NetApp (NTAP) Company Report

NetApp reported 6% revenue growth ex-Spot in Q3 FY26, with record operating income and EPS, and sees Q4 revenues substantially ahead of outlook.
Signed ~300 AI deals (up from ~200), with a 60/20/20 split across data prep, model training, and inference; launched the AFX flash storage family and AI Data Engine for data management and cyber resilience.
Cloud business ex-Spot grew 17% YoY, first-party/marketplace services up 27%, and Keystone storage-as-a-service surged ~68% YoY, proving highly sticky and margin-accretive over time.
Addressing memory cost inflation by prioritizing gross profit dollar growth, leveraging multi-sourcing, pre-buys, dynamic pricing adjustments, and shorter contract price-protection windows.
Maintains disciplined capital return, distributing 100% of free cash flow via dividends and buybacks; M&A targeted at tuck-in software to bolster AI/data prep and cybersecurity capabilities.

7 days ago

Transcript

NetApp reports strong Q3 FY2026 performance and AI momentum

NTAP

NetApp delivered 6% revenue growth ex-Spot in Q3 FY2026, achieving record operating income and EPS, and entering Q4 with positive momentum.
The company secured ~300 AI wins (up from 200 last quarter), with 60% in data preparation/lakes, 20% in model training, and 20% in inference; introduced the high-performance AFX family and AI Data Engine for enhanced performance, resilience, and multi-cloud integration.
NetApp’s cloud business ex-Spot grew 17%, with first-party and marketplace services up 27% year-over-year, while Keystone storage-as-a-service expanded ~68%, noted for its stickiness and margin accretion over contract lifespan.
Amid industry-wide memory price inflation, NetApp is passing through increases, optimizing for gross profit dollar growth via pre-buys and diversified silicon partnerships; Q3 operating margin exceeded 30%.

7 days ago

Transcript

NetApp highlights AI-driven growth and product innovation at Morgan Stanley TMT Conference

NTAP

Product Launch

Revenue Acceleration/Inflection

NetApp reported 6% ex-Spot revenue growth, 11% all-flash array growth, 17% total cloud growth (+27% first-party and marketplace), and 68% Keystone storage-as-a-service growth in Q3, alongside record operating income and EPS.
The company secured 300 AI wins in the quarter (up from 200), with workloads split 60% data lakes, 20% model training and 20% inference; introduced the high-performance AFX family and AI Data Engine, and enabled Amazon S3 Access Points integration with SageMaker and Bedrock for hybrid/multi-cloud AI deployments.
In response to volatile component costs, NetApp continues to pass through commodity price changes per industry practice, shorten pricing-protection windows, execute strategic pre-buys and open-market purchases, and qualify alternate silicon sources to safeguard supply and gross profit dollars.
Keystone remains highly sticky and margin-accretive over its term, with many customers extending beyond their original contracts and contributing to long-term gross margin upside.

7 days ago

Transcript

NetApp reports Q3 FY2026 results

NTAP

Earnings

Share Buyback

Revenue Acceleration/Inflection

NetApp delivered Q3 revenue of $1.71 B (up 4% YoY; 6% ex-Spot) and non-GAAP EPS of $2.12 (up 11% YoY), achieving record operating income and EPS.
Hybrid cloud revenue was $1.54 B (+5% YoY); public cloud revenue reached $174 M (flat YoY; +17% ex-Spot); deferred revenue grew 12% YoY to $4.63 B.
All Flash Array revenue increased 11% YoY to $1.0 B (annual run rate $4.2 B), while Keystone storage-as-a-service revenue rose 65% YoY.
AI momentum accelerated with ~300 customer AI engagements, strong early adoption of AFX storage for model training, and AIDE slated for general availability in Q4.
Generated $271 M of free cash flow and returned $303 M to shareholders via $200 M in share repurchases and $103 M in dividends, ending the quarter with net cash of $522 M.

Feb 26, 2026, 10:30 PM

Transcript

NetApp reports Q3 2026 results

NTAP

Earnings

Share Buyback

Product Launch

NetApp delivered $1.71 billion in revenue, up 4% year-over-year (6% ex-Spot), with non-GAAP EPS of $2.12, up 11% YoY; results drove record quarterly operating income and EPS.
Hybrid cloud revenue reached $1.54 billion (+5% YoY) and public cloud revenue was $174 million (flat YoY; +17% ex-Spot), reflecting strong demand for first-party and marketplace services.
The company has around 300 customers preparing data for AI, with early shipments of its AFX system and AI Data Engine (AIDE) set for general availability in Q4.
Profitability remained robust with a 71.2% gross margin (+50 bps YoY), 31.1% operating margin (+110 bps), $271 million of free cash flow, and a net cash position of $522 million.
In Q3, NetApp returned $303 million to shareholders via $200 million in share repurchases and $103 million in dividends ($0.52 per share).

Feb 26, 2026, 10:30 PM

Transcript

NetApp reports Q3 FY26 results

NTAP

Earnings

Guidance Update

NetApp posted Q3 FY26 revenue of $1.71 B, up 4.4% y/y, and billings of $1.89 B, up 10.1% y/y.
Non-GAAP gross margin was 71.2%, up 50 bps y/y, and operating margin was 31.1%, up 110 bps y/y.
Non-GAAP EPS was $2.12, up 11.0% y/y, with free cash flow margin of 15.8%.
All-flash array revenue grew 11% to $1.0 B, cloud storage services grew 27%, and remaining performance obligations reached $5.11 B, up 14.3% y/y.
Q4 FY26 revenue is guided to $1.795 B–$1.945 B, and FY26 revenue to $6.772 B–$6.922 B.

Feb 26, 2026, 10:30 PM

Presentation

NetApp reports Q3 2026 results

NTAP

Earnings

Guidance Update

Share Buyback

Revenue of $1.71 billion (up 4% yoy; +6% excluding the divested Spot business) and non-GAAP EPS of $2.12 (+11% yoy).
Hybrid cloud revenue of $1.54 billion (+5% yoy) and public cloud revenue of $174 million (flat yoy; +17% excl. Spot).
Gross margin of 71.2% (+50 bps yoy) and operating margin of 31.1% (+110 bps yoy) with operating income of $533 million (+8% yoy).
Cash flow from operations of $317 million and free cash flow of $271 million; returned $303 million to shareholders via $200 million in share repurchases and $103 million in dividends ($0.52 per share); net cash of $522 million.
Guidance for Q4: revenue of $1.87 billion ± $75 million (+8% yoy); full-year 2026 revenue guidance of $6.772–$6.922 billion (midpoint +4% yoy).

Feb 26, 2026, 10:30 PM

Transcript

NetApp reports Q3 FY26 results

NTAP

Earnings

Guidance Update

Share Buyback

NetApp reported net revenues of $1.71 billion, up 4% year-over-year in Q3 FY26, with all-flash array revenue rising 11% to a record $1.0 billion and billings up 10% to $1.89 billion.
GAAP earnings per share were $1.67, while non-GAAP EPS reached a record $2.12; GAAP operating margin was 25.3% and non-GAAP operating margin was 31.1%—both records for the third quarter.
Public Cloud segment revenue held steady at $174 million, driven by first-party and marketplace storage services which grew 27% year-over-year.
NetApp returned $303 million to stockholders through share repurchases and cash dividends during the quarter.
For Q4 FY26, the company guided net revenues of $1.795 billion to $1.945 billion, GAAP EPS of $1.76–$1.86, and non-GAAP EPS of $2.21–$2.31.

Feb 26, 2026, 9:05 PM

8-K

NetApp reports third quarter fiscal year 2026 results

NTAP

Earnings

Share Buyback

Dividends

Net revenues of $1.71 billion, up 4% year-over-year, with GAAP EPS of $1.67 and record non-GAAP EPS of $2.12
Billings of $1.89 billion, up 10% year-over-year, marking the ninth consecutive quarter of billings growth
All-flash array revenue grew 11% to $1.0 billion, and Public Cloud revenue was $174 million, driven by first-party and marketplace storage services
GAAP operating income of $434 million (25.3% margin) and non-GAAP operating income of $533 million (31.1% margin); returned $303 million to stockholders via share repurchases and cash dividends

Feb 26, 2026, 9:01 PM

Press Release

Upwind raises $250M Series B funding

NTAP

Convertible Preferred Issuance

Upwind secures $250 million in Series B funding, bringing total funding to $430 million.
The round was led by Bessemer Venture Partners with participation from Salesforce Ventures and Picture Capital.
Funding follows 900% year-over-year revenue growth and 200% logo growth as Upwind doubles its workforce from 150 to 300 employees.
Proceeds will accelerate development across data, AI, and code, expand go-to-market efforts, and enhance customer support and global growth.

Jan 26, 2026, 2:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for NetApp.

Q3 2026

Feb 26, 2026

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Q2 2026

Nov 25, 2025

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Q1 2026

Aug 27, 2025

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NetApp (NTAP)

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