NetApp Inc. published the edited transcript of its third-quarter fiscal year 2026 earnings call (NTAP.OQ - Q3 2026 NetApp Inc Earnings Call), held on Feb. 26, 2026. The call was attended by CEO George Kurian, CFO Wissam Jabre, and Vice President of Investor Relations and Communications Kris Newton, along with analysts including Param Singh (Oppenheimer), Katherine Murphy (Goldman Sachs), Samik Chatterjee (JPMorgan), Aaron Rakers (Wells Fargo), Wamsi Mohan (Bank of America), and others. NetApp reported Q3 revenue of $1.71 billion, up 4% year over year (up 6% excluding the divested Spot business), and non-GAAP EPS of $2.12, up 11%. Kurian said the company is seeing accelerating momentum driven by AI-related customer demand, large-deal activity, and continued growth in all-flash and cloud services, while also navigating inflation in memory prices. “We delivered another strong quarter,” Kurian said, adding NetApp is “on track to deliver our strongest year yet.” Management highlighted AI product updates and early traction for new offerings, including AFX, a disaggregated storage system “purpose-built for AI,” and the AI Data Engine, which “helps to improve time-to-value in AI projects.” Kurian said AFX showed “strong early momentum…in its first quarter of shipment,” and noted AI customer activity increased, with “approximately 300 customers” selecting NetApp in Q3 to prepare data for AI. He also described the AI workload mix: “Roughly 60% were still in the data prep… and 40% were in production training or production inferencing use cases.” All-flash array revenue reached a record $1.0 billion, up 11% year over year, while Keystone Storage-as-a-Service revenue grew about 65%. Public Cloud revenue was $174 million; excluding Spot, it grew 17% year over year, driven by first-party and marketplace services. Jabre pointed to profitability gains, saying results reflected “strong execution…along with a continued focus on operational discipline, resulting in record-highs in both quarterly operating income and EPS.” The company also discussed pricing actions to offset component cost inflation. Kurian said, “We raised prices at the start of this quarter,” while Jabre emphasized NetApp’s flexibility via pricing, supplier diversification, and portfolio options, including hybrid-flash arrays for price-sensitive workloads. For outlook, NetApp guided Q4 revenue to $1.87 billion plus or minus $75 million and EPS of $2.21 to $2.31. Full-year fiscal 2026 revenue guidance was raised to $6.772 billion to $6.922 billion, with EPS expected at $7.92 to $8.02. The full transcript can be accessed through the link below.

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