NTAP NetApp, Inc.
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Executive Summary
NetApp reported record Q4 FY2026 results with net revenue of $1.95B (+12% YoY), GAAP EPS of $2.03 (+23% YoY), and record non-GAAP EPS of $2.43 (+26% YoY). The Board authorized an additional $1.0B share repurchase program. Fiscal 2027 guidance implies 6-9% revenue growth with GAAP EPS $6.51-6.81 (non-GAAP $8.70-9.00), signaling sustained momentum driven by all-flash array growth (+18% YoY) and expanding cloud partnerships.
Key Financial Metrics
Actionable Insight
NetApp delivered a clean beat on execution with record Q4 results and raised FY2027 revenue guidance 6-9%, supported by accelerating all-flash and cloud storage demand. The $1B buyback authorization adds incremental capital return. Key watch items: Q1 FY2027 guidance midpoint ($1.825B revenue, $2.10 non-GAAP EPS) implies seasonal softness vs Q4, which is normal. Market should focus on sustained margin expansion and AI-driven storage demand trajectory.
Key Facts
- Q4 FY2026 net revenue $1.95B, +12% YoY (record); fiscal 2026 revenue $6.93B, +5% YoY
- GAAP Q4 EPS $2.03 vs $1.65 YoY (+23%); non-GAAP Q4 EPS $2.43 vs $1.93 YoY (+26%)
- Record all-flash array revenue $1.2B in Q4, +18% YoY; record Public Cloud revenue $182M, +11% YoY
- Record FY2026 billings $7.21B, +6% YoY; record FY2026 operating cash flows $2.07B, +37% YoY; record FCF $1.87B, +40% YoY
- FY2027 guidance: revenue $7.325-7.575B (6-9% YoY growth); GAAP EPS $6.51-6.81; non-GAAP EPS $8.70-9.00
- Board authorized $1.0B additional share repurchase on May 21, 2026, no expiration date
- GAAP Q4 operating margin 27.3% (up from 20.1% YoY); non-GAAP operating margin 32.0% (up from 28.6%)
- Returned $1.36B to shareholders in FY2026 via buybacks and dividends; quarterly dividend $0.52/share maintained
Financial Impact
Record revenue and earnings across all key metrics; operating cash flow +37% YoY; FCF margin 27.0% for FY2026 vs 20.4% prior year
Risk Factors
- Q1 FY2027 guidance midpoint ($1.825B) implies ~6% QoQ revenue decline from Q4 record, seasonal but could be viewed as deceleration
- Constant-currency revenue growth was 10% in Q4 (vs 12% reported), indicating ~2% forex tailwind that may reverse
- FY2027 GAAP operating margin guidance midpoint 22.6% vs FY2026 24.2% achieved, implying margin compression from investment spend
- Revenue growth decelerates from 12% in Q4 to 6-9% in FY2027 full-year guide
- Competition in enterprise storage from Dell, Pure Storage, and hyperscaler-native offerings
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-245196 |
| Document: ntap-20260521.htm | 0001193125-26-245196 |
| Document: 0001193125-26-245196-index-headers.html | 0001193125-26-245196 |
| Document: 0001193125-26-245196-index.html | 0001193125-26-245196 |
| Document: 0001193125-26-245196.txt | 0001193125-26-245196 |
| 8-K Data (Synthetic) | 0001193125-26-245196 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 5, 2026
4d ago
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Insider Cluster
| $167.08 awaiting T+5 | awaiting T+5 | — | $165.00 (−1.24%) |
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May 28, 2026
12d ago
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8-K
| $174.29 $181.08 | ▲ +3.90% | ▲ +4.19% | $165.00 (−5.33%) |
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May 20, 2026
20d ago
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Insider Cluster
| $123.95 $174.29 | ▲ +40.61% | ▲ +38.76% | $165.00 (+33.12%) |
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Mar 3, 2026
14w ago
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Court Ruling
| $98.29 $96.42 | ▼ −1.90% | ▼ −1.43% | $165.00 (+67.88%) |
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Feb 28, 2026
14w ago
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Institutional Cluster
| $99.64 $100.10 | ▲ +0.46% | ▲ +1.67% | $165.00 (+65.60%) |
US Market Status
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