Analyst Consensus ?
ConsensusHold70 ratings
Bullish2637.2%
Neutral3651.4%
Bearish811.4%
1 unmapped firm rating excluded from the percentages.
NetApp, Inc. · NTAP · FY2026 Q4 · Calendar Q2 2026
NetApp Closes FY2026 With Record Results, 500 AI Wins, and Strong FY2027 Guidance
NetApp delivered a strong fiscal 2026 finish, beating consensus on both EPS and revenue driven by AI-related demand, all-flash strength, and Keystone consumption-based growth. The 22.4% post-earnings surge reflected surprise at the breadth of AI wins and forward FY2027 guidance, though the stock has since given back roughly 11% of that initial move. The core question for investors is whether AI-driven storage demand is durable or reflects pull-forward, and whether margin expansion can persist against component cost inflation.
Reported After market closeNASDAQTechnology
$33.94B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.43
Consensus $2.27
EPS surprise
+7.0%
Reported versus consensus
Reported revenue
$1.95B
Consensus $1.87B
Revenue surprise
+4.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+22.4%
Event window
SPY move
+0.2%
Same window
Abnormal move
+22.1%
Stock minus SPY
Volume
5.2×
Versus trailing sessions
Subsequent drift
-11.0%
Up to 20 sessions
NTAPSPY benchmark
Ask FN2 about NTAP FY2026 Q4
Transcript, numbers and history already loaded
Why did NTAP rise 22.4% after beating EPS estimates in FY2026 Q4?What changed in NTAP's guidance and outlook in FY2026 Q4?Give me the bull and bear case for NTAP after FY2026 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Q4 FY2026 revenue reached $1.95B, beating consensus estimates of $1.87B by 4.1%. EPS of $2.43 surpassed the $2.27 consensus by 7.0%. Full-year FY2026 revenue grew 5% YoY to $6.93B, with operating margin expanding to 30.2% and EPS up 12% YoY. The stock surged 22.4% in the session following the report on 5.2x baseline volume, before drifting down 11.0% subsequently.
Guidance delta
Management maintained a confident tone and issued FY2027 guidance targeting 8% revenue growth, improved margins, and a commitment to return up to 100% of free cash flow to shareholders. The share repurchase authorization was increased by $1B. Guidance sentiment was characterized as maintained relative to the prior quarter.
Key takeaways
- Q4 revenue of $1.95B beat estimates by 4.1%, with EPS of $2.43 beating by 7.0%.
- FY2026 full-year revenue reached $6.93B, up 5% YoY, with operating margin expanding to 30.2%.
- NetApp logged 500 AI wins in Q4, bringing the fiscal year total to over 1,100.
- Keystone unbilled remaining performance obligations grew 88% YoY to $807M, signaling a strong consumption-based pipeline.
- Public cloud storage services grew 30% YoY, supported by first-party and marketplace offerings.
Management priorities
- Scale AI-focused solutions including AFX disaggregated storage and AI Data Engine.
- Deepen the Google Distributed Cloud partnership for sovereign and regulated markets.
- Accelerate sales hiring and specialist AI teams to capture Neo Cloud and sovereign cloud opportunities.
- Expand Keystone storage-as-a-service offerings and drive consumption-based revenue.
- Maintain disciplined capital allocation while increasing R&D investment in hybrid-cloud technologies.
Follow NTAP with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$225.89Current
$65Low
$149.29Average
$300High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 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 |
|---|---|---|---|---|
| Barclays | Equal Weight | Overweight | Downgrade | Oct 14, 2026 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Oct 7, 2026 |
| TD Cowen | Buy | Buy | Maintain | Oct 6, 2026 |
| Loop Capital | Buy | Buy | Maintain | Oct 2, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Sep 30, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Sep 3, 2026 |
| Wedbush | Neutral | Neutral | Maintain | Sep 3, 2026 |
| UBS | Neutral | Neutral | 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 |
| Argus Research | Buy | Buy | Maintain | Jun 1, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 29, 2026 |
| BWG Global | Mixed | Positive | Downgrade | May 14, 2026 |
| 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 $225.89. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $300 | $228.45 | +32.8% | Oct 7, 2026 |
| Loop Capital Markets | Analyst unavailable | $300 | $228.45 | +32.8% | Oct 7, 2026 |
| Goldman Sachs | Analyst unavailable | $240 | $228.45 | +6.2% | Oct 6, 2026 |
| Loop Capital Markets | Ananda Baruah | $260 | $226.27 | +15.1% | Oct 2, 2026 |
| Argus Research | Analyst unavailable | $225 | $198.18 | -0.4% | Sep 11, 2026 |
| Northland Securities | Nehal Chokshi | $187 | $185.8 | -17.2% | Sep 3, 2026 |
| Morgan Stanley | Analyst unavailable | $191 | $184.76 | -15.4% | Sep 3, 2026 |
| Wedbush | Analyst unavailable | $170 | $182.21 | -24.7% | Sep 3, 2026 |
| UBS | David Vogt | $171 | $180.77 | -24.3% | Sep 3, 2026 |
| Wells Fargo | Analyst unavailable | $190 | $180.77 | -15.9% | Sep 3, 2026 |
| Barclays | Analyst unavailable | $219 | $180.77 | -3.1% | Sep 3, 2026 |
| Goldman Sachs | Katherine Murphy | $210 | $180.77 | -7.0% | Sep 3, 2026 |
| Evercore ISI | Analyst unavailable | $210 | $187.26 | -7.0% | Aug 24, 2026 |
| Morgan Stanley | Analyst unavailable | $173 | $189.52 | -23.4% | Aug 10, 2026 |
| Goldman Sachs | Analyst unavailable | $200 | $179.7 | -11.5% | Jun 2, 2026 |
| Argus Research | Jim Kelleher | $200 | $173.38 | -11.5% | Jun 1, 2026 |
| UBS | David Vogt | $160 | $183.21 | -29.2% | May 29, 2026 |
| Northland Securities | Analyst unavailable | $171 | $180.97 | -24.3% | May 29, 2026 |
| Wedbush | Matt Bryson | $150 | $182.28 | -33.6% | May 29, 2026 |
| Barclays | Tim Long | $199 | $142.4 | -11.9% | May 29, 2026 |
| Morgan Stanley | Erik Woodring | $89 | $103.8 | -60.6% | Jan 20, 2026 |
| Goldman Sachs | Katherine Murphy | $128 | $107.03 | -43.3% | Jan 13, 2026 |
| UBS | David Vogt | $120 | $111.48 | -46.9% | Nov 26, 2025 |
| Northland Securities | Analyst unavailable | $137 | $111.48 | -39.4% | Nov 26, 2025 |
| Wells Fargo | Analyst unavailable | $115 | $111.48 | -49.1% | Nov 26, 2025 |
| Barclays | Analyst unavailable | $134 | $112.38 | -40.7% | Nov 26, 2025 |
| Northland Securities | Analyst unavailable | $120 | $117.22 | -46.9% | Aug 28, 2025 |
| Morgan Stanley | Erik Woodring | $117 | $115.12 | -48.2% | Aug 28, 2025 |
| UBS | Analyst unavailable | $114 | $117.22 | -49.5% | Aug 28, 2025 |
| Morgan Stanley | Meta Marshall | $106 | $101.06 | -53.1% | May 20, 2025 |
| Loop Capital Markets | Analyst unavailable | $130 | $93.56 | -42.4% | Mar 4, 2025 |
| Wells Fargo | Matt O’Connor | $65 | $121.86 | -71.2% | Sep 3, 2024 |
| Loop Capital Markets | Ananda Baruah | $150 | $119.48 | -33.6% | Sep 3, 2024 |
| J.P. Morgan | Samik Chatterjee | $147 | $119.2 | -34.9% | Aug 29, 2024 |
| Morgan Stanley | Meta Marshall | $127 | $131.91 | -43.8% | Aug 28, 2024 |
| Citigroup | Asiya Merchant | $130 | $127.11 | -42.4% | Aug 15, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $138 | $125.47 | -38.9% | Jun 12, 2024 |
| Susquehanna | Mehdi Hosseini | $155 | $125.47 | -31.4% | Jun 12, 2024 |
| Wells Fargo | Aaron Rakers | $135 | $125.47 | -40.2% | Jun 12, 2024 |
| Argus Research | Jim Kelleher | $140 | $121.51 | -38.0% | Jun 5, 2024 |
| Wedbush | Matt Bryson | $120 | $116.71 | -46.9% | Jun 3, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $130 | $116.5 | -42.4% | May 31, 2024 |
| Evercore ISI | Amit Daryanani | $120 | $116.5 | -46.9% | May 31, 2024 |
| Susquehanna | Mehdi Hosseini | $130 | $113.34 | -42.4% | May 22, 2024 |
| Barclays | Tim Long | $87.2 | $89.41 | -61.4% | Nov 29, 2023 |
| UBS | David Vogt | $84 | $78.34 | -62.8% | Nov 27, 2023 |
| Barclays | Tim Long | $71 | $69.1 | -68.6% | May 31, 2023 |
| Stifel Nicolaus | Matthew Sheerin | $75 | $63 | -66.8% | Apr 10, 2023 |
| UBS | David Vogt | $74 | $61.82 | -67.2% | Mar 14, 2023 |
| J.P. Morgan | Analyst unavailable | $71 | $58.99 | -68.6% | Dec 20, 2022 |
| Morgan Stanley | Meta Marshall | $58 | $64.7 | -74.3% | Dec 13, 2022 |
| Loop Capital Markets | Analyst unavailable | $67 | $64.68 | -70.3% | Dec 5, 2022 |
| Wedbush | Matt Bryson | $80 | $65.53 | -64.6% | Nov 30, 2022 |
| Northland Securities | Analyst unavailable | $99 | $67.79 | -56.2% | Nov 30, 2022 |
| Cowen & Co. | Analyst unavailable | $80 | $66.98 | -64.6% | Nov 30, 2022 |
| Wedbush | Analyst unavailable | $70 | $65.21 | -69.0% | Nov 30, 2022 |
| UBS | Analyst unavailable | $78 | $64.58 | -65.5% | Nov 30, 2022 |
| Wells Fargo | Analyst unavailable | $70 | $65.53 | -69.0% | Nov 30, 2022 |
| Morgan Stanley | Analyst unavailable | $66 | $65.84 | -70.8% | Nov 30, 2022 |
| Susquehanna | Analyst unavailable | $65 | $65.41 | -71.2% | Nov 30, 2022 |
| Deutsche Bank | Analyst unavailable | $78 | $65.5 | -65.5% | Nov 30, 2022 |
| Raymond James | Analyst unavailable | $80 | $71.79 | -64.6% | Nov 30, 2022 |
| Citigroup | Analyst unavailable | $110 | $71.79 | -51.3% | Nov 30, 2022 |
| Barclays | Analyst unavailable | $83 | $71.79 | -63.3% | Nov 30, 2022 |
| Raymond James | Simon Leopold Leopold | $105 | $71.41 | -53.5% | Sep 9, 2022 |
| Goldman Sachs | Analyst unavailable | $68 | $72.82 | -69.9% | Aug 25, 2022 |
| Deutsche Bank | Sidney Ho | $84 | $67.92 | -62.8% | Jun 28, 2022 |
| Northland Securities | Nehal Chokshi | $101 | $67.77 | -55.3% | Jun 10, 2022 |
| Raymond James | Simon Leopold | $94 | $71.46 | -58.4% | Jun 7, 2022 |
| Morgan Stanley | Analyst unavailable | $88 | $72.57 | -61.0% | Jun 2, 2022 |
| Susquehanna | Analyst unavailable | $100 | $72.51 | -55.7% | Jun 2, 2022 |
| Wells Fargo | Analyst unavailable | $85 | $72.51 | -62.4% | Jun 2, 2022 |
| Morgan Stanley | Meta Marshall | $91 | $75.5 | -59.7% | Apr 17, 2022 |
| UBS | David Vogt | $91 | $78.1 | -59.7% | Apr 10, 2022 |
| Barclays | Tim Long | $102 | $82.62 | -54.8% | Mar 10, 2022 |
| Citigroup | Jim Suva | $120 | $78.79 | -46.9% | Feb 24, 2022 |
| Cowen & Co. | Karl Ackerman | $116 | $94.81 | -48.6% | Jan 14, 2022 |
| Stifel Nicolaus | Matthew Sheerin | $93 | $88.42 | -58.8% | Dec 1, 2021 |
| Loop Capital Markets | Ananda Baruah | $100 | $88.42 | -55.7% | Dec 1, 2021 |
| Wedbush | Matt Bryson | $85 | $84.68 | -62.4% | Aug 26, 2021 |
| Raymond James | Simon Leopold | $104 | $84.68 | -54.0% | Aug 26, 2021 |
| Daiwa | Louis Miscioscia | $88 | $78.88 | -61.0% | 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 |
|---|---|---|---|---|
| UMC United Microelectronics Corporation | FY2026 Q3 · Calendar Q4 2026 | — | -4.0% | UMC Q3 2026: record shipments, 34% gross margin, $3.2B capex added for AI packaging |
| SKHY SK hynix Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +1.9% | SK hynix leans into AI memory demand and 2027 capacity |
| NXPI NXP Semiconductors N.V. | FY2026 Q3 · Calendar Q4 2026 | +1.9% | +3.1% | NXP posts strong Q3 as SDV, industrial AI and data center gains build |
| MANH Manhattan Associates, Inc. | FY2026 Q3 · Calendar Q4 2026 | +6.2% | -1.0% | Manhattan Associates Q3: Cloud Growth and RPO Lift Outlook |
| FFIV F5, Inc. | FY2026 Q4 · Calendar Q4 2026 | +3.8% | -0.5% | F5: AI security momentum supports FY27 growth plan, with spending rising |
| LOGI Logitech International S.A. | FY2027 Q2 · Calendar Q4 2026 | +12.7% | +1.8% | Logitech sustains growth, but supply constraints lower near-term outlook |
Latest beats and misses
Who reports nextBeat on EPS
- HLTFY2026 Q3 · October 27, 2026+3.4% EPS-2.1% move
- SPGIFY2026 Q3 · October 27, 2026+3.4% EPS-0.4% move
- PYPLFY2026 Q3 · October 27, 2026+10.7% EPS+2.0% move
- CMSAFY2026 Q3 · October 27, 2026+6.7% EPS0.0% move
- ITWFY2026 Q3 · October 27, 2026+2.4% EPS-0.1% move
- IQVFY2026 Q3 · October 27, 2026+2.5% EPS-0.7% move
Missed on EPS
- ARCCFY2026 Q3 · October 27, 2026-3.4% EPS-0.5% move
- WSOFY2026 Q3 · October 27, 2026-8.0% EPS-1.4% move
- IVZFY2026 Q3 · October 27, 2026-2.7% EPS-0.4% move
- SHWFY2026 Q3 · October 27, 2026-1.6% EPS-2.7% move
- BAFY2026 Q3 · October 27, 2026-33.4% EPS-10.7% move
- AREFY2026 Q3 · October 26, 2026-13401.8% EPS-5.9% move
Get the NTAP recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-29T00:24:41.395577+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T09:01:51.794924+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T09:01:51.792189+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 2026-07-30. For educational purposes only; not investment advice.