Loading…
NetApp, Inc. provides a range of enterprise software, systems, and services that customers use to transform their data infrastructures in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. It operates through two segments, Hybrid Cloud and Public Cloud. The company offers data management software, such as NetApp ONTAP, ONTAP One, NetApp Snapshot, NetApp SnapCenter Backup Management, NetApp SnapMirror Data Replication, and NetApp SnapLock Data Compliance; and storage infrastructure solutions, including NetApp All-Flash FAS (AFF A-Series), NetApp All-Flash FAS with capacity flash (AFF C-Series), NetApp All-Flash SAN Array (ASA A-Series & C-Series), NetApp Fabric Attached Storage (FAS), NetApp E/EF series, and NetApp StorageGRID. It also provides cloud storage services comprising NetApp Cloud Volumes ONTAP, Azure NetApp Files, Amazon FSx for NetApp ONTAP, and Google Cloud NetApp Volumes, as well as NetApp BlueXP, BlueXP Copy and Sync, BlueXP Backup and Recovery, BlueXP Classification, and BlueXP Ransomware Protection. In addition, the company offers operational services, such as NetApp Data Infrastructure Insights and Instaclustr; and professional and support services offerings include storage-as-a-service (STaaS), strategic consulting, professional, managed, and support services, as well as assessment, design, implementation, migration, and proactive support services to help customers optimize the performance and efficiency of their on-premises and hybrid multicloud storage environments. It serves various industries comprising energy, financial services, government, technology, internet, life sciences, healthcare services, manufacturing, media, entertainment, animation, video postproduction, and telecommunications through a direct sales force and an ecosystem of partners, including the leading cloud providers. The company has a strategic alliance with Commvault Systems, Inc. to develop an integrated solution for enterprise data protection and cyber resilience. NetApp, Inc. was incorporated in 1992 and is headquartered in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $6.6B | $1.7B | $1.2B | $1.3B | 114.0% | 4.9% | 20.3% |
| 2024 | $6.3B | $1.6B | $986M | $1.5B | 86.0% | -1.5% | -22.6% |
| 2023 | $6.4B | $1.4B | $1.3B | $868M | 109.9% | 0.7% | 36.0% |
| 2022 | $6.3B | $1.4B | $937M | $985M | 111.8% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 6,318 | 6,362 | 6,268 | 6,572 |
| Operating Revenue | 6,318 | 6,362 | 6,268 | 6,572 |
| Cost Of Revenue | 2,098 | 2,153 | 1,835 | 1,959 |
| Gross Profit | 4,220 | 4,209 | 4,433 | 4,613 |
| Operating Expense | 3,017 | 3,050 | 3,165 | 3,188 |
| Research And Development | 881 | 956 | 1,029 | 1,012 |
| Selling General And Administration | 2,136 | 2,094 | 2,136 | 2,176 |
| Total Expenses | 5,115 | 5,203 | 5,000 | 5,147 |
| Operating Income | 1,203 | 1,159 | 1,268 | 1,425 |
| Total Operating Income As Reported | 1,157 | 1,018 | 1,214 | 1,337 |
| EBITDA | 1,362 | 1,381 | 1,582 | 1,690 |
| Normalized EBITDA | 1,408 | 1,522 | 1,636 | 1,778 |
| EBIT | 1,168 | 1,133 | 1,327 | 1,447 |
| Interest Income | 7 | 69 | 112 | 112 |
| Interest Expense | 73 | 67 | 64 | 64 |
| Net Interest Income | -66 | 2 | 48 | 48 |
| Other Non Operating Income Expenses | 4 | 46 | 1 | -2 |
| Other Income Expense | -42 | -95 | -53 | -90 |
| Interest Income Non Operating | 7 | 69 | 112 | 112 |
| Interest Expense Non Operating | 73 | 67 | 64 | 64 |
| Net Non Operating Interest Income Expense | -66 | 2 | 48 | 48 |
| Pretax Income | 1,095 | 1,066 | 1,263 | 1,383 |
| Tax Provision | 158 | -208 | 277 | 197 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | -6.62 | -29.61 | -11.83 | -12.50 |
| Net Income Continuous Operations | 937 | 1,274 | 986 | 1,186 |
| Net Income From Continuing And Discontinued Operation | 937 | 1,274 | 986 | 1,186 |
| Net Income From Continuing Operation Net Minority Interest | 937 | 1,274 | 986 | 1,186 |
| Net Income | 937 | 1,274 | 986 | 1,186 |
| Net Income Common Stockholders | 937 | 1,274 | 986 | 1,186 |
| Net Income Including Noncontrolling Interests | 937 | 1,274 | 986 | 1,186 |
| Normalized Income | 976.38 | 1,385.39 | 1,028.17 | 1,261.50 |
| Diluted NI Availto Com Stockholders | 937 | 1,274 | 986 | 1,186 |
| Basic Average Shares | 223 | 217 | 208 | 204 |
| Diluted Average Shares | 229 | 220 | 213 | 209 |
| Reconciled Depreciation | 194 | 248 | 255 | 243 |
| Reconciled Cost Of Revenue | 2,098 | 2,153 | 1,835 | 1,959 |
| Total Unusual Items | -46 | -141 | -54 | -88 |
| Total Unusual Items Excluding Goodwill | -46 | -141 | -54 | -88 |
| Special Income Charges | -46 | -141 | -54 | -88 |
| Restructuring And Mergern Acquisition | 46 | 141 | 54 | 88 |
| General And Administrative Expense | 279 | 265 | 308 | 311 |
| Other Gand A | 279 | 265 | 308 | 311 |
| Gain On Sale Of Ppe | 0 | 0 | - | - |
| Selling And Marketing Expense | 1,857 | 1,829 | 1,828 | 1,865 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| NetApp, Inc.this co. | NTAP | $35.4B | 29.87 | 34.06 | 114.0% | 21.41 |
| Block, Inc. | XYZ | $42.2B | 32.32 | 1.90 | 5.9% | 11.66 |
| Jabil Inc. | JBL | $39.4B | 60.03 | 26.07 | 43.4% | 23.86 |
| Workday, Inc. | WDAY | $36.5B | 52.71 | 4.68 | 8.9% | 23.75 |
| Paychex, Inc. | PAYX | $35.6B | 21.51 | 8.63 | 40.1% |
| - |
| - |
| - |
| - |
| 15.67 |
| First Solar, Inc. | FSLR | $33.8B | 22.14 | 3.55 | 16.0% | 14.71 |
| Roper Technologies, Inc. | ROP | $33.5B | 21.80 | 1.68 | 7.7% | 13.46 |
| Qnity Electronics, Inc. | Q | $32.4B | 46.83 | 4.57 | 9.8% | 25.32 |
| Teledyne Technologies Incorporated | TDY | $28.7B | 32.03 | 2.73 | 8.5% | 20.77 |
| Peer Median | - | 32.17 | 4.06 | 9.3% | 18.22 | |