NetApp, Inc. reported a net revenue of $6.57 billion for the fiscal year ending April 25, 2025, marking a 5% increase from $6.27 billion in the previous fiscal year. The company's gross profit also rose to $4.61 billion, with a gross margin of 70%, slightly down from 71% in fiscal 2024. Net income for the year was $1.19 billion, or $5.67 per diluted share, compared to $986 million, or $4.63 per diluted share, in the prior year. The increase in revenue was attributed to growth in both product and services revenues, with product revenues rising by 7% to $3.04 billion.
In terms of operational changes, NetApp executed several restructuring plans during fiscal 2025, incurring expenses of $83 million primarily related to employee severance. The company also completed the sale of its cloud optimization and management software business, Spot by NetApp, to Flexera for $70 million in cash, with potential additional payments based on performance metrics. This divestiture resulted in a derecognition of $36 million in goodwill and $34 million in purchased intangible assets.
NetApp's customer base remains diverse, with significant contributions from major distributors. Arrow Electronics and TD Synnex accounted for 21% and 24% of net revenues, respectively. The company reported that 78% of its net revenues were generated through indirect channels. As of April 25, 2025, NetApp employed approximately 11,700 individuals, a slight decrease from the previous year, reflecting ongoing efforts to streamline operations.
Looking ahead, NetApp anticipates continued growth driven by its hybrid and public cloud segments, which are increasingly integrated with artificial intelligence capabilities. The company has authorized a stock repurchase program totaling $17.1 billion, with $1.1 billion added in May 2025, and plans to maintain its dividend of $0.52 per share. The outlook remains cautiously optimistic, with management emphasizing the importance of adapting to market conditions and customer needs in a rapidly evolving technology landscape.
About NetApp, Inc.
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