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Sentiment · FY2026 Q4
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Dave Vogt | UBS | 11 | 0% |
| Tim Long | Barclays | 11 | 9% |
| Samik Chatterjee | JPMorgan | 10 | 10% |
| Simon Leopold | Raymond James | 10 | 10% |
| Param Singh | Oppenheimer | 10 | 0% |
| Krish Sankar | TD Cowen | 10 | 10% |
| Ananda Baruah | Loop Capital | 9 | 0% |
| Wamsi Mohan | Bank of America | 9 | 22% |
| Jason Ader | William Blair | 9 | 11% |
| Steve Fox | Fox Advisors | 8 | 13% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Bank of America | 2 | 12 | 17% |
| Barclays | 2 | 12 | 8% |
| JPMorgan | 2 | 12 | 8% |
| Morgan Stanley | 3 |
| 11 |
| 9% |
| UBS | 1 | 11 | 0% |
| Oppenheimer | 1 | 10 | 0% |
| Raymond James | 1 | 10 | 10% |
| TD Cowen | 1 | 10 | 10% |
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 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NTAP NetApp | 9 | +12.5% | |
| ANET Arista Networks | 9 | +35.1% | |
| DELL Dell Technologies | 9 | +87.5% | |
| HPQ HP Inc. | 6 | +9.0% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |