NetApp, Inc.

Company facts

Industry

Computer Storage Devices

Headquarters

San Jose, California

Most recent report

10-Q, filed Sep 2, 2026

Incorporated

California

Filings on record

1,001+ filings

On EDGAR

CIK 1002047

Fiscal year ends

April

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 4 of 26 sections worth reading, with 0 positive, 13 notable, and 4 negative flags.

• Business (Item 1)

  Customer concentration, R&D drop, new CFO & CPO, product rename, new AFX all matter.
  Notable

  • New AFX product: disaggregated scale-out storage for AI, built on ONTAP with extreme performance.
  • The unified control plane was renamed from BlueXP to NetApp Console in the current period.
  • R&D spend fell to $991M in FY2026 from $1,012M, the second straight decline.
  • Wissam Jabre became CFO in March 2025; Syam Nair became Chief Product Officer in June 2025.
  Negative

  • Two customers drove 43% of FY2026 net revenues, a heavy concentration risk.

• Risk Factors (Item 1A)

  New supply chain cost pressure, debt reduction, and U.S. public sector revenue drop with specific numbers.
  Notable

  • Final phase of new ERP system implemented in Q3 FY2026; disruptions during transition may impact order processing and financial reporting.
  • Debt reduced to $2.5B from $3.3B in prior year as 2025 notes matured. No new debt added.
  • One Big Beautiful Bill Act enacted July 2025, making permanent changes to U.S. tax law including R&D expensing and international tax framework.
  Negative

  • Inflation and supply chain constraints in H2 FY2026 increased memory/component costs, affecting gross margins. No dollar amount given.
  • U.S. public sector revenue declined to 10% of net revenues in FY2026 from 11% in each of the two prior years.
  • Ongoing Middle East conflict disrupted ability to fulfill customer orders in the region on a timely basis.

• Management's Discussion (Item 7)

  Core MD&A with company-specific revenue, margin, cash flow details and customer concentration.
  Notable

  • Hybrid Cloud product gross margins fell 2 points due to rising component costs; prices raised in Q4 FY2026.
  • Interest expense rose 70% to $109M in FY2026 due to higher average debt principal and coupon rate.
  • Purchase commitments rose to $1.4B at FY2026 year-end from $1.0B at FY2025 year-end.

• Market Risk (Item 7A)

  Key balance sheet changes: $800M debt paydown, investment shift.
  Notable

  • Fixed-income investments grew $100M to $2.1B; CDs tripled to $86M. No derivatives used in portfolio.
  • Revolving credit facility remains undrawn; $1.0B available. Interest would float with rates and credit rating.
  • Hedges foreign currency via forwards (≤12 months) for cash flow and balance-sheet exposure. No speculation.

What changed: FY2026 vs. FY2025

About 13% of NTAP's FY2026 10-K is new information. 105 paragraphs were added, 382 changed, and 199 removed. Below are the most important lines SECSift identified.

• Risk Factors (Item 1A) 98
• Financial Statements (Item 8) 98
• Management's Discussion (Item 7) 86
• Business (Item 1) 78
• Exhibits (Item 15) 12
• Market for the Stock (Item 5) 5
• Market Risk (Item 7A) 4
• Controls and Procedures (Item 9A) 4
• Properties (Item 2) 1