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NetApp NTAP Hybrid Cloud — Gross Margin Excluding Unallocated Cost Of Revenues

Other segment segments

Public Cloud
1.3%+117%

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Other financials

Income statement

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Revenue$1.9B+12.5%
Gross profit$1.4B+14.4%
Operating income$532.0M+52.9%
Net income$404.0M+18.8%
EPS (diluted)$2.03+23.8%

Balance sheet

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Cash & equivalents$2.1B-24.5%
Total debt$2.7B-21.7%
Total equity$1.4B+29.9%
Total assets$10.7B-0.7%

Cash flow

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Operating cash flow$950.0M+40.7%
CapEx$50.0M+42.9%
Free cash flow$900.0M+40.6%

Valuation

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Market cap$37.19B+75.5%
Enterprise value$37.85B+73.3%
P/E29.2×+11.1×
P/S5.4×+2.2×

Profitability

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Gross margin70.7%+0.6pp
Operating margin24.2%+3.8pp
Net margin18.4%+0.4pp
FCF margin27%+6.6pp

Returns & leverage

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Return on equity106.7%-1.8pp
Debt / equity2×-1.3×
Current ratio1.4×+0.2×

Where this comes from

Reported directly by NetApp in its filing.

Tagged under the XBRL concept ntap:GrossMarginExcludingUnallocatedCostOfRevenues.

The source filing: NetApp’s 10-Q, filed February 26, 2026.

Filed
Feb 26, 2026, 4:11 PM EST
Fiscal quarter
Q4 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-076622
Line itemHybrid CloudPublic CloudTotal
Cost of public cloud revenues—2626
Segment cost of revenues46826494
Segment gross profit$1,071$148$1,219
Segment gross margin69.6%85.1%71.2%
Unallocated cost of revenues110
Total gross profit$1,209
Total gross margin70.6%
1 Unallocated cost of revenues are composed of $8 million of stock-based compensation expense and $2 million of amortization of intangible assets.

Item 1. Condensed Consolidated Financial Statements (Unaudited)

FAQ

What is NetApp's hybrid cloud — gross margin excluding unallocated cost of revenues?
NetApp (NTAP) reported hybrid cloud — gross margin excluding unallocated cost of revenues of 69.6% in Q4 2025.
How has NetApp's hybrid cloud — gross margin excluding unallocated cost of revenues changed year-over-year?
NetApp's hybrid cloud — gross margin excluding unallocated cost of revenues decreased by 0.7% year-over-year, from 70.1% to 69.6%.
What does hybrid cloud — gross margin excluding unallocated cost of revenues mean?
This is the ratio of gross profit to total revenue for the Hybrid Cloud segment, expressed as a percentage. It measures the efficiency of the segment in managing its production costs relative to its sales price. A higher margin indicates a stronger competitive position and better control over the cost structure of the hybrid cloud offerings.

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