Nutanix recently released its latest 10-K report. The company describes itself as an enterprise cloud platform provider operating across North America, Europe, Asia Pacific, the Middle East, Latin America, and Africa, with software and services centered on hybrid multicloud infrastructure, hyperconverged infrastructure, Kubernetes, storage, security, management, and AI-related workloads. It also sells product support plus consulting and implementation services, serves a wide range of industries, and maintains a strategic alliance with NetApp to combine NetApp’s data infrastructure with the Nutanix Cloud Platform.
In Item 7, Nutanix says its fiscal year ends on July 31, with quarters ending October 31, January 31, April 30, and July 31. The company says it operates as a single reportable segment and sells on a subscription basis, with support and maintenance generally included in subscription fees and not sold separately. It reported more than 32,000 end customers as of July 31, 2026, and said its solutions are sold primarily through channel partners and OEMs.
Revenue rose to $2.85 billion in fiscal 2026 from $2.54 billion in fiscal 2025 and $2.15 billion in fiscal 2024. Subscription revenue accounted for $2.71 billion of fiscal 2026 revenue, up from $2.41 billion in fiscal 2025 and $2.02 billion in fiscal 2024, while professional services and other revenue increased to $141.3 million from $127.2 million and $132.0 million. Nutanix said ARR reached $2.55 billion in fiscal 2026, compared with $2.20 billion in fiscal 2025 and $1.87 billion in fiscal 2024.
Gross profit increased to $2.48 billion in fiscal 2026 from $2.20 billion in fiscal 2025 and $1.82 billion in fiscal 2024. Gross margin held at 86.8% in both fiscal 2025 and fiscal 2026, after 84.9% in fiscal 2024. Operating income rose to $274.0 million in fiscal 2026 from $172.5 million in fiscal 2025 and $7.6 million in fiscal 2024, while operating margin improved to 9.6% from 6.8% and 0.4%.
On a non-GAAP basis, operating income increased to $675.4 million in fiscal 2026 from $536.1 million in fiscal 2025 and $347.1 million in fiscal 2024. Non-GAAP operating margin was 23.7% in fiscal 2026, 21.1% in fiscal 2025, and 16.2% in fiscal 2024. Net cash provided by operating activities rose to $916.7 million in fiscal 2026 from $821.5 million and $672.9 million, and free cash flow increased to $840.7 million from $750.2 million and $597.7 million.
Nutanix said subscription revenue includes software maintenance, support, subscription software licenses, and SaaS offerings. It said ratable subscription revenue was $1.30 billion in fiscal 2026, while upfront subscription software licenses totaled $1.41 billion. Professional services revenue was $126.6 million in fiscal 2026. The market has reacted to these announcements by moving the company's shares -1.42% to a price of $68.975. For more information, read the company's full 10-K submission here.
