NetApp Q1 2027: Record Revenue and a Big Guidance Raise
As seen on the 24/7 Wall St. homepage on September 2, 2026.
AI infrastructure demand is landing on the bottom line: non-GAAP operating margin expanded to 31.9% from 25.7%. Management raised full-year guidance to as much as $8.23 billion in revenue and $10.03 in non-GAAP EPS.
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NetApp's strongest first quarter on record delivered $2.03 billion in revenue, beating estimates and marking the fourth consecutive quarter of EPS beats.
The all-flash array business drove the outperformance, growing 47% year over year and reflecting broad-based demand for AI and hybrid multi-cloud data infrastructure.
The revenue gains reached the bottom line as non-GAAP operating margin expanded to 31.9% from 25.7% a year ago, evidence the company is capturing operating leverage as its higher-margin flash storage business scales.
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Management raised the bar for the full fiscal year, lifting 2027 revenue guidance to a range of $7.975 billion to $8.225 billion and signaling the momentum is expected to hold.
Investors watching capital allocation get a $200 million buyback and a maintained quarterly dividend, funded by a cash position that leaves room to keep investing, including the DataPelago acquisition.
Mentioned: NTAP