Netapp Inc Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Netapp Inc has an operating margin of 20.3%, meaning the company retains $20 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 19.4% the prior year.
Netapp Inc's revenue grew a modest 4.9% year-over-year to $6.6B. This slow but positive growth earns a score of 42/100.
Netapp Inc has elevated debt relative to equity (D/E of 2.55), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 17/100, reflecting increased financial risk.
Netapp Inc's current ratio of 1.31 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.
Netapp Inc converts 20.4% of revenue into free cash flow ($1.3B). This strong cash generation earns a score of 100/100.
Netapp Inc earns a strong 121.6% return on equity (ROE), meaning it generates $122 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 106.1% the prior year.
Netapp Inc scores 2.67, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($20.3B) relative to total liabilities ($8.7B). This signals moderate financial risk that warrants monitoring.
Netapp Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Netapp Inc generates $1.27 in operating cash flow ($1.5B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Netapp Inc earns $20.9 in operating income for every $1 of interest expense ($1.3B vs $64.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows Netapp Inc (NTAP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Netapp Inc generated $6.6B in revenue in fiscal year 2025. This represents an increase of 4.9% from the prior year.
Netapp Inc's EBITDA was $1.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.6% from the prior year.
Netapp Inc generated $1.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 12.5% from the prior year.
Netapp Inc reported $1.2B in net income in fiscal year 2025. This represents an increase of 20.3% from the prior year.
Netapp Inc earned $5.67 per diluted share (EPS) in fiscal year 2025. This represents an increase of 22.5% from the prior year.
Netapp Inc held $2.1B in cash against $2.5B in long-term debt as of fiscal year 2025.
Netapp Inc paid $2.08 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.
Netapp Inc had 200M shares outstanding in fiscal year 2025. This represents a decrease of 2.6% from the prior year.
Netapp Inc's gross margin was 70.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.5 percentage points from the prior year.
Netapp Inc's operating margin was 20.3% in fiscal year 2025, reflecting core business profitability. This is up 1.0 percentage points from the prior year.
Netapp Inc's net profit margin was 18.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.3 percentage points from the prior year.
Netapp Inc's ROE was 121.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 15.5 percentage points from the prior year.
Netapp Inc invested $1.0B in research and development in fiscal year 2025. This represents a decrease of 1.7% from the prior year.
Netapp Inc spent $1.1B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 27.8% from the prior year.
Netapp Inc invested $168.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 8.4% from the prior year.
NTAP Income Statement
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B+9.4% | $1.6B-5.0% | $1.6B-1.0% | $1.7B+7.6% | $1.5B-4.0% | $1.6B+2.8% | $1.6B+9.1% | $1.4B |
| Cost of Revenue | $478.0M+3.7% | $461.0M-7.1% | $496.0M+3.1% | $481.0M+8.6% | $443.0M-2.6% | $455.0M+0.7% | $452.0M+3.7% | $436.0M |
| Gross Profit | $1.2B+11.7% | $1.1B-4.1% | $1.1B-2.7% | $1.2B+7.2% | $1.1B-4.6% | $1.2B+3.7% | $1.1B+11.4% | $996.0M |
| R&D Expenses | $251.0M+3.7% | $242.0M-2.0% | $247.0M-3.9% | $257.0M+2.0% | $252.0M+1.2% | $249.0M-5.0% | $262.0M+6.1% | $247.0M |
| SG&A Expenses | $89.0M+6.0% | $84.0M+13.5% | $74.0M-3.9% | $77.0M+2.7% | $75.0M-7.4% | $81.0M+8.0% | $75.0M+1.4% | $74.0M |
| Operating Income | $399.0M+29.1% | $309.0M-14.6% | $362.0M+4.9% | $345.0M+22.3% | $282.0M-23.0% | $366.0M+20.4% | $304.0M+70.8% | $178.0M |
| Interest Expense | $26.0M-10.3% | $29.0M+341.7% | -$12.0M-180.0% | $15.0M-6.3% | $16.0M-5.9% | $17.0M+13.3% | $15.0M-6.3% | $16.0M |
| Income Tax | $88.0M+23.9% | $71.0M0.0% | $71.0M+16.4% | $61.0M+19.6% | $51.0M-26.1% | $69.0M-15.9% | $82.0M+121.6% | $37.0M |
| Net Income | $305.0M+30.9% | $233.0M-22.1% | $299.0M0.0% | $299.0M+20.6% | $248.0M-20.8% | $313.0M+34.3% | $233.0M+56.4% | $149.0M |
| EPS (Diluted) | $1.51+31.3% | $1.15-20.1% | $1.44+1.4% | $1.42+21.4% | $1.17-20.9% | $1.48+34.5% | $1.10+59.4% | $0.69 |
NTAP Balance Sheet
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.6B-0.5% | $9.7B+7.7% | $9.0B-0.2% | $9.0B-3.3% | $9.3B-0.6% | $9.4B+3.3% | $9.1B-2.1% | $9.3B |
| Current Assets | $4.7B-0.7% | $4.7B+19.9% | $3.9B-0.8% | $3.9B-8.8% | $4.3B-0.1% | $4.3B+8.4% | $4.0B-4.0% | $4.2B |
| Cash & Equivalents | $2.1B-0.6% | $2.1B+38.0% | $1.5B+2.2% | $1.5B-10.5% | $1.7B-9.2% | $1.8B-5.9% | $1.9B-4.3% | $2.0B |
| Inventory | $127.0M-4.5% | $133.0M-50.4% | $268.0M-15.5% | $317.0M+48.1% | $214.0M+63.4% | $131.0M+7.4% | $122.0M-6.9% | $131.0M |
| Accounts Receivable | $988.0M+25.5% | $787.0M-12.4% | $898.0M+2.9% | $873.0M+28.6% | $679.0M-13.7% | $787.0M0.0% | $787.0M+20.5% | $653.0M |
| Goodwill | $2.7B-0.1% | $2.7B+0.4% | $2.7B-1.3% | $2.8B0.0% | $2.8B0.0% | $2.8B0.0% | $2.8B0.0% | $2.8B |
| Total Liabilities | $8.6B-0.7% | $8.7B+8.9% | $8.0B-1.5% | $8.1B-3.2% | $8.4B+0.1% | $8.4B+0.9% | $8.3B-1.1% | $8.4B |
| Current Liabilities | $3.5B-2.8% | $3.6B-14.9% | $4.2B-2.8% | $4.3B-4.3% | $4.5B+19.8% | $3.8B+0.9% | $3.7B+14.9% | $3.2B |
| Long-Term Debt | $2.5B0.0% | $2.5B+99.8% | $1.2B0.0% | $1.2B0.0% | $1.2B-37.5% | $2.0B0.0% | $2.0B-16.7% | $2.4B |
| Total Equity | $986.0M+1.1% | $975.0M-2.0% | $995.0M+11.5% | $892.0M-4.0% | $929.0M-6.5% | $994.0M+29.1% | $770.0M-11.8% | $873.0M |
| Retained Earnings | $0 | $0 | $0 | $0 | $0-100.0% | $115.0M | $0 | $0 |
NTAP Cash Flow Statement
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $127.0M-81.1% | $673.0M+74.8% | $385.0M+266.7% | $105.0M-69.2% | $341.0M-29.5% | $484.0M+258.5% | $135.0M-70.2% | $453.0M |
| Capital Expenditures | $49.0M-7.5% | $53.0M+12.8% | $47.0M+4.4% | $45.0M+9.8% | $41.0M+13.9% | $36.0M-5.3% | $38.0M+8.6% | $35.0M |
| Free Cash Flow | $78.0M-87.4% | $620.0M+83.4% | $338.0M+463.3% | $60.0M-80.0% | $300.0M-33.0% | $448.0M+361.9% | $97.0M-76.8% | $418.0M |
| Investing Cash Flow | $249.0M+237.6% | -$181.0M-241.5% | -$53.0M-109.4% | $564.0M+1205.9% | -$51.0M+88.3% | -$437.0M-292.5% | $227.0M+199.6% | -$228.0M |
| Financing Cash Flow | -$383.0M+66.9% | -$1.2B-300.3% | -$289.0M+65.7% | -$842.0M-53.6% | -$548.0M-207.9% | -$178.0M+57.7% | -$421.0M+19.2% | -$521.0M |
| Dividends Paid | $103.0M-1.0% | $104.0M-1.9% | $106.0M0.0% | $106.0M-0.9% | $107.0M+3.9% | $103.0M0.0% | $103.0M-2.8% | $106.0M |
| Share Buybacks | $250.0M-16.7% | $300.0M+50.0% | $200.0M-33.3% | $300.0M-25.0% | $400.0M+300.0% | $100.0M-66.7% | $300.0M-25.0% | $400.0M |
NTAP Financial Ratios
| Metric | Q2'25 | Q1'25 | Q3'25 | Q2'24 | Q1'24 | Q3'24 | Q2'23 | Q1'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 72.0%+1.5pp | 70.4%+0.7pp | 69.8%-1.2pp | 71.0%-0.3pp | 71.3%-0.4pp | 71.7%+0.6pp | 71.1%+1.5pp | 69.5% |
| Operating Margin | 23.4%+3.6pp | 19.8%-2.2pp | 22.1%+1.2pp | 20.8%+2.5pp | 18.3%-4.5pp | 22.8%+3.3pp | 19.5%+7.0pp | 12.4% |
| Net Margin | 17.9%+2.9pp | 14.9%-3.3pp | 18.2%+0.2pp | 18.0%+1.9pp | 16.1%-3.4pp | 19.5%+4.6pp | 14.9%+4.5pp | 10.4% |
| Return on Equity | 30.9%+7.0pp | 23.9%-6.2pp | 30.0%-3.5pp | 33.5%+6.8pp | 26.7%-4.8pp | 31.5%+1.2pp | 30.3%+13.2pp | 17.1% |
| Return on Assets | 3.2%+0.8pp | 2.4%-0.9pp | 3.3%+0.0pp | 3.3%+0.7pp | 2.7%-0.7pp | 3.3%+0.8pp | 2.6%+1.0pp | 1.6% |
| Current Ratio | 1.34+0.0 | 1.31+0.4 | 0.93+0.0 | 0.91-0.0 | 0.96-0.2 | 1.15+0.1 | 1.07-0.2 | 1.28 |
| Debt-to-Equity | 2.52-0.0 | 2.55+1.3 | 1.25-0.1 | 1.39+0.1 | 1.34-0.7 | 2.00-0.6 | 2.59-0.2 | 2.74 |
| FCF Margin | 4.6%-35.2pp | 39.8%+19.2pp | 20.6%+17.0pp | 3.6%-15.8pp | 19.5%-8.4pp | 27.9%+21.7pp | 6.2%-23.0pp | 29.2% |
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Frequently Asked Questions
What is Netapp Inc's annual revenue?
Netapp Inc (NTAP) reported $6.6B in total revenue for fiscal year 2025. This represents a 4.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Netapp Inc's revenue growing?
Netapp Inc (NTAP) revenue grew by 4.9% year-over-year, from $6.3B to $6.6B in fiscal year 2025.
Is Netapp Inc profitable?
Yes, Netapp Inc (NTAP) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 18.1%.
What is Netapp Inc's earnings per share (EPS)?
Netapp Inc (NTAP) reported diluted earnings per share of $5.67 for fiscal year 2025. This represents a 22.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Netapp Inc's EBITDA?
Netapp Inc (NTAP) had EBITDA of $1.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Netapp Inc have?
As of fiscal year 2025, Netapp Inc (NTAP) had $2.1B in cash and equivalents against $2.5B in long-term debt.
What is Netapp Inc's gross margin?
Netapp Inc (NTAP) had a gross margin of 70.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Netapp Inc's operating margin?
Netapp Inc (NTAP) had an operating margin of 20.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Netapp Inc's net profit margin?
Netapp Inc (NTAP) had a net profit margin of 18.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Netapp Inc pay dividends?
Yes, Netapp Inc (NTAP) paid $2.08 per share in dividends during fiscal year 2025.
What is Netapp Inc's return on equity (ROE)?
Netapp Inc (NTAP) has a return on equity of 121.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Netapp Inc's free cash flow?
Netapp Inc (NTAP) generated $1.3B in free cash flow during fiscal year 2025. This represents a -12.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Netapp Inc's operating cash flow?
Netapp Inc (NTAP) generated $1.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Netapp Inc's total assets?
Netapp Inc (NTAP) had $9.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Netapp Inc's capital expenditures?
Netapp Inc (NTAP) invested $168.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Netapp Inc spend on research and development?
Netapp Inc (NTAP) invested $1.0B in research and development during fiscal year 2025.
Does Netapp Inc buy back shares?
Yes, Netapp Inc (NTAP) spent $1.1B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Netapp Inc have outstanding?
Netapp Inc (NTAP) had 200M shares outstanding as of fiscal year 2025.
What is Netapp Inc's current ratio?
Netapp Inc (NTAP) had a current ratio of 1.31 as of fiscal year 2025, which is considered adequate.
What is Netapp Inc's debt-to-equity ratio?
Netapp Inc (NTAP) had a debt-to-equity ratio of 2.55 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Netapp Inc's return on assets (ROA)?
Netapp Inc (NTAP) had a return on assets of 12.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Netapp Inc's Altman Z-Score?
Netapp Inc (NTAP) has an Altman Z-Score of 2.67, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Netapp Inc's Piotroski F-Score?
Netapp Inc (NTAP) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Netapp Inc's earnings high quality?
Netapp Inc (NTAP) has an earnings quality ratio of 1.27x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Netapp Inc cover its interest payments?
Netapp Inc (NTAP) has an interest coverage ratio of 20.9x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Netapp Inc?
Netapp Inc (NTAP) scores 65 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.