NetApp earnings
NetApp's next results are expected on December 1, 2026. Watch whether later orders confirm demand after purchases were brought forward.
What has NetApp guided for FY2027?
The weighted forecast points below today’s price, hinging on earnings and cash growth holding as the valuation multiple falls. Management guides to FY2027 revenue of $7.975–$8.225 billion. Non-GAAP EPS guidance is $9.73–$10.03, and GAAP EPS guidance is $7.35–$7.65.
| Period guided | Low | High | Date it was given | |
|---|---|---|---|---|
| Net revenues — FY2027 | Year to Apr 2027 | 7.975 | 8.225 | Sep 2, 2026 |
| Consolidated gross margins — GAAP — FY2027 | Year to Apr 2027 | 67.1% | 68.1% | Sep 2, 2026 |
| Consolidated gross margins — Non-GAAP — FY2027 | Year to Apr 2027 | 68.1% | 69.1% | Sep 2, 2026 |
| Operating margins — GAAP — FY2027 | Year to Apr 2027 | 24.3% | 25.3% | Sep 2, 2026 |
| Earnings per share — GAAP — FY2027 | Year to Apr 2027 | 7.35 | 7.65 | Sep 2, 2026 |
| Earnings per share — Non-GAAP — FY2027 | Year to Apr 2027 | 9.73 | 10.03 | Sep 2, 2026 |
What this means. The company’s adjusted profit estimates are higher because they leave out costs such as stock-based pay and restructuring charges.
Did NetApp keep its past promises?
Management has also delivered against financial guidance. Its FY26 fourth-quarter presentation showed revenue and adjusted earnings per share above earlier ranges. On September 2, 2026, Kurian and Jabre reported another quarter above guidance while acknowledging help from an extra week, accelerated purchases, and pricing benefits.
What is NetApp's eight-quarter revenue and profit trend?
The eight-quarter sequence suggests the acceleration began before July. The test now is whether sales continue after the calendar benefit disappears, inventory converts into shipments and cash, and product margins withstand component costs.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,025 | 1,948 | 1,713 | 1,705 | 1,559 | 1,732 | 1,641 | 1,658 |
| Gross margin | 70.1% | 70.1% | 70.6% | 72.0% | 70.4% | 68.9% | 69.8% | 71.0% |
| Operating income | 484 | 532 | 434 | 399 | 309 | 348 | 362 | 345 |
| Net income | 375 | 404 | 334 | 305 | 233 | 340 | 299 | 299 |
| EPS, diluted | 1.88 | 2.03 | 1.67 | 1.51 | 1.15 | 1.65 | 1.44 | 1.42 |
What this means. July 2026 revenue is not directly comparable with earlier quarters because that quarter lasted one extra week and included sales from an acquired company.
What should I watch in NetApp's next results?
The first dated test is December 1, 2026, when NetApp targets its Q2 results. Investors should compare revenue and margins with the September promises, then ask whether later orders confirm demand or reveal a gap caused by purchases brought forward.
The income statement should separate equipment, support, public cloud and subscription storage. Gross margin measures direct economics; operating margin includes research, sales and administration; net margin includes interest and tax. EPS must be read alongside diluted shares, because buybacks can lift EPS without lifting total profit.