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canonical_url: https://www.stockexpertai.com/earnings/ntap
last_updated: 2026-05-09T13:33:26.487Z
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# NetApp, Inc. (NTAP) Q4 FY2026 Earnings Preview

> **[stale-preview-note]** Note: this preview was published before the 2026-05-28 earnings report. Results have since been released — verify against the latest filings.

> This content was automatically generated with FMP live data + Q2 FY2026 earnings call transcript. Generated: 2026-05-09T13:33:26.053Z. Educational tool, not investment advice.

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## Quick Summary

| Field | Value | Source |
|---|---|---|
| Price | $118.00 (▲ 4.42%) | fmp:quote |
| Market Cap | $23.4B | fmp:profile |
| 52w range | $93.69 – $126.66 | fmp:quote |
| Earnings | Thu 28 May | fmp:earnings-history |
| EPS estimate | $2.26 (+17% YoY) | fmp:earnings-estimate |
| Revenue estimate | $1.9B | fmp:earnings-estimate |
| Beat streak | 4/4 | fmp:earnings-history |
| Rating | B+ (overall 3/5) | fmp:ratings |
| Analyst median target | $124 (+5.1% upside) | fmp:price-target-consensus |
| MoonshotScore | 47/100 | derived |
| Council | 3/6 bullish | derived |
| Munger verdict | Fairly Valued | derived |

## NetApp, Inc. — Q4 FY2026 Expectations

Q4 consensus: revenue <strong data-source="fmp:earnings-estimate" data-field="estimates.next.revenueAvgLabel">$1.9B</strong><sup class="cite" data-source="fmp:earnings-estimate" data-field="estimates.next.revenueAvg" title="FMP est">[FMP est]</sup>, EPS <strong data-source="fmp:earnings-estimate" data-field="estimates.next.epsAvg">$2.26</strong><sup class="cite" data-source="fmp:earnings-estimate" data-field="estimates.next.epsAvg" title="FMP est">[FMP est]</sup>. 4 consecutive quarters of beat<sup class="cite" data-source="fmp:earnings-history" data-field="earnings.beatStreakCount" title="FMP earnings">[FMP earnings]</sup>.

## Quick Take

**Score:** B+ · **Stance:** HOLD · **Council:** 3/6 · **Moonshot:** 47

= MoonshotScore <strong>47</strong><sup class="cite" data-source="derived" data-field="moonshot.score" title="9-pillar formula">[9-pillar formula]</sup> + Council <strong>3/6</strong><sup class="cite" data-source="derived" data-field="council.bullishCount" title="6-lens rule">[6-lens rule]</sup>. Form 4: 0 transactions<sup class="cite" data-source="fmp:insider-trading" data-field="insider.txCount" title="FMP Form 4">[FMP Form 4]</sup>.

## Watchlist (6 metrics)

### 1. 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, Investor Focus · Q2 FY2026

### 2. 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, Investor Focus · Q2 FY2026

### 3. 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, Investor Focus · Q2 FY2026

### 4. 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, Investor Focus · Q2 FY2026

### 5. 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, Investor Focus · Q2 FY2026

### 6. 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, Investor Focus · Q2 FY2026


## MoonshotScore Pillars

| Pillar | Score | Level | Evidence |
|---|---|---|---|
| Revenue Growth | 0.0 | weak | Q3 vs Q4: growth negative (-1.1%, contraction) |
| Gross Margin | 7.0 | strong | Q3: very high margin (70.6%, software/cloud territory) |
| Operating Leverage | 3.0 | weak | op margin healthy (25.2%) |
| Cash Runway | 10.0 | strong | FCF very strong ($0.3B, 5.9× CapEx) |
| R&D Intensity | 5.0 | medium | high R&D intensity (14.7%, aggressive) |
| Price Momentum | 4.0 | medium | RSI 70.2 overbought, 50d above |
| News Sentiment | 4.0 | medium | mixed (40% buy) |

**Formula:** sum(pillar.score) / (count * 10) * 100. Each pillar deterministic from FMP. Source maps in pillar.formula.

## Council (7-Lens)

| Name | Stance | Context |
|---|---|---|
| Ray Dalio | bull | macro · target upside +5.1% |
| Ken Griffin | bull | flow · 50d MA above |
| Jim Simons | bear | quant · RSI 70 |
| Klarman | neutral | value · target upside +5.1% |
| Buffett | bull | quality · ROE score 5/5 |
| Munger | neutral | valuation · target upside +5.1% |

**Formula:** Each lens uses deterministic rule on bundle data. Logged in member.contextTr.

## Munger Lens

- **Verdict:** Fairly Valued
- **Financial Health:** Moderate
- **Margin of Safety:** Weak
- **Interest Coverage:** Adequate
- **ROIC vs WACC:** Healthy

**Formula:** verdict=upside>25?Undervalued:>0?Fairly Valued:Overvalued. Each lens deterministic from FMP ratings + priceTarget.

## Technical Levels

- **RSI(14):** 70.2 — overbought (RSI 70.2) — geri çekilme baskısı
- **50d MA:** $104 — hisse %13.8 üstünde — kısa vadeli destek
- **200d MA:** $109 — hisse %8.2 üstünde — uzun vadeli destek
- **Volume (10d):** +53%

## Past Performance (4 Quarters)

| Quarter | EPS Actual | EPS Estimate | Result | Reaction |
|---|---|---|---|---|
| Q4 FY25 | $1.93 | $1.90 | BEAT | -0.1% |
| Q1 FY26 | $1.55 | $1.54 | BEAT | +4.5% |
| Q2 FY26 | $2.05 | $1.88 | BEAT | -2.0% |
| Q3 FY26 | $2.12 | $2.06 | +2.9% EPS | -0.1% |

Q2 (November 25, 2025): EPS $2.12 vs $2.06 est<sup class="cite" data-source="fmp:earnings-history" data-field="earnings.history.0" title="FMP">[FMP]</sup>, +2.9% beat. D+1 movement: -0.1%<sup class="cite" data-source="fmp:earnings-history" data-field="earnings.timeline.3.reactionLabel" title="FMP D+1">[FMP D+1]</sup>. Decline despite beat — market reacted to guidance, not numbers.

## 3 Scenarios

### Scenario A · Beat
**Q4 EPS > $2.26 + CapEx discipline**

Threshold: EPS > $2.26<sup class="cite" data-source="fmp:earnings-estimate" data-field="estimates.next.epsAvg">[FMP est]</sup>.

Target: Break above median target $124<sup class="cite" data-source="fmp:price-target-consensus" data-field="priceTarget.median">[FMP target]</sup>; high target $137<sup class="cite" data-source="fmp:price-target-consensus" data-field="priceTarget.high">[FMP]</sup> upper bound.

### Scenario B · In-Line
**EPS ≈ $2.26 + CapEx < $46.0M**

Threshold: EPS ≈ $2.26<sup class="cite" data-source="fmp:earnings-estimate" data-field="estimates.next.epsAvg">[FMP est]</sup>, Q4 CapEx < $46.0M<sup class="cite" data-source="fmp:cashflow" data-field="cashflow.qPrev.capexLabel">[FMP]</sup>.

Target: Consolidation in the band between current $118<sup class="cite" data-source="fmp:quote" data-field="quote.price">[FMP]</sup> and median $124<sup class="cite" data-source="fmp:price-target-consensus" data-field="priceTarget.median">[FMP]</sup>.

### Scenario C · Miss
**EPS < $2.19 or CapEx ≥ $46.0M**

Threshold: EPS < $2.19<sup class="cite" data-source="fmp:earnings-estimate" data-field="estimates.next.epsAvg">[FMP est×0.97]</sup>.

Target: Current $118 below SMA200 $109<sup class="cite" data-source="fmp:technical" data-field="technical.sma200">[FMP]</sup>, if rejection continues, $93<sup class="cite" data-source="derived" data-field="technical.sma200" data-formula="round(sma200*0.85)">[derived]</sup> support activates.

## Risk Notes

### Primary segment below threshold
Q2: EPS $2.12 vs $2.06 beat<sup class="cite" data-source="fmp:earnings-history" data-field="earnings.history.0" title="FMP">[FMP]</sup>, stock -0.1% D+1<sup class="cite" data-source="fmp:earnings-history" data-field="earnings.timeline.3.reactionLabel" title="FMP">[FMP]</sup>.

### Backlog concentration
No RPO/backlog concentration disclosed in Q2 earnings call.

### Insider trading
Form 4 data is marked in the table — this page does not generate assumptions for this stock.

| Executive | Action | Amount | Date |
|---|---|---|---|


**Net:** — (0 transactions · 0 sells · 0 buys) · Q3 FY26

### CapEx shock
Q2 CapEx $46.0M<sup class="cite" data-source="fmp:cashflow" data-field="cashflow.qPrev.capexLabel" title="FMP cashflow">[FMP cashflow]</sup>. Q2 op margin 25.2%<sup class="cite" data-source="fmp:income" data-field="income.quarters.0.operatingMargin" title="FMP op margin">[FMP op margin]</sup> — this level in Q4 is sensitive to CapEx revision risk.

## Wall Street Consensus

- **Median target:** $124 (+5.1% upside vs current $118)
- **High / Low:** $137 / $89
- **Buy / Hold / Sell:** 8 / 11 / 1
- **Analyst count:** 0 (last quarter), 66 all-time

## Additional Transcript Insights

### 1. q2_revenue_growth

**Claim:** NetApp achieved a 4% year-over-year revenue increase in Q2, excluding the divested Spot business.

**Evidence (transcript):** "Excluding the divested spot business, which generated $23 million of revenue in the year-ago quarter, total revenue was up 4% year over year."

**Numbers:** $23 million, 4%

### 2. keystone_growth

**Claim:** NetApp's Keystone product continues to show great progress with growth of 76% year over year.

**Evidence (transcript):** "Keystone continues to show great progress with growth of 76% year over year."

**Numbers:** 76%

### 3. public_cloud_growth

**Claim:** NetApp's public cloud revenue increased by 18% year over year, excluding Spot, driven by strong demand in first-party and marketplace storage services.

**Evidence (transcript):** "Excluding spot, public cloud revenue was up 18% year over year, driven by strong demand in first-party and marketplace storage services."

**Numbers:** 18%

### 4. rpo_growth

**Claim:** NetApp's remaining performance obligations were $4.9 billion, growing 11% year over year.

**Evidence (transcript):** "Remaining performance obligations were $4.9 billion, growing 11% year over year."

**Numbers:** $4.9 billion, 11%

### 5. unbilled_rpo_growth

**Claim:** NetApp's unbilled RPO, a key indicator of future key revenue, was $456 million, up 39% year over year.

**Evidence (transcript):** "Unbilled RPO, a key indicator of future key revenue, was $456 million, up 39% year over year."

**Numbers:** $456 million, 39%

### 6. all_flash_array_revenue

**Claim:** 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.

**Evidence (transcript):** "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."

**Numbers:** 9%, $1 billion, $4.1 billion


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*Data source: FMP (live query, 2026-05-09), Q2 FY2026 earnings call transcript (Translated to EN with Gemini 2.0 Flash). Educational tool, not investment advice.*