Short answer
NetApp (NTAP) filed its Q1 2026 10-Q quarterly report on Feb 26, 2026 for the quarter ended Jan 23, 2026. Quarterly revenue was $3.0B (up 87.3% year over year) with net income of $497M.
Q1 2026 key financials · XBRL
- Revenue
- $3.0B
- +87.3% YoY · +73.1% QoQ
- Net income
- $497M
- +61.4% YoY · +63.0% QoQ
- Operating margin
- 22.3%
- Gross margin
- 71.6%
- EPS (diluted)
- $2.44
- +78.1% YoY · +61.6% QoQ
Source: XBRL data from the NetApp (NTAP) Q1 2026 10-Q on SEC EDGAR. USD.
NetApp Q1 2026 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Q3 FY2026 net revenues $1,713M, up ~4% YoY from $1,641M; 9-month revenues $4,977M, up ~3% from $4,840M
- Hybrid Cloud product gross margin down 1pp in Q3 and down 3pp in 9-month period YoY due to higher component costs; Public Cloud gross margin up 9pp in both Q3 and 9-month period YoY
- Operating expenses (S&M, R&D, G&A) 45% of net revenues in Q3 vs 47% prior year; effective tax rate rose to 22.9% vs 19.2% YoY
- Cash, equivalents and short-term investments fell to $3.0B from $3.8B; operating cash flow $1.117B YTD; capital deployed: $750M debt repayment, $750M buybacks, $310M dividends
- Key near-term risk: rising component costs (materials up $73M YTD) and tariff/inflationary pressure flagged as headwinds to gross margin; ERP implementation disruptions may impact order processing
Risk Factors
- Gross margin pressure from rising NAND component costs, tariffs, logistics costs, and inflationary pressures: explicitly flagged as ongoing negative impact
- ERP final phase implementation in Q3 FY2026 causing order processing and invoicing disruptions: new operational risk with potential financial reporting impact
- Outsourcing and offshoring initiatives expose NetApp to new regulatory regimes and increased litigation risk if local compliance standards not maintained
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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