NetApp: Fiscal 4Q26 and FY26 Financial Results
Generating $6.93 billion, up 5% YoY
This is a Press Release edited by StorageNewsletter.com on May 29, 2026 at 2:01 pmSummary:
- Record all-flash array net revenue of $1.2 billion for the fourth quarter of fiscal year 2026, an increase of 18% YoY
- Record public cloud net revenue of $182 million for the fourth quarter of fiscal year 2026, an increase of 11% YoY
- Record billings of $7.21 billion for fiscal year 2026, an increase of 6% YoY
- Returned $1.36 billion to stockholders through share repurchases and cash dividends in fiscal year 2026
NetApp, an intelligent data infrastructure company, reported financial results for the fourth quarter and fiscal year 2026, which ended on April 24, 2026.
“Fiscal year 2026 was a landmark year for NetApp with record results across revenue, gross profit, operating income, cash flow from operations, and free cash flow. Our industry-leading hybrid cloud, intelligent data infrastructure platform, trusted by the world’s leading organizations, is powering customers’ AI driven transformations, delivering secure, high-performance access to data wherever it resides,” said George Kurian, CEO, NetApp. “We achieved our target operating margin while launching next-generation AI solutions and expanding strategic partnerships. As enterprises scale their AI ambitions, NetApp’s unified data platform and flexible offerings position us for sustained growth. I am proud of our team’s execution and excited for the opportunities ahead in fiscal year 2027 and beyond.”
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Constant Currency – Q4 Fiscal Year 2026 versus Q4 Fiscal Year 2025
- In constant currency, YoY, net revenues increased by 10% and billings increased by 4%
- The YoY fluctuations of GAAP and non-GAAP net income presented in the tables above each include a favorable impact of approximately $24 million from foreign currency exchange rate changes
- The YoY fluctuations of GAAP and non-GAAP earnings per share presented in the tables above each include a favorable impact of approximately $0.12 from foreign currency exchange rate changes
Constant Currency – Fiscal Year 2026 versus Fiscal Year 2025
- In constant currency, YoY, net revenues increased by 4% and billings increased by 4%.
- The YoY fluctuations of GAAP and non-GAAP net income presented in the tables above each include a favorable impact of approximately $65 million from foreign currency exchange rate changes
- The YoY fluctuations of GAAP and non-GAAP earnings per share presented in the tables above each include a favorable impact of approximately $0.32 from foreign currency exchange rate changes
Dividend
The next cash dividend of $0.52 per share is to be paid on July 29, 2026, to stockholders of record as of the close of business on July 10, 2026.
Fourth Quarter of Fiscal Year 2026 Business Highlights
Leading Product and Cloud Service Innovation
- NetApp announced new next-generation EF50 and EF80 high-performance storage systems designed to deliver faster throughput, improved efficiency, and scalable performance for demanding workloads like AI, HPC, and databases
- NetApp launched the AI Data Engine, an end-to-end AI data platform co-engineered with Nvidia that enables enterprises to find, manage, and prepare data for production AI workloads through a global metadata catalog and integrated ecosystem
- NetApp announced the general availability of iSCSI block storage and previews of unified file/block and ONTAP-mode for Google Cloud NetApp Volumes, enabling enterprises to run mission-critical workloads in the cloud with high performance, resilience, and simplified operations
- NetApp announced the general availability of NetApp Data Migrator, a simple, multicloud data migration service that moves data across environments without specialized expertise
- NetApp launched NetApp Console Disaster Recovery for Google Cloud NetApp Volumes, providing a simple, low-cost way to protect VMware workloads across on‑premises and cloud environments to reduce the complexity and cost of traditional disaster recovery solutions
- NetApp announced the public preview of Azure NetApp Files Elastic zone-redundant storage service level to help customers modernize mission-critical workloads with enterprise resilience, meet availability commitments, and reduce operational overhead
- NetApp introduced a public preview integration between Cloud Volumes ONTAP and Microsoft OneLake enabling enterprises to run AI and analytics on existing NAS data in place without migration, reducing cost and accelerating time to value
- NetApp announced Trident 26.02, a new software release that improves Kubernetes scalability and performance through parallelism while adding automation, cloud integrations, and cost-optimizing features like AutoGrow and auto-tiering
Customer and Partner Momentum
- NetApp announced an expanded, multi-year collaboration with Google Cloud to deliver secure by design data infrastructure for Google Distributed Cloud environments, enabling AI-driven workloads in highly regulated, air-gapped sovereign and private cloud environments
- NetApp announced a partnership with Nutanix to integrate ONTAP-based data infrastructure with the Nutanix Cloud Platform, enabling simplified virtualization modernization, faster migration, and enhanced hybrid multicloud operations
- NetApp announced a strategic alliance with Commvault to deliver a closed-loop recovery architecture that combines early ransomware detection signals with an automated, validated recovery workflow at scale
- NetApp partnered with Elastio to enhance ransomware resilience by integrating continuous backup inspection and recovery validation into its NetApp Ransomware Resilience Solution for end-to-end, defense-in-depth data protection
- NetApp announced that Red Hat OpenShift Virtualization supports Google Cloud NetApp Volumes and NetApp Trident as a generally available option for a unified platform to run and manage virtual machines (VMs) and containers side-by-side
- NetApp achieved AWS High Performance Computing Competency for ONTAP, validating its ability to deliver scalable, high-performance storage solutions for HPC workloads on AWS
- NetApp collaborated with Enkrypt AI to integrate AI risk insights with data-layer security, enabling real-time, context-aware enforcement of data access decisions to reduce exposure and strengthen AI governance
- NetApp expanded its collaboration with Cyera to integrate enterprise data risk intelligence with storage-layer enforcement, enabling real-time, policy-driven access control and automated remediation of sensitive data exposure
Awards and Recognition
- For the seventh time, NetApp won the 2026 Google Cloud Infrastructure Modernization Partner of the Year for Storage Award for helping customers modernize infrastructure and run enterprise workloads using Google Cloud NetApp Volumes
- NetApp AFF A-Series won the Primary Storage category of the StorageNewsletter Awards, which recognized top products in data management, protection, and storage
Comments
NetApp wrapped up FY26 on a high note, setting records across every key metric. Q4 revenue of $1.95 billion (+12.5% YoY) came in above the top end of guidance on all measures, capping a full year at $6.93 billion (+5.4%).
The growth story is increasingly a tale of portfolio transformation: all-flash arrays reached $4.2 billion (+11% YoY), with Q4 alone hitting a record $1.2 billion (+18%), while Keystone STaaS bookings surged 34% to $300 million TCV and first-party cloud storage services grew 30% to $540 million. Together, all-flash and public cloud now account for 72% of Q4 revenue, a deliberate migration away from legacy hybrid flash and HDD platforms, which are contracting at a -7% CAGR. Billings hit a record $7.21 billion (+6.3%), signaling continued forward momentum.
On the innovation front, NetApp introduced the AI Data Engine, AFX disaggregated storage architecture, AIPod Mini, and refreshed EF-series products, collectively targeting AI data workflows from training through inference. Partnership expansion was equally notable: deeper collaboration with Google Distributed Cloud for sovereign and private cloud, a strategic integration announcement with Nutanix Cloud Platform that bridges HCI and enterprise storage, and broader AI-infused cloud storage services.
The key question heading into Q1 FY27 is whether the all-flash momentum sustains and, more importantly, whether the AFX disaggregated architecture begins converting innovation buzz into tangible high-end file storage wins, the first real test of NetApp's next-generation product bet.
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