# NetApp (NTAP) Current Events

## Filings that contain financial statements

Each of these earnings 8-Ks furnishes an Exhibit 99.1 press release containing condensed consolidated balance sheets, statements of operations and statements of cash flows (plus GAAP to non-GAAP reconciliations and segment revenue):

- Form 8-K filed September 2, 2026, accession 0001002047-26-000003: first quarter of fiscal 2027, ended July 31, 2026.
- Form 8-K filed May 28, 2026, accession 0001193125-26-245196: fourth quarter and full fiscal year 2026, ended April 24, 2026.
- Form 8-K filed February 26, 2026, accession 0001193125-26-076545: third quarter of fiscal 2026, ended January 23, 2026.
- Form 8-K filed November 25, 2025, accession 0001193125-25-297164: second quarter of fiscal 2026, ended October 24, 2025.
- Form 8-K filed August 27, 2025, accession 0000950170-25-111700: first quarter of fiscal 2026, ended July 25, 2025.
- Form 8-K filed May 29, 2025, accession 0000950170-25-078936: fourth quarter and fiscal year 2025, ended April 25, 2025 (condensed consolidated balance sheets, statements of operations and cash flows).
- Form 8-K filed February 27, 2025, accession 0000950170-25-029022: third quarter of fiscal 2025, ended January 24, 2025 (condensed consolidated balance sheets, statements of operations and cash flows).

## Earnings and guidance

- **September 2, 2026 (first quarter of fiscal 2027, accession 0001002047-26-000003).** Net revenues were $2,025 million, up 30% from $1,559 million a year earlier (Hybrid Cloud $1,819 million, up 30%; Public Cloud $206 million, up 28%). GAAP net income was $375 million ($1.88 per share) versus $233 million ($1.15); non-GAAP earnings per share were $2.58 versus $1.55. Billings were $2,057 million, up 36%. GAAP operating margin was 23.9% and non-GAAP operating margin 31.9%. Operating cash flow was $503 million (down 25%) and non-GAAP free cash flow $401 million (down 35%). The company said it exceeded its guidance on every metric.
- **Guidance raised.** The full-year fiscal 2027 outlook was raised to net revenues of $7.975 billion to $8.225 billion, GAAP earnings per share of $7.35 to $7.65 and non-GAAP earnings per share of $9.73 to $10.03. In the May 28, 2026 release the full-year outlook had been $7.325 billion to $7.575 billion, GAAP earnings per share of $6.51 to $6.81 and non-GAAP earnings per share of $8.70 to $9.00. The initial first-quarter outlook had been net revenues of $1.750 billion to $1.900 billion. Second-quarter fiscal 2027 guidance: net revenues of $2.025 billion to $2.175 billion, GAAP earnings per share of $1.97 to $2.07 and non-GAAP earnings per share of $2.54 to $2.64.
- **May 28, 2026 (fourth quarter and fiscal 2026, accession 0001193125-26-245196).** Fourth-quarter net revenues were $1,948 million, up 12% from $1,732 million; fiscal 2026 net revenues were $6,925 million, up 5% from $6,572 million. Record billings of $7.21 billion for fiscal 2026 (up 6%).
- **Earlier quarterly releases:** February 26, 2026 (accession 0001193125-26-076545), November 25, 2025 (accession 0001193125-25-297164) and August 27, 2025 (accession 0000950170-25-111700), each furnishing the quarterly results listed above. Earlier: May 29, 2025 (accession 0000950170-25-078936) reported the fourth quarter and fiscal 2025, and February 27, 2025 (accession 0000950170-25-029022) reported the third quarter of fiscal 2025.

## Acquisition

- **DataPelago, Inc. (closed July 16, 2026).** NetApp acquired all outstanding shares of DataPelago, a privately held AI data infrastructure company, for $193 million: $87 million paid in cash at closing and $106 million of contingent consideration recognized as a liability, payable if criteria in the merger agreement are met. The September 2, 2026 earnings release reports the acquisition as completed (accession 0001002047-26-000003). The purchase price terms are disclosed in the Form 10-Q for the quarter ended July 31, 2026 (accession 0001193125-26-380207); no Form 8-K reports the signing or closing.

## Restructuring

- **First quarter of fiscal 2027.** Management approved a restructuring plan to redirect resources to the highest return activities and reduce costs, consisting primarily of employee severance. Charges were $56 million in the quarter (versus $2 million a year earlier), with activities expected to be substantially complete by the end of fiscal 2027 (Form 10-Q, accession 0001193125-26-380207). No Form 8-K in the period announces the plan.

## Capital actions

- **Buyback authorization (May 21, 2026; Form 8-K filed May 28, 2026, accession 0001193125-26-245196).** The Board authorized repurchases of up to an additional $1.0 billion of common stock, with no expiration date.
- **Buyback authorization (May 22, 2025; Form 8-K filed May 29, 2025, accession 0000950170-25-078936).** The Board authorized the repurchase of up to an additional $1.1 billion of common stock, with no expiration date (Item 8.01).
- **First-quarter repurchases.** NetApp repurchased 1.5 million shares for $200 million (average $133.32 per share) and paid $102 million in dividends in the quarter ended July 31, 2026 (Form 10-Q, accession 0001193125-26-380207).
- **Dividend.** A quarterly cash dividend of $0.52 per share is payable October 28, 2026 to holders of record on October 9, 2026 (accession 0001002047-26-000003).
- **Debt (March 2025).** Form 8-K filed March 17, 2025 (accession 0001193125-25-055656): $625 million of 5.500% Senior Notes due 2032 and $625 million of 5.700% Senior Notes due 2035 were sold under an underwriting agreement dated March 12, 2025 and issued under a supplemental indenture dated March 17, 2025; proceeds were intended in part to repay the 1.875% Senior Notes due 2025 at maturity. Form 8-K filed March 5, 2025 (accession 0001193125-25-047187): a Second Amended and Restated Credit Agreement providing a $1.0 billion unsecured revolving facility maturing March 5, 2030, expandable by up to $500 million.

## Governance and management

- **Annual meeting, September 9, 2026 (Form 8-K filed September 11, 2026, accession 0001193125-26-389273).** Stockholders elected ten directors, approved executive compensation on an advisory basis, ratified Deloitte & Touche LLP as auditor for the fiscal year ending April 30, 2027, and approved an amended and restated certificate of incorporation providing officer exculpation, effective September 10, 2026. The Board also adopted amended and restated bylaws effective September 9, 2026 (governance clarifications; no change in economics). A stockholder proposal on action by written consent was not presented and no vote was taken.
- **January 8, 2026 (Form 8-K filed January 12, 2026, accession 0001193125-26-010401).** The Board expanded from nine to ten directors and appointed Paul Fipps.
- **September 10, 2025 annual meeting (Form 8-K filed September 15, 2025, accession 0001193125-25-202408).** Stockholders approved an additional 4,000,000 shares for the Employee Stock Purchase Plan and 5,000,000 shares for the 2021 Equity Incentive Plan; director compensation RSU awards were raised modestly.
- **First quarter of fiscal 2027.** The earnings release lists the appointment of Alvaro Celis as Chief Partner and Ecosystem Officer (accession 0001002047-26-000003).
- **May 23, 2025 (Form 8-K filed May 29, 2025, accession 0000950170-25-078936).** Harvinder Bhela informed the Company of his decision to transition from Executive Vice President and Chief Product Officer by June 20, 2025 (Item 5.02). The fiscal 2026 10-K (accession 0001193125-26-259683) states Syam Nair joined as Chief Product Officer in June 2025.
- **March 2025 Board appointment (Form 8-K filed March 26, 2025, accession 0000950170-25-045244).** On March 21, 2025 the Board increased its size from nine to ten directors and appointed Frank Pelzer, who serves on the Audit Committee.
- **Chief Administrative Officer (Form 8-K filed February 26, 2025, accession 0001193125-25-036882).** Effective March 3, 2025, Elizabeth (Beth) O'Callahan, previously Executive Vice President, Chief Legal Officer, Interim Chief Human Resources Officer and Secretary, became Executive Vice President, Chief Administrative Officer and Secretary.
- **Chief Financial Officer (Form 8-K filed January 28, 2025, accession 0001193125-25-014441).** Wissam Jabre was appointed Executive Vice President and Chief Financial Officer effective March 10, 2025, replacing Michael J. Berry, who had announced his retirement on August 28, 2024.