Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons5
American technology company
NetApp, Inc. is an American data infrastructure company that provides unified data storage, integrated data services, and cloud operations (CloudOps) solutions to enterprise customers. The company is based in San Jose, California. It was ranked in the Fortune 500 from 2012 to 2021.3 It was founded by David Hitz.1 Its chief executive is George Kurian (since 2015).1 It employed about 12,000 people in 2022.1 Its revenue was $3.4 billion in 2009.1 Its shares trade on Nasdaq under the symbol NTAP.1Wikipedia text CC BY-SA 4.0
NetApp, Inc. is an American data infrastructure company that provides unified data storage, integrated data services, and cloud operations (CloudOps) solutions to enterprise customers. The company is based in San Jose, California. It was ranked in the Fortune 500 from 2012 to 2021. Founded in 1992 with an initial public offering in 1995, NetApp offers cloud data services for management of applications and data both online and physically.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue11121314156$6.9B in 2026+13% since 2019Gross profit11121314156$4.9B in 2026+24% since 2019Operating income11121314156$1.7B in 2026+37% since 2019Net income11121314156$1.3B in 2026+9% since 2019
Revenue1617$2.0B in Q1 FY2026+18% since Q3 FY2026Gross profit1617$1.4B in Q1 FY2026+17% since Q3 FY2026Operating income1617$484.0M in Q1 FY2026+12% since Q3 FY2026Net income1617$375.0M in Q1 FY2026+12% since Q3 FY2026
Every line of the income statement as filed: the last 3 fiscal years, latest first.6
Period ending
2026-04-30
2025-04-30
2024-04-30
Net revenues
$6.9B
$6.6B
$6.3B
Total cost of revenues
$2.0B
$2.0B
$1.8B
Gross profit
$4.9B
$4.6B
$4.4B
Sales and marketing
$1.9B
$1.9B
$1.8B
Research and development
$991.0M
$1.0B
$1.0B
General and administrative
$344.0M
$311.0M
$308.0M
Restructuring charges
$21.0M
$83.0M
$44.0M
Acquisition-related expense
$0
$5.0M
$10.0M
Total operating expenses
$3.2B
$3.3B
$3.2B
Income from operations
$1.7B
$1.3B
$1.2B
Other (expense) income, net
-$26.0M
$46.0M
$49.0M
Income before income taxes
$1.6B
$1.4B
$1.3B
Provision for income taxes
$372.0M
$197.0M
$277.0M
Net income
$1.3B
$1.2B
$986.0M
Basic
$6.41
$5.81
$4.74
Diluted
$6.35
$5.67
$4.63
Basic
199.0M shares
204.0M shares
208.0M shares
Diluted
201.0M shares
209.0M shares
213.0M shares
No quarter-by-quarter statement was filed.
Total assets1811121314156$10.7B in 2026+23% since 2019Total liabilities1811121314156$9.4B in 2026+23% since 2019Shareholders’ equity121314156$1.4B in 2026+24% since 2019Cash18131214156$2.1B in 2026−11% since 2019Long-term debt1811121314156$2.5B in 2026+117% since 2019
Total assets1617$11.0B in Q1 FY2026+10% since Q3 FY2026Total liabilities1617$9.5B in Q1 FY2026+7% since Q3 FY2026Shareholders’ equity1617$1.5B in Q1 FY2026+29% since Q3 FY2026Cash1617$1.6B in Q1 FY2026−3% since Q3 FY2026Long-term debt1617$1.9B in Q1 FY2026−22% since Q3 FY2026
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.6
Period ending
2026-04-30
2025-04-30
2024-04-30
2023-04-30
Cash and cash equivalents
$2.1B
$2.7B
Short-term investments
$1.5B
$1.1B
Accounts receivable
$1.3B
$1.2B
Inventories
$198.0M
$186.0M
Other current assets
$708.0M
$573.0M
Total current assets
$5.8B
$5.9B
Property and equipment, net
$592.0M
$563.0M
Goodwill
$2.8B
$2.7B
$2.8B
Purchased intangible assets, net
$22.0M
$43.0M
Other non-current assets
$1.6B
$1.6B
Total assets
$10.7B
$10.8B
Accounts payable
$550.0M
$511.0M
Accrued expenses
$1.2B
$1.1B
Current portion of long-term debt
$0
$750.0M
Short-term deferred revenue
$2.3B
$2.3B
Total current liabilities
$4.0B
$4.7B
Long-term debt
$2.5B
$2.5B
Other long-term liabilities
$360.0M
$379.0M
Long-term deferred revenue
$2.5B
$2.3B
Total liabilities
$9.4B
$9.8B
Preferred stock, $0.001 par value, 5 shares authorized; no shares issued or outstanding as of April 25, 2025 or April 26, 2024
$0
$0
Common stock and additional paid-in capital, $0.001 par value, 885 shares authorized; 198 and 201 shares issued and outstanding as of April 24, 2026 and April 25, 2025, respectively
$1.2B
$1.1B
Retained earnings
$153.0M
$0
Accumulated other comprehensive loss
-$11.0M
-$66.0M
Total stockholders' equity
$1.4B
$1.0B
$1.1B
$1.2B
Total liabilities and stockholders' equity
$10.7B
$10.8B
Preferred stock, par value
$0.00
$0.00
Preferred stock, shares authorized
5.0M shares
5.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.00
$0.00
Common stock, shares authorized
885.0M shares
885.0M shares
Common stock, shares issued
196.0M shares
201.0M shares
Common stock, shares outstanding
196.0M shares
201.0M shares
Period ending
2026-04-30
2025-04-30
2024-04-30
2023-04-30
Cash and cash equivalents
$2.1B
$2.7B
Short-term investments
$1.5B
$1.1B
Accounts receivable
$1.3B
$1.2B
Inventories
$198.0M
$186.0M
Other current assets
$708.0M
$573.0M
Total current assets
$5.8B
$5.9B
Property and equipment, net
$592.0M
$563.0M
Goodwill
$2.8B
$2.7B
$2.8B
Purchased intangible assets, net
$22.0M
$43.0M
Other non-current assets
$1.6B
$1.6B
Total assets
$10.7B
$10.8B
Accounts payable
$550.0M
$511.0M
Accrued expenses
$1.2B
$1.1B
Current portion of long-term debt
$0
$750.0M
Short-term deferred revenue
$2.3B
$2.3B
Total current liabilities
$4.0B
$4.7B
Long-term debt
$2.5B
$2.5B
Other long-term liabilities
$360.0M
$379.0M
Long-term deferred revenue
$2.5B
$2.3B
Total liabilities
$9.4B
$9.8B
Preferred stock, $0.001 par value, 5 shares authorized; no shares issued or outstanding as of April 25, 2025 or April 26, 2024
$0
$0
Common stock and additional paid-in capital, $0.001 par value, 885 shares authorized; 198 and 201 shares issued and outstanding as of April 24, 2026 and April 25, 2025, respectively
$1.2B
$1.1B
Retained earnings
$153.0M
$0
Accumulated other comprehensive loss
-$11.0M
-$66.0M
Total stockholders' equity
$1.4B
$1.0B
$1.1B
$1.2B
Total liabilities and stockholders' equity
$10.7B
$10.8B
Preferred stock, par value
$0.00
$0.00
Preferred stock, shares authorized
5.0M shares
5.0M shares
Preferred stock, shares issued
0 shares
0 shares
Preferred stock, shares outstanding
0 shares
0 shares
Common stock, par value
$0.00
$0.00
Common stock, shares authorized
885.0M shares
885.0M shares
Common stock, shares issued
196.0M shares
201.0M shares
Common stock, shares outstanding
196.0M shares
201.0M shares
Cash from operations11121314156$2.1B in 2026+54% since 2019Capital spending11121314156$198.0M in 2026+14% since 2019Free cash flow11121314156$1.9B in 2026+60% since 2019Dividends paid11121314156$413.0M in 2026+2% since 2019Share buybacks11121314156$950.0M in 2026−55% since 2019
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.6
Period ending
2026-04-30
2025-04-30
2024-04-30
Net income
$1.3B
$1.2B
$986.0M
Depreciation and amortization
$200.0M
$243.0M
$255.0M
Non-cash operating lease cost
$42.0M
$41.0M
$45.0M
Stock-based compensation
$382.0M
$386.0M
$357.0M
Deferred income taxes
$135.0M
-$100.0M
$53.0M
Other items, net
$55.0M
$0
-$13.0M
Accounts receivable
-$36.0M
-$219.0M
-$33.0M
Inventories
-$12.0M
-$1.0M
-$18.0M
Other operating assets
-$248.0M
-$87.0M
-$62.0M
Accounts payable
$31.0M
-$8.0M
$123.0M
Accrued expenses
-$23.0M
$62.0M
$113.0M
Deferred revenue
$281.0M
$208.0M
-$14.0M
Long-term taxes payable
-$7.0M
-$207.0M
-$106.0M
Other operating liabilities
-$9.0M
$2.0M
-$1.0M
Net cash provided by operating activities
$2.1B
$1.5B
$1.7B
Purchases of investments
-$2.8B
-$1.8B
-$2.6B
Maturities, sales and collections of investments
$2.3B
$2.0B
$2.1B
Purchases of property and equipment
-$198.0M
-$168.0M
-$155.0M
Other investing activities, net
$15.0M
$70.0M
$0
Net cash (used in) provided by investing activities
-$595.0M
$147.0M
-$735.0M
Proceeds from issuance of common stock under employee stock award plans
$103.0M
$108.0M
$100.0M
Payments for taxes related to net share settlement of stock awards
-$137.0M
-$199.0M
-$127.0M
Repurchase of common stock
-$950.0M
-$1.1B
-$900.0M
Issuances of debt, net of issuance costs
$0
$1.2B
$0
Repayments and extinguishment of debt
-$750.0M
-$400.0M
$0
Dividends paid
-$413.0M
-$424.0M
-$416.0M
Other financing activities, net
$0
-$3.0M
-$1.0M
Net cash used in financing activities
-$2.1B
-$828.0M
-$1.3B
Effect of exchange rate changes on cash, cash equivalents and restricted cash
$1.0M
$15.0M
-$19.0M
Net change in cash, cash equivalents and restricted cash
NetApp sits at the top of its group. 74 entities, 41 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
NetApp Capital Solutions, Inc. Subsidiary · Delaware, United States
NetApp Chile Limitada Subsidiary · Chile
and 48 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What NetApp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Our corporate headquarters are located in San Jose, California. We own and lease office facilities and research and development facilities throughout the United States and internationally, primarily in Asia, Europe and North America. We do not consider any of our facilities to be material for disclosure purposes.
NetApp was founded in 1992 by David Hitz, James Lau, and Michael Malcolm as Network Appliance, Inc. At the time, its major competitor was Auspex Systems. In 1994, NetApp received venture capital funding from Sequoia Capital. In 2006, NetApp sold the NetCache product line to Blue Coat Systems. In 2008, Network Appliance officially changed its legal name to NetApp, Inc., reflecting the nickname by which it was already well-known. On June 1, 2015, Tom Georgens stepped down as CEO and was replaced by George Kurian. In May 2018, NetApp announced its first end-to-end NVMe array called All Flash FAS A800 with the release of ONTAP 9.4 software.
NETWORK APPLIANCE INCOct 29, 1996 to May 12, 20087
Controversies and legal
Controversy
Syrian surveillance
In November 2011, during the 2011 Syrian uprising, NetApp was named as one of several companies whose products were being used in the Syrian government crackdown. The equipment was allegedly sold to the Syrians by an authorized NetApp reseller.
On April 7, 2014, NetApp was notified by the US Department of Commerce "that it had completed its review of this matter and determined that NetApp had not violated the U.S. export laws", and that the file on the matter had been closed.
Legal dispute with Sun Microsystems
In September 2007, NetApp started proceedings against Sun Microsystems, claiming that the ZFS File System developed by Sun infringed its patents. The following month, Sun announced plans to countersue based on alleged misuse by NetApp of Sun's own patented technology. Several of NetApp's patent claims were rejected on the basis of prior art after re-examination by the United States Patent and Trademark Office. On September 9, 2010, NetApp announced an agreement with Oracle Corporation (the new owner of Sun Microsystems) to dismiss the suits.
May 28, 2026Reported quarterly or annual results82
Feb 26, 2026Reported quarterly or annual results83
Nov 25, 2025Reported quarterly or annual results85
Aug 27, 2025Reported quarterly or annual results87
May 29, 2025Reported quarterly or annual results88
Feb 27, 2025Reported quarterly or annual results93
Nov 21, 2024Reported quarterly or annual results94
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
611 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 38 major events, 377 insider forms, 23 large holders, 153 other. The latest 20:
152 open-market trades by officers, directors and large owners since October 2021: 3 buys and 149 sales. Grants, option exercises and gifts are left out.
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Jun 5, 2026 (Section 12(b) of the Exchange Act).19
Risk factors and legal proceedings
The risks NetApp names in Item 1A of its 10-K filed Jun 5, 2026: 38 risks under these headings, as written.19
Risks Related to Our Business and Industry
Global economic and geopolitical conditions may adversely affect our industry, business operations, and financial performance, including our revenue growth, profitability, financial condition and cash flows.
Our business may be negatively impacted by technological trends in our market or our inability to keep pace with rapid industry, technological, and market changes.
The global nature of our business exposes us to risks that could materially harm our operations, revenues, and financial results.
The dynamic markets in which we operate and our sales and distribution structure make it challenging to forecast revenues, and any disruption to our partner relationships could harm our business, operating results, financial condition, and cash flows.
Our business, operating results, financial condition, and cash flows could be adversely affected if we are unable to develop, introduce and gain market acceptance for new products and services while managing the transition from older ones, or if we cannot provide the expected level of quality and support for our new products and services.
Our gross margins may fluctuate.
Issues related to the development and use of artificial intelligence (AI), could lead to legal or regulatory action, damage our reputation, or otherwise materially harm our business.
Increasing competition or industry consolidation could harm our business, operating results, financial condition and cash flows.
Transition to consumption-based business models may adversely affect our revenues and profitability in other areas of our business, potentially harming our business, operating results, financial condition and cash flows.
If we are unable to attract and retain qualified personnel, our business, operating results, financial condition and cash flows could be harmed.
Our acquisitions or divestitures may not achieve the expected benefits and could increase our liabilities, disrupt our existing business, and harm our operating results, financial condition and cash flows.
The other 27 risks
Risks Related to Our Operations
We often incur expenses before receiving related benefits, and it may be difficult to reduce expenses quickly if demand declines.
Initiatives to improve our cost structure, business processes, and systems may not achieve the expected benefits and could negatively impact our reputation, business, operating results, financial condition and cash flows.
We are exposed to credit risks, fluctuations in the market value of our investment portfolio, and potential adverse effects on our cash and cash equivalents if the financial institutions holding them fail.
Our initiatives and disclosures related to sustainability and corporate responsibility matters expose us to risks that could adversely affect our reputation and performance.
Risks Related to Our Customers and Sales
A portion of our revenues is generated by large, recurring purchases from various customers, resellers and distributors.
If we are unable to maintain and develop relationships with strategic partners, our ability to innovate may be diminished and our revenues may be harmed.
Our success depends upon our ability to effectively plan and manage our resources and periodically restructure our business, which may adversely affect our business, operating results, financial condition, and cash flows.
Reduced U.S. government demand could materially harm our business, operating results, financial condition and cash flows.
We are exposed to the credit and non-payment risk of our customers, resellers and distributors, especially during times of economic uncertainty and tight credit markets, which could result in material losses.
Risks Related to Our Products and Services
Any disruption to our supply chain could materially harm our business, operating results, financial condition and cash flows.
We rely on a limited number of suppliers for critical product components.
If a material cybersecurity or other security breach impacts our services, systems, supply chain, or end-user customer systems, or if stored data is improperly accessed, our business could suffer significant harm.
If a data center or other third-party who relies on our products experiences a disruption in service or a loss of data, such disruption could be attributed to the quality of our products.
Failure to comply with new and existing laws and regulations related to privacy, data protection, AI and information security could cause harm to our reputation, result in liability (including regulatory penalties and litigation), and adversely impact our business.
If our products or services are defective, or are perceived to be defective, including as a result of improper use or maintenance, our operating results and customer relationships may be harmed.
Changes in regulations relating to our products or their components, or the manufacture, sourcing, distribution or use thereof, may harm our business, operating results, financial condition and cash flows.
Any violation of U.S. or international customs or export control laws and other laws affecting the countries in which our products and services may be sold, distributed, or delivered could have a material adverse effect on our business, operating results, financial condition and cash flows.
Our failure to protect our intellectual property could harm our business, operating results, financial condition and cash flows.
We may be found to infringe on intellectual property rights of others.
We rely on software from third parties and open-source software, and a failure to properly manage our use of such software could result in increased costs or loss of revenue.
Our failure to adjust to emerging standards may harm our business.
Risks Related to Our Securities
Our stock price is subject to volatility.
Our quarterly operating results may fluctuate and differ materially from our forecasts, which could harm our stock price.
There are risks associated with our outstanding and future indebtedness.
General Risk Factors
Our business could be materially and adversely affected as a result of natural disasters, terrorist acts or other catastrophic events.
We could be subject to additional income tax liabilities.
We may not be able to maintain appropriate internal financial reporting controls and procedures.
Legal proceedings
For a discussion of legal proceedings, see Note 16 – Commitments and Contingencies of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.
