NetApp Inc. (NTAP) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.27	$2.43	+7.0%	—	—	—
Q4 26	$2.06	$2.12	+2.9%	—	—	—
Q3 26	$1.88	$2.05	+9.0%	—	—	—
Q2 26	$1.54	$1.55	+0.6%	—	—	—
Q1 26	$1.9	$1.93	+1.6%	—	—	—
Q4 25	$1.91	$1.91	0.0%	—	—	—
Q3 25	$1.78	$1.87	+5.1%	—	—	—
Q2 25	$1.45	$1.56	+7.6%	—	—	—
Q1 25	$1.79	$1.8	+0.6%	—	—	—
Q4 24	$1.69	$1.94	+14.8%	—	—	—
Q3 24	$1.39	$1.58	+13.7%	—	—	—
Q2 24	$1.07	$1.15	+7.5%	—	—	—
Q1 24	$1.34	$1.54	+14.9%	—	—	—
Q4 23	$1.31	$1.37	+4.6%	—	—	—
Q3 23	$1.33	$1.48	+11.3%	—	—	—
Q2 23	$1.1	$1.2	+9.1%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$6.41	—	—	$6.9B	—
FY25	—	$5.81	—	—	$6.6B	—
FY24	—	$4.74	—	—	$6.3B	—
FY23	—	$5.87	—	—	$6.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$5.5B	$5.9B	$6.1B	$5.4B	$5.7B	$6.3B	$6.4B	$6.3B	$6.6B	$6.9B
YoY change	-0.99%	+7.79%	+3.84%	-11.9%	+6.13%	+9.99%	+0.7%	-1.48%	+4.85%	+5.37%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	5.5B	5.9B	6.1B	5.4B	5.7B	6.3B	6.4B	6.3B	6.6B	6.9B
Cost of revenue	2.1B	2.2B	2.2B	1.8B	1.9B	2.1B	2.2B	1.8B	2B	2B
Gross profit	3.4B	3.7B	3.9B	3.6B	3.8B	4.2B	4.2B	4.4B	4.6B	4.9B
Gross margin	61.3%	62.7%	64.2%	66.9%	66.4%	66.8%	66.2%	70.7%	70.2%	70.7%
Research & development	779M	783M	827M	847M	881M	881M	956M	1B	1B	991M
Selling, general & administrative	1.9B	2B	1.9B	1.8B	2B	2.1B	2.1B	2.1B	2.2B	2.2B
Operating expenses	2.7B	2.8B	2.8B	2.7B	2.9B	3B	3B	3.2B	3.2B	3.2B
Operating income	663M	940M	1.2B	928M	933M	1.2B	1.2B	1.3B	1.4B	1.7B
Operating margin	12.1%	15.9%	19.2%	17.1%	16.2%	19%	18.2%	20.2%	21.7%	24.5%
Non-operating income, net	-34M	242M	55M	23M	94M	-42M	-95M	-53M	-90M	-51M
Pretax income	621M	1.2B	1.3B	944M	962M	1.1B	1.1B	1.3B	1.4B	1.6B
Income tax	140M	1.1B	99M	125M	232M	158M	-208M	277M	197M	372M
Net income	481M	116M	1.2B	819M	730M	937M	1.3B	986M	1.2B	1.3B
Net margin	8.76%	1.96%	19%	15.1%	12.7%	14.8%	20%	15.7%	18%	18.4%
EBITDA	941M	1.2B	1.5B	1.2B	1.1B	1.4B	1.5B	1.6B	1.8B	2B
EPS	1.85	0.28	4.6	3.56	3.29	4.2	5.87	4.74	5.81	6.41
Diluted EPS	1.81	0.28	4.51	3.52	3.23	4.09	5.79	4.63	5.67	6.35

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	1.6B	1.6B	1.7B	1.5B	1.7B	1.6B	1.7B	1.6B	1.7B	1.7B	1.9B	2B
Cost of revenue	452M	455M	492M	443M	481M	496M	539M	461M	478M	504M	583M	606M
Gross profit	1.1B	1.2B	1.2B	1.1B	1.2B	1.1B	1.2B	1.1B	1.2B	1.2B	1.4B	1.4B
Gross margin	71.1%	71.7%	70.5%	71.3%	71%	69.8%	68.9%	70.4%	72%	70.6%	70.1%	70.1%
Research & development	262M	249M	271M	252M	257M	247M	256M	242M	251M	237M	261M	274M
Selling, general & administrative	536M	520M	538M	546M	562M	525M	543M	545M	554M	541M	573M	605M
Operating expenses	798M	769M	809M	798M	819M	772M	799M	787M	805M	778M	834M	879M
Operating income	312M	382M	367M	300M	358M	373M	394M	311M	422M	431M	531M	540M
Operating margin	20%	23.8%	22%	19.5%	21.6%	22.7%	22.7%	19.9%	24.8%	25.2%	27.3%	26.7%
Non-operating income, net	-7M	-10M	-3M	-21M	-10M	-11M	-48M	-14M	-30M	3M	-10M	-60M
Pretax income	315M	382M	380M	299M	360M	370M	354M	304M	393M	433M	518M	484M
Income tax	82M	69M	89M	51M	61M	71M	14M	71M	88M	99M	114M	109M
Net income	233M	313M	291M	248M	299M	299M	340M	233M	305M	334M	404M	375M
Net margin	14.9%	19.5%	17.4%	16.1%	18%	18.2%	19.6%	14.9%	17.9%	19.5%	20.7%	18.5%
EBITDA	402M	478M	461M	396M	451M	457M	474M	386M	494M	504M	594M	602M
EPS	1.12	1.52	1.41	1.2	1.47	1.47	1.67	1.16	1.53	1.69	2.05	1.91
Diluted EPS	1.1	1.48	1.37	1.17	1.42	1.44	1.65	1.15	1.51	1.67	2.03	1.88

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	11B	17.8B	18.5B	10.1B	16.6B	16.3B	13.6B	21.3B	18.3B	22B	40.2B
Enterprise value	8.2B	14.4B	16.4B	9B	14.7B	15.1B	13.3B	20.7B	18B	21.2B	38.5B
Shares outstanding	275M	268M	254M	230M	222M	223M	217M	208M	204M	199M	199M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	22.8	153.8	15.8	12.3	22.7	17.4	10.7	21.6	15.4	17.3	28.4
P/S	2	3.01	3.01	1.86	2.89	2.59	2.15	3.39	2.79	3.18	5.35
P/B	3.94	7.84	17	41.6	24.2	19.5	11.8	18.6	17.6	16.3	26.4
EV/EBITDA	8.67	11.6	11	7.66	12.9	10.8	8.71	12.6	10.1	10.7	18.4
EV/Sales	1.49	2.43	2.67	1.66	2.57	2.4	2.08	3.3	2.73	3.06	5.21
Earnings yield	4.39%	0.65%	6.32%	8.14%	4.4%	5.74%	9.34%	4.64%	6.48%	5.79%	3.52%
FCF yield	7.4%	7.47%	6.31%	9.3%	7.06%	6.03%	6.36%	7.2%	7.31%	8.48%	2.92%
PEG	—	—	—	—	—	—	—	—	—	—	0.44

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	61.3%	62.7%	64.2%	66.9%	66.4%	66.8%	66.2%	70.7%	70.2%	70.7%	70.1%
Operating margin	12.1%	15.9%	19.2%	17.1%	16.2%	19%	18.2%	20.2%	21.7%	24.5%	26.7%
Net margin	8.76%	1.96%	19%	15.1%	12.7%	14.8%	20%	15.7%	18%	18.4%	19.2%
ROE	17.3%	5.1%	107.2%	338.4%	106.6%	111.8%	109.9%	86%	114%	94.4%	114.8%
ROA	5.07%	1.16%	13.4%	10.9%	7.8%	9.35%	13%	9.97%	11%	11.9%	11.7%
ROIC	-2.9K%	-7.65%	-107.3%	-97.2%	-61.1%	-289.2%	149.9%	181.3%	178.4%	262.5%	329.5%
Return on tangible assets	8.2%	1.83%	22.6%	21.1%	14.4%	18.6%	32.4%	23.9%	22.4%	24.7%	28.1%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.5	1.97	1.45	1.18	1.74	1.5	1.35	1.19	1.26	1.44	1.24
Quick ratio	1.46	1.93	1.42	1.14	1.71	1.45	1.3	1.15	1.22	1.39	1.16
Debt / equity	0.76	0.85	1.64	7.49	4.02	3.51	2.32	2.31	3.36	2.02	1.69
Debt / assets	0.22	0.19	0.21	0.24	0.29	0.29	0.27	0.27	0.32	0.25	0.23
Net debt / EBITDA	-2.97	-2.79	-1.42	-0.91	-1.61	-0.85	-0.25	-0.37	-0.2	-0.43	-0.47
Interest coverage	12.9	20.3	22.9	18.2	14	16	16.9	20.7	22.6	16.1	17.8
Effective tax rate	22.5%	90.3%	7.81%	13.2%	24.1%	14.4%	0%	21.9%	14.2%	22.6%	22.4%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	20	22.1	24.2	23.5	25.9	28.3	29.3	30.1	32.2	34.8	37.4
EPS (basic)	1.85	0.28	4.6	3.56	3.29	4.2	5.87	4.74	5.81	6.41	6.41
EPS (diluted)	1.81	0.28	4.51	3.52	3.23	4.09	5.79	4.63	5.67	6.35	7.08
Book value per share	10.1	8.49	4.29	1.05	3.09	3.76	5.34	5.51	5.1	6.79	7.63
FCF per share	2.95	4.97	4.6	4.07	5.27	4.42	4	7.36	6.56	9.39	8.25
Cash per share	17.9	20.1	15.4	12.5	20.7	18.5	14.1	15.6	18.9	18	18.2
Capex per share	0.64	0.24	0.68	0.12	0.94	1.01	1.1	0.75	0.82	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	3.19%	1.1%	2.81%	0.52%	3.64%	3.58%	3.76%	2.47%	2.56%	—	—
Capex / operating cash flow	16.1%	7.93%	11.3%	1.95%	14.8%	16.5%	18.6%	9.24%	10.2%	—	—
Payout ratio	43.2%	184.5%	34.5%	53.6%	58.5%	47.6%	33.9%	42.2%	35.8%	32.4%	29.4%
Dividend yield	1.9%	1.2%	2.18%	4.36%	2.58%	2.73%	3.17%	1.96%	2.32%	1.87%	1.02%

Yield

1.02%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.52

ex-dividend Oct 9, 2026

Payout ratio

29%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Oct 9, 2026upcoming	$0.52
Jul 10, 2026	$0.52
Apr 2, 2026	$0.52
Jan 2, 2026	$0.52

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Revenue	$1.6B	$1.6B	$1.7B	$1.5B	$1.7B	$1.6B	$1.7B	$1.6B	$1.7B	$1.7B	$1.9B	$2B
YoY change	-6.07%	+5.24%	+5.5%	+7.61%	+6.15%	+2.18%	+3.84%	+1.17%	+2.83%	+4.39%	+12.5%	+29.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	4.9B	5.4B	3.9B	2.9B	4.6B	4.1B	3.1B	3.3B	3.8B	3.6B
Receivables	731M	1B	1.2B	973M	945M	1.2B	987M	1B	1.2B	1.3B
Inventory	163M	122M	131M	145M	114M	204M	167M	186M	186M	198M
Total current assets	6.2B	7B	5.6B	4.3B	6B	5.9B	4.7B	4.9B	5.9B	5.8B
Property, plant & equipment	187M	162M	154M	267M	283M	543M	572M	484M	430M	443M
Goodwill & intangibles	3.6B	3.7B	3.6B	3.6B	4.3B	5B	5.9B	5.8B	5.5B	5.6B
Total assets	9.5B	10B	8.7B	7.5B	9.4B	10B	9.8B	9.9B	10.8B	10.7B
Accounts payable	347M	609M	542M	426M	420M	607M	392M	517M	511M	550M
Short-term debt	1.4B	385M	649M	573M	49M	297M	47M	440M	790M	42M
Total current liabilities	4.1B	3.5B	3.9B	3.6B	3.5B	4B	3.5B	4.1B	4.7B	4B
Long-term debt	744M	1.5B	1.1B	1.2B	2.7B	2.6B	2.6B	2.2B	2.7B	2.7B
Total liabilities	6.7B	7.7B	7.7B	7.3B	8.7B	9.2B	8.7B	8.7B	9.8B	9.4B
Shareholders' equity	2.8B	2.3B	1.1B	242M	685M	838M	1.2B	1.1B	1B	1.4B
Total debt	2.1B	1.9B	1.8B	1.8B	2.8B	2.9B	2.7B	2.7B	3.5B	2.7B
Net debt	-321M	-1B	-532M	-846M	-1.8B	-1.2B	368M	749M	749M	663M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Cash & short-term investments	2.6B	2.9B	3.3B	3B	2.2B	2.3B	3.8B	3.3B	3B	3B	3.6B	3.6B
Receivables	787M	787M	1B	679M	873M	898M	1.2B	787M	988M	1.3B	1.3B	966M
Inventory	122M	131M	186M	214M	317M	268M	186M	133M	127M	109M	198M	375M
Total current assets	4B	4.3B	4.9B	4.3B	3.9B	3.9B	5.9B	4.7B	4.7B	5B	5.8B	5.7B
Property, plant & equipment	516M	491M	484M	465M	464M	438M	430M	440M	427M	431M	443M	-1.4B
Goodwill & intangibles	5.8B	5.8B	5.8B	5.7B	5.7B	5.5B	5.5B	5.5B	5.5B	5.6B	5.6B	5.9B
Total assets	9.1B	9.4B	9.9B	9.3B	9B	9B	10.8B	9.7B	9.6B	10B	10.7B	11B
Accounts payable	411M	396M	517M	437M	554M	434M	511M	404M	436M	413M	550M	566M
Short-term debt	441M	440M	440M	1.2B	790M	791M	790M	41M	42M	41M	42M	596M
Total current liabilities	3.7B	3.8B	4.1B	4.5B	4.3B	4.2B	4.7B	3.6B	3.5B	3.6B	4B	4.6B
Long-term debt	2.2B	2.2B	2.2B	1.5B	1.5B	1.5B	2.7B	2.7B	2.7B	2.7B	2.7B	1.9B
Total liabilities	8.3B	8.4B	8.7B	8.4B	8.1B	8B	9.8B	8.7B	8.6B	8.8B	9.4B	9.5B
Shareholders' equity	770M	994M	1.1B	929M	892M	995M	1B	975M	986M	1.2B	1.4B	1.5B
Total debt	2.7B	2.7B	2.7B	2.6B	2.3B	2.3B	3.5B	2.7B	2.7B	2.7B	2.7B	2.5B
Net debt	728M	836M	749M	996M	772M	739M	749M	660M	667M	1.1B	663M	961M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	481M	116M	1.2B	819M	730M	937M	1.3B	986M	1.2B	1.3B
Depreciation & amortization	226M	198M	197M	193M	207M	194M	248M	255M	243M	200M
Stock-based compensation	195M	161M	158M	153M	197M	245M	312M	357M	386M	382M
Change in working capital	119M	102M	13M	238M	208M	134M	73M	-5M	-105M	7M
Operating cash flow	1.1B	820M	1.5B	1.4B	1.4B	1.4B	1.3B	1.7B	1.7B	2.1B
Capital expenditure	-175M	65M	-173M	-28M	209M	-226M	-239M	-155M	-168M	—
Investing cash flow	-223M	-21M	704M	1.3B	21M	-561M	-1.4B	-735M	147M	-397M
Dividends paid	-208M	-214M	-403M	-439M	-427M	-446M	-432M	-416M	-424M	-413M
Share repurchases	-705M	-794M	-2.1B	-1.4B	-125M	-600M	-850M	-900M	-1.1B	-950M
Financing cash flow	-2.2B	-1.3B	-2.8B	-2.1B	-74M	-1.1B	-1.6B	-1.4B	-936M	-2.3B
Net change in cash	-1.3B	-475M	-512M	645M	1.4B	-316M	-1.7B	-501M	862M	-580M
Free cash flow	811M	1.3B	1.2B	936M	1.2B	985M	868M	1.5B	1.3B	1.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27
Net income	233M	313M	291M	248M	299M	299M	340M	233M	305M	334M	404M	375M
Depreciation & amortization	64M	63M	64M	63M	63M	64M	53M	51M	52M	48M	49M	33M
Stock-based compensation	93M	89M	88M	85M	103M	103M	95M	83M	102M	97M	100M	98M
Change in working capital	-261M	27M	-9M	188M	-415M	13M	109M	478M	-347M	-214M	88M	81M
Operating cash flow	109M	545M	483M	558M	63M	388M	642M	673M	127M	317M	950M	503M
Capital expenditure	-38M	-36M	-46M	-41M	-45M	-47M	-35M	—	—	—	—	—
Investing cash flow	226M	-437M	-297M	-51M	562M	-53M	-313M	-128M	298M	-437M	-130M	-572M
Dividends paid	-103M	-103M	-104M	-107M	-106M	-106M	-105M	-104M	-103M	-103M	-103M	-102M
Share repurchases	-300M	-100M	-100M	-400M	-300M	-200M	-250M	-300M	-250M	-200M	-200M	-200M
Financing cash flow	-421M	-226M	-224M	-603M	-842M	58M	-389M	-1.2B	-383M	422M	-328M	-376M
Net change in cash	-86M	-118M	-38M	-96M	-217M	393M	-60M	-666M	42M	302M	492M	-445M
Free cash flow	97M	448M	567M	300M	60M	338M	640M	620M	78M	271M	900M	401M

Date	Ratio
Mar 23, 2000	2:1
Dec 21, 1999	2:1
Dec 22, 1998	2:1
Dec 19, 1997	2:1

NetApp Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history