NetApp, Inc.

NTAP · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996
Valuation
Market cap	–	$16,857	$20,912	$13,452	$16,301	$16,602	$9,729	$16,193	$14,799	$8,858	$5,255	$8,058	$12,118	$12,613	$14,130	$18,806	$11,774	$6,044	$8,511	$13,813	$13,492	$9,557	$6,433	$4,477	$5,787	$7,290	$21,255	$3,444	$1,171	$444	$288
Enterprise value	–	$16,502	$20,312	$13,066	$15,107	$14,758	$8,651	$13,838	$11,334	$6,060	$2,310	$4,219	$8,105	$7,913	$9,934	$14,782	$9,151	$4,705	$7,519	$12,589	$12,469	$8,391	$5,629	$3,861	$5,337	$6,926	$20,902	$3,217	$1,123	$416	$260
P/E (TTM) at period end	–	14.21×	21.21×	10.56×	17.40×	22.74×	11.88×	13.85×	127.58×	18.42×	22.95×	14.39×	18.99×	24.96×	23.34×	27.94×	29.41×	93.57×	27.48×	46.39×	50.63×	42.33×	42.30×	58.55×	1908.08×	97.35×	288.04×	96.70×	55.86×	1775.68×	43.63×
P/S (TTM) at period end	–	2.56×	3.34×	2.11×	2.58×	2.89×	1.80×	2.63×	2.50×	1.60×	0.95×	1.32×	1.92×	1.99×	2.27×	3.67×	2.99×	1.77×	2.58×	4.93×	6.53×	5.98×	5.50×	5.02×	7.25×	7.25×	36.69×	11.90×	7.05×	4.76×	6.17×
P/B at period end	–	16.21×	18.25×	11.61×	19.45×	24.24×	40.20×	14.86×	6.50×	3.00×	1.82×	2.36×	3.20×	2.67×	3.29×	5.04×	4.65×	3.64×	5.01×	6.94×	7.01×	5.75×	4.54×	4.53×	6.74×	9.06×	44.40×	11.64×	13.58×	8.22×	7.38×
EV / EBITDA (TTM)	–	10.44×	13.83×	10.32×	11.18×	11.92×	7.60×	9.76×	8.36×	7.15×	3.68×	4.12×	7.59×	8.31×	9.56×	14.93×	13.98×	21.61×	16.42×	30.55×	31.96×	26.32×	25.83×	26.63×	83.09×	45.59×	172.63×	50.84×	29.40×	69.88×	35.25×
EV / Sales (TTM)	–	2.51×	3.24×	2.05×	2.39×	2.57×	1.60×	2.25×	1.92×	1.10×	0.42×	0.69×	1.28×	1.25×	1.59×	2.89×	2.33×	1.38×	2.28×	4.49×	6.03×	5.25×	4.81×	4.33×	6.68×	6.88×	36.08×	11.11×	6.76×	4.45×	5.58×
Returns
Return on equity	94.4%	114.0%	86.0%	109.9%	111.8%	106.6%	338.4%	107.2%	5.1%	16.3%	7.9%	16.4%	16.8%	10.7%	14.1%	18.0%	15.8%	3.9%	18.2%	15.0%	13.9%	13.6%	10.7%	7.7%	0.4%	9.3%	15.4%	12.0%	24.3%	0.5%	16.9%
Return on invested capital	64.4%	64.1%	50.0%	66.7%	–	–	–	364.3%	8.9%	18.3%	9.7%	18.9%	25.4%	14.7%	16.1%	32.9%	22.7%	3.0%	27.1%	15.7%	13.3%	14.1%	12.0%	9.7%	(0.2%)	11.6%	34.0%	46.2%	41.5%	0.6%	41.5%
Dividend yield	–	2.5%	2.0%	3.2%	2.7%	2.6%	4.5%	2.5%	1.4%	2.3%	4.0%	2.6%	1.7%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.44×	1.26×	1.19×	1.35×	1.50×	1.74×	1.18×	1.45×	1.97×	1.50×	1.76×	2.50×	2.40×	2.20×	1.94×	1.89×	2.37×	2.05×	1.46×	1.89×	2.22×	3.03×	3.16×	3.22×	3.15×	2.90×	4.70×	6.24×	3.38×	3.85×	6.60×
Debt / equity	1.84×	3.11×	2.09×	2.06×	3.15×	3.84×	6.89×	1.42×	0.68×	0.51×	0.81×	0.44×	0.26×	0.48×	0.28×	0.31×	0.44×	0.76×	0.10×	0.04×	0.16×	0.00×	0.00×	0.00×	0.00×	0.00×	0.00×	0.00×	0.00×	0.00×	0.00×
Effective tax rate	22.6%	14.2%	21.9%	(19.5%)	14.4%	24.1%	13.2%	7.8%	90.3%	22.5%	33.6%	21.5%	13.9%	10.8%	15.0%	15.2%	10.4%	(678.3%)	19.1%	17.2%	23.9%	18.3%	10.8%	21.8%	(19.7%)	43.7%	35.5%	37.5%	37.5%	93.8%	(9.0%)
Share count
Diluted shares outstanding	201	209	213	220	229	226	233	259	276	281	297	321	348	368	384	394	353	335	361	388	388	383	362	350	350	360	345	312	288	275	252

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996
Revenue and gross profit
Revenue	$7,391	$6,925	$6,572	$6,268	$6,362	$6,318	$5,744	$5,412	$6,146	$5,911	$5,519	$5,546	$6,123	$6,325	$6,332	$6,233	$5,123	$3,931	$3,406	$3,303	$2,804	$2,066	$1,598	$1,170	$892	$798	$1,006	$579	$289	$166	$93	$47
Cost of revenue	($2,171)	($2,026)	($1,959)	($1,835)	($2,153)	($2,098)	($1,929)	($1,789)	($2,201)	($2,212)	($2,129)	($2,173)	($2,290)	($2,406)	($2,571)	($2,520)	($1,794)	($1,412)	($1,416)	($1,290)	($1,100)	($810)	($623)	($466)	($346)	($318)	($402)	($236)	($118)	($68)	($38)	($21)
Gross profit	$5,220	$4,899	$4,613	$4,433	$4,209	$4,220	$3,815	$3,623	$3,945	$3,709	$3,364	$3,373	$3,833	$3,919	$3,761	$3,713	$3,329	$2,519	$1,990	$2,013	$1,704	$1,256	$975	$705	$546	$481	$604	$343	$171	$99	$55	$26
Operating expenses
Research and development	($1,023)	($991)	($1,012)	($1,029)	($956)	($881)	($881)	($847)	($827)	($783)	($779)	($861)	($920)	($918)	($904)	($828)	($649)	($536)	($498)	($452)	($385)	($243)	($171)	($132)	($113)	($117)	($121)	($62)	($30)	($17)	($9)	($5)
Selling, general and administrative	($813)	($344)	($311)	($308)	($265)	($279)	($257)	($263)	($278)	($280)	($271)	($307)	($284)	($281)	($273)	($265)	($251)	($239)	($204)	($1,247)	($1,043)	($700)	($551)	($408)	($345)	($332)	($335)	($176)	($86)	($49)	($28)	($15)
Total operating expenses	($3,374)	($3,225)	($3,276)	($3,219)	($3,191)	($3,063)	($2,784)	($2,678)	($2,724)	($2,551)	($2,743)	($3,025)	($3,117)	($3,185)	($3,153)	($2,967)	($2,504)	($2,031)	($1,943)	($1,700)	($1,403)	($948)	($722)	($546)	($459)	($482)	($495)	($238)	($116)	($66)	($52)	($20)
Total costs and expenses	($5,545)	($5,251)	($5,235)	($5,054)	($5,344)	($5,161)	($4,713)	($4,467)	($4,925)	($4,753)	($4,898)	($5,198)	($5,407)	($5,591)	($5,725)	($5,487)	($4,298)	($3,443)	($3,359)	($2,990)	($2,503)	($1,758)	($1,345)	($1,012)	($804)	($799)	($897)	($474)	($234)	($134)	($90)	($41)
Operating income	$1,846	$1,674	$1,337	$1,214	$1,018	$1,157	$1,031	$945	$1,221	$1,158	$621	$348	$716	$734	$608	$746	$824	$488	$47	$314	$301	$308	$253	$158	$88	($1)	$110	$105	$55	$33	$3	$6
Earnings
EBITDA	$2,028	$1,874	$1,580	$1,469	$1,266	$1,351	$1,238	$1,138	$1,418	$1,356	$847	$627	$1,023	$1,068	$952	$1,040	$990	$654	$218	$458	$412	$390	$319	$218	$145	$64	$152	$121	$63	$38	$6	$7
Interest income	$110	$113	$112	$112	$69	$7	$9	$48	$88	$79	$44	$46	$37	$35	$42	$38	$40	$31	$58	–	–	–	$24	$14	$12	–	–	–	–	–	–	–
Interest expense	($109)	($109)	($64)	($64)	($67)	($73)	($74)	($55)	($58)	($62)	($52)	($49)	($42)	($36)	($92)	($75)	($76)	($74)	($63)	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,828	$1,648	$1,383	$1,263	$1,066	$1,095	$962	$944	$1,268	$1,199	$621	$345	$713	$741	$567	$712	$794	$447	$8	$383	$360	$350	$276	$170	$98	$3	$133	$114	$57	$34	$4	$7
Income tax expense	($410)	($372)	($197)	($277)	$208	($158)	($232)	($125)	($99)	($1,083)	($140)	($116)	($153)	($103)	($61)	($107)	($121)	($47)	$56	($73)	($62)	($84)	($50)	($18)	($21)	$0	($58)	($41)	($21)	($13)	($4)	$1
Net income	$1,418	$1,276	$1,186	$986	$1,274	$937	$730	$819	$1,169	$116	$481	$229	$560	$638	$505	$605	$673	$400	$65	$310	$298	$266	$226	$152	$76	$3	$75	$74	$36	$21	$0	$7
Per share
Diluted EPS (GAAP)	$7.09	$6.35	$5.67	$4.63	$5.79	$4.09	$3.23	$3.52	$4.51	$0.42	$1.71	$0.77	$1.75	$1.83	$1.37	$1.58	$1.71	$1.13	$0.19	$0.86	$0.77	$0.69	$0.59	$0.42	$0.22	$0.01	$0.21	$0.21	$0.11	$0.0725	$0.0009	$0.03
Basic EPS (GAAP)	$7.18	$6.41	$5.81	$4.74	$5.87	$4.20	$3.29	$3.56	$4.60	$0.43	$1.75	$0.78	$1.77	$1.87	$1.40	$1.66	$1.87	$1.18	$0.20	$0.88	$0.80	$0.72	$0.63	$0.44	$0.23	$0.01	$0.23	$0.25	$0.13	$0.08	$0.001	$0.05
Basic shares outstanding	198	199	204	208	217	223	222	230	254	268	275	294	316	340	362	364	361	340	330	352	371	371	358	346	338	332	320	299	274	260	244	144
Margins
Gross margin	70.6%	70.7%	70.2%	70.7%	66.2%	66.8%	66.4%	66.9%	64.2%	62.7%	61.0%	60.8%	62.6%	62.0%	59.4%	59.6%	65.0%	64.1%	58.4%	61.0%	60.8%	60.8%	61.0%	60.2%	61.3%	60.2%	60.1%	59.3%	59.2%	59.3%	59.2%	55.9%
Operating margin	25.0%	24.2%	20.3%	19.4%	16.0%	18.3%	17.9%	17.5%	19.9%	19.6%	11.3%	6.3%	11.7%	11.6%	9.6%	12.0%	16.1%	12.4%	1.4%	9.5%	10.7%	14.9%	15.8%	13.5%	9.8%	(0.1%)	10.9%	18.2%	19.0%	19.7%	3.3%	12.9%
Net margin	19.2%	18.4%	18.0%	15.7%	20.0%	14.8%	12.7%	15.1%	19.0%	2.0%	8.7%	4.1%	9.1%	10.1%	8.0%	9.7%	13.1%	10.2%	1.9%	9.4%	10.6%	12.9%	14.1%	13.0%	8.6%	0.4%	7.4%	12.7%	12.3%	12.6%	0.3%	14.2%

Analyst consensus

Hold71 analysts

Bearish · 8 · Hold · 37 · Bullish · 26

Earnings history

	EPS	Estimate
Q2 2025	$1.87	$1.78	Beat
Q3 2025	$1.91	$1.91	Match
Q4 2025	$1.93	$1.90	Beat
Q1 2026	$1.55	$1.54	Beat
Q2 2026	$2.05	$1.88	Beat
Q3 2026	$2.12	$2.06	Beat
Q4 2026	$2.43	$2.27	Beat
Q1 2027	$2.58	$2.12	Beat

Peers

Company overview

IPO dateNov 21, 1995

CEOGeorge Kurian

Employees11,700

SectorTechnology

IndustryComputer Hardware

CountryUS

ExchangeNASDAQ Global Select

Websitewww.netapp.com

NetApp, Inc. is a technology company focused on providing cloud-centric and data-driven services that enable businesses worldwide to efficiently manage and share their information across on-premises infrastructure, private cloud setups, and public cloud platforms. The company's operations are divided into two key segments: Hybrid Cloud and Public Cloud. NetApp offers an extensive suite of intelligent data management software, including its foundational NetApp ONTAP, NetApp Snapshot for data protection, NetApp SnapCenter for backup management, NetApp SnapMirror for data replication, NetApp SnapLock for data compliance, NetApp ElementOS software, and NetApp SANtricity software. Its storage infrastructure solutions comprise the NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod integrated systems, NetApp E/EF series, NetApp StorageGRID object storage, and NetApp SolidFire solutions. For cloud environments, NetApp delivers a wide array of cloud storage and data services such as NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and NetApp Cloud Volumes Service for Google Cloud. These are augmented by services like NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Cloud Backup, NetApp Cloud Data Sense for analytics, and NetApp Cloud Volumes Edge Cache. The company also provides cloud operations services, which include NetApp Cloud Insights, the Spot Ocean Kubernetes Suite, Spot Security, Spot Eco for cost optimization, and Spot CloudCheckr. Moreover, NetApp offers application-aware data management solutions under its NetApp Astra brand. Its service portfolio is rounded out by comprehensive professional and support services, encompassing strategic consulting, managed services, and dedicated support, in addition to assessment, design, implementation, and migration services. NetApp serves a broad spectrum of industries globally, including energy, financial services, government, technology, internet, life sciences, healthcare, manufacturing, media, entertainment, animation, video post-production, and telecommunications. The company reaches its clientele through a direct sales force and a robust network of partners. NetApp, Inc. was founded in 1992 and is headquartered in San Jose, California.

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