NetApp reported its official NetApp financial results for the first quarter of fiscal year 2027, delivering net revenues of $2.03 billion, an increase of 30% year-over-year. The enterprise data infrastructure provider recorded GAAP diluted earnings per share of $1.88 and non-GAAP earnings per share of $2.58 for the period ending July 31, 2026.
Total quarterly billings rose 36% compared to the prior year to reach $2.06 billion. In addition, net revenue from all-flash storage arrays grew 47% year-over-year to $1.3 billion, while public cloud revenue increased 28% to reach $206 million.
Detailed Breakdown of NetApp Financial Results
The hybrid cloud segment generated $1.819 billion in revenue during the quarter, reflecting a 30% growth rate compared to the first quarter of fiscal 2026. Operating margins showed steady gains, with GAAP operating margin reaching 23.9% and non-GAAP operating margin coming in at 31.9%.
“NetApp delivered a record-setting start to the year, exceeding guidance on every metric and achieving our strongest first quarter ever.”
George Kurian, Chief Executive Officer
Strategic Acquisition and Product Updates
During the quarter, the company completed the acquisition of DataPelago, Inc., an artificial intelligence data infrastructure business designed to accelerate data processing workloads. NetApp also introduced StorageGRID version 12.1 and updated its NetApp Trident 26.06 Kubernetes management software with enhanced volume placement features.
Furthermore, the firm expanded its enterprise cloud offerings by releasing support for files up to 64 TiB on Azure NetApp Files and adding an Object REST API interface to support software application workflows.
Enterprise Collaborations and Market Alliances
NetApp broadened its technical collaboration with Cisco to support enterprise AI deployments and integrated a new security orchestration playbook for incident response to assist cybersecurity operations. Meanwhile, the organization completed a joint proof-of-concept trial with SK Telecom using AFX systems on the Petasus AI Cloud.
Additionally, NetApp entered into strategic partnership agreements with Tata Consultancy Services for data governance and Okestro for disaster recovery infrastructure.
Future Guidance and Shareholder Returns
Following the positive NetApp financial results, the board declared a regular cash dividend of $0.52 per share payable on October 28, 2026. For the second quarter of fiscal 2027, the company projects net revenues between $2.025 billion and $2.175 billion.
For the full fiscal year 2027, net revenues are expected to range from $7.975 billion to $8.225 billion, supported by sustained growth across hybrid cloud and storage infrastructure in the global business market.
