Slide 1: Q3 FY26 Earnings Results
Q3 FY26 EARNINGS RESULTS © 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: NetApp has led in data infrastructure innovation
Across several eras in the age of data, NetApp has led in data infrastructure innovation Adoption Complexity Acceleration Simplification Data Silos & Hybrid Hybrid Intelligence Unification Cloud Multiclouds NetApp delivers silo-free infrastructure, then harnesses observability and AI to enable NetAp
Slide 4: For over 30 years …
For over 30 years … NetApp has been at the forefront of data innovation - helping the world’s leading organizations turn their data into a true driver of transformation. Innovation isn’t just part of our story – it is our story. © 2026 NetApp, Inc. All rights reserved.
Slide 5: Today …
Today … data is everywhere, and security threats, fragmented architecture, shortage of expertise, and operational complexity slow down progress. We help enterprises solve their most pressing data challenges by rethinking the very foundation they run on – delivering data infrastructure that’s optimiz
Slide 6: Our customers rely on NetApp…
Our customers rely on We unify data services … We bring these priorities NetApp… without tearing down what to life … to modernize data already works and connect through the full strength of our infrastructure, transform fragmented environments portfolio, expert services, and cloud strategies, drive
Slide 7: The reality is …
The reality is … …most companies already have data infrastructure - but very few have one that can evolve, scale, and protect. Only NetApp brings together a legacy of innovation, deep customer focus, and unmatched technical depth to help organizations build Intelligent Data Infrastructure. © 2026 Ne
Slide 8: NetApp is THE Intelligent Infrastructure company
That’s what enables NetApp to solve what others can’t. This is why NetApp is THE Intelligent Infrastructure company. © 2026 NetApp, Inc. All rights reserved.
Slide 9: Q3 FY26 highlights
• On track to deliver our strongest year yet • Delivering significant momentum in AI, with approximately 300 data preparation and foundational storage for AI wins • Realizing significant customer interest and engagement with new AI solutions, AFX and AI Data Engine Q3 FY26 highlights • Generating hi
Slide 10: Q3 FY26 summary
Q3 FY26 summary Q3 guidance Q3 actual (as of Nov 25, 2025) Revenue $1.615B – $1.765B $1.71B +4.4% y/y Billings1 $1.89B +10.1% y/y Gross margin1 72.3% – 73.3% 71.2% +50 bps y/y Operating margin1 30.5% – 31.5% 31.1% +110 bps y/y Earnings per share1 $2.01 – $2.11 $2.12 +11.0% y/y FCF margin1 15.8% Rema
Slide 11: FY26 YTD summary
FY26 YTD summary Q1 Q2 Q3 YTD Revenue $1.56B $1.71B $1.71B $4.98B +1.2% y/y +2.8% y/y +4.4% y/y +2.8% y/y Billings1 $1.51B $1.65B $1.89B $5.04B +4.3% y/y +3.8% y/y +10.1% y/y +6.2% y/y Gross margin1 71.1% 72.6% 71.2% 71.6% -110 bps y/y +60 bps y/y +50 bps y/y -10 bps y/y Operating margin1 25.7% 31.1
Slide 12: Revenues
Revenues All Flash & Public Cloud compose 71% of total Q3 FY26 revenue 4% Y/Y $1.7B $1.7B $1.7B $1.7B $1.7B $1.6B $1.6B $1.6B $1.5B Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Other Hybrid Cloud1 All Flash Public Cloud © 2026 NetApp, Inc. All rights reserved. 1 Other Hybr
Slide 13: Billings
Billings 10% Y/Y $2.0B $1.9B $1.8B $1.7B $1.7B $1.6B $1.6B $1.5B $1.4B Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Billings © 2026 NetApp, Inc. All rights reserved. Billings is a Non-GAAP measure. Refer to appendix for additional details and a reconciliation between GAAP
Slide 14: Non-GAAP gross margin
Non-GAAP gross margin $1.2B $1.2B $1.2B $1.2B $1.2B $1.2B $1.2B $1.1B $1.1B 72.7% 71.5% 72.2% 72.0% 72.6% 70.7% 71.1% 71.2% 69.5% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Hybrid Cloud gross profit Public Cloud gross profit Consolidated gross margin © 2026 NetApp, Inc.
Slide 15: Hybrid Cloud revenue and non-GAAP gross margin
Hybrid Cloud revenue and non-GAAP gross margin $1.6B $1.5B $1.5B $1.5B $1.5B $1.5B $1.5B $1.4B $1.4B 73.4% 71.8% 72.4% 71.8% 71.4% 70.1% 68.4% 70.0% 69.6% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Revenue Gross margin The company has two segments for financial reporting
Slide 16: Public Cloud revenue and non-GAAP gross margin
Public Cloud revenue and non-GAAP gross margin $174M $171M $174M $168M $164M $159M $161M $151M $152M 83.0% 85.1% 79.3% 80.1% 73.8% 76.4% 68.4% 71.1% 65.6% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Revenue Gross margin The company has two segments for financial reporting
Slide 17: All flash array annualized revenue run rate
All flash array annualized revenue run rate 11% Y/Y $4.1B $4.1B $4.2B $3.8B $3.8B $3.6B $3.6B $3.4B $3.4B Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 All flash array annualized revenue run rate © 2026 NetApp, Inc. All rights reserved. AFA annualized revenue run rate is de
Slide 18: Non-GAAP operating expense
Non-GAAP operating expense $723M $714M $719M $707M $707M $707M $682M $669M $686M 46.3% 45.3% 43.3% 43.4% 42.5% 41.5% 40.8% 40.8% 40.0% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Non-GAAP operating expense Non-GAAP operating expense as a percent of revenue © 2026 NetApp,
Slide 19: Non-GAAP operating income
Non-GAAP operating income $530M $533M $485M $492M $496M $469M $475M $399M $401M 31.1% 31.1% 30.2% 30.0% 28.1% 28.6% 28.6% 25.9% 25.7% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Non-GAAP operating income Non-GAAP operating margin © 2026 NetApp, Inc. All rights reserved. R
Slide 20: Non-GAAP earnings per share
Non-GAAP earnings per share 11% Y/Y $2.12 $2.05 $1.94 $1.91 $1.93 $1.87 $1.80 $1.56 $1.55 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Non-GAAP earnings per share © 2026 NetApp, Inc. All rights reserved. Refer to appendix for additional details and a reconciliation between
Slide 21: Free cash flow
Free cash flow $640M $620M $567M $448M 39.8% 37.0% 34.0% 27.9% $338M $300M $271M 19.5% 20.6% 15.8% $60M $78M 3.6% 4.6% Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Free cash flow Free cash flow margin © 2026 NetApp, Inc. All rights reserved. Refer to appendix for additiona
Slide 22: Deferred revenue
Deferred revenue 12% Y/Y $4.5B $4.5B $4.6B $4.4B $4.1B $4.2B $4.2B $4.1B $4.1B Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Deferred revenue balance © 2026 NetApp, Inc. All rights reserved.
Slide 23: Q4 Guide
Q4 Guide Q4 FY24 Guidance $1.795B – $1.945B Revenue as of Feb 29, 2024 Gross margin* 69.5% – 70.5% Operating margin* 30.5% – 31.5% Q4 FY26 GUIDANCE AS OF FEB 26, 2026 Earnings per share* $2.21 – $2.31 *Gross margin, operating margin and EPS are Non-GAAP numbers. Refer to appendix for additional © 20
Slide 24: Updated FY26 Guidance
FY26 Guide Revenue $6.772B – $6.922B Gross margin* 70.7% – 71.7% Operating margin* 29.3% – 30.3% UPDATED FY26 GUIDANCE Earnings per share* $7.92 – $8.02 AS OF FEB 26, 2026 Additional modeling points Other income and expenses** Approx -$24M Tax rate* 20.2% – 21.2% *Gross margin, operating margin, EPS
Slide 25: Appendix: Supplementary Tables and GAAP to Non-GAAP Reconciliations
Appendix: Supplementary Tables and GAAP to Non- GAAP Reconciliations & Explanations © 2026 NetApp, Inc. All rights reserved.
Slide 26: Supplemental revenue and gross margin data
Supplemental revenue and gross margin data RECONCILIATION OF SEGMENTS GROSS PROFIT TO TOTAL GROSS PROFIT ($ in millions) First Nine Months First Nine Months Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 of FY2025 of FY2026 Revenues by Segment Product $ 747 $ 806 $ 669 $ 768
Slide 27: Reconciliation of net revenues to billings
Reconciliation of net revenues to billings (Non-GAAP) RECONCILIATION OF NET REVENUES TO BILLINGS (NON-GAAP) ($ in millions) First Nine Months First Nine Months Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 of FY2025 of FY2026 Net revenues $ 1,606 $ 1,668 $ 1,541 $ 1,658 $ 1
Slide 28: 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) First Nine Months First Nine Months Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 of FY2025 of FY2026 Net revenues $ 1,606 $ 1,6
Slide 29: 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) First Nine Months First Nine Months Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 of FY2025 of FY2026 Operating expenses $ 785 $ 810 $ 816 $ 832 $ 783
Slide 30: 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) First Nine Months First Nine Months Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 of FY2025 of FY2026 Income from operations $ 366 $ 366 $ 282 $ 345 $ 362
Slide 31: 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 First Nine Months First Nine Months Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 of FY2025 of FY2026 Net income per share $ 1.48 $ 1.37 $ 1.17 $ 1.42 $ 1.44 $ 1.
Slide 32: Reconciliation of net cash provided by operating activities
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) First Nine Months First Nine Months Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1
Slide 33: 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) Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Cash, cash equivalents and inv
Slide 34: Reconciliation of GAAP guidance to Non-GAAP - Q4 FY26
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 35: Reconciliation of GAAP guidance to Non-GAAP, continued - Q4 FY26
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 36: Reconciliation of GAAP guidance to Non-GAAP - FY26
Reconciliation of GAAP guidance to Non-GAAP – fiscal 2026 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FISCAL 2026 Fiscal 2026 GAAP Guidance - Gross Margin 69.7% - 70.7% Adjustments: Cost of revenues adjustments 1% Non-GAAP Guidance - Gross Margin 70.7% - 71.7% Fiscal 2026 GAAP Guidance
Slide 37: Reconciliation of GAAP guidance to Non-GAAP, continued - FY26
Reconciliation of GAAP guidance to Non-GAAP – fiscal 2026, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FISCAL 2026 Fiscal 2026 GAAP Guidance - Net Income Per Share $6.07 - $6.17 Adjustments of Specific Items to Net Income Per Share for Fiscal 2026: Amortization of intangible a
Slide 38: Reconciliation of GAAP guidance to Non-GAAP - Q3 FY26
Reconciliation of GAAP guidance to Non-GAAP - third quarter fiscal 2026 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP THIRD QUARTER FISCAL 2026 Third Quarter Fiscal 2026 GAAP Guidance - Gross Margin 71.3% - 72.3% Adjustments: Cost of revenues adjustments 1% Non-GAAP Guidance - Gross Margi
Slide 39: Reconciliation of GAAP guidance to Non-GAAP, continued - Q3 FY26
Reconciliation of GAAP guidance to Non-GAAP - third quarter fiscal 2026, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP THIRD QUARTER FISCAL 2026 Third Quarter Fiscal 2026 GAAP Guidance - Net Income Per Share $1.52 - $1.62 Adjustments of Specific Items to Net Income Per Share for
Slide 40: © 2026 NetApp, Inc. All rights reserved.
© 2026 NetApp, Inc. All rights reserved.