NTAPNetApp, Inc.
Industry Data infra Updated 25 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share by the end of 2028
$215 → $250
Promises vs. what happened
13 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| RPO is a leading indicator of growth | Q2 '25 | held — and now the chart that replaced deferred revenue | Held |
| FY26 revenue, operating margin and EPS | Q4 '25 | all three beaten: $6.93B and $8.13 | Held |
| Public Cloud gross margin 80-85% long term | Q1 '26 | already exceeded at 86.4% | Held |
| FY26 the strongest year in the company's history | Q3 '26 | record revenue, margin and EPS | Held |
| Q1 '27 revenue $1.75-1.90B, EPS $2.05-2.15 | Q4 '26 | $2.025B and $2.58 — 6.6% and 20% above the top | Held |
| Q3 '25 revenue, gross margin and EPS | Q2 '25 | revenue and EPS in range, gross margin below it | Late |
| FY25 revenue $6.54-6.74B, EPS $7.20-7.40 | Q2 '25 | cut in Feb '25, landed at $6.57B — the low end | Late |
| ASA will disrupt the block market | Q2 '25 | still below the board's own bonus threshold | Late |
| FY27 revenue $7.325-7.575B, EPS $8.70-9.00 | Q4 '26 | raised $650M and $1.03 after one quarter; open | Open |
| Q2 '27 revenue $2.025-2.175B, EPS $2.54-2.64 | Q1 '27 | reports Dec '26 | Open |
| Another $1B of buyback authority | Q4 '26 | $1.3B left, no completion date | Open |
| FY26 gross margin raised to 71.7-72.7% | Q2 '26 | taken back; 71.3% delivered | Missed |
| FY27 gross margin 68.5-69.5% | Q4 '26 | cut to 68.1-69.1%, and Q2 to 67-68% | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26Q4
'26Q1
'27
The platformFirst seen Q2 '25
All-flashPage one since Q1 '27
Cloud storagePage one since Q1 '27
AIPage one since Q3 '25
ProfitabilityPage one since Q4 '26
Public CloudOff page one Q2 '26
PartnersPage one since Q4 '26
ESGOff page one Q4 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Intelligent data infrastructure
“NetApp is the INTELLIGENT DATA”
Deck Second Quarter 2025 — Presentation · p. 3 ·
Intelligent data infrastructure
“DATA INFRASTRUCTURE INTELLIGENT”
Deck Third Quarter 2025 — Presentation · p. 18 ·
Intelligent data infrastructure
“That’s what enables NetApp to solve what others can’t. This is why NetApp is THE Intelligent”
Deck Second Quarter 2026 — Presentation · p. 8 ·
Intelligent data infrastructure
“That’s what enables NetApp to solve what others can’t. This is why NetApp is THE Intelligent”
Deck Third Quarter 2026 — Presentation · p. 8 ·
Intelligent data infrastructure
“NETAPP DATA INFRASTRUCTURE PLATFORM”
Deck Fourth Quarter 2026 — Presentation · p. 6 ·
Intelligent data infrastructure
“The NetApp Platform is an intelligent, governed infrastructure that turns distributed enterprise data into trusted, AI-ready knowledge without requiring it to be moved, copied, or consolidated — for any data and any workload, running anywhere.”
Deck First Quarter 2027 — Presentation · p. 5 ·
All-flash growth and share
“Grew all-flash annualized revenue run rate by 19% year-over-year to an all-time high of $3.8 billion”
Deck Second Quarter 2025 — Presentation · p. 19 ·
All-flash growth and share
“Grew all-flash annualized revenue run rate by 10% year-over-year to $3.8 billion”
Deck Third Quarter 2025 — Presentation · p. 19 ·
All-flash growth and share
“Increased market share, gaining almost 3-points in the all-flash market and almost 1-point in the block storage market in CY20241”
Deck Fourth Quarter 2025 — Presentation · p. 15 ·
All-flash growth and share
“Achieved the #1 share position in the All-Flash market for CY Q1 20251”
Deck First Quarter 2026 — Presentation · p. 15 ·
All-flash growth and share
“All Flash & Public Cloud compose 70% of total Q2 FY26 revenue”
Deck Second Quarter 2026 — Presentation · p. 12 ·
All-flash growth and share
“Grew all flash array revenue by 11% to a record $1.0 billion”
Deck Third Quarter 2026 — Presentation · p. 9 ·
All-flash growth and share
“All flash & Public Cloud compose 72% of Q4 FY26 net revenue”
Deck Fourth Quarter 2026 — Presentation · p. 14 ·
All-flash growth and share
“Record all-flash array revenue of $1.3B,up 47% y/y”
Deck First Quarter 2027 — Presentation · p. 4 ·
Cloud storage services growth
“Grew first party and marketplace cloud storage services revenue approximately 43% year-over-year”
Deck Second Quarter 2025 — Presentation · p. 19 ·
Cloud storage services growth
“Grew first party and marketplace cloud storage services revenue approximately 46% year-over-year”
Deck Third Quarter 2025 — Presentation · p. 19 ·
Cloud storage services growth
“Cloud Storage4 $416M 43%”
Deck Fourth Quarter 2025 — Presentation · p. 16 ·
Cloud storage services growth
“Grew first party and marketplace cloud storage services revenue approximately 32% year over year”
Deck Second Quarter 2026 — Presentation · p. 9 ·
Cloud storage services growth
“Generating high growth with first party and marketplace cloud storage services, which grew 27% year over year”
Deck Third Quarter 2026 — Presentation · p. 9 ·
Cloud storage services growth
“Cloud Storage2 $540M 30%”
Deck Fourth Quarter 2026 — Presentation · p. 4 ·
Cloud storage services growth
“Record Public Cloud revenue of $206M, up 28% y/y”
Deck First Quarter 2027 — Presentation · p. 4 ·
AI deals and products
“Inked over 100 AI and data lake modernization deals, including a number of AI-as-a-Service wins”
Deck Third Quarter 2025 — Presentation · p. 19 ·
AI deals and products
“AFF A90 with ONTAP validated for NVIDIA DGX”
Deck Fourth Quarter 2025 — Presentation · p. 15 ·
AI deals and products
“Introduced the AIPod Mini with Intel to service departmental and team level AI deployments”
Deck First Quarter 2026 — Presentation · p. 15 ·
AI deals and products
“Closed approximately 200 AI infrastructure and data lake modernization deals”
Deck Second Quarter 2026 — Presentation · p. 9 ·
AI deals and products
“Delivering significant momentum in AI, with approximately 300 data preparation and foundational storage for AI wins”
Deck Third Quarter 2026 — Presentation · p. 9 ·
AI deals and products
“Introduced AI Data Engine, AFX, AIPod Mini, and updated”
Deck Fourth Quarter 2026 — Presentation · p. 9 ·
AI deals and products
“Simplified and scaled AI workloads with new data access and integrations”
Deck First Quarter 2027 — Presentation · p. 4 ·
Record profitability
“Set Q2 records for operating margin at 29% and EPS at”
Deck Second Quarter 2025 — Presentation · p. 19 ·
Record profitability
“Delivered a record-setting year, achieving all-time highs across multiple revenue and profitability metrics”
Deck Fourth Quarter 2025 — Presentation · p. 15 ·
Record profitability
“Achieved all time highs for quarterly Operating Margin and EPS3”
Deck Second Quarter 2026 — Presentation · p. 9 ·
Record profitability
“Q4 & FY26 ALL TIME HIGHS INNOVATION & PARTNERSHIPS RECOGNITION 1 Gartner, Magic Quadrant for Enterprise Storage Platforms, 2 September 2025 2 Gartner, Critical Capabilities for Enterprise Storage Platforms, 15 September 2025”
Deck Fourth Quarter 2026 — Presentation · p. 9 ·
Record profitability
“Record EPS1 of $2.58, up 66% y/y”
Deck First Quarter 2027 — Presentation · p. 4 ·
Public Cloud refocus and margin
“Further refined the focus of our Public Cloud business with the sale of Spot by NetApp”
Deck Third Quarter 2025 — Presentation · p. 19 ·
Public Cloud refocus and margin
“Public Cloud Services gross margin2 long-term target range raised to 80% - 85%”
Deck First Quarter 2026 — Presentation · p. 15 ·
Public Cloud refocus and margin
“Excluding Spot by NetApp”
Deck Fourth Quarter 2026 — Presentation · p. 11 ·
Hyperscaler and NVIDIA partnerships
“Extended our partnership with Google Cloud to provide the foundational data storage for Google Distributed”
Deck Second Quarter 2025 — Presentation · p. 19 ·
Hyperscaler and NVIDIA partnerships
“Received the 2025 Google Cloud Infrastructure”
Deck Fourth Quarter 2025 — Presentation · p. 15 ·
Hyperscaler and NVIDIA partnerships
“Expanded our NVIDIA partnership with deeper integrations and a validated reference architecture for NVIDIA Cloud Partners”
Deck First Quarter 2026 — Presentation · p. 15 ·
Hyperscaler and NVIDIA partnerships
“Google Distributed Cloud for private and sovereign cloud”
Deck Fourth Quarter 2026 — Presentation · p. 9 ·
Hyperscaler and NVIDIA partnerships
“Expanded partnerships for integrated AI, security, and data management”
Deck First Quarter 2027 — Presentation · p. 4 ·
Sustainability and ESG
“NetApp continues its commitment to Sustainability and ESG”
Deck Second Quarter 2025 — Presentation · p. 17 ·
Sustainability and ESG
“Approved new near-term science-based emissions reduction targets verified by the Science-Based Targets initiative (SBTi)”
Deck Third Quarter 2025 — Presentation · p. 19 ·
What they keep talking about · 10
The themes that show up deck after deck, and the ones that disappear.
- The platform
- The company's own description of itself, restated in six of the eight decks and rebuilt as a "data infrastructure platform" diagram from Q4 '26.
- All-flash
- In all eight. The measure changed in Q4 '26, from an annualised run rate to quarterly revenue — the growth rate stopped being the number shown.
- Cloud storage
- A growth rate in seven of eight — 46% in Q3 '25, 27% in Q3 '26 — then replaced in Q1 '27 by Public Cloud segment revenue.
- AI
- Counted in deals: 100+, then about 200, then about 300. The count stopped once AI revenue accelerated enough to be reported on its own.
- Profitability
- "Record" in five of eight, and true: FY26 delivered record revenue, operating margin and earnings per share against the first guide.
- Public Cloud
- A refocus story with an 80-85% long-term gross-margin target, stated once in Q1 '26 and already beaten at 86.4%.
- Partners
- In five of eight: a multi-year Google Distributed Cloud agreement, first-party status on AWS as FSx for NetApp ONTAP, and a place in NVIDIA's data-platform partner list.
- ESG
- Two of eight, both in fiscal 2025. Gone from every deck since.
- New
- Q1 '27: a remaining-performance-obligations chart in place of deferred revenue, and chief-executive and chief-financial-officer quotes in place of product slides.
- Quiet
- Gone: the deferred-revenue chart, the all-flash run rate, cloud storage growth, Keystone contract value and the AI deal count — five measures in eight quarters.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q1 FY2027 release · 8-K 2 Sep 2026
- Q4 FY2026 release · 8-K 28 May 2026
- Q3 FY2026 release · 8-K 26 Feb 2026
- Q2 FY2026 release · 8-K 25 Nov 2025
- Q1 FY2026 release · 8-K 27 Aug 2025
- Q4 FY2025 release · 8-K 29 May 2025
- Q3 FY2025 release · 8-K 27 Feb 2025
- Q2 FY2025 release · 8-K 21 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q2 25 – Q1 27The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 | Q4 26 | Q1 27 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 22% | 22% | 50% | 31% | 26% | 55% | 47% | 65% |
| Growth & sales | 17% | 22% | 50% | 15% | 26% | 18% | 58% | 35% |
| Pricing & margins | 8% | 12% | 29% | 27% | 24% | 73% | 47% | 47% |
| Guidance & outlook | 8% | 9% | 36% | 27% | 32% | 18% | 53% | 59% |
| Capacity & supply | 3% | 3% | 7% | 12% | 15% | 23% | 11% | 24% |
| Capital & financing | 8% | 3% | 7% | 12% | 3% | 9% | · | 12% |
| Competition | 3% | 12% | 21% | 12% | 6% | 9% | 5% | · |
| Products & technology | 22% | 16% | 29% | 27% | 24% | 41% | 16% | 35% |
| Macro & regulation | 6% | 3% | 36% | · | 3% | · | · | · |
| Other | 53% | 50% | 7% | 38% | 29% | · | · | · |
| Questions | 36 | 32 | 14 | 26 | 34 | 22 | 19 | 17 |
| How much the CEO talked | 53% | 74% | 0% | 73% | 66% | 69% | 67% | 64% |
Who’s in charge, who’s selling
read from the filings · 1 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 2 · worsening
Officer exculpation added to the charter, and the bylaws rewritten the day before
At the 2026 meeting holders approved a restated charter "which provides for officer exculpation to the fullest extent permitted by the Delaware General Corporation Law", 13.4% against — more opposition than any director except the chair. It was filed in Delaware the next day. On the same date, with no shareholder vote, the board adopted restated bylaws that among other things bar indemnifying amounts paid in settlement without the company's written consent, narrow "Stockholder Associated Person", allow committee charters to supersede the bylaws where inconsistent, and permit indemnity insurance through a captive insurer.
Tier 2 · worsening
The chair holds three of the four oversight jobs, and his opposition doubled in a year
T. Michael Nevens, 76, a director since 2009, chairs the board, chairs the Corporate Governance and Nominating Committee — which reviews board composition, independence, conflicts and related-party transactions — and sits on Audit. His opposition went from 6.0% in September 2025 to 11.9% in September 2026, more than seven times the next independent director's 4.8%. Over the same two meetings the auditor's ratification opposition went from 8.4% to 11.5%, and a 2025 amendment adding 5,000,000 shares to the equity plan drew 32.0% against. Nothing read states a reason for any of it.
Tier 3 · live
A proposal that once carried a majority was not voted on, because nobody came to present it
Proposal 5 at the 2026 meeting asked for action by written consent, and its proponent's own statement says the topic "won more than 50% support at a previous NTAP annual meeting". The 8-K records that neither the proponent nor a representative attended, so no vote was taken. The restriction behind it stands: NetApp requires 25% of shares to call a special meeting against the 10% Delaware allows, and the proponent says some holders are excluded from that right altogether. A 2025 proposal to improve the special-meeting right was defeated about seven to one.
Tier 3 · worsening
Five of the ten reported measures were dropped, and the gross-margin guide has been cut three times
Gone across eight decks: the deferred-revenue chart, the all-flash annualised run rate, cloud storage services growth, Keystone contract value, and the AI deal count — which ran 100+, about 200, about 300 and then stopped once revenue accelerated. Persistence across the eight is 0.50. The fiscal 2027 gross-margin guide went 68.5-69.5%, then 68.1-69.1%, with the second quarter at 67.0-68.0% against 71.3% delivered in fiscal 2026, and the decks give no cause.
Tier 3 · stable
Twenty-six insider sales, no purchases, and not one under a pre-set plan
Over the year to 2026q2 the SEC data sets record 26 sales by 5 insiders totalling $13.5m and zero purchases, with a planned share of 0.0% — against 61% at Microsoft and 88% at Oracle. All fourteen directors and officers together hold 701,159 shares, 0.36%; the chief executive 362,354. Separately, two of the four fiscal 2026 bonus metrics — cloud storage revenue and ASA block-storage growth, 10% each — paid zero in the year the proxy calls a landmark one.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Nevens (board chair)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 9.9M | 19.1M | 11.9% |
| Officer exculpation charterShielding executives from lawsuits. A change to the company's rulebook so that officers cannot be sued personally by shareholders for careless (not dishonest) decisions. Shareholders give up some of their power to hold executives to account; a no keeps it. | — | 21.6M | 13.4% |
| Ratify Deloitte & ToucheThe auditor. Keeping the outside accounting firm that checks the company's books. This almost always passes; a sizeable no means shareholders doubt the audit or think the firm has been in place too long. | 15.4M | 20.5M | 11.5% |
| Say on payExecutive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | 10.0M | 11.4M | 7.1% |
| Held (director since 2009)A board seat. | 7.2M | 7.7M | 4.8% |
| Kurian (CEO)A board seat. | 0.2M | 1.3M | 0.8% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| SEC insider data sets, Jul '25-Jun '26 | Sold | Note |
|---|---|---|
| All insiders | $13.5M | 26 sales by 5 people, and not one purchase |
| Of that, pre-planned | none | 0.0% under a pre-set 10b5-1 plan, against 61% at Microsoft and 88% at Oracle |
| Largest single sales | about $7.7M each | the chief executive on 14 Sep '26 and the president on 23 Jun '26 |