NetApp, Inc. (NTAP) Income Statement

30Y historyFree accessUpdated daily

Revenue growth has reaccelerated sharply to 29.9% year-over-year in Q1 FY27, while gross margins have stabilized above 70% for five consecutive quarters, suggesting a sustainable software-led mix shift.

Annual statement

NTAP Income Statement

NetApp, Inc. (NTAP) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Apr'26	Apr'25	Apr'24	Apr'23	Apr'22	Apr'21	Apr'20	Apr'19	Apr'18	Apr'17	Apr'16	Apr'15	Apr'14	Apr'13	Apr'12	Apr'11	Apr'10	Apr'09	Apr'08	Apr'07	Apr'06	Apr'05	Apr'04	Apr'03	Apr'02	Apr'01	Apr'00	Apr'99	Apr'98	Apr'97

Sales/Revenue	7.39B	6.92B	6.57B	6.27B	6.36B	6.32B	5.74B	5.41B	6.15B	5.91B	5.52B	5.55B	6.12B	6.33B	6.33B	6.23B	5.12B	3.93B	3.41B	3.3B	2.8B	2.07B	1.6B	1.17B	892.07M	798.37M	1.01B	579.3M	289.42M	166.16M	93.33M
Revenue Growth %	12.15%	5.37%	4.85%	-1.48%	0.7%	9.99%	6.13%	-11.94%	3.98%	7.1%	-0.49%	-9.42%	-3.2%	-0.12%	1.59%	21.68%	30.3%	15.41%	3.13%	17.79%	35.7%	29.3%	36.56%	31.19%	11.74%	-20.65%	73.69%	100.16%	74.18%	78.03%	100.15%
Cost of Goods Sold	2.17B	2.03B	1.96B	1.83B	2.15B	2.1B	1.93B	1.79B	2.2B	2.21B	2.13B	2.17B	2.29B	2.41B	2.57B	2.52B	1.79B	1.41B	1.42B	1.29B	1.1B	810M	623.08M	465.79M	345.64M	317.85M	401.71M	235.85M	118.12M	67.55M	38.06M
COGS % of Revenue	-	29.26%	29.81%	29.28%	33.84%	33.21%	33.58%	33.06%	35.81%	37.42%	38.58%	39.18%	37.39%	38.04%	40.61%	40.43%	35.02%	35.92%	41.58%	39.05%	39.22%	39.2%	38.99%	39.8%	38.75%	39.81%	39.92%	40.71%	40.81%	40.65%	40.78%
Gross Profit	5.22B	4.9B	4.61B	4.43B	4.21B	4.22B	3.81B	3.62B	3.94B	3.7B	3.39B	3.37B	3.83B	3.92B	3.76B	3.71B	3.33B	2.52B	1.99B	2.01B	1.7B	1.26B	975.05M	704.52M	546.43M	480.52M	604.48M	343.45M	171.3M	98.61M	55.27M
Gross Margin %	70.63%	70.74%	70.19%	70.72%	66.16%	66.79%	66.42%	66.94%	64.19%	62.58%	61.42%	60.82%	62.61%	61.96%	59.39%	59.57%	64.98%	64.08%	58.42%	60.95%	60.78%	60.8%	61.01%	60.2%	61.25%	60.19%	60.08%	59.29%	59.19%	59.35%	59.22%
Gross Profit Growth %	-	6.2%	4.06%	5.32%	-0.26%	10.62%	5.3%	-8.16%	6.65%	9.12%	0.5%	-12.01%	-2.19%	4.2%	1.28%	11.56%	32.13%	26.6%	-1.17%	18.12%	35.66%	28.86%	38.4%	28.93%	13.71%	-20.51%	76%	100.5%	73.71%	78.42%	111.97%
Operating Expenses	3.32B	3.23B	3.28B	3.22B	3.19B	3.06B	2.78B	2.68B	2.72B	2.79B	2.68B	2.96B	3.12B	3.1B	3.15B	2.96B	2.5B	2.07B	1.89B	1.7B	1.4B	943.29M	722.13M	539.81M	457.56M	469.36M	468.13M	238.09M	116.17M	65.96M	41.67M
OpEx % of Revenue	-	46.61%	49.85%	51.36%	50.16%	48.48%	48.47%	49.48%	44.32%	47.23%	48.61%	53.37%	50.9%	48.96%	49.77%	47.44%	48.74%	52.61%	55.44%	51.45%	50.04%	45.65%	45.19%	46.13%	51.29%	58.79%	46.53%	41.1%	40.14%	39.69%	44.65%
Selling, General & Admin	2.27B	2.21B	2.18B	2.14B	2.09B	2.14B	2B	1.85B	1.94B	2.01B	1.9B	2.1B	2.2B	2.18B	2.25B	2.13B	1.85B	1.53B	1.39B	1.25B	1.04B	700.3M	551.08M	407.94M	344.7M	331.74M	335.46M	176.02M	85.72M	49.31M	28.4M
SG&A % of Revenue	-	31.96%	33.11%	34.08%	32.91%	33.81%	34.84%	34.15%	31.48%	33.99%	34.5%	37.85%	35.89%	34.45%	35.49%	34.15%	36.08%	38.98%	40.8%	37.76%	37.2%	33.89%	34.48%	34.86%	38.64%	41.55%	33.34%	30.39%	29.62%	29.67%	30.43%
Research & Development	1.02B	991M	1.01B	1.03B	956M	881M	881M	847M	827M	783M	779M	861M	919.3M	917.3M	904.2M	828.2M	648.6M	535.7M	498.5M	452.2M	385.36M	242.99M	171.05M	131.86M	112.86M	116.72M	120.94M	62.06M	30.46M	16.65M	8.97M
R&D % of Revenue	-	14.31%	15.4%	16.42%	15.03%	13.94%	15.34%	15.65%	13.46%	13.25%	14.11%	15.52%	15.01%	14.5%	14.28%	13.29%	12.66%	13.63%	14.63%	13.69%	13.74%	11.76%	10.7%	11.27%	12.65%	14.62%	12.02%	10.71%	10.52%	10.02%	9.61%
Other Operating Expenses	0	24M	88M	54M	141M	46M	-98M	-17M	-38M	0	8M	-3M	-3.7M	7.6M	8.3M	2.4M	5.8M	0	0	0	-25.34M	0	0	20K	0	20.89M	11.73M	0	0	0	4.3M
Operating Income	1.9B	1.7B	1.34B	1.21B	1.02B	1.16B	1.03B	945M	1.22B	1.13B	665M	348M	716.5M	734.3M	607.8M	746.5M	824.3M	488.4M	47.17M	313.6M	301.24M	308.29M	253.19M	158.46M	87.61M	-1.06M	109.66M	105.37M	55.13M	32.66M	3.08M
Operating Margin %	25.73%	24.48%	20.34%	19.37%	16%	18.31%	17.95%	17.46%	19.87%	19.03%	12.05%	6.27%	11.7%	11.61%	9.6%	11.98%	16.09%	12.42%	1.38%	9.49%	10.74%	14.92%	15.84%	13.54%	9.82%	-0.13%	10.9%	18.19%	19.05%	19.65%	3.3%
Operating Income Growth %	-	26.78%	10.13%	19.25%	-12.01%	12.22%	9.1%	-22.6%	8.53%	69.17%	91.09%	-51.43%	-2.42%	20.81%	-18.58%	-9.44%	68.78%	935.29%	-84.96%	4.1%	-2.29%	21.76%	59.78%	80.88%	8349.15%	-100.97%	4.07%	91.14%	68.8%	959.29%	-48.62%
EBITDA	2.08B	1.9B	1.58B	1.47B	1.32B	1.35B	1.29B	1.19B	1.42B	1.32B	891M	616M	1.02B	1.07B	952.4M	1.04B	989.9M	654.4M	217.71M	457.78M	412.07M	390.09M	318.81M	217.92M	145.02M	64.23M	151.92M	121.08M	63.27M	38.21M	5.95M
EBITDA Margin %	28.2%	27.36%	24.04%	23.44%	20.73%	21.38%	22.46%	21.97%	23.07%	22.38%	16.14%	11.11%	16.72%	16.89%	15.04%	16.68%	19.32%	16.65%	6.39%	13.86%	14.69%	18.88%	19.95%	18.62%	16.26%	8.04%	15.1%	20.9%	21.86%	22.99%	6.37%
EBITDA Growth %	30.66%	19.94%	7.56%	11.37%	-2.37%	4.73%	8.49%	-16.15%	7.18%	48.48%	44.64%	-39.83%	-4.18%	12.18%	-8.39%	5.02%	51.27%	200.58%	-52.44%	11.09%	5.64%	22.36%	46.3%	50.27%	125.78%	-57.72%	25.47%	91.36%	65.61%	542.23%	-19.46%
D&A (Non-Cash Add-back)	182M	200M	243M	255M	301M	194M	259M	244M	197M	198M	226M	268M	307.2M	334.1M	344.6M	293.1M	165.6M	166M	170.54M	144.18M	110.83M	81.8M	65.62M	59.45M	57.41M	65.29M	42.26M	15.71M	8.15M	5.55M	2.87M
EBIT	1.95B	1.7B	1.45B	1.33B	1.13B	1.17B	1.04B	999M	1.33B	1.26B	673M	394M	716M	776.8M	658.3M	787.1M	870M	521.1M	71.69M	314.05M	301.17M	313.17M	252.92M	164.71M	88.86M	11.16M	136.34M	105.37M	55.13M	32.66M	13.6M
Net Interest Income	4M	7M	48M	48M	2M	-66M	-65M	-7M	30M	17M	-8M	-3M	-5M	-1M	-49.5M	-36.5M	-36M	-42.9M	-5.8M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Income	85M	88M	112M	112M	69M	7M	9M	48M	88M	79M	44M	46M	37M	35M	42.2M	38.2M	39.9M	31.2M	57.61M	0	0	0	24.25M	13.7M	12.21M	0	0	0	0	0	0
Interest Expense	81M	81M	64M	64M	67M	73M	74M	55M	58M	62M	52M	49M	42M	36M	91.7M	74.7M	75.9M	74.1M	26.86M	0	0	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	-74M	-47M	46M	49M	48M	-62M	-69M	-1M	47M	41M	0	-3M	-3.7M	6.4M	-41.2M	-34.1M	-30.2M	-41.4M	-2.35M	69.1M	58.49M	41.98M	23.04M	11.99M	10.21M	3.6M	23.35M	9.04M	1.86M	889K	960K
Pretax Income	1.83B	1.65B	1.38B	1.26B	1.07B	1.09B	962M	944M	1.27B	1.17B	665M	345M	712.8M	740.7M	566.6M	712.4M	794.1M	447M	44.83M	382.7M	359.73M	350.27M	276.23M	170.45M	97.81M	2.53M	133.01M	114.41M	56.99M	33.55M	4.04M
Pretax Margin %	24.73%	23.8%	21.04%	20.15%	16.76%	17.33%	16.75%	17.44%	20.63%	19.73%	12.05%	6.22%	11.64%	11.71%	8.95%	11.43%	15.5%	11.37%	1.32%	11.59%	12.83%	16.95%	17.28%	14.56%	10.96%	0.32%	13.22%	19.75%	19.69%	20.19%	4.33%
Income Tax	410M	372M	197M	277M	-208M	158M	232M	125M	99M	1.09B	156M	116M	152.9M	103.2M	61.3M	107M	121M	46.6M	-41.72M	72.96M	61.99M	83.82M	50.47M	18.37M	21.34M	-500K	58.12M	40.61M	21.38M	12.58M	3.79M
Effective Tax Rate %	22.43%	22.57%	14.24%	21.93%	-19.51%	14.43%	24.12%	13.24%	7.81%	93.48%	23.46%	33.62%	21.45%	13.93%	10.82%	15.02%	15.24%	10.43%	-93.06%	19.06%	17.23%	23.93%	18.27%	10.78%	21.82%	-19.74%	43.7%	35.5%	37.51%	37.51%	93.82%
Net Income	1.42B	1.28B	1.19B	986M	1.27B	937M	730M	819M	1.17B	76M	509M	229M	559.9M	637.5M	505.3M	605.4M	673.1M	400.4M	86.55M	309.74M	297.74M	266.45M	225.75M	152.09M	76.47M	3.03M	74.89M	73.79M	35.61M	20.96M	250K
Net Margin %	19.19%	18.43%	18.05%	15.73%	20.03%	14.83%	12.71%	15.13%	19.02%	1.29%	9.22%	4.13%	9.14%	10.08%	7.98%	9.71%	13.14%	10.18%	2.54%	9.38%	10.62%	12.89%	14.13%	13%	8.57%	0.38%	7.44%	12.74%	12.31%	12.62%	0.27%
Net Income Growth %	21.09%	7.59%	20.28%	-22.61%	35.97%	28.36%	-10.87%	-29.94%	1438.16%	-85.07%	122.27%	-59.1%	-12.17%	26.16%	-16.53%	-10.06%	68.11%	362.65%	-72.06%	4.03%	11.74%	18.03%	48.44%	98.88%	2421.33%	-95.95%	1.48%	107.21%	69.87%	8286%	-96.21%
Net Income (Continuing)	1.42B	1.28B	1.19B	986M	1.27B	937M	730M	819M	1.17B	116M	509M	229M	559.9M	637.5M	505.3M	605.4M	673.1M	400.4M	86.55M	309.74M	297.74M	266.45M	225.75M	152.09M	76.47M	3.03M	74.89M	73.79M	35.61M	20.96M	250K
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	7.09	6.36	5.67	4.63	5.79	4.09	3.23	3.52	4.51	0.28	1.81	0.77	1.75	1.83	1.37	1.58	1.71	1.13	0.19	0.86	0.77	0.69	0.59	0.42	0.22	0.01	0.21	0.21	0.11	0.07	0.00
EPS Growth %	25.26%	12.17%	22.46%	-20.03%	41.56%	26.63%	-8.24%	-21.95%	1510.71%	-84.53%	135.06%	-56%	-4.37%	33.58%	-13.29%	-7.6%	51.33%	494.74%	-77.91%	11.69%	11.59%	16.95%	40.48%	90.91%	2100%	-95.24%	0%	90.91%	51.72%	-	-97%
EPS (Basic)	-	6.43	5.81	4.74	5.87	4.20	3.29	3.56	4.60	0.28	1.85	0.78	1.77	1.87	1.40	1.66	1.87	1.18	0.20	0.88	0.80	0.72	0.63	0.44	0.23	0.01	0.23	0.25	0.13	0.08	0.00
Diluted Shares Outstanding	200M	199M	209M	213M	220M	229M	226M	233M	259M	276M	281M	297M	320.7M	347.9M	368M	384.3M	393.7M	353.2M	334.6M	361.09M	388.45M	388.38M	382.63M	362.11M	350.12M	350.5M	359.82M	345.17M	311.72M	287.61M	275.22M
Basic Shares Outstanding	196M	197M	204M	208M	217M	223M	222M	230M	254M	268M	275M	294M	315.5M	340.3M	361.5M	363.9M	360.9M	339.6M	330.3M	351.68M	371.2M	371.06M	358.34M	345.65M	337.65M	331.64M	320.44M	299.37M	273.74M	259.66M	243.91M
Dividend Payout Ratio	-	32.37%	35.75%	42.19%	33.91%	47.6%	58.49%	53.6%	34.47%	281.58%	40.86%	91.7%	37.04%	31.73%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Hyperscaler vertical integration threat

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2027Q1)

Growth Reacceleration Driven by Hybrid Cloud

NetApp's revenue growth has reaccelerated sharply, with Q1 FY27 showing a 29.9% year-over-year increase, a significant acceleration from the low-single-digit growth seen in early FY26, suggesting strong demand for its hybrid cloud solutions.

The growth trajectory has shifted from a period of near-stagnation in FY26 Q1-Q2 to a robust acceleration, with the most recent quarter posting nearly 30% growth. This inflection appears driven by the successful penetration of All-Flash Arrays and the scaling of Public Cloud services, which are now contributing more meaningfully to the top line. The durability of this acceleration will depend on the continued execution of the subscription transition and the company's ability to capture AI-driven refresh cycles.

Software-Led Mix Sustains Premium Margins

NetApp's gross margin has stabilized above 70% for five consecutive quarters, a level that appears structurally supported by its high-margin software and support services, significantly outperforming hardware-centric peers like Dell and HPE.

The consistent 70%+ gross margin, compared to Dell's 20% and HPE's 28.8%, underscores the company's successful positioning as a software-defined data management provider rather than a pure hardware vendor. This margin profile suggests strong pricing power and a favorable product mix, with recurring support and cloud services likely acting as a buffer against volatility in component costs like NAND flash. Investors should monitor whether the growth of lower-margin Public Cloud consumption revenue begins to dilute this blended margin over time.

Operating Leverage Unlocked by Scale

Operating income grew 57.6% year-over-year in Q1 FY27, significantly outpacing the 29.9% revenue growth, indicating that NetApp is successfully scaling its fixed-cost base and converting incremental revenue into profit.

The expansion of the operating margin from 19.8% in Q1 FY26 to 23.9% in Q1 FY27 demonstrates meaningful operating leverage. This appears to be driven by disciplined control of SG&A expenses, which grew at a slower rate than revenue, and the high incremental margins of the growing software and subscription businesses. The trend suggests that the company's cost structure is well-optimized for its current growth phase, though continued investment in R&D for cloud and AI capabilities will be necessary to sustain this trajectory.

EPS Growth Outpaces Net Income Growth

Diluted EPS grew 63.5% year-over-year in Q1 FY27, outpacing the 51.2% growth in net income, which suggests that share repurchases are effectively amplifying shareholder returns and enhancing per-share metrics.

The disparity between EPS and net income growth rates indicates that the company's capital allocation strategy, particularly its share buyback program, is successfully reducing the share count and boosting per-share earnings. This is a positive signal for shareholders, as it demonstrates management's commitment to returning capital. However, analysts should adjust for the significant stock-based compensation expense, which was $98 million in the quarter, to understand the true cash earnings power and potential dilution.

R&D Investment Scales with Growth

Research and development expense as a percentage of revenue has remained relatively stable around 13-14% over the past year, indicating that NetApp is maintaining its innovation investment while scaling its top line efficiently.

The stability of R&D as a percentage of revenue, even as absolute spending increases, suggests a disciplined approach to funding future growth without sacrificing margin expansion. This is critical for a technology company navigating a transition to cloud and AI, as it ensures continued product development. The primary cost risk remains in the variable component costs within the hardware business, particularly fluctuations in NAND flash pricing, which could pressure gross margins if not managed through pricing adjustments or supply chain efficiencies.

Cloud Transition Headwinds and Margin Risks

The strongest challenge to the bullish narrative is that the rapid revenue growth may be masking a potential margin dilution as the lower-margin Public Cloud segment scales, a risk that could compress blended profitability if not offset by mix improvements.

While the overall gross margin is strong, the Public Cloud segment, which is the primary growth engine, typically carries lower margins than the high-margin Hybrid Cloud support contracts. If this segment grows disproportionately faster, it could exert downward pressure on the consolidated gross margin over time. Furthermore, the recent Q1 FY27 EPS miss versus consensus, despite record-setting commentary, suggests that cost discipline or conservative initial guidance may be impacting near-term profitability, warranting close monitoring of the operating expense trajectory.

NTAP — Frequently Asked Questions

Quick answers to the most common questions about buying NTAP stock.

What was NetApp, Inc.'s (NTAP) revenue in 2026?

For fiscal year 2026, NetApp, Inc. (NTAP) reported total revenue of $6.92B. This represents a 7319.7% increase compared to $93.3M in 1997.

Is NetApp, Inc. (NTAP) profitable?

NetApp, Inc. (NTAP) is profitable, generating $1.28B in net income for the fiscal year ending 2026 with a net profit margin of 18.4%.

What is NetApp, Inc.'s operating profit margin?

NetApp, Inc. (NTAP) reported an operating income of $1.70B, resulting in an operating profit margin of 24.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is NetApp, Inc.'s gross profit and gross margin?

NetApp, Inc. (NTAP) generated $4.90B in gross profit for the year, representing a gross profit margin of 70.7%. This demonstrates the company's core pricing power and production efficiency.