Revenue growth has normalized to 10.0% in 2026Q3, while the company maintains structural gross margins consistently exceeding 86% over the last ten quarters.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 |
|---|
| Sales/Revenue | 2.75B | 2.54B | 2.15B | 1.86B | 1.58B | 1.39B | 1.31B | 1.24B | 1.16B | 845.9M | 503.41M | 241.43M | 127.13M | 30.53M |
| Revenue Growth % | 13.04% | 18.11% | 15.35% | 17.85% | 13.37% | 6.63% | 5.79% | 6.98% | 36.59% | 68.03% | 108.51% | 89.91% | 316.36% | - |
| Cost of Goods Sold | 354.75M | 334.78M | 324.11M | 332.19M | 321.16M | 291.91M | 286.69M | 304.13M | 386.03M | 327.33M | 170.79M | 100.96M | 60.91M | 26.6M |
| COGS % of Revenue | - | 13.19% | 15.08% | 17.83% | 20.32% | 20.93% | 21.92% | 24.6% | 33.41% | 38.7% | 33.93% | 41.82% | 47.91% | 87.13% |
| Gross Profit | 2.39B | 2.2B | 1.82B | 1.53B | 1.26B | 1.1B | 1.02B | 932.01M | 769.43M | 518.57M | 332.62M | 140.47M | 66.22M | 3.93M |
| Gross Margin % | 87.1% | 86.81% | 84.92% | 82.17% | 79.68% | 79.07% | 78.08% | 75.4% | 66.59% | 61.3% | 66.07% | 58.18% | 52.09% | 12.87% |
| Gross Profit Growth % | - | 20.74% | 19.21% | 21.52% | 14.26% | 7.98% | 9.55% | 21.13% | 48.37% | 55.9% | 136.79% | 112.15% | 1585.29% | - |
| Operating Expenses | 2.16B | 2.03B | 1.82B | 1.74B | 1.72B | 1.76B | 1.85B | 1.53B | 1.05B | 866.49M | 439.16M | 259.24M | 144.53M | 48.53M |
| OpEx % of Revenue | - | 80.01% | 84.56% | 93.29% | 108.62% | 126.45% | 141.47% | 123.78% | 90.86% | 102.43% | 87.24% | 107.38% | 113.69% | 158.94% |
| Selling, General & Admin | 1.38B | 1.29B | 1.18B | 1.16B | 1.15B | 1.21B | 1.3B | 1.03B | 736.06M | 577.87M | 322.76M | 185.73M | 106.5M | 32.03M |
| SG&A % of Revenue | - | 50.98% | 54.83% | 62.1% | 72.44% | 86.51% | 99.1% | 83.27% | 63.7% | 68.31% | 64.11% | 76.93% | 83.77% | 104.91% |
| Research & Development | 779.5M | 736.82M | 638.99M | 580.96M | 571.96M | 556.95M | 553.98M | 500.72M | 313.78M | 288.62M | 116.4M | 73.51M | 38.04M | 16.5M |
| R&D % of Revenue | - | 29.03% | 29.74% | 31.19% | 36.18% | 39.94% | 42.36% | 40.51% | 27.16% | 34.12% | 23.12% | 30.45% | 29.92% | 54.03% |
| Other Operating Expenses | -1.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 240.09M | 172.54M | 7.56M | -207.15M | -458.85M | -662.11M | -828.92M | -598.04M | -280.41M | -348.41M | -104.63M | -118.77M | -78.32M | -44.6M |
| Operating Margin % | 8.73% | 6.8% | 0.35% | -11.12% | -29.03% | -47.48% | -63.39% | -48.38% | -24.27% | -41.19% | -20.78% | -49.19% | -61.61% | -146.07% |
| Operating Income Growth % | - | 2181.38% | 103.65% | 54.85% | 30.7% | 20.12% | -38.61% | -113.28% | 19.52% | -233% | 11.91% | -51.64% | -75.6% | - |
| EBITDA | 311.92M | 245.24M | 80.76M | -130.76M | -370.9M | -567.74M | -735.15M | -520.43M | -230.11M | -310.01M | -78.22M | -102.2M | -66.74M | -41.97M |
| EBITDA Margin % | 11.34% | 9.66% | 3.76% | -7.02% | -23.46% | -40.72% | -56.22% | -42.1% | -19.91% | -36.65% | -15.54% | -42.33% | -52.5% | -137.47% |
| EBITDA Growth % | 54.56% | 203.66% | 161.76% | 64.74% | 34.67% | 22.77% | -41.26% | -126.17% | 25.77% | -296.34% | 23.46% | -53.14% | -59% | - |
| D&A (Non-Cash Add-back) | 71.84M | 72.7M | 73.2M | 76.39M | 87.95M | 94.37M | 93.77M | 77.61M | 50.3M | 38.4M | 26.41M | 16.57M | 11.58M | 2.63M |
| EBIT | 270.52M | 220.03M | 68.06M | -169.47M | -718.95M | -937.17M | -823.91M | -583.75M | -280.41M | -348.41M | -104.63M | -118.77M | -78.32M | -44.6M |
| Net Interest Income | 36.28M | 42.59M | -100.89M | -25.69M | -55.97M | -75.86M | -17.86M | -11.97M | -5.6M | 0 | -2.3M | 0 | 0 | 0 |
| Interest Income | 56.63M | 62.31M | 68.49M | 38.43M | 4.76M | 4.07M | 13.45M | 17.35M | 9.1M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 20.34M | 19.73M | 169.38M | 64.11M | 60.73M | 79.93M | 31.31M | 29.31M | 14.7M | 0 | 2.3M | 0 | 0 | 0 |
| Other Income/Expense | 49.45M | 39.11M | -108.88M | -26.43M | -320.83M | -354.99M | -26.3M | -15.02M | -9.31M | -26.38M | -1.29M | -5.82M | -5.08M | -54K |
| Pretax Income | 289.54M | 211.65M | -101.32M | -233.59M | -779.68M | -1.02B | -855.22M | -613.06M | -289.71M | -374.79M | -105.92M | -124.58M | -83.39M | -44.65M |
| Pretax Margin % | 10.53% | 8.34% | -4.72% | -12.54% | -49.32% | -72.94% | -65.4% | -49.59% | -25.07% | -44.31% | -21.04% | -51.6% | -65.6% | -146.25% |
| Income Tax | 13.68M | 23.28M | 23.46M | 20.98M | 19.26M | 18.49M | 17.66M | 8.12M | 7.45M | 4.85M | 2.32M | 1.54M | 608K | 80K |
| Effective Tax Rate % | 4.73% | 11% | -23.15% | -8.98% | -2.47% | -1.82% | -2.07% | -1.32% | -2.57% | -1.29% | -2.19% | -1.24% | -0.73% | -0.18% |
| Net Income | 275.86M | 188.37M | -124.78M | -254.56M | -797.54M | -1.03B | -872.88M | -621.18M | -297.16M | -379.64M | -108.23M | -126.13M | -84M | -44.73M |
| Net Margin % | 10.03% | 7.42% | -5.81% | -13.66% | -50.45% | -74.17% | -66.75% | -50.25% | -25.72% | -44.88% | -21.5% | -52.24% | -66.08% | -146.51% |
| Net Income Growth % | 1068.13% | 250.96% | 50.98% | 68.08% | 22.89% | -18.49% | -40.52% | -109.04% | 21.73% | -250.76% | 14.19% | -50.15% | -87.78% | - |
| Net Income (Continuing) | 275.86M | 188.37M | -124.78M | -254.56M | -798.95M | -1.04B | -872.88M | -621.18M | -297.16M | -379.64M | -108.23M | -126.13M | -84M | -44.73M |
| Discontinued Operations | 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 |
| EPS (Diluted) | 0.96 | 0.65 | -0.51 | -1.09 | -3.62 | -5.01 | -4.48 | -3.43 | -1.81 | -3.57 | -0.79 | -1.05 | -0.70 | -1.24 |
| EPS Growth % | - | 227.45% | 53.21% | 69.89% | 27.74% | -11.83% | -30.61% | -89.5% | 49.3% | -351.9% | 24.76% | -50% | 43.55% | - |
| EPS (Basic) | - | 0.70 | -0.51 | -1.09 | -3.62 | -5.01 | -4.48 | -3.43 | -1.81 | -3.57 | -0.79 | -1.05 | -0.70 | -1.24 |
| Diluted Shares Outstanding | 287.48M | 294.08M | 244.74M | 233.25M | 220.53M | 206.47M | 194.72M | 181.03M | 164.09M | 128.3M | 136.4M | 120.29M | 120.29M | 35.97M |
| Basic Shares Outstanding | 265.95M | 267.48M | 244.74M | 233.25M | 220.53M | 206.47M | 194.72M | 181.03M | 164.09M | 128.3M | 136.4M | 120.29M | 120.29M | 35.97M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Customer Acquisition Costs
As reported in recent financial filings, Nutanix's year-over-year revenue growth has decelerated from 21.8% in 2025Q3 to 10.0% by 2026Q3, suggesting that the initial tailwinds from the subscription model transition and competitive displacement are beginning to moderate as the company reaches a larger revenue base.
The deceleration in top-line expansion warrants caution, as it may indicate that the low-hanging fruit from VMware migration projects is being harvested. Investors should monitor whether the company can maintain double-digit growth without relying on aggressive discounting or unsustainable sales cycles.
Based on the company's reported figures, Nutanix has successfully maintained gross margins consistently above 86% over the last ten quarters, reflecting a pure-play software economics profile that effectively eliminates the volatility previously associated with hardware-integrated revenue streams in the infrastructure software sector.
This high-margin profile provides a significant buffer for operational reinvestment, though it also sets a high bar for future profitability. The stability here suggests that the company has successfully decoupled its value proposition from hardware cycles, allowing for more predictable unit economics.
According to the income statement data, operating margins have fluctuated between 4.6% and 11.9% over the past two years, indicating that despite high gross margins, the company has yet to demonstrate significant operating leverage as SG&A expenses continue to scale alongside revenue growth.
The persistent high level of SG&A spending suggests that Nutanix remains in a competitive land-grab phase, prioritizing market share over immediate margin expansion. Analysts should investigate whether this spending is yielding long-term customer lifetime value or if it represents a structural necessity to defend against cloud-native competitors.
As evidenced by the provided income statement, Nutanix consistently records quarterly stock-based compensation expenses exceeding $77M, which significantly impacts the quality of GAAP net income and warrants careful scrutiny regarding the true economic profitability of the firm for long-term equity holders.
While the company has achieved GAAP profitability, the reliance on equity-based incentives to manage cash burn remains a notable headwind. Investors should adjust earnings expectations to account for the persistent dilution, as the gap between GAAP net income and cash-based performance remains sensitive to these non-cash charges.
Based on an analysis of the reported figures, the potential for margin compression remains a primary risk, as the company's operating income of $73.5M in 2026Q3 is heavily dependent on maintaining high sales and marketing efficiency in an increasingly crowded hybrid-cloud infrastructure market.
Short-term performance may be flattered by the VMware transition, but the long-term narrative faces pressure from hyperscale cloud providers integrating native services. If the company is forced to increase marketing spend to maintain its current growth trajectory, the path to sustained double-digit operating margins may prove elusive.
Quick answers to the most common questions about buying NTNX stock.
For fiscal year 2025, Nutanix, Inc. (NTNX) reported total revenue of $2.54B. This represents a 8212.1% increase compared to $30.5M in 2013.
Nutanix, Inc. (NTNX) is profitable, generating $188.4M in net income for the fiscal year ending 2025 with a net profit margin of 7.4%.
Nutanix, Inc. (NTNX) reported an operating income of $172.5M, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Nutanix, Inc. (NTNX) generated $2.20B in gross profit for the year, representing a gross profit margin of 86.8%. This demonstrates the company's core pricing power and production efficiency.