Explain this page
Arphra AIPlain-English read on NetApp, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $5.74B | $6.32B | $6.36B | $6.27B | $6.57B | $7.44B | $7.86B | $8.1B |
| Cost of revenue | $1.93B | $2.1B | $2.15B | $1.84B | $1.96B | $2.3B | $2.51B | $2.53B |
| Gross profit | $3.82B | $4.22B | $4.21B | $4.43B | $4.61B | $5.25B | $5.38B | $5.62B |
| Gross margin | +66.42% | +66.79% | +66.16% | +70.72% | +70.19% | +70.50% | +68.36% | +69.41% |
| Operating | ||||||||
| Research & development | $881M | $881M | $956M | $1.03B | $1.01B | $1.13B | $1.26B | $1.3B |
| Selling, general & administrative | $2B | $2.14B | $2.09B | $2.14B | $2.18B | $2.42B | $2.7B | $2.7B |
| Total operating expenses | $2.78B | $3.06B | $3.19B | $3.22B | $3.28B | $3.69B | $3.95B | $4.08B |
| Operating income | $1.03B | $1.16B | $1.02B | $1.21B | $1.34B | $1.4B | $1.49B | $1.49B |
| Operating margin | +17.95% | +18.31% | +16.00% | +19.37% | +20.34% | +18.85% | +18.91% | +18.42% |
| EBITDA | $1.3B | $1.36B | $1.43B | $1.58B | $1.69B | $1.81B | $1.88B | $2.03B |
| EBIT | $1.04B | $1.17B | $1.13B | $1.33B | $1.45B | $1.49B | $1.57B | $1.6B |
| Below the line | ||||||||
| Interest expense | $74M | $73M | $67M | $64M | $64M | $77.55M | $77.79M | $79.91M |
| Interest income | $9M | $7M | $69M | $112M | $112M | $110.29M | $121.11M | $125.98M |
| Other income / expense | -$69M | -$62M | $48M | $49M | $46M | — | — | — |
| Pre-tax income | $962M | $1.1B | $1.07B | $1.26B | $1.38B | $1.48B | $1.51B | $1.59B |
| Income tax expense | $232M | $158M | -$208M | $277M | $197M | $265.09M | $267.2M | $282.39M |
| Earnings | ||||||||
| Net income | $730M | $937M | $1.27B | $986M | $1.19B | $1.37B | $1.38B | $1.48B |
| Net income · continuing ops | $730M | $937M | $1.27B | $986M | $1.19B | $1.34B | $1.42B | $1.47B |
| Net margin | +12.71% | +14.83% | +20.03% | +15.73% | +18.05% | +18.38% | +17.55% | +18.25% |
| EPS · basic | $3.29 | $4.20 | $5.87 | $4.74 | $5.81 | $9.11 | $9.89 | $10.15 |
| EPS · diluted | $3.23 | $4.09 | $5.79 | $4.63 | $5.67 | $8.82 | $9.78 | $9.97 |
| EPS · low estimate | — | — | — | — | — | $8.20 | $9.35 | $9.67 |
| EPS · high estimate | — | — | — | — | — | $9.22 | $10.30 | $10.23 |
| Shares · basic | 222M | 223M | 217M | 208M | 204M | 202.96M | 203.48M | 205.19M |
| Shares · diluted | 226M | 229M | 220M | 213M | 209M | 209.33M | 210.33M | 208.83M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 13 | 12 | 2 |
| Analysts (EPS) | — | — | — | — | — | 11 | 10 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
Full income statement, balance sheet, and cash-flow history is included with Pro.
Upgrade to Pro