10-K 0001193125-26-259683 (2026-06-05) vs 10-K 0000950170-25-083705 (2025-06-09)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 12,859 |
22.8% |
| MD&A | Item 7 | 6,694 |
29.1% |
| Legal Proceedings | Item 3, via Note 16 – Commitments and Contingencies | 1,948 |
11.9% |
| Accounting Policies | Item 8, Note 1 – Description of Business and Significant Accounting Policies | 4,287 |
1.3% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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
that may increase our risk exposure. We face significant competition in the market and from other companies regarding AI technologies.
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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.
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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 ↗
RemovedRisk Factors
policies, treaties or laws, local labor conditions, transportation costs, government spending patterns, geopolitical tensions and uncertainties, acts of terrorism, international conflicts, natural disasters, and adverse public health developments.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedRisk Factors
Equity grants are a crucial part of our compensation programs, supporting talent attraction and engagement and aligning employee interests with stockholders. A competitive broad-based equity compensation program is essential to compete for talent in both the hardware and software industries, where competitors offer significant equity compensation. Reducing, modifying, or eliminating our equity programs, or failing to grant equity competitively, may hinder our ability to attract and retain critical employees.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedRisk Factors
vendor payments, pay employees, fulfill contractual obligations, report financial results, maintain effective internal controls, or operate our business effectively.
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RemovedRisk Factors
Additionally, if our customers or partners experience liquidity issues due to financial institution defaults or non-performance where they hold cash assets, their ability to pay us may be impaired. This could materially affect our results of operations, including the collection of accounts receivable and cash flows.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedRisk Factors
industry. If the U.S. government or its agencies reduce or shift their IT spending patterns, our revenues and operating results may be adversely affected.
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RemovedRisk Factors
We derive a significant amount of our revenues in any given quarter from orders booked in the same quarter. These orders typically follow intra-quarter seasonality patterns, with a significant portion occurring toward the end of the quarter. If we fail to achieve the forecasted level, timing, and mix of orders in line with our quarterly targets and historical patterns, or if we experience cancellations of significant orders, our operating results, financial condition and cash flows could be adversely affected.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedRisk Factors
These outcomes could damage our reputation, harm our business, and lead to significant liabilities. Additionally, a cybersecurity incident or loss of personal information has in the past and could in the future result in remediation costs, disruption of internal operations, increased cybersecurity protection costs, significant fines, and/or lost revenues.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedRisk Factors
error, malfeasance, stolen or fraudulently obtained log-in credentials or otherwise, our reputation could be damaged, our business may be harmed and we could incur significant liabilities.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedRisk Factors
Our effective tax rate could also be adversely affected by changes in tax laws and regulations and interpretations of such laws and regulations, which in turn would negatively impact our earnings and cash and cash equivalent balances we currently maintain. Additionally, our effective tax rate could also be adversely affected if there is a change in international operations, our tax structure and how our operations are managed and structured, and as a result, we could experience harm to our operating results and financial condition. We continue to evaluate the impacts of changes in tax laws and regulations on our business.
Read it in 10-K 2025-06-09 at sec.gov ↗
RewordedRisk Factors
Further, irrespective of the controls that we adopt, we cannot be assured that we will not experience fraudulent financial reporting in the future, including earnings mismanagement, recording fictitious revenues, improper asset valuation, understating liabilities or expenses, inadequate disclosure, reserve manipulation, misuse of judgments in financial reporting, concealing fraud or illegal activities, information tampering, and insider trading based on non-public information about the Company's financials. future.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedRisk Factors
There can be no assurance that all If our employees, contractors and contractors, agents, as well as those or companies to which we outsource certain of our business operations, will operations fail to comply with these policies, procedures, laws and/or regulations. regulations, we may be subject to fines and other penalties, which could have an adverse effect on our business.
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RewordedRisk Factors
These factors include among other things, Our effective tax rate is influenced by a variety of factors, many of which are outside of our control, including fluctuations in our earnings and financial results in the various countries and states in which we do business, changes to the tax laws in such jurisdictions and the outcome of income tax audits.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedRisk Factors
Any of these factors above, as well as other adverse macroeconomic conditions conditions, can significantly reduce demand for our products and negatively affect our operating results due to customer concerns about declining demand for their products, reduced asset values, fluctuating energy costs, geopolitical issues, the cost and availability of credit, and the stability of financial institutions, markets, businesses, and governments. results.
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RewordedRisk Factors
Due to the global nature of our business, we are subject to import Customs and export restrictions and regulations, including the Export Administration Regulations administered by the Commerce Department’s Bureau of Industry and Security (BIS) Border Protection, and the trade and economic sanctions regulations administered by the Treasury Department’s Office of Foreign Assets Control (OFAC).
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RewordedRisk Factors
Increasing use of AI AI, such as Anthropic's Claude Mythos, in techniques employed by threat actors will continue to increase the risk of successful attacks, while also providing opportunities for improved attack detection and prevention capabilities. attacks that may overwhelm our protection systems faster than we can effectively respond.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedRisk Factors
If our employees, clients, customers, partners, or their respective customers use our platforms solutions for the transmission or storage of sensitive information, or our supply-chain cybersecurity is compromised and our security measures are breached as a result of third-party action, employee error, malfeasance, stolen or fraudulently obtained log-in credentials or otherwise, our reputation could be damaged, our business may be harmed and we could incur significant liabilities.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedRisk Factors
As a global company, our business is influenced by worldwide economic and market conditions, including, among others, rising inflation, slower growth, economic downturn downturns or recession, recessions, changes in fiscal and monetary policies, higher interest and tax rates, economic uncertainty, political instability, ongoing international and regional conflicts, military conflicts (including conflicts in the Middle East), warfare, extreme weather events and effects from climate change, natural disasters and pandemics, supply chain interruptions and shortages, changes in laws, laws and regulations, reduced consumer confidence and spending, international trade protection measures and disputes (including economic and trade barriers, tariffs, sanctions and export controls), rapid technological changes, and the threat and potential of trade control policies and retaliatory trade control policies (including retaliatory tariffs).
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedRisk Factors
We have invested resources in complying Compliance with new and evolving laws and regulations and regulations, including further regulatory or judicial developments, may need to make additional require significant changes to our business operations, operations and additional investment, which could adversely affect our revenue and overall business.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedRisk Factors
Our stock price is subject to changes in recommendations or earnings estimates by financial analysts, changes in investors' or analysts' valuation measures for our stock, changes in our capital structure, including issuance of additional debt, changes in our credit ratings, our ability to pay dividends and to continue to execute our stock repurchase program as planned and market trends and economic volatility unrelated to our performance.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedRisk Factors
For example, in fiscal 2025, we continued our implementation of continue to implement certain new business information systems, including which included implementing the final phase of a new enterprise resource planning (ERP) system in the third quarter of fiscal 2026 to enhance and standardize our processes, improve oversight, and better serve our customers.
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RewordedRisk Factors
For example, in addition to various environmental laws relating to carbon emissions, the use and discharge of hazardous materials, and the use of certain minerals originating from identified conflict zones, many governments, including the U.S., the United Kingdom, and Australia, have adopted regulations to address the risk of human trafficking in supply chains, which govern how workers are recruited and managed.
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Quiet changesRisk Factors
We have experienced in the past, and expect to experience in the future, quality issues impacting certain products, and we could experience reliability issues with services we provide, including security vulnerabilities, software bugs, hardware failure in networked storage appliances, incompatibility issues with customer systems or other applications, performance deficiencies causing slow data retrieval or processing, firmware or software updates causing system instability, compliance with various product certifications, and data breaches due to flaws in the product design.
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Quiet changesRisk Factors
However, if If we fail to adequately manage our use of third-party software, then we may be subject to copyright infringement or other third-party claims.
Read it in 10-K 2026-06-05 at sec.gov ↗
Quiet changesRisk Factors
Specifically, if we are unable to generate sufficient cash flows from operations or to borrow sufficient funds in the future to service or refinance our debt, our business, operating results, financial condition and cash flows will may be harmed.
Read it in 10-K 2026-06-05 at sec.gov ↗
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.
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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
Hybrid Cloud Segment Net Revenues by Storage Category (in millions, except percentages):
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AddedMD&A
The following table presents Hybrid Cloud segment net revenues by storage category for the periods indicated:
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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%
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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 ↗
RemovedMD&A
NetApp helps customers make their data infrastructure more seamless, more dynamic, and higher performing. We were incorporated in 1992, are headquartered in San Jose, California, and provide a full range of enterprise-class software, systems and services that customers use to transform their data infrastructures across data types, workloads, and environments to realize business possibilities.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedMD&A
We leverage over thirty years of innovation to make data infrastructure intelligent. Our unified data storage solutions deliver flexible, simplified, and silo-free infrastructure. Our active data management capabilities focus on security, compliance, and sustainability, while our adaptive operations enhance performance, efficiency, and productivity. Our extensive portfolio integrates hybrid and multi-cloud environments, addressing key customer priorities such as modernizing legacy systems, enhancing resilience against ransomware, and developing scalable, high-performance data pipelines for artificial intelligence (AI) workloads.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedMD&A
NetApp empowers customers to harness their data for accelerated innovation, improved operations, and competitive advantage. Our unified data storage solutions provide the flexibility to consistently and easily store any data type and support any workload. As the only enterprise-grade storage service natively embedded in the world’s largest clouds, we power data across Amazon AWS, Microsoft Azure, and Google Cloud. Our integrated data services enable active data management, security, protection, governance, and sustainability. Additionally, our operational services support adaptive operations across infrastructure, applications, and teams. Together with our Hybrid Cloud products, these services enable customers to construct a seamless, intelligent data infrastructure across hybrid multi-cloud environments.
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RemovedMD&A
April 25, April 26, 2025 2024 Deferred revenue and financed unearned services revenue $4,536 $4,234
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RemovedMD&A
Fiscal Year 2025 2024 2023 Arrow Electronics, Inc. 21% 22% 24% TD Synnex Corporation (previously presented as Tech Data Corporation) 24% 22% 21%
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RemovedMD&A
In prior years, we presented the hardware and software components of our GAAP product revenues to illustrate the significance and value of the Company’s software. Because our revenue recognition policy under GAAP defines a configured storage system, inclusive of the operating system software essential to its functionality, as a single performance obligation, hardware and software components of our product revenues are considered non-GAAP measures. Effective in fiscal 2025, we are no longer presenting the non-GAAP hardware and software components of our product revenues, as management no longer considers them to be key financial measures. Our current strategy is expected to deliver investor value through growth in total revenues, including product revenues, while maintaining operational discipline to drive earnings leverage. While software continues to be the primary value driver of our products, NetApp is primarily focused on driving growth in total product revenues, through the sale of configured storage systems comprised of both hardware and software, with less focus on the pricing of each component. Additionally, we are considering potential opportunities to simplify pricing for certain products in the future, which may eliminate the existence of separate prices for hardware and software components and/or impact our ability to allocate between them.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedMD&A
reflecting higher operating performance against goals. The increase was partially offset by lower salaries expense, reflecting a decrease in average headcount of 7%.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedMD&A
We incurred $5 million, $10 million and $21 million of acquisition-related expenses, primarily consisting of legal and consulting fees, in fiscal 2025, fiscal 2024 and fiscal 2023, respectively, associated with our acquisitions and subsequent integrations.
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RemovedMD&A
Interest expense decreased in fiscal 2024 compared to fiscal 2023 due to the extinguishment of certain senior notes in the second quarter of fiscal 2023.
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RemovedMD&A
Other, net for fiscal 2023 includes $22 million of other income for non-refundable, up-front payments from customers in Russia for support contracts, which we were not able to fulfill due to imposed sanctions and for which we have no remaining legal obligation to perform. Other, net for fiscal 2023 also includes a $32 million gain recognized on our sale of a minority equity interest in a privately held company for proceeds of $59 million. The remaining difference in Other, net for fiscal 2024 compared to fiscal 2023 is primarily due to differences in foreign exchange gains and losses.
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedMD&A
Our provision (benefit) for income taxes and effective tax rates were as follows:
Read it in 10-K 2025-06-09 at sec.gov ↗
RemovedMD&A
During fiscal 2023, we completed an intra-entity asset transfer of certain IP to our international headquarters (the “IP Transfer”). The transaction resulted in a step-up of tax-deductible basis in the transferred assets, and accordingly, created a temporary difference where the tax basis exceeded the financial statement basis of such intangible assets, which resulted in the recognition of a discrete tax benefit and related deferred tax asset of $524 million during the second quarter of fiscal 2023. Management applied significant judgment when determining the fair value of the IP, which serves as the tax basis of the deferred tax asset. With the assistance of third-party valuation specialists, the fair value of the IP was determined principally based on the present value of projected cash flows related to the IP which reflects management’s assumptions regarding projected revenues, earnings before interest and taxes, and a discount rate. The tax-deductible amortization related to the transferred IP rights will be recognized in future periods and any amortization that is unused in a particular year can be carried forward indefinitely. The deferred tax asset and the tax benefit were measured based on the enacted tax rates expected to apply in the years the asset is expected to be realized. We expect to realize the deferred tax asset resulting from the IP Transfer and will assess the realizability of the deferred tax asset quarterly. Any Organisation for Economic Co-operation and Development’s actions adopted internationally could impact our financial results in future periods. The impact of the transaction to net cash provided by or used in operating, investing and financing activities on the consolidated statements of cash flows during fiscal 2023 was not material.
Read it in 10-K 2025-06-09 at sec.gov ↗
RewordedMD&A
The decrease in cost of Public Cloud revenues and improved gross margins was These fluctuations were due to cost optimization that included a decrease in fixed assets depreciation depreciation, and the mix of offerings provided. provided which was impacted by the sale of our Spot by NetApp business in the fourth quarter of fiscal 2025.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
During The differences in the fourth quarter of effective tax rates between fiscal 2025, years were primarily due to fiscal 2025 benefits related to the IRS Internal Revenue Service (“IRS”) substantially completed completing the examination of our fiscal 2018 and fiscal 2019 U.S. income tax returns, and we recognized which resulted in the recognition of a tax benefit of $36 million attributable to the release of related tax reserves.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
Hybrid Cloud professional and other services gross margins increased by approximately five percentage points in fiscal 2026 compared to fiscal 2025 and by two percentage points in fiscal 2025 compared to fiscal 2024 while they decreased by approximately ten percentage points in fiscal 2024 compared to fiscal 2023 primarily due to the mix of services provided. provided in each year.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
Professional and other services revenues increased in fiscal 2026 and fiscal 2025 compared to fiscal 2024 the respective prior years primarily due to an increase in reflecting higher revenues from our Keystone storage-as-a-service offering and remained relatively flat in fiscal 2024 compared to fiscal 2023. Storage-as-a-Service offering.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
Support revenues increased marginally in fiscal 2025 2026 compared to fiscal 2024 and increased in fiscal 2024 compared 2025 primarily due to fiscal 2023 as a result of a higher aggregate support contract value for our installed base. base and the favorable impact from foreign exchange rate fluctuations.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
As of April 25, 2025 24, 2026 and April 26, 2024, $2.5 25, 2025, $2.3 billion and $2.1 $2.5 billion, respectively, of cash, cash equivalents and short-term investments were held by various foreign subsidiaries and were generally based in U.S. dollar-denominated holdings, while $1.3 billion and $1.2 billion, respectively, were was available in the U.S. U.S as of the end of each fiscal year.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
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.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
Total product revenues increased in fiscal 2025 2026 compared to fiscal 2024, 2025, primarily due to higher sales of C-Series all-flash array systems, partially offset by a decrease in sales of hybrid systems. systems and the favorable impact from foreign exchange rate fluctuations.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
Fiscal Year Ended (In millions) April 24, 2026 April 25, 2025 2024 Net cash provided by operating activities $ 2,067 $ 1,506 $ 1,685 Net cash (used in) provided by (used in) investing activities (595) 147 (735) Net cash used in financing activities (2,147) (828) (1,344) Effect of exchange rate changes on cash, cash equivalents and restricted cash 1 15 (19) Net change in cash, cash equivalents and restricted cash $ (674) $ 840 $ (413)
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
Unallocated cost of services revenues decreased in fiscal 2026 and fiscal 2025 compared to fiscal 2024 the respective prior years due to the derecognition of certain intangible assets as a result of resulting from the sale of our cloud optimization and management software business known as Spot by NetApp business during the fourth quarter of fiscal 2025.
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
Sales and marketing 27 28 29 29 Research and development 14 15 16 15 General and administrative 5 5 4 5 Restructuring charges — 1 1 2 Acquisition-related expense — — — Total operating expenses 47 50 51 50 Income from operations 24 20 19 16 Other (expense) income, net 1 — 1 1 Income before income taxes 24 21 20 17 Provision (benefit) for income taxes 5 3 4 (3) Net income 18% 18% 16% 20%
Read it in 10-K 2026-06-05 at sec.gov ↗
RewordedMD&A
Sales and marketing, research and development, and general and administrative expenses for fiscal 2024 2026 totaled $3,165 $3,204 million, or 50% 46% of net revenues, representing an increase a decrease of two three percentage points compared to fiscal 2023. 2025, primarily due to an increase in net revenues.
Read it in 10-K 2026-06-05 at sec.gov ↗
Quiet changesMD&A
Product revenues as a percentage of net revenues increased by approximately one percentage point in fiscal 2025 compared to fiscal 2024, while services revenues as a percentage of net revenues decreased by approximately one percentage point.
Read it in 10-K 2026-06-05 at sec.gov ↗
Quiet changesMD&A
Hybrid Cloud product gross margins decreased by approximately two percentage points in fiscal 2025 compared to fiscal 2024 primarily due to higher component costs.
Read it in 10-K 2026-06-05 at sec.gov ↗
