NetApp (NTAP) investor relations material

Executive summary

• Achieved record results in FY 2026 across revenue, gross profit, operating income, and cash flow, driven by strong customer demand, AI/cloud adoption, and robust execution.

• Recognized as a leader in hybrid cloud intelligent data infrastructure and enterprise storage, enabling secure, real-time data activation for AI workloads.

• Expanded partnerships with hyperscalers and sovereign cloud providers, including a significant Google Distributed Cloud agreement and integration with Nutanix.

• AI was a major growth engine, with over 1,100 AI and data preparation wins in FY 2026, up from 400 the prior year.

• Continued innovation with launches of AFX, AI Data Engine, AIPod Mini, and enhancements to all-flash arrays.

Financial highlights

• FY 2026 net revenue was $6.93B, up 5.4% year-over-year; Q4 revenue was $1.95B, up 12.5% year-over-year.

• FY 2026 non-GAAP EPS was $8.13, up 12.1%; Q4 non-GAAP EPS was $2.43, up 26%.

• FY 2026 non-GAAP operating margin was 30.2%, up 190 bps; Q4 non-GAAP operating margin was 32%, up 340 bps.

• FY 2026 free cash flow was $1.87B, up 40%; Q4 free cash flow was $900M, up 41% year-over-year.

• All-flash revenue reached $4.2B, up 11% year-over-year; Keystone storage-as-a-service revenue grew ~65%.

Outlook and guidance

• FY 2027 revenue expected between $7.325B–$7.575B (8% growth at midpoint); non-GAAP EPS guidance is $8.70–$9.00; gross margin 68.5%–69.5%; operating margin 29.1%–30.1%.

• Q1 FY 2027 revenue expected at $1.75B–$1.9B, with non-GAAP EPS $2.05–$2.15.

• Plan to return up to 100% of free cash flow to shareholders via dividends and share repurchases.

• Management expects continued momentum, supported by enterprise IT demand and AI activity.

• Next dividend of $0.52 per share payable July 29, 2026.