Of every dollar of revenue, 78¢ was left as gross profit, 27¢ was left as operating profit, 21¢ was left as net earnings.

Drawing the Sankey…

NetApp revenue by segment, Q1 FY27NetApp revenue by segment, Q1 FY27All-Flash Revenues$1.3BHybrid-Flash and Other Revenues$510M
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: where each dollar of revenue goesNetApp: where each dollar of revenue goesCost of revenue22¢Gross profit78¢Operating expenses51¢Operating profit27¢Income tax6¢Net earnings21¢Operating cash flow28¢Free cash flow22¢

Revenue by segment, Q1 FY27

SegmentRevenueShareQ/QY/Y
All-Flash Revenues$1.3B72.0%—+47%
Hybrid-Flash and Other Revenues$510M28.0%—+1%

Where each dollar of revenue goes

LineQ1 FY27% of revenue
Revenue$1.8B100.0%
Cost of revenue$400M22.0%
Gross profit$1.4B78.0%
Operating expenses$935M51.4%
Operating profit$484M26.6%
Income tax$109M6.0%
Net earnings$375M20.6%
Operating cash flow$503M27.7%
Free cash flow$401M22.0%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q1 FY27$1.8B+30%
Q4 FY26$1.9B+12%
Q3 FY26$1.7B+4%
Q2 FY26$1.7B+3%
Q1 FY26$1.4B-9%
Q4 FY25$1.7B+4%
Q3 FY25$1.6B+2%

From NetApp's 10-Q filed Sep 2, 2026 (on EDGAR).

Questions

How does NetApp make money?

NetApp (NTAP) made $1.8B of revenue in the first quarter fiscal 2027 (Q1 FY27), +30% from a year earlier. All-Flash Revenues brought in $1.3B (72%); Hybrid-Flash and Other Revenues brought in $510M (28%). Of every dollar of revenue, 78¢ was left as gross profit, 27¢ was left as operating profit, 21¢ was left as net earnings.

What is NetApp's biggest business?

All-Flash Revenues: $1.3B in the first quarter fiscal 2027, 72% of revenue, +47% from a year earlier.

What is NetApp's profit margin?

Net earnings were $375M, 20.6% of revenue, in the first quarter fiscal 2027; the operating margin was 26.6%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.