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How NetApp (NTAP) makes money: Q1 FY2027 revenue breakdown
The quarter in brief
Revenue grew 29.9% y/y to $2.03B, operating margin 23.9% vs 19.8%, net income $375M (+60.9% y/y).
Key growth driver: Product — the fastest-growing revenue line: $987, +51% y/y. · by the Q1 FY2027 report
Net income
$375M
up 60.9% y/y
Net revenues
$2,025M
up 29.9% y/y
Income from operations
$484M
up 56.6% y/y
Next report
not announced yet
How does NetApp make money?
NetApp brought in $2.02 billion of revenue in Q1 FY2027, up 29.9% year over year. The largest source was Services: $1.04 billion, or 51% of the total, followed by Product ($987M, 49%). Net income for the quarter was $375 million, up 60.9% year over year.
Revenue by source, Q1 FY2027
- Services$1.04B · 51% · +14.7%
- Product$987M · 49% · +50.9%
Shares of $2.02B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
All figures in $M.
| Line item | Amount and change |
|---|---|
| Services | $1,038 · +14.7% |
| Product | $987 · +50.9% |
| Net revenues | $2,025 · +29.9% |
| Cost of product | $450 · +49.0% |
| Cost of services | $156 · −1.9% |
| Gross profit | $1,419 · +29.2% · 70.1% margin |
| Sales and marketing | $507 · +10.0% |
| Research and development | $274 · +13.2% |
| General and administrative | $98 · +16.7% |
| Restructuring charges | $56 · ×28 |
| Income from operations | $484 · +56.6% · 23.9% margin |
| Income before income taxes | $484 · +59.2% |
| Provision for income taxes | $109 · +53.5% · 22.5% effective rate |
| Net income | $375 · +60.9% · $1.88/sh · 18.5% margin |
Verdict: revenue grew 29.9% y/y to $2.03B, operating margin 23.9% vs 19.8%, net income $375M (+60.9% y/y).
Diluted EPS $1.88 vs $1.15 a year earlier; GAAP operating margin 23.9% (non-GAAP 31.9%); billings $2.06 billion, up 36%; record Public Cloud net revenue of $206 million, up 28%.
Source and notation
Source: NetApp earnings release, 8-K EX-99 of 09/02/2026 (SEC EDGAR). The income statement lines were taken from the release by hand; the program found every figure in the release text and checked the accounting identities and the chart balance; revenue and net income match SEC XBRL.
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
- Net revenues rose 30% to $2,025M: product revenue jumped to $987M from $654M, and Hybrid Cloud segment revenues grew to $1,819M.
- Restructuring charges rose to $56M from $2M; NetApp acquired DataPelago, Inc., an AI data infrastructure company.
- Gross margin was 70.1% vs 70.4% a year earlier.
- Operating income was $484M, a 23.9% margin vs 19.8% a year earlier.
- The effective tax rate was 22.5% vs 23.4% a year earlier.
- Diluted EPS was $1.88 vs $1.15 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
Who runs the company now
- George KurianChief Executive Officer and Director [1]
- Wissam JabreExecutive Vice President and Chief Financial Officer [2]
As of 10/20/2026, per the company’s SEC filings: signatures on the latest report and leadership-change filings.
Positions: the company’s SEC filings. Spotted an error, or is this you and you’d like it corrected or removed? Contact us
How this is compiled
Who runs the company now comes from primary sources only: for US companies, the CEO and CFO signatures on the latest SEC report, and a separate board chair from the proxy statement (DEF 14A); for Russian and Kazakh issuers, the company website and its disclosures. We recheck weekly; if a name can’t be confirmed, or a leadership-change filing came out after the report, we don’t show it until it’s reviewed. History comes from proxy statements, disclosures, Wikipedia and Wikidata; years show when a term started and ended, “since” means the person is in office now. An outcome for a previous employer is shown only when the linked document states it.
Sources · 2
- SEC EDGAR: 10-Q 2026-09-02 · SEC EDGAR · 10/20/2026
- SEC EDGAR: 10-Q 2026-09-02 · SEC EDGAR · 10/20/2026
NetApp, Inc. is an American data infrastructure company that provides unified data storage, integrated data services, and cloud operations (CloudOps) solutions to enterprise customers. · Text: Wikipedia, CC BY-SA 4.0, abridged
The company is based in San Jose, California. It was ranked in the Fortune 500 from 2012 to 2021. Founded in 1992 with an initial public offering in 1995, NetApp offers cloud data services for management of applications and data both online and physically.
Company guidance
Same quarter a year ago (ended October 24, 2025): revenue $1.705B, EPS (GAAP) $1.51
How we calculate
Year-ago figures are GAAP, from the company's SEC filings (XBRL); EPS is diluted.
NTAP earnings history: past report dates
| Sep 2, 2026 Wed | 4:05 pmafter market close | Jul 31, 2026 | $2.0B+30% y/y | $1.88+63% y/y |
| May 28, 2026 Thu | 4:05 pmafter market close | Apr 24, 2026 | ≈$1.9B+12% y/y | ≈$2.02+23% y/y |
| Feb 26, 2026 Thu | 4:05 pmafter market close | Jan 23, 2026 | $1.7B+4% y/y | $1.67+16% y/y |
| Nov 25, 2025 Tue | 4:05 pmafter market close | Oct 24, 2025 | $1.7B+3% y/y | $1.51+6% y/y |
| Aug 27, 2025 Wed | 4:05 pmafter market close | Jul 25, 2025 | $1.6B+1% y/y | $1.15−2% y/y |
| May 29, 2025 Thu | 4:05 pmafter market close | Apr 25, 2025 | ≈$1.7B+4% y/y | ≈$1.64+21% y/y |
| Feb 27, 2025 Thu | 4:05 pmafter market close | Jan 24, 2025 | $1.6B+2% y/y | $1.44−3% y/y |
| Nov 21, 2024 Thu | 4:05 pmafter market close | Oct 25, 2024 | $1.7B+6% y/y | $1.42+29% y/y |
| Aug 28, 2024 Wed | 4:05 pmafter market close | Jul 26, 2024 | $1.5B+8% y/y | $1.17+70% y/y |
| May 30, 2024 Thu | 4:06 pmafter market close | Apr 26, 2024 | ≈$1.7B+6% y/y | ≈$1.36+20% y/y |
| Feb 29, 2024 Thu | 4:05 pmafter market close | Jan 26, 2024 | $1.6B+5% y/y | $1.48+393% y/y |
| Nov 28, 2023 Tue | 4:05 pmafter market close | Oct 27, 2023 | $1.6B−6% y/y | $1.10−68% y/y |
| Aug 23, 2023 Wed | 4:05 pmafter market close | Jul 28, 2023 | $1.4B−10% y/y | $0.69−28% y/y |
| May 31, 2023 Wed | 4:05 pmafter market close | Apr 28, 2023 | ≈$1.6B−6% y/y | ≈$1.13+0% y/y |
| Feb 22, 2023 Wed | 4:05 pmafter market close | Jan 27, 2023 | $1.5B−5% y/y | $0.30−73% y/y |
| Nov 29, 2022 Tue | 4:05 pmafter market close | Oct 28, 2022 | $1.7B+6% y/y | $3.41+248% y/y |
| Aug 24, 2022 Wed | 4:05 pmafter market close | Jul 29, 2022 | $1.6B+9% y/y | $0.96+9% y/y |
| Jun 1, 2022 Wed | 4:05 pmafter market close | Apr 29, 2022 | ≈$1.7B+8% y/y | ≈$1.13−23% y/y |
| Feb 23, 2022 Wed | 4:06 pmafter market close | Jan 28, 2022 | $1.6B+10% y/y | $1.10+38% y/y |
| Nov 30, 2021 Tue | 4:06 pmafter market close | Oct 29, 2021 | $1.6B+11% y/y | $0.98+61% y/y |
| Aug 25, 2021 Wed | 4:08 pmafter market close | Jul 30, 2021 | $1.5B+12% y/y | $0.88+151% y/y |
| Jun 2, 2021 Wed | 4:11 pmafter market close | Apr 30, 2021 | ≈$1.6B+11% y/y | ≈$1.47+67% y/y |
| Feb 24, 2021 Wed | 4:12 pmafter market close | Jan 29, 2021 | $1.5B+5% y/y | $0.80−34% y/y |
| Dec 1, 2020 Tue | 4:05 pmafter market close | Oct 30, 2020 | $1.4B+3% y/y | $0.61−41% y/y |
| Aug 26, 2020 Wed | 4:05 pmafter market close | Jul 31, 2020 | $1.3B+5% y/y | $0.35−17% y/y |
| May 27, 2020 Wed | 4:06 pmafter market close | Apr 24, 2020 | ≈$1.4B−12% y/y | ≈$0.88−44% y/y |
| Feb 12, 2020 Wed | 4:05 pmafter market close | Jan 24, 2020 | $1.4B−10% y/y | $1.21+23% y/y |
| Nov 13, 2019 Wed | 4:05 pmafter market close | Oct 25, 2019 | $1.4B−10% y/y | $1.03+13% y/y |
| Aug 1, 2019 Thu | 4:05 pmafter market close | Jul 26, 2019 | $1.2B−16% y/y | $0.42−60% y/y |
| May 22, 2019 Wed | 4:05 pmafter market close | Apr 26, 2019 | ≈$1.6B−3% y/y | ≈$1.57+47% y/y |
| Feb 13, 2019 Wed | 4:05 pmafter market close | Jan 25, 2019 | $1.6B+2% y/y | $0.98 |
| Nov 14, 2018 Wed | 4:06 pmafter market close | Oct 26, 2018 | $1.5B+7% y/y | $0.91+44% y/y |
| Aug 15, 2018 Wed | 4:05 pmafter market close | Jul 27, 2018 | $1.5B+12% y/y | $1.05+123% y/y |
| May 23, 2018 Wed | 4:05 pmafter market close | Apr 27, 2018 | ≈$1.6B+11% y/y | ≈$1.07+84% y/y |
| Feb 14, 2018 Wed | 4:12 pmafter market close | Jan 26, 2018 | $1.5B+10% y/y | −$1.79 |
| Nov 15, 2017 Wed | 4:06 pmafter market close | Oct 27, 2017 | $1.4B+6% y/y | $0.63+66% y/y |
| Aug 16, 2017 Wed | 4:05 pmafter market close | Jul 28, 2017 | $1.3B+2% y/y | $0.47+104% y/y |
| May 24, 2017 Wed | 4:05 pmafter market close | Apr 28, 2017 | ≈$1.5B+7% y/y | ≈$0.58 |
| Feb 15, 2017 Wed | 4:05 pmafter market close | Jan 27, 2017 | $1.4B+1% y/y | $0.52+0% y/y |
| Nov 16, 2016 Wed | 4:05 pmafter market close | Oct 28, 2016 | $1.3B−7% y/y | $0.38−3% y/y |
| Aug 17, 2016 Wed | 4:09 pmafter market close | Jul 29, 2016 | $1.3B−3% y/y | $0.23 |
| May 25, 2016 Wed | 4:08 pmafter market close | Apr 29, 2016 | ≈$1.4B−10% y/y | ≈−$0.02 |
| Feb 17, 2016 Wed | 4:01 pmafter market close | Jan 29, 2016 | $1.4B−11% y/y | $0.52−7% y/y |
| Nov 18, 2015 Wed | 4:01 pmafter market close | Oct 30, 2015 | $1.4B−6% y/y | $0.39−20% y/y |
| Aug 19, 2015 Wed | 4:05 pmafter market close | Jul 31, 2015 | $1.3B−10% y/y | −$0.10 |
| May 20, 2015 Wed | 4:08 pmafter market close | Apr 24, 2015 | ≈$1.5B−7% y/y | ≈$0.44−25% y/y |
| Feb 11, 2015 Wed | 4:01 pmafter market close | Jan 23, 2015 | $1.6B−4% y/y | $0.56+2% y/y |
| Nov 12, 2014 Wed | 4:01 pmafter market close | Oct 24, 2014 | $1.5B−0% y/y | $0.49+2% y/y |
| Aug 13, 2014 Wed | 4:01 pmafter market close | Jul 25, 2014 | $1.5B−2% y/y | $0.27+17% y/y |
| May 21, 2014 Wed | 4:02 pmafter market close | Apr 25, 2014 | $1.6B−4% y/y | $0.59+26% y/y |
| Feb 12, 2014 Wed | 4:01 pmafter market close | Jan 24, 2014 | $1.6B−1% y/y | $0.55+28% y/y |
| Nov 13, 2013 Wed | 4:01 pmafter market close | Oct 25, 2013 | $1.5B+1% y/y | $0.48+60% y/y |
| Aug 14, 2013 Wed | 5:41 pmafter market close | Jul 26, 2013 | $1.5B+5% y/y | $0.23+35% y/y |
| May 21, 2013 Tue | 4:01 pmafter market close | Apr 26, 2013 | $1.7B+1% y/y | $0.47+0% y/y |
| Feb 13, 2013 Wed | 4:02 pmafter market close | Jan 25, 2013 | $1.6B+4% y/y | $0.43+34% y/y |
| Nov 14, 2012 Wed | 4:12 pmafter market close | Oct 26, 2012 | $1.5B+2% y/y | $0.30−32% y/y |
| Aug 15, 2012 Wed | 4:03 pmafter market close | Jul 27, 2012 | $1.4B−1% y/y | $0.17−50% y/y |
| May 23, 2012 Wed | 4:02 pmafter market close | Apr 27, 2012 | $1.7B+19% y/y | $0.47+17% y/y |
| Feb 15, 2012 Wed | 4:03 pmafter market close | Jan 27, 2012 | $1.6B+21% y/y | $0.32−30% y/y |
| Nov 16, 2011 Wed | 4:02 pmafter market close | Oct 28, 2011 | $1.5B | $0.44 |
| Aug 17, 2011 Wed | 4:02 pmafter market close | Jul 29, 2011 | $1.5B | $0.34 |
| May 25, 2011 Wed | 4:02 pmafter market close | Apr 29, 2011 | $1.4B | $0.40 |
| Feb 16, 2011 Wed | 4:02 pmafter market close | Jan 28, 2011 | $1.3B | $0.46 |
Show all 63 reports since 2011Show fewer
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Companies that file the 8-K late in the evening publish the release the next morning: the date is that morning, before market open, and the evening filing time is not shown. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
NetApp: 16-year financials
| FY2026 | 6,925 | 1,674 | 1,276 | 1,869 | 413 |
| FY2025 | 6,572 | 1,337 | 1,186 | 1,338 | 424 |
| FY2024 | 6,268 | 1,214 | 986 | 1,530 | 416 |
| FY2023 | 6,362 | 1,018 | 1,274 | 868 | 432 |
| FY2022 | 6,318 | 1,157 | 937 | 985 | 446 |
| FY2021 | 5,744 | 1,031 | 730 | 1,171 | 427 |
| FY2020 | 5,412 | 945 | 819 | 936 | 439 |
| FY2019 | 6,146 | 1,221 | 1,169 | 1,168 | 403 |
| FY2018 | 5,919 | 1,158 | 116 | 1,333 | 214 |
| FY2017 | 5,491 | 621 | 481 | 811 | 208 |
| FY2016 | 5,546 | 348 | 229 | 814 | 210 |
| FY2015 | 6,123 | 716 | 560 | 1,093 | 208 |
| FY2014 | 6,325 | 734 | 638 | 1,129 | 202 |
| FY2013 | 6,332 | 608 | 505 | 1,083 | — |
| FY2012 | 6,233 | 747 | 605 | 1,056 | — |
| FY2011 | 5,123 | 824 | 673 | 1,124 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP)*.
How we calculate
Figures are annual report lines; if a year was later restated (discontinued operations, mergers), we use the latest filing that shows it. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing. The company’s fiscal year doesn’t match the calendar year, so years follow the company’s own labels. The table starts in 2011; where the listed issuer changed (holding reorganization, redomicile), earlier years come from the predecessor’s filings.
Shareholders’ equity at Jul 31, 2026: $1.5B (14% of total assets). Compare with other S&P 500 companies →
Included in screener lists: S&P 500 companies that paid dividends 10 years without a gap
NetApp (NTAP) earnings: FAQ
How does NetApp make money?
NetApp brought in $2.02 billion of revenue in Q1 FY2027, up 29.9% year over year. The largest source was Services: $1.04 billion, or 51% of the total, followed by Product ($987M, 49%). Net income for the quarter was $375 million, up 60.9% year over year.
When is NTAP's next earnings date?
We have not yet seen an announcement of the date from NetApp (NTAP). Based on last year's report on Nov 25, 2025, the next report is expected around Nov 24, 2026.
What time does NTAP report earnings?
NetApp usually reports after market close: its latest results release was filed with the SEC at 4:05 pm ET on Sep 2, 2026.
When did NTAP last report earnings?
NetApp reported Q1 FY2027 results on Sep 2, 2026.
Where can I find NetApp's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to NTAP's filings; this page breaks the latest report down in a Sankey chart.
What was NTAP's net income in Q1 FY2027?
NetApp reported net income of $375M for Q1 FY2027 (+60.9% year over year), under US GAAP.
Does NetApp pay dividends?
Yes. In fiscal 2026, NetApp paid $413M in dividends on its common stock, per its 10-K. Earlier years are in the 16-year table above.
How has NetApp's revenue changed since 2011?
Per its 10-K filings, revenue grew 1.4x: $5,123M in fiscal 2011 and $6,925M in fiscal 2026. The latest year is the highest in the table. Year-by-year figures are in the table above.
New to earnings reports? Start with how to read an earnings report.
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