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Sentiment · FY2026 Q4
As of FY2026 Q3, the Tellvest earnings-call sentiment score for NetApp (NTAP) is 8/10.
NetApp delivered record operating income and EPS, with Q3 revenue of $1.71 billion up 4% year-over-year and EPS of $2.12 growing 11%. All-flash growth accelerated to 11% with record revenue, and AI deals reached 300 with the AFX product shipping for the first time. Cloud ex-Spot grew 17% with a record 85.1% gross margin. Management raised both full-year revenue and EPS guidance, with the revenue midpoint increasing to $6.847 billion and EPS to $7.97. Memory inflation continued pressuring product margins.
Scored from NetApp’s FY2026 Q3 earnings call. The newest quarter is available with Tellvest Pro.
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Reporting soon: earnings call Wednesday, Sep 2
A pre-earnings brief is ready for NTAP: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q1 | $1.54B | +7.6% | $1.17 | +69.6% | 71.3% | 18.3% | 16.1% | $300M |
| FY2025 Q2 | $1.66B | +6.1% | $1.42 | +29.1% | 71.0% | 20.8% | 18.0% | $60M |
| FY2025 Q3 | $1.64B | +2.2% | $1.44 | -2.7% | 69.8% | 22.1% | 18.2% | $338M |
| FY2025 Q4 | $1.73B | +3.9% | $1.65 | +20.4% | 68.9% | 20.1% | 19.6% | $640M |
| FY2026 Q1 | $1.56B | +1.2% | $1.15 | -1.7% | 70.4% | 19.8% | 14.9% | $620M |
| FY2026 Q2 | $1.71B | +2.8% | $1.51 | +6.3% | 72.0% | 23.4% | 17.9% | $78M |
| FY2026 Q3 | $1.71B | +4.4% | $1.67 | +16.0% | 70.6% | 25.2% | 19.5% | $271M |
| FY2026 Q4 | $1.95B | +12.5% | $2.03 | +23.0% | 70.1% | 27.3% | 20.7% | $900M |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2023 | $6.36B | +0.7% | $5.80 | +41.5% | 66.2% | 16.0% | 20.0% | $868M |
| FY2024 | $6.27B | -1.5% | $4.64 | -20.0% | 70.7% | 19.4% | 15.7% | $1.53B |
| FY2025 | $6.57B | +4.9% | $5.68 | +22.4% | 70.2% | 20.3% | 18.0% |
| $1.34B |
| FY2026 | $6.92B | +5.4% | $6.36 | +12.0% | 70.7% | 24.1% | 18.4% | $1.87B |