NetApp
Unifies enterprise storage and data management across data centers and public clouds.
Something off on this page? Send us feedback.
Profile
Sells ONTAP-based all-flash and hybrid storage systems, object storage, support, and capacity-based services for enterprise data centers, alongside cloud storage offerings on AWS, Azure, and Google Cloud. Most revenue still comes from Hybrid Cloud products and support, and distribution is concentrated among two large channel partners.
Provides enterprise storage and data-management infrastructure across customer data centers and public clouds. The Hybrid Cloud portfolio combines ONTAP software with AFF and ASA all-flash systems, FAS hybrid arrays, E/EF block storage, StorageGRID object storage, and Keystone subscriptions. Public Cloud offerings include Cloud Volumes ONTAP, Amazon FSx for NetApp ONTAP, Azure NetApp Files, and Google Cloud NetApp Volumes.
Links storage operations through ONTAP and NetApp Console, supporting data protection and movement across environments. Most revenue comes from Hybrid Cloud products and related support; the Americas are the largest region, with substantial business across EMEA and Asia Pacific. Sales remain sensitive to enterprise infrastructure spending and hardware component costs, and two distributors together account for a large share of revenue.
Company facts
Categories
Key statistics
Year to date +75.6% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 24, 2026 | Evercore ISI | Target | $120 | $210 | ||
| Aug 10, 2026 | Morgan Stanley | Upgrade | Underweight | Equal-Weight | $89 | $173 |
| Jun 2, 2026 | Goldman Sachs | Target | $128 | $200 | ||
| Jun 1, 2026 | Argus Research | Reiterate | Buy | $140 | $200 | |
| May 29, 2026 | UBS | Target | $120 | $160 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| May 28, 2026Q4 FY26 | $2.27 | $2.43 | +7.0% | $1.87B | $1.95B | +4.1% | +22.39% |
| Feb 26, 2026Q3 FY26 | $2.06 | $2.12 | +2.9% | $1.70B | $1.71B | +1.0% | −0.11% |
| Nov 25, 2025Q2 FY26 | $1.88 | $2.05 | +9.0% | $1.69B | $1.71B | +1.0% | −2.00% |
| Aug 27, 2025Q1 FY26 | $1.54 | $1.55 | +0.6% | $1.55B | $1.56B | +0.7% | +4.54% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.64B | $1.73B | $1.56B | $1.71B | $1.71B | $1.95B | |
| Gross profit | $1.15B | $1.19B | $1.10B | $1.23B | $1.21B | $1.37B | |
| Operating income | $362.0M | $348.0M | $309.0M | $399.0M | $431.0M | $531.0M | |
| Net income | $299.0M | $340.0M | $233.0M | $305.0M | $334.0M | $404.0M | |
| Diluted EPS | $1.44 | $1.65 | $1.15 | $1.51 | $1.67 | $2.03 | |
| Gross margin | 69.8% | 68.9% | 70.4% | 72.0% | 70.6% | 70.1% | |
| Operating margin | 22.1% | 20.1% | 19.8% | 23.4% | 25.2% | 27.3% |
Fiscal years (4-quarter sums)FY22 $6.32B · FY23 $6.36B · FY24 $6.27B · FY25 $6.57B · FY26 $6.93B
Revenue by product · Q4 FY26
Revenue by geography · Q4 FY26
Balance sheet, Apr 24, 2026Cash & short-term investments $3.58B · Total debt $2.73B · Total assets $10.74B · Shareholders' equity $1.35B
Dividends
Raised for 11 straight years — most recently to $0.52 from $0.50 in Jul 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 10, 2026 | Jul 10 | Jul 29 | $0.52 | |
| Apr 2, 2026 | Apr 3 | Apr 22 | $0.52 | |
| Jan 2, 2026 | Jan 2 | Jan 21 | $0.52 | |
| Oct 3, 2025 | Oct 3 | Oct 22 | $0.52 | |
| Jul 3, 2025 | Jul 3 | Jul 23 | $0.52 | |
| Apr 4, 2025 | Apr 4 | Apr 23 | $0.52 | |
| Jan 3, 2025 | Jan 3 | Jan 22 | $0.52 | |
| Oct 4, 2024 | Oct 4 | Oct 23 | $0.52 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 196.23M · Float 194.85M · 99.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 18.90M | 9.63% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 12.89M | 6.57% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 12.28M | 6.26% | 13F | Aug 13, 2026 |
| State Street Corp | 9.92M | 5.06% | 13F | Aug 7, 2026 |
| Primecap Management Co/CA/ | 9.02M | 4.59% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 17, 2026 | Cesar Cernuda | officer: President | −2,608 | $204.48 |
| Aug 10, 2026 | Elizabeth M. O'Callahan | officer: EVP, Chief Admin. Officer | −1,000 | $193.82 |
| Jul 10, 2026 | Elizabeth M. O'Callahan | officer: EVP, Chief Admin. Officer | −1,000 | $170.92 |
| Jun 23, 2026 | Cesar Cernuda | officer: President | −49,464 | $154.82 |
| Jun 10, 2026 | Elizabeth M. O'Callahan | officer: EVP, Chief Admin. Officer | −1,000 | $163.48 |
Peers
- Dell Technologies
#1 external storage (22.7% share); contests every ONTAP tier from AFA to object.
- Hewlett Packard Enterprise
#2 primary block AFA share (IDC); Alletra MP triple-digit growth vs AFF and ASA.
- IBM
Gartner Leader; FlashSystem contests AFF at large enterprise accounts.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| NetApp | $186.61 | −0.17% | $36.70B | 29.4 | 20.8 | 5.3 | +12.5% |
| Dell Technologies | $456.09 | +0.00% | $302.80B | 36.2 | 23.7 | 2.3 | +87.5% |
| Hewlett Packard Enterprise | $52.56 | +0.50% | $69.26B | 49.8 | 13.4 | 1.8 | +40.0% |
| IBM | $235.80 | +0.10% | $221.96B | 20.8 | 18.4 | 3.2 | +1.1% |
| Median | 36.2 | 18.4 | 2.3 | +40.0% |