Group 1: Elastic N.V. Performance - Elastic reported adjusted earnings of 47 cents per share, exceeding market estimates of 37 cents per share [1] - The company's sales reached $388.43 million, surpassing expectations of $380.36 million [1] - For the first quarter, Elastic anticipates adjusted EPS of 41 to 43 cents on sales between $396.00 million and $398.00 million [2] Group 2: Market Reactions - Elastic shares fell 9.7% to $83.23 in pre-market trading following the earnings report [2] - The Gap, Inc. saw a decline of 13.7% to $24.10 after reporting first-quarter results and warning of potential tariff costs of $250 million to $300 million [5] - The Cooper Companies, Inc. shares dropped 10% to $72.00 after second-quarter results [5] - Regeneron Pharmaceuticals, Inc. shares fell 8.8% to $552.00 despite meeting primary endpoints in one study [5] - Newsmax, Inc. declined 8.2% to $20.49 after filing for resale of up to 121 million shares [5] - IonQ, Inc. shares decreased by 7.4% to $40.01 [5] - American Eagle Outfitters, Inc. fell 7.2% to $10.38 after reporting disappointing first-quarter results [5] - Venu Holding Corporation dipped 6.1% to $12.10 after a previous gain [5] - NetApp, Inc. shares declined 5.2% to $94.00 following soft first-quarter guidance [5]

Financial Data and Key Metrics Changes - Record revenue for Q4 and fiscal year 2025 was $1,730 million, up 4% year over year and up 6% sequentially [21] - Q4 billings were $2,030 million, up 12% year over year, marking the sixth consecutive quarter of year-over-year revenue and billings growth [21] - Total revenue for fiscal year 2025 was $6,570 million, up 5% year over year, with billings at $6,780 million, up 8% year over year [27] - Q4 operating margin was 28.6%, up 50 basis points year over year, representing the highest for Q4 in the company's history [26] - EPS for Q4 was $1.93, up 7% year over year, driven by lower operating expenses and effective tax rate [26] Business Line Data and Key Metrics Changes - Hybrid cloud revenue for Q4 was $1,570 million, up 3% year over year [22] - Product revenue was $845 million, up 5% year over year, while support revenue was flat at $625 million [23] - Public cloud revenue was $164 million, up 8% year over year; excluding the divested SPOT business, it grew 22% year over year [23][29] - First-party and marketplace cloud storage services grew 44% year over year in Q4, comprising roughly 75% of public cloud segment revenue [12][23] Market Data and Key Metrics Changes - All flash array annualized revenue run rate grew 14% year over year to a record $4,100 million in Q4 [9] - The company gained almost 300 basis points of all flash market share in calendar 2024, more than any other vendor [10] - Public cloud revenue growth was 22% year over year in Q4, excluding the divested SPOT business, indicating strong underlying growth [50] Company Strategy and Development Direction - The company refreshed its entire systems portfolio and sharpened the focus on cloud services to lead in the enterprise AI market [7] - The strategy emphasizes investments in AI and data infrastructure modernization, cloud transformation, and cyber resilience [18][29] - The company plans to make prudent investments in R&D and sales capacity to drive ongoing innovation and capture additional market share [18] Management's Comments on Operating Environment and Future Outlook - The global macroeconomic outlook shows mixed signals with a general slowdown in growth and lingering inflation concerns [17] - The company expects some increased spending caution and ongoing friction in the US public sector and EMEA [17] - Management remains confident in the company's ability to capitalize on significant opportunities in the enterprise AI market [18] Other Important Information - The company exited fiscal year 2025 with $4,540 million in deferred revenue, an increase of 7% year over year [24] - Operating cash flow was $1,510 million, and free cash flow was $1,340 million, both metrics down due to changes in working capital [28] - The company announced an increase in share repurchase authorization by $1,100 million [27] Q&A Session Summary Question: Guidance for Q1 and full year - Management acknowledged Q1 guidance appears light but emphasized strong momentum and large deals in the pipeline for revenue and EPS growth throughout the year [36][39] Question: Execution and timing of deals - Management noted strong Q4 performance and addressed concerns about political instability and macroeconomic factors affecting customer spending [45][46] Question: AI infrastructure deals - Management confirmed ongoing work with large cloud and enterprise providers on data modernization transactions, contributing to FY '26 outlook [55][56] Question: Public cloud revenue performance - Public cloud revenue in Q4, excluding SPOT, was up 22% year on year, with expectations for continued acceleration in FY '26 [50][51] Question: Product gross margins outlook - Management expects product gross margins to improve gradually throughout the fiscal year, with Q1 margins anticipated to be flattish [41][75] Question: Public sector exposure - US public sector accounts for low teens percentage of business, with federal making up 75% to 80% of that, and management is optimistic about upcoming spending bills [104]

Financial Data and Key Metrics Changes - Record revenue for Q4 FY 2025 was $1,730 million, up 4% year over year and up 6% sequentially [20] - Q4 billings were $2,030 million, up 12% year over year, marking the sixth consecutive quarter of year-over-year growth [20] - Total revenue for FY 2025 was $6,570 million, up 5% year over year, with billings at $6,780 million, up 8% year over year [26] - Q4 operating margin was 28.6%, up 50 basis points year over year, representing the highest for Q4 in the company's history [24] - EPS for Q4 was $1.93, up 7% year over year, driven by lower operating expenses and an effective tax rate [24] Business Line Data and Key Metrics Changes - Hybrid cloud revenue for Q4 was $1,570 million, up 3% year over year [20] - Product revenue was $845 million, up 5% year over year, while support revenue was flat at $625 million [21] - Public cloud revenue was $164 million, up 8% year over year, and grew 22% year over year when excluding the recently divested SPOT business [21][28] - First-party and marketplace cloud storage services grew 44% year over year in Q4, comprising roughly 75% of public cloud segment revenue [11][12] Market Data and Key Metrics Changes - All flash array annualized revenue run rate grew 14% year over year to a record $4,100 million in Q4 [8] - The company gained almost 300 basis points of all flash market share in calendar 2024, more than any other vendor [9] - Public cloud revenue growth was driven by strong performance in first-party and marketplace services, which are expected to continue accelerating [47] Company Strategy and Development Direction - The company aims to lead in the enterprise AI market and has positioned itself to capitalize on the growth of all flash systems and public cloud services [6][7] - Focus on modernizing data infrastructure and enhancing cloud transformation to meet customer demands for AI readiness and operational efficiency [7][8] - Plans to make prudent investments in R&D and sales capacity to drive ongoing innovation and capture additional market share [17] Management's Comments on Operating Environment and Future Outlook - The global macroeconomic outlook shows mixed signals, with expectations of increased spending caution and ongoing friction in the US public sector and EMEA [16] - Management remains confident in the company's ability to deliver strong performance despite uncertainties, driven by alignment with key IT priorities [16][17] - The company expects FY 2026 total revenue to be in the range of $6,625 million to $6,875 million, reflecting a cautious outlook due to macroeconomic factors [28][29] Other Important Information - The company exited FY 2025 with $4,540 million in deferred revenue, an increase of 7% year over year [22] - Cash flow from operations was $675 million, and free cash flow was $640 million in Q4 [24] - The company announced an increase in share repurchase authorization by $1,100 million [26] Q&A Session Summary Question: Guidance for Q1 and full year - Management acknowledged Q1 guidance appears light but emphasized strong momentum and large deals in the pipeline for the year [35][38] Question: Execution and macro concerns - Management noted that while there are macro concerns, strong execution in Q4 and a robust pipeline provide confidence in growth [42][44] Question: Public cloud revenue performance - Public cloud revenue in Q4, excluding SPOT, was up 22% year over year, with expectations for continued acceleration in FY 2026 [47] Question: AI infrastructure deals - Management confirmed ongoing negotiations for sizable AI and data infrastructure modernization deals, contributing to FY 2026 outlook [53] Question: Product gross margins outlook - Management expects product gross margins to improve gradually throughout FY 2026, with Q1 margins expected to be flattish [65][70] Question: Public sector exposure - US public sector accounts for low teens percentage of business, with ongoing concerns about budget approvals impacting growth [100][116]

Group 1: Earnings Performance - NetApp reported quarterly earnings of $1.93 per share, exceeding the Zacks Consensus Estimate of $1.90 per share, and up from $1.80 per share a year ago, representing an earnings surprise of 1.58% [1] - The company posted revenues of $1.73 billion for the quarter ended April 2025, surpassing the Zacks Consensus Estimate by 0.21% and increasing from $1.67 billion year-over-year [2] Group 2: Market Performance and Outlook - NetApp shares have declined approximately 14.1% since the beginning of the year, while the S&P 500 has gained 0.1% [3] - The current consensus EPS estimate for the upcoming quarter is $1.68 on revenues of $1.59 billion, and for the current fiscal year, it is $7.75 on revenues of $6.83 billion [7] Group 3: Industry Context - The Computer-Storage Devices industry, to which NetApp belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, indicating potential challenges for stock performance [8]

网络及存储设备和服务贩卖为主的科技公司NetAPP第四财季净营收17.3亿美元，分析师预期17.2亿美 元。 NetAPP（NTAP）美股盘后跌5.98% 预计第一财季净营收14.6亿-16.1亿美元，分析师预期16.0亿美元。 预计2026财年净营收66.3亿-68.8亿美元。 ...

FY25 Performance Highlights - Total revenue reached $6.6 billion, a 5% year-over-year increase[45] - All Flash revenue amounted to $4.1 billion, demonstrating a 14% year-over-year growth[45] - Cloud Storage revenue experienced substantial growth, reaching $416 million, a 43% year-over-year increase[47] - Keystone TCV sales achieved $224 million, marking a 54% year-over-year growth[45] - The company's EPS reached $7.25, reflecting a 12% year-over-year increase[47] Q4 FY25 Financial Summary - Revenue for Q4 FY25 was $1.73 billion, a 3.8% year-over-year increase compared to the guidance of $1.65 billion - $1.80 billion[51] - Billings for Q4 FY25 reached $2.03 billion, a 12% year-over-year increase[51] - Non-GAAP gross margin was 69.5%, a decrease of 200 bps year-over-year[51] - Non-GAAP operating margin was 28.6%, an increase of 50 bps year-over-year[51] - Non-GAAP earnings per share (EPS) was $1.93, a 7.2% year-over-year increase compared to the guidance of $1.84 - $1.94[51]

Financial Performance - Fourth quarter net revenues reached $1.73 billion, a 4% increase year-over-year[1] - Fiscal year 2025 net revenues totaled $6.57 billion, reflecting a 5% year-over-year growth[1] - Billings for fiscal year 2025 amounted to $6.78 billion, an 8% increase year-over-year[3] - Net revenues for Q4 FY25 were $1,732 million, a 3.8% increase from $1,668 million in Q4 FY24[49] - Product revenues reached $845 million in Q4 FY25, up 4.8% from $806 million in Q4 FY24[52] - Net income for Q4 FY25 was $340 million, a 16.8% increase from $291 million in Q4 FY24[49] - Non-GAAP net income for FY2025 reached $1,516 million, up 10.3% from FY2024's $1,375 million[58] - Earnings per share for fiscal year 2025 were $5.67, up from $4.63 in fiscal year 2024[6] - Net income per share for Q4 FY25 was $1.65, compared to $1.37 in Q4 FY24, marking a 20.4% increase[62] Cash Flow and Shareholder Returns - The company plans to return $1.57 billion to stockholders through share repurchases and cash dividends in fiscal year 2025[3] - Free cash flow for Q4 FY25 was $640 million, which is 37.0% of net revenues[55] - The company repurchased $250 million of common stock in Q4 FY25, compared to $100 million in Q4 FY24[51] Assets and Liabilities - Total assets increased to $10,823 million as of April 25, 2025, compared to $9,887 million on April 26, 2024, reflecting a growth of approximately 9.4%[47] - Current assets rose to $5,851 million, up from $4,897 million, indicating an increase of about 19.4% year-over-year[47] - Total liabilities increased to $9,783 million, compared to $8,741 million, marking a growth of about 11.9%[47] - Long-term debt rose to $2,485 million from $1,992 million, reflecting an increase of approximately 24.8%[47] - The company reported a significant increase in accounts receivable, which grew to $1,246 million from $1,007 million, a rise of about 23.7%[47] - The total current liabilities increased to $4,662 million, up from $4,106 million, indicating a growth of approximately 13.5%[47] Operational Efficiency - Gross profit for Q4 FY25 was $1,193 million, compared to $1,176 million in Q4 FY24, reflecting a gross margin of 68.8%[49][52] - Non-GAAP income from operations for Q4 FY25 was $496 million, representing 28.6% of net revenues[53] - Total operating expenses for Q4 FY25 were $845 million, up from $810 million in Q4 FY24[49] - Research and development expenses for Q4 FY25 were $256 million, down from $271 million in Q4 FY24[60] - Sales and marketing expenses for FY2025 were $1,865 million, an increase of 2% from FY2024's $1,828 million[60] Future Projections - For Q1 FY 2026, net revenues are expected to be in the range of $1.455 billion to $1.605 billion[7] - Full FY 2026 net revenues are projected to be between $6.625 billion and $6.875 billion[8] - The company projects Q1 FY26 GAAP gross margin guidance of 70% - 71% and non-GAAP gross margin guidance of 71% - 72%[76] - For FY26, the company expects GAAP net income per share to be between $5.80 and $6.10, with non-GAAP net income per share guidance of $7.60 to $7.90[83] Strategic Focus - The company is focusing on driving growth in total product revenues through the sale of configured storage systems, emphasizing operational discipline to enhance earnings leverage[25] - NetApp's strategy includes potential simplification of pricing for certain products, which may impact the allocation between hardware and software components[26] - The company aims to maintain strong relationships with customers, partners, and suppliers while navigating global economic uncertainties and market conditions[1]

Company Overview - NetApp provides enterprise storage and data management software and hardware products and services, assisting enterprises in managing multi-cloud environments and adopting next-generation technologies like artificial intelligence (AI) and Kubernetes [11] Investment Ratings - NetApp is currently rated 3 (Hold) on the Zacks Rank, with a VGM Score of B, indicating a moderate investment outlook [12] - The company has a Momentum Style Score of A, with shares increasing by 11.1% over the past four weeks [12] Earnings Estimates - One analyst has revised NetApp's earnings estimate upwards for fiscal 2025, with the Zacks Consensus Estimate increasing by $0 to $7.23 per share [12] - NetApp boasts an average earnings surprise of 2.8%, suggesting a positive trend in earnings performance [12] Investment Considerations - With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, NetApp is recommended for investors' short lists [13]

Group 1 - NetApp is expected to announce its fiscal fourth-quarter earnings on May 29, 2025, with anticipated earnings of $1.90 per share and revenue of $1.72 billion, reflecting a 35% year-over-year increase in earnings and a 3% rise in sales compared to the previous year [1] - The company forecasts full-year 2025 revenue between $6.49 billion and $6.64 billion, with a non-GAAP operating margin of approximately 28%-28.5%, leading to an adjusted EPS expectation of $7.17 to $7.27 [2] - NetApp's current market capitalization is $20 billion, with past twelve months revenue recorded at $6.5 billion, operational profitability of $1.4 billion in operating profits, and a net income of $1.1 billion [2] Group 2 - Historical data indicates that NTAP stock has risen 63% of the time following earnings announcements, with a median one-day increase of 4.4% and a maximum observed jump of 18% [1][4] - Over the last five years, there have been 19 earnings data points for NTAP, with 12 positive and 7 negative one-day returns, resulting in positive returns approximately 63% of the time [5] - The correlation between short-term and medium-term returns post-earnings can provide a strategy for traders, particularly if the 1D and 5D returns demonstrate a strong correlation [4][5]

Core Viewpoint - NetApp, Inc. is expected to report its fourth-quarter fiscal 2025 earnings on May 29, with anticipated non-GAAP earnings per share between $1.84 and $1.94, and net revenues between $1.65 billion and $1.8 billion, reflecting a year-over-year increase [1][2] Financial Performance - The Zacks Consensus Estimate for earnings per share is $1.89, indicating a 5% rise from the previous year, while net revenues are estimated at $1.73 billion, implying a 3.4% increase from the prior year [1] - NetApp has beaten estimates in two of the last four quarters, with an average earnings surprise of 2.8% [2] Product and Market Dynamics - Strong demand for NetApp's modern all-flash arrays, particularly the C-series and ASA block-optimized flash, is expected to positively impact revenue [2] - The launch of new entry-level and midrange ASA systems is anticipated to enhance market penetration in the all-flash segment [3] - Keystone's storage-as-a-service offering has seen nearly 60% year-over-year revenue growth in the last reported quarter [3] Segment Performance - Hybrid Cloud revenues are estimated at $1.5 billion, reflecting a 2.2% increase from the previous year [4] - Public Cloud revenues are projected at $175.6 million, up 15.6% year-over-year, driven by a 40% increase in first-party and marketplace cloud storage services [5] Challenges and Outlook - The fiscal fourth-quarter outlook has been revised due to the Spot divestiture, a strong U.S. dollar, and global public sector weakness [6] - Uncertain macroeconomic conditions and cautious IT spending are expected to pose challenges [6]