NTAP
Updated: 23/09/2026, 06:55:38
NetApp, Inc. is a technology company focused on providing cloud-centric and data-driven services that enable businesses worldwide to efficiently manage and share their information across on-premises infrastructure, private cloud setups, and public cloud platforms. The company's operations are divided into two key segments: Hybrid Cloud and Public Cloud. NetApp offers an extensive suite of intelligent data management software, including its foundational NetApp ONTAP, NetApp Snapshot for data protection, NetApp SnapCenter for backup management, NetApp SnapMirror for data replication, NetApp SnapLock for data compliance, NetApp ElementOS software, and NetApp SANtricity software. Its storage infrastructure solutions comprise the NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod integrated systems, NetApp E/EF series, NetApp StorageGRID object storage, and NetApp SolidFire solutions. For cloud environments, NetApp delivers a wide array of cloud storage and data services such as NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and NetApp Cloud Volumes Service for Google Cloud. These are augmented by services like NetApp Cloud Sync, NetApp Cloud Tiering, NetApp Cloud Backup, NetApp Cloud Data Sense for analytics, and NetApp Cloud Volumes Edge Cache. The company also provides cloud operations services, which include NetApp Cloud Insights, the Spot Ocean Kubernetes Suite, Spot Security, Spot Eco for cost optimization, and Spot CloudCheckr. Moreover, NetApp offers application-aware data management solutions under its NetApp Astra brand. Its service portfolio is rounded out by comprehensive professional and support services, encompassing strategic consulting, managed services, and dedicated support, in addition to assessment, design, implementation, and migration services. NetApp serves a broad spectrum of industries globally, including energy, financial services, government, technology, internet, life sciences, healthcare, manufacturing, media, entertainment, animation, video post-production, and telecommunications. The company reaches its clientele through a direct sales force and a robust network of partners. NetApp, Inc. was founded in 1992 and is headquartered in San Jose, California.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2026 filing.
Revenue
6.9B
FY 2026 · Reported
Net income
1.3B
FY 2026 · Reported
Gross margin
70.7%
FY 2026 · Calculated
Free cash flow
1.9B
FY 2026 · Calculated
R&D intensity
14.3%
FY 2026 · Calculated
Share repurchases
0.9B
FY 2026 · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
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Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
NetApp, headquartered in San Jose, California, founded 1992, a global leader in Intelligent Data Infrastructure, transformed from storage hardware into a software-driven, cloud-centric data infrastructure company
“NetApp, Inc. (NetApp, we, us, or the Company), headquartered in San Jose, California, is a global leader in Intelligent Data Infrastructure. Since our founding in 1992”
Company overview
NetApp: global leader in Intelligent Data Infrastructure; HQ San Jose, CA; customers in ~150 countries; two segments: Hybrid Cloud and Public Cloud; deep integration with AWS, Azure, Google Cloud
“Headquartered in San Jose, California, and serving customers in approximately 150 countries”
Core business
Storage and data management solutions; Intelligent Data Infrastructure across hybrid/multi-cloud
“The growth in our industry and the markets we compete in is driven by the increasing demand for data, which in turn drives the need for storage and data management solutions.”
Reportable segments
Two segments: Hybrid Cloud and Public Cloud
“Our operations are organized into two segments: Hybrid Cloud and Public Cloud.”
Hybrid Cloud segment
Hybrid Cloud: storage management and infrastructure solutions modernizing data centers; software, hardware, support, professional services
“Hybrid Cloud offers a unified data storage portfolio of storage management and infrastructure solutions that helps customers modernize their data centers.”
Public Cloud segment
Public Cloud: as-a-service portfolio (cloud storage, data services, operational services) on AWS, Microsoft Azure, Google Cloud
“Public Cloud offers a portfolio of products delivered primarily as-a-service, including related support.”
Reportable segments: Hybrid Cloud and Public Cloud
Two reportable segments: Hybrid Cloud and Public Cloud
“Goodwill activity by reportable segment is summarized as follows”
U.S. public sector revenue share
U.S. public sector markets: 11% (FY24), 11% (FY25), 10% (FY26) of net revenues
“revenues from the U.S. public sector markets (including the U.S. federal government and U.S. state governments, local municipalities and educational institutions) represented 11%, 11% and 10% of our net revenues”
Customers are primarily large organizations
Products sold primarily to large organizations across industries and geographies; credit risk limited by customer dispersion
“We sell our products primarily to large organizations in different industries and geographies.”
Indirect channel model
Most sales via channel partners: VARs, systems integrators, distributors, OEMs, and public cloud providers
“Most of our sales are made and/or fulfilled indirectly through channel partners, including value-added resellers, systems integrators, distributors, original equipment manufacturers (OEMs), and strategic business partners, including public cloud providers.”
ONTAP data management software
ONTAP foundational data management software with ONTAP One license, Snapshot, SnapCenter, SnapMirror, SnapLock, and AI-powered Autonomous Ransomware Protection
“NetApp ONTAP software is our foundational technology that underpins NetApp's critical storage solutions in the on-premises data center and in private and public clouds.”
Storage hardware portfolio
AFF A/C-Series flash arrays, ASA A/C-Series block-optimized all-flash arrays, AFX disaggregated AI storage, FAS hybrid-flash, E/EF-Series (SANtricity)
“NetApp AFF A-Series and C-Series are scale-out unified storage built for virtualized and containerized environments”
Hybrid Cloud segment scope
Hybrid Cloud segment: unified storage portfolio for file, block, object storage across on-premises/private/public cloud, incl. enterprise AI market; software, hardware, support, professional services
“Hybrid Cloud includes software, hardware, and related support, along with professional and other services.”
NetApp AI Data Engine
NetApp AI Data Engine software for AI data pipelines: discovery, curation, guardrails, real-time vectorization for GenAI, RAG, agentic AI, AI factories
“NetApp AI Data Engine software simplifies and secures the entire AI data pipeline with integrated data discovery, curation, policy-driven guardrails, and real-time vectorization for GenAI, Retrieval-Augmented Generation (RAG), agentic AI, and AI factories.”
Flagship products and offerings
ONTAP software, AFF all-flash arrays, FAS hybrid systems, StorageGrid, Keystone Storage-as-a-Service, AI-ready infrastructure, cyber resilience solutions
“Our flagship ONTAP® data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native offerings”
Goodwill by segment
Goodwill at April 24, 2026: Hybrid Cloud $1,714M, Public Cloud $1,058M, Total $2,772M
“Balance as of April 24, 2026 $ 1,714 $ 1,058 $ 2,772”
FX exposure and hedging
FX exposure from international operations; forwards and options used; unhedged exposure can be material
“We utilize forward and option contracts in an attempt to reduce the adverse impact of exchange rate fluctuations on certain assets and liabilities.”
Limited/single-source suppliers for critical components
Depends on limited number of suppliers, including some single-source, for drives and other components; supplier consolidation causes price volatility and supply constraints
“We depend on a limited number of suppliers for drives and other components used in assembling our products, including some single-source suppliers.”
Reliance on limited suppliers and few contract manufacturers
Relies on a limited number of suppliers for key components and a few key contract manufacturers for most products; disruption could materially adversely affect results
“we rely on a limited number of suppliers for certain key components and a few key contract manufacturers to manufacture most of our products; any disruption, or termination of these arrangements could materially adversely affect our operating results”
Contract manufacturer / supplier exposure
Most products sourced/manufactured outside the U.S.; supply chain disruption and contract manufacturer relationship risks
“A significant portion of our operations are located and revenues are derived from outside of the U.S., and most of our products are sourced and manufactured outside of the U.S.”
First-party hyperscaler integration
First-party native integration with AWS, Microsoft Azure, and Google Cloud; claims to be the only enterprise data infrastructure provider natively integrated with all major public clouds
“NetApp is uniquely positioned as the only enterprise data infrastructure provider natively integrated with all major public cloud providers.”
Ecosystem partnerships
Partnerships with NVIDIA, Cisco, Microsoft, and a broad network of channel partners
“Collaborations with technology leaders such as NVIDIA, Cisco, Microsoft, and a broad network of channel partners”
Fiscal 2025 sale of Spot by NetApp cloud optimization business
In fiscal 2025, derecognized $36M of Public Cloud goodwill in connection with the sale of Spot by NetApp (cloud optimization and management software)
“we derecognized a portion of the Public Cloud goodwill in connection with the sale of our cloud optimization and management software business known as Spot by NetApp”
AI as demand driver
AI/machine learning adoption drives demand for NetApp AI-ready infrastructure, including AI Data Engine and validated reference architectures with NVIDIA
“The rise of AI and machine learning is transforming industries, and NetApp is well positioned to help customers with these next-generation workloads.”
Data management leadership
ONTAP recognized globally for reliability, scalability, and advanced data services; decades of data management leadership
“Proven Data Management Leadership: ONTAP® is recognized globally for its reliability, scalability, and advanced data services.”
Four strategic focus areas
Strategy anchored in modernizing data infrastructure, resilient/secure operations, optimizing cloud strategies, and accelerating AI adoption
“Our strategy is anchored in four key focus areas:”
Strategic focus areas
Strategic focus: modernizing data infrastructure, resilient/secure operations, cloud strategy optimization, accelerating AI adoption; expanded AI-ready infrastructure, Keystone, cyber resilience
“NetApp's strategic focus is on modernizing data infrastructure, enabling resilient and secure operations, optimizing cloud strategies, and accelerating artificial intelligence (AI) adoption.”
Senior Notes repayment
Repaid 1.875% Senior Notes at June 2025 maturity for $757M aggregate (principal plus unpaid interest)
“On June 23, 2025, upon maturity, we repaid the 1.875% Senior Notes due June 2025 for an aggregate amount of $757 million”
China-Taiwan supply risk
China-Taiwan tensions could disrupt sourcing of key supply chain components
“Any increase in tensions between China and Taiwan, including threats of military actions or escalation of military activities, could adversely affect our ability, or the ability of our contract manufacturers, to source key supply chain components included in our products.”
Positioning for AI opportunity
Management sees NetApp well positioned to enable Intelligent Data Infrastructure and help customers realize the full promise of AI across every data environment
“We are well positioned to enable Intelligent Data Infrastructure for our customers and help them realize the full promise of artificial intelligence (AI)”
Capital return: buybacks and dividends FY2026
FY2026: repurchased 9.0M shares at avg $105.89 ($950M); declared $2.08/share dividends, paid $413M
“we repurchased 9.0 million shares of our common stock at an average price of $105.89 per share, for an aggregate purchase price of $950 million”
Balance sheet supplemental detail
Cash $2,070M, inventories $198M (finished goods $184M, purchased components $14M), PP&E net $592M at April 24, 2026
“Cash and cash equivalents $ 2,070 $ 2,742”
Pending ASU 2025-06 internal-use software accounting
ASU 2025-06 on internal-use software capitalization effective after December 15, 2027; company evaluating impact
“In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06”
Pending ASU 2024-03 expense disaggregation disclosures
ASU 2024-03 expense disaggregation disclosures effective for fiscal years beginning after December 15, 2026; company evaluating impact
“In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures”
Global regulatory complexity
Complex US and foreign legal/regulatory requirements: antitrust, data privacy/protection, cybersecurity, climate/sustainability marketing
“we are subject to complex legal and regulatory requirements in the U.S. and the foreign jurisdictions in which we operate and sell our products, including antitrust and anti-competition laws, and regulations related to data privacy, data protection, and cybersecurity”
GenAI demand uncertainty
GenAI/agentic AI reshaping storage demand; failure to adapt products and go-to-market could adversely affect business
“The rapid emergence of generative artificial intelligence (GenAI), including agentic AI, is reshaping demand patterns for storage and data management infrastructure in ways that are still evolving.”
Middle East conflict disrupts order fulfillment
Ongoing Middle East conflict disrupted ability to fulfill customer orders in the region on a timely basis
“the ongoing conflict in the Middle East has disrupted our ability to fulfill customer orders in the region on a timely basis”
Cybersecurity threat environment
Intensifying cyber threats and regulatory requirements drive demand for integrated security and data protection capabilities
“As cyber threats and regulatory requirements intensify, NetApp's integrated security and data protection capabilities have become essential for enterprises worldwide.”
Technology transition risk
IT transformation toward flash/hybrid cloud/cloud storage; revenue declined YoY in fiscal 2024
“could lead to a decline in customer demand for our products and services, resulting in decreased revenue on a year-over-year basis, as seen in fiscal 2024”
Partner relationship risk
Dependence on indirect channel and strategic partners incl. public cloud providers
“If we fail to maintain strong relationships with our indirect channel partners and strategic partners, including public cloud providers, if our partners seek to renegotiate or terminate existing contracts or agreements”
Macro and geopolitical conditions
Macro/geopolitical factors (inflation, interest rates, Middle East conflicts, extreme weather, trade disputes) can reduce demand
“rising inflation, slower growth, economic downturns or recessions, changes in fiscal and monetary policies, higher interest and tax rates, economic uncertainty, political instability, ongoing international and regional conflicts (including conflicts in the Middle East)”
Cash deposits exceed federally insured limits
Majority of cash held with major financial institutions where deposits exceed federally insured limits; credit risk mitigated via diversification
“We maintain the majority of our cash and cash equivalents with several major financial institutions where the deposits exceed federally insured limits.”
Cybersecurity risk
Cybersecurity breach risk on own and third-party systems, products and services
“our ability to anticipate techniques used to obtain unauthorized access or to sabotage systems and to implement adequate preventative measures against cybersecurity and other security breaches on our or third parties' systems, products and services”
Tariff/trade policy exposure
US tariff policy fluid; retaliation risk; USMCA changes; US-China investment restrictions
“The U.S. government's tariffs policy remains fluid, and additional tariffs or restrictive policies could have a significant impact on our business and results of operations.”
Anti-corruption compliance
Risk of fines from non-compliance with anti-corruption policies/laws in developing economies
“we may be subject to fines and other penalties, which could have an adverse effect on our business”
US government spending
US government spending uncertainty affects product demand
“changes and uncertainty in U.S. government spending and demand for our products”
All storage families (AFF, ASA, AFX, FAS) are powered by ONTAP, making it foundational to the product portfolio.
“NetApp ONTAP software is our foundational technology that underpins NetApp's critical storage solutions in the on-premises data center and in private and public clouds.”
AI adoption drives demand for NetApp's AI-ready storage infrastructure and AI Data Engine.
“The rise of AI and machine learning is transforming industries, and NetApp is well positioned to help customers with these next-generation workloads.”
Two distributors each account for ~21-24% of net revenues, creating significant channel concentration risk.
“Two customers, each of which is a distributor, accounted for 10% or more of net revenues”
Public Cloud business depends on native first-party integration with AWS, Azure, and Google Cloud.
“Our first-party native integration with all major hyperscalers—Amazon Web Services (AWS), Microsoft Azure, and Google Cloud”
GenAI/agentic AI is reshaping demand patterns for storage and data management infrastructure; AI requires seamless data management across hybrid and multi-cloud environments
“AI technologies increasingly require seamless data management across hybrid and multi-cloud environments.”
Multi-cloud adoption is a core megatrend driving demand for NetApp's hybrid multi-cloud capabilities.
“NetApp operates at the intersection of major industry megatrends—rapid data growth, multi-cloud adoption, and the rise of AI”
Most sales made/fulfilled indirectly through VARs and other channel partners; partner disruption would directly harm revenue and forecasting
“Most of our sales are made and/or fulfilled indirectly through channel partners, including value-added resellers, systems integrators, distributors, original equipment manufacturers (OEMs), and strategic business partners, including public cloud providers.”
Memory and other component cost inflation since 2H FY2026 compressed gross margins and constrains ability to meet demand.
“We have experienced increased costs for memory and other components, which have affected our gross margins”
A few key contract manufacturers produce most NetApp products; disruption or termination could materially hurt operating results.
“a few key contract manufacturers to manufacture most of our products; any disruption, or termination of these arrangements could materially adversely affect our operating results”
Public cloud providers are named strategic business partners crucial to success; loss or renegotiation would adversely affect business
“Our relationships with our indirect channel partners and strategic business partners are crucial to our success.”
Single-source and limited suppliers for drives and components create price rigidity and supply constraints; supplier allocation can favor competitors.
“Consolidation among suppliers, particularly within the semiconductor and storage media industries, has led to price volatility and supply constraints.”
Tariffs on goods from sourcing/manufacturing countries may raise costs; suppliers and contract manufacturers may pass through additional costs; retaliatory tariffs increase exposure
“including the impact on our suppliers and contract manufacturers who may look to pass through additional costs imposed on them”
Inflationary pressures raised component costs and gross margin impact; company raised pricing in Q4 FY2026 and expects costs to remain elevated.
“We raised our pricing in the fourth quarter of fiscal 2026, in line with market trends.”
US-China trade tensions, Outbound Investment Security Program, and China-Taiwan escalation risks could disrupt component sourcing and results
“ongoing trade tensions between the U.S. and China and recent investment restrictions, such as the U.S. Outbound Investment Security Program, could impact our business and operating results.”
Escalating cyber threats and ransomware risks drive demand for ONTAP cyber resilience features.
“Our solutions offer robust ransomware protection, automated data backup and recovery, disaster recovery, and comprehensive governance features.”
Public Cloud segment ($688M FY2026 revenue) delivered as-a-service on AWS, Microsoft Azure, Google Cloud; growth of 3% YoY.
“Public cloud 688 665 3 % 611 9 %”
NetApp relies on validated reference architectures and partnerships with NVIDIA to accelerate AI pipelines.
“Through validated reference architectures and partnerships with leaders like NVIDIA and Microsoft, we accelerate AI pipeline development”
AI adoption is a named strategic priority; portfolio expanded to include AI-ready infrastructure.
“accelerating artificial intelligence (AI) adoption. Through continued investment in innovation, we have expanded our portfolio to include advanced AI-ready infrastructure”
Customer IT transformations are directing spending toward architectures like flash storage, hybrid cloud, cloud storage, and IT-as-a-service, with uncertain impact on demand
“This shift is directing spending towards transformational projects and architectures like flash storage, hybrid cloud, cloud storage, and IT-as-a-service.”
International operations create FX exposure; USD fluctuation vs foreign currencies can materially impact unhedged assets, liabilities, and cash flows
“our foreign currency exposure on assets, liabilities, and cash flows that we do not hedge could have a material impact on our financial results in periods when the U.S. dollar significantly fluctuates in relation to foreign currencies.”
On-premises data center modernization drives Hybrid Cloud segment demand.
“Hybrid Cloud provides a unified data storage portfolio of storage management and infrastructure solutions that helps customers modernize their data centers.”
U.S. public sector was 10% of FY2026 net revenues; budget uncertainty and shutdown risk create demand volatility.
“Reduced U.S. government demand could materially harm our business, operating results, financial condition and cash flows.”
Middle East conflict disrupts fulfillment of customer orders in the region.
“the ongoing conflict in the Middle East has disrupted our ability to fulfill customer orders in the region on a timely basis”
Higher interest and tax rates, inflation, and recession risk are cited macro factors that can reduce demand for products and increase IT spending volatility
“higher interest and tax rates, economic uncertainty, political instability”
LNTL (49%-owned JV with Lenovo) is integral to NetApp's China sales channel, distributing offerings to China-headquartered customers and OEM sales to Lenovo.
“LNTL is integral to our sales channel strategy in China, acting as a distributor of our offerings to customers headquartered there, and involved in certain OEM sales to Lenovo.”
Flash solid state drives are core components of AFF, ASA, AFX, and EF-Series arrays, implying dependence on SSD supply.
“combining flash solid state drives with best-in-class data management”
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