NetApp, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data NetApp, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	5,519	5,919	6,146	5,412	5,744	6,318	6,362	6,268	6,572	6,925
Cost of revenue	2,129	2,212	2,201	1,789	1,929	2,098	2,153	1,835	1,959	2,026
Gross profit	3,364	3,709	3,945	3,623	3,815	4,220	4,209	4,433	4,613	4,899
Research and development	779	783	827	847	881	881	956	1,029	1,012	991
Selling and marketing	1,651	1,706	1,657	1,585	1,744	1,857	1,829	1,828	1,865	1,869
General and administrative	271	280	278	263	257	279	265	308	311	344
Operating expenses	2,743	2,551	2,724	2,678	2,784	3,063	3,191	3,219	3,276	3,225
Operating income	621	1,158	1,221	945	1,031	1,157	1,018	1,214	1,337	1,674
Interest expense	52	62	58	55	74	73	67	64	64	109
Interest income	44	79	88	48	9	7	69	112	112	113
Other non-operating income	0	41	47	-1	-69	-62	48	49	46	-26
Pre-tax income	621	1,199	1,268	944	962	1,095	1,066	1,263	1,383	1,648
Income tax	140	1,083	99	125	232	158	-208	277	197	372
Net income	481	116	1,169	819	730	937	1,274	986	1,186	1,276
EBITDA	799	1,303	1,371	1,099	1,189	1,305	1,199	1,412	1,533	1,853
EPS, basic	1.75	0.43	4.60	3.56	3.29	4.20	5.87	4.74	5.81	6.41
EPS, diluted	1.71	0.42	4.51	3.52	3.23	4.09	5.79	4.63	5.67	6.35
Shares, basic (weighted)	275	268	254	230	222	223	217	208	204	199
Shares, diluted (weighted)	281	276	259	233	226	229	220	213	209	201
Dividend per share	0.76	0.80	1.60	1.92	1.92	2.00	2.00	2.00	2.08	2.08

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	2,444	2,941	2,325	2,658	4,529	4,112	2,316	1,903	2,742	2,070
Short-term investments	2,477	2,450	1,574	224	67	22	754	1,349	1,104	1,514
Receivables	731	1,047	1,216	973	945	1,230	987	1,007	1,246	1,286
Inventory	163	122	131	145	114	204	167	186	186	198
Other current assets	383	392	364	274	346	377	456	452	573	708
Total current assets	6,198	6,952	5,610	4,274	6,001	5,945	4,680	4,897	5,851	5,776
Property, plant and equipment	799	756	759	727	525	602	650	604	563	592
Lease right-of-use assets			0	137	114	294	281	247	241	228
Goodwill	1,684	1,739	1,735	1,778	2,039	2,346	2,759	2,759	2,723	2,772
Intangible assets	131	94	47	44	101	142	181	124	43	22
Other non-current assets	681	450	590	699	694	991	1,548	1,503	1,643	1,582
Total assets	9,493	9,991	8,741	7,522	9,360	10,026	9,818	9,887	10,823	10,744
Accounts payable	347	609	542	426	420	607	392	517	511	550
Accrued liabilities	782	825	851	774	970	925	857	1,013	1,122	1,151
Deferred revenue		1,712	1,825	1,894	2,062	2,171	2,218	2,176	2,279	2,320
Short-term debt	749	0	400	0	0	250	0	400	750	0
Total current liabilities	4,122	3,531	3,867	3,616	3,452	3,953	3,467	4,106	4,662	4,021
Long-term debt	744	1,541	1,144	1,146	2,632	2,386	2,389	1,992	2,485	2,487
Lease liabilities			0	93	71	257	248	220	216	204
Other non-current liabilities	249	992	797	714	650	788	708	585	379	360
Total liabilities	6,713	7,715	7,651	7,280	8,675	9,188	8,659	8,741	9,783	9,393
Total debt	1,493	1,541	1,544	1,146	2,632	2,636	2,389	2,392	3,235	2,487
Paid-in capital	2,769	2,355	1,133	284	504	760	945	997	1,106	1,209
Retained earnings	40	-9	0	0	211	122	265	208	0	153
Other comprehensive income	-29	-70	-43	-42	-30	-44	-51	-59	-66	-11
Shareholders' equity	2,949	2,276	1,090	242	685	838	1,159	1,146	1,040	1,351
Total equity	2,949	2,276	1,090	242	685	838	1,159	1,146	1,040	1,351
Total liabilities and equity	9,493	9,991	8,741	7,522	9,360	10,026	9,818	9,887	10,823	10,744
Shares outstanding	269	263	240	219	222	220	212	206	201	196

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	481	116	1,169	819	730	937	1,274	986	1,186	1,276
Depreciation and amortization	178	145	150	154	158	148	181	198	196	179
Stock-based compensation	195	161	158	153	197	245	312	357	386	382
Deferred income tax	74	270	-3	-17	-6	-144	-606	53	-100	135
Change in receivables	90	-289	-185	238	62	-313	260	-33	-219	-36
Change in inventory	-66	36	-9	-14	31	-90	37	-18	-1	-12
Cash from operations	986	1,478	1,341	1,060	1,333	1,211	1,107	1,685	1,506	2,067
Capital expenditures	-175	-145	-173	-124	-162	-226	-239	-155	-168	-198
Acquisitions	-8	-75	-3	-73	-350	-380	-491	0	0
Purchases of investments		-1,389	-41	-13	-5	-18	-1,269	-2,635	-1,782	-2,758
Sales and maturities of investments	1,934	1,379	917	1,383	165	63	550	2,055	2,027	2,346
Cash from investing	-223	-21	704	1,269	21	-561	-1,390	-735	147	-595
Debt issued	0	795	0	111	2,057	0
Debt repaid	0	-750	0	-410	-689	0	-250	0	-400	-750
Stock issued	60	88	25	4	8	1	1	2
Share buybacks	-705	-794	-2,111	-1,411	-125	-600	-850	-900	-1,150	-950
Dividends paid	-208	-214	-403	-439	-427	-446	-432	-416	-424	-413
Cash from financing	-1,179	-986	-2,631	-1,960	444	-1,017	-1,513	-1,344	-828	-2,147
Exchange rate effect	-11	26	-30	-34	71	-49	-1	-19	15	1
Net change in cash	-427	497	-616	335	1,869	-416	-1,797	-413	840	-674
Free cash flow	811	1,333	1,168	936	1,171	985	868	1,530	1,338	1,869
Interest paid	44	58	53	50	57	67	65	59	53	109
Income taxes paid	102	87	205	276	338	398	386	357	412	435

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $201.15 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	70.6%	Gross profit / revenue.
Operating margin	25.0%	Operating income / revenue.
EBITDA margin	27.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.7%	Pre-tax income / revenue.
Net margin	19.2%	Net income / revenue.
FCF margin	22.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.7%	Cash from operations / revenue.
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	94.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	12.9%	Net income / average total assets.
Return on invested capital (ROIC)	59.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	13.8%	Research and development expense / revenue.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.3%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	25.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	10.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	20.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	7.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	0.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	11.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	12.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	3.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	37.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	39.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	1.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	1.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	29.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	5.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.24x	Current assets / current liabilities.
Quick ratio	0.99x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.78x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.66x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.7%	Total debt / total assets.
Liabilities / assets	86.4%	Total liabilities / total assets.
Net debt	-$1.09B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.54x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$1.10B	Current assets - current liabilities.
Goodwill and intangibles / assets	27.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.46B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	11.1x	Revenue / average property, plant and equipment.
Inventory turnover	5.79x	Cost of revenue / average inventory.
Days inventory	63 days	365 x average inventory / cost of revenue.
Receivables turnover	7.65x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	95 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	16 days	Days inventory + days sales outstanding - days payables.
FCF conversion	116.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$36.96	Revenue / diluted weighted shares.
FCF per share	$8.25	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.49	Cash from operations / diluted weighted shares.
Book value per share	$7.63	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.44	Tangible book value / shares outstanding.
Cash per share	$18.24	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	24.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	51.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$39.47B	Share price x shares outstanding.
Enterprise value	$38.38B	Market cap + total debt - cash - short-term investments.
P/E	27.8x	Market cap / net income. Only when net income is positive.
P/S	5.34x	Market cap / revenue.
P/B	26.4x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	23.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.8x	Market cap / cash from operations, when positive.
EV/Sales	5.19x	Enterprise value / revenue.
EV/EBIT	20.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.2%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.
PEG	8.91x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was NetApp, Inc.'s revenue in fiscal 2026?

NetApp, Inc. reported revenue of $6.93B for fiscal 2026, 5.4% higher than the year before.

Was NetApp, Inc. profitable in fiscal 2026?

Yes. Net income was $1.28B, a net margin of 18.4%.

How much free cash flow did NetApp, Inc. generate in fiscal 2026?

Cash from operations of $2.07B minus capital expenditures of $198.0M left free cash flow of $1.87B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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