Slide 1: Q4 FY25 Earnings Results
Q4 FY25 EARNINGS RESULTS © 2025 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, shareholder returns, and our future results, performance or achievements, financial and otherwise. These statements and projections reflect management's current expectations
Slide 3: NetApp is the Intelligent Data Infrastructure Company
NetApp is the INTELLIGENT DATA INFRASTRUCTURE COMPANY 3 © 2025 NetApp, Inc. All rights reserved.
Slide 4: Across several eras in the age of data, NetApp has led
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 5: Data infrastructure
GENT DATA INFRASTRU TELLI CTU RE IN SECURITY SUSTAINABILITY EM INTEGRATIONS ECOSYST Infrastructure Data & AI & Workload Services SAVINGS Services SCALABILITY Public Use Case Clouds Solutions NetApp STaaS Intelligent Services SIMPLICITY SMARTS Unified Data Solutions Industry Solutions Storage Storage
Slide 6: Silo buster business
BE THE BE THE BE THE SILO BUDGET SUSTAINABILITY BUSTER HERO CHAMPION Deliver simplicity by managing Make your on-premises and cloud Power more sustainable complex workloads and infrastructure spend go further operations with energy-efficient eliminating infrastructure silos technologies, tiering, an
Slide 7: Competitively positioned to drive growth in key markets
Competitively positioned to drive growth in key markets Flash Block Cloud AI + AFF Series ASA Series Optimized The right product Only natively Large portion of the performance and and strategy to integrated player, world’s unstructured design across all disrupt the mature addressing a broad enterpri
Slide 8: ONTAP: unified simplicity at scale
Increase productivity and minimize risk with unified simplicity at scale High-performance AI/ML/modern Dev/test or Virtual machines Databases Kubernetes Cloud storage file data lakes secondary ONLY NETAPP Comprehensive data management software delivering automation, efficiency, ONTAP ONTAP STORAGE S
Slide 9: ONTAP: Flexible unified storage for any app, any data, anywhere
Flexible unified storage for any app, any data, anywhere NetApp AFF Any unstructured file or object SMB NFS S3 workload Any block NVMe/FC NVMe/TCP workload FCP iSCSI Comprehensive data management software delivering automation, efficiency, ONTAP data protection, and security capabilities for file, b
Slide 10: Consume your data infrastructure on your terms
Consume your data infrastructure on your terms Ultimate flexibility, guaranteed As-A-Service Integrated Tech Refresh Traditional Purchase Public Cloud Consumption NetApp Keystone • Always available and • Choose from the three Storage Lifecycle Program • Procure services, not systems unchanged larges
Slide 11: Peace of mind, guaranteed
Peace of mind, guaranteed Continually evolve your storage environment with confidence Ransomware 6 Nines (99.9999%) Predictable Media Replacement Storage Efficiency Recovery Data Availability Support Pricing Assurance Guarantee Guarantee Guarantee OPTIONAL PROGRAM1 INCLUDED w/ ASA2 INCLUDED w/ Suppo
Slide 12: Unified control across your hybrid multicloud
Unified control across your hybrid multicloud NetApp BlueXP Unified control of storage and services for all your data wherever it lives Powerful AIOps drives operational simplicity Flexible consumption of resources unlocks control, investment protection, and ROI Integrated services maximize data pro
Slide 13: It's always ONTAP, delivered how you need it
It's always ONTAP, delivered how you need it, where you need it On-Premises/ Amazon FSx Google Cloud NetApp Cloud Azure NetApp Files Hybrid Cloud for NetApp ONTAP NetApp Volumes Volumes ONTAP The only common storage software provided as on-premises enterprise storage and as a native managed cloud st
Slide 14: NetApp makes data infrastructure intelligent
NETAPP MAKES DATA INFRASTRUCTURE INTELLIGENT TO TURN A WORLD OF DISRUPTION INTO OPPORTUNITIES FOR EVERY CUSTOMER 14 © 2025 NetApp, Inc. All rights reserved.
Slide 15: Q4 FY25 highlights
Delivered a record-setting year, achieving all-time highs across multiple revenue and profitability metrics Increased market share, gaining almost 3-points in the all-flash market and almost 1-point in the block storage market in CY20241 Received the 2025 Google Cloud Infrastructure Modernization Pa
Slide 16: Strong momentum
Strong momentum Record highs in FY25 All Flash1 Keystone3 Cloud Storage4 Total Revenue $4.1B $224M $416M 14% 54% 43% $6.6B Y/Y growth2 Y/Y growth2 Y/Y growth2 Operating Margin5 Net Income5 EPS5 5% 28.3% $1.5B $7.25 Y/Y growth2 150bps 10% 12% Y/Y growth2 Y/Y growth2 Y/Y growth2 (1) AFA annu alize d n
Slide 17: Revenue transformation delivering top line growth
Revenue transformation delivering top line growth All Flash and Public Cloud drive record revenue in FY25 $6.6B $6.3B $6.4B $6.3B $5.7B FY20 – FY25 $5.4B CAGR Total Revenue 4% Public Cloud 61% All Flash 11% Other Hybrid Cloud1 -7% FY20 FY21 FY22 FY23 FY24 FY25 Other Hybrid Cloud1 All Flash Public Cl
Slide 18: Q4 FY25 summary
Q4 FY25 summary Q4 guidance Q4 actual (as of Feb 27, 2025) Revenue $1.65B – $1.80B $1.73B +3.8% y/y Billings1 $2.03B +12.0% y/y Gross margin1 69 – 70% 69.5% -200 bps y/y Operating margin1 ~ 28% 28.6% +50 bps y/y Earnings per share1 $1.84 – $1.94 $1.93 +7.2% y/y FCF margin1 37.0% Remaining performanc
Slide 19: FY25 summary
FY25 summary FY25 guidance FY25 actual (as of Feb 27, 2025) Revenue $6.49B – $6.64B $6.57B +4.9% y/y Billings1 $6.78B +8.4% y/y Gross margin1 ~ 71% 71.1% -60 bps y/y Operating margin1 28% – 28.5% 28.3% +150 bps y/y Earnings per share1 $7.17 – $7.27 $7.25 +12.4% y/y FCF margin1 20.4% Remaining perfor
Slide 20: Revenues 4% Y/Y
Revenues 4% Y/Y $1.7B $1.7B $1.6B $1.7B $1.6B $1.6B $1.5B $1.4B Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Services revenue Product revenue 20 © 2025 NetApp, Inc. All rights reserved.
Slide 21: Billings 12% Y/Y
Billings 12% Y/Y $2.0B $1.8B $1.7B $1.7B $1.6B $1.5B $1.4B $1.3B Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Billings Billings is a Non-GAAP measure. Refer to appendix for additional details and a reconciliation between GAAP and Non-GAAP numbers. 21 © 2025 NetApp, Inc. All rights
Slide 22: Non-GAAP gross margin
Non-GAAP gross margin $1,192M $1,194M $1,203M $1,167M $1,161M $1,125M $1,113M $1,012M 72.0% 72.7% 71.5% 72.2% 72.0% 70.7% 70.7% 69.5% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Non-GAAP gross profit Non-GAAP gross margin Refer to appendix for a reconciliation between GAAP and No
Slide 23: Segment revenue and gross margin
Segment revenue and gross margin Hybrid Cloud Public Cloud $1,568M $1,516M $1,490M $1,467M $1,455M $1,408M $1,382M $174M $168M $164M $1,278M $159M $154M $154M $151M $152M 79.3% 76.4% 73.4% 73.8% 72.7% 72.4% 71.1% 71.8% 71.8% 71.1% 70.1% 68.4% 68.4% 66.9% 66.2% 65.6% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q
Slide 24: All flash array annualized revenue run rate
All flash array annualized revenue run rate 14% Y/Y $4.1B $3.8B $3.8B $3.6B $3.4B $3.4B $3.2B $2.8B Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 All flash annualized array revenue run rate 24 © 2025 NetApp, Inc. All rights reserved. AFA annualized net revenue run rate is determine
Slide 25: Non-GAAP operating expense
Non-GAAP operating expense $703M $723M $714M $719M $707M $706M $682M $669M 49.1% 46.3% 45.2% 43.3% 43.4% 42.5% 40.8% 40.8% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Non-GAAP operating expense Non-GAAP operating expense as a percent of revenue Refer to appendix for a reconciliat
Slide 26: Non-GAAP operating profit
Non-GAAP operating profit $485M $492M $496M $469M $475M $419M $399M 30.2% 30.0% $309M 28.1% 28.6% 28.6% 26.8% 25.9% 21.6% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Non-GAAP operating profit Non-GAAP operating margin Refer to appendix for a reconciliation between GAAP and Non-GA
Slide 27: Non-GAAP earnings per share
Non-GAAP earnings per share 7% Y/Y $1.94 $1.91 $1.93 $1.87 $1.80 $1.58 $1.56 $1.15 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Non-GAAP earnings per share Refer to appendix for a reconciliation between GAAP and Non-GAAP numbers 27 © 2025 NetApp, Inc. All rights reserved.
Slide 28: Free cash flow
Free cash flow $640M $567M $448M $418M $338 37.0% 34.0% $300M 29.2% 27.9% 19.5% 20.6% $97M $60M 6.2% 3.6% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Free cash flow Free cash flow as a percent of revenue Refer to appendix for a reconciliation between GAAP and Non-GAAP numbers 28
Slide 29: Deferred revenue
Deferred revenue 7% Y/Y $4.5B $4.2B $4.1B $4.2B $4.2B $4.1B $4.1 $4.0B Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Deferred revenue balance 29 © 2025 NetApp, Inc. All rights reserved.
Slide 30: Q1 Guide
Q1 Guide Q4 FY24 Guidance $1.455B – $1.605B Revenue as of Feb 29, 2024 Gross margin* 71% – 72% Operating margin* 25% – 26% Q1 FY26 GUIDANCE Earnings per share* $1.48 – $1.58 AS OF MAY 29, 2025 *Gross margin, operating margin and EPS are Non-GAAP numbers. Refer to appendix for additional details and
Slide 31: FY26 Guide
FY26 Guide Updated FY24 Guidance Revenue $6.625B – $6.875B as of Feb 29, 2024 Gross margin* 71% – 72% Operating margin* 28.8% – 29.8% FY26 GUIDANCE Earnings per share* $7.60 – $7.90 AS OF MAY 29, 2025 Additional modeling points Other income and expense** Approx -$10M Tax rate* 20% – 21% *Gross margi
Slide 32: Appendix: Supplementary Tables and GAAP to Non-GAAP Reconciliations
Appendix: Supplementary Tables and GAAP to Non- GAAP Reconciliations & Explanations © 2025 NetApp, Inc. All rights reserved.
Slide 33: Supplemental revenue and gross margin data
Supplemental revenue and gross margin data RECONCILIATION OF SEGMENTS GROSS PROFIT TO TOTAL GROSS PROFIT ($ in millions) Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 Q3'FY25 Q4'FY25 FY2024 FY2025 Revenues by Segment Product $ 590 $ 706 $ 747 $ 806 $ 669 $ 768 $ 758 $ 845 $ 2,849 $ 3,040 Support 6
Slide 34: Reconciliation of net revenues to billings
Reconciliation of net revenues to billings (Non-GAAP) RECONCILIATION OF NET REVENUES TO BILLINGS (NON-GAAP) (In millions) Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 Q3'FY25 Q4'FY25 FY2024 FY2025 Net revenues $ 1,432 $ 1,562 $ 1,606 $ 1,668 $ 1,541 $ 1,658 $ 1,641 $ 1,732 $ 6,268 $ 6,572 Change
Slide 35: Reconciliation of GAAP to Non-GAAP gross profit
Reconciliation of GAAP to Non-GAAP gross profit and gross margin RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND GROSS MARGIN ($ in millions) Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 Q3'FY25 Q4'FY25 FY2024 FY2025 NET REVENUES $ 1,432 $ 1,562 $ 1,606 $ 1,668 $ 1,541 $ 1,658 $ 1,641 $ 1,732
Slide 36: 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) Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 Q3'FY25 Q4'FY25 FY2024 FY2025 OPERATING EXPENSES $ 818 $ 806 $ 785 $ 810 $ 816 $ 832 $ 783 $ 845 $ 3,219 $ 3,276 Adjustments: Am
Slide 37: 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) Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 Q3'FY25 Q4'FY25 FY2024 FY2025 INCOME FROM OPERATIONS $ 178 $ 304 $ 366 $ 366 $ 282 $ 345 $ 362 $ 348 $ 1,214 $ 1,337 Adjustments: Am
Slide 38: 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 Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 Q3'FY25 Q4'FY25 FY2024 FY2025 NET INCOME PER SHARE $ 0.69 $ 1.10 $ 1.48 $ 1.37 $ 1.17 $ 1.42 $ 1.44 $ 1.65 $ 4.63 $ 5.67 Adjustments: Amorti
Slide 39: Reconciliation of operating activities 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) Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 Q3'FY25 Q4'FY25 FY2024 FY2025 Net cash
Slide 40: Reconciliation of GAAP guidance to Non-GAAP
Reconciliation of GAAP guidance to Non-GAAP - first quarter fiscal 2026 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FIRST QUARTER FISCAL 2026 (Unaudited) First Quarter Fiscal 2026 Gross Margin - GAAP Guidance 70% - 71% Adjustment: Cost of revenues adjustments 1% Gross Margin - Non-GAAP
Slide 41: Reconciliation of GAAP guidance to Non-GAAP, continued
Reconciliation of GAAP guidance to Non-GAAP - first quarter fiscal 2026, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FIRST QUARTER FISCAL 2026 (Unaudited) First Quarter Fiscal 2026 Net Income Per Share - GAAP Guidance $1.06 - $1.16 Adjustments: Amortization of intangible asset
Slide 42: Reconciliation of GAAP guidance to Non-GAAP
Reconciliation of GAAP guidance to Non-GAAP – fiscal 2026 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FISCAL 2026 (Unaudited) Fiscal 2026 Gross Margin - GAAP Guidance 70% - 71% Adjustment: Cost of revenues adjustments 1% Gross Margin - Non-GAAP Guidance 71% - 72% Fiscal 2026 Operating M
Slide 43: Reconciliation of GAAP guidance to Non-GAAP, continued
Reconciliation of GAAP guidance to Non-GAAP – fiscal 2026, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FISCAL 2026 Fiscal 2026 Net Income Per Share - GAAP Guidance $5.80 - $6.10 Adjustments: Amortization of intangible assets $0.10 Stock-based compensation expense $2.04 Income
Slide 44: Reconciliation of GAAP guidance to Non-GAAP
Reconciliation of GAAP guidance to Non-GAAP - fourth quarter fiscal 2025 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FOURTH QUARTER FISCAL 2025 (Unaudited) Fourth Quarter Fiscal 2025 Gross Margin - GAAP Guidance 68% - 69% Adjustment: Cost of revenues adjustments 1% Gross Margin - Non-GA
Slide 45: Reconciliation of GAAP guidance to Non-GAAP, continued
Reconciliation of GAAP guidance to Non-GAAP - fourth quarter fiscal 2025, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FOURTH QUARTER FISCAL 2025 (Unaudited) Fourth Quarter Fiscal 2025 Net Income Per Share - GAAP Guidance $1.45 - $1.55 Adjustments: Amortization of intangible as
Slide 46: © 2025 NetApp, Inc. All rights reserved.
46 © 2025 NetApp, Inc. All rights reserved.