The earnings call demonstrated a strong start to fiscal year 2026 with revenue exceeding guidance and significant growth in all-flash and cloud services. However, challenges in the US public sector and EMEA, along with a decline in product revenue, presented notable obstacles. The sentiment is balanced by strong cash flow and strategic wins in AI infrastructure.

Company Guidance

During the NetApp 2026 earnings call, the company provided guidance for the second quarter and the full fiscal year 2026. For the second quarter, NetApp expects revenue to be $1.69 billion, with a gross margin of around 71% and an operating margin between 28% to 29%. Diluted EPS is projected to range from $1.84 to $1.94. For the full fiscal year, NetApp anticipates revenue between $6.625 billion and $6.875 billion, reflecting a 3% year-over-year growth, or 4% excluding the divested Spot business. The company also expects full-year diluted EPS to be between $7.60 and $7.90. NetApp highlighted its strong start to fiscal year 2026, with a Q1 revenue of $1.56 billion and notable growth in its all-flash array revenue and cloud services, which increased by 33% year-over-year. NetApp's public cloud gross margin has improved, prompting an increase in its long-term target range to 80% to 85%. The company remains focused on executing its strategy, enhancing profitability, and delivering value to customers and shareholders.

Revenue Exceeds Guidance

NetApp delivered a solid start to fiscal year 2026, achieving revenue of $1.56 billion, above the midpoint of their guidance range. Excluding the divested Spot business, total revenue was up 3% year-on-year.

All-Flash Array Growth and Market Leadership

All-flash array revenue grew 5% year-over-year to $893 million, leading to NetApp securing the number one position in the all-flash array market for calendar Q1 2025, as reported by IDC.

Public Cloud Services Growth

Highly differentiated first-party and marketplace cloud storage services grew 33% from Q1 a year ago, with public cloud revenue excluding Spot up 18% year-over-year.

Strong Cash Flow and Shareholder Returns

Q1 records were set for cash flow from operations ($673 million) and free cash flow ($620 million). NetApp returned $404 million of capital to shareholders through share repurchases and dividends.

AI Infrastructure Wins

Secured approximately 125 AI infrastructure and data lake modernization deals in Q1, showcasing significant customer engagement in the enterprise AI market.

NetApp (NTAP) Earnings, Revenues Date & History

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NTAP Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 25, 2025	2026 (Q2)	1.88 / -	1.87	―	―	―
Aug 27, 2025	2026 (Q1)	1.54 / 1.55	1.56	-0.64% (-0.01)
May 30, 2025	2025 (Q4)	1.90 / 1.93	1.8	7.22% (+0.13)
Feb 27, 2025	2025 (Q3)	1.91 / 1.91	1.94	-1.55% (-0.03)
Nov 21, 2024	2025 (Q2)	1.78 / 1.87	1.58	18.35% (+0.29)
Aug 28, 2024	2025 (Q1)	1.45 / 1.56	1.15	35.65% (+0.41)
May 30, 2024	2024 (Q4)	1.79 / 1.80	1.54	16.88% (+0.26)
Feb 29, 2024	2024 (Q3)	1.69 / 1.94	1.37	41.61% (+0.57)
Nov 28, 2023	2024 (Q2)	1.39 / 1.58	1.48	6.76% (+0.10)
Aug 23, 2023	2024 (Q1)	1.07 / 1.15	1.2	-4.17% (-0.05)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NTAP Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 27, 2025	$112.13	$117.22	+4.54%
May 30, 2025	$98.68	$98.29	-0.40%
Feb 27, 2025	$116.90	$98.69	-15.58%
Nov 21, 2024	$124.70	$120.43	-3.42%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.