NetApp Inc
XMUN:NTA
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NetApp Inc
XMUN:NTA
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NetApp Inc
NetApp makes data storage and data management systems for companies that run important applications in data centers and in the cloud. Its core products help customers store, organize, protect, and move large amounts of business data without losing access or control. The company sells both hardware and software, along with support and subscription services that keep those systems running. Its main customers are large businesses, government agencies, and technology companies that need reliable storage for databases, backups, virtual machines, and cloud workloads. NetApp earns money by selling storage appliances, licensing software, and charging for ongoing maintenance, support, and cloud-based data services. That gives it a mix of upfront product sales and recurring service revenue. NetApp sits in the middle of the data infrastructure stack, where it helps customers manage data across on-premises systems and public clouds. What makes its business different is that it is not just selling boxes or standalone software; it focuses on keeping a customer's data usable in multiple places while reducing the complexity of moving and protecting it.
NetApp makes data storage and data management systems for companies that run important applications in data centers and in the cloud. Its core products help customers store, organize, protect, and move large amounts of business data without losing access or control. The company sells both hardware and software, along with support and subscription services that keep those systems running.
Its main customers are large businesses, government agencies, and technology companies that need reliable storage for databases, backups, virtual machines, and cloud workloads. NetApp earns money by selling storage appliances, licensing software, and charging for ongoing maintenance, support, and cloud-based data services. That gives it a mix of upfront product sales and recurring service revenue.
NetApp sits in the middle of the data infrastructure stack, where it helps customers manage data across on-premises systems and public clouds. What makes its business different is that it is not just selling boxes or standalone software; it focuses on keeping a customer's data usable in multiple places while reducing the complexity of moving and protecting it.
Record year: NetApp said fiscal 2026 was a record year across revenue, gross profit, operating income, cash flow from operations and free cash flow, with full-year operating margin reaching 30.2%.
Strong Q4: Fourth-quarter revenue was $1.95 billion, up 12% year over year, and EPS was $2.43, up 26%, both above guidance.
AI momentum: Management said enterprise AI was a major growth engine, with about 500 AI and data preparation wins in Q4 and more than 1,100 for the full year.
Cloud growth: Public cloud revenue, all-flash revenue and Keystone all hit all-time highs, and management said cloud storage services should grow faster in fiscal 2027.
Margin pressure: NetApp is raising prices and working with suppliers to offset higher memory and component costs, with Q1 seen as the trough for product gross margin.
FY27 outlook: The company guided fiscal 2027 revenue to $7.325 billion to $7.575 billion and EPS to $8.70 to $9.00, implying faster growth than fiscal 2026.
