Overview
NetApp, Inc.
Latest 10-K: FY2026, filed Jun 5, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $6.24B
- 5.6%YoYup from FY2025
- TotalRevenue
- Gross profit
- $4.90B
- 6.2%YoYup from FY2025
- GrossProfit
- Operating income
- $1.67B
- 25.2%YoYup from FY2025
- OperatingIncome
- Net income
- $1.28B
- 7.6%YoYup from FY2025
- NetIncome
- Diluted EPS
- $6.35
- 12.0%YoYup from FY2025
- EPSDiluted
- Diluted shares
- 201.0M
- 3.8%YoYdown from FY2025
- WeightedAvgSharesDiluted
At a glance
Growth
- NetApp, Inc. reported revenue of $6.24B for fiscal 2026, up 5.6% from fiscal 2025.
- Revenue grew faster than the median S&P 500 member in 0 of the last 4 fiscal years.
Profitability
- Operating margin was 26.8% and net margin was 20.5%.
Per share
- Diluted EPS was $6.35, up 12.0% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $6.24B5.6%up | $5.91B4.4%up Benchmark median 6.4% | $5.66B11.1%down Benchmark median 4.5% | $6.36B0.7%up Benchmark median 4.8% | $6.32B10.0%up Benchmark median 10.3% | -0.3% |
| Gross Profit Median of 315 / 498 | $4.90B6.2%up | $4.61B4.1%up Benchmark median 6.8% | $4.43B5.3%up Benchmark median 5.5% | $4.21B0.3%down Benchmark median 5.2% | $4.22B10.6%up Benchmark median 8.3% | 3.8% |
| Operating Income Median of 373 / 498 | $1.67B25.2%up | $1.34B10.1%up Benchmark median 7.3% | $1.21B19.3%up Benchmark median 7.4% | $1.02B12.0%down Benchmark median 4.9% | $1.16B12.2%up Benchmark median 7.5% | 9.7% |
| Net Income | $1.28B7.6%up | $1.19B20.3%up Benchmark median 4.8% | $0.99B22.6%down Benchmark median 5.7% | $1.27B36.0%up Benchmark median 1.9% | $0.94B28.4%up Benchmark median 1.3% | 8.0% |
| EPS (Diluted) | $6.3512.0%up | $5.6722.5%up Benchmark median 6.2% | $4.6320.0%down Benchmark median 7.9% | $5.7941.6%up Benchmark median 1.9% | $4.0926.6%up Benchmark median 1.5% | 11.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $10.74B0.7%down | $10.82B9.5%up Benchmark median 5.6% | $9.89B0.7%up Benchmark median 3.4% | $9.82B2.1%down Benchmark median 4.1% | $10.03B7.1%up Benchmark median 2.2% | 1.7% |
| Total Liabilities Median of 357 / 498 | $9.39B4.0%down | $9.78B11.9%up Benchmark median 6.4% | $8.74B0.9%up Benchmark median 1.9% | $8.66B5.8%down Benchmark median 2.9% | $9.19B5.9%up Benchmark median 2.0% | 0.6% |
| Stockholders' Equity | $1.35B29.9%up | $1.04B9.2%down Benchmark median 6.8% | $1.15B1.1%down Benchmark median 5.4% | $1.16B38.3%up Benchmark median 7.3% | $0.84B22.3%up Benchmark median 2.5% | 12.7% |
| Cash & Equivalents | $2.07B24.5%down | $2.74B44.1%up Benchmark median 5.2% | $1.90B17.8%down Benchmark median 1.9% | $2.32B43.7%down Benchmark median 6.7% | $4.11B9.2%down Benchmark median -8.6% | -15.8% |
| Total Debt | $2.49B23.1%down | $3.23B35.2%up Benchmark median 2.1% | $2.39B0.1%up Benchmark median 0.2% | $2.39B9.4%down Benchmark median 0.3% | $2.64B0.2%up Benchmark median 0.1% | -1.4% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.07B37.3%up | $1.51B10.6%down Benchmark median 6.3% | $1.69B52.2%up Benchmark median 4.8% | $1.11B8.6%down Benchmark median 9.9% | $1.21B9.2%down Benchmark median -0.7% | 14.3% |
| Capital Expenditures | $198.00M17.9%up | $168.00M8.4%up Benchmark median 5.4% | $155.00M35.1%down Benchmark median 2.8% | $239.00M5.8%up Benchmark median 11.3% | $226.00M39.5%up Benchmark median 14.0% | -3.3% |
| Free Cash Flow Median of 378 / 498 | $1.87B39.7%up | $1.34B12.5%down Benchmark median 7.3% | $1.53B76.3%up Benchmark median 6.1% | $0.87B11.9%down Benchmark median 8.8% | $0.98B15.9%down Benchmark median -11.3% | 17.4% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2026Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.8%
Wall Street
on net earnings
FY2025 6.4%
8.6%
Value investor
on free cash flow
FY2025 7.2%
Gap +2.8 pts: Value-investor figure 2.8 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 17.1×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
9.0%
Wall Street
on EBITDA
FY2025 8.8%
8.1%
Value investor
on EBIT
FY2025 7.5%
Gap −0.9 pts: Value-investor figure 0.9 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 11.1×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
6.2%
Wall Street
on book equity
FY2025 5.6%
n/m
Value investor
on tangible book
FY2025 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 16.2×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
106.7%
Wall Street
ROE: net income ÷ equity
FY2025 108.5%
41.1%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2025 37.5%
Gap −65.6 pts: Value-investor figure 65.6 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
30.0%
Wall Street
EBITDA margin
FY2025 26.7%
30.0%
Value investor
Free-cash-flow margin
FY2025 22.7%
Gap Same: Both views read the same
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
1.44×
Wall Street
Current ratio
FY2025 1.26×
1.39×
Value investor
Quick ratio, inventory excluded
FY2025 1.22×
Gap −0.05×: Value-investor figure 0.05 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.75×
Wall Street
EBITDA ÷ total debt
FY2025 0.49×
0.75×
Value investor
FCF ÷ total debt
FY2025 0.41×
Gap Same: Both views read the same
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net cashValue investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
17.2×
Wall Street
EBITDA ÷ interest
FY2025 24.7×
15.4×
Value investor
EBIT ÷ interest
FY2025 20.9×
Gap −1.8×: Value-investor figure 1.8 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on NTAP yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on NTAP and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/NTAP
Valuein. (2026, October 31). NetApp, Inc. (NTAP) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/NTAP
@misc{valuein_ntap_2026,
author = {{Valuein}},
title = {NetApp, Inc. (NTAP) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/NTAP}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Jun 5, 2026 · accession 0001193125-26-259683
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point-in-time · survivorship-free · every number traceable to its SEC filing
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