NTAPNetApp

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.

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.

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.

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.