NetApp, Inc.

Listed Company

NTAPCIK 0001002047NasdaqLarge AcceleratedComputer Storage DevicesCaliforniaFY ends Apr 24

Period

FY 2025

Revenue

$6.57B

Net Income

$1.19B

Total Assets

$10.82B

Equity

$1.04B

Shares Out

197.33M

Op. Cash Flow

$1.51B

Business

NetApp, Inc. provides enterprise-class software, systems and services that make data infrastructure more seamless, dynamic, and higher performing. It offers unified data storage and data management products and services, including ONTAP software, All-Flash and hybrid storage arrays, object storage, cloud-native storage, BlueXP control plane, cloud storage services, and professional, managed, and support services. Operations are organized into two segments: Hybrid Cloud (on‑premises and hybrid infrastructure) and Public Cloud (as‑a‑service cloud storage, data and operational services). NetApp sells globally through a direct sales force and an extensive partner ecosystem, including major public cloud providers, resellers, system integrators, OEMs and distributors.

Summary from filing dated 2025-06-09

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Net revenues	6,572	6,268	6,362	6,318	5,744
Total cost of revenues	1,959	1,835	2,153	2,098	1,929
Gross profit	4,613	4,433	4,209	4,220	3,815
Sales and marketing	1,865	1,828	1,829	1,857	1,744
Research and development	1,012	1,029	956	881	881
General and administrative	311	308	265	279	257
Restructuring charges	83	44	120	33	42
Acquisition-related expense	5	10	21	13	16
Total operating expenses	3,276	3,219	3,191	3,063	2,784
Income from operations	1,337	1,214	1,018	1,157	1,031
Other income, net	46	49	48	−62	−69
Income before income taxes	1,383	1,263	1,066	1,095	962
Provision (benefit) for income taxes	197	277	−208	158	232
Net income	1,186	986	1,274	937	730
Basic (per share)	5.81	4.74	5.87	4.2	3.29
Diluted (per share)	5.67	4.63	5.79	4.09	3.23
Basic (shares)	204	208	217	223	222
Diluted (shares)	209	213	220	229	226

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Cash and cash equivalents	2,742	1,903	2,316	4,112	4,529
Short-term investments	1,104	1,349	754	22	67
Accounts receivable	1,246	1,007	987	1,230	945
Inventories	186	186	167	204	114
Other current assets	573	452	456	377	346
Total current assets	5,851	4,897	4,680	5,945	6,001
Property and equipment, net	563	604	650	602	525
Goodwill	2,723	2,759	2,759	2,346	2,039
Purchased intangible assets, net	43	124	181	142	101
Other non-current assets	1,643	1,503	1,548	991	694
Total assets	10,823	9,887	9,818	10,026	9,360
Accounts payable	511	517	392	607	420
Accrued expenses	1,122	1,013	857	925	970
Current portion of long-term debt	750	400	0	250	0
Short-term deferred revenue and financed unearned services revenue	2,279	2,176	2,218	2,171	2,062
Total current liabilities	4,662	4,106	3,467	3,953	3,452
Long-term debt	2,485	1,992	2,389	2,386	2,632
Other long-term liabilities	379	585	708	788	650
Long-term deferred revenue and financed unearned services revenue	2,257	2,058	2,095	2,061	1,941
Total liabilities	9,783	8,741	8,659	9,188	8,675
Commitments and contingencies (Note 17)	—	—	—	—	0
Common stock and additional paid-in capital, $0.001 par value, 885 shares authorized; 201 and 206 shares issued and outstanding as of April 25, 2025 and April 26, 2024, respectively	1,106	997	945	760	504
Retained earnings	0	208	265	122	211
Accumulated other comprehensive loss	−66	−59	−51	−44	−30
Total stockholders' equity	1,040	1,146	1,159	838	685
Total liabilities and stockholders' equity	10,823	9,887	9,818	10,026	9,360

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-04-30	FY 2024 2024-04-30	FY 2023 2023-04-30	FY 2022 2022-04-30	FY 2021 2021-04-30
Depreciation and amortization	243	255	248	194	207
Non-cash operating lease cost	41	45	52	55	52
Stock-based compensation	386	357	312	245	197
Deferred income taxes	−100	53	−606	−144	−6
Other items, net	0	−13	−67	−54	24
Accounts receivable	−219	−33	260	−313	62
Inventories	−1	−18	37	−90	31
Other operating assets	−87	−62	−63	−21	−60
Accounts payable	−8	123	−207	181	−11
Accrued expenses	62	113	−103	−111	134
Deferred revenue and financed unearned services revenue	208	−14	46	384	193
Long-term taxes payable	−207	−106	−76	−45	−57
Other operating liabilities	2	−1	0	−7	−7
Net cash provided by operating activities	1,506	1,685	1,107	1,211	1,333
Purchases of investments	−1,782	−2,635	−1,269	−18	−5
Maturities, sales and collections of investments	2,027	2,055	550	63	165
Purchases of property and equipment	−168	−155	−239	−226	−162
Acquisition of businesses, net of cash acquired	0	0	−491	−380	−350
Other investing activities, net	70	0	59	0	2
Net cash provided by (used in) investing activities	147	−735	−1,390	−561	21
Proceeds from issuance of common stock under employee stock award plans	108	100	108	105	98
Payments for taxes related to net share settlement of stock awards	−199	−127	−84	−74	−42
Repurchase of common stock	−1,150	−900	−850	−600	−125
Issuances of debt, net of issuance costs	1,240	0	0	—	—
Repayments and extinguishment of debt	−400	0	−250	0	−689
Dividends paid	−424	−416	−432	−446	−427
Other financing activities, net	−3	−1	−5	−2	−8
Net cash used in financing activities	−828	−1,344	−1,513	−1,017	444
Effect of exchange rate changes on cash, cash equivalents and restricted cash	15	−19	−1	−49	71
Net change in cash, cash equivalents and restricted cash	840	−413	−1,797	−416	1,869

Filings

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