NetApp, Inc. stock research
FY2026 Q4
NetApp (NTAP) Gross Margin & Quarterly History
Explore NetApp, Inc. (NTAP) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Apr 24, 2026 · FY2026 Q4
Revenue and gross profit both increased compared to the immediately preceding quarter and the same quarter one year earlier, while cost of revenue also rose. Gross margin weakened slightly from the prior quarter but improved relative to the year-ago period.
- The strongest observable margin driver is the relationship between gross profit and revenue, as gross profit grew at a pace that outpaced the increase in cost of revenue compared to the year-ago quarter, leading to a higher gross margin.
- Compared to the immediately preceding quarter, gross margin was slightly lower despite higher revenue and gross profit, as cost of revenue increased at a faster rate. Compared to the same quarter one year earlier, gross margin was higher, with gross profit growing more than cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
70.1%
Gross profit
$1.4B
Revenue
$1.9B
Cost of revenue
$583.0M
Quarter-over-quarter change
-0.5 pts
Year-over-year change
+1.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jul 25, 2025 | $1.6B | $1.1B | $461.0M | 70.4% |
| Oct 24, 2025 | $1.7B | $1.2B | $478.0M | 72.0% |
| Jan 23, 2026 | $1.7B | $1.2B | $504.0M | 70.6% |
| Apr 24, 2026 | $1.9B | $1.4B | $583.0M | 70.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 23, 2026
-0.5 pts
Year-over-year change
Apr 25, 2025
+1.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between gross profit and revenue, as gross profit grew at a pace that outpaced the increase in cost of revenue compared to the year-ago quarter, leading to a higher gross margin.
Compared to the immediately preceding quarter, gross margin was slightly lower despite higher revenue and gross profit, as cost of revenue increased at a faster rate. Compared to the same quarter one year earlier, gross margin was higher, with gross profit growing more than cost of revenue.
Monitor the trend in cost of revenue relative to revenue, as its faster growth in the current quarter compared to the prior quarter contributed to the slight gross margin decline.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| NetApp, Inc. (NTAP) | 70.1% |