Q1 2026 NetApp Inc Earnings Call Transcript

Aug 27, 2025 / 09:30PM GMT

Release Date Price: $112.13 (+2.49%)

Transcript 10-Q8-K

Key Points

Positve

NetApp Inc (NTAP) achieved revenue of $1.56 billion, surpassing the midpoint of their guidance range.
The company experienced strong demand for its all-flash offerings, cloud storage services, and AI solutions.
NetApp Inc (NTAP) secured approximately 125 AI infrastructure and data lake modernization deals in Q1.
All-flash array revenue grew 6% year over year to $893 million, with NetApp Inc (NTAP) taking the number one position in the all-flash array market.
Public Cloud Services revenue increased by 33% from Q1 a year ago, driven by strong customer acquisition and integration with hyperscaler services.

Negative

Revenue growth decelerated from double digits to 5%, with softness in the US Public Sector and EMEA.
Product gross margins were down due to unfavorable mix and increased costs, particularly in high-performance flash.
The US Public Sector experienced significant weakness, impacting overall performance.
There is ongoing macro-related spending caution, affecting customer spending patterns.
The company faces competitive pressures in the all-flash market, requiring continuous innovation and strategic positioning.

Kris Newton

NetApp Inc - Vice President, Investor Relations

Hi, everyone. Thanks for joining us. With me today are our CEO, George Kurian, and CFO, WissamJabre. This call is being webcast live and will be available for replay on our website at netapp.com.

During today's call, we will make forward-looking statements and projections with respect to our financial outlook and future prospects, including, without limitation, our guidance for the second quarter and fiscal year 2026; our expectations regarding future revenue, profitability and shareholder returns; and other growth initiatives and strategies. These statements are subject to various risks and uncertainties, which may cause our actual results to differ materially.

For more information, please refer to the documents we file from time to time with the SEC and on our website, including our most recent Form 10-K and Form 10-Q. We disclaim any obligation to update our forward-looking statements and projections. During the call, all financial measures presented will be non-GAAP, unless otherwise indicated. Reconciliations of GAAP to

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