NASDAQ : NTAP
NetApp, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 199.18 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 39.12B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
NetApp, Inc. (NTAP) reported revenue of 7.39B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 7.39B | 6.92B | 6.57B | 6.27B | 6.36B | 6.32B |
| Cost of Revenue | 2.17B | 2.03B | 1.96B | 1.83B | 2.15B | 2.10B |
| Gross Profit | 5.22B | 4.90B | 4.61B | 4.43B | 4.21B | 4.22B |
| Selling, General & Admin | 2.27B | 2.21B | 2.18B | 2.14B | 2.09B | 2.14B |
| Research & Development | 1.02B | 991.00M | 1.01B | 1.03B | 956.00M | 881.00M |
| Operating Expenses | 3.30B | 3.20B | 3.19B | 3.17B | 3.05B | 3.02B |
| Operating Income | 1.92B | 1.70B | 1.43B | 1.27B | 1.16B | 1.20B |
| Interest Expense | -109.00M | -109.00M | -64.00M | -64.00M | -67.00M | -73.00M |
| Interest & Investment Income | 110.00M | 113.00M | 112.00M | 112.00M | 69.00M | 7.00M |
| Currency Exchange Gain (Loss) | -57.00M | -15.00M | 38.00M | -59.00M | 4.00M | -91.00M |
| Other Non Operating Income (Expenses) | 35.00M | -15.00M | -40.00M | 60.00M | 10.00M | 95.00M |
| EBT Excluding Unusual Items | 1.90B | 1.67B | 1.47B | 1.32B | 1.18B | 1.14B |
| Merger & Restructuring Charges | -75.00M | -21.00M | -88.00M | -54.00M | -141.00M | -46.00M |
| Gain (Loss) on Sale of Investments | 32.00M | |||||
| Pretax Income | 1.83B | 1.65B | 1.38B | 1.26B | 1.07B | 1.09B |
| Income Tax Expense | 410.00M | 372.00M | 197.00M | 277.00M | -208.00M | 158.00M |
| Net Income | 1.42B | 1.28B | 1.19B | 986.00M | 1.27B | 937.00M |
| Net Income to Common | 1.42B | 1.28B | 1.19B | 986.00M | 1.27B | 937.00M |
| Shares Outstanding (Basic) | 197.75M | 199.00M | 204.00M | 208.00M | 217.00M | 223.00M |
| Shares Outstanding (Diluted) | 200.25M | 201.00M | 209.00M | 213.00M | 220.00M | 229.00M |
| EPS (Basic) | 7.17 | 6.41 | 5.81 | 4.74 | 5.87 | 4.20 |
| EPS (Diluted) | 7.09 | 6.35 | 5.67 | 4.63 | 5.79 | 4.09 |
| Free Cash Flow | 1.65B | 1.87B | 1.34B | 1.53B | 868.00M | 985.00M |
| Free Cash Flow Per Share | 8.24 | 9.30 | 6.40 | 7.18 | 3.94 | 4.30 |
| Dividend Per Share | 2.08 | 2.08 | 2.08 | 2.00 | 2.00 | 2.00 |
| Gross Margin | 70.63% | 70.74% | 70.19% | 70.72% | 66.16% | 66.79% |
| Operating Margin | 26.03% | 24.48% | 21.68% | 20.23% | 18.22% | 19.04% |
| Profit Margin | 19.18% | 18.43% | 18.05% | 15.73% | 20.03% | 14.83% |
| Free Cash Flow Margin | 22.32% | 26.99% | 20.36% | 24.41% | 13.64% | 15.59% |
| EBITDA | 2.10B | 1.88B | 1.64B | 1.49B | 1.36B | 1.36B |
| EBITDA Margin | 28.34% | 27.21% | 24.95% | 23.76% | 21.46% | 21.59% |
| D&A For EBITDA | 171.00M | 189.00M | 215.00M | 221.00M | 206.00M | 161.00M |
| EBIT | 1.92B | 1.70B | 1.43B | 1.27B | 1.16B | 1.20B |
| EBIT Margin | 26.03% | 24.48% | 21.68% | 20.23% | 18.22% | 19.04% |
| Effective Tax Rate | 22.43% | 22.57% | 14.24% | 21.93% | 14.43% | |
| Revenue as Reported | 7.39B | 6.92B | 6.57B | 6.27B | 6.36B | 6.32B |
Balance sheet
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.57B | 2.07B | 2.74B | 1.90B | 2.32B | 4.11B |
| Short-Term Investments | 2.00B | 1.51B | 1.10B | 1.35B | 761.00M | 28.00M |
| Cash & Short-Term Investments | 3.58B | 3.58B | 3.85B | 3.26B | 3.08B | 4.14B |
| Receivables | 966.00M | 1.29B | 1.25B | 1.01B | 987.00M | 1.23B |
| Inventory | 375.00M | 198.00M | 186.00M | 186.00M | 167.00M | 204.00M |
| Other Current Assets | 755.00M | 708.00M | 573.00M | 446.00M | 449.00M | 371.00M |
| Total Current Assets | 5.67B | 5.78B | 5.85B | 4.90B | 4.68B | 5.95B |
| Property, Plant & Equipment | 663.00M | 820.00M | 804.00M | 851.00M | 931.00M | 896.00M |
| Long-Term Investments | 98.00M | 92.00M | 85.00M | 80.00M | 73.00M | |
| Goodwill | 2.92B | 2.77B | 2.72B | 2.76B | 2.76B | 2.35B |
| Other Intangible Assets | 38.00M | 22.00M | 43.00M | 124.00M | 181.00M | 142.00M |
| Long-Term Deferred Tax Assets | 859.00M | 994.00M | 896.00M | 948.00M | 362.00M | |
| Other Long-Term Assets | 1.67B | 397.00M | 316.00M | 275.00M | 239.00M | 262.00M |
| Total Assets | 10.96B | 10.74B | 10.82B | 9.89B | 9.82B | 10.03B |
| Accounts Payable | 566.00M | 550.00M | 511.00M | 517.00M | 392.00M | 607.00M |
| Accrued Expenses | 1.13B | 1.08B | 936.00M | 955.00M | 789.00M | 861.00M |
| Current Portion of Long-Term Debt | 550.00M | 750.00M | 400.00M | 250.00M | ||
| Current Portion of Leases | 46.00M | 42.00M | 40.00M | 40.00M | 47.00M | 47.00M |
| Current Income Taxes Payable | 27.00M | 29.00M | 146.00M | |||
| Current Unearned Revenue | 2.25B | 2.32B | 2.28B | 2.18B | 2.22B | 2.17B |
| Other Current Liabilities | 18.00M | 21.00M | 17.00M | |||
| Total Current Liabilities | 4.57B | 4.02B | 4.66B | 4.11B | 3.47B | 3.95B |
| Long-Term Debt | 1.94B | 2.49B | 2.48B | 1.99B | 2.39B | 2.39B |
| Long-Term Leases | 204.00M | 216.00M | 220.00M | 248.00M | 257.00M | |
| Long-Term Unearned Revenue | 2.59B | 2.52B | 2.26B | 2.06B | 2.10B | 2.06B |
| Other Long-Term Liabilities | 360.00M | 156.00M | 163.00M | 365.00M | 460.00M | 531.00M |
| Total Liabilities | 9.46B | 9.39B | 9.78B | 8.74B | 8.66B | 9.19B |
| Common Stock | 1.28B | 1.21B | 1.11B | 997.00M | 945.00M | 760.00M |
| Retained Earnings | 235.00M | 153.00M | 208.00M | 265.00M | 122.00M | |
| Comprehensive Income & Other | -21.00M | -11.00M | -66.00M | -59.00M | -51.00M | -44.00M |
| Shareholders' Equity | 1.50B | 1.35B | 1.04B | 1.15B | 1.16B | 838.00M |
| Total Liabilities & Equity | 10.96B | 10.74B | 10.82B | 9.89B | 9.82B | 10.03B |
| Total Debt | 2.53B | 2.73B | 3.49B | 2.65B | 2.68B | 2.94B |
| Net Cash (Debt) | 1.04B | 851.00M | 355.00M | 606.00M | 393.00M | 1.20B |
| Net Cash Per Share | 5.20 | 4.23 | 1.70 | 2.85 | 1.79 | 5.24 |
| Filing Date Shares Outstanding | 196.42M | 195.92M | 200.37M | 205.80M | 212.43M | 221.19M |
| Total Common Shares Outstanding | 196.00M | 196.00M | 201.00M | 206.00M | 212.00M | 220.00M |
| Working Capital | 1.10B | 1.75B | 1.19B | 791.00M | 1.21B | 1.99B |
| Book Value Per Share | 7.63 | 6.89 | 5.17 | 5.56 | 5.47 | 3.81 |
| Tangible Book Value | -1.46B | -1.44B | -1.73B | -1.74B | -1.78B | -1.65B |
| Tangible Book Value Per Share | -7.44 | -7.36 | -8.59 | -8.43 | -8.40 | -7.50 |
| Land | 46.00M | 46.00M | 46.00M | 46.00M | 46.00M | |
| Buildings | 377.00M | 374.00M | 367.00M | 359.00M | 353.00M | |
| Machinery | 2.07B | 1.32B | 1.23B | 1.18B | 1.14B | 980.00M |
| Construction In Progress | 58.00M | 49.00M | 70.00M | 55.00M | 65.00M | |
| Leasehold Improvements | 114.00M | 103.00M | 81.00M | 91.00M | 92.00M |
Cash flow statement
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 1.42B | 1.28B | 1.19B | 986.00M | 1.27B | 937.00M |
| Depreciation & Amortization | 171.00M | 189.00M | 215.00M | 221.00M | 206.00M | 161.00M |
| Other Amortization | 11.00M | 11.00M | 28.00M | 34.00M | 42.00M | 33.00M |
| Stock-Based Compensation | 397.00M | 382.00M | 386.00M | 357.00M | 312.00M | 245.00M |
| Other Operating Activities | 157.00M | 232.00M | -59.00M | 85.00M | -621.00M | -143.00M |
| Change in Accounts Receivable | -185.00M | -36.00M | -219.00M | -33.00M | 260.00M | -313.00M |
| Change in Inventory | -242.00M | -12.00M | -1.00M | -18.00M | 37.00M | -90.00M |
| Change in Accounts Payable | 157.00M | 31.00M | -8.00M | 123.00M | -207.00M | 181.00M |
| Change in Unearned Revenue | 361.00M | 281.00M | 208.00M | -14.00M | 46.00M | 384.00M |
| Change in Income Taxes | -7.00M | -7.00M | -207.00M | -106.00M | -76.00M | -45.00M |
| Change in Other Net Operating Assets | -341.00M | -280.00M | -23.00M | 50.00M | -166.00M | -139.00M |
| Operating Cash Flow | 1.90B | 2.07B | 1.51B | 1.69B | 1.11B | 1.21B |
| Capital Expenditures | -247.00M | -198.00M | -168.00M | -155.00M | -239.00M | -226.00M |
| Cash Acquisitions | -78.00M | -491.00M | -380.00M | |||
| Investment in Securities | -763.00M | -412.00M | 245.00M | -580.00M | -719.00M | 45.00M |
| Other Investing Activities | 15.00M | 70.00M | 59.00M | |||
| Investing Cash Flow | -1.09B | -595.00M | 147.00M | -735.00M | -1.39B | -561.00M |
| Long-Term Debt Issued | 1.24B | |||||
| Total Debt Issued | 1.24B | |||||
| Long-Term Debt Repaid | -750.00M | -400.00M | -250.00M | |||
| Total Debt Repaid | -750.00M | -400.00M | -250.00M | |||
| Net Debt Issued (Repaid) | -750.00M | 840.00M | -250.00M | |||
| Issuance of Common Stock | 106.00M | 103.00M | 108.00M | 100.00M | 108.00M | 105.00M |
| Repurchase of Common Stock | -1.00B | -1.09B | -1.35B | -1.03B | -934.00M | -674.00M |
| Common Dividends Paid | -411.00M | -413.00M | -424.00M | -416.00M | -432.00M | -446.00M |
| Other Financing Activities | -3.00M | -1.00M | -5.00M | -2.00M | ||
| Financing Cash Flow | -1.31B | -2.15B | -828.00M | -1.34B | -1.51B | -1.02B |
| Foreign Exchange Rate Adjustments | -12.00M | 1.00M | 15.00M | -19.00M | -1.00M | -49.00M |
| Net Cash Flow | -512.00M | -674.00M | 840.00M | -413.00M | -1.80B | -416.00M |
| Free Cash Flow | 1.65B | 1.87B | 1.34B | 1.53B | 868.00M | 985.00M |
| Free Cash Flow Margin | 22.32% | 26.99% | 20.36% | 24.41% | 13.64% | 15.59% |
| Free Cash Flow Per Share | 8.24 | 9.30 | 6.40 | 7.18 | 3.94 | 4.30 |
| Levered Free Cash Flow | 1.17B | 1.30B | 1.15B | 1.42B | 969.50M | 764.25M |
| Unlevered Free Cash Flow | 1.24B | 1.36B | 1.19B | 1.46B | 1.01B | 809.88M |
| Cash Interest Paid | 102.00M | 109.00M | 53.00M | 59.00M | 65.00M | 67.00M |
| Cash Income Tax Paid | 453.00M | 435.00M | 412.00M | 357.00M | 386.00M | 398.00M |
| Change in Working Capital | -257.00M | -23.00M | -250.00M | 2.00M | -106.00M | -22.00M |
Ratios
Fiscal year May - April; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 36.72B | 21.45B | 17.99B | 20.91B | 13.45B | 16.30B |
| Enterprise Value | 35.68B | 21.17B | 17.97B | 20.65B | 13.00B | 15.04B |
| Last Close Price | 199.18 | 108.14 | 86.31 | 97.01 | 58.79 | 66.36 |
| PE Ratio | 26.38 | 16.81 | 15.17 | 21.21 | 10.56 | 17.40 |
| Forward PE | 18.80 | 12.91 | 11.88 | 15.24 | 11.71 | 14.23 |
| PS Ratio | 5.10 | 3.10 | 2.74 | 3.34 | 2.12 | 2.58 |
| PB Ratio | 26.11 | 15.88 | 17.30 | 18.25 | 11.61 | 19.45 |
| P/FCF Ratio | 22.85 | 11.48 | 13.45 | 13.67 | 15.50 | 16.55 |
| P/OCF Ratio | 19.88 | 10.38 | 11.95 | 12.41 | 12.15 | 13.46 |
| PEG Ratio | 1.86 | 1.68 | 1.38 | 2.06 | 1.81 | 1.31 |
| EV/Sales Ratio | 4.96 | 3.06 | 2.73 | 3.29 | 2.04 | 2.38 |
| EV/EBITDA Ratio | 17.50 | 11.24 | 10.96 | 13.87 | 9.52 | 11.03 |
| EV/EBIT Ratio | 19.06 | 12.49 | 12.61 | 16.28 | 11.21 | 12.51 |
| EV/FCF Ratio | 22.22 | 11.33 | 13.43 | 13.49 | 14.97 | 15.27 |
| Debt / Equity Ratio | 1.70 | 2.02 | 3.36 | 2.31 | 2.32 | 3.51 |
| Debt / EBITDA Ratio | 1.17 | 1.40 | 2.05 | 1.70 | 1.86 | 2.04 |
| Debt / FCF Ratio | 1.54 | 1.46 | 2.61 | 1.73 | 3.09 | 2.98 |
| Net Debt / Equity Ratio | -0.70 | -0.63 | -0.34 | -0.53 | -0.34 | -1.43 |
| Net Debt / EBITDA Ratio | -0.50 | -0.45 | -0.22 | -0.41 | -0.29 | -0.88 |
| Net Debt / FCF Ratio | -0.63 | -0.46 | -0.27 | -0.40 | -0.45 | -1.22 |
| Asset Turnover | 0.72 | 0.64 | 0.64 | 0.64 | 0.64 | 0.65 |
| Inventory Turnover | 8.55 | 10.55 | 10.53 | 10.40 | 11.61 | 13.20 |
| Quick Ratio | 0.99 | 1.21 | 1.09 | 1.04 | 1.17 | 1.36 |
| Current Ratio | 1.24 | 1.44 | 1.25 | 1.19 | 1.35 | 1.50 |
| Return on Equity (ROE) | 114.82% | 106.73% | 108.51% | 85.55% | 127.59% | 123.05% |
| Return on Assets (ROA) | 11.66% | 9.82% | 8.60% | 8.04% | 7.30% | 7.76% |
| Return on Invested Capital (ROIC) | 313.21% | 221.50% | 199.51% | 151.59% | 151.31% | |
| Return on Capital Employed (ROCE) | 30.10% | 25.20% | 23.10% | 21.90% | 18.20% | 19.80% |
| Earnings Yield | 3.79% | 5.95% | 6.59% | 4.71% | 9.47% | 5.75% |
| FCF Yield | 4.38% | 8.71% | 7.44% | 7.32% | 6.45% | 6.04% |
| Dividend Yield | 1.11% | 1.90% | 2.32% | 1.97% | 3.15% | 2.70% |
| Payout Ratio | 29.36% | 32.37% | 35.75% | 42.19% | 33.91% | 47.60% |
| Buyback Yield / Dilution | 3.14% | 3.83% | 1.88% | 3.18% | 3.93% | -1.33% |
| Total Shareholder Return | 4.23% | 5.73% | 4.20% | 5.15% | 7.08% | 1.37% |