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NetApp 8-K Report, Financial Results (May 29, 2025)

Reports
Earnings & Results·Leadership Changes·Other Events+1
Filing Date
Filed May 29, 2025
Period End
May 23, 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 · Apr ’24Apr ’24

01—Abstract

Summary

Summary of the 8-K filed May 29, 2025. Cited figures are marked; the original filing is the authoritative source.

NetApp, Inc. (NASDAQ: NTAP) filed this Form 8-K on May 29, 2025 to furnish its press release reporting results for the fourth quarter and fiscal year 2025, which ended April 25, 2025.

Fourth-quarter net revenues were $1.73 billiona, up 4% year-over-year, with GAAP net income of $340 million and GAAP diluted EPS of $1.65. For the full fiscal year, net revenues were $6.57 billion, up 5%, GAAP operating profit was $1.34 billion (a 20% GAAP operating margin), and billings were $6.78 billion, up 8%. Management highlighted record all-flash array annualized net revenue run rate of $4.1 billion (up 14%) and first-party and marketplace Public Cloud services revenue of $416 million (up 43%).

The company guided fiscal 2026 net revenues to $6.625 billion to $6.875 billionb, with GAAP EPS of $5.80 to $6.10 and non-GAAP EPS of $7.60 to $7.90. For the first quarter of fiscal 2026, guidance calls for net revenues of $1.455 billion to $1.605 billion and GAAP EPS of $1.06 to $1.16.

The filing also discloses a quarterly dividend of $0.52c per share payable July 23, 2025, and returned $1.57 billion to stockholders through buybacks and dividends during fiscal 2025. Additional disclosures include the Board's May 22, 2025 authorization of up to an additional $1.1 billion in share repurchases with no expiration date, and notice from Harvinder Bhela, Executive Vice President and Chief Product Officer, that he will transition from his role by June 20, 2025, assisting with an orderly handover of his duties.

02—Key points

Key Highlights

  1. Fiscal 2025 net revenues of $6.57 billion, up 5% year-over-year; fourth-quarter net revenues of $1.73 billion, up 4%
  2. Fiscal 2025 GAAP operating profit of $1.34 billion with a GAAP operating margin of 20%; non-GAAP operating margin of 28%
  3. Fiscal 2025 billings of $6.78 billion, up 8% year-over-year; all-flash array annualized net revenue run rate reached a record $4.1 billion, up 14%
  4. Fiscal 2026 guidance: net revenues of $6.625 billion to $6.875 billion; GAAP EPS of $5.80 to $6.10 and non-GAAP EPS of $7.60 to $7.90
  5. Board authorized up to an additional $1.1 billion in share repurchases with no expiration date; $1.57 billion returned to stockholders in fiscal 2025
  6. Quarterly dividend of $0.52 per share declared for payment on July 23, 2025 to holders of record as of July 3, 2025
  7. Executive Vice President and Chief Product Officer Harvinder Bhela will transition from his role by June 20, 2025

03—Questions

Frequently Asked Questions

  1. How did NetApp perform in fiscal 2025?

    Net revenues were $6.57 billion, up 5% from $6.27 billion in fiscal 2024. GAAP net income was $1.19 billion, or $5.67 per diluted share, compared with $4.63 per diluted share in fiscal 2024. Billings rose 8% to $6.78 billion, and cash provided by operations was $1.51 billion.

  2. What is NetApp's guidance for fiscal 2026?

    The company expects fiscal 2026 net revenues of $6.625 billion to $6.875 billion, GAAP gross margins of 70% to 71%, GAAP operating margins of 22.8% to 23.8%, and GAAP EPS of $5.80 to $6.10. Non-GAAP EPS is expected to be $7.60 to $7.90.

  3. What is the first-quarter fiscal 2026 outlook?

    First-quarter net revenues are expected to be $1.455 billion to $1.605 billion. GAAP EPS is expected to be $1.06 to $1.16, and non-GAAP EPS $1.48 to $1.58.

  4. What capital return actions did NetApp announce?

    On May 22, 2025, the Board authorized repurchases of up to an additional $1.1 billion of common stock with no expiration date. The company also declared a $0.52 per share dividend payable July 23, 2025. In fiscal 2025, it returned $1.57 billion to stockholders through repurchases and dividends.

  5. Why is the Chief Product Officer leaving?

    The filing states that Harvinder Bhela informed the company on May 23, 2025 of his decision to transition from his role as Executive Vice President and Chief Product Officer by June 20, 2025. He has agreed to help with an orderly transition of his duties. The filing does not give a reason for the departure.

04—Continue

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