NTAP NetApp, Inc.

Overview and Growth

NetApp, Inc. generated $6.24B of revenue in fiscal 2026, with net income of $1.28B and an operating cash inflow of $2.07B. Revenue of $6.24B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 5.6% from $5.91B in fiscal 2025, increasing the company’s operating scale. On a per-share basis, diluted EPS was $6.35, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 12.0% from $5.67 in fiscal 2025, showing how the earnings change reached shareholders on a per-share basis.

Profitability

After reported cost of revenue, the company retained $4.90B as gross profit before recognizing operating expenses and other items. Gross margin was 78.5%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced $1.67B of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 26.8% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $1.28B, after the operating, financing, tax, and other items recognized for the period. Net margin was 20.5%, meaning that this portion of revenue remained as net income after all recognized expenses. The earnings statement records $1.65B of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 26.4% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $372.00M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 22.6%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

The company held $10.74B of assets against $9.39B of liabilities and $1.35B of equity, revealing how the asset base was financed. The near-term balance sheet paired $5.78B of current assets with $4.02B of current liabilities at the reporting date. Current assets covered current liabilities by 1.44x, leaving a positive buffer for near-term obligations. The company held $2.07B in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 51.5% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $2.49B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 1.84x, showing how much debt the company carried for each unit of book equity. Debt represented 23.1% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 87.4%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 19.3% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $2.07B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.62x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $198.00M of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 9.6% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $1.87B of positive free cash flow for the period. The free-cash-flow margin was 30.0%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 17.4% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Apr 24, 2026. Analysis generated Oct 21, 2026.