Research · Sep 3, 2026
[NTAP] NetApp Thesis 2026: Cloud ARR Re-Accelerates as ONTAP Embeds in Hyperscaler Platforms
NetApp delivered its strongest year in the hybrid cloud repositioning with FY2025 revenue of ~$6.55B and non-GAAP EPS of ~$7.65, led by cloud ARR re-accelerating to ~$635M (+25%) as Google Cloud NetApp Volumes went GA and Azure ANF adoption expanded. All-flash revenue grew ~15% to ~$3.8B on AI workload storage demand. The ONTAP first-party cloud partnerships with all three major hyperscalers create a structural moat that pure-play all-flash vendors cannot replicate. FY2026 thesis test is cloud ARR sustaining 20%+ growth toward $1B.