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Jan 23
NetApp Q3 2026 Earnings Report
NetApp reported third quarter fiscal 2026 revenue growth with expanding operating margins and strong profitability.
Key Takeaways
NetApp generated 1713000000 in Q3 FY26 revenue, up 4% year-over-year, with GAAP operating margin expanding to 25.3% and record non-GAAP EPS of 2.12 driven by strong hybrid cloud performance and operational discipline.
Revenue increased 4% year-over-year to 1713000000.
GAAP operating income rose to 434000000 from 362000000 year-over-year.
Diluted EPS increased to 1.67 from 1.44 year-over-year.
Free cash flow reached 271000000 with a 15.8% margin.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For Q4 FY26, NetApp expects revenue between 1795000000 and 1945000000 with GAAP operating margin between 25.5% and 26.5% and GAAP EPS between 1.76 and 1.86.
Positive Outlook
- Q4 FY26 revenue guidance between 1795000000 and 1945000000.
- GAAP gross margin guidance between 68.5% and 69.5%.
- Non-GAAP gross margin guidance between 69.5% and 70.5%.
- GAAP operating margin guidance between 25.5% and 26.5%.
- Non-GAAP EPS guidance between 2.21 and 2.31.
Challenges Ahead
- GAAP EPS guidance between 1.76 and 1.86 implies moderation from Q3.
- GAAP gross margin guidance slightly below Q3 level.
- Continued exposure to foreign exchange volatility.
- Ongoing macroeconomic uncertainty impacting enterprise spending.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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