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NetApp (NTAP) stock

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NASDAQ: NTAP Nasdaq Technology Hardware, Storage & Peripherals Next results ~December 1, 2026

B Fundamentals grade

NetApp is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in April.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$170

Cash-flow model

Base case. Range ~$130–$220 across our lower- and higher-growth cases (2.1%–12.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 10% above our base value.

Price used: $185.26, November 2, 2026

NetApp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 43 sales by directors and officers, last 12 monthsInsider trades
  • Funds484 adding, 410 cuttingOf 72 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter NetApp files

Where NetApp stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $6.50bn, up 12.7% on a year earlier, faster than 2.9% a quarter earlier. That puts it 8 of 9 for growth among the technology hardware, storage & peripherals companies we cover. Free-cash-flow margin fell to 25.4% from 28.8% a year earlier. Operating margin widened to 28.5% from 23.7%. The diluted share count is down 3.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $142 a share, against a share price of $209. At that price, our model says the market is pricing in about 14.1% a year of cash-flow growth for five years, faster than the 0.6% a year revenue growth it has delivered.

Source: 10-Q filed September 2, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 1, 2026 (estimated)

NetApp's trailing-twelve-month revenue grew 12.7% year on year, with a free-cash-flow margin of 25.4%. Where it stands out: gross margin of 80.3% ranks 1 of 22 technology hardware, storage & peripherals companies we cover. Where it lags: stock pay as % of revenue of 6.1% ranks 23 of 27 technology hardware, storage & peripherals companies we cover.

Our discounted-cash-flow model values the business at ~$170 per share in the base case (~$130–$220 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 12.7% (+9.9pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 9.9 points higher than a quarter earlier.
  • High operating margin. 28.5% of revenue is left as operating profit, against a median of 5.3% for technology hardware, storage & peripherals companies we cover.
  • Margins widening. Operating margin is up 4.8 points on a year ago.
  • Strong cash generation. 25.4% of revenue turned into free cash flow, against a median of 3.6% for technology hardware, storage & peripherals companies we cover.
  • Shrinking share count. Diluted shares fell 3.1% in a year, so each share owns more of the business.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 47% and a beta of 1.5 against the S&P 500.
  • Insiders selling. 8 insiders sold $46M of stock over the past 365 days and none bought (90% under pre-set trading plans).
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 6.1% ranks 23 of 27 technology hardware, storage & peripherals companies we cover (median 1.9%).

Latest results: FY2027 Q1

Filed September 2, 2026
Earnings per share
$2.58 against an average estimate of $2.12: beat by 21.5%
Revenue
$1.82bn, up 30.1% on a year earlier
Share reaction
+1.2% in the first session after the results on September 2, 2026, against +1.5% for the S&P 500
Guidance given
net revenues $2.03bn to $2.18bn (second quarter of fiscal year 2027); consolidated gross margins 66% to 67% (second quarter of fiscal year 2027)
Next report
December 1, 2026; average EPS estimate $2.60

NetApp's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-7.0%
  • 1 week-16.6%
  • 1 month-17.9%
  • This year+75.7%
  • 1 year+59.7%
  • 5 years+129.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.5B
Operating margin
28.5%
Net margin
21.8%
EPS (TTM, diluted)
$7.08

Growth

Revenue growth
+12.7%
Change in growth rate
+9.9 pts
Share count change
−3.1%

Cash

Free cash flow (TTM)
$1.6B
FCF margin
25.4%
Stock pay % of revenue
6.1%

Earnings

Last results
September 2, 2026
Next results (est.)
December 2, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Insider trade
  3. Partnership
  4. Insider trade
  5. Insider trade
  6. Announcement
  7. Announcement
  8. Product
  9. Announcement
  10. Announcement
  11. Announcement
  12. Announcement
  13. Announcement
  14. Partnership
  15. Insider trade
  16. Insider trade
  17. Insider trade
  18. Insider trade
  19. Shareholder vote
  20. Insider trade
  21. Results
  22. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

NetApp valuation models and calculator

What the price is pricing in

The share price implies about 10.6% a year of cash-flow growth for five years.That is faster than the 0.6% a year revenue growth NetApp has delivered.

  • Priced in10.6%
  • Last 12 months12.7%
  • 3 years a year1.6%
  • 5 years a year0.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($193.31, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$170
Price used
$193.31close November 3, 2026
Implied change
▼ 13%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of NetApp's free cash flow after stock-based pay with after-tax interest added back ($1.4B, FY2027 Q1 TTM), growing 13% and 6.7% in the next two years (forecasts, guidance and its record), then back to 7.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$130–~$220 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of NetApp's free cash flow after stock-based pay ( $1.4B, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value NetApp as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.34 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$170 ~$130–$220 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$94–$170 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$73 ~$65–$84 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$73–$170 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare NetApp with Technology Hardware, Storage & Peripherals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −11%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $106$142$189$252$334$439
8.5% $82$108$143$188$246$321
10% $68$88$115$149$193$250

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$18.30$31.56$54.26$59.17$36.77$66.10$66.36$58.79$97.01$86.31$108.14$185.26
Market value$5.4bn$8.9bn$15.0bn$15.3bn$8.6bn$14.9bn$15.2bn$12.9bn$20.7bn$18.0bn$21.7bn$37.1bn
+ Net debt (− = net cash)−$529m−$451m−$1.0bn−$532m−$2.7bn−$1.9bn−$1.5bn−$2.3bn$489m$493m−$2.1bn$915m
Enterprise value$4.9bn$8.4bn$14.0bn$14.8bn$5.9bn$13.0bn$13.7bn$10.6bn$21.2bn$18.5bn$19.7bn$38.0bn
Multiples
Price / sales 1.0x1.6x2.5x2.5x1.6x2.6x2.4x2.0x3.7x3.1x3.5x5.7x
Price / earnings 23.7x18.4x129.1x13.1x10.5x20.5x16.2x10.2x21.0x15.2x17.0x26.2x
Price / free cash flow 6.7x10.9x11.2x13.1x9.2x12.8x15.4x14.9x13.5x13.5x11.6x22.5x
EV / EBITDA 8.8x10.5x10.7x10.8x5.4x11.0x10.5x8.9x15.0x12.1x10.6x18.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

82 /100

Strong moat

How hard NetApp's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 24.6% of total assets over 10 years.

  • Pricing power 15 / 20

    Gross margin has been a median 67.1%, moving by 7.0 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 20.0%; its worst year was 12.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.0% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 12.1% over five years; stock-based pay has been a median 4.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (87 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 1, 2026, after the close. Analysts expect revenue of $2.1bn and EPS of $2.60 (range $2.47 to $2.72) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $10.00 +23% $8.2bn +18%
Next $11.16 +12% $8.7bn +6%

Next year's EPS estimate has moved +13.4% in 90 days, across 20 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +12.4% on 90 days ago. In the last 30 days, 18 analysts raised NetApp's forecast and 0 cut it.

Consensus EPS forecast NetApp, last 90 days
$8.00 $9.00 $10.00 $11.00 $12.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $8.90 Current fiscal year, 60 days ago: $9.02 Current fiscal year, 30 days ago: $10.01 Current fiscal year, 7 days ago: $10.01 Current fiscal year, Now: $10.00 $10.00 Next fiscal year, 90 days ago: $9.84 Next fiscal year, 60 days ago: $10.04 Next fiscal year, 30 days ago: $11.12 Next fiscal year, 7 days ago: $11.16 Next fiscal year, Now: $11.16 $11.16

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $8.90$9.84
60 days ago $9.02$10.04
30 days ago $10.01$11.12
7 days ago $10.01$11.16
Now $10.00$11.16

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $2.12 $2.58 +21.5%
Apr 2026 $2.27 $2.43 +7.2%
Jan 2026 $2.06 $2.12 +2.8%
Oct 2025 $1.88 $2.05 +8.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 2, 2026
  • Net revenues full fiscal year 2027 $7.975bn to $8.225bn Raised
    “Net revenues are expected to be in the range of: $7.975 billion - $8.225 billion” source
  • Net revenues second quarter of fiscal year 2027 $2.025bn to $2.175bn
    “Net revenues are expected to be in the range of: $2.025 billion - $2.175 billion” source
  • Earnings per share full fiscal year 2027 $7.35 to $7.65 GAAP Raised
    “Earnings per share is expected to be in the range of: $7.35 - $7.65 $9.73 - $10.03” source
  • Earnings per share full fiscal year 2027 $9.73 to $10.03 Non-GAAP Raised
    “Earnings per share is expected to be in the range of: $7.35 - $7.65 $9.73 - $10.03” source
  • Earnings per share second quarter of fiscal year 2027 $1.97 to $2.07 GAAP
    “Earnings per share is expected to be in the range of: $1.97 - $2.07 $2.54 - $2.64” source
  • Earnings per share second quarter of fiscal year 2027 $2.54 to $2.64 Non-GAAP
    “Earnings per share is expected to be in the range of: $1.97 - $2.07 $2.54 - $2.64” source
Show 8 more items
  • Consolidated gross margins full fiscal year 2027 67.1% to 68.1% GAAP
    “Consolidated gross margins are expected to be in the range of: 67.1% - 68.1% 68.1% - 69.1%” source
  • Consolidated gross margins full fiscal year 2027 68.1% to 69.1% Non-GAAP
    “Consolidated gross margins are expected to be in the range of: 67.1% - 68.1% 68.1% - 69.1%” source
  • Operating margins full fiscal year 2027 24.3% to 25.3% GAAP
    “Operating margins are expected to be in the range of: 24.3% - 25.3% 30.3% - 31.3%” source
  • Operating margins full fiscal year 2027 30.3% to 31.3% Non-GAAP
    “Operating margins are expected to be in the range of: 24.3% - 25.3% 30.3% - 31.3%” source
  • Consolidated gross margins second quarter of fiscal year 2027 66% to 67% GAAP
    “Consolidated gross margins are expected to be in the range of: 66.0% - 67.0% 67.0% - 68.0%” source
  • Consolidated gross margins second quarter of fiscal year 2027 67% to 68% Non-GAAP
    “Consolidated gross margins are expected to be in the range of: 66.0% - 67.0% 67.0% - 68.0%” source
  • Operating margins second quarter of fiscal year 2027 24.9% to 25.9% GAAP
    “Operating margins are expected to be in the range of: 24.9% - 25.9% 30.9% - 31.9%” source
  • Operating margins second quarter of fiscal year 2027 30.9% to 31.9% Non-GAAP
    “Operating margins are expected to be in the range of: 24.9% - 25.9% 30.9% - 31.9%” source

How earlier guidance turned out

  • Earnings per share, first quarter of fiscal year 2027 guided $1.35 to $1.45 Above range: $1.88
  • Operating margins, first quarter of fiscal year 2027 guided 19.4% to 20.4% Above range: 26.608026%
  • Consolidated gross margins, first quarter of fiscal year 2027 guided 68.1% to 69.1% Above range: 78.009896%
  • Net revenues, first quarter of fiscal year 2027 guided $1.75bn to $1.9bn Within range: $1.819bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows NetApp's revenue by +13.0% next year and +6.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+15.3%, weight 56%) , management guidance (+14.1%, weight 19%) and the company's own record (+7.1%, weight 25%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy838%
Hold1362%
Sell00%

Monthly trend

  1. Oct 202671321
  2. Sep 2026261220
  3. Aug 2026261220
  4. Jul 2026261120

Counts of recommendations published by analysts covering NetApp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.9%
of tradable shares
Days to cover
3.65
at average volume
Short interest, 1 month
−5%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.3%
of shares
Employees
11,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +59.7%

$116.00 on October 31, 2025 to $185.26

ThenNowEffect
Revenue (last 12 months) $5.8bn $6.5bn +12.7%
Net margin 20.3% 21.8% +7.4%
P/E multiple 20.5x 26.2x +27.7%
Share count 207m 200m +3.2%

Biggest factor: p/e multiple.

Last 3 years +157.7%

$71.90 on November 3, 2023 to $185.26

ThenNowEffect
Revenue (last 12 months) $6.2bn $6.5bn +4.8%
Net margin 19.5% 21.8% +12.0%
P/E multiple 13.0x 26.2x +101.8%
Share count 218m 200m +8.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
NTAP+43%−33%+51%+34%−6%+76%
Industry peers (median)+24%−39%+28%+12%+6%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
NTAP75%33%42%50%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
NTAP−15%−38%−12%−15%−39%−23%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 58% from September 4, 2018 to March 23, 2020. Getting back needed a 139% gain, reached on June 4, 2021, 438 days after the low.

Price behaviour

52-week range
$93.14 – $239.18
From 52-week high
−22.5%
vs 50-day average
−9.5%
vs 200-day average
+23.7%
Volatility (1 year)
47%
Beta vs S&P 500
1.49

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±8.5%
After a week
9 up, 3 down
typical move ±10.1%
After a month
9 up, 3 down
typical move ±11.3%
Results releasedNext dayS&P 500 next day5 days21 days
September 2, 2026 +1.2% +1.5% +0.2% +23.5%
May 28, 2026 +22.1% +0.8% +25.3% +8.6%
February 26, 2026 −2.8% −1.0% +0.2% +0.5%
November 25, 2025 +0.3% +1.6% +5.2% +1.4%
August 27, 2025 +7.1% +0.6% +8.6% +9.6%
May 29, 2025 −0.5% +0.3% +4.9% +6.9%
February 27, 2025 −19.8% −0.1% −26.2% −29.0%
November 21, 2024 −0.9% +0.8% −0.7% −4.3%
August 28, 2024 −10.5% −0.6% −12.2% −8.9%
May 30, 2024 +2.5% +0.2% +3.4% +10.8%
February 29, 2024 +19.6% +1.3% +18.4% +19.3%
November 28, 2023 +14.7% 0.0% +16.0% +13.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How NetApp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.39× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

NTAP NetApp Grade B $187.25

Own 100 shares, sell the $210 call expiring December 18, 2026 (46 days) for $7.80 a share — $780 per contract.

Previous session · Bid $7.80, ask $9.40, quoted Mon 2 Nov, 17:31 New York time with NTAP at $187.25. Option prices move with the shares: check the live chain at your broker before trading.

  • If NTAP ends below $210: you keep your shares and the $780 — 4.2% extra on the position, 33.1% a year at that pace.
  • If it ends above $210: your shares are sold at $210, a total return of 16.3% including the premium — at or above our value of ~$170.
$3.1k $0 −$3.6k Our value $170 Break-even $179.45 Price $187.25
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$780
Annualised
33.1%
Break-even
$179.45
Max gain
$3,055
Chance of selling
~36%

Results are expected around December 2, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $165 put and sell the $210 call, both expiring December 18, 2026 (46 days).

  • Net cost of $1.20 a share ($120 per contract of 100 shares).
  • Worst case at expiry: -12.5%, if the shares fall below $165 (-11.9% from today).
  • Best case at expiry: +11.5%, if the shares rise above $210 (+12.1%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $170: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

NetApp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) NetApp
$5.5B $6B $6.5B FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $6.1B Revenue (TTM), FY24 Q3: $6.2B Revenue (TTM), FY24 Q4: $5.7B Revenue (TTM), FY25 Q1: $5.8B Revenue (TTM), FY25 Q2: $5.9B Revenue (TTM), FY25 Q3: $5.9B Revenue (TTM), FY25 Q4: $5.9B Revenue (TTM), FY26 Q1: $5.8B Revenue (TTM), FY26 Q2: $5.8B Revenue (TTM), FY26 Q3: $5.9B Revenue (TTM), FY26 Q4: $6.1B Revenue (TTM), FY27 Q1: $6.5B $6.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $6.1B
FY24 Q3 $6.2B
FY24 Q4 $5.7B
FY25 Q1 $5.8B
FY25 Q2 $5.9B
FY25 Q3 $5.9B
FY25 Q4 $5.9B
FY26 Q1 $5.8B
FY26 Q2 $5.8B
FY26 Q3 $5.9B
FY26 Q4 $6.1B
FY27 Q1 $6.5B
Revenue growth, TTM YoY NetApp
-20% -10% 0% 10% 20% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 6.5% Revenue growth, TTM YoY, FY24 Q3: -4.3% Revenue growth, TTM YoY, FY24 Q4: -11.1% Revenue growth, TTM YoY, FY25 Q1: -7.0% Revenue growth, TTM YoY, FY25 Q2: -3.9% Revenue growth, TTM YoY, FY25 Q3: -4.6% Revenue growth, TTM YoY, FY25 Q4: 4.4% Revenue growth, TTM YoY, FY26 Q1: -0.0% Revenue growth, TTM YoY, FY26 Q2: -0.9% Revenue growth, TTM YoY, FY26 Q3: -0.2% Revenue growth, TTM YoY, FY26 Q4: 2.9% Revenue growth, TTM YoY, FY27 Q1: 12.7% 12.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 6.5%
FY24 Q3 -4.3%
FY24 Q4 -11.1%
FY25 Q1 -7.0%
FY25 Q2 -3.9%
FY25 Q3 -4.6%
FY25 Q4 4.4%
FY26 Q1 -0.0%
FY26 Q2 -0.9%
FY26 Q3 -0.2%
FY26 Q4 2.9%
FY27 Q1 12.7%
Operating margin (TTM) NetApp
15% 20% 25% 30% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 15.8% Operating margin (TTM), FY24 Q3: 18.7% Operating margin (TTM), FY24 Q4: 21.5% Operating margin (TTM), FY25 Q1: 22.9% Operating margin (TTM), FY25 Q2: 23.2% Operating margin (TTM), FY25 Q3: 23.0% Operating margin (TTM), FY25 Q4: 22.6% Operating margin (TTM), FY26 Q1: 23.7% Operating margin (TTM), FY26 Q2: 24.4% Operating margin (TTM), FY26 Q3: 25.3% Operating margin (TTM), FY26 Q4: 27.6% Operating margin (TTM), FY27 Q1: 28.5% 28.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 15.8%
FY24 Q3 18.7%
FY24 Q4 21.5%
FY25 Q1 22.9%
FY25 Q2 23.2%
FY25 Q3 23.0%
FY25 Q4 22.6%
FY26 Q1 23.7%
FY26 Q2 24.4%
FY26 Q3 25.3%
FY26 Q4 27.6%
FY27 Q1 28.5%
FCF margin (TTM) NetApp
15% 20% 25% 30% 35% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 16.9% FCF margin (TTM), FY24 Q3: 18.8% FCF margin (TTM), FY24 Q4: 27.0% FCF margin (TTM), FY25 Q1: 24.5% FCF margin (TTM), FY25 Q2: 23.5% FCF margin (TTM), FY25 Q3: 21.5% FCF margin (TTM), FY25 Q4: 22.7% FCF margin (TTM), FY26 Q1: 28.8% FCF margin (TTM), FY26 Q2: 28.8% FCF margin (TTM), FY26 Q3: 27.4% FCF margin (TTM), FY26 Q4: 30.8% FCF margin (TTM), FY27 Q1: 25.4% 25.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 16.9%
FY24 Q3 18.8%
FY24 Q4 27.0%
FY25 Q1 24.5%
FY25 Q2 23.5%
FY25 Q3 21.5%
FY25 Q4 22.7%
FY26 Q1 28.8%
FY26 Q2 28.8%
FY26 Q3 27.4%
FY26 Q4 30.8%
FY27 Q1 25.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Apr 2010 2011 Apr 2011 2012 Apr 2012 2013 Apr 2013 2014 Apr 2014 2015 Apr 2015 2016 Apr 2016 2017 Apr 2017 2018 Apr 2018 2019 Apr 2019 2020 Apr 2020 2021 Apr 2021 2022 Apr 2022 2023 Apr 2023 2024 Apr 2024 2025 Apr 2025 2026 Apr 2026 LTM Jul 2026
Income
Revenue 3,931 5,123 6,233 6,332 6,325 6,123 5,546 5,491 5,919 6,146 5,412 5,744 6,318 6,362 5,657 5,907 6,237 6,497
Gross profit 2,519 3,329 3,713 3,761 3,919 3,833 3,373 3,364 3,709 3,945 3,623 3,815 4,220 4,209 4,433 4,613 4,899 5,220
EBITDA 654 990 1,040 867 1,009 959 560 799 1,303 1,371 1,099 1,189 1,305 1,199 1,412 1,533 1,853 2,010
Operating income 488 824 747 608 734 716 348 621 1,158 1,221 945 1,031 1,157 1,018 1,214 1,337 1,674 1,849
Net income 400 673 605 505 638 560 229 481 116 1,169 819 730 937 1,274 986 1,186 1,276 1,418
Diluted EPS $1.13 $1.71 $1.58 $1.37 $1.83 $1.75 $0.77 $1.71 $0.42 $4.51 $3.52 $3.23 $4.09 $5.79 $4.63 $5.67 $6.35 $7.08
Growth (year on year)
Revenue +15.4% +30.3% +21.7% +1.6% −0.1% −3.2% −9.4% −1.0% +7.8% +3.8% −11.9% +6.1% +10.0% +0.7% −11.1% +4.4% +5.6% +12.7%
EBITDA +200.6% +51.3% +5.0% −16.6% +16.4% −5.0% −41.6% +42.7% +63.1% +5.2% −19.8% +8.2% +9.8% −8.1% +17.8% +8.6% +20.9% +29.8%
Operating income — +68.8% −9.4% −18.6% +20.8% −2.5% −51.4% +78.4% +86.5% +5.4% −22.6% +9.1% +12.2% −12.0% +19.3% +10.1% +25.2% +35.6%
Net income — +68.1% −10.1% −16.5% +26.3% −12.2% −59.1% +110.0% −75.9% — −29.9% −10.9% +28.4% +36.0% −22.6% +20.3% +7.6% +21.1%
Diluted EPS — +51.3% −7.6% −13.3% +33.6% −4.4% −56.0% +122.1% −75.4% — −22.0% −8.2% +26.6% +41.6% −20.0% +22.5% +12.0% +25.0%
Margins
Gross margin 64.1% 65.0% 59.6% 59.4% 62.0% 62.6% 60.8% 61.3% 62.7% 64.2% 66.9% 66.4% 66.8% 66.2% 78.4% 78.1% 78.5% 80.3%
EBITDA margin 16.6% 19.3% 16.7% 13.7% 16.0% 15.7% 10.1% 14.6% 22.0% 22.3% 20.3% 20.7% 20.7% 18.8% 25.0% 26.0% 29.7% 30.9%
Operating margin 12.4% 16.1% 12.0% 9.6% 11.6% 11.7% 6.3% 11.3% 19.6% 19.9% 17.5% 17.9% 18.3% 16.0% 21.5% 22.6% 26.8% 28.5%
Net margin 10.2% 13.1% 9.7% 8.0% 10.1% 9.1% 4.1% 8.8% 2.0% 19.0% 15.1% 12.7% 14.8% 20.0% 17.4% 20.1% 20.5% 21.8%
Free-cash-flow margin 21.4% 21.9% 16.9% 17.1% 17.8% 17.9% 14.7% 14.8% 22.5% 19.0% 17.3% 20.4% 15.6% 13.6% 27.0% 22.7% 30.0% 25.4%
Cash flow
Cash from operations 975 1,346 1,463 1,386 1,350 1,268 974 986 1,478 1,341 1,060 1,333 1,211 1,107 1,685 1,506 2,067 1,897
Capital spending 136 223 407 303 221 175 160 175 145 173 124 162 226 239 155 168 198 247
Free cash flow 839 1,124 1,056 1,083 1,129 1,093 814 811 1,333 1,168 936 1,171 985 868 1,530 1,338 1,869 1,650
Stock-based pay 160 175 258 277 273 259 260 195 161 158 153 197 245 312 357 386 382 397
Free cash flow after stock pay 680 948 798 806 856 834 554 616 1,172 1,010 783 974 740 556 1,173 952 1,487 1,253
Balance sheet
Cash 1,705 2,757 1,550 3,277 2,291 1,922 2,868 2,444 2,941 2,325 2,666 4,529 4,112 2,322 1,903 2,742 2,075 1,573
Total debt 1,102 1,156 1,206 2,252 996 1,487 2,339 1,993 1,926 1,793 — 2,632 2,636 — 2,392 3,235 — 2,488
Net debt (negative = net cash) −604 −1,601 −344 −1,025 −1,296 −435 −529 −451 −1,015 −532 −2,666 −1,897 −1,476 −2,322 489 493 −2,075 915
Diluted shares 353m 394m 384m 368m 348m 321m 297m 281m 276m 259m 233m 226m 229m 220m 213m 209m 201m 200m
Returned to shareholders
Dividends — — 0 0 202 208 210 208 214 403 439 427 446 432 416 424 413 411
Buybacks 0 0 600 590 1,881 1,165 960 705 794 2,111 1,411 125 600 850 900 1,150 950 850
Total returned 0 0 600 590 2,083 1,373 1,170 913 1,008 2,514 1,850 552 1,046 1,282 1,316 1,574 1,363 1,261

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · July 31, 2026
What it owns · $11.0bn
Short-term assets $5.7bnLonger-term assets $5.3bn
What it owes, and who funded it · $11.0bn
Short-term liabilities $4.6bnLonger-term liabilities $4.9bnShareholders' equity $1.5bn
  • Short-term assets cover short-term liabilities $5.7bn of assets due within a year against $4.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.7bn short-term assets against $4.9bn of longer-dated liabilities.
  • More cash than debt $1.6bn of cash against $2.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 166% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 270% to 166% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.9bn of operating cash flow against $2.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.8bn against $109m of interest.

From NetApp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$850M
Dividends (TTM)
$411M
Returned to shareholders
76%
of free cash flow
Buybacks, last 3 fiscal years
$3B
Diluted share count
−3.1%
year over year
Total shareholder yield
3.5%
dividends 1.1% + buybacks 2.3% of market value
Dividend payout ratio
29%
of net income paid out
R&D spending
15.7%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in technology hardware, storage & peripherals
Last 12 months unless stated NTAP XRX LOGI NATL P DBD Median
Revenue, last 12 months $6.5bn $7.8bn $5.0bn $4.4bn $4.3bn $3.9bn $3.9bn
Revenue growth, last 12 months 12.7% 25.6% 5.7% 3.7% 27.2% 6.3% 11.3%
Revenue growth, 3-year average 1.6% 2.7% 5.1% 2.4% 15.5% 3.4% 2.7%
Revenue growth, latest quarter 30.1% 22.0% 2.8% 0.1% 37.7% 5.2% 22.0%
Gross margin 80.3% — 45.5% — 69.7% 25.0% 34.7%
Operating margin 28.5% — 17.8% 11.5% 5.3% 5.4% 4.1%
Operating margin, 3-year average 25.0% — 15.8% 9.8% 3.8% 5.5% 4.2%
Net margin 21.8% −11.9% 16.4% 4.4% 5.9% 2.0% 2.0%
Cash from operations / revenue 29.2% 2.8% 20.5% 6.3% 10.0% 4.8% 6.3%
Free-cash-flow margin 25.4% 2.1% 19.2% 3.6% 3.0% 2.9% 3.0%
Free-cash-flow margin, 3-year average 26.2% 5.3% 19.3% 4.1% 13.7% 3.1% 4.7%
Stock pay / revenue 6.1% 0.5% 2.2% 0.8% 12.9% 0.4% 1.9%
Change in share count −3.1% 3.0% −2.6% 1.4% 2.0% −4.9% 1.4%

Median of all 27 companies we cover in technology hardware, storage & peripherals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 technology hardware, storage & peripherals companies
Measure Company Peer median Rank
Revenue growth Growth 12.7% 11.3% 12 of 27
Change in growth rate Growth +9.9pp +5.0pp 7 of 27
Gross margin Profitability 80.3% 41.2% 1 of 22
Operating margin Profitability 28.5% 5.3% 5 of 26
Net margin Profitability 21.8% 2.0% 5 of 27
Free-cash-flow margin Cash generation 25.4% 3.6% 6 of 26
Stock pay as % of revenue Cash generation 6.1% 1.9% 23 of 27
Long-term debt as % of assets Balance sheet 17.7% 18.6% 8 of 16
Change in share count Balance sheet -3.1% 1.4% 3 of 27
Days sales outstanding Balance sheet 54 days 54 days 12 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to April 24, 2026
Segments
Line of business Revenue YoY
All-Flash Revenues $4.2B ▲ 11.0%
Hybrid-Flash and Other Revenues $2.1B ▼ 4.0%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue Share YoY
Services $3.7B 53.9% ▲ 5.6%
Support $2.6B 70.7% ▲ 4.9%
Public Cloud $688M 18.4% ▲ 3.5%
Professional and Other Services $407M 10.9% ▲ 14.6%
Products $3.2B 46.1% ▲ 5.1%
Geography
Region Revenue YoY
Americas $3.5B ▲ 4.7%
United States $3.3B ▲ 6.5%
EMEA $2.4B ▲ 7.0%
Asia Pacific $1.1B ▲ 4.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From NetApp's 10-K filed June 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$29.9B
Institutions reporting
952
Shares held vs prior quarter
▼ 2.0%
Positions opened / closed
170 / 70

Top buyers and sellers, Q2 2026: 484 institutions bought and 410 sold ; the biggest buyer was Jane Street Group, LLC (+2.4M shares) and the biggest seller Citigroup Inc (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.9B 18.9M 9.8% ▼ 5.1%
Vanguard Capital Management LLC $2B 12.9M 6.7% ▲ 3.2%
Vanguard Portfolio Management LLC $1.9B 12.3M 6.4% ▼ 3.0%
State Street Corp $1.5B 9.9M 5.1% ▼ 1.0%
Primecap Management Co $1.4B 9.0M 4.7% ▼ 0.5%
Geode Capital Management, LLC $987M 6.4M 3.3% ▼ 1.2%
Ameriprise Financial Inc $724M 4.7M 2.4% ▼ 22.1%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $688M 4.4M 2.3% ▲ 9.4%
Norges Bank $645M 4.2M 2.2% —
Wellington Management Group LLP $597M 3.9M 2.0% ▼ 17.4%
Boston Partners $530M 3.4M 1.8% ▼ 4.6%
First Trust Advisors LP $481M 3.1M 1.6% ▼ 15.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not NetApp's complete shareholder register. Values are as reported by the filers ; 4 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $46.4M 43 trades by 8 insiders · 90% under pre-set plans
Net ▼ $46.4M net selling
Insider Date Trade Shares Price Value
O'Callahan Elizabeth M EVP, Chief Admin. Officer October 12, 2026 Sell pre-set plan 1,000 $237.42 $237,420
Palin Carrie Director October 2, 2026 Sell 5,000 $216.43 $1.1M
Kurian George CEO October 1, 2026 Sell pre-set plan 1,002 $211.67 $212,093
Kurian George CEO October 1, 2026 Sell pre-set plan 1,697 $210.98 $358,033
Kurian George CEO October 1, 2026 Sell pre-set plan 3,612 $210.20 $759,242
Kurian George CEO October 1, 2026 Sell pre-set plan 3,689 $209.01 $771,038
Held Gerald Director October 1, 2026 Sell 5,757 $212.00 $1.2M
Kurian George CEO September 29, 2026 Sell pre-set plan 50,000 $209.95 $10.5M
Kurian George CEO September 24, 2026 Sell pre-set plan 37,000 $199.95 $7.4M
Ahuja Deepak Director September 21, 2026 Sell pre-set plan 3,450 $200.00 $690,000
Kurian George CEO September 21, 2026 Sell pre-set plan 13,000 $200.01 $2.6M
Kurian George CEO September 14, 2026 Sell pre-set plan 1,488 $194.04 $288,732

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 12 trades and filings

No trades in NetApp disclosed in the last 12 months; 12 earlier trades on record.

  • Peter Meijer(R-MI 3):Sale (full), $15,001 - $50,000, traded February 16, 2021, filed March 16, 2021
  • Dean Phillips(D-MN 3):Purchase, $1,001 - $15,000, traded August 10, 2020, filed September 11, 2020
  • David B. McKinley(R-WV 1):Sale (full), $1,001 - $15,000, traded August 20, 2019, filed September 13, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 2, 2026 estimated from the company's past filing pattern, not announced

  • September 2, 2026
  • May 28, 2026
  • February 26, 2026
  • November 25, 2025
  • August 27, 2025
  • May 29, 2025

Recent SEC filings

Data status

When each part of this page on NetApp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

NetApp in brief

What does NetApp do?
NetApp is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in April.
What is NetApp's stock ticker?
NetApp trades under the ticker NTAP on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is NetApp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, NetApp reported revenue of $6.5B, 12.7% higher than a year earlier, according to its SEC filings.
What is NetApp's free cash flow?
NetApp's free-cash-flow margin is 25.4% of revenue over the trailing twelve months, ranking 6 of the 26 technology hardware, storage & peripherals companies we cover.
What is NetApp's fair value (intrinsic value) per share?
Our discounted-cash-flow model of NetApp's free cash flow after stock-based pay gives ~$170 per share in the base case, and ~$130–$220 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are NetApp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is NetApp buying back stock, and does it pay a dividend?
NetApp spent $850M on share repurchases over the trailing twelve months, and its diluted share count fell 3.1% over the year.
What is NetApp's market cap?
On November 2, 2026, NetApp's market capitalisation was about $37.1B, with a price-to-earnings ratio of 26.2 and net debt of $915M. Market figures come from third-party market data and may be delayed.
Does NetApp pay a dividend?
Yes: NetApp paid $411M in dividends over the trailing twelve months, a dividend yield of 1.13% and a payout ratio of 29.0%.
How much debt does NetApp have?
NetApp's debt-to-equity ratio is 166.4%, from its latest balance sheet (270.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are NetApp's competitors?
In our Technology Hardware, Storage & Peripherals peer group, the companies closest to NetApp are Xerox Holdings Corp, Logitech International S.a., NCR Atleos Corp, Everpure and Diebold Nixdorf, Inc. The side-by-side comparison below sets their revenue, margins and growth against NetApp's.
Are insiders buying or selling NetApp stock?
Over the last 12 months, NetApp's directors and officers reported 0 open-market purchases and 43 sales on Form 4. The insider trading page charts every trade.
When is NetApp's next earnings date?
Around December 1, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — NetApp announces its own schedule.