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

Other segment segments

Hybrid Cloud
70.1%—

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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 public cloud — gross margin excluding unallocated cost of revenues?
NetApp (NTAP) reported public cloud — gross margin excluding unallocated cost of revenues of 85.1% in Q4 2025.
How has NetApp's public cloud — gross margin excluding unallocated cost of revenues changed year-over-year?
NetApp's public cloud — gross margin excluding unallocated cost of revenues increased by 11.4% year-over-year, from 76.4% to 85.1%.
What does public cloud — gross margin excluding unallocated cost of revenues mean?
Calculated as the ratio of gross profit to total revenue for the Public Cloud segment, excluding unallocated corporate costs. This percentage reflects the efficiency of the segment's business model in converting revenue into profit after accounting for direct service delivery costs. It is a key benchmark for assessing the scalability and operational leverage of the cloud product portfolio.

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