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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Dave Vogt | UBS | 12 questions · 0% challenging |
| Tim Long | Barclays | 12 questions · 8% challenging |
| Krish Sankar | TD Cowen | 11 questions · 9% challenging |
| Param Singh | Oppenheimer | 11 questions · 0% challenging |
| Wamsi Mohan | Bank of America | 10 questions · 20% challenging |
| Samik Chatterjee | JPMorgan | 10 questions · 10% challenging |
| Simon Leopold | Raymond James | 10 questions · 10% challenging |
| Ananda Baruah | Loop Capital | 9 questions · 0% challenging |
| Steven Fox | Fox Advisors | 9 questions · 11% challenging |
| Jason Ader | William Blair | 9 questions · 11% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 2 analysts | 13 questions · 15% challenging |
| Barclays | 2 analysts | 13 questions · 8% challenging |
| JPMorgan | 2 analysts | 13 questions · 8% challenging |
| Morgan Stanley | 3 analysts | 12 questions · 17% challenging |
| UBS | 1 analyst | 12 questions · 0% challenging |
| Raymond James | 2 analysts | 11 questions · 9% challenging |
| Oppenheimer | 1 analyst | 11 questions · 0% challenging |
| TD Cowen | 1 analyst | 11 questions · 9% challenging |
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NetApp closed fiscal 2026 with record fourth-quarter results, as revenue rose 12% year over year to $1.95 billion and exceeded the high end of guidance. Non-GAAP EPS reached $2.43, up 26%, and operating margin hit a record 32%, reflecting strong operating leverage as growth concentrated in higher-margin all-flash, public cloud, and AI offerings. All-flash revenue grew 18% to $1.2 billion, public cloud revenue rose 18% excluding the divested Spot business, and NetApp logged roughly 500 AI and data-preparation wins in the quarter. The main watch item is component cost: management is raising prices to offset rising memory and NAND costs, and product gross margin is expected to trough in the July quarter before improving. Management introduced FY27 guidance of $7.325 to $7.575 billion in revenue, an 8% midpoint growth rate that accelerates from the 5% delivered in FY26.
Cloud & AI | Demand | Revenue Growth | Competitive Dynamics | Margin | Supply Chain | Guidance Reliability | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2025Q2 | 9 | 9 | 7 | 4 | 2 | 3 | 1 | |
| 2025Q3 | 4 | 6 | 4 | 6 | 2 | 4 | 1 | 1 |
| 2025Q4 | 11 | 9 | 10 | 7 | 5 | 2 | 5 | |
| 2026Q1 | 7 | 6 | 6 | 3 | 5 | 2 | 3 | 1 |
| 2026Q2 | 12 | 9 | 6 | 6 | 5 | 7 | 5 | 3 |
| 2026Q3 | 6 | 9 | 2 | 4 | 7 | 7 | 2 | 6 |
| 2026Q4 | 6 | 3 | 6 | 2 | 3 | 4 | 3 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 9 | 4 | 11 | 7 | 12 | 6 | 6 |
| Demand | 9 | 6 | 9 | 6 | 9 | 9 | 3 |
| Revenue Growth | 7 | 4 | 10 | 6 | 6 | 2 | 6 |
| Competitive Dynamics | 4 | 6 | 7 | 3 | 6 | 4 | 2 |
| Margin | 2 | 2 | 5 | 5 | 5 | 7 | 3 |
| Supply Chain | 3 | 4 | 2 | 2 | 7 | 7 | |
| Guidance Reliability | 1 | 5 | 3 | 5 | 2 | 4 | |
| Pricing | 1 | 1 | 1 | 3 | 6 | 3 |
Calendar quarter Q2 2026Earnings call May 28, 2026
FY2026 Q4 in brief
NetApp closed fiscal 2026 with record fourth-quarter results, as revenue rose 12% year over year to $1.95 billion and exceeded the high end of guidance.
Newest quarter FY2027 Q1 is part of Pro · see what Pro adds →
GAAP revenue YoY +12.5% → base 7. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for NetApp (NTAP), FY2026 Q4: 9/10. Scores: NetApp’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: NTAP daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| 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 Q4Selected | $1.95B | +12.5% | $2.03 | +23.0% | 70.1% | 27.3% | 20.7% | $900M |
| FY2027 Q1 | $2.02B | +29.9% | $1.88 | +63.5% | 70.1% | 23.9% | 18.5% | $401M |
| 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 |
| FY2026Selected | $6.92B | +5.4% | $6.36 | +12.0% | 70.7% | 24.1% | 18.4% | $1.87B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What NTAP and other companies said about each other on FY2026 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“How NetApp transformed procurement.”
Workday cites NetApp as a customer that transformed procurement on its platform.
“A recent example of this is that World Wide Technology live AI proving ground where NetApp AFX all flash storage is featured.”
NetApp AFX storage is featured in World Wide Technology's live AI proving ground, a partner channel for AI deployments.
“NetApp's disaggregated AFX solution for their NVIDIA SuperPOD environment enabled independent scaling of compute and storage, delivering flexible future proof infrastructure.”
NetApp AFX storage is deployed alongside NVIDIA SuperPOD for enterprise AI, a signal for NVIDIA AI infrastructure buildouts.
“For example, a leading insurance company accelerated financial risk modeling and data science, by connecting Azure Databricks directly to their data and Azure NetApp file ensuring security governance, and performance.”
NetApp's Azure-native service (Azure NetApp Files) supports AI/data-science workloads on Microsoft Azure, a signal for Azure cloud usage.
“Similarly, an Asian engineering company streamlined its GenAI chatbot deployment on AWS by leveraging FSx for NetApp ONTAP.”
NetApp's ONTAP is offered natively on AWS (FSx for NetApp ONTAP) for GenAI workloads, a signal for Amazon's cloud AI adoption.
“Product revenue of $966 million was up 14% year over year, driven by the execution of a multiyear agreement with Google Cloud to deliver secure, AI ready data infrastructure to Google distributed cloud environments.”
A multiyear Google Cloud agreement was the primary driver of NetApp's 14% product revenue growth, underscoring the scale of the Google Distributed Cloud engagement.
“Another significant achievement is our expanded partnership with Google Cloud for Google Distributed Cloud which underscores both the growing opportunity in AI and sovereign cloud environments and the strength of our technology.”
NetApp expanded its partnership with Google Cloud for Google Distributed Cloud, a signal for Google's sovereign/AI cloud traction.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NTAP NetApp | 9 | +12.5% | |
| ANET Arista Networks | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| DELL Dell Technologies | 9 | +87.5% | |
| HPQ HP Inc. | 6 | +9.0% | |
| IONQ IonQ, Inc. | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| P Everpure, Inc. | 9 | +35.3% | |
| QBTS D-Wave Quantum Inc. | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| RGTI Rigetti Computing, Inc. | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| SMCI Supermicro | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| STX Seagate Technology Holdings | Newest quarter — available with Pro | Newest quarter — available with Pro | |
| WDC Western Digital | Newest quarter — available with Pro | Newest quarter — available with Pro |
Newest-quarter details for 7 peers (score, revenue, headline, themes and macro signals) are available with Pro.