NetApp Inc

netapp.com

What Do They Do?

Sells data storage systems, data-management software, and cloud services to enterprises, local businesses, and government agencies.

How Do They Make Money?

Customers buy hardware systems and software licenses, support and other services, and cloud storage and data services, which are delivered primarily as a service. For some reseller cloud services, what NetApp receives tracks end-user consumption.

revenue

Segment	Share	Revenue
Product	46% FY2023: 48%
Support	38% FY2023: 38%
Professional and Other Services	5.9% FY2023: 5.0%
Public Cloud	9.9% FY2023: 9.0%

Who Are Their Customers?

Global enterprises, local businesses, and government agencies buy through NetApp's direct sales force or partners such as cloud providers, resellers, system integrators, and distributors.

Do Revenues Turn Into Profits?

Yes. It kept 20 cents of every revenue dollar as net income in FY2026 and turned 30 cents into free cash flow.

Operating income, FY2026

27% of revenue

▲ +25% vs FY2025 ($1.3B, 23%)

Net income, FY2026

20% of revenue

▲ +8% vs FY2025 ($1.2B, 20%)

Free cash flow, FY2026

30% of revenue

▲ +40% vs FY2025 ($1.3B, 23%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2026, the three months to Jul 31, 2026

Revenue: ▲ +30%; vs $1.4B in Q1 FY2025
Net income: ▲ +61%; vs $233M in Q1 FY2025

Sep 2, 2026 Acquired DataPelago and raised revenue and earnings guidance The company significantly raised its fiscal year 2027 revenue and earnings per share guidance.

Flat. Revenue was $6.2B in FY2026, about the same as the $6.3B of FY2022.

AI and storage-as-a-service The latest report describes AI-ready infrastructure and Keystone Storage-as-a-Service as additions to a portfolio the older report framed around storage systems, data-management software, and cloud services.

Revenue over time

Product Support Professional and Other Services Public Cloud

$10B$5B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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