NetApp (NTAP) Financials

$114.96 -2.77 (-2.35%)

As of 02:14 PM Eastern

Annual Income Statements for NetApp

This table shows NetApp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	4/24/2015	4/29/2016	4/28/2017	4/27/2018	4/26/2019	4/24/2020	4/30/2021	4/29/2022	4/28/2023	4/26/2024	4/25/2025
Net Income / (Loss) Attributable to Common Shareholders	560	229	481	116	1,169	819	730	937	1,274	986	1,186
Consolidated Net Income / (Loss)	560	229	481	116	1,169	819	730	937	1,274	986	1,186
Net Income / (Loss) Continuing Operations	560	229	481	116	1,169	819	730	937	1,274	986	1,186
Total Pre-Tax Income	713	345	621	1,199	1,268	944	962	1,095	1,066	1,263	1,383
Total Operating Income	716	348	621	1,158	1,221	945	1,031	1,157	1,018	1,214	1,337
Total Gross Profit	3,833	3,373	3,364	3,709	3,945	3,623	3,815	4,220	4,209	4,433	4,613
Total Revenue	6,123	5,546	5,491	5,919	6,146	5,412	5,744	6,318	6,362	6,268	6,572
Operating Revenue	6,123	5,546	5,491	5,919	6,146	5,412	5,744	6,318	6,362	6,268	6,572
Total Cost of Revenue	2,290	2,173	2,127	2,210	2,201	1,789	1,929	2,098	2,153	1,835	1,959
Operating Cost of Revenue	2,290	2,173	2,127	2,210	2,201	1,789	1,929	2,098	2,153	1,835	1,959
Total Operating Expenses	3,117	3,025	2,743	2,551	2,724	2,678	2,784	3,063	3,191	3,219	3,276
Selling, General & Admin Expense	284	307	271	280	278	263	257	279	265	308	311
Marketing Expense	1,913	1,792	1,651	1,706	1,657	1,585	1,744	1,857	1,829	1,828	1,865
Research & Development Expense	920	861	779	783	827	847	881	881	956	1,029	1,012
Other Operating Expenses / (Income)	-	-	-	-218	-73	-38	-156	0.00	0.00	0.00	0.00
Restructuring Charge	0.00	116	52	0.00	35	21	58	46	141	54	88
Total Other Income / (Expense), net	-3.00	-3.00	0.00	41	47	-1.00	-69	-62	48	49	46
Income Tax Expense	153	116	140	1,083	99	125	232	158	-208	277	197
Basic Earnings per Share	$1.77	$0.78	$1.75	$0.43	$4.60	$3.56	$3.29	$4.20	$5.87	$4.74	$5.81
Weighted Average Basic Shares Outstanding	316M	294M	275M	268M	254M	230M	222M	223M	217M	208M	204M
Diluted Earnings per Share	$1.75	$0.77	$1.71	$0.42	$4.51	$3.52	$3.23	$4.09	$5.79	$4.63	$5.67
Weighted Average Diluted Shares Outstanding	321M	297M	281M	276M	259M	233M	226M	229M	220M	213M	209M
Weighted Average Basic & Diluted Shares Outstanding	316.40M	293.60M	275.10M	269.80M	254.10M	221.82M	223.22M	221.19M	212.43M	205.80M	200.37M
Cash Dividends to Common per Share	$0.66	$0.72	$0.76	$0.80	$1.60	$1.92	$1.92	$2.00	$2.00	$2.00	$2.08

This table shows NetApp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q3 2026
Period end date	1/27/2023	4/28/2023	7/28/2023	10/27/2023	1/26/2024	4/26/2024	7/25/2025	10/24/2025	1/24/2025	4/25/2025	1/23/2026
Net Income / (Loss) Attributable to Common Shareholders	65	245	149	233	313	291	233	305	299	340	334
Consolidated Net Income / (Loss)	65	245	149	233	313	291	233	305	299	340	334
Net Income / (Loss) Continuing Operations	65	245	149	233	313	291	233	305	299	340	334
Total Pre-Tax Income	177	314	186	315	382	380	304	393	370	354	433
Total Operating Income	172	309	178	304	366	366	309	399	362	348	434
Total Gross Profit	1,001	1,075	996	1,110	1,151	1,176	1,098	1,227	1,145	1,193	1,209
Total Revenue	1,526	1,581	1,432	1,562	1,606	1,668	1,559	1,705	1,641	1,732	1,713
Operating Revenue	1,526	1,581	1,432	1,562	1,606	1,668	1,559	1,705	1,641	1,732	1,713
Total Cost of Revenue	525	506	436	452	455	492	461	478	496	539	504
Operating Cost of Revenue	525	506	436	452	455	492	461	478	496	539	504
Total Operating Expenses	829	766	818	806	785	810	789	828	783	845	775
Selling, General & Admin Expense	59	67	74	75	81	78	84	89	74	85	86
Marketing Expense	450	442	468	461	439	460	461	465	451	458	455
Research & Development Expense	230	243	247	262	249	271	242	251	247	256	237
Restructuring Charge	90	14	29	8.00	16	1.00	2.00	23	11	46	-3.00
Total Other Income / (Expense), net	5.00	5.00	8.00	11	16	14	-5.00	-6.00	8.00	6.00	-1.00
Income Tax Expense	112	69	37	82	69	89	71	88	71	14	99
Basic Earnings per Share	$0.30	$1.14	$0.70	$1.12	$1.52	$1.40	$1.16	$1.53	$1.47	$1.67	$1.69
Weighted Average Basic Shares Outstanding	216M	217M	212M	208M	206M	208M	201M	199M	204M	204M	198M
Diluted Earnings per Share	$0.30	$1.12	$0.69	$1.10	$1.48	$1.36	$1.15	$1.51	$1.44	$1.64	$1.67
Weighted Average Diluted Shares Outstanding	219M	220M	216M	211M	211M	213M	203M	202M	208M	209M	200M
Weighted Average Basic & Diluted Shares Outstanding	213.90M	212.43M	208.79M	206.03M	20.64M	205.80M	199.62M	198.06M	203.41M	200.37M	197.33M
Cash Dividends to Common per Share	$0.50	$0.50	$0.50	$0.50	$0.50	$0.50	$0.52	$0.52	$0.52	-	$0.52

This table details how cash moves in and out of NetApp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	4/24/2015	4/29/2016	4/28/2017	4/27/2018	4/26/2019	4/24/2020	4/30/2021	4/29/2022	4/28/2023	4/26/2024	4/25/2025
Net Change in Cash & Equivalents	-369	946	-416	497	-586	335	-259	-416	-1,797	-413	840
Net Cash From Operating Activities	1,268	974	986	1,478	1,341	1,060	1,333	1,211	1,107	1,685	1,506
Net Cash From Continuing Operating Activities	1,268	974	986	1,478	1,341	1,060	1,333	1,211	1,107	1,685	1,506
Net Income / (Loss) Continuing Operations	560	229	481	116	1,169	819	730	937	1,274	986	1,186
Consolidated Net Income / (Loss)	560	229	481	116	1,169	819	730	937	1,274	986	1,186
Depreciation Expense	307	279	226	198	197	193	207	194	248	255	243
Non-Cash Adjustments To Reconcile Net Income	204	209	185	-57	85	166	93	300	364	402	427
Changes in Operating Assets and Liabilities, net	197	257	94	1,221	-110	-118	303	-220	-779	42	-350
Net Cash From Investing Activities	-903	85	-223	-21	704	1,269	21	-561	-1,390	-735	147
Net Cash From Continuing Investing Activities	-903	85	-223	-21	704	1,269	21	-561	-1,390	-735	147
Purchase of Property, Plant & Equipment	-175	-160	-175	-145	-173	-124	-162	-226	-239	-155	-168
Acquisitions	-85	-842	-8.00	-75	-3.00	-73	-350	-380	-491	0.00	0.00
Purchase of Investments	-2,597	-1,589	-1,977	-1,389	-41	-13	-5.00	-18	-1,269	-2,635	-1,782
Sale and/or Maturity of Investments	1,952	2,571	1,934	1,379	917	1,383	165	63	550	2,055	2,027
Other Investing Activities, net	2.00	3.00	3.00	-1.00	4.00	0.00	2.00	0.00	59	0.00	70
Net Cash From Financing Activities	-675	-109	-1,179	-986	-2,631	-1,960	444	-1,017	-1,513	-1,344	-828
Net Cash From Continuing Financing Activities	-675	-109	-1,179	-986	-2,631	-1,960	-1,613	-1,017	-1,513	-1,344	-828
Repayment of Debt	-9.00	-27	-857	-871	-142	-416	-1,117	-2.00	-255	-1.00	-403
Repurchase of Common Equity	-1,165	-960	-705	-794	-2,111	-1,411	-125	-600	-850	-900	-1,150
Payment of Dividends	-208	-210	-208	-214	-403	-439	-427	-446	-432	-416	-424
Issuance of Debt	495	870	499	795	0.00	283	-	-	0.00	0.00	1,240
Issuance of Common Equity	157	120	140	173	121	102	98	105	108	100	108
Other Financing Activities, net	55	98	-48	-75	-96	-79	-42	-74	-84	-127	-199
Effect of Exchange Rate Changes	-	-4.00	-	26	-	-34	-	-49	-1.00	-19	15

This table details how cash moves in and out of NetApp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	10/28/2022	1/27/2023	4/28/2023	7/28/2023	10/27/2023	1/26/2024	4/26/2024	7/25/2025	10/25/2024	1/24/2025	4/25/2025
Net Change in Cash & Equivalents	-619	-30	-324	-296	-85	-115	83	-658	-172	31	1,231
Net Cash From Operating Activities	214	377	235	453	135	484	613	673	105	385	675
Net Cash From Continuing Operating Activities	214	377	235	453	135	484	613	673	105	385	675
Net Income / (Loss) Continuing Operations	750	65	245	149	233	313	291	233	299	299	340
Consolidated Net Income / (Loss)	750	65	245	149	233	313	291	233	299	299	340
Depreciation Expense	59	65	66	64	64	63	64	51	63	64	53
Non-Cash Adjustments To Reconcile Net Income	91	106	86	98	105	100	99	94	114	113	105
Changes in Operating Assets and Liabilities, net	-686	141	-162	142	-267	8.00	159	295	-371	-91	177
Net Cash From Investing Activities	-288	-189	-285	-228	227	-437	-297	-181	564	-53	-313
Net Cash From Continuing Investing Activities	-288	-189	-285	-228	227	-437	-297	-181	564	-53	-313
Purchase of Property, Plant & Equipment	-77	-58	-39	-35	-38	-36	-46	-53	-45	-47	-35
Purchase of Investments	-287	-342	-507	-571	-289	-803	-972	-741	-402	-406	-494
Sale and/or Maturity of Investments	76	210	262	379	553	402	721	598	1,009	399	149
Other Investing Activities, net	-	1.00	-1.00	-1.00	1.00	-	-	15	2.00	1.00	67
Net Cash From Financing Activities	-520	-265	-269	-521	-421	-178	-224	-1,157	-842	-289	851
Net Cash From Continuing Financing Activities	-520	-265	-269	-521	-421	-178	-224	-1,157	-842	-289	851
Repayment of Debt	-251	-	-3.00	-2.00	2.00	-	-1.00	-750	-401	-	-3.00
Repurchase of Common Equity	-150	-200	-150	-400	-300	-100	-100	-300	-300	-200	-250
Payment of Dividends	-108	-108	-106	-106	-103	-103	-104	-104	-106	-106	-105
Other Financing Activities, net	-11	-11	-10	-65	-20	-23	-19	-57	-35	-36	-31
Effect of Exchange Rate Changes	-25	39	3.00	0.00	-26	16	-9.00	7.00	1.00	-12	18

This table presents NetApp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	4/24/2015	4/29/2016	4/28/2017	4/27/2018	4/26/2019	4/24/2020	4/30/2021	4/29/2022	4/28/2023	4/26/2024	4/25/2025
Total Assets	9,401	10,037	9,493	9,991	8,741	7,522	9,360	10,026	9,818	9,887	10,823
Total Current Assets	6,773	6,448	6,198	6,952	5,610	4,274	6,001	5,945	4,680	4,897	5,851
Cash & Equivalents	1,922	2,868	2,444	2,941	2,325	2,658	4,529	4,112	2,316	1,903	2,742
Short-Term Investments	3,404	2,435	2,477	2,450	1,574	224	67	22	754	1,349	1,104
Accounts Receivable	779	813	731	1,047	1,216	973	945	1,230	987	1,007	1,246
Inventories, net	146	98	163	122	131	145	114	204	167	186	186
Other Current Assets	522	234	383	392	364	274	346	377	456	452	573
Plant, Property, & Equipment, net	1,030	937	799	756	759	727	525	602	650	604	563
Total Noncurrent Assets	1,598	2,652	2,496	2,283	2,372	2,521	2,834	3,479	4,488	4,386	4,409
Goodwill	1,027	1,676	1,684	1,739	1,735	1,778	2,039	2,346	2,759	2,759	2,723
Intangible Assets	90	180	131	94	47	44	101	142	181	124	43
Other Noncurrent Operating Assets	481	796	681	450	590	699	694	991	1,548	1,503	1,643
Total Liabilities & Shareholders' Equity	9,401	10,037	9,493	9,991	8,741	7,522	9,360	10,026	9,818	9,887	10,823
Total Liabilities	5,987	7,156	6,713	7,715	7,651	7,280	8,675	9,188	8,659	8,741	9,783
Total Current Liabilities	2,709	3,662	4,122	3,531	3,867	3,616	3,452	3,953	3,467	4,106	4,662
Short-Term Debt	0.00	849	1,249	385	649	522	0.00	250	0.00	400	750
Accounts Payable	284	254	347	609	542	426	420	607	392	517	511
Accrued Expenses	701	765	782	825	851	774	970	925	857	1,013	1,122
Current Deferred Revenue	1,724	1,794	1,744	1,712	1,825	1,894	2,062	2,171	2,218	2,176	2,279
Total Noncurrent Liabilities	3,278	3,494	2,591	4,184	3,784	3,664	5,223	5,235	5,192	4,635	5,121
Long-Term Debt	1,487	1,490	744	1,541	1,144	1,146	2,632	2,386	2,389	1,992	2,485
Noncurrent Deferred Revenue	1,473	1,591	1,598	1,651	1,843	1,804	1,941	2,061	2,095	2,058	2,257
Other Noncurrent Operating Liabilities	318	413	249	992	797	714	650	788	708	585	379
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,414	2,881	2,780	2,276	1,090	242	685	838	1,159	1,146	1,040
Total Preferred & Common Equity	3,414	2,881	2,780	2,276	1,090	242	685	838	1,159	1,146	1,040
Total Common Equity	3,414	2,881	2,780	2,276	1,090	242	685	838	1,159	1,146	1,040
Common Stock	3,385	2,912	2,769	2,355	1,133	284	504	760	945	997	1,106
Retained Earnings	53	0.00	40	-9.00	0.00	0.00	211	122	265	208	0.00
Accumulated Other Comprehensive Income / (Loss)	-24	-31	-29	-70	-43	-42	-30	-44	-51	-59	-66

This table presents NetApp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q3 2026
Period end date	10/28/2022	1/27/2023	4/28/2023	7/28/2023	10/27/2023	1/26/2024	4/26/2024	7/25/2025	10/24/2025	1/24/2025	1/23/2026
Total Assets	9,780	9,710	9,818	9,270	9,073	9,369	9,887	9,679	9,630	8,989	9,971
Total Current Assets	4,603	4,540	4,680	4,160	3,993	4,327	4,897	4,687	4,654	3,908	4,996
Cash & Equivalents	2,669	2,640	2,316	2,020	1,934	1,820	1,903	2,085	2,072	1,511	1,629
Short-Term Investments	364	501	754	955	686	1,097	1,349	1,239	942	750	1,379
Accounts Receivable	910	821	987	653	787	787	1,007	787	988	898	1,314
Inventories, net	244	175	167	131	122	131	186	133	127	268	109
Other Current Assets	416	403	456	401	464	492	452	443	525	481	565
Plant, Property, & Equipment, net	661	667	650	641	623	607	604	570	568	567	576
Total Noncurrent Assets	4,516	4,503	4,488	4,469	4,457	4,435	4,386	4,422	4,408	4,514	4,399
Goodwill	2,767	2,767	2,759	2,759	2,759	2,759	2,759	2,734	2,731	2,723	2,756
Intangible Assets	215	198	181	166	152	138	124	37	31	49	26
Other Noncurrent Operating Assets	1,534	1,538	1,548	1,544	1,546	1,538	1,503	1,651	1,646	1,742	1,617
Total Liabilities & Shareholders' Equity	9,780	9,710	9,818	9,270	9,073	9,369	9,887	9,679	9,630	8,989	9,971
Total Liabilities	8,578	8,608	8,659	8,397	8,303	8,375	8,741	8,704	8,644	7,994	8,813
Total Current Liabilities	3,395	3,393	3,467	3,249	3,733	3,765	4,106	3,569	3,470	4,195	3,594
Short-Term Debt	0.00	0.00	0.00	0.00	400	400	400	0.00	0.00	750	0.00
Accounts Payable	584	432	392	344	411	396	517	404	436	434	413
Accrued Expenses	819	835	857	778	919	876	1,013	895	890	941	908
Current Deferred Revenue	1,992	2,126	2,218	2,127	2,003	2,093	2,176	2,270	2,144	2,070	2,273
Total Noncurrent Liabilities	5,183	5,215	5,192	5,148	4,570	4,610	4,635	5,135	5,174	3,799	5,219
Long-Term Debt	2,387	2,388	2,389	2,390	1,991	1,991	1,992	2,485	2,486	1,244	2,486
Noncurrent Deferred Revenue	2,059	2,090	2,095	2,055	1,999	2,034	2,058	2,256	2,301	2,052	2,358
Other Noncurrent Operating Liabilities	737	737	708	703	580	585	585	394	387	503	375
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,202	1,102	1,159	873	770	994	1,146	975	986	995	1,158
Total Preferred & Common Equity	1,202	1,102	1,159	873	770	994	1,146	975	986	995	1,158
Total Common Equity	1,202	1,102	1,159	873	770	994	1,146	975	986	995	1,158
Common Stock	765	889	945	921	825	934	997	1,015	1,036	1,060	1,147
Retained Earnings	499	268	265	0.00	0.00	115	208	0.00	0.00	0.00	40
Accumulated Other Comprehensive Income / (Loss)	-62	-55	-51	-48	-55	-55	-59	-40	-50	-65	-29

This table displays calculated financial ratios and metrics derived from NetApp's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	4/24/2015	4/29/2016	4/28/2017	4/27/2018	4/26/2019	4/24/2020	4/30/2021	4/29/2022	4/28/2023	4/26/2024	4/25/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.19%	-9.42%	-0.99%	7.79%	3.84%	-11.94%	6.13%	9.99%	0.70%	-1.48%	4.85%
EBITDA Growth	-5.12%	-38.82%	35.74%	64.94%	4.87%	-22.39%	2.81%	15.57%	-6.29%	16.03%	7.56%
EBIT Growth	-3.78%	-51.61%	80.00%	93.08%	5.75%	-25.55%	1.91%	20.27%	-12.01%	19.25%	10.13%
NOPAT Growth	-11.02%	-58.92%	108.23%	-76.71%	904.76%	-27.17%	-4.57%	26.55%	22.89%	-22.10%	20.98%
Net Income Growth	-12.23%	-59.11%	110.04%	-75.88%	907.76%	-29.94%	-10.87%	28.36%	35.97%	-22.61%	20.28%
EPS Growth	-4.37%	-56.00%	122.08%	-75.44%	973.81%	-21.95%	-8.24%	26.63%	41.56%	-20.03%	22.46%
Operating Cash Flow Growth	-6.07%	-23.19%	1.23%	49.90%	-9.27%	-20.95%	25.75%	-9.15%	-8.59%	52.21%	-10.62%
Free Cash Flow Firm Growth	-13.16%	-114.59%	591.85%	111.18%	-17.38%	-18.56%	40.41%	-65.94%	-78.81%	1,349.43%	-11.95%
Invested Capital Growth	-87.47%	80.47%	-78.31%	-703.38%	14.55%	4.33%	-31.58%	48.40%	172.42%	-40.17%	50.00%
Revenue Q/Q Growth	293.56%	-2.80%	1.35%	3.33%	-0.84%	-3.41%	2.75%	2.02%	-1.53%	1.41%	0.98%
EBITDA Q/Q Growth	-6.39%	-13.69%	16.51%	9.31%	3.97%	-10.61%	19.04%	-6.83%	2.51%	3.89%	-1.80%
EBIT Q/Q Growth	-7.71%	-23.16%	30.19%	11.53%	4.62%	-12.43%	23.97%	-8.10%	1.60%	4.93%	-1.33%
NOPAT Q/Q Growth	-9.96%	-37.35%	53.06%	1,056.75%	10.36%	-16.44%	20.23%	-6.62%	-3.47%	4.31%	4.86%
Net Income Q/Q Growth	-10.04%	-38.44%	54.66%	1,066.67%	9.97%	-19.63%	23.31%	-7.41%	-1.09%	4.89%	4.31%
EPS Q/Q Growth	-7.41%	-37.90%	56.88%	481.82%	11.36%	-16.78%	23.28%	-7.67%	-0.17%	5.47%	5.19%
Operating Cash Flow Q/Q Growth	13.57%	-4.98%	2.07%	9.56%	-6.62%	-1.49%	15.21%	-10.89%	-13.72%	28.92%	4.29%
Free Cash Flow Firm Q/Q Growth	6.21%	-120.45%	1,220.23%	-3.78%	10.52%	2.74%	98.88%	-61.36%	-65.41%	44.35%	20.41%
Invested Capital Q/Q Growth	-70.14%	80.42%	-142.62%	6.45%	8.72%	-9.58%	-63.14%	3.51%	36.96%	-38.89%	-41.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	62.60%	60.82%	61.26%	62.66%	64.19%	66.94%	66.42%	66.79%	66.16%	70.72%	70.19%
EBITDA Margin	16.66%	11.25%	15.43%	23.60%	23.84%	21.01%	20.35%	21.38%	19.90%	23.44%	24.04%
Operating Margin	11.69%	6.27%	11.31%	19.56%	19.87%	17.46%	17.95%	18.31%	16.00%	19.37%	20.34%
EBIT Margin	11.64%	6.22%	11.31%	20.26%	20.63%	17.44%	16.75%	18.31%	16.00%	19.37%	20.34%
Profit (Net Income) Margin	9.15%	4.13%	8.76%	1.96%	19.02%	15.13%	12.71%	14.83%	20.03%	15.73%	18.05%
Tax Burden Percent	78.54%	66.38%	77.46%	9.67%	92.19%	86.76%	75.88%	85.57%	119.51%	78.07%	85.76%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	94.64%	104.72%	104.04%	103.44%
Effective Tax Rate	21.46%	33.62%	22.54%	90.33%	7.81%	13.24%	24.12%	14.43%	-19.51%	21.93%	14.24%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	248.10%	320.71%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	243.14%	315.35%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-162.55%	-212.21%
Return on Equity (ROE)	15.55%	7.28%	16.99%	4.59%	69.46%	122.97%	157.50%	123.05%	127.59%	85.55%	108.51%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.45%	298.36%	280.71%
Operating Return on Assets (OROA)	7.66%	3.55%	6.36%	12.31%	13.54%	11.61%	11.40%	11.94%	10.26%	12.32%	12.91%
Return on Assets (ROA)	6.02%	2.36%	4.93%	1.19%	12.48%	10.07%	8.65%	9.67%	12.84%	10.01%	11.45%
Return on Common Equity (ROCE)	15.55%	7.28%	16.99%	4.59%	69.46%	122.97%	157.50%	123.05%	127.59%	85.55%	108.51%
Return on Equity Simple (ROE_SIMPLE)	16.40%	7.95%	17.30%	5.10%	107.25%	338.43%	106.57%	111.81%	109.92%	86.04%	114.04%
Net Operating Profit after Tax (NOPAT)	562	231	481	112	1,126	820	782	990	1,217	948	1,147
NOPAT Margin	9.18%	4.17%	8.76%	1.89%	18.32%	15.15%	13.62%	15.67%	19.12%	15.12%	17.45%
Net Nonoperating Expense Percent (NNEP)	-0.06%	-0.06%	0.00%	0.12%	1.56%	-0.05%	-3.30%	-3.06%	5.27%	4.96%	5.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	26.82%
Cost of Revenue to Revenue	37.40%	39.18%	38.74%	37.34%	35.81%	33.06%	33.58%	33.21%	33.84%	29.28%	29.81%
SG&A Expenses to Revenue	4.64%	5.54%	4.94%	4.73%	4.52%	4.86%	4.47%	4.42%	4.17%	4.91%	4.73%
R&D to Revenue	15.03%	15.52%	14.19%	13.23%	13.46%	15.65%	15.34%	13.94%	15.03%	16.42%	15.40%
Operating Expenses to Revenue	50.91%	54.54%	49.95%	43.10%	44.32%	49.48%	48.47%	48.48%	50.16%	51.36%	49.85%
Earnings before Interest and Taxes (EBIT)	713	345	621	1,199	1,268	944	962	1,157	1,018	1,214	1,337
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,020	624	847	1,397	1,465	1,137	1,169	1,351	1,266	1,469	1,580
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.59	1.91	3.20	6.64	13.95	34.96	22.35	18.33	11.29	1.82	17.30
Price to Tangible Book Value (P/TBV)	3.85	5.37	9.22	34.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.44	0.99	1.62	2.56	2.47	1.56	2.67	2.43	2.06	0.33	2.74
Price to Earnings (P/E)	15.79	24.03	18.50	130.37	13.01	10.33	20.97	16.40	10.27	2.11	15.17
Dividend Yield	2.33%	3.78%	2.31%	1.42%	2.60%	5.02%	2.79%	2.90%	3.27%	1.98%	2.35%
Earnings Yield	6.33%	4.16%	5.41%	0.77%	7.69%	9.68%	4.77%	6.10%	9.74%	47.34%	6.59%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	25.95	4.28	40.51
Enterprise Value to Revenue (EV/Rev)	0.82	0.46	1.09	1.97	2.13	1.34	2.32	2.19	1.95	0.20	2.64
Enterprise Value to EBITDA (EV/EBITDA)	4.90	4.07	7.05	8.35	8.94	6.37	11.42	10.26	9.80	0.83	11.00
Enterprise Value to EBIT (EV/EBIT)	7.02	7.36	9.61	9.72	10.33	7.68	13.87	11.98	12.18	1.01	13.00
Enterprise Value to NOPAT (EV/NOPAT)	8.89	10.99	12.41	104.06	11.64	8.84	17.06	14.01	10.19	1.29	15.16
Enterprise Value to Operating Cash Flow (EV/OCF)	3.94	2.61	6.05	7.89	9.77	6.84	10.01	11.45	11.20	0.73	11.54
Enterprise Value to Free Cash Flow (EV/FCFF)	6.58	0.00	10.93	10.11	13.75	9.34	12.25	37.37	157.73	1.07	17.32
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.81	0.72	0.85	1.65	6.89	3.84	3.15	2.06	2.09	3.11
Long-Term Debt to Equity	0.44	0.52	0.27	0.68	1.05	4.74	3.84	2.85	2.06	1.74	2.39
Financial Leverage	-1.09	-1.08	-1.04	-1.26	-1.66	-2.49	-3.43	-2.27	-1.09	-0.67	-0.67
Leverage Ratio	2.59	3.09	3.45	3.85	5.57	12.21	18.21	12.73	9.94	8.55	9.47
Compound Leverage Factor	2.59	3.09	3.45	3.85	5.57	12.21	18.21	12.05	10.41	8.89	9.80
Debt to Total Capital	30.34%	44.81%	41.76%	45.84%	62.19%	87.33%	79.35%	75.88%	67.33%	67.61%	75.67%
Short-Term Debt to Total Capital	0.00%	16.26%	26.17%	9.16%	22.51%	27.33%	0.00%	7.20%	0.00%	11.31%	17.54%
Long-Term Debt to Total Capital	30.34%	28.54%	15.59%	36.67%	39.68%	60.00%	79.35%	68.68%	67.33%	56.30%	58.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.66%	55.19%	58.24%	54.16%	37.81%	12.67%	20.65%	24.12%	32.67%	32.39%	24.33%
Debt to EBITDA	1.46	3.75	2.35	1.38	1.22	1.47	2.25	1.95	1.89	1.63	2.05
Net Debt to EBITDA	-3.76	-4.75	-3.46	-2.48	-1.44	-1.07	-1.68	-1.11	-0.54	-0.59	-0.39
Long-Term Debt to EBITDA	1.46	2.39	0.88	1.10	0.78	1.01	2.25	1.77	1.89	1.36	1.57
Debt to NOPAT	2.64	10.13	4.14	17.19	1.59	2.03	3.36	2.66	1.96	2.52	2.82
Net Debt to NOPAT	-6.83	-12.83	-6.09	-30.93	-1.87	-1.48	-2.51	-1.51	-0.56	-0.91	-0.53
Long-Term Debt to NOPAT	2.64	6.45	1.55	13.75	1.02	1.40	3.36	2.41	1.96	2.10	2.17
Altman Z-Score	2.31	1.46	1.86	2.57	2.61	1.94	2.37	2.27	2.08	1.31	2.25
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.50	1.76	1.50	1.97	1.45	1.18	1.74	1.50	1.35	1.19	1.26
Quick Ratio	2.25	1.67	1.37	1.82	1.32	1.07	1.61	1.36	1.17	1.04	1.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	761	-111	546	1,153	953	776	1,089	371	79	1,140	1,004
Operating Cash Flow to CapEx	724.57%	1,679.31%	563.43%	0.00%	775.14%	3,785.71%	0.00%	535.84%	463.18%	1,087.10%	896.43%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.66	0.57	0.56	0.61	0.66	0.67	0.68	0.65	0.64	0.64	0.63
Accounts Receivable Turnover	7.49	6.97	7.11	6.66	5.43	4.94	5.99	5.81	5.74	6.29	5.83
Inventory Turnover	17.06	17.81	16.30	15.51	17.40	12.96	14.90	13.20	11.61	10.40	10.53
Fixed Asset Turnover	5.73	5.64	6.33	7.61	8.11	7.28	9.18	11.21	10.16	10.00	11.26
Accounts Payable Turnover	8.63	8.08	7.08	4.62	3.82	3.70	4.56	4.09	4.31	4.04	3.81
Days Sales Outstanding (DSO)	48.73	52.39	51.32	54.82	67.20	73.82	60.94	62.83	63.60	58.06	62.56
Days Inventory Outstanding (DIO)	21.39	20.49	22.39	23.54	20.98	28.16	24.50	27.66	31.45	35.11	34.66
Days Payable Outstanding (DPO)	42.32	45.18	51.57	78.95	95.44	98.75	80.04	89.34	84.68	90.40	95.77
Cash Conversion Cycle (CCC)	27.80	27.70	22.14	-0.59	-7.26	3.22	5.40	1.15	10.36	2.76	1.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-425	-83	-148	-1,189	-1,016	-972	-1,279	-660	478	286	429
Invested Capital Turnover	-18.79	-21.83	-47.54	-8.85	-5.57	-5.44	-5.10	-6.52	-69.91	16.41	18.38
Increase / (Decrease) in Invested Capital	-198	342	-65	-1,041	173	44	-307	619	1,138	-192	143
Enterprise Value (EV)	5,002	2,539	5,968	11,658	13,097	7,247	13,345	13,866	12,403	1,223	17,381
Market Capitalization	8,841	5,503	8,896	15,123	15,203	8,461	15,309	15,364	13,084	2,083	17,992
Book Value per Share	$10.95	$9.97	$10.26	$8.50	$4.41	$1.09	$3.08	$3.77	$5.42	$55.53	$5.11
Tangible Book Value per Share	$7.37	$3.55	$3.56	$1.65	($2.80)	($7.14)	($6.54)	($7.41)	($8.33)	($84.17)	($8.49)
Total Capital	4,901	5,220	4,773	4,202	2,883	1,910	3,317	3,474	3,548	3,538	4,275
Total Debt	1,487	2,339	1,993	1,926	1,793	1,668	2,632	2,636	2,389	2,392	3,235
Total Long-Term Debt	1,487	1,490	744	1,541	1,144	1,146	2,632	2,386	2,389	1,992	2,485
Net Debt	-3,839	-2,964	-2,928	-3,465	-2,106	-1,214	-1,964	-1,498	-681	-860	-611
Capital Expenditures (CapEx)	175	58	175	-65	173	28	-209	226	239	155	168
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,262	-1,668	-1,596	-1,585	-1,507	-1,702	-2,047	-1,892	-1,857	-2,061	-1,907
Debt-free Net Working Capital (DFNWC)	4,064	3,635	3,325	3,806	2,392	1,180	2,549	2,242	1,213	1,191	1,939
Net Working Capital (NWC)	4,064	2,786	2,076	3,421	1,743	658	2,549	1,992	1,213	791	1,189
Net Nonoperating Expense (NNE)	2.36	1.99	0.00	-3.97	-43	0.87	52	53	-57	-38	-39
Net Nonoperating Obligations (NNO)	-3,839	-2,964	-2,928	-3,465	-2,106	-1,214	-1,964	-1,498	-681	-860	-611
Total Depreciation and Amortization (D&A)	307	279	226	198	197	193	207	194	248	255	243
Debt-free, Cash-free Net Working Capital to Revenue	-20.61%	-30.08%	-29.07%	-26.78%	-24.52%	-31.45%	-35.64%	-29.95%	-29.19%	-32.88%	-29.02%
Debt-free Net Working Capital to Revenue	66.37%	65.54%	60.55%	64.30%	38.92%	21.80%	44.38%	35.49%	19.07%	19.00%	29.50%
Net Working Capital to Revenue	66.37%	50.23%	37.81%	57.80%	28.36%	12.16%	44.38%	31.53%	19.07%	12.62%	18.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.77	$0.78	$1.85	$0.28	$4.60	$3.56	$3.29	$4.20	$5.87	$4.74	$5.81
Adjusted Weighted Average Basic Shares Outstanding	315.50M	294M	275M	268M	254M	230M	222M	223M	217M	208M	204M
Adjusted Diluted Earnings per Share	$1.75	$0.77	$1.81	$0.28	$4.51	$3.52	$3.23	$4.09	$5.79	$4.63	$5.67
Adjusted Weighted Average Diluted Shares Outstanding	320.70M	297M	281M	276M	259M	233M	226M	229M	220M	213M	209M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.60	$3.56	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	304.98M	280.08M	271.74M	263.48M	240.02M	221.82M	223.22M	221.19M	212.43M	205.80M	200.37M
Normalized Net Operating Profit after Tax (NOPAT)	562	274	514	811	1,158	838	826	1,029	811	990	1,222
Normalized NOPAT Margin	9.18%	4.94%	9.35%	13.69%	18.84%	15.49%	14.39%	16.29%	12.75%	15.79%	18.59%
Pre Tax Income Margin	11.64%	6.22%	11.31%	20.26%	20.63%	17.44%	16.75%	17.33%	16.76%	20.15%	21.04%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.14%	91.70%	43.24%	184.48%	34.47%	53.60%	58.49%	47.60%	33.91%	42.19%	35.75%
Augmented Payout Ratio	245.18%	510.92%	189.81%	868.97%	215.06%	225.89%	75.62%	111.63%	100.63%	133.47%	132.72%

This table displays calculated financial ratios and metrics derived from NetApp's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q3 2026
Period end date	1/27/2023	4/28/2023	7/28/2023	10/27/2023	1/26/2024	4/26/2024	7/26/2024	10/25/2024	1/24/2025	4/25/2025	1/23/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	198,060,348.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	198,060,348.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.69
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.45%	-5.89%	-10.05%	-6.07%	5.24%	5.50%	7.61%	6.15%	2.18%	3.84%	4.39%
EBITDA Growth	-32.21%	9.01%	-26.22%	1.10%	77.27%	14.67%	42.56%	10.87%	-0.70%	-6.74%	-3.34%
EBIT Growth	-42.16%	5.46%	-34.07%	-0.33%	106.78%	18.45%	58.43%	13.49%	-1.09%	-4.92%	19.89%
NOPAT Growth	-76.11%	-13.58%	-29.45%	-67.57%	374.78%	16.25%	64.03%	27.43%	-2.45%	19.25%	14.44%
Net Income Growth	-74.21%	-5.41%	-30.37%	-68.93%	381.54%	18.78%	66.44%	28.33%	-4.47%	16.84%	11.71%
EPS Growth	-72.73%	-0.89%	-28.13%	-67.74%	393.33%	21.43%	69.57%	29.09%	-2.70%	20.59%	15.97%
Operating Cash Flow Growth	45.00%	-42.82%	61.21%	-36.92%	28.38%	160.85%	-24.72%	-22.22%	-20.45%	10.11%	0.00%
Free Cash Flow Firm Growth	-690.09%	-163.79%	65.71%	123.57%	118.65%	152.66%	174.69%	-31.40%	-82.01%	-59.51%	1,211.72%
Invested Capital Growth	151.02%	172.42%	298.62%	-2.70%	34.10%	-40.17%	5.90%	22.55%	55.56%	50.00%	-12.64%
Revenue Q/Q Growth	-8.24%	3.60%	-9.42%	9.08%	2.82%	3.86%	-7.61%	7.59%	-1.03%	5.55%	0.00%
EBITDA Q/Q Growth	-33.52%	54.96%	-35.47%	52.07%	16.58%	-3.37%	-19.77%	18.26%	4.41%	-5.87%	0.00%
EBIT Q/Q Growth	-41.97%	74.58%	-42.39%	70.79%	20.39%	-4.19%	-22.95%	22.34%	4.93%	-3.87%	0.00%
NOPAT Q/Q Growth	-90.89%	281.70%	-40.86%	57.70%	33.37%	-6.54%	-16.55%	22.51%	2.09%	14.26%	0.00%
Net Income Q/Q Growth	-91.33%	276.92%	-39.18%	56.38%	34.33%	-7.03%	-14.78%	20.56%	0.00%	13.71%	0.00%
EPS Q/Q Growth	-91.20%	273.33%	-38.39%	59.42%	34.55%	-8.11%	-13.97%	21.37%	1.41%	13.89%	0.00%
Operating Cash Flow Q/Q Growth	76.17%	-37.67%	92.77%	-70.20%	258.52%	26.65%	-44.37%	-69.21%	266.67%	75.32%	0.00%
Free Cash Flow Firm Q/Q Growth	4.69%	7.52%	67.62%	182.60%	-24.59%	161.09%	-54.07%	-24.14%	-80.23%	487.79%	0.00%
Invested Capital Q/Q Growth	-37.23%	36.96%	-39.75%	87.85%	-13.49%	-38.89%	6.64%	117.38%	9.80%	-41.07%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.60%	67.99%	69.55%	71.06%	71.67%	70.50%	71.25%	70.99%	69.77%	68.88%	70.58%
EBITDA Margin	15.86%	23.72%	16.90%	23.56%	26.71%	25.78%	22.39%	24.61%	25.96%	23.15%	25.34%
Operating Margin	11.27%	19.54%	12.43%	19.46%	22.79%	21.94%	18.30%	20.81%	22.06%	20.09%	25.34%
EBIT Margin	11.60%	19.54%	12.43%	19.46%	22.79%	21.94%	18.30%	20.81%	22.06%	20.09%	25.34%
Profit (Net Income) Margin	4.26%	15.50%	10.41%	14.92%	19.49%	17.45%	16.09%	18.03%	18.22%	19.63%	19.50%
Tax Burden Percent	36.72%	78.03%	80.11%	73.97%	81.94%	76.58%	82.94%	83.06%	80.81%	96.05%	77.14%
Interest Burden Percent	100.00%	101.62%	104.49%	103.62%	104.37%	103.83%	106.03%	104.35%	102.21%	101.72%	99.77%
Effective Tax Rate	63.28%	21.97%	19.89%	26.03%	18.06%	23.42%	17.06%	16.94%	19.19%	3.95%	22.86%
Return on Invested Capital (ROIC)	0.00%	0.00%	863.73%	160.13%	282.54%	275.71%	326.45%	185.83%	194.01%	354.76%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	862.80%	158.27%	280.49%	274.32%	324.12%	180.39%	192.38%	353.97%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	-782.16%	-70.22%	-171.16%	-183.40%	-217.46%	-49.71%	-76.70%	-238.19%	0.00%
Return on Equity (ROE)	129.84%	127.59%	81.57%	89.90%	111.38%	92.32%	108.99%	136.12%	117.31%	116.56%	0.00%
Cash Return on Invested Capital (CROIC)	65.14%	16.45%	251.92%	125.21%	193.29%	298.36%	344.78%	162.59%	139.37%	280.71%	0.00%
Operating Return on Assets (OROA)	7.80%	12.53%	8.20%	12.60%	14.77%	13.96%	12.56%	14.90%	15.64%	12.75%	0.00%
Return on Assets (ROA)	2.87%	9.94%	6.86%	9.65%	12.63%	11.10%	11.05%	12.92%	12.92%	12.46%	0.00%
Return on Common Equity (ROCE)	129.84%	127.59%	81.57%	89.90%	111.38%	92.32%	108.99%	136.12%	117.31%	116.56%	0.00%
Return on Equity Simple (ROE_SIMPLE)	116.88%	0.00%	138.49%	89.87%	94.57%	0.00%	116.79%	129.04%	114.27%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	63	241	143	225	300	280	234	287	293	334	335
NOPAT Margin	4.14%	15.25%	9.96%	14.40%	18.67%	16.80%	15.18%	17.28%	17.83%	19.30%	19.54%
Net Nonoperating Expense Percent (NNEP)	0.16%	0.36%	0.92%	1.86%	2.05%	1.39%	2.33%	5.44%	1.63%	0.78%	-0.20%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	8.86%	-	-	-	9.79%	7.82%	9.19%
Cost of Revenue to Revenue	34.40%	32.01%	30.45%	28.94%	28.33%	29.50%	28.75%	29.01%	30.23%	31.12%	29.42%
SG&A Expenses to Revenue	3.87%	4.24%	5.17%	4.80%	5.04%	4.68%	4.87%	4.64%	4.51%	4.91%	5.02%
R&D to Revenue	15.07%	15.37%	17.25%	16.77%	15.50%	16.25%	16.35%	15.50%	15.05%	14.78%	13.84%
Operating Expenses to Revenue	54.33%	48.45%	57.12%	51.60%	48.88%	48.56%	52.95%	50.18%	47.71%	48.79%	45.24%
Earnings before Interest and Taxes (EBIT)	177	309	178	304	366	366	282	345	362	348	434
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	242	375	242	368	429	430	345	408	426	401	434
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	12.37	11.29	18.40	19.11	17.94	1.82	27.95	27.41	25.75	17.30	16.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.11	2.06	2.59	2.41	2.88	0.33	4.07	3.78	3.94	2.74	0.00
Price to Earnings (P/E)	10.58	10.27	13.29	21.26	18.97	2.11	23.93	21.25	22.53	15.17	0.00
Dividend Yield	3.16%	3.27%	2.64%	2.84%	2.31%	1.98%	1.60%	1.71%	1.63%	2.35%	2.14%
Earnings Yield	9.45%	9.74%	7.53%	4.70%	5.27%	47.34%	4.18%	4.71%	4.44%	6.59%	0.00%
Enterprise Value to Invested Capital (EV/IC)	36.91	25.95	53.75	26.78	36.97	4.28	83.08	36.54	34.82	40.51	29.52
Enterprise Value to Revenue (EV/Rev)	1.99	1.95	2.50	2.37	2.80	0.20	3.97	3.74	3.90	2.64	0.00
Enterprise Value to EBITDA (EV/EBITDA)	10.43	9.80	12.95	11.85	12.24	0.83	16.12	15.03	15.75	11.00	0.00
Enterprise Value to EBIT (EV/EBIT)	12.85	12.18	16.45	15.04	14.96	1.01	19.22	17.82	18.71	13.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	10.22	10.19	13.36	21.56	19.04	1.29	24.38	22.01	23.18	15.16	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.04	11.20	12.10	12.07	13.24	0.73	16.11	15.70	17.56	11.54	10.48
Enterprise Value to Free Cash Flow (EV/FCFF)	56.66	157.73	21.34	21.09	21.91	1.07	24.79	24.75	30.42	17.32	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.17	2.06	2.74	3.11	2.41	2.09	2.58	2.23	2.00	3.11	2.15
Long-Term Debt to Equity	2.17	2.06	2.74	2.59	2.00	1.74	1.34	1.39	1.25	2.39	2.15
Financial Leverage	-1.17	-1.09	-0.91	-0.44	-0.61	-0.67	-0.67	-0.28	-0.40	-0.67	-0.37
Leverage Ratio	9.68	9.94	12.30	9.56	9.10	8.55	10.31	10.88	9.23	9.47	8.81
Compound Leverage Factor	9.68	10.10	12.85	9.91	9.50	8.88	10.93	11.35	9.43	9.64	8.79
Debt to Total Capital	68.42%	67.33%	73.25%	75.64%	70.64%	67.61%	72.03%	69.08%	66.71%	75.67%	68.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	12.65%	11.82%	11.31%	34.59%	25.96%	25.09%	17.54%	0.00%
Long-Term Debt to Total Capital	68.42%	67.33%	73.25%	62.99%	58.82%	56.30%	37.45%	43.12%	41.62%	58.13%	68.22%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	31.58%	32.67%	26.75%	24.36%	29.36%	32.39%	27.97%	30.92%	33.29%	24.33%	31.78%
Debt to EBITDA	1.93	1.89	2.00	1.96	1.69	1.63	1.52	1.24	1.24	2.05	0.00
Net Debt to EBITDA	-0.61	-0.54	-0.49	-0.19	-0.37	-0.59	-0.40	-0.14	-0.17	-0.39	0.00
Long-Term Debt to EBITDA	1.93	1.89	2.00	1.63	1.41	1.36	0.79	0.77	0.77	1.57	0.00
Debt to NOPAT	1.89	1.96	2.06	3.56	2.63	2.52	2.30	1.81	1.82	2.82	0.00
Net Debt to NOPAT	-0.60	-0.56	-0.51	-0.34	-0.58	-0.91	-0.60	-0.21	-0.24	-0.53	0.00
Long-Term Debt to NOPAT	1.89	1.96	2.06	2.96	2.19	2.10	1.20	1.13	1.14	2.17	0.00
Altman Z-Score	1.86	1.84	2.00	1.88	2.16	1.02	2.62	2.60	2.74	1.95	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.34	1.35	1.28	1.07	1.15	1.19	0.96	0.91	0.93	1.26	1.39
Quick Ratio	1.17	1.17	1.12	0.91	0.98	1.04	0.82	0.72	0.75	1.09	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-970	-897	-290	240	181	472	217	165	33	191	427
Operating Cash Flow to CapEx	650.00%	602.56%	1,294.29%	355.26%	1,344.44%	1,332.61%	831.71%	233.33%	819.15%	1,928.57%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.64	0.66	0.65	0.65	0.64	0.69	0.72	0.71	0.63	0.00
Accounts Receivable Turnover	7.98	5.74	8.17	7.19	7.69	6.29	9.58	7.80	7.72	5.83	0.00
Inventory Turnover	13.09	11.61	11.26	10.49	12.09	10.40	10.68	8.52	9.58	10.53	0.00
Fixed Asset Turnover	10.40	10.16	9.82	9.50	9.70	10.00	10.33	10.65	11.09	11.26	0.00
Accounts Payable Turnover	5.18	4.31	4.76	3.86	4.47	4.04	4.72	3.88	4.61	3.81	0.00
Days Sales Outstanding (DSO)	45.76	63.60	44.67	50.76	47.48	58.06	38.12	46.80	47.25	62.56	0.00
Days Inventory Outstanding (DIO)	27.89	31.45	32.43	34.81	30.20	35.11	34.18	42.82	38.08	34.66	0.00
Days Payable Outstanding (DPO)	70.46	84.68	76.73	94.63	81.73	90.40	77.38	94.13	79.22	95.77	0.00
Cash Conversion Cycle (CCC)	3.19	10.36	0.36	-9.06	-4.04	2.76	-5.08	-4.50	6.11	1.45	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	349	478	288	541	468	286	305	663	728	429	636
Invested Capital Turnover	-38.57	-69.91	86.74	11.12	15.13	16.41	21.51	10.75	10.88	18.38	0.00
Increase / (Decrease) in Invested Capital	1,033	1,138	433	-15	119	-192	17	122	260	143	-92
Enterprise Value (EV)	12,880	12,403	15,479	14,486	17,303	1,223	25,338	24,224	25,350	17,381	18,773
Market Capitalization	13,633	13,084	16,064	14,715	17,829	2,083	25,962	24,453	25,617	17,992	19,295
Book Value per Share	$5.11	$5.42	$4.11	$3.69	$4.82	$55.53	$4.51	$4.36	$4.89	$5.11	$5.85
Tangible Book Value per Share	($8.64)	($8.33)	($9.66)	($10.25)	($9.24)	($84.17)	($9.43)	($9.59)	($8.74)	($8.49)	($8.20)
Total Capital	3,490	3,548	3,263	3,161	3,385	3,538	3,322	2,885	2,989	4,275	3,644
Total Debt	2,388	2,389	2,390	2,391	2,391	2,392	2,393	1,993	1,994	3,235	2,486
Total Long-Term Debt	2,388	2,389	2,390	1,991	1,991	1,992	1,244	1,244	1,244	2,485	2,486
Net Debt	-753	-681	-585	-229	-526	-860	-624	-229	-267	-611	-522
Capital Expenditures (CapEx)	58	39	35	38	36	46	41	45	47	35	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,994	-1,857	-2,064	-1,960	-1,955	-2,061	-2,059	-1,851	-1,798	-1,907	-1,606
Debt-free Net Working Capital (DFNWC)	1,147	1,213	911	660	962	1,191	958	371	463	1,939	1,402
Net Working Capital (NWC)	1,147	1,213	911	260	562	791	-191	-378	-287	1,189	1,402
Net Nonoperating Expense (NNE)	-1.84	-3.90	-6.41	-8.14	-13	-11	-14	-12	-6.46	-5.76	0.77
Net Nonoperating Obligations (NNO)	-753	-681	-585	-229	-526	-860	-624	-229	-267	-611	-522
Total Depreciation and Amortization (D&A)	65	66	64	64	63	64	63	63	64	53	0.00
Debt-free, Cash-free Net Working Capital to Revenue	-30.86%	-29.19%	-33.28%	-32.13%	-31.63%	-32.88%	-32.29%	-28.60%	-27.63%	-29.02%	0.00%
Debt-free Net Working Capital to Revenue	17.75%	19.07%	14.69%	10.82%	15.56%	19.00%	15.02%	5.73%	7.11%	29.50%	0.00%
Net Working Capital to Revenue	17.75%	19.07%	14.69%	4.26%	9.09%	12.62%	-3.00%	-5.84%	-4.41%	18.09%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.30	$1.14	$0.70	$1.12	$1.52	$1.40	$1.20	$1.47	$1.47	$1.67	$1.69
Adjusted Weighted Average Basic Shares Outstanding	216M	217M	212M	208M	206M	208M	206M	204M	204M	204M	198M
Adjusted Diluted Earnings per Share	$0.30	$1.12	$0.69	$1.10	$1.48	$1.36	$1.17	$1.42	$1.44	$1.64	$1.67
Adjusted Weighted Average Diluted Shares Outstanding	219M	220M	216M	211M	211M	213M	212M	210M	208M	209M	200M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	213.90M	212.43M	208.79M	206.03M	20.64M	205.80M	204.78M	203.31M	203.41M	200.37M	197.33M
Normalized Net Operating Profit after Tax (NOPAT)	183	252	166	231	313	281	249	297	301	378	332
Normalized NOPAT Margin	12.02%	15.94%	11.58%	14.77%	19.49%	16.85%	16.15%	17.93%	18.37%	21.85%	19.41%
Pre Tax Income Margin	11.60%	19.86%	12.99%	20.17%	23.79%	22.78%	19.40%	21.71%	22.55%	20.44%	25.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.93%	33.91%	35.40%	61.13%	44.47%	42.19%	38.43%	36.49%	37.20%	35.75%	0.00%
Augmented Payout Ratio	107.69%	100.63%	109.84%	212.86%	145.53%	133.47%	121.38%	114.68%	125.15%	132.72%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise four-year trend analysis of NetApp, Inc. (NTAP) based on quarterly income statements, cash flow statements, and balance sheets from 2022 through 2025. The goal is to help retail investors see how revenue, profitability, cash flow, and leverage have evolved over time.

Revenue growth: Revenue rose from about $1.58B in 2023Q4 to about $1.73B in 2025Q4, roughly a 9–10% improvement over the period.
Gross margin stability: Gross margin has stayed strong around the 68–71% range, with gross profit consistently above $1.0B per quarter, supporting solid profitability.
Net income growth and EPS: Net income to common rose from about $245M in 2023Q4 to about $340M in 2025Q4, with diluted EPS climbing to the $1.64–$1.67 range in the latest quarter.
Operating cash flow strength: Net cash from continuing operating activities remained positive and sizable, with the latest quarter showing around $675M of operating cash flow, underscoring ongoing profitability and cash generation.
Liquidity endurance: Cash and cash equivalents hovered near $1.5B in late-2025 balance sheets, contributing to a solid liquidity cushion.
Shareholder returns: The company continued to return capital via a per-share dividend of $0.52 and notable share repurchases (roughly $200–$250M in late-2025 quarters), signaling confidence in the business and value delivery for investors.
Investing activities consume cash: Quarterly net cash from investing activities is often negative (examples include about -$313M in 2024Q4 and about -$564M in 2025Q2), reflecting ongoing investments in assets and securities.
Balance-sheet leverage: Total liabilities have remained high (roughly $8–9B over the window) with a relatively modest equity base (about $1B), indicating a leveraged but typical profile for a tech storage company.
Debt-to-cash balance concerns: In late-2025, total liabilities (~$8.0–8.6B) contrast with cash holdings (~$1.5B), which could constrain balance-sheet flexibility in stressed scenarios.
Tax-rate variability: Quarterly tax expense as a share of pre-tax income varied meaningfully (e.g., around 23% in 2024Q4 vs ranges of 4–19% in other periods), introducing earnings variability from quarter to quarter.

05/12/26 02:15 PM ETAI Generated. May Contain Errors.

NetApp Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NetApp's financial year ends in April. Their financial year 2025 ended on April 25, 2025.

NetApp's net income appears to be on an upward trend, with a most recent value of $1.19 billion in 2025, rising from $560 million in 2015. The previous period was $986 million in 2024. Find out what analysts predict for NetApp in the coming months.

NetApp's total operating income in 2025 was $1.34 billion, based on the following breakdown:

Total Gross Profit: $4.61 billion
Total Operating Expenses: $3.28 billion

Over the last 10 years, NetApp's total revenue changed from $6.12 billion in 2015 to $6.57 billion in 2025, a change of 7.3%.

NetApp's total liabilities were at $9.78 billion at the end of 2025, a 11.9% increase from 2024, and a 63.4% increase since 2015.

In the past 10 years, NetApp's cash and equivalents has ranged from $1.90 billion in 2024 to $4.53 billion in 2021, and is currently $2.74 billion as of their latest financial filing in 2025.

Over the last 10 years, NetApp's book value per share changed from 10.95 in 2015 to 5.11 in 2025, a change of -53.3%.

Related Companies

Financial statements for NASDAQ:NTAP last updated on 3/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NetApp (NTAP) Financials

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NetApp (NTAP) Financials

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