Executive Summary
NetApp reported a solid QQ2 2025 performance with revenue of $1,658 million, up 3.24% year over year and 7.59% quarter over quarter. Gross margin reached 70.99%, with operating margin at 20.81% and net margin at 18.03%, supported by disciplined expense management alongside ongoing investment in software and cloud-enabled offerings. Net income was $299 million and diluted EPS stood at $1.42 (GAAP). Free cash flow was $60 million, while operating cash flow was $105 million, underscoring durable cash generation despite investing activity. The balance sheet remains robust with cash and cash equivalents of about $1.48 billion and total liquidity of roughly $2.22 billion, enabling a $300 million share repurchase and a quarterly dividend of $106 million. Total assets were $9.00 billion against liabilities of $8.11 billion, with a reported net debt of $0.77 billion. Looking ahead, NetApp continues to leverage its hybrid cloud data management platform to monetize multi-cloud data workloads, relying on robust gross margins and steady cash flow while navigating a competitive environment in enterprise storage and cloud services.
Key Performance Indicators
Key Insights
Revenue: $1,658M; YoY +3.24%; QoQ +7.59%. Gross Profit: $1,177M; Gross Margin 70.99%; YoY +2.26%; QoQ +7.19%. Operating Income: $345M; Margin 20.81%; YoY -5.74%; QoQ +22.34%. Net Income: $299M; Margin 18.03%; YoY -4.47%; QoQ +20.56%. EPS (GAAP): $1.47; Diluted: $1.42; YoY -3.29%; QoQ +22.50%. EBITDA: $438M; EBITDA Margin ~26.42%. Cash flow: Operating cash flow $105M; Free cash flow $60M; Capex $45M. Balance sheet: Total assets $9,004M; Cash & equivalents $1,478M; Short-term investments $744M...
Financial Highlights
Revenue: $1,658M; YoY +3.24%; QoQ +7.59%. Gross Profit: $1,177M; Gross Margin 70.99%; YoY +2.26%; QoQ +7.19%. Operating Income: $345M; Margin 20.81%; YoY -5.74%; QoQ +22.34%. Net Income: $299M; Margin 18.03%; YoY -4.47%; QoQ +20.56%. EPS (GAAP): $1.47; Diluted: $1.42; YoY -3.29%; QoQ +22.50%. EBITDA: $438M; EBITDA Margin ~26.42%. Cash flow: Operating cash flow $105M; Free cash flow $60M; Capex $45M. Balance sheet: Total assets $9,004M; Cash & equivalents $1,478M; Short-term investments $744M; Total cash & investments $2,222M; Total debt $2,250M; Net debt $772M; Current ratio 0.912; Quick ratio 0.839; Deferred revenue $2,045M; Goodwill $2,755.9M; Intangibles $96M; Total current liabilities $4,317M; Total stockholders’ equity $892M.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
1.66B |
3.24% |
7.59% |
| Gross Profit |
1.18B |
2.26% |
7.19% |
| Operating Income |
345.00M |
-5.74% |
22.34% |
| Net Income |
299.00M |
-4.47% |
20.56% |
| EPS |
1.47 |
-3.29% |
22.50% |
Key Financial Ratios
operatingProfitMargin
20.8%
operatingCashFlowPerShare
$0.52
freeCashFlowPerShare
$0.29
dividendPayoutRatio
35.5%
Management Commentary
Transcript highlights could not be generated because an earnings call transcript was not provided in the dataset. A thematic synthesis of management commentary will be added once the transcript is available. Note: no quotes are available from the QQ2 2025 call in the current data.
Not available in dataset.
— N/A
Not available in dataset.
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Forward Guidance
No explicit forward guidance was provided in the supplied data. Guidance interpretation and management’s outlook would be incorporated if a QQ2 2025 earnings call transcript or press release with outlook details is supplied.