The earnings call reflects a strong performance with record revenue, significant growth in cloud and AI segments, and positive financial metrics. However, there is caution due to macroeconomic uncertainties and the impact of the Spot business divestiture on future growth. The sentiment is cautiously optimistic, balancing strong current performance with mindful consideration of external challenges.

Company Guidance -

Q1 2026

During the NetApp Fourth Quarter and Fiscal Year 2025 Earnings Call, the company provided guidance for fiscal year 2026, projecting total revenue between $6.625 billion and $6.875 billion, reflecting a growth range of 3% to 4% when excluding the impact of the recently divested Spot business. Consolidated gross margin is expected to be in the range of 71% to 72%, while operating margin is anticipated between 28.8% and 29.8%. NetApp also plans to return up to 100% of free cash flow to shareholders through dividends and share buybacks. For the first quarter of fiscal year 2026, revenue is expected to range from $1.455 billion to $1.605 billion, with an EPS forecast between $1.48 and $1.58. The guidance incorporates a cautious approach due to uncertainties in the macroeconomic environment, particularly in the US public sector and EMEA regions. Despite these challenges, NetApp expressed confidence in its strategic positioning and growth opportunities, particularly in the AI and cloud segments.

Record Revenue and Market Share Gains

NetApp achieved record revenue for the fourth quarter and fiscal year 2025, driven by strong growth and significant market share gains in all-flash storage. All-flash array annualized revenue run rate grew 14% from Q4 a year ago, to a record $4.1 billion.

Strong Financial Metrics

The company achieved all-time highs for gross profit, operating profit, operating margin, and EPS in FY25. Q4 billings were $2.03 billion, up 12% year over year.

Public Cloud Growth

First-party and marketplace cloud storage services grew 44% year over year in the fourth quarter, and the public cloud segment revenue grew 22% from Q4 a year ago, excluding the divested Spot business.

AI Business Expansion

NetApp's AI business grew fivefold year over year, closing approximately 150 AI infrastructure and data lake modernization deals.

Strong Cash Flow and Shareholder Returns

In Q4, cash flow from operations was $675 million, and free cash flow was $640 million. The company returned $355 million to shareholders through share repurchases and cash dividends.

Positive Outlook for FY26

NetApp expects fiscal year 2026 total revenue to grow 3% year over year, with an operating margin of approximately 28.8% to 29.8%.

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
Aug 27, 2025	2026 (Q1)	1.54 / -	1.56	―	―	―
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)
May 31, 2023	2023 (Q4)	1.34 / 1.54	1.42	8.45% (+0.12)

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
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%
Aug 28, 2024	$129.30	$116.84	-9.64%

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.