NetApp, Inc. Earnings Recaps
Q1 2027
Sep 5, 2026
NetApp’s Q1 results were strong, but the stock rose only 1.2%, suggesting investors viewed the upside as broadly in line with expectations or discounted. Revenue grew 30% year over year to $2.03 billion, while management materially raised its fiscal 2027 outlook, supported by growth across public cloud, all-flash arrays, Keystone, and AI-related demand.
Key takeaways
- Revenue increased 30% year over year to $2.03 billion; gross profit rose 29% to $1.43 billion.
- Non-GAAP operating margin reached 31.9%, and EPS increased 66% from the prior-year quarter.
- Public cloud revenue grew 28% to $206 million, or 19% excluding the additional week; all-flash array revenue rose 47% to $1.31 billion.
- NetApp reported approximately 350 AI and data-lake modernization wins, with deal sizes increasing as customers move from proof-of-concept deployments to production workloads.
- Management said it exceeded Q1 guidance on every metric and materially raised its fiscal 2027 outlook, while noting some benefit from accelerated purchasing decisions and pricing.
Q4 2026
May 30, 2026
NetApp’s stock surged 22.1% after reporting record revenue and earnings driven by strong demand in public cloud, all-flash storage, and AI-related workloads, signaling the market’s enthusiasm for its leadership in hybrid cloud and AI data infrastructure.
Key takeaways
- Fiscal Year 2026 revenue and operating income reached all-time highs, supported by accelerating enterprise AI adoption and cloud expansion.
- Public Cloud revenue grew 18% year-over-year to $688 million, with first-party and marketplace cloud services up 30%.
- All-flash revenue hit $4.2 billion for the year, up 11%, with Q4 all-flash revenue growing 18% to $1.2 billion.
- Expanded partnerships with hyperscalers, including Google Distributed Cloud, bolster NetApp’s presence in sovereign cloud and regulated environments.
- The company’s hybrid cloud platform enables zero-copy data activation, reducing costs and complexity for AI deployments across on-premises and cloud.