NetApp delivered a clean beat on execution with record Q4 results and raised FY2027 revenue guidance 6-9%, supported by accelerating all-flash and cloud storage demand. The $1B buyback authorization adds incremental capital return. Key watch items: Q1 FY2027 guidance midpoint ($1.825B revenue, $2.10 non-GAAP EPS) implies seasonal softness vs Q4, which is normal. Market should focus on sustained margin expansion and AI-driven storage demand trajectory.
Price Chart
Executive Summary
NetApp reported record Q4 FY2026 results with net revenue of $1.95B (+12% YoY), GAAP EPS of $2.03 (+23% YoY), and record non-GAAP EPS of $2.43 (+26% YoY). The Board authorized an additional $1.0B share repurchase program. Fiscal 2027 guidance implies 6-9% revenue growth with GAAP EPS $6.51-6.81 (non-GAAP $8.70-9.00), signaling sustained momentum driven by all-flash array growth (+18% YoY) and expanding cloud partnerships.
Key Financial Metrics
Key Facts
- Q4 FY2026 net revenue $1.95B, +12% YoY (record); fiscal 2026 revenue $6.93B, +5% YoY
- GAAP Q4 EPS $2.03 vs $1.65 YoY (+23%); non-GAAP Q4 EPS $2.43 vs $1.93 YoY (+26%)
- Record all-flash array revenue $1.2B in Q4, +18% YoY; record Public Cloud revenue $182M, +11% YoY
- Record FY2026 billings $7.21B, +6% YoY; record FY2026 operating cash flows $2.07B, +37% YoY; record FCF $1.87B, +40% YoY
- FY2027 guidance: revenue $7.325-7.575B (6-9% YoY growth); GAAP EPS $6.51-6.81; non-GAAP EPS $8.70-9.00
- Board authorized $1.0B additional share repurchase on May 21, 2026, no expiration date
- GAAP Q4 operating margin 27.3% (up from 20.1% YoY); non-GAAP operating margin 32.0% (up from 28.6%)
- Returned $1.36B to shareholders in FY2026 via buybacks and dividends; quarterly dividend $0.52/share maintained
Financial Impact
Record revenue and earnings across all key metrics; operating cash flow +37% YoY; FCF margin 27.0% for FY2026 vs 20.4% prior year
Risk Factors
- Q1 FY2027 guidance midpoint ($1.825B) implies ~6% QoQ revenue decline from Q4 record, seasonal but could be viewed as deceleration
- Constant-currency revenue growth was 10% in Q4 (vs 12% reported), indicating ~2% forex tailwind that may reverse
- FY2027 GAAP operating margin guidance midpoint 22.6% vs FY2026 24.2% achieved, implying margin compression from investment spend
- Revenue growth decelerates from 12% in Q4 to 6-9% in FY2027 full-year guide
- Competition in enterprise storage from Dell, Pure Storage, and hyperscaler-native offerings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-245196 |
| Document: ntap-20260521.htm | 0001193125-26-245196 |
| Document: 0001193125-26-245196-index-headers.html | 0001193125-26-245196 |
| Document: 0001193125-26-245196-index.html | 0001193125-26-245196 |
| Document: 0001193125-26-245196.txt | 0001193125-26-245196 |
| 8-K Data (Synthetic) | 0001193125-26-245196 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 18d ago | Insider Cluster | $188.28 $189.93 | ▲ +0.88% | ▲ +1.34% | $226.27 (+20.18%) |
Sep 2, 2026 4w ago | 8-K | $185.38 $185.59 | ▲ +0.11% | ▲ +0.50% | $226.27 (+22.06%) |
Aug 19, 2026 6w ago | Insider Cluster | $192.71 $192.27 | ▼ −0.23% | ▼ −0.63% | $226.27 (+17.42%) |
Jun 5, 2026 16w ago | Insider Cluster | $170.31 $165.00 | ▼ −3.12% | ▼ −2.82% | $226.27 (+32.86%) |
May 28, 2026 18w ago | 8-K | $174.29 $179.70 | ▲ +3.10% | ▲ +2.83% | $226.27 (+29.82%) |
May 20, 2026 19w ago | Insider Cluster | $123.95 $139.36 | ▲ +12.43% | ▲ +11.99% | $226.27 (+82.55%) |
Mar 3, 2026 30w ago | Court Ruling | $98.29 $99.04 | ▲ +0.77% | ▲ +0.01% | $226.27 (+130.21%) |
Feb 28, 2026 30w ago | Institutional Cluster | $99.64 $98.29 | ▼ −1.36% | ▼ −0.44% | $226.27 (+127.09%) |
US Market Status
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