Analyst Consensus ?
ConsensusHold70 ratings
Bullish2637.2%
Neutral3651.4%
Bearish811.4%
1 unmapped firm rating excluded from the percentages.
NetApp, Inc. · NTAP · FY2026 Q3 · Calendar Q1 2026
NetApp tops Q3 EPS estimates as AI storage demand holds up
NetApp's Q3 FY2026 results support the view that enterprise AI and cloud-storage demand can sustain earnings growth: revenue rose 4% YoY (6% ex-Spot divestiture) with double-digit growth in all-flash and storage-as-a-service, Keystone surged ~65%, and public-cloud services grew ~17% ex-Spot, all while holding FY2026 guidance. Near-term gross-margin pressure from memory (DRAM/NAND) price inflation is the principal offset; management is countering it with pricing actions and supply-chain diversification ahead of the AI Data Engine's Q4 general availability.
Reported After market closeNASDAQTechnology
$38.71B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.12
Consensus $2.06
EPS surprise
+2.9%
Reported versus consensus
Reported revenue
$1.71B
Consensus $1.70B
Revenue surprise
+1.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.1%
Event window
SPY move
-0.5%
Same window
Abnormal move
+0.4%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+3.3%
Up to 20 sessions
NTAPSPY benchmark
Ask FN2 about NTAP FY2026 Q3
Transcript, numbers and history already loaded
Why did NTAP fall 0.1% after beating EPS estimates in FY2026 Q3?What changed in NTAP's guidance and outlook in FY2026 Q3?Give me the bull and bear case for NTAP after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
NetApp reported Q3 FY2026 revenue of $1.71B (+4% YoY, +6% ex-Spot), slightly above consensus, with EPS of $2.12 versus $2.06 expected (+2.9% surprise). The stock closed the reaction window near flat (+0.37% abnormal move on roughly 2x normal volume) and drifted +3.3% over subsequent sessions. Management maintained rather than raised FY2026 guidance after the prior-quarter raise, and flagged pricing actions to offset memory inflation ahead of the AI Data Engine's Q4 general availability.
Guidance delta
Maintained — NetApp held its FY2026 targets after raising them in Q2 FY2026, citing pricing actions and supply-chain diversification to offset memory (DRAM/NAND) cost inflation. No new numeric range was issued.
Key takeaways
- Q3 FY2026 revenue of $1.71B rose 4% YoY (6% ex-Spot divestiture), a modest beat, with record operating income and EPS
- All-flash arrays and storage-as-a-service grew double digits; Keystone surged ~65% YoY on consumption-based demand
- AI-focused AFX and the AI Data Engine (GA in Q4) are gaining traction across neocloud, financial-services, semiconductor and media
- Public-cloud services grew ~17% YoY ex-Spot with high gross margins and expanding first-party offerings
- Management is offsetting memory price inflation through pricing and supply-chain diversification while holding FY2026 guidance
Management priorities
- Scale AFX shipments and expand wins in neocloud and enterprise AI
- General availability and adoption of the AI Data Engine in Q4
- Grow Keystone and first-party/public-cloud storage services
- Advance cyber-resilience and ransomware protection services
- Manage memory cost inflation via pricing and supply diversification
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$201.15Current
$65Low
$138.27Average
$225High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 3, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Sep 3, 2026 |
| UBS | Neutral | Neutral | Maintain | Sep 3, 2026 |
| TD Cowen | Buy | Buy | Maintain | Sep 3, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Sep 3, 2026 |
| Northland Capital Markets | Outperform | Outperform | Maintain | Sep 3, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 3, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Sep 3, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 3, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Aug 31, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Aug 24, 2026 |
| Argus Research | Buy | Buy | Maintain | Jun 1, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 29, 2026 |
| BWG Global | Mixed | Positive | Downgrade | May 14, 2026 |
| Loop Capital | Buy | Buy | Maintain | Mar 4, 2025 |
| Stifel | Buy | Buy | Maintain | Nov 22, 2024 |
| Raymond James | Market Perform | Outperform | Downgrade | Jan 16, 2024 |
| William Blair | Market Perform | Outperform | Downgrade | Sep 18, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 21, 2023 |
| OTR Global | Mixed | Positive | Downgrade | Feb 9, 2023 |
| Cowen & Co. | Outperform | Outperform | Maintain | Nov 30, 2022 |
| Jefferies | Buy | Buy | Maintain | Oct 31, 2022 |
| Goldman Sachs | Sell | Sell | Maintain | Aug 25, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 17, 2022 |
| Fox Advisors | Equal Weight | Overweight | Downgrade | Aug 19, 2021 |
| Cross Research | Buy | Hold | Upgrade | Dec 2, 2020 |
| CFRA | Hold | Hold | Maintain | May 28, 2020 |
| Northland Securities | Outperform | Outperform | Maintain | Mar 26, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Feb 13, 2020 |
| Standpoint Research | Buy | Hold | Upgrade | Dec 23, 2019 |
| Bank of America | Neutral | Neutral | Maintain | Nov 12, 2019 |
| Summit Insights Group | Hold | Buy | Downgrade | Aug 15, 2019 |
| Piper Sandler | Neutral | Overweight | Downgrade | Aug 2, 2019 |
| Piper Jaffray | Neutral | Overweight | Downgrade | Aug 2, 2019 |
| Longbow Research | Neutral | Buy | Downgrade | Jul 29, 2019 |
| Lake Street | Hold | Buy | Downgrade | May 23, 2019 |
| Maxim Group | Buy | Buy | Maintain | Nov 15, 2018 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 16, 2018 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Aug 10, 2018 |
| Guggenheim | Buy | Buy | Maintain | Jul 12, 2018 |
| DA Davidson | Buy | Buy | Maintain | Jul 9, 2018 |
| PiperJaffray | Overweight | Overweight | Maintain | May 24, 2018 |
| Argus | Hold | Buy | Downgrade | May 5, 2018 |
| Pivotal Research | Buy | Hold | Upgrade | Apr 4, 2018 |
| JMP Securities | Market Perform | Market Underperform | Upgrade | Apr 6, 2017 |
| Drexel Hamilton | Buy | Hold | Upgrade | Nov 17, 2016 |
| Summit Redstone | Buy | Sell | Upgrade | Sep 30, 2016 |
| Baird | Neutral | Neutral | Maintain | Sep 28, 2016 |
| Pacific Crest | Sector Weight | Maintain | Aug 18, 2016 | |
| CLSA | Underperform | Underperform | Maintain | Aug 18, 2016 |
| BTIG Research | Neutral | Neutral | Maintain | Aug 18, 2016 |
| BTIG | Neutral | Neutral | Maintain | Aug 18, 2016 |
| Sterne Agee CRT | Underperform | Neutral | Downgrade | Apr 18, 2016 |
| Sterne Agee | Underperform | Neutral | Downgrade | Apr 18, 2016 |
| Macquarie | Underperform | Neutral | Downgrade | Mar 21, 2016 |
| Monness, Crespi, Hardt | Neutral | Sell | Upgrade | Feb 18, 2016 |
| Monness Crespi Hardt | Neutral | Sell | Upgrade | Feb 18, 2016 |
| Atlantic Equities | Underweight | Neutral | Downgrade | Feb 12, 2016 |
| Summit Research Partners | Sell | Sell | Maintain | Aug 17, 2015 |
| Cantor Fitzgerald | Hold | Buy | Downgrade | May 21, 2015 |
| Brean Capital | Hold | Buy | Downgrade | Feb 12, 2015 |
| Needham | Buy | Hold | Upgrade | Aug 14, 2014 |
| D.A. Davidson | Buy | Buy | Maintain | Jul 9, 2014 |
| Wunderlich Securities | Hold | Hold | Maintain | May 15, 2014 |
| Wunderlich | Hold | Hold | Maintain | May 15, 2014 |
| FBN Securities | Sector Perform | Sector Perform | Maintain | Nov 14, 2013 |
| Credit Agricole | Underperform | Underperform | Maintain | Nov 29, 2012 |
| S&P Capital IQ | Hold | Sell | Upgrade | Oct 16, 2012 |
| Oppenheimer | Overweight | Overweight | Maintain | May 24, 2012 |
| ISI Group | Buy | Buy | Maintain | Feb 16, 2012 |
| Evercore Partners | Equal Weight | Equal Weight | Maintain | Feb 16, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $201.14. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Analyst unavailable | $225 | $198.18 | +11.9% | Sep 11, 2026 |
| Northland Securities | Nehal Chokshi | $187 | $185.8 | -7.0% | Sep 3, 2026 |
| Morgan Stanley | Analyst unavailable | $191 | $184.76 | -5.0% | Sep 3, 2026 |
| Wedbush | Analyst unavailable | $170 | $182.21 | -15.5% | Sep 3, 2026 |
| UBS | David Vogt | $171 | $180.77 | -15.0% | Sep 3, 2026 |
| Wells Fargo | Analyst unavailable | $190 | $180.77 | -5.5% | Sep 3, 2026 |
| Barclays | Analyst unavailable | $219 | $180.77 | +8.9% | Sep 3, 2026 |
| Goldman Sachs | Katherine Murphy | $210 | $180.77 | +4.4% | Sep 3, 2026 |
| Evercore ISI | Analyst unavailable | $210 | $187.26 | +4.4% | Aug 24, 2026 |
| Morgan Stanley | Analyst unavailable | $173 | $189.52 | -14.0% | Aug 10, 2026 |
| Goldman Sachs | Analyst unavailable | $200 | $179.7 | -0.6% | Jun 2, 2026 |
| Argus Research | Jim Kelleher | $200 | $173.38 | -0.6% | Jun 1, 2026 |
| UBS | David Vogt | $160 | $183.21 | -20.5% | May 29, 2026 |
| Northland Securities | Analyst unavailable | $171 | $180.97 | -15.0% | May 29, 2026 |
| Wedbush | Matt Bryson | $150 | $182.28 | -25.4% | May 29, 2026 |
| Barclays | Tim Long | $199 | $142.4 | -1.1% | May 29, 2026 |
| Morgan Stanley | Erik Woodring | $89 | $103.8 | -55.8% | Jan 20, 2026 |
| Goldman Sachs | Katherine Murphy | $128 | $107.03 | -36.4% | Jan 13, 2026 |
| UBS | David Vogt | $120 | $111.48 | -40.3% | Nov 26, 2025 |
| Northland Securities | Analyst unavailable | $137 | $111.48 | -31.9% | Nov 26, 2025 |
| Wells Fargo | Analyst unavailable | $115 | $111.48 | -42.8% | Nov 26, 2025 |
| Barclays | Analyst unavailable | $134 | $112.38 | -33.4% | Nov 26, 2025 |
| Northland Securities | Analyst unavailable | $120 | $117.22 | -40.3% | Aug 28, 2025 |
| Morgan Stanley | Erik Woodring | $117 | $115.12 | -41.8% | Aug 28, 2025 |
| UBS | Analyst unavailable | $114 | $117.22 | -43.3% | Aug 28, 2025 |
| Morgan Stanley | Meta Marshall | $106 | $101.06 | -47.3% | May 20, 2025 |
| Loop Capital Markets | Analyst unavailable | $130 | $93.56 | -35.4% | Mar 4, 2025 |
| Wells Fargo | Matt O’Connor | $65 | $121.86 | -67.7% | Sep 3, 2024 |
| Loop Capital Markets | Ananda Baruah | $150 | $119.48 | -25.4% | Sep 3, 2024 |
| Barclays | Tim Long | $119 | $119.2 | -40.8% | Aug 29, 2024 |
| Morgan Stanley | Meta Marshall | $127 | $131.91 | -36.9% | Aug 28, 2024 |
| Citigroup | Asiya Merchant | $130 | $127.11 | -35.4% | Aug 15, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $138 | $125.47 | -31.4% | Jun 12, 2024 |
| Susquehanna | Mehdi Hosseini | $155 | $125.47 | -22.9% | Jun 12, 2024 |
| Wells Fargo | Aaron Rakers | $135 | $125.47 | -32.9% | Jun 12, 2024 |
| Argus Research | Jim Kelleher | $140 | $121.51 | -30.4% | Jun 5, 2024 |
| Wedbush | Matt Bryson | $120 | $116.71 | -40.3% | Jun 3, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $130 | $116.5 | -35.4% | May 31, 2024 |
| Evercore ISI | Amit Daryanani | $120 | $116.5 | -40.3% | May 31, 2024 |
| Susquehanna | Mehdi Hosseini | $130 | $113.34 | -35.4% | May 22, 2024 |
| Barclays | Tim Long | $87.2 | $89.41 | -56.6% | Nov 29, 2023 |
| UBS | David Vogt | $84 | $78.34 | -58.2% | Nov 27, 2023 |
| Barclays | Tim Long | $71 | $69.1 | -64.7% | May 31, 2023 |
| Stifel Nicolaus | Matthew Sheerin | $75 | $63 | -62.7% | Apr 10, 2023 |
| UBS | David Vogt | $74 | $61.82 | -63.2% | Mar 14, 2023 |
| J.P. Morgan | Analyst unavailable | $71 | $58.99 | -64.7% | Dec 20, 2022 |
| Morgan Stanley | Meta Marshall | $58 | $64.7 | -71.2% | Dec 13, 2022 |
| Loop Capital Markets | Analyst unavailable | $67 | $64.68 | -66.7% | Dec 5, 2022 |
| Wedbush | Matt Bryson | $80 | $65.53 | -60.2% | Nov 30, 2022 |
| Northland Securities | Analyst unavailable | $99 | $67.79 | -50.8% | Nov 30, 2022 |
| Cowen & Co. | Analyst unavailable | $80 | $66.98 | -60.2% | Nov 30, 2022 |
| Wedbush | Analyst unavailable | $70 | $65.21 | -65.2% | Nov 30, 2022 |
| UBS | Analyst unavailable | $78 | $64.58 | -61.2% | Nov 30, 2022 |
| Wells Fargo | Analyst unavailable | $70 | $65.53 | -65.2% | Nov 30, 2022 |
| Morgan Stanley | Analyst unavailable | $66 | $65.84 | -67.2% | Nov 30, 2022 |
| Susquehanna | Analyst unavailable | $65 | $65.41 | -67.7% | Nov 30, 2022 |
| Deutsche Bank | Analyst unavailable | $78 | $65.5 | -61.2% | Nov 30, 2022 |
| Raymond James | Analyst unavailable | $80 | $71.79 | -60.2% | Nov 30, 2022 |
| Citigroup | Analyst unavailable | $110 | $71.79 | -45.3% | Nov 30, 2022 |
| Barclays | Analyst unavailable | $83 | $71.79 | -58.7% | Nov 30, 2022 |
| Raymond James | Simon Leopold Leopold | $105 | $71.41 | -47.8% | Sep 9, 2022 |
| Goldman Sachs | Analyst unavailable | $68 | $72.82 | -66.2% | Aug 25, 2022 |
| Deutsche Bank | Sidney Ho | $84 | $67.92 | -58.2% | Jun 28, 2022 |
| Northland Securities | Nehal Chokshi | $101 | $67.77 | -49.8% | Jun 10, 2022 |
| Raymond James | Simon Leopold | $94 | $71.46 | -53.3% | Jun 7, 2022 |
| Morgan Stanley | Analyst unavailable | $88 | $72.57 | -56.3% | Jun 2, 2022 |
| Susquehanna | Analyst unavailable | $100 | $72.51 | -50.3% | Jun 2, 2022 |
| Wells Fargo | Analyst unavailable | $85 | $72.51 | -57.7% | Jun 2, 2022 |
| Morgan Stanley | Meta Marshall | $91 | $75.5 | -54.8% | Apr 17, 2022 |
| UBS | David Vogt | $91 | $78.1 | -54.8% | Apr 10, 2022 |
| Barclays | Tim Long | $102 | $82.62 | -49.3% | Mar 10, 2022 |
| Citigroup | Jim Suva | $120 | $78.79 | -40.3% | Feb 24, 2022 |
| Cowen & Co. | Karl Ackerman | $116 | $94.81 | -42.3% | Jan 14, 2022 |
| Stifel Nicolaus | Matthew Sheerin | $93 | $88.42 | -53.8% | Dec 1, 2021 |
| Loop Capital Markets | Ananda Baruah | $100 | $88.42 | -50.3% | Dec 1, 2021 |
| Wedbush | Matt Bryson | $85 | $84.68 | -57.7% | Aug 26, 2021 |
| Raymond James | Simon Leopold | $104 | $84.68 | -48.3% | Aug 26, 2021 |
| Daiwa | Louis Miscioscia | $88 | $78.88 | -56.3% | Jun 4, 2021 |
Track every rating change on NTAP the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationNetApp, Inc. is a technology company focused on providing cloud-centric and data-driven services that enable businesses worldwide to efficiently manage and share their information across on-premises infrastructure, private cloud setups, and public cloud platforms. The company's operations are divided into two key segments: Hybrid Cloud and Public Cloud. NetApp offers an extensive suite of intelligent data management software, including its foundational NetApp ONTAP, NetApp Snapshot for data protection, NetApp SnapCenter for backup management, NetApp SnapMirror for data replication, NetApp SnapLock for data compliance, NetApp ElementOS software, and NetApp SANtricity software. Its storage infrastructure solutions comprise the NetApp All-Flash FAS series, NetApp Fabric Attached Storage, NetApp FlexPod integrated systems, NetApp E/EF series, NetApp StorageGRID object storage, and NetApp SolidFire solutions.…
Historical context
All NTAP earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
Latest beats and misses
Who reports nextBeat on EPS
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the NTAP recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T18:31:08.147622+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T18:31:08.144706+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.