Revenue growth reaccelerated to 15.9% YoY in 2026Q4, suggesting VMware tailwinds, while operating margins of 9.2% indicate continued profitability challenges despite high gross margins of 86.0%.
Nutanix, Inc. (NTNX) annual income statement — 13-year revenue, gross profit & net income history
| 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 | 2.85B | 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 % | 12.44% | 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 | 376.64M | 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 | 2.48B | 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 % | 86.8% | 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 | 2.2B | 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 | 1.41B | 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 | 790.89M | 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 | 278.87M | 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 % | 9.77% | 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 | 349.51M | 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 % | 12.25% | 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 % | 42.52% | 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) | 70.64M | 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 | 319.06M | 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 | 49.74M | 42.59M | -100.89M | -25.69M | -55.97M | -75.86M | -17.86M | -11.97M | -5.6M | 0 | -2.3M | 0 | 0 | 0 |
| Interest Income | 58.73M | 62.31M | 68.49M | 38.43M | 4.76M | 4.07M | 13.45M | 17.35M | 9.1M | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 8.99M | 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 | 48.24M | 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 | 327.11M | 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 % | 11.46% | 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 | -1.18B | 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 % | -360.65% | 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 | 1.51B | 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 % | 52.81% | 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 % | 699.95% | 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) | 1.51B | 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) | 5.15 | 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 % | 706.25% | 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 | 292.74M | 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 | 270.57M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
VMware migration execution risk
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerating on VMware Tailwinds
According to the latest quarterly results, Nutanix's revenue grew 15.9% year-over-year in 2026Q4, accelerating from 10.0% in 2026Q3, as reported in the company's financial statements. This reacceleration appears driven by increased customer adoption amid the VMware transition.
The growth trajectory has improved markedly over the last two quarters, with 2026Q4 marking the highest year-over-year growth since 2025Q4. This suggests the VMware opportunity is beginning to materialize in the top line, though investors should monitor whether the pace can be sustained beyond the initial wave of migrations.
High Gross Margins, Narrow Operating Margins
Nutanix's gross margin held steady at 86.0% in 2026Q4, as per the company's income statement, reflecting the pure-play software model. However, the operating margin of 9.2% indicates that the company remains in a heavy reinvestment phase, with SG&A and R&D consuming a significant portion of gross profit.
The consistently high gross margin is a structural advantage, but the narrow operating margin highlights the challenge of scaling profitability. The operating margin has expanded from negative levels a year ago, suggesting that operating leverage is emerging, but it will require continued discipline in expense management to achieve sustainable double-digit operating margins.
Operating Leverage Emerging as Revenue Scales
In 2026Q4, operating income grew 124.4% year-over-year to $70.0M, as reported in the financial statements, outpacing the 15.9% revenue growth. This indicates that Nutanix is beginning to leverage its fixed cost base, with operating expenses as a percentage of revenue declining.
The improvement in operating income is a direct result of revenue growth outpacing the growth in operating expenses, particularly SG&A. However, the leverage is not yet consistent, as seen in the quarter-over-quarter variation in operating income. The key to sustained operating leverage will be the ability to grow revenue without a proportional increase in sales and marketing expenses.
Net Income Volatility from Non-Operating Items
Nutanix reported a net income of $1.3B in 2026Q4, a dramatic increase from $72.1M in 2026Q3, as per the company's financial statements. This surge appears to be driven by non-operating items, possibly a one-time tax benefit or investment gain, which distorts the underlying operational earnings.
The volatility in net income raises questions about the quality of earnings. Investors should focus on operating income and cash flow from operations as better measures of core performance. Additionally, stock-based compensation remains a significant non-cash expense, with $94.5M in 2026Q4, which reduces the economic earnings available to shareholders.
Inflection Point: From Losses to Profitability
Nutanix achieved a positive operating income of $70.0M in 2026Q4, as reported in the company's financial statements, marking a sustained inflection from the negative operating income recorded in 2024. This shift suggests the company has reached a scale where its revenue can cover its fixed cost base.
The inflection to profitability in early 2025 has been maintained, with operating income growing in each subsequent quarter. This structural change is driven by the completion of the subscription transition and the resulting high-margin revenue stream. The lasting impact is the establishment of a path to sustained profitability, though the pace of margin expansion will depend on the company's ability to control operating expenses.
Risks to VMware Tailwind Durability
Despite 15.9% revenue growth in 2026Q4, Nutanix's SG&A expense remains elevated at 49.7% of revenue, as per the income statement, suggesting that margin expansion may be constrained if competitive pressures necessitate sustained high sales spending to capture VMware's displaced customers.
Short-sellers might focus on the risk that the VMware transition tailwind could be overestimated, leading to a potential slowdown in growth if migrations are slower than anticipated due to technical friction. Furthermore, if Nutanix engages in aggressive pricing to win market share, gross margins could compress from their current 86% level, undermining the path to higher operating profitability.