NetApp, Inc.

NetApp, Inc. is an American data infrastructure company that designs, manufactures, and sells enterprise-class storage systems, data management software, and cloud data services, generating $6.93 billion in revenue in fiscal 2026. Founded in 1992, the company's flagship ONTAP data management software underpins on-premises all-flash and hybrid-flash arrays and runs natively inside Amazon Web Services, Microsoft Azure, and Google Cloud — a cloud integration that no other enterprise storage vendor replicates at comparable scale.

This is a story about a three-decade-old storage company that has found a second act at the intersection of enterprise AI adoption and hybrid cloud infrastructure. NetApp exited FY2026 with record revenue, gross profit, operating income, and free cash flow, driven by an accelerating all-flash business ($4.2 billion, up 11%) and cloud storage services that grew roughly 30%. The market prices it at 24 times trailing GAAP earnings and roughly 17 times EBITDA, a multiple that implies steady but unexceptional growth — yet management guided FY2027 revenue growth of 8% at the midpoint, the fastest pace in years. The file turns on a single question: whether AI-driven demand for intelligent data infrastructure is durable enough to sustain and extend this acceleration, or whether a cyclical component-cost and pull-forward dynamic is wearing a secular costume.

NetApp has outlasted most of its peers from the 1990s storage era. The question is whether the AI moment extends the runway or merely brings forward demand that the next macro downturn will claw back.