NetApp Posts Record Q1: Revenue Up 30%, Raises Full-Year Guidance
NTAP sits 79% above its 52-week low of $93.69.
Summary
NetApp reported record Q1 FY27 results with 30% revenue growth and raised full-year guidance, driven by surging all-flash and public cloud demand.
Key Events · Earnings and Guidance · NTAP
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Record Q1 Revenue and EPS
Net revenues of $2.025B, up 30% YoY; GAAP EPS $1.88 vs $1.15; non-GAAP EPS $2.58 vs $1.55.
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Full-Year Guidance Raised
FY27 revenue guidance raised to $7.975B–$8.225B and non-GAAP EPS to $9.73–$10.03, up significantly from prior outlook.
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All-Flash and Cloud Momentum
All-flash array revenue hit a record $1.3B (+47% YoY); Public Cloud revenue reached $206M (+28% YoY).
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Free Cash Flow Declines
Free cash flow fell 35% to $401M from $620M, reflecting higher inventory build and lower operating cash flow.
Analysis · NTAP · Technology
NetApp delivered its strongest first quarter ever, with revenue jumping 30% year-over-year to $2.03 billion and non-GAAP EPS of $2.58 — well above the prior-year $1.55. The company also significantly raised its full-year FY27 outlook, now targeting $7.975–$8.225 billion in revenue and non-GAAP EPS of $9.73–$10.03, up from prior expectations. All-flash array revenue surged 47% to $1.3 billion, confirming strong AI-driven storage demand. The only soft spot: free cash flow fell 35% to $401 million, driven by higher inventory build and lower operating cash flow.
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At the time of this filing, NTAP was trading at $167.54 on NASDAQ in the Technology sector, with a market capitalization of approximately $35.5B. The 52-week trading range was $93.69 to $209.06. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.