NetApp Q1 2026 Earnings: All-Flash Growth Offsets Cautious Outlook

NetApp Inc. delivered a mixed fiscal Q1 2026 performance, with revenue climbing 1% year-over-year to $1.56 billion, edging past analyst estimates. The company solidified its leadership in all-flash arrays with a 6% revenue jump to $893 million, while public cloud services excluding Spot surged 33%.

Operational efficiency shone through with record cash FLOW from operations at $673 million and a 71.1% gross margin. Yet shares tumbled 6% post-earnings as conservative Q2 guidance overshadowed these strengths, reflecting broader enterprise spending concerns.

The hybrid cloud segment saw modest 1% growth to $1.40 billion, while public cloud revenue reached $161 million. Non-GAAP EPS of $1.55 demonstrated profitability, though market reaction suggests investors remain wary of near-term headwinds in tech infrastructure spending.