NetApp Reports Strong Q3 Results with Record All-Flash Revenue and Positive Outlook
Summary
NetApp reported strong Q3 FY26 financial results, including record all-flash array revenue and increased EPS, and provided an optimistic financial outlook for the upcoming quarter and full fiscal year.
Key Events
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Strong Q3 Financial Performance
Net revenues increased 4% year-over-year to $1.71 billion, with GAAP EPS up 16% to $1.67 and non-GAAP EPS reaching a record $2.12. Billings grew 10% year-over-year, marking the ninth consecutive quarter of growth.
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Record All-Flash Array Revenue
All-flash array revenue reached a record $1.0 billion, an 11% increase year-over-year, contributing to an annualized net revenue run rate of $4.2 billion.
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Robust Public Cloud Growth
Public Cloud revenue was $174 million, with first-party and marketplace storage services growing 27% year-over-year.
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Positive Financial Outlook
The company provided optimistic guidance for Q4 FY26, projecting net revenues between $1.795 billion and $1.945 billion, and non-GAAP EPS between $2.21 and $2.31. Full fiscal year 2026 guidance also reflects continued growth.
Analysis
NetApp delivered a robust third quarter, exceeding expectations with significant year-over-year growth in net revenues, earnings per share, and billings. The company achieved record all-flash array revenue and strong growth in public cloud services, underscoring its leadership in intelligent data infrastructure. The positive financial outlook for both the fourth quarter and the full fiscal year 2026, coupled with continued shareholder returns, indicates strong operational discipline and confidence in future growth, particularly in the AI era.
At the time of this filing, NTAP was trading at $100.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $19.6B. The 52-week trading range was $71.84 to $127.78. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.