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NetApp 8-K Report, Financial Results (Feb 27, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 27, 2025
Period End
February 27, 2025
Security
NTAP
In the record · 2016–202610-K1110-Q328-K97

NTAP filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 97 current reports (8-K) between 2016 and 2026.

  1. Restructuring8-K · Feb ’16Feb ’16
  2. Material agreement8-K · Sep ’17Sep ’17
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Jan ’26Jan ’26

01—Abstract

Summary

Summary of the 8-K filed February 27, 2025. Cited figures are marked; the original filing is the authoritative source.

NetApp, Inc. filed this Form 8-K under Item 2.02 (Results of Operations and Financial Condition) to furnish a press release reporting results for its third quarter of fiscal 2025, which ended January 24, 2025.

Net revenues were $1.64 billion, compared to $1.61 billiona a year earlier, a year-over-year increase of 2%. GAAP net income was $299 million ($1.44 per diluted share) versus $313 million ($1.48) in the prior-year quarter, and non-GAAP net income was $397 million ($1.91 per share) versus $410 million ($1.94). Cash provided by operations was $385 million, compared to $484 million a year earlier, and the company returned $306 million to stockholders through share repurchases and cash dividends.

Cash, cash equivalents and investments totaled $2.26 billionb at quarter end. management's commentary acknowledged that third-quarter top-line performance was below its standards, while operating margin was ahead of and EPS in line with its expectations. The all-flash array annualized net revenue run rate reached $3.8 billion, up 10% year-over-year, and first-party and marketplace cloud storage services revenue again grew more than 40% year-over-year.

The company guided fourth-quarter fiscal 2025 net revenues to $1.65 billion to $1.80 billionc and narrowed full-year fiscal 2025 net revenue guidance to $6.49 billion to $6.64 billion, with GAAP EPS of $5.49 to $5.59 and non-GAAP EPS of $7.17 to $7.27. Other disclosed items include an agreement to sell the Spot by NetApp FinOps business to Flexera, the appointment of Wissam Jabre as executive vice president and chief financial officer effective March 10, 2025, and a next quarterly cash dividend of $0.52 per share payable April 23, 2025.

02—Key points

Key Highlights

  1. Third-quarter net revenues of $1.64 billion, up from $1.61 billion a year earlier (a 2% year-over-year increase); Hybrid Cloud segment revenue was $1.47 billion and Public Cloud segment revenue was $174 million.
  2. GAAP net income per diluted share was $1.44 versus $1.48 a year earlier; non-GAAP net income per diluted share was $1.91 versus $1.94.
  3. All-flash array annualized net revenue run rate of $3.8 billion, up 10% year-over-year; first-party and marketplace cloud storage services revenue grew more than 40% year-over-year.
  4. Cash provided by operations was $385 million versus $484 million in the prior-year quarter; cash, cash equivalents and investments were $2.26 billion at quarter end.
  5. Fourth-quarter fiscal 2025 guidance: net revenues of $1.65 billion to $1.80 billion, GAAP EPS of $1.45 to $1.55 and non-GAAP EPS of $1.84 to $1.94.
  6. Full-year fiscal 2025 guidance updated to net revenues of $6.49 billion to $6.64 billion, GAAP EPS of $5.49 to $5.59 and non-GAAP EPS of $7.17 to $7.27.
  7. Announced an agreement to sell the Spot by NetApp FinOps business to Flexera and the appointment of Wissam Jabre as chief financial officer effective March 10, 2025.

03—Questions

Frequently Asked Questions

  1. How did NetApp perform in the third quarter of fiscal 2025?

    Net revenues were $1.64 billion, up from $1.61 billion a year earlier, a 2% year-over-year increase. GAAP net income was $299 million, or $1.44 per diluted share, compared with $313 million, or $1.48, in the prior-year quarter. Non-GAAP net income was $397 million, or $1.91 per diluted share, compared with $410 million, or $1.94.

  2. What did management say about the quarter?

    CEO George Kurian said operating margin was ahead of and EPS in line with expectations, despite third-quarter top-line performance below the company's standards. He said management is taking action to enhance execution and improve momentum.

  3. What is the revised outlook for fiscal 2025?

    The company updated full-year fiscal 2025 net revenue guidance to $6.49 billion to $6.64 billion. GAAP EPS is expected at $5.49 to $5.59 and non-GAAP EPS at $7.17 to $7.27, with GAAP operating margin of 20% to 20.5% and non-GAAP operating margin of 28% to 28.5%.

  4. Are there leadership or portfolio changes?

    Wissam Jabre was appointed executive vice president and chief financial officer, effective March 10, 2025. NetApp also agreed to sell its Spot by NetApp FinOps business to Flexera.

  5. What is the dividend and capital return activity?

    The next cash dividend is $0.52 per share, payable April 23, 2025, to stockholders of record as of April 4, 2025. In the third quarter the company returned $306 million to stockholders through share repurchases and cash dividends.

04—Continue

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