Slide 1: Q4 FY26 Earnings Results
Q4 FY26 EARNINGS RESULTS May 28, 2026 © 2026 NetApp, Inc. All rights reserved.
Slide 2: Safe harbor
Safe harbor • This presentation contains forward-looking statements and projections about our strategy, products and services, including our AI capabilities and initiatives, shareholder returns, and our future results, performance or achievements, financial and otherwise. These statements and projec
Slide 3: FY26 was a record year for NetApp
FY26 was a record year for NetApp, reflecting strong execution and growing demand for our intelligent data infrastructure platform for hybrid multicloud environments. We achieved our target operating margin, advanced our AI and cloud innovation, and deepened key partnerships, positioning us well for
Slide 4: Strong momentum: record highs in FY26
Strong momentum Record highs in FY26 All Flash Keystone TCV1 Cloud Storage2 Net Revenue $4.2B $300M $540M 11% 34% 30% $6.9B Y/Y growth Y/Y growth Y/Y growth Operating Margin3 Net Income3 EPS3 5% 30.2% $1.6B $8.13 Y/Y growth 190bps 8% 12% Y/Y growth Y/Y growth Y/Y growth (1) TCV Sales of our Keystone
Slide 5: AI challenge
Progress in infrastructure technologies AI models processing data Standard data formats & data processing frameworks ADDRESSING THE Knowledge graphs provide AI CHALLENGE context & enhance accuracy Extraction of metadata, enrichment & processing of data where it is created 5 © 2026 NetApp, Inc. All r
Slide 6: NetApp data infrastructure platform
NETAPP DATA INFRASTRUCTURE PLATFORM UNIFIED CONSOLE Manage Everything in One Place AI DATA ACCESS Governance, Metadata, Indexing, Search Always on Data Resilience INFRASTRUCTURE On-Prem or Cloud 6 © 2026 NetApp, Inc. All rights reserved.
Slide 7: AI success
Data is the AI is Inherently Fuel for AI Hybrid Optimized Data Enterprise-Grade Infrastructure for Robust AI AI SUCCESS Infrastructure Governance for AI & Security 7 © 2026 NetApp, Inc. All rights reserved.
Slide 8: As we look ahead to fiscal year 2027
As we look ahead to fiscal year 2027, we remain confident in our strategy and our ability to execute. Our guidance reflects continued momentum in the business, supported by solid enterprise IT demand and increasing activity in AI. We are focused on delivering revenue growth, disciplined operational
Slide 9: Q4 and FY26 highlights
Q4 and FY26 highlights Q4 & FY26 ALL TIME HIGHS INNOVATION & PARTNERSHIPS RECOGNITION • Net revenue • Introduced AI Data Engine, • Won the 2026 Google Cloud • All-flash revenue AFX, AIPod Mini, and updated Infrastructure Modernization EF-series products for AI Partner of the Year for Storage • Keyst
Slide 10: FY26 summary
FY26 summary FY26 guidance FY26 actual (as of Feb 26, 2026) Net revenue $6.772B – $6.922B $6.93B +5.4% y/y Billings1 $7.21B +6.3% y/y Gross margin1 70.7% – 71.7% 71.3% +20 bps y/y Operating margin1 29.3% – 30.3% 30.2% +190 bps y/y Earnings per share1 $7.92 – $8.02 $8.13 +12.1% y/y FCF margin1 27.0%
Slide 11: Revenue transformation delivering top line growth
Revenue transformation delivering top line growth All Flash and Public Cloud drive record revenue in FY26 $6.9B $6.6B $6.3B FY24 – FY26 CAGR Net Revenue 5% Public Cloud 6% All flash 13% Other Hybrid Cloud -7% Excluding Spot by NetApp (divested March 2025) Net Revenue 6% Public Cloud 17% FY24 FY25 FY
Slide 12: Creating value for NetApp shareholders
Creating value for NetApp shareholders $1.6B 118% Capital allocation highlights $1.3B $1.4B FY26 • $950M Share repurchases 86% • $413M Dividends 73% • Reduced diluted share count by ~4% Announced additional $1B share repurchase authorization FY24 FY25 FY26 Buyback Dividend Percent Free Cash Flow 12
Slide 13: Q4 FY26 summary
Q4 FY26 summary Q4 guidance Q4 actual (as of Feb 26, 2026) Net revenue $1.795B – $1.945B $1.95B +12.5% y/y Billings1 $2.16B +6.4% y/y Gross margin1 69.5% – 70.5% 70.5% +100 bps y/y Operating margin1 30.5% – 31.5% 32.0% +340 bps y/y Earnings per share1 $2.21 – $2.31 $2.43 +25.9% y/y FCF margin1 46.2%
Slide 14: Revenues
Revenues All flash & Public Cloud compose 72% of Q4 FY26 net revenue 12% Y/Y $1.9B $1.7B $1.7B $1.7B $1.7B $1.7B $1.6B $1.5B $1.6B Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Other Hybrid Cloud 1 All flash Public Cloud 14 © 2026 NetApp, Inc. All rights reserved. 1 Other H
Slide 15: Billings
Billings 6% Y/Y $2.2B $2.0B $1.9B $1.8B $1.7B $1.6B $1.6B $1.5B $1.4B Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Billings 15 © 2026 NetApp, Inc. All rights reserved. Billings is a Non-GAAP measure. Refer to appendix for additional details and a reconciliation between GAA
Slide 16: Non-GAAP gross margin
Non-GAAP gross margin $1.4B $1.2B $1.2B $1.2B $1.2B $1.2B $1.2B $1.1B $1.1B 71.5% 72.2% 72.0% 72.6% 70.7% 71.1% 71.2% 70.5% 69.5% Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Hybrid Cloud gross profit Public Cloud gross profit Consolidated gross margin 16 © 2026 NetApp, In
Slide 17: Hybrid Cloud revenue and non-GAAP gross margin
Hybrid Cloud revenue and non-GAAP gross margin $1.8B $1.6B $1.5B $1.5B $1.5B $1.5B $1.5B $1.4B $1.4B 71.8% 72.4% 71.8% 70.1% 70.0% 71.4% 69.6% 68.4% 69.0% Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Revenue Gross margin The company has two segments for financial reporting
Slide 18: Public Cloud revenue and non-GAAP gross margin
Public Cloud revenue and non-GAAP gross margin $182M $174M $171M $174M $168M $164M $159M $161M $152M 83.0% 85.1% 85.7% 79.3% 80.1% 73.8% 76.4% 68.4% 71.1% Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Revenue Gross margin The company has two segments for financial reporting
Slide 19: All flash revenue
All flash revenue 18% Y/Y $1,216M $1,034M $1,026M $1,043M $912M $944M $943M $893M $842M Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 All flash revenue 19 © 2026 NetApp, Inc. All rights reserved.
Slide 20: Non-GAAP operating expense
Non-GAAP operating expense $750M $723M $719M $707M $707M $707M $714M $686M $669M 46.3% 45.3% 43.3% 43.4% 41.5% 40.8% 40.8% 40.0% 38.5% Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Non-GAAP operating expense Non-GAAP operating expense as a percent of revenue 20 © 2026 NetAp
Slide 21: Non-GAAP operating income
Non-GAAP operating income $624M $530M $533M $492M $496M $469M $475M 32.0% 31.1% 31.1% 30.0% $399M $401M 28.1% 28.6% 28.6% 25.9% 25.7% Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Non-GAAP operating income Non-GAAP operating margin 21 © 2026 NetApp, Inc. All rights reserved
Slide 22: Non-GAAP earnings per share
Non-GAAP earnings per share 26% Y/Y $2.43 $2.12 $2.05 $1.87 $1.91 $1.93 $1.80 $1.56 $1.55 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Non-GAAP earnings per share 22 © 2026 NetApp, Inc. All rights reserved. Refer to appendix for additional details and a reconciliation betw
Slide 23: Free cash flow
Free cash flow $900M $640M $620M $567M 46.2% 39.8% 37.0% 34.0% $338M $300M $271M 19.5% 20.6% 15.8% $60M $78M 3.6% 4.6% Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Free cash flow Free cash flow margin 23 © 2026 NetApp, Inc. All rights reserved. Refer to appendix for additi
Slide 24: Deferred revenue
Deferred revenue 7% Y/Y $4.8B $4.5B $4.5B $4.6B $4.4B $4.2B $4.2B $4.1B $4.1B Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Deferred revenue balance 24 © 2026 NetApp, Inc. All rights reserved.
Slide 25: Q1 Guide
Q1 Guide Q4 FY24 Guidance $1.75B – $1.90B Revenue as of Feb 29, 2024 Gross margin* 69.1% – 70.1% Operating margin* 28.4% – 29.4% Q1 FY27 GUIDANCE AS OF MAY 28, 2026 Earnings per share* $2.05 – $2.15 *Gross margin, operating margin and EPS are Non-GAAP numbers. Refer to appendix for additional 25 © 2
Slide 26: FY27 Guide
FY27 Guide Revenue $7.325B – $7.575B Gross margin* 68.5% – 69.5% Operating margin* 29.1% – 30.1% FY27 GUIDANCE AS OF MAY 28, 2026 Earnings per share* $8.70 – $9.00 Additional modeling points Tax rate* 20% – 21% *Gross margin, operating margin and EPS are Non-GAAP numbers. Refer to appendix for addit
Slide 27: Appendix: Supplementary Tables and GAAP to Non-GAAP Reconciliations
Appendix: Supplementary Tables and GAAP to Non- GAAP Reconciliations & Explanations © 2026 NetApp, Inc. All rights reserved.
Slide 28: Supplemental revenue and gross margin data
Supplemental revenue and gross margin data RECONCILIATION OF SEGMENTS GROSS PROFIT TO TOTAL GROSS PROFIT ($ in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2026 FY2025 Revenues by Segment Product $ 806 $ 669 $ 768 $ 758 $ 845 $ 654 $ 788 $ 786 $ 966 $ 3,194 $ 3
Slide 29: Reconciliation of net revenues to billings (Non-GAAP)
Reconciliation of net revenues to billings (Non-GAAP) RECONCILIATION OF NET REVENUES TO BILLINGS (NON-GAAP) ($ in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2026 FY2025 Net revenues $ 1,668 $ 1,541 $ 1,658 $ 1,641 $ 1,732 $ 1,559 $ 1,705 $ 1,713 $ 1,948 $ 6,9
Slide 30: Reconciliation of GAAP to Non-GAAP gross profit and gross margin
Reconciliation of GAAP to Non-GAAP gross profit and gross margin RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND GROSS MARGIN ($ in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2026 FY2025 Net revenues $ 1,668 $ 1,541 $ 1,658 $ 1,641 $ 1,732 $ 1,559 $ 1,705
Slide 31: Reconciliation of GAAP to Non-GAAP operating expenses
Reconciliation of GAAP to Non-GAAP operating expenses RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES ($ in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2026 FY2025 Operating expenses $ 810 $ 816 $ 832 $ 783 $ 845 $ 789 $ 828 $ 775 $ 833 $ 3,225 $ 3,276 A
Slide 32: Reconciliation of GAAP to Non-GAAP operating margin
Reconciliation of GAAP to Non-GAAP operating margin RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN ($ in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2026 FY2025 Income from operations $ 366 $ 282 $ 345 $ 362 $ 348 $ 309 $ 399 $ 434 $ 532 $ 1,674 $ 1,337 A
Slide 33: Reconciliation of GAAP to Non-GAAP net income per share
Reconciliation of GAAP to Non-GAAP net income per share RECONCILIATION OF GAAP TO NON-GAAP NET INCOME PER SHARE Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2026 FY2025 Net income per share $ 1.37 $ 1.17 $ 1.42 $ 1.44 $ 1.65 $ 1.15 $ 1.51 $ 1.67 $ 2.03 $ 6.35 $ 5.67 Adju
Slide 34: Reconciliation of operating cash flow to free cash flow
Reconciliation of net cash provided by (used in) operating activities to free cash flow (Non-GAAP) RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW (NON-GAAP) ($ in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 FY2026 FY2025
Slide 35: Reconciliation of cash and investments to net cash
Reconciliation of cash, cash equivalents and short-term investments to net cash (Non-GAAP) RECONCILIATION OF CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS TO NET CASH (NON-GAAP) ($ in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Cash, cash equivalents and inv
Slide 36: Reconciliation of GAAP guidance to Non-GAAP - first quarter fiscal 2027
Reconciliation of GAAP guidance to Non-GAAP - first quarter fiscal 2027 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FIRST QUARTER FISCAL 2027 First Quarter Fiscal 2027 GAAP Guidance - Gross Margin 68.1% - 69.1% Adjustments: Cost of revenues adjustments 1% Non-GAAP Guidance - Gross Margi
Slide 37: Reconciliation of GAAP guidance to Non-GAAP - first quarter fiscal 2027, continued
Reconciliation of GAAP guidance to Non-GAAP - first quarter fiscal 2027, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FIRST QUARTER FISCAL 2027 First Quarter Fiscal 2027 GAAP Guidance - Net Income Per Share $1.35 - $1.45 Adjustments of Specific Items to Net Income Per Share for
Slide 38: Reconciliation of GAAP guidance to Non-GAAP – fiscal 2027
Reconciliation of GAAP guidance to Non-GAAP – fiscal 2027 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FISCAL 2027 Fiscal 2027 GAAP Guidance - Gross Margin 67.5% - 68.5% Adjustments: Cost of revenues adjustments 1% Non-GAAP Guidance - Gross Margin 68.5% - 69.5% Fiscal 2027 GAAP Guidance
Slide 39: Reconciliation of GAAP guidance to Non-GAAP – fiscal 2027, continued
Reconciliation of GAAP guidance to Non-GAAP – fiscal 2027, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FISCAL 2027 Fiscal 2027 GAAP Guidance - Net Income Per Share $6.51 - $6.81 Adjustments of Specific Items to Net Income Per Share for Fiscal 2027: Amortization of intangible a
Slide 40: Reconciliation of GAAP guidance to Non-GAAP - fourth quarter fiscal 2026
Reconciliation of GAAP guidance to Non-GAAP - fourth quarter fiscal 2026 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FOURTH QUARTER FISCAL 2026 Fourth Quarter Fiscal 2026 GAAP Guidance - Gross Margin 68.5% - 69.5% Adjustments: Cost of revenues adjustments 1% Non-GAAP Guidance - Gross Ma
Slide 41: Reconciliation of GAAP guidance to Non-GAAP - fourth quarter fiscal 2026, continued
Reconciliation of GAAP guidance to Non-GAAP - fourth quarter fiscal 2026, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FOURTH QUARTER FISCAL 2026 Fourth Quarter Fiscal 2026 GAAP Guidance - Net Income Per Share $1.76 - $1.86 Adjustments of Specific Items to Net Income Per Share
Slide 42: © 2026 NetApp, Inc. All rights reserved.
© 2026 NetApp, Inc. All rights reserved.