NetApp Reports Record Q1 FY27 Net Revenues of $2.03B and Raises Full-Year Guidance

NetApp, Inc. (NASDAQ: NTAP) Q1 FY27 Financial Results Overview

NetApp filed Form 8-K reporting financial results for the first quarter of fiscal year 2027 ended July 31, 2026.

Key Financial Highlights

• Net Revenues: $2.025 billion, representing a 30% increase year-over-year compared to $1.559 billion in Q1 FY26.
  • Hybrid Cloud Segment: $1.819 billion (+30% YoY).
  • Public Cloud Segment: $206 million (+28% YoY).
  • All-Flash Array (AFA): $1.3 billion (+47% YoY).
• Operating Margins: GAAP operating margin of 23.9%; non-GAAP operating margin of 31.9%.
• Net Income & EPS:
  • GAAP Net Income: $375 million (+61% YoY).
  • GAAP EPS: $1.88 (+63% YoY compared to $1.15 in Q1 FY26).
  • Non-GAAP EPS: $2.58.
• Billings & Cash Flow:
  • Billings reached $2.06 billion (+36% YoY).
  • Net cash provided by operating activities totaled $503 million.

Strategic Developments & Outlook

• Acquisition: NetApp announced the acquisition of DataPelago, Inc., an AI data infrastructure company aimed at accelerating enterprise AI deployments.
• Guidance: The company significantly raised its full-year fiscal 2027 revenue and earnings per share expectations following stronger-than-expected momentum across AI and hybrid multi-cloud initiatives.