Q3 2025 NetApp Inc Earnings Call Transcript

Feb 27, 2025 / 10:30 PM GMT

Release Date Price: MXN2450

Transcript 10-Q8-K

Key Points

Positve

NetApp Inc (NTAP) delivered a 2% year-over-year revenue growth in Q3 FY25, with an operating margin of 30%, exceeding expectations.
The All Flash array business grew by 10%, reaching an annualized revenue run rate of $3.8 billion.
Keystone, NetApp Inc (NTAP)'s storage as a service offering, saw a revenue increase of nearly 60% year-over-year.
Public cloud segment revenue grew by 15%, driven by first-party and marketplace cloud storage services.
NetApp Inc (NTAP) was named a customer's choice for primary storage in Gartner's 2025 Voice of the Customer report, highlighting strong market recognition.

Negative

NetApp Inc (NTAP) experienced inconsistent sales execution, leading to some deals slipping out of Q3.
The company adjusted its Q4 and FY25 outlook due to the divestiture of Spot by NetApp and global public sector headwinds.
Support revenue declined by 2% year-over-year, although it was roughly flat in constant currency.
Operating cash flow decreased to $385 million from $484 million a year ago, primarily due to lower collections and higher cash outflows.
The company faced a negative impact from a stronger USD, affecting reported revenue and EPS.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NTAP.OQ - NetApp Inc
Q3 2025 NetApp Inc Earnings Call
Feb 27, 2025 / 10:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and welcome to the Net App Third Quarter of Fiscal Year 2025 earnings call.

All participants will be in listen only mode.

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

After today's presentation, there will be an opportunity to ask questions.

Please note, this event is being recorded.

I would now like to turn the conference over to Kris Newton, Vice President, Investor Relations.

Please go ahead.

Hi, everyone.

Thanks for joining us.

With me today are CEO George Kurian, and CFO, Mike Aerie.

This call is being webcast live and will be available for replay on our website at netapp.com.

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