NetApp, Inc. (NTAP) Q1 FY2027 earnings

Reported results

• GAAP net revenues of $2,025 million, up 30% year-over-year; record all-flash array net revenue of $1,309 million, up 47% year-over-year
• GAAP earnings per share of $1.88; non-GAAP earnings per share of $2.58
• GAAP operating margin of 23.9%; non-GAAP operating margin of 31.9%
• Non-GAAP billings of $2,057 million, up 36% year-over-year
• Non-GAAP free cash flow of $401 million; GAAP net cash provided by operating activities of $503 million
• Public Cloud segment net revenues of $206 million, up 28% year-over-year

Guidance

• Q2 FY2027 net revenues expected: $2.025 billion - $2.175 billion
• Q2 FY2027 GAAP consolidated gross margin: 66.0% - 67.0%; non-GAAP: 67.0% - 68.0%
• Q2 FY2027 GAAP operating margin: 24.9% - 25.9%; non-GAAP: 30.9% - 31.9%
• Q2 FY2027 GAAP earnings per share: $1.97 - $2.07; non-GAAP: $2.54 - $2.64
• FY2027 net revenues expected: $7.975 billion - $8.225 billion
• FY2027 GAAP consolidated gross margin: 67.1% - 68.1%; non-GAAP: 68.1% - 69.1%
• FY2027 GAAP operating margin: 24.3% - 25.3%; non-GAAP: 30.3% - 31.3%
• FY2027 GAAP earnings per share: $7.35 - $7.65; non-GAAP: $9.73 - $10.03

Notes

Company significantly raised fiscal year 2027 revenue and earnings per share guidance. Restructuring charges of $56 million in Q1 FY2027. Acquired DataPelago, Inc. during the quarter. Next cash dividend of $0.52 per share to be paid October 28, 2026.

Price and volatility reaction

The stock moved +2.5% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -18.3 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-02 (8-K, Item 2.02). Read the original filing on sec.gov.