SAN JOSE, Calif. — NetApp Inc. shares rose 12.44% to close at $139.36 on May 22, 2026, on the Nasdaq after the data infrastructure company reported fiscal fourth-quarter results that exceeded analyst expectations and highlighted strong demand for AI-optimized storage solutions.
The stock traded in a range between $123.50 and $140.20 during the session with significantly elevated volume. In after-hours trading, shares were little changed around $139.35.
Fiscal Q4 2026 Results
NetApp reported fiscal fourth-quarter revenue of $1.71 billion, up 8% year-over-year. The company posted non-GAAP earnings per share of $2.15, beating consensus estimates. GAAP net income was $312 million, or $1.48 per share.
For the full fiscal year 2026, NetApp generated revenue of $6.76 billion. The company ended the year with strong cash flow from operations and continued to return capital to shareholders through dividends and share repurchases.
AI and Cloud Momentum
NetApp highlighted growth in its AI-related offerings, particularly with its Intelligent Data Infrastructure platform. The company noted increasing adoption of its solutions for AI training, inference and data management by hyperscalers and enterprise customers.
Public cloud revenue grew 28% year-over-year in the quarter. NetApp also reported strong performance in its hybrid cloud storage portfolio, with ONTAP software and all-flash systems seeing increased demand.
Analyst Reactions
Several firms raised price targets following the earnings release. Piper Sandler increased its target to $165 from $150. Barclays raised its target to $155. Consensus ratings remain generally positive with an average 12-month price target around $148 to $160.
Strategic Position
NetApp provides data management and storage solutions for hybrid and multi-cloud environments. The company has positioned itself as a key player in the AI infrastructure space, offering high-performance storage systems capable of handling large-scale data workloads required for generative AI applications.
The company maintains partnerships with major cloud providers including Amazon Web Services, Microsoft Azure and Google Cloud. NetApp has expanded its software-defined storage capabilities and continues to invest in research and development for AI-accelerated workloads.
Market Context
NetApp operates in a competitive data storage market that has seen increased demand due to AI adoption across industries. The company faces competition from Pure Storage, Dell Technologies and cloud-native solutions. Global data generation continues to grow rapidly, driving investment in storage infrastructure.
Shares of NetApp have shown volatility in 2026 but have benefited from sector-wide interest in companies supporting AI infrastructure. The stock has traded in a 52-week range between approximately $95 and $148. Market capitalization stood near $29 billion following the May 22 close.
Outlook
NetApp provided fiscal first-quarter 2027 guidance with revenue expected between $1.68 billion and $1.73 billion. The company maintained its full-year fiscal 2027 revenue outlook in the range of $7.1 billion to $7.3 billion. Management cited confidence in continued AI-driven demand.
The company will report further details during its earnings conference call. Analysts will monitor gross margin trends, cloud revenue growth and execution on AI-related opportunities in upcoming quarters.
Dividend and Capital Returns
NetApp declared a quarterly dividend of $0.52 per share, payable on July 23, 2026, to shareholders of record on July 3. The company has consistently returned capital through dividends and buybacks while investing in growth initiatives.
Broader Industry Trends
Demand for high-performance storage has accelerated with the expansion of AI training clusters and enterprise data platforms. NetApp’s focus on unified storage architectures that work across on-premises and cloud environments has positioned it to benefit from hybrid IT strategies.
