Companies / NetApp COMPANY FILINGS
NetApp NTAP For fiscal 2026, ended April 24, 2026, NetApp provided data storage and management solutions across on-premises, hybrid and public cloud environments. Its ONTAP software underpinned storage offerings, and its operations comprised Hybrid Cloud and Public Cloud segments.
Business description: FY2026 CIK 0001002047 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2018–2026
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2026 FY2025 FY2024 FY2023 FY2022 Fiscal 2026 net revenues were $6,925 million, up 5% from fiscal 2025. Management attributed the increase to higher product and services revenues; favorable foreign exchange movements contributed two percentage points to year-over-year revenue growth.
Source: 2026 All-flash products and related services represented 67% of Hybrid Cloud net revenues in fiscal 2026, compared with 64% in fiscal 2025. Management attributed the rising share to customer demand and expansion of the all-flash market.
Source: 2026 View full 10-K summary 2026 Hide full 10-K summary 2026 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Higher operating income and cash flow Fiscal 2026 operating income was $1,674 million, compared with $1,337 million in fiscal 2025. Net cash provided by operating activities was $2,067 million, compared with $1,506 million in fiscal 2025.
Source: 2026 Negative signals Product margin decline Hybrid Cloud product gross margin fell two percentage points in fiscal 2026 versus fiscal 2025. Management cited higher component costs, partly offset by a favorable multi-year enterprise agreement. NetApp raised prices in the fourth quarter of fiscal 2026 in response to rising component costs.
Source: 2026 ERP transition disruptions NetApp implemented the final phase of its new enterprise resource planning system in the third quarter of fiscal 2026. The company reported that transition disruptions had affected efficient customer order processing and invoice issuance.
Source: 2026 Business context Distributor concentration Indirect channels generated the majority of fiscal 2026 net revenues. Two major customers, both distributors, together accounted for 43% of net revenues, making distributor concentration a significant feature of NetApp's sales structure.
Source: 2026 Business in fiscal 2026 For fiscal 2026, ended April 24, 2026, NetApp provided data storage and management solutions across on-premises, hybrid and public cloud environments. Its ONTAP software underpinned storage offerings, and its operations comprised Hybrid Cloud and Public Cloud segments.
Source: 2026
5-year changes FY2022–FY2026 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Cloud acquisitions and divestiture Selected disclosures show cloud acquisitions followed by a divestiture. The FY2022 filing reports acquiring CloudCheckr for approximately $347 million in cash; the FY2023 filing reports acquiring Instaclustr for approximately $498 million. NetApp subsequently sold Spot by NetApp, its cloud optimization and management software business, to Flexera Software LLC in FY2025. Spot had been part of the Public Cloud segment. These disclosures do not establish that the acquired businesses and the divested business had identical scope.
Source: 2022 , 2023 , 2025 , 2026 ERP rollout disruptions The FY2024 filing described implementation of new business systems, including an enterprise resource planning (ERP) system, with further work planned for FY2025. The FY2026 filing reported implementing the final ERP phase in its third quarter. It also disclosed that transition disruptions had affected the efficiency of customer-order processing and invoicing. This adds a reported operational effect to the earlier implementation disclosure; potential effects on vendor payments, payroll and financial reporting remained conditional in the selected FY2026 passage.
Source: 2024 , 2026 Request a correction NetApp reported approximately 5% revenue growth in fiscal 2025 versus fiscal 2024, with increases in both products and services. Management attributed product revenue growth primarily to higher C-Series all-flash array sales, partly offset by lower hybrid-system sales.
Source: 2025 NetApp closed the sale of its Spot cloud optimization and management software business to Flexera on March 3, 2025. It received $70 million upfront; up to $49 million of additional cash consideration depended on financial performance during calendar 2025. No material gain or loss was recorded.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Public Cloud margin improvement Public Cloud gross margin increased by eight percentage points in fiscal 2025 versus fiscal 2024. Management attributed the improvement to cost optimization, including lower fixed-asset depreciation, and the mix of offerings provided.
Source: 2025 Negative signals Hybrid Cloud margin decline Hybrid Cloud product gross margin decreased by approximately two percentage points in fiscal 2025 versus fiscal 2024. Management attributed the decline primarily to higher component costs.
Source: 2025 Operating cash flow decline Net cash provided by operating activities declined to $1,506 million in fiscal 2025 from $1,685 million in fiscal 2024.
Source: 2025 Business in fiscal 2025 In fiscal 2025, ended April 25, 2025, NetApp provided enterprise data storage and management software, systems and services through its Hybrid Cloud and Public Cloud segments.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Cloud acquisitions and later sale The selected disclosures record NetApp’s acquisitions of Spot in FY2021, CloudCheckr in FY2022 and Instaclustr in FY2023, followed by the sale of Spot by NetApp in FY2025. NetApp described the business sold as cloud optimization and management software within its Public Cloud segment. These passages document acquisitions and a later divestiture, but do not establish that the business sold had exactly the same asset scope as the original Spot acquisition.
Source: 2021 , 2022 , 2023 , 2025 Restructuring charges fluctuate NetApp reported restructuring charges of $42 million in FY2021, $33 million in FY2022, $120 million in FY2023, $44 million in FY2024 and $83 million in FY2025. The amounts fluctuated across the window. Management described the plans as efforts to reduce costs and redirect resources toward its highest-return activities. Charges primarily concerned employee severance; FY2024 and FY2025 also included office-space optimization for hybrid work. The charges alone do not establish realized savings.
Source: 2022 , 2024 , 2025 Request a correction Fiscal 2024 net revenues were $6,268 million, down approximately 1% from fiscal 2023. Management attributed the decline to lower product revenues, partly offset by higher services revenues.
Source: 2024 Gross margin increased five percentage points in fiscal 2024 versus fiscal 2023, which management attributed to higher product gross margins. Management also reported that substantial supply-chain improvement during fiscal 2024 lowered costs.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Restructuring NetApp executed two restructuring plans in fiscal 2024 and recognized $44 million of expenses, primarily employee severance and lease termination costs. Activities under these plans were substantially complete by fiscal year-end.
Source: 2024 Partner risk NetApp identified partnerships with public cloud providers and other cloud service vendors as critical to its cloud business. It warned that failure to maintain partnerships, partners favoring other storage vendors, or greater competition from partners could reduce revenues or delay product development.
Source: 2024 Business in fiscal 2024 For fiscal 2024, ended April 26, 2024, NetApp provided data storage, integrated data services and cloud operations solutions through its Hybrid Cloud and Public Cloud segments.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Product and service trends diverge The selected statements show consolidated net revenues of $5,412 million in FY2020, $5,744 million in FY2021, $6,318 million in FY2022, $6,362 million in FY2023 and $6,268 million in FY2024. Within the product-and-services presentation shown for FY2022–FY2024, product revenue declined from $3,284 million to $2,849 million, while services revenue increased from $3,034 million to $3,419 million. Thus, FY2024 consolidated revenue remained above FY2020 but below FY2023, with product and services revenue moving in different directions over the final three years.
Source: 2020 , 2021 , 2022 , 2023 , 2024 Reporting categories change In FY2020, NetApp revised its Strategic and Mature product groupings and presented prior-period figures using the revised groupings. The FY2021 disclosure included Public Cloud Services revenue within software support. Beginning in the first quarter of FY2022, NetApp had two reportable segments: Hybrid Cloud and Public Cloud. These disclosures use different classification bases. The earlier product groupings and software-support category cannot be treated as equivalent to the later segments, and the selected disclosures do not establish a complete reconciliation for a five-year segment comparison.
Source: 2020 , 2021 , 2022 Request a correction Fiscal 2023 net revenues were $6,362 million, up 1% from fiscal 2022. Management attributed the increase to higher services revenue, partially offset by lower product revenues.
Source: 2023 NetApp executed several restructuring plans in fiscal 2023 and recognized $120 million of expenses, primarily employee severance-related costs.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Business in fiscal 2023 In fiscal 2023, NetApp's Hybrid Cloud business offered storage management and infrastructure solutions, while its Public Cloud business offered products primarily as a service.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Reporting changes In FY2019, NetApp grouped products as Strategic and Mature. It revised those groupings in FY2020 and presented earlier revenue figures using the revised groupings. In FY2021, Public Cloud Services revenue was included in software support; from the first quarter of FY2022, NetApp reported Hybrid Cloud and Public Cloud segments. These disclosures describe different reporting categories, so the older product groupings should not be treated as equivalent to the later cloud segments.
Source: 2019 , 2020 , 2021 , 2022 Cloud acquisitions The selected acquisition disclosures show NetApp buying different cloud capabilities: Spot's services for managing computing costs on public clouds for $340 million in cash in FY2021, CloudCheckr's software for monitoring and managing cloud resources for approximately $347 million in cash in FY2022, and Instaclustr's managed database and related data and workflow applications for approximately $498 million in FY2023. These transactions document capabilities acquired, without establishing whether anticipated acquisition benefits were realized.
Source: 2021 , 2022 , 2023 Restructuring increased NetApp reported restructuring charges of $33 million in FY2022 and $120 million in FY2023. The FY2022 plans reduced its global workforce by approximately 1%. FY2023 included separate plans involving approximately 1% and 8% workforce reductions in the first and third quarters, respectively. Management described the third-quarter plan as redirecting resources toward activities with the highest returns and reducing costs; the disclosures do not establish the savings ultimately achieved.
Source: 2022 , 2023 Request a correction Fiscal 2022 net revenues were $6,318 million, up 10% from fiscal 2021. Management attributed the increase to growth in both product and services revenues.
Source: 2022 Public Cloud revenues reached $396 million in fiscal 2022, up 99% from fiscal 2021. Management said fiscal 2022 also benefited from acquiring CloudCheckr early in the third quarter.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Support contract balance growth Deferred revenue and financed unearned services revenue (balances for products and services not yet recognized as revenue) increased by $229 million, or 6%, at fiscal 2022 year-end compared with fiscal 2021. Management attributed the increase to higher aggregate software and hardware support contract value, primarily reflecting a higher mix of all-flash systems (storage systems based on flash memory).
Source: 2022 Negative signals Supply constraints raise costs NetApp reported that supply constraints, particularly in the second half of fiscal 2022, raised component and freight costs and increased cost of revenues. The constraints also delayed fulfillment of certain customer orders during the year.
Source: 2022 Operating cash-flow decline Operating cash flows decreased 8% in fiscal 2022 compared with fiscal 2021. Management primarily attributed the decline to the timing of customer billings and collections and employee compensation payments, partly offset by higher net income.
Source: 2022 Business context Most sales use indirect channels Indirect channels, such as distributors and resellers, generated 77% of fiscal 2022 net revenues. Distributors Arrow Electronics and Tech Data accounted for 24% and 21% of net revenues, respectively.
Source: 2022 Business in fiscal 2022 In fiscal 2022, NetApp provided data management software, cloud services and storage infrastructure to help customers manage applications and data across environments combining customer-operated systems and multiple cloud services.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Reporting categories change NetApp's FY2019 filing described Strategic and Mature product groupings. In FY2020, it changed those groupings, moving Hybrid FAS and E-Series storage products into Mature and presenting earlier figures using the revised groupings. The FY2021 filing included Public Cloud Services revenue within software support. Beginning in FY2022, NetApp reported two segments, Hybrid Cloud and Public Cloud. These product groupings, revenue categories and reportable segments have different scopes; the selected disclosures do not establish a consistent five-year segment series.
Source: 2019 , 2020 , 2021 , 2022 Software acquisitions The selected acquisition disclosures show NetApp buying Talon Storage Solutions for $23 million in cash in FY2020, Spot for $340 million in cash in FY2021, and CloudCheckr for approximately $347 million in cash in FY2022. Talon provided software for managing storage, Spot offered services for managing computing costs on public clouds, and CloudCheckr supplied software for monitoring and managing cloud resources. These transactions document additions across distinct software capabilities without establishing their realized financial benefits.
Source: 2020 , 2021 , 2022 Authorization grows across a program pause NetApp's cumulative share-repurchase authorization increased from $13.6 billion at April 27, 2018 to $15.1 billion at April 29, 2022. During the intervening period, the company reported suspending the program in March 2020 because of the economic impact of COVID-19. At April 29, 2022, it disclosed $1.3 billion of remaining authorization. These amounts describe program authority, not annual repurchase spending.
Source: 2018 , 2020 , 2022 Request a correction FINANCIAL STATEMENTS
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