Netapp Inc Financials
This page shows Netapp Inc (NTAP) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).
Margin expansion and low capital intensity turned a mostly steady revenue base into a durable cash generator.
ROE above100% looks extraordinary, but it mainly reflects a thin equity base of only$975M , not an unlevered balance sheet. FY2025 earnings were backed by strong cash generation, yet the gap between121.6% ROE and12.3% ROA shows how buybacks and low book equity can make shareholder-return ratios look far larger than the underlying asset returns.
Gross margin stayed near
The company behaves like an asset-light cash engine: FY2025 operating cash flow of
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Netapp Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Netapp Inc has an operating margin of 40.1%, meaning the company retains $40 of operating profit per $100 of revenue. This strong profitability earns a score of 89/100, reflecting efficient cost management and pricing power. This is up from 20.3% the prior year.
Netapp Inc's revenue declined 36.4% year-over-year, from $6.6B to $4.2B. This contraction results in a growth score of 3/100.
Netapp Inc has a moderate D/E ratio of 1.84. This balance of debt and equity financing earns a leverage score of 64/100.
Netapp Inc's current ratio of 1.44 is below the typical benchmark, resulting in a score of 24/100. However, the company holds substantial cash reserves (51% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Netapp Inc converts 44.7% of revenue into free cash flow ($1.9B). This strong cash generation earns a score of 100/100.
Netapp Inc earns a strong 94.5% return on equity (ROE), meaning it generates $94 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 121.6% the prior year.
Netapp Inc scores 3.25, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($33.4B) relative to total liabilities ($9.4B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Netapp Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Netapp Inc generates $1.62 in operating cash flow ($2.1B OCF vs $1.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Netapp Inc earns $15.4 in operating income for every $1 of interest expense ($1.7B vs $109.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Netapp Inc generated $4.2B in revenue in fiscal year 2026. This represents a decrease of 36.4% from the prior year.
Netapp Inc's EBITDA was $1.9B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 20.9% from the prior year.
Netapp Inc reported $1.3B in net income in fiscal year 2026. This represents an increase of 7.6% from the prior year.
Netapp Inc earned $6.35 per diluted share (EPS) in fiscal year 2026. This represents an increase of 12.0% from the prior year.
Cash & Balance Sheet
Netapp Inc generated $1.9B in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 39.7% from the prior year.
Netapp Inc held $2.1B in cash against $2.5B in long-term debt as of fiscal year 2026.
Netapp Inc paid $2.00 per share in dividends in fiscal year 2026. This represents a decrease of 3.8% from the prior year.
Netapp Inc had 196M shares outstanding in fiscal year 2026. This represents a decrease of 2.2% from the prior year.
Margins & Returns
Netapp Inc's gross margin was 66.5% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 3.7 percentage points from the prior year.
Netapp Inc's operating margin was 40.1% in fiscal year 2026, reflecting core business profitability. This is up 19.7 percentage points from the prior year.
Netapp Inc's net profit margin was 30.5% in fiscal year 2026, showing the share of revenue converted to profit. This is up 12.5 percentage points from the prior year.
Netapp Inc's ROE was 94.5% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 27.2 percentage points from the prior year.
Capital Allocation
Netapp Inc invested $991.0M in research and development in fiscal year 2026. This represents a decrease of 2.1% from the prior year.
Netapp Inc spent $950.0M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 17.4% from the prior year.
Netapp Inc invested $198.0M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 17.9% from the prior year.
NTAP Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.7B+0.5% | $1.7B+9.4% | $1.6B-10.0% | $1.7B+5.5% | $1.6B-1.0% | $1.7B+7.6% | $1.5B-7.6% | $1.7B |
| Cost of Revenue | $504.0M+5.4% | $478.0M+3.7% | $461.0M-14.5% | $539.0M+8.7% | $496.0M+3.1% | $481.0M+8.6% | $443.0M-10.0% | $492.0M |
| Gross Profit | $1.2B-1.5% | $1.2B+11.7% | $1.1B-8.0% | $1.2B+4.2% | $1.1B-2.7% | $1.2B+7.2% | $1.1B-6.6% | $1.2B |
| R&D Expenses | $237.0M-5.6% | $251.0M+3.7% | $242.0M-5.5% | $256.0M+3.6% | $247.0M-3.9% | $257.0M+2.0% | $252.0M-7.0% | $271.0M |
| SG&A Expenses | $86.0M-3.4% | $89.0M+6.0% | $84.0M-1.2% | $85.0M+14.9% | $74.0M-3.9% | $77.0M+2.7% | $75.0M-3.8% | $78.0M |
| Operating Income | $434.0M+8.8% | $399.0M+29.1% | $309.0M-11.2% | $348.0M-3.9% | $362.0M+4.9% | $345.0M+22.3% | $282.0M-23.0% | $366.0M |
| Interest Expense | $26.0M0.0% | $26.0M-10.3% | $29.0M+38.1% | $21.0M+75.0% | $12.0M-20.0% | $15.0M-6.3% | $16.0M0.0% | $16.0M |
| Income Tax | $99.0M+12.5% | $88.0M+23.9% | $71.0M+407.1% | $14.0M-80.3% | $71.0M+16.4% | $61.0M+19.6% | $51.0M-42.7% | $89.0M |
| Net Income | $334.0M+9.5% | $305.0M+30.9% | $233.0M-31.5% | $340.0M+13.7% | $299.0M0.0% | $299.0M+20.6% | $248.0M-14.8% | $291.0M |
| EPS (Diluted) | $1.67+10.6% | $1.51+31.3% | $1.15 | N/A | $1.44+1.4% | $1.42+21.4% | $1.17 | N/A |
NTAP Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.0B+3.5% | $9.6B-0.5% | $9.7B-10.6% | $10.8B+20.4% | $9.0B-0.2% | $9.0B-3.3% | $9.3B-5.8% | $9.9B |
| Current Assets | $5.0B+7.3% | $4.7B-0.7% | $4.7B-19.9% | $5.9B+49.7% | $3.9B-0.8% | $3.9B-8.8% | $4.3B-11.8% | $4.9B |
| Cash & Equivalents | $1.6B-21.4% | $2.1B-0.6% | $2.1B-24.0% | $2.7B+81.5% | $1.5B+2.2% | $1.5B-10.5% | $1.7B-13.2% | $1.9B |
| Inventory | $109.0M-14.2% | $127.0M-4.5% | $133.0M-28.5% | $186.0M-30.6% | $268.0M-15.5% | $317.0M+48.1% | $214.0M+15.1% | $186.0M |
| Accounts Receivable | $1.3B+33.0% | $988.0M+25.5% | $787.0M-36.8% | $1.2B+38.8% | $898.0M+2.9% | $873.0M+28.6% | $679.0M-32.6% | $1.0B |
| Goodwill | $2.8B+0.9% | $2.7B-0.1% | $2.7B+0.4% | $2.7B0.0% | $2.7B-1.3% | $2.8B0.0% | $2.8B0.0% | $2.8B |
| Total Liabilities | $8.8B+2.0% | $8.6B-0.7% | $8.7B-11.0% | $9.8B+22.4% | $8.0B-1.5% | $8.1B-3.2% | $8.4B-4.1% | $8.7B |
| Current Liabilities | $3.6B+3.6% | $3.5B-2.8% | $3.6B-23.4% | $4.7B+11.1% | $4.2B-2.8% | $4.3B-4.3% | $4.5B+9.9% | $4.1B |
| Long-Term Debt | $2.5B0.0% | $2.5B0.0% | $2.5B0.0% | $2.5B+99.8% | $1.2B0.0% | $1.2B0.0% | $1.2B-37.6% | $2.0B |
| Total Equity | $1.2B+17.4% | $986.0M+1.1% | $975.0M-6.3% | $1.0B+4.5% | $995.0M+11.5% | $892.0M-4.0% | $929.0M-18.9% | $1.1B |
| Retained Earnings | $40.0M | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $208.0M |
NTAP Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $317.0M+149.6% | $127.0M-81.1% | $673.0M-0.3% | $675.0M+75.3% | $385.0M+266.7% | $105.0M-69.2% | $341.0M-44.4% | $613.0M |
| Capital Expenditures | $46.0M-6.1% | $49.0M-7.5% | $53.0M+51.4% | $35.0M-25.5% | $47.0M+4.4% | $45.0M+9.8% | $41.0M-10.9% | $46.0M |
| Free Cash Flow | $271.0M+247.4% | $78.0M-87.4% | $620.0M-3.1% | $640.0M+89.3% | $338.0M+463.3% | $60.0M-80.0% | $300.0M-47.1% | $567.0M |
| Investing Cash Flow | -$483.0M-294.0% | $249.0M+237.6% | -$181.0M+42.2% | -$313.0M-490.6% | -$53.0M-109.4% | $564.0M+1205.9% | -$51.0M+82.8% | -$297.0M |
| Financing Cash Flow | -$279.0M+27.2% | -$383.0M+66.9% | -$1.2B-236.0% | $851.0M+394.5% | -$289.0M+65.7% | -$842.0M-53.6% | -$548.0M-144.6% | -$224.0M |
| Dividends Paid | $103.0M0.0% | $103.0M-1.0% | $104.0M-1.0% | $105.0M-0.9% | $106.0M0.0% | $106.0M-0.9% | $107.0M+2.9% | $104.0M |
| Share Buybacks | $200.0M-20.0% | $250.0M-16.7% | $300.0M+20.0% | $250.0M+25.0% | $200.0M-33.3% | $300.0M-25.0% | $400.0M+300.0% | $100.0M |
NTAP Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.6%-1.4pp | 72.0%+1.5pp | 70.4%+1.6pp | 68.9%-0.9pp | 69.8%-1.2pp | 71.0%-0.3pp | 71.3%+0.8pp | 70.5% |
| Operating Margin | 25.3%+1.9pp | 23.4%+3.6pp | 19.8%-0.3pp | 20.1%-2.0pp | 22.1%+1.2pp | 20.8%+2.5pp | 18.3%-3.6pp | 21.9% |
| Net Margin | 19.5%+1.6pp | 17.9%+2.9pp | 14.9%-4.7pp | 19.6%+1.4pp | 18.2%+0.2pp | 18.0%+1.9pp | 16.1%-1.4pp | 17.4% |
| Return on Equity | 28.8%-2.1pp | 30.9%+7.0pp | 23.9%-8.8pp | 32.7%+2.6pp | 30.0%-3.5pp | 33.5%+6.8pp | 26.7%+1.3pp | 25.4% |
| Return on Assets | 3.4%+0.2pp | 3.2%+0.8pp | 2.4%-0.7pp | 3.1%-0.2pp | 3.3%+0.0pp | 3.3%+0.7pp | 2.7%-0.3pp | 2.9% |
| Current Ratio | 1.39+0.0 | 1.34+0.0 | 1.31+0.1 | 1.25+0.3 | 0.93+0.0 | 0.91-0.0 | 0.96-0.2 | 1.19 |
| Debt-to-Equity | 2.15-0.4 | 2.52-0.0 | 2.55+0.2 | 2.39+1.1 | 1.25-0.1 | 1.39+0.1 | 1.34-0.4 | 1.74 |
| FCF Margin | 15.8%+11.3pp | 4.6%-35.2pp | 39.8%+2.8pp | 37.0%+16.4pp | 20.6%+17.0pp | 3.6%-15.8pp | 19.5%-14.5pp | 34.0% |
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Frequently Asked Questions
What is Netapp Inc's annual revenue?
Netapp Inc (NTAP) reported $4.2B in total revenue for fiscal year 2026. This represents a -36.4% 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 declined by 36.4% year-over-year, from $6.6B to $4.2B in fiscal year 2026.
Is Netapp Inc profitable?
Yes, Netapp Inc (NTAP) reported a net income of $1.3B in fiscal year 2026, with a net profit margin of 30.5%.
What is Netapp Inc's EBITDA?
Netapp Inc (NTAP) had EBITDA of $1.9B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Netapp Inc have?
As of fiscal year 2026, 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 66.5% in fiscal year 2026, 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 40.1% in fiscal year 2026, 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 30.5% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Netapp Inc pay dividends?
Yes, Netapp Inc (NTAP) paid $2.00 per share in dividends during fiscal year 2026.
What is Netapp Inc's return on equity (ROE)?
Netapp Inc (NTAP) has a return on equity of 94.5% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Netapp Inc's free cash flow?
Netapp Inc (NTAP) generated $1.9B in free cash flow during fiscal year 2026. This represents a 39.7% 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 $2.1B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Netapp Inc's total assets?
Netapp Inc (NTAP) had $10.7B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Netapp Inc's capital expenditures?
Netapp Inc (NTAP) invested $198.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Netapp Inc spend on research and development?
Netapp Inc (NTAP) invested $991.0M in research and development during fiscal year 2026.
What is Netapp Inc's current ratio?
Netapp Inc (NTAP) had a current ratio of 1.44 as of fiscal year 2026, which is considered adequate.
What is Netapp Inc's debt-to-equity ratio?
Netapp Inc (NTAP) had a debt-to-equity ratio of 1.84 as of fiscal year 2026, 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 11.9% for fiscal year 2026, 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 3.25, placing it in the Safe Zone (low bankruptcy 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 6 out of 9, indicating neutral 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 to 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 1.62x, 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 15.4x, 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 63 out of 100 on our Financial Profile, indicating moderate 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.