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Oct 24, 2025
NetApp Q2 2026 Earnings Report
NetApp posted strong Q2 results with record operating income, modest revenue growth, and increasing cloud demand.
Key Takeaways
NetApp delivered a solid Q2 2026 with record operating profit and EPS growth, driven by strong demand for AI-enabled infrastructure and cloud services. Revenue and income saw modest gains compared to last year.
Achieved record GAAP operating profit of $399 million
Public cloud revenue reached $171 million, growing year-over-year
Returned $353 million to shareholders via buybacks and dividends
Adj. EPS hit a record $2.05, up from $1.87 the previous year
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
NetApp expects Q3 revenue between $1.615B and $1.765B, with EPS ranging from $1.52 to $1.62 GAAP and $2.01 to $2.11 non-GAAP.
Positive Outlook
- Strong operating margin guidance of up to 25.5% GAAP
- Non-GAAP EPS outlook up to $2.11
- Gross margin guidance as high as 73.3% non-GAAP
- Continued cloud and AI demand expected to drive growth
- Focused execution and cost discipline support profitability
Challenges Ahead
- Revenue guidance implies potential sequential decline
- GAAP EPS guidance midpoint flat versus Q2 actuals
- Public sector revenue mix slightly down YoY
- Inventory turns suggest leaner supply, possibly limiting upside
- Deferred revenue declined slightly, signaling softer bookings
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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