NetApp, Inc.
NTAP - NASDAQ - $118.00 ▲ +%4.42
-
Earnings Thu 28 May
Note: this preview was published before the 2026-05-28 earnings report. Results have since been released — verify against the latest filings.

NetApp opens the
books on Thursday evening.

0 analysts' median target is $124[FMP target], stock is $118, +5.1% upside potential. After Q2 +2.9% EPS beat[FMP earnings], the stock moved -0.1%.

↓ summary below
Quick Take - in 40 seconds
B+
HOLD Council 3/6 - Moonshot 47

B+ = MoonshotScore 47[9-pillar formula] + Council 3/6[6-lens rule]. Form 4: 0 transactions[FMP Form 4].

Q4 consensus: revenue $1.9B[FMP est], EPS $2.26[FMP est]. 4 consecutive quarters of beat[FMP earnings].

Detailed analysis below ↓
$2.26 EPS Estimate Last year $1.93 - +17% YoY YoY
4 Beat Streak Expectations beaten consecutively for the last 4 quarters

Q2 EPS +2.9% beat[FMP] but the stock -0.1% D+1[FMP D+1]. Wissam Jabre promised $46.0M CapEx + a sequential decline in Q4 during the Q2 earnings call[Wissam Jabre capex transcript].

Watchlist

6 metrics stand out this quarter.

9% Investor Focus

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
$23 million Investor Focus

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
$456 million Investor Focus

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
$4.9 billion Investor Focus

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
18% Investor Focus

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
76% Investor Focus

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

Do our 9 pillars, 7 perspectives, and Munger lens point in the same direction?

MoonshotScore 47 / 100

9-pillar methodology. Gross Margin and Cash Runway strong. Revenue Growth weak.

How is it calculated? ->
Revenue Growth0.0Q3 vs Q4: growth negative (-1.1%, contraction)
Gross Margin7.0Q3: very high margin (70.6%, software/cloud territory)
Operating Leverage3.0op margin healthy (25.2%)
Cash Runway10.0FCF very strong ($0.3B, 5.9x CapEx)
R&D Intensity5.0high R&D intensity (14.7%, aggressive)
Price Momentum4.0RSI 70.2 overbought, 50d above
News Sentiment4.0mixed (40% buy)
Council Score 3 / 6 Bullish

6 investor frameworks. 3 bullish (Ray Dalio, Ken Griffin, Buffett), 1 bearish (Jim Simons), 2 neutral (Klarman, Munger).

How is it calculated? ->
Ray Dalio macro - target upside +5.1%
Ken Griffin flow - 50d MA above
Jim Simons quant - RSI 70
Klarman value - target upside +5.1%
Buffett quality - ROE score 5/5
Munger valuation - target upside +5.1%
Munger's Mindset character & balance sheet lens
Fairly Valued

Quality business, trading at fair value.

How is it calculated? ->
Financial HealthModerate
Margin of SafetyWeak
Interest CoverageAdequate
ROIC vs WACCHealthy
Technical Levels - Pre-earnings positioning

What levels is the stock being tested at?

RSI(14)
70.2 RSI 70.2 overbought, 50d above
MACD
+13.80 price above 50d - support positive
50d MA
$104 stock 13.8% above - short-term support
200d MA
$109 stock 8.2% above - long-term support
Volume (10d)
+53% increase - pre-earnings positioning
Resistance
$124
Analyst median target - upgrade trigger if broken
Current
$118
Pre-earnings position
Support
$93
Invalidation - close below this is a technical breakdown
Pattern
Range
$93-$124 band - earnings breakout/breakdown trigger

Past Performance

NetApp,'s last 8 quarters: 4 consecutive beats.

BEAT
Q4 FY25
$1.93 vs $1.90 est - -0.1%
BEAT
Q1 FY26
$1.55 vs $1.54 est - +4.5%
BEAT
Q2 FY26
$2.05 vs $1.88 est - -2.0%
BEAT
Q3 FY26
$2.12 vs $2.06 est - -0.1%

Q2 (November 25, 2025): EPS $2.12 vs $2.06 est[FMP], +2.9% beat. D+1 movement: -0.1%[FMP D+1]. Decline despite beat - market reacted to guidance, not numbers.

Three scenarios: what could happen?

EPS < $2.19 (no guidance)

Q2: EPS $2.12 vs $2.06 beat[FMP], stock -0.1% D+1[FMP].

Backlog concentration

No RPO/backlog concentration disclosed in Q2 earnings call.

CapEx shock

Q2 CapEx $46.0M[FMP cashflow]. Q2 op margin 25.2%[FMP op margin] - this level in Q4 is sensitive to CapEx revision risk.

Framework - Position discipline

After the data arrives: 3 scenarios, 3 windows

Not advice - a structural framework for earnings night. Decision discipline is yours.

Scenario A - Beat
Q4 EPS > $2.26 + CapEx discipline
Threshold: EPS > $2.26[FMP est].
Target: Break above median target $124[FMP target]; high target $137[FMP] upper bound.
Scenario B - In-Line
EPS approx $2.26 + CapEx < $46.0M
Threshold: EPS approx $2.26[FMP est], Q4 CapEx < $46.0M[FMP].
Target: Consolidation in the band between current $118[FMP] and median $124[FMP].
Scenario C - Miss
EPS < $2.19 or CapEx >= $46.0M
Threshold: EPS < $2.19[FMP estx0.97].
Target: Current $118 below SMA200 $109[FMP], if rejection continues, $93[derived] support activates.
Sizing
Earnings volatility -> max portfolio 1-2%. Waiting for earnings is not a gamble, it's a position entrustment.
Timing
IV crush within 24 hours post-earnings. Waiting for premium decay makes options preferable to spot.
Staging
Don't go all-in at once, divide into 3: initial reaction, 24 hours later, after Friday's close.

Market Outlook

What do 0 analysts say?

Wall Street Consensus
$124
12-month median target price (+5.1% upside potential)
8
BUY
11
HOLD
1
SELL
Risk Management
$93
Invalidation level - critical support threshold
$104 - 50-day MA (above, +13.8%)
$109 - 200-day MA (above, +8.2%)
IV Crush risk (sudden drop in inflated option premiums before earnings): Option premiums are inflated before earnings.
Verdict - NTAP Q4 FY26
B+

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"[Wissam Jabre]. Two anchors, three scenarios.

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Educational tool, not investment advice. Past performance does not guarantee future results.

Calendar

Catalyst Calendar - 90-day forward look

May 28, 2026EARNINGSQ4 FY26 results (after market close) + earnings call
May 29, 2026PRICEFirst trading day after earnings - 200dMA test + IV crush
Jul 12, 2026FILING10-Q deadline - segment breakdown + RPO detail (SEC rule: quarter-end + 45 days)
~Aug 28, 2026EARNINGSQ1 FY27 (next quarter, date not yet scheduled in FMP)

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.

Frequently Asked Questions

What does the NTAP earnings preview cover?

This NTAP (NTAP) earnings preview covers the analyst consensus, key catalysts, and what to watch on the earnings call.

What should investors watch for in NTAP earnings?

Consensus EPS, revenue guidance, segment growth rates, and the tone of management commentary — the full breakdown with sources is on this page.