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The median of 0 price targets is $124[FMP target], stock is $118, +5.1% vs the analyst consensus median. Q3 FY26 EPS $2.12 vs $2.06 estimate: beat (+2.9%)[FMP earnings]. Stock move on D+1: -0.1%.
B+ — FMP rating [FMP ratings]. Form 4: unavailable[FMP Form 4].
Quick AnswerNetApp, Inc. (NTAP) Q4 consensus: revenue $1.9B[FMP est], EPS $2.26[FMP est]. 4 consecutive quarters of beat[FMP earnings].
Q3 FY26 EPS $2.12 vs $2.06 estimate: beat (+2.9%)[FMP]. Stock move on D+1: -0.1%[FMP D+1].
Watchlist
All Flash Array Revenue
all_flash_array_revenue
Continued strong customer engagement and interest in our unified and block-optimized all-flash storage portfolio delivered 9% year-over-year growth in all-flash array revenue to $1 billion in Q2, or an annualized run rate of $4.1 billion.
"Continued strong customer engagement and interest in our unified and block-optimized all-flash storage portfolio delivered 9% year-over-year growth in all-flash array revenue to $1 billion in Q2, or an annualized run rate of $4.1 billion."
- George Kurian, CEO - Q2 FY26 Earnings Call - November 25, 2025
Q2 Revenue Growth
q2_revenue_growth
NetApp achieved a 4% year-over-year revenue increase in Q2, excluding the divested Spot business.
"Excluding the divested spot business, which generated $23 million of revenue in the year-ago quarter, total revenue was up 4% year over year."
- Wissam Jabre, CFO - Q2 FY26 Earnings Call - November 25, 2025
Unbilled Rpo Growth
unbilled_rpo_growth
NetApp's unbilled RPO, a key indicator of future key revenue, was $456 million, up 39% year over year.
"Unbilled RPO, a key indicator of future key revenue, was $456 million, up 39% year over year."
- Wissam Jabre, CFO - Q2 FY26 Earnings Call - November 25, 2025
Rpo Growth
rpo_growth
NetApp's remaining performance obligations were $4.9 billion, growing 11% year over year.
"Remaining performance obligations were $4.9 billion, growing 11% year over year."
- Wissam Jabre, CFO - Q2 FY26 Earnings Call - November 25, 2025
Public Cloud Growth
public_cloud_growth
NetApp's public cloud revenue increased by 18% year over year, excluding Spot, driven by strong demand in first-party and marketplace storage services.
"Excluding spot, public cloud revenue was up 18% year over year, driven by strong demand in first-party and marketplace storage services."
- Wissam Jabre, CFO - Q2 FY26 Earnings Call - November 25, 2025
Keystone Growth
keystone_growth
NetApp's Keystone product continues to show great progress with growth of 76% year over year.
"Keystone continues to show great progress with growth of 76% year over year."
- Wissam Jabre, CFO - Q2 FY26 Earnings Call - November 25, 2025
Stock Expert AI - Methodology
Historical V1 earnings-model score (archived, May 9, 2026) — not the current MoonshotScore. Current MoonshotScore: NTAP stock page
multi-pillar methodology. Gross Margin and Cash Runway strong. Revenue Growth weak.
How is it calculated? ->6 investor frameworks. 3 bullish (Ray Dalio, Ken Griffin, Buffett), 1 bearish (Jim Simons), 2 neutral (Klarman, Munger).
How is it calculated? ->Quality business, trading at fair value.
How is it calculated? ->Past Performance
Q3 FY26 (November 25, 2025) EPS $2.12 vs $2.06 estimate: beat (+2.9%)[FMP]. Stock move on D+1: -0.1%[FMP D+1].
Q3 FY26 EPS $2.12 vs $2.06 estimate: beat (+2.9%)[FMP]. Stock move on D+1: -0.1%[FMP].
No RPO/backlog concentration disclosed in Q2 earnings call.
Q2 CapEx $46.0M[FMP cashflow]. Q2 op margin 25.2%[FMP op margin] - this level in Q4 is sensitive to CapEx revision risk.
Not advice - a structural framework for earnings night. Decision discipline is yours.
Market Outlook
You read it in 5 minutes. When the numbers come out on Thursday evening - you know what you're looking at.
Data arrives at night. The framework is ready now.
Data arrives on Thursday evening. The framework is ready on this page: Q4 EPS threshold $2.26[FMP], CapEx threshold "below $46.0M". Two anchors, three scenarios.
Comparison Stock Expert AI is free today — no credit card.
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Prices as of April 2026. Sources: seekingalpha.com/subscriptions - tipranks.com/pricing - trendspider.com/pricing
Stock Expert AI is free today — no credit card. Council 7-lens analysis + MoonshotScore multi-pillar + Insider tracker + Technical levels - all in one platform, for every stock.
Educational tool, not investment advice. Past performance does not guarantee future results.
Calendar
DATA GAP: Events not in the FMP /stable/calendar feed - Investor day, analyst day, product launches, regulatory dates. These require company IR page scraping or manual calendar entry.
This NetApp, Inc. (NTAP) Q4 FY26 earnings preview covers the analyst consensus, key catalysts, and what to watch on the earnings call.
NetApp, Inc. (NTAP): Consensus EPS, revenue guidance, segment growth rates, and the tone of management commentary — the full breakdown with sources is on this page.
NetApp, Inc. (NTAP): Figures are sourced from Financial Modeling Prep (FMP) fundamentals and consensus data plus official earnings-call transcripts; derived metrics are labeled with their source next to each figure.
NetApp, Inc. (NTAP): No. This page is educational research, not investment advice. It summarizes analyst consensus and company data; consult a licensed financial advisor before making any investment decision.