NetApp

Sources - 17

Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.

1. S01primarycompany filing2026-06-05
   Form 10-K for the fiscal year ended April 24, 2026
   the business description of ONTAP and the all-flash, hybrid-flash and cloud portfolios; the Competition section that names no company; the significant-customer table showing two distributors at 22% and 21% of fiscal 2026 net revenues and the Item 1 sentence putting them at 43% together; the fiscal 2017-2026 revenue and margin history; product revenues of $3,194M and services revenues of $3,731M for fiscal 2026 and the note that product revenues benefited from a multi-year enterprise agreement; the geographic split; the risk factor naming NAND among the components whose cost is difficult to manage; the risk factor saying seasonality and linearity may not hold and may be affected by pricing changes; the statement that NetApp typically does not enter into binding long-term purchase commitments; and the concentration-of-risk note saying there are no concentrations of business transacted with a particular market
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2. S02primarycompany filing2026-09-02
   Form 10-Q for the quarter ended July 31, 2026
   the balance sheet showing inventories rising from $198M to $375M with purchased components going from $14M to $120M; the cash flow statement with its working-capital components, stock-based compensation of $98M against $83M, and the $176M inventory use; the MD&A explanation of the inventory build as strategic component purchases; the financing note showing $200M spent repurchasing 1.5 million shares against $300M for 3.0 million a year earlier; the remaining-performance-obligation note putting RPO at $5.6 billion, 44% recognisable within twelve months, and stating that orders in backlog are cancellable without penalty prior to shipment and are excluded; and the quarter's 98-day length against the prior year's 91
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3. S03primarycompany filing2026-09-02
   First quarter fiscal 2027 results release (8-K Exhibit 99.1)
   revenue of $2,025M up 30%, GAAP gross profit of $1,419M, GAAP EPS of $1.88 and non-GAAP EPS of $2.58; the GAAP table showing operating cash flow down 25% and the non-GAAP table showing free cash flow down 35%; billings of $2,057M up 36%; the second-quarter guidance of $2.025-2.175bn revenue at a 66.0-67.0% GAAP gross margin; and the raised full-year fiscal 2027 guidance of $7.975-8.225bn revenue, 67.1-68.1% GAAP gross margin, $7.35-7.65 GAAP EPS and $9.73-10.03 non-GAAP EPS
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4. S04primarytranscript2026-09-02
   First quarter fiscal 2027 earnings call transcript
   the CFO's statement that the extra week contributed approximately $65M and that revenue grew 26% excluding it, with $50M of that in support and $15M in public cloud; product revenue of $987M up 51% and 49% of total against 42%; product gross margin of 54.6% down 150 basis points sequentially, support gross margin of 93.2% and public cloud gross margin of 86.4%; support revenue up 4% and public cloud up 19% excluding the week; deferred revenue of $4.85 billion up 7%; net cash of $1.1 billion; the CEO's acknowledgement of accelerated purchase decisions and pricing benefits and his refusal to quantify them; the description of customers moving from all-flash to hybrid flash on price; and, separately from management's answers, the questions themselves - thirteen analysts, of whom four pressed directly on the second-half deceleration, the pull-forward and the product gross-margin trajectory
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5. S05primarycompany filing2026-05-28
   Fourth quarter and fiscal year 2026 results release (8-K Exhibit 99.1)
   fiscal 2026 revenue of $6.93 billion up 5% and fourth-quarter revenue of $1.95 billion up 12%; and the ORIGINAL fiscal 2027 guidance issued on 28 May 2026 - revenue of $7.325-7.575bn, GAAP gross margin of 67.5-68.5% and non-GAAP EPS of $8.70-9.00 - which is what the September raise is measured against
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6. S06primaryindustry data2026-07-01
   IDC - Enterprise Storage Systems Market Insights (Worldwide Quarterly Enterprise Storage Systems Tracker) IDC
   the size and growth of the market NetApp sells into, measured by somebody other than NetApp; the attribution of the acceleration to three causes of which two are not AI demand; and the forecast table putting the external OEM market at $35,337M in 2025, $41,089M in 2026 (+16.3%) and $43,311M in 2027 (+5.4%)

   The worldwide external OEM enterprise storage systems (ESS) market delivered a sharp acceleration in the first quarter of 2026, reaching $9.9 billion in spending, a 22.9% year-over-year increase compared to the same quarter of 2025. The result represents an important acceleration from the 3.9% full-year 2025 growth rate and the 5.5% expansion recorded in the fourth quarter of 2025, reflecting the convergence of deferred infrastructure refresh spending, component price inflation, and AI-driven storage demand. ... Component supply constraints, particularly for NAND flash and DRAM, continue to push system-level prices upward, further amplifying revenue growth beyond what shipment volumes alone would suggest. Thus, the market is expected to continue in a positive trajectory of 7.3% compound average growth through 2030. Data - Year | External OEM | External OEM Market Annual Growth % :: 2025 | $35,337 | 4.3% :: 2026 | $41,089 | 16.3% :: 2027 | $43,311 | 5.4%

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7. S07primaryindustry data2026-08-25
   TrendForce - Memory Prices Soar; DRAM and NAND Flash to Account for 68% of Major CSP CapEx in 2027 TrendForce
   the size of the input-cost shock running through NetApp's cost of product revenues, measured by a memory-market analyst with no position in storage systems

   Meanwhile, a similar trend is unfolding in NAND Flash, with enterprise SSD prices rising by around 35% in 2H25 and projected to surge by a cumulative 235% in 2026.

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8. S08primaryindustry data2026-03-31
   TrendForce - AI Server Demand to Drive Memory Contract Price Increases in 2Q26 TrendForce
   the quarterly shape of the NAND shock inside NetApp's own first quarter of fiscal 2027, and the statement that NAND capacity is being reallocated to enterprise SSDs

   Overall, NAND Flash contract prices are expected to rise by 70-75% QoQ in 2Q26.

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9. S09primaryother2025-03-18
   NVIDIA - Full Steam Ahead: NVIDIA-Certified Program Expands to Enterprise Storage NVIDIA
   the list of storage vendors NVIDIA certifies for AI and high-performance computing workloads - the qualification NetApp's own AI positioning leads with, held by ten vendors including two private AI-native entrants

   DDN, Dell Technologies, Hewlett Packard Enterprise, Hitachi Vantara, IBM, NetApp, Nutanix, Pure Storage, VAST Data and WEKA

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10. S10primaryother2026-09-11
    Amazon Web Services - What is Amazon FSx for NetApp ONTAP? (FSx for ONTAP User Guide) Amazon Web Services
    confirmation from the cloud provider itself, rather than from NetApp's marketing, that NetApp's operating system is sold as an AWS service

    Amazon FSx for NetApp ONTAP is a fully managed service that provides highly reliable, scalable, high-performing, and feature-rich file storage built on NetApp's popular ONTAP file system.

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11. S11primaryother2026-09-11
    Microsoft Learn - What is Azure NetApp Files? Microsoft
    the second hyperscaler's own description of NetApp's software as a first-party Azure service - the word 'first-party' is Microsoft's, not NetApp's

    Azure NetApp Files is an Azure native, first-party, enterprise-class, high-performance file storage service.

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12. S12primarycompany filing2026-03-25
    Everpure, Inc. (formerly Pure Storage, Inc.) Form 10-K for the fiscal year ended February 1, 2026 P
    the one whole-company listed comparable's own description of the same product sold to the same buyer, and the identity change - the filer that coverage still calls Pure Storage now files as Everpure, Inc. and trades as P on the NYSE
    read, but no claim rests on it
13. S13primarycompany filing2026-03-16
    Dell Technologies Inc. Form 10-K for the fiscal year ended January 30, 2026 DELL
    the largest storage vendor's own read of the same demand: storage net revenue rose 1% in its fiscal 2026 while AI-optimized servers rose 166%, and storage is one product category inside Infrastructure Solutions Group rather than a reportable segment
    read, but no claim rests on it
14. S14primaryvendor data2026-09-11
    NTAP research pack, frozen 2026-09-11

    content/NTAP/research-pack.json
    the closing price and market capitalisation; the trailing valuation multiples against their six-year medians; the 252-day price range and return series; the analyst consensus split; FINRA short interest; the insider-filing summary showing 26 open-market sales and no open-market purchases; the earnings-surprise history with filed GAAP EPS beside the adjusted figure; and the filed-competitor cohort's unavailability with its stated reason
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15. S15primarycompany filing2026-09-11
    Form 8-K of 11 September 2026, Exhibits 3.1 and 3.2 (amended and restated certificate of incorporation and bylaws)
    nothing material, which is the finding. Exhibit 3.1 was read in full: it is annual-meeting housekeeping restating the certificate of incorporation, and the authorised share count is unchanged at 885 million common and 5 million preferred. Exhibit 3.2, the restated bylaws, was not read. Cited so that the only filing in the window the thesis does not rely on is on the record as having been opened rather than missed
    read, but no claim rests on it
16. S16primarycompany filing2026-07-28
    NetApp, Inc. proxy statement (DEF 14A), filed July 28, 2026, for the September 9, 2026 annual meeting
    beneficial ownership as of July 13, 2026; the fiscal 2026 annual incentive plan's metrics, weights and payouts; the PBRSU design (relative TSR and billings) and the fiscal 2024 award's 91.76% payout; the CEO's PBRSU/RSU mix
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17. S17primarycompany filing2023-06-14
    Form 10-K for the fiscal year ended April 28, 2023
    the fiscal 2021 to 2023 income statements: research and development, sales and marketing, general and administrative and revenue, the base years of the cost-per-sales-dollar series
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