NetApp (NTAP) financial statements
NetApp reported revenue of $6.9B in fiscal 2026, up 2.6% a year over 9 years.
Net income was $1.3B and the operating margin 24.2%, against 11.3% in 2017.
Free cash flow was $1.9B, and the company returned $413M in dividends and $950M in net buybacks.
The diluted share count fell 28% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from NetApp's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.5B | $5.9B | $6.1B | $5.4B | $5.7B | $6.3B | $6.4B | $6.3B | $6.6B | $6.9B |
| Cost of revenue | $2.1B | $2.2B | $2.2B | $1.8B | $1.9B | $2.1B | $2.2B | $1.8B | $2.0B | $2.0B |
| Gross profit | $3.4B | $3.7B | $3.9B | $3.6B | $3.8B | $4.2B | $4.2B | $4.4B | $4.6B | $4.9B |
| Research and development | $779M | $783M | $827M | $847M | $881M | $881M | $956M | $1.0B | $1.0B | $991M |
| Selling, general and admin | $1.9B | $2.0B | $1.9B | $1.8B | $2.0B | $2.1B | $2.1B | $2.1B | $2.2B | $2.2B |
| Operating income | $621M | $1.2B | $1.2B | $945M | $1.0B | $1.2B | $1.0B | $1.2B | $1.3B | $1.7B |
| Interest expense | $52M | $62M | $58M | $55M | $74M | $73M | $67M | $64M | $64M | $109M |
| Pre-tax income | $621M | $1.2B | $1.3B | $944M | $962M | $1.1B | $1.1B | $1.3B | $1.4B | $1.6B |
| Income tax | $140M | $1.1B | $99M | $125M | $232M | $158M | -$208M | $277M | $197M | $372M |
| Net income | $481M | $116M | $1.2B | $819M | $730M | $937M | $1.3B | $986M | $1.2B | $1.3B |
| EPS (diluted) | $1.71 | $0.42 | $4.51 | $3.52 | $3.23 | $4.09 | $5.79 | $4.63 | $5.67 | $6.35 |
| Diluted shares | 281M | 276M | 259M | 233M | 226M | 229M | 220M | 213M | 209M | 201M |
| Gross margin | 61.3% | 62.7% | 64.2% | 66.9% | 66.4% | 66.8% | 66.2% | 70.7% | 70.2% | 70.7% |
| Operating margin | 11.3% | 19.6% | 19.9% | 17.5% | 17.9% | 18.3% | 16.0% | 19.4% | 20.3% | 24.2% |
| Net margin | 8.8% | 2.0% | 19.0% | 15.1% | 12.7% | 14.8% | 20.0% | 15.7% | 18.0% | 18.4% |
Balance sheet
Fiscal years, from NetApp's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.9B | $5.4B | $3.9B | $2.9B | $4.6B | $3.1B | $3.1B | $3.3B | $3.8B | $3.6B |
| Receivables | $731M | $1.0B | $1.2B | $973M | $945M | $1.2B | $987M | $1.0B | $1.2B | $1.3B |
| Inventory | $163M | $122M | $131M | $145M | $114M | $204M | $167M | $186M | $186M | $198M |
| Total current assets | $6.2B | $7.0B | $5.6B | $4.3B | $6.0B | $5.9B | $4.7B | $4.9B | $5.9B | $5.8B |
| Property, plant and equipment | $799M | $756M | $759M | $727M | $525M | $602M | $650M | $604M | $563M | $592M |
| Goodwill | $1.7B | $1.7B | $1.7B | $1.8B | $2.0B | $2.3B | $2.8B | $2.8B | $2.7B | $2.8B |
| Total assets | $9.5B | $10.0B | $8.7B | $7.5B | $9.4B | $10.0B | $9.8B | $9.9B | $10.8B | $10.7B |
| Total current liabilities | $4.1B | $3.5B | $3.9B | $3.6B | $3.5B | $4.0B | $3.5B | $4.1B | $4.7B | $4.0B |
| Long-term debt | $744M | $1.5B | $1.1B | $1.1B | $2.6B | $2.4B | $2.4B | $2.0B | $2.5B | $2.5B |
| Total liabilities | $6.7B | $7.7B | $7.7B | $7.3B | $8.7B | $9.2B | $8.7B | $8.7B | $9.8B | $9.4B |
| Shareholders' equity | $2.9B | $2.3B | $1.1B | $242M | $685M | $838M | $1.2B | $1.1B | $1.0B | $1.4B |
| Net debt | -$951M | -$1.4B | -$781M | -$1.5B | -$1.9B | -$1.5B | $73M | $489M | $493M | $417M |
Cash flow
Fiscal years, from NetApp's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $986M | $1.5B | $1.3B | $1.1B | $1.3B | $1.2B | $1.1B | $1.7B | $1.5B | $2.1B |
| Capital spending | $175M | $145M | $173M | $124M | $162M | $226M | $239M | $155M | $168M | $198M |
| Free cash flow | $811M | $1.3B | $1.2B | $936M | $1.2B | $985M | $868M | $1.5B | $1.3B | $1.9B |
| Stock-based compensation | $195M | $161M | $158M | $153M | $197M | $245M | $312M | $357M | $386M | $382M |
| Dividends paid | $208M | $214M | $403M | $439M | $427M | $446M | $432M | $416M | $424M | $413M |
| Share buybacks (net) | -$705M | -$794M | -$2.1B | -$1.4B | -$125M | -$600M | -$850M | -$900M | -$1.1B | -$950M |
| Net borrowing | $499M | -$70M | -$136M | -$127M | $948M | $0 | -$250M | $0 | -$400M | -$750M |
| Free cash flow margin | 14.8% | 22.5% | 19.0% | 17.3% | 20.4% | 15.6% | 13.6% | 24.4% | 20.4% | 27.0% |
| Dividends per share | $0.74 | $0.78 | $1.56 | $1.88 | $1.89 | $1.95 | $1.96 | $1.95 | $2.03 | $2.05 |
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Open NTAP in InvestinglyQuestions
What was NetApp's revenue in 2026?
$6.9B in fiscal 2026, from its 10-K filing.
How much free cash flow does NetApp generate?
$1.9B in fiscal 2026 (operating cash flow minus capital spending).
From NetApp's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.