NetApp, Inc. (NTAP) Cash Flow Statement
Where NTAP’s cash came from and went, FY2026
April 30, 2026 · U.S. dollars- Cash from operations
- $2.07B +37.3% vs FY2025
- Capital expenditures
- $198.0M 2.9% of revenue
- Free cash flow
- $1.87B 27.0% margin
- Returned to shareholders
- $1.36B 73% of free cash flow
- Change in cash
- −$673.0M cash at year-end $2.08B
Drawn to scale: where the cash came from and how it was used. Hover for values.
NTAP operating cash flow, capex and free cash flow
NTAP cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $986.0MFY2017 | $2.07BFY2026 | +8.6%/yr | |
| Capital expenditures | $175.0MFY2017 | $198.0MFY2026 | +1.4%/yr | |
| Free cash flow | $811.0MFY2017 | $1.87BFY2026 | +9.7%/yr | |
| Free cash flow margin | 14.7%FY2017 | 27.0%FY2026 | +12.3 pts | |
| Operating cash flow / net income | 1.94FY2017 | 1.62FY2026 | −0.32 | |
| Stock-based compensation | $195.0MFY2017 | $382.0MFY2026 | +7.8%/yr | |
| Dividends paid | $208.0MFY2017 | $413.0MFY2026 | +7.9%/yr | |
| Share buybacks (net) | $705.0MFY2017 | $950.0MFY2026 | +3.4%/yr | |
| Capex / revenue | 3.2%FY2017 | 2.9%FY2026 | −0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NTAP cash flow by activity
NTAP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NTAP cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.28B | $1.19B | $986.0M | $1.27B | $937.0M | $730.0M | $819.0M | $1.17B | $76.0M | $509.0M |
| Depreciation & amortization | $200.0M | $243.0M | $255.0M | $248.0M | $194.0M | $207.0M | $193.0M | $197.0M | $198.0M | $226.0M |
| Stock-based compensation | $382.0M | $386.0M | $357.0M | $312.0M | $245.0M | $197.0M | $153.0M | $158.0M | $161.0M | $195.0M |
| Change in working capital | −$23.0M | −$250.0M | $2.0M | −$106.0M | −$22.0M | $285.0M | −$102.0M | −$109.0M | $1.01B | −$18.0M |
| Other non-cash items | $232.0M | −$59.0M | $85.0M | −$621.0M | −$143.0M | −$86.0M | −$3.0M | −$74.0M | $32.0M | $74.0M |
| Cash from operating activities | $2.07B | $1.51B | $1.69B | $1.11B | $1.21B | $1.33B | $1.06B | $1.34B | $1.48B | $986.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$198.0M | −$168.0M | −$155.0M | −$239.0M | −$226.0M | −$162.0M | −$124.0M | −$173.0M | −$145.0M | −$175.0M |
| Investments (net) | −$412.0M | $147.0M | −$735.0M | −$1.39B | $45.0M | $160.0M | $1.37B | $876.0M | −$10.0M | −$43.0M |
| Acquisitions & other investing | $15.0M | $168.0M | $155.0M | $239.0M | −$380.0M | $23.0M | $23.0M | $1.0M | $134.0M | −$2.0M |
| Cash from investing activities | −$595.0M | $147.0M | −$735.0M | −$1.39B | −$561.0M | $21.0M | $1.27B | $704.0M | −$21.0M | −$220.0M |
| Financing activities | ||||||||||
| Dividends paid | −$413.0M | −$424.0M | −$416.0M | −$432.0M | −$446.0M | −$427.0M | −$439.0M | −$403.0M | −$214.0M | −$208.0M |
| Share repurchases & issuance (net) | −$950.0M | −$1.15B | −$900.0M | −$850.0M | −$600.0M | −$125.0M | −$1.41B | −$2.11B | −$794.0M | −$705.0M |
| Net borrowing (repayment) | −$750.0M | $840.0M | $0 | −$255.0M | −$2.0M | $940.0M | −$133.0M | −$142.0M | −$76.0M | −$358.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$34.0M | −$94.0M | −$28.0M | $24.0M | $31.0M | $56.0M | $23.0M | $25.0M | $98.0M | $92.0M |
| Cash from financing activities | −$2.15B | −$828.0M | −$1.34B | −$1.51B | −$1.02B | $444.0M | −$1.96B | −$2.63B | −$986.0M | −$1.18B |
| Summary | ||||||||||
| Net change in cash | −$673.0M | $840.0M | −$413.0M | −$1.80B | −$416.0M | $1.87B | $335.0M | −$616.0M | $497.0M | −$424.0M |
| Cash at end of period | $2.08B | $2.75B | $1.90B | $2.32B | $4.12B | $4.54B | $2.67B | $2.33B | $2.94B | $2.44B |
| Free cash flow | $1.87B | $1.34B | $1.53B | $868.0M | $985.0M | $1.17B | $936.0M | $1.17B | $1.33B | $811.0M |
| Free cash flow margin | 27.0% | 20.4% | 24.4% | 13.6% | 15.6% | 20.4% | 17.3% | 19.0% | 22.6% | 14.7% |
| Capex / revenue | 2.9% | 2.6% | 2.5% | 3.8% | 3.6% | 2.8% | 2.3% | 2.8% | 2.5% | 3.2% |
| Operating cash flow / net income | 1.62 | 1.27 | 1.71 | 0.87 | 1.29 | 1.83 | 1.29 | 1.15 | 19.45 | 1.94 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $375.0M | $404.0M | $334.0M | $305.0M | $233.0M | $340.0M | $299.0M | $299.0M | $248.0M | $291.0M | $313.0M | $233.0M |
| Depreciation & amortization | $33.0M | $49.0M | $48.0M | $52.0M | $51.0M | $53.0M | $64.0M | $63.0M | $63.0M | $64.0M | $63.0M | $64.0M |
| Stock-based compensation | $98.0M | $100.0M | $97.0M | $102.0M | $83.0M | $95.0M | $103.0M | $103.0M | $85.0M | $88.0M | $89.0M | $93.0M |
| Change in working capital | $6.0M | $303.0M | −$185.0M | −$381.0M | $240.0M | $142.0M | $10.0M | −$373.0M | −$29.0M | $121.0M | −$34.0M | −$235.0M |
| Other non-cash items | −$9.0M | $94.0M | $23.0M | $49.0M | $66.0M | $45.0M | −$91.0M | $13.0M | −$26.0M | $49.0M | $53.0M | −$20.0M |
| Cash from operating activities | $503.0M | $950.0M | $317.0M | $127.0M | $673.0M | $675.0M | $385.0M | $105.0M | $341.0M | $613.0M | $484.0M | $135.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$102.0M | −$50.0M | −$46.0M | −$49.0M | −$53.0M | −$35.0M | −$47.0M | −$45.0M | −$41.0M | −$46.0M | −$36.0M | −$38.0M |
| Investments (net) | −$494.0M | −$130.0M | −$437.0M | $249.0M | −$181.0M | −$313.0M | −$53.0M | $564.0M | −$51.0M | −$297.0M | −$437.0M | $227.0M |
| Acquisitions & other investing | −$78.0M | $0 | $0 | $49.0M | $53.0M | $35.0M | $47.0M | $45.0M | $41.0M | $46.0M | $36.0M | $38.0M |
| Cash from investing activities | −$674.0M | −$180.0M | −$483.0M | $249.0M | −$181.0M | −$313.0M | −$53.0M | $564.0M | −$51.0M | −$297.0M | −$437.0M | $227.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$102.0M | −$103.0M | −$103.0M | −$103.0M | −$104.0M | −$105.0M | −$106.0M | −$106.0M | −$107.0M | −$104.0M | −$103.0M | −$103.0M |
| Share repurchases & issuance (net) | −$200.0M | −$200.0M | −$200.0M | −$250.0M | −$300.0M | −$250.0M | −$200.0M | −$300.0M | −$400.0M | −$100.0M | −$100.0M | −$300.0M |
| Net borrowing (repayment) | — | $0 | — | — | — | $1.24B | — | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$17.0M | −$25.0M | $24.0M | −$30.0M | −$753.0M | −$34.0M | $17.0M | −$436.0M | −$41.0M | −$20.0M | $25.0M | −$18.0M |
| Cash from financing activities | −$319.0M | −$328.0M | −$279.0M | −$383.0M | −$1.16B | $851.0M | −$289.0M | −$842.0M | −$548.0M | −$224.0M | −$178.0M | −$421.0M |
| Summary | ||||||||||||
| Net change in cash | −$496.0M | $440.0M | −$443.0M | −$12.0M | −$658.0M | $1.23B | $31.0M | −$172.0M | −$250.0M | $83.0M | −$115.0M | −$85.0M |
| Cash at end of period | $1.58B | $2.08B | $1.63B | $2.08B | $2.09B | $2.75B | $1.52B | $1.49B | $1.66B | $1.90B | $1.83B | $1.94B |
| Free cash flow | $401.0M | $900.0M | $271.0M | $78.0M | $620.0M | $640.0M | $338.0M | $60.0M | $300.0M | $567.0M | $448.0M | $97.0M |
| Free cash flow margin | 19.8% | 46.2% | 15.8% | 4.6% | 39.8% | 37.0% | 20.6% | 3.6% | 19.5% | 34.0% | 27.9% | 6.2% |
| Capex / revenue | 5.0% | 2.6% | 2.7% | 2.9% | 3.4% | 2.0% | 2.9% | 2.7% | 2.7% | 2.8% | 2.2% | 2.4% |
| Operating cash flow / net income | 1.34 | 2.35 | 0.95 | 0.42 | 2.89 | 1.99 | 1.29 | 0.35 | 1.38 | 2.11 | 1.55 | 0.58 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NTAP cash generation
In fiscal 2026 (ended April 30, 2026), NetApp generated $2.1 billion of cash from operations (up 37.3%) and spent $198.0 million on capital expenditures, leaving free cash flow of $1.9 billion, 27.0% of revenue. It returned $1.4 billion to shareholders through dividends ($413.0 million) and net share buybacks ($950.0 million). Cash and equivalents fell by $673.0 million over the year.
Related: NTAP income statement, NTAP balance sheet, NTAP dividend history. See the NTAP stock overview for the latest quote and news.
NTAP cash flow FAQ
What is NetApp's free cash flow?
NetApp's free cash flow was $1.9 billion in fiscal 2026: $2.1 billion of operating cash flow minus $198.0 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does NetApp generate from operations?
NetApp generated $2.1 billion of cash from operating activities in fiscal 2026, 1.62 times its net income of $1.3 billion.
How much does NetApp spend on capital expenditures?
NetApp spent $198.0 million on capital expenditures in fiscal 2026, 2.9% of revenue, compared with $168.0 million the year before.
How much stock does NetApp buy back?
NetApp spent $950.0 million on net share repurchases in fiscal 2026.
How much does NetApp pay in dividends?
NetApp paid $413.0 million in dividends in fiscal 2026, 22.1% of free cash flow.