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Sentiment · FY2026 Q4
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.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tim Long | Barclays | 11 (9%) |
| Dave Vogt | UBS | 11 (0%) |
| Krish Sankar | TD Cowen | 10 (10%) |
| Simon Leopold | Raymond James | 10 (10%) |
| Param Singh | Oppenheimer | 10 (0%) |
| Samik Chatterjee | JPMorgan | 10 (10%) |
| Wamsi Mohan | Bank of America | 9 (22%) |
| Jason Ader | William Blair | 9 (11%) |
| Ananda Baruah | Loop Capital | 9 (0%) |
| Steven Fox | Fox Advisors | 8 (13%) |
| Firm | Analysts | Questions (Challenge)Percentage 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 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.
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 |
| '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 9 | 4 | 11 | 7 | 12 | 6 |
| Demand | 9 | 6 | 9 | 6 | 9 | 9 |
| Revenue Growth | 7 | 4 | 10 | 6 | 6 | 2 |
| Competitive Dynamics | 4 | 6 | 7 | 3 | 6 | 4 |
| Margin | 2 | 2 | 5 | 5 | 5 | 7 |
| Supply Chain | 3 | 4 | 2 | 2 | 7 | 7 |
| Guidance Reliability | 1 | 5 | 3 | 5 | 2 | |
| Pricing | 1 | 1 | 1 | 3 | 6 |
| 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 |
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 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“You may have seen there's some chatter today, the company, Square is like laying off like half its workforce.”
An analyst cites Square's (Block's) large AI-driven workforce reduction as an example while asking NetApp about AI efficiency in its own development organization.
“selected Azure NetApp Files for its proven performance, ease of use and enterprise-grade reliability.”
A customer chose Azure NetApp Files (NetApp's first-party Microsoft Azure service) as the cornerstone of its cloud transformation.
“In Q3, we introduced a new capability, enabling Amazon S3 Access Points for Amazon FSx for NetApp ONTAP.”
NetApp's first-party integration with AWS (Amazon FSx for NetApp ONTAP) deepens, connecting AWS AI and analytics services to NetApp data.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
NTAP NetApp | 8 | +4.4% | |
| ANET Arista Networks | 9 | +35.1% | |
| DELL Dell Technologies | 10 | +40.2% | |
| HPQ HP Inc. | 5 | +6.9% | |
| IONQ IonQ, Inc. | 9 | +754.7% | |
| QBTS D-Wave Quantum Inc. | 2 | -81.0% | |
| RGTI Rigetti Computing, Inc. | 8 | +198.9% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |