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NetApp (NTAP) investor relations material
NetApp Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary25 Nov, 2025
Executive summary
Q2 FY26 revenue reached $1.71 billion, up 3% year-over-year, with record non-GAAP EPS of $2.05 and GAAP EPS of $1.51, driven by strong demand for all-flash, public cloud, and AI solutions.
All-flash and public cloud accounted for 70% of Q2 revenue, with all-flash array revenue up 9% year-over-year to $1 billion and public cloud revenue at $171 million.
Record operating profit and margin, with GAAP operating income at $399 million (23.4% margin) and non-GAAP at $530 million (31.1% margin).
Closed approximately 200 AI infrastructure and data lake modernization deals, and launched major innovations including AFX, AIDE, and enhanced cyber resilience platforms.
$353 million was returned to shareholders in Q2 through share repurchases and dividends.
Financial highlights
Non-GAAP EPS was $2.05, up 10% year-over-year, and GAAP EPS was $1.51; gross margin reached 72.6% (non-GAAP) and 72.0% (GAAP).
Operating income was $530 million (non-GAAP) and $399 million (GAAP); operating margin was 31.1% (non-GAAP) and 23.4% (GAAP).
Free cash flow was $78 million, with cash provided by operations at $127 million.
Deferred revenue balance was $4.45 billion, up 8% year-over-year; remaining performance obligations reached $4.9 billion, up 11%.
Net cash position at quarter-end was $528 million; cash and short-term investments totaled $3 billion.
Outlook and guidance
Q3 FY26 revenue expected at $1.615–$1.765 billion, with non-GAAP gross margin 72.3%–73.3%, operating margin 30.5%–31.5%, and non-GAAP EPS $2.01–$2.11.
FY26 revenue guidance is $6.625–$6.875 billion, with non-GAAP gross margin 71.7%–72.7%, operating margin 29.5%–30.5%, and non-GAAP EPS $7.75–$8.05.
GAAP EPS for FY26 is projected at $5.82–$6.12; next dividend of $0.52 per share payable January 21, 2026.
Management expects to recognize 47% of $4.9 billion in remaining performance obligations as revenue in the next 12 months.
Capital expenditures for the remainder of FY26 are expected to be $90–$140 million.
AI solutions' role in market share capture?
Reconcile Public Cloud revenue growth figures.
Future growth drivers for Public Cloud segment?
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UBS’s 2025 Global Technology and AI Conference2 Dec, 2025
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Frequently asked questions
NetApp, Inc. engages in the provision of software, systems, and cloud services. It offers data management, and cloud data services. Its offerings include NetApp ONTAP storage operating system, a suite of open data storage management software; storage area network products comprising unified fabric integrated and converged switches, cabling and accessories that optimize finance and IT service delivery; NetApp Flash Arrays; NetApp Max Volume Flash Cache; all flash arrays; hybrid arrays; NetApp Element OS analytics software that provides a database service for storing sensor data. NetApp, Inc. was incorporated in 1992 and is headquartered in San Jose, California.
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