NetApp Reports 1% Revenue Growth in Q1 2026

By Ahmed Jameison • Thursday, August 28 06:05 • Permanent Link

NetApp, the intelligent data infrastructure company, has reported its financial results for the first quarter of fiscal year 2026, which ended on July 25, 2025. The company achieved net revenues of $1.56 billion for the quarter, marking a 1% increase from the same period in the previous fiscal year.

The all-flash array revenue grew by 6% year-over-year to $893 million, resulting in an annualized net revenue run rate of $3.6 billion. Additionally, first-party and marketplace public cloud storage services revenue experienced a significant 33% year-over-year growth.

NetApp also reported billings of $1.51 billion in the first quarter, representing a 4% increase compared to the same period last year, marking the seventh consecutive quarter of year-over-year growth in billings.

The company achieved a record first quarter cash provided by operations, amounting to $673 million, and a record first quarter free cash flow of $620 million. Furthermore, NetApp returned $404 million to stockholders through share repurchases and cash dividends.

In terms of GAAP operating profit, NetApp reported a record first quarter of $309 million. For non-GAAP operating profit, the company achieved a record first quarter of $401 million.

Looking at the financial outlook, NetApp provided guidance for the second quarter of fiscal year 2026, expecting net revenues to be in the range of $1.615 billion to $1.765 billion. The company also provided full fiscal year 2026 financial guidance, expecting net revenues in the range of $6.625 billion to $6.875 billion.

In terms of personnel, NetApp made key appointments, including naming Syam Nair as Chief Product Officer and strengthening its North American sales leadership.

The company also highlighted various product innovations, customer and partner collaborations, and received multiple awards and recognition during the first quarter of fiscal year 2026.

The press release also mentioned the next cash dividend of $0.52 per share to be paid on October 22, 2025, to stockholders of record as of the close of business on October 3, 2025.

The market has reacted to these announcements by moving the company's shares 1.8% to a price of $111.38. Check out the company's full 8-K submission here.

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