$NTAP

NetApp, Inc.

CIK:0001002047|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Jul. 31, 2026	Jul. 25, 2025
Revenues:
Net revenues	$ 2,025	$ 1,559
Cost of revenues:
Total cost of revenues	606	461
Gross profit	1,419	1,098
Operating expenses:
Sales and marketing	507	461
Research and development	274	242
General and administrative	98	84
Restructuring charges	56	2
Total operating expenses	935	789
Income from operations	484	309
Other expense, net	0	(5)
Income before income taxes	484	304
Provision for income taxes	109	71
Net income	$ 375	$ 233
Net income per share:
Basic	$ 1.91	$ 1.16
Diluted	$ 1.88	$ 1.15
Shares used in net income per share calculations:
Basic	196	201
Diluted	200	203
Product
Revenues:
Net revenues	$ 987	$ 654
Cost of revenues:
Total cost of revenues	450	302
Service
Revenues:
Net revenues	1,038	905
Cost of revenues:
Total cost of revenues	$ 156	$ 159

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Jul. 31, 2026	Jul. 25, 2025
Cash flows from operating activities:
Net Income (Loss)	$ 375	$ 233
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33	51
Non-cash operating lease cost	11	11
Stock-based compensation	98	83
Deferred income taxes	(5)	9
Other items, net	(15)	46
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable	317	466
Inventories	(176)	54
Other operating assets	(114)	110
Accounts payable	19	(107)
Accrued expenses	(75)	(240)
Deferred revenue and financed unearned services revenue	32	(48)
Other operating liabilities	3	5
Net cash provided by operating activities	503	673
Cash flows from investing activities:
Purchases of investments	(1,603)	(741)
Maturities, sales and collections of investments	1,109	598
Purchases of property and equipment	(102)	(53)
Acquisition of business, net of cash acquired	(78)	0
Other investing activities, net	0	15
Net cash (used in) provided by investing activities	(674)	(181)
Cash flows from financing activities:
Proceeds from issuance of common stock under employee stock award plans	57	54
Payments for taxes related to net share settlement of stock awards	(74)	(57)
Repurchase of common stock	(200)	(300)
Repayments and extinguishment of debt	0	(750)
Dividends paid	(102)	(104)
Net cash used in financing activities	(319)	(1,157)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6)	7
Net change in cash, cash equivalents and restricted cash	(496)	(658)
Cash, cash equivalents and restricted cash:
Beginning of period	2,075	2,749
End of period	$ 1,579	$ 2,091

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jul. 31, 2026	Apr. 24, 2026
Current assets:
Cash and cash equivalents	$ 1,573	$ 2,070
Short-term investments	2,003	1,514
Accounts receivable	966	1,286
Inventories	375	198
Other current assets	755	708
Total current assets	5,672	5,776
Property and equipment, net	663	592
Goodwill	2,916	2,772
Purchased intangible assets, net	38	22
Other non-current assets	1,666	1,582
Total assets	10,955	10,744
Current liabilities:
Accounts payable	566	550
Accrued expenses	1,200	1,151
Current portion of long-term debt	550	0
Short-term deferred revenue	2,252	2,320
Total current liabilities	4,568	4,021
Long-term debt	1,938	2,487
Other long-term liabilities	360	360
Long-term deferred revenue	2,594	2,525
Total liabilities	9,460	9,393
Commitments and contingencies (Note 14)
Stockholders' equity:
Common stock and additional paid-in capital, $0.001 par value, 885 shares authorized; 196 shares issued and outstanding as of July 31, 2026 and April 24, 2026	1,281	1,209
Retained earnings	235	153
Accumulated other comprehensive loss	(21)	(11)
Total stockholders' equity	1,495	1,351
Total liabilities and stockholders' equity	$ 10,955	$ 10,744