Jul. 1 at 5:03 PM
$NTAP I do not think this should be a one-stock thesis, but NetApp just gave one of the cleanest signals that the storage layer is getting re-rated.
Their latest quarter was honestly kind of insane for a “boring storage company.”
NetApp reported Q4 FY26 revenue of
$1.95B, up 12% YoY, and full-year revenue of
$6.93B, up 5% YoY. They also posted record results across revenue, gross profit, operating income, operating cash flow, and free cash flow.
The big one: all-flash array revenue hit a record
$1.2B in Q4, up 18% YoY. Public cloud revenue also hit a record
$182M, up 11% YoY. Fiscal-year billings were
$7.21B, up 6% YoY.
Non-GAAP EPS came in at
$2.43, up 26% YoY, and Q4 free cash flow was
$900M, up 41% YoY.
That is not “AI press release fluff.” That is the market seeing real money flow into enterprise data infrastructure.
