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NTAPNetApp

Technology · Computer Storage · Nasdaq
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The 10-K against last year's

179 changes: 23 added, 33 removed, 118 reworded, 5 quiet changes

10-K Jun 5, 2026 vs Jun 9, 2025
Risk FactorsRedline ↓
22.8%
of the text changed · 12,859 words now
29.1%
of the text changed · 6,694 words now
Legal ProceedingsRedline ↓
11.9%
of the text changed · 1,948 words now
Accounting PoliciesRedline ↓
1.3%
of the text changed · 4,287 words now

10-K 0001193125-26-259683 (2026-06-05) vs 10-K 0000950170-25-083705 (2025-06-09)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 235 words changed in this paragraph; it is 53% similar to last year's version.
Security industry experts and U.S. government officials continue to emphasize risks to our industry. Cyber-attacks and security breaches continue to increase, and of particular concern are supply-chain attacks against software development and breaches of technology service providers. We anticipate that cyberattacks will continue to increase in the future given cyber warfare has become a consistent lever within geopolitical conflicts and increasingly leverages hacktivism. We cannot give assurance that we will always may not be successful in preventing or repelling unauthorized access to our systems. We also may face delays in our ability to identify or otherwise respond to any cybersecurity incident or any other breach. Future cyber-attacks or incidents could persist undetected in our environments for a period of time. Additionally, we use third-party service providers to provide some services to us that involve the storage or transmission of data, such as SaaS, cloud computing, and internet infrastructure and bandwidth, and they face various cybersecurity threats and also may suffer cybersecurity incidents or other security breaches. While we conduct diligence on these third parties, our ability to monitor these third parties’ information security practices is limited, and these third parties may not have adequate information security measures in place. In addition, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties’ infrastructure in our supply chain or our third-party partners’ supply chains have not been or will not be compromised. Many jurisdictions require companies to notify regulators or individuals of data security incidents involving certain types of personal data. These mandatory disclosures regarding security incidents often lead to widespread negative publicity. The risk of reputational harm may be magnified by the rapid dissemination of information online. Any security incident, loss of data, or other security breach, whether actual or perceived, or whether impacting us or our third-party service providers, could harm our reputation, erode customer confidence in the effectiveness of our data security measures, negatively impact our ability to attract new customers, cause existing customers to elect not to renew their support contracts or their SaaS subscriptions, or subject us to third-party lawsuits, regulatory fines or other action or liability, which could materially and adversely affect our business and operating results.

Source: Item 1A, 10-K 0001193125-26-259683 vs Item 1A, 10-K 0000950170-25-083705

MD&A 80 words changed in this paragraph; it is 66% similar to last year's version.
As of April 25, 2025, 24, 2026, our cash, cash equivalents and short-term investments totaled $3.8 $3.6 billion, reflecting an increase a decrease of $594 $262 million from April 26, 2024. 25, 2025. The increase decrease was primarily due to $1.24 billion of net proceeds from the issuance of Senior Notes and $1.5 billion of cash generated from operating activities, partially offset by $1.2 billion used to repurchase shares of our common stock, a $400 $750 million principal repayment of our 3.30% 1.875% Senior Notes due September 2024, $424 June 2025, $950 million used for the repurchase of our common stock, $413 million used for the payment of dividends, and $168 $198 million in used for purchases of property and equipment. equipment, partially offset by $2.1 billion provided by operating activities. Net working capital was $1.2 $1.8 billion as of April 25, 2025, 24, 2026, an increase of $398 $566 million when compared to April 26, 2024, primarily due to the increases in cash, cash equivalents and short-term investments discussed above. 25, 2025.

Source: Item 7, 10-K 0001193125-26-259683 vs Item 7, 10-K 0000950170-25-083705

Accounting Policies 68 words changed in this paragraph; it is 32% similar to last year's version.
Description of Business — NetApp, Inc. (we, us, NetApp, or the Company) helps customers make empowers organizations to realize the full potential of their data infrastructure more seamless, more dynamic, in a rapidly evolving digital world. NetApp delivers innovative solutions that enable seamless data management, protection, and higher performing. We provide a full range of enterprise-class software, systems mobility across on-premises, hybrid, and services that customers use to transform their data infrastructures across data types, workloads, and environments to realize business possibilities. multi-cloud environments.

Source: Item 8, Note 1 – Description of Business and Significant Accounting Policies, 10-K 0001193125-26-259683 vs Item 8, Note 1 – Description of Business and Significant Accounting Policies, 10-K 0000950170-25-083705

Legal Proceedings 2 words changed in this paragraph; it is 99% similar to last year's version.
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the US U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Source: Item 3, via Note 16 – Commitments and Contingencies, 10-K 0001193125-26-259683 vs Item 3, via Note 17 – Commitments and Contingencies, 10-K 0000950170-25-083705

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of NTAP's Risk Factors and MD&A, 10-K 2026-06-05 against 10-K 2025-06-09. Each links to the text at sec.gov.

AddedRisk Factors
The rapid emergence of generative artificial intelligence (GenAI), including agentic AI, is reshaping demand patterns for storage and data management infrastructure in ways that are still evolving. Our ability to keep pace with the changing requirements of these technologies, and to adapt our products and go-to-market strategies accordingly, is critical to maintaining our competitive position. If we fail to do so, or if the pace of AI infrastructure investment shifts in ways we do not anticipate, our business, operating results, financial condition, and cash flows could be adversely affected.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedRisk Factors
AI technologies increasingly require seamless data management across hybrid and multi-cloud environments. If we were unable to effectively deliver our solutions across these fragmented environments to address customers’ AI challenges, customers may turn to alternative providers, which could adversely affect our competitive position and revenue.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedRisk Factors
Customer demand continues to be influenced by cloud adoption, digital transformation initiatives, cybersecurity requirements, and increasing use of artificial intelligence and data-driven applications, driving significant changes in storage architectures and solution requirements. The emergence of artificial intelligence workloads has introduced additional competitive dynamics, particularly in areas related to data readiness, performance, scalability, and integration with compute and cloud ecosystems. Additionally, cloud service providers offer storage on demand without requiring capital expenditure, which meets rapidly evolving business needs and has altered the competitive landscape. We also face competition from alternative architectures or approaches that may reduce or eliminate demand for some of our offerings.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedRisk Factors
In response to evolving and increasing security threats, the U.S. government has imposed, and may impose in the future, requirements relating to product security, supply chain security, and cyber/information security that have impacted, and may in the future impact NetApp. Failure to meet these requirements as they apply to us and our products may result in delays or inability to sell our products to government entities.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedRisk Factors
cybersecurity threats and also may suffer cybersecurity incidents or other security breaches. Our ability to monitor these third parties’ information security practices is limited, and these third parties may not have adequate information security measures in place. In addition, supply-chain attacks have increased in frequency and severity, and third parties’ infrastructure in our supply chain or our third-party partners’ supply chains may become compromised. A cybersecurity incident at a third-party service provider could result in unauthorized access to or disclosure of personal data for which NetApp has protection obligations, potentially triggering breach notification requirements across multiple jurisdictions and exposing NetApp to regulatory enforcement actions, fines, and litigation.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedRisk Factors
maintenance could impair the performance of our products and services, which could lead to a perception of a quality or reliability issue. Customers have experienced, and may in the future experience, losses that result from or are alleged to result from defects or flaws in our products and services, and we have been, and may in the future be, subjected to claims for damages, including consequential damages.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedRisk Factors
same extent as the U.S. Our means of protecting our proprietary rights may not be adequate or our competitors may independently develop similar technology, duplicate our products, or design around patents issued to us or other intellectual property rights of ours. Individuals may improperly take our intellectual property after terminating their employment or other engagements with us, which could lead to intellectual property leakage to competitors and a loss of our competitive advantages.

Read it in 10-K 2026-06-05 at sec.gov ↗

Show the other 12
AddedMD&A
NetApp is a global leader in Intelligent Data Infrastructure, empowering organizations to realize the full potential of their data in a rapidly evolving digital world. Headquartered in San Jose, California, and serving customers in approximately 150 countries, NetApp delivers innovative solutions that enable seamless data management, protection, and mobility across on-premises, hybrid, and multi-cloud environments.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
Our flagship ONTAP® data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native offerings, forms the foundation for customers’ digital transformation initiatives. NetApp’s deep integration with all major public cloud providers—AWS, Microsoft Azure, and Google Cloud—enables our customers to run critical workloads anywhere, with consistent performance, security, and governance.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
NetApp's strategic focus is on modernizing data infrastructure, enabling resilient and secure operations, optimizing cloud strategies, and accelerating artificial intelligence (AI) adoption. Through continued investment in innovation, we have expanded our portfolio to include advanced AI-ready infrastructure, Storage-as-a-Service (Keystone), and robust cyber resilience solutions. Our partnerships with leading technology companies and a global ecosystem of channel partners further extend our reach and solution capabilities.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
Inflationary pressures and supply chain constraints have impacted our operations beginning in the second half of fiscal 2026. We have experienced increased costs for memory and other components, which have affected our gross margins, and we expect costs will remain elevated, or continue to increase, in the near term. Additionally, the tight supply environment for specific products, which is anticipated to persist, could pose challenges in meeting customer demand for those products.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
•We raised our pricing in the fourth quarter of fiscal 2026, in line with market trends. We expect to continue adjusting prices as necessary to offset rising costs and remain aligned with the market. While we aim to match supplier costs with our pricing to customers, we recognize the need to give customers time to adjust to these changes.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
•We are leveraging our relationships with multiple suppliers where available to enable component availability and manage costs effectively. This strategy helps us maintain competitive positions in the market from a pricing standpoint. Our history of successful supplier management positions us well to navigate these challenges.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
•We continue to offer a wide range of solutions to meet various customer needs and priorities. This includes competitive storage options, all-flash solutions, hybrid-flash solutions, public cloud solutions, and our Keystone Storage-as-a-Service offering. By providing diverse options, we aim to align with our customers’ budget priorities and deliver the best value offerings.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
These actions are part of our ongoing efforts to mitigate the impact of inflation and supply chain constraints on our operating results. We will continue to monitor these trends and uncertainties and adjust our strategies as needed to maintain our financial performance.

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
Year Ended April 24, 2026 April 25, 2025 April 26, 2024 Hybrid Cloud segment net revenues $ 6,237 $ 5,907 $ 5,657 All-flash revenues as a percentage of Hybrid Cloud segment net revenues 67% 64% 58% Hybrid-flash and other revenues as a percentage of Hybrid Cloud segment net revenues 33% 36% 42%

Read it in 10-K 2026-06-05 at sec.gov ↗

AddedMD&A
The increases in all-flash revenues (comprised of all-flash product and related service revenues) as a percentage of total Hybrid Cloud segment net revenues for fiscal 2026 and fiscal 2025 as compared to the respective prior years reflect growing customer demand for our all-flash storage solutions, aided by all-flash market expansion.

Read it in 10-K 2026-06-05 at sec.gov ↗

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