NetApp Inc (NTAP) Q4 2026 Earnings Report

NetApp reported strong Q4 FY2026 results with revenue of $1.95 billion (up ~12% y/y), GAAP net income of $404 million and record non‑GAAP operating performance. Gross margin expanded to ~70.5% in the quarter and operating margin reached a record ~32%. The quarter and full year were driven by accelerating demand for AI-ready infrastructure, growth in Public Cloud services, all‑flash arrays and the Keystone storage-as-a-service offering. NetApp generated record quarterly and full‑year operating cash flow and free cash flow, exited the year with a net cash position (~$1.1 billion), and increased its share buyback authorization by $1.0 billion. Management guided FY2027 revenue to $7.325–$7.575 billion and reiterated a focus on returning up to 100% of free cash flow to shareholders. Key near-term issues include component cost inflation (memory/NAND), the sustainability of accelerated AI-related spending, inventory and working capital dynamics, and execution risk on commercial cloud partnerships and new AI products.