NetApp
We are well positioned to enable Intelligent Data Infrastructure for our customers and help them realize the full promise of artificial intelligence (AI) providing solutions that connect, protect, and activate data across every data environment—on-premises, in the cloud, and at the edge.
10-K, Jun 5, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
Business
How does NetApp make money?
Hybrid Cloud is 91.0% of revenue.
Source and method
Revenue by segments, FY2023.
annual report FY2023 · 0000950170-23-027948 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($6.4B).
- Hybrid Cloud: $5.8B · 91.0%
- Public Cloud: $575M · 9.0%
What is left of every $100?
Of every $100 in revenue, $18 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $6.9B
- Gross profit: $4.9B
- Operating income: $1.7B
- Net income: $1.3B
- Free cash flow: $1.9B
Where do customers sit?
50.6% of revenue is from Americas.
Source and method
Revenue by region, latest annual report.
10-K · 0001193125-26-259683 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“NetApp operates at the intersection of major industry megatrends—rapid data growth, multi-cloud adoption, and the rise of AI—which are creating unprecedented challenges and opportunities for organizations as they seek to securely manage and leverage growing data estates.”
“Well positioned to address these complexities, NetApp empowers Intelligent Data Infrastructure for our customers through our solutions, which seamlessly connect, manage and protect data across any environment.”
“Our first-party native integration with all major hyperscalers—Amazon Web Services (AWS), Microsoft Azure, and Google Cloud—combined with decades of data management leadership, uniquely enables customers to harness these shifts for competitive advantage.”
Item 1 · Business · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
Where did the growth actually come from?
Public Cloud drove 54% of NetApp’s growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +5%
“Net revenues: Our net revenues increased 5% in fiscal 2026 compared to fiscal 2025, due to increases in both product revenues and services revenues.”
Item 7 · MD&A · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
Number check (revenue): stated 5% matches stored growth (+5.4%, ±10%)
Revenue: $6.9B FY2026 · +5.4% vs FY2025 · KPIs
Position (in the company’s words)
“NetApp, Inc. (NetApp, we, us, or the Company), headquartered in San Jose, California, is a global leader in Intelligent Data Infrastructure.”
Item 1 · Business · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
R&D investment
“Total research and development expenses were $991 million in fiscal 2026, $1,012 million in fiscal 2025 and $1,029 million in fiscal 2024.”
Item 1 · Business · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
Number check (R&D expense): stated $991M matches the stored value ($991M, ±10%)
R&D expense: $991M FY2026 · −2.1% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 5.4% to $6.9B.
Revenue grew 30% YoY to $2.0B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 19.1%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
24.2% operating margin, up from 20.3%.
70.7% gross margin, up from 70.2%.
Operating income grew 25% to $1.7B.
Net income grew 7.6% to $1.3B.
R&D fell 2.1% to $991M.
SG&A grew 1.7% to $2.2B.
EPS diluted grew 12% to $6.35.
23.9% operating margin, up from 19.8%.
70.1% gross margin, down from 70.4%.
Operating income grew 57% YoY to $484M.
Net income grew 61% YoY to $375M.
R&D grew 13% YoY to $274M.
SG&A grew 11% YoY to $605M.
EPS diluted grew 63% YoY to $1.88.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $27 of every $100 as free cash.
Operating cash flow grew 37% to $2.1B.
Capex grew 18% to $198M.
Buybacks fell 17% to $950M.
Dividends fell 2.6% to $413M.
Stock-based compensation fell 1.0% to $382M.
Free cash flow fell 35% YoY to $401M.
Operating cash flow fell 25% YoY to $503M.
Capex grew 92% YoY to $102M.
Buybacks fell 33% YoY to $200M.
Dividends fell 1.9% YoY to $102M.
Stock-based compensation grew 18% YoY to $98.0M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$2.1B cash vs $2.5B debt.
Total debt fell 23% to $2.5B.
Interest expense grew 70% to $109M.
Total assets fell 0.7% to $10.7B.
Equity grew 30% to $1.4B.
Cash fell 25% YoY to $1.6B.
Total debt grew 0.1% YoY to $2.5B.
Interest expense grew 33% YoY to $28.0M.
Total assets grew 13% YoY to $11.0B.
Equity grew 53% YoY to $1.5B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 22% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (NetApp annual report)
10-K · 0001193125-26-259683 · filed Jun 5, 2026
Suppliers named by NetApp
No supplier among the covered companies is named in the filings.
NetApp holds stakes in
No stake in a covered company found in SEC filings.
Others name NetApp
3 competitor mentions (e.g. Everpure, HPE, IBM) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 40 risk factors, one per theme.
Competition
“Increasing competition or industry consolidation could harm our business, operating results, financial condition and cash flows.”
Item 1A · Risk Factors · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
Trade, government policy and geopolitics
“Global economic and geopolitical conditions may adversely affect our industry, business operations, and financial performance, including our revenue growth, profitability, financial condition and cash flows.”
Item 1A · Risk Factors · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
AI and new products
“Our business, operating results, financial condition, and cash flows could be adversely affected if we are unable to develop, introduce and gain market acceptance for new products and services while managing the transition from older ones, or if we cannot provide the expected level of quality and support for our new products and services.”
Item 1A · Risk Factors · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
Acquisitions
“Our acquisitions or divestitures may not achieve the expected benefits and could increase our liabilities, disrupt our existing business, and harm our operating results, financial condition and cash flows.”
Item 1A · Risk Factors · 10-K · 0001193125-26-259683 · filed Jun 5, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 9.5%.
BlackRock, Inc.9.5%
13G/A · as of Mar 31, 2025 · filed Apr 23, 2025
Vanguard Capital Management LLC7.29%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Vanguard Portfolio Management LLC6.44%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
State Street Corp5% (then)
13G · as of Sep 30, 2024 · filed Oct 17, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
5 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.9.7%
18.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC6.6%
12.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC6.3%
12.3M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.1%
9.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Primecap Management Co/Ca/4.6%
9.0M shares · 13F filed Aug 14, 2026 · share of 13F-reported
960 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 42 sales · $46.2M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 36 SEC metrics, FY2017–FY2026
Income statement 12
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values