NetApp
NTAP · NasdaqComputer Storage Devices · Fiscal year ends Apr 24
NetApp reported revenue of $6.9B in the fiscal year ended Apr 2026, up 5.4% from the year before. Operating income was $1.7B, an operating margin of 24.2%, and net income was $1.3B. Operating cash flow of $2.1B less capital expenditure of $198M left free cash flow of $1.9B. Net debt was $417M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Revenue | $6.3B | $6.4B | $6.3B | $6.6B | $6.9B |
| Cost of revenue | $2.1B | $2.2B | $1.8B | $2B | $2B |
| Gross profit | $4.2B | $4.2B | $4.4B | $4.6B | $4.9B |
| Research & development | $881M | $956M | $1B | $1B | $991M |
| Operating income | $1.2B | $1B | $1.2B | $1.3B | $1.7B |
| Interest expense | $73M | $67M | $64M | $64M | $109M |
| Pre-tax income | $1.1B | $1.1B | $1.3B | $1.4B | $1.6B |
| Income tax | $158M | −$208M | $277M | $197M | $372M |
| Net income | $937M | $1.3B | $986M | $1.2B | $1.3B |
| Diluted EPS | 4.09 | 5.79 | 4.63 | 5.67 | 6.35 |
| Diluted shares | 229M | 220M | 213M | 209M | 201M |
Balance sheet
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.1B | $2.3B | $1.9B | $2.7B | $2.1B |
| Receivables | $1.2B | $987M | $1B | $1.2B | $1.3B |
| Inventory | $204M | $167M | $186M | $186M | $198M |
| Current assets | $5.9B | $4.7B | $4.9B | $5.9B | $5.8B |
| Net PP&E | $602M | $650M | $604M | $563M | $592M |
| Goodwill | $2.3B | $2.8B | $2.8B | $2.7B | $2.8B |
| Total assets | $10B | $9.8B | $9.9B | $10.8B | $10.7B |
| Payables | $607M | $392M | $517M | $511M | $550M |
| Deferred revenue | $2.2B | $2.2B | $2.2B | $2.3B | $2.3B |
| Current liabilities | $4B | $3.5B | $4.1B | $4.7B | $4B |
| Short-term debt | $250M | $0 | $400M | $750M | $0 |
| Long-term debt | $2.4B | $2.4B | $2B | $2.5B | $2.5B |
| Total liabilities | $9.2B | $8.7B | $8.7B | $9.8B | $9.4B |
| Shareholders' equity | $838M | $1.2B | $1.1B | $1B | $1.4B |
Cash flow
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.1B | $1.7B | $1.5B | $2.1B |
| Capital expenditure | $226M | $239M | $155M | $168M | $198M |
| Free cash flow | $985M | $868M | $1.5B | $1.3B | $1.9B |
| Depreciation & amortisation | $148M | $181M | $198M | $196M | $179M |
| Stock-based compensation | $245M | $312M | $357M | $386M | $382M |
| Acquisitions | $380M | $491M | $0 | $0 | – |
| Share buybacks | $600M | $850M | $900M | $1.2B | $950M |
| Dividends paid | $446M | $432M | $416M | $424M | $413M |
| Dividend per share | 2.00 | 2.00 | 2.00 | 2.08 | 2.08 |
Key ratios
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 0.7% | −1.5% | 4.9% | 5.4% |
| Operating income growth (YoY) | – | −12.0% | 19.3% | 10.1% | 25.2% |
| EPS growth (YoY) | – | 41.6% | −20.0% | 22.5% | 12.0% |
| Gross margin | 66.8% | 66.2% | 70.7% | 70.2% | 70.7% |
| Operating margin | 18.3% | 16.0% | 19.4% | 20.3% | 24.2% |
| Net margin | 14.8% | 20.0% | 15.7% | 18.0% | 18.4% |
| Return on equityBlank when equity is negative | 111.8% | 109.9% | 86.0% | 114.0% | 94.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.1% | 16.0% | 21.0% | 21.7% | 24.9% |
| Free cash flow margin | 15.6% | 13.6% | 24.4% | 20.4% | 27.0% |
| Cash conversion (CFO ÷ net income) | 1.29x | 0.87x | 1.71x | 1.27x | 1.62x |
| Receivable days | 71 | 57 | 59 | 69 | 68 |
| Inventory days | 35 | 28 | 37 | 35 | 36 |
| Payable days | 106 | 66 | 103 | 95 | 99 |
| Interest cover | 15.8x | 15.2x | 19.0x | 20.9x | 15.4x |
| Debt ÷ equity | 3.15x | 2.06x | 2.09x | 3.11x | 1.84x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$1.5B | $73M | $489M | $493M | $417M |
| Current ratio | 1.50x | 1.35x | 1.19x | 1.26x | 1.44x |
Recent filings
More in Computer Storage Devices
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.