NetApp (NTAP) 10-K risk factor changes: FY2025 vs FY2024

Our [removed: broad] [added: extensive] portfolio [removed: addresses] [added: integrates hybrid and multi-cloud environments, addressing key] customer [removed: priorities:] [added: priorities such as] modernizing legacy [removed: infrastructure, improving resiliency] [added: systems, enhancing resilience] against [removed: ransomware attacks,] [added: ransomware,] and [removed: building] [added: developing] scalable, high-performance data pipelines for artificial intelligence (AI) workloads.

[removed: With NetApp,] [added: NetApp empowers] customers [removed: can better leverage] [added: to harness] their data [removed: to accelerate] [added: for accelerated] innovation, [removed: improve] [added: improved] operations, and [removed: drive] competitive advantage.

Our unified data storage [removed: delivers] [added: solutions provide the] flexibility to [removed: our customers, enabling them to simply and] consistently [added: and easily] store any data type and [removed: power] [added: support] any workload.

As the only enterprise-grade storage service natively embedded in the world’s largest clouds, we power data across [added: Amazon] AWS, Microsoft Azure, and Google Cloud.

[removed: Finally,] [added: Additionally,] our [removed: CloudOps solutions enable] [added: operational services support] adaptive operations across infrastructure, applications, and teams.

Scalability and agility to maximize infrastructure and application [removed: scalability] [added: extensibility] and team responsiveness.

*Hybrid Cloud* [removed: offers] [added: provides] a unified data storage portfolio of storage management and infrastructure solutions that [removed: help] [added: helps] customers modernize their data centers.

[removed: With the power of] [added: By leveraging] on-premises, private cloud and public cloud [removed: capabilities to assist] [added: capabilities, we enable] customers [removed: in modernizing] [added: to modernize] applications with a single solution that supports file, block, and object [removed: storage, we deliver a data infrastructure solution for all environments and workloads.][added: storage.]

Our Hybrid Cloud portfolio [removed: supports] [added: accommodates both] structured and unstructured data with unified storage optimized for flash, disk, and cloud [removed: storage to handle] [added: storage, capable of handling] data-intensive workloads and applications.

Hybrid Cloud [removed: is composed of] [added: includes] software, hardware, and related support, [removed: as well as] [added: along with] professional and other services.

It can be used in NAS, SAN, [removed: object environments,] [added: object,] and [added: container environments, as well as] software-defined storage (SDS) situations.

Data integrity, [removed: safety,] [added: security,] and business continuity are at the heart of any company’s data center.

NetApp SnapMirror Data Replication software [added: can replicate data at high speeds across environments.]

NetApp All-Flash FAS (AFF A-Series) is a scale-out platform built for virtualized [added: and containerized] environments, combining low-latency performance via [added: performance-optimized] flash [removed: memory (also known as a solid-state storage disk)] [added: solid state drives] with best-in-class data management, built-in efficiencies, integrated data protection, multiprotocol support, and nondisruptive [removed: operations; cloud and on-premises.][added: operations.]

NetApp All-Flash FAS with capacity flash (AFF C-Series) provides customers [removed: capacity] [added: with capacity-optimized] flash [added: solid state drives which balance] performance and [removed: affordability, so that customers do not need to make compromises on price or performance.][added: affordability.]

ASA arrays are also powered by NetApp ONTAP but optimized [removed: simply] [added: and simplified] for SAN workloads.

NetApp Fabric Attached Storage (FAS) series are [removed: high-volume,] high-capacity data storage devices powered by NetApp ONTAP.

This portfolio includes cloud [removed: storage] [added: storage, data services] and [removed: CloudOps] [added: operational] services.

NetApp’s [removed: CloudOps solutions] [added: services] leverage AI to maximize productivity across infrastructure and applications, boost team productivity, and reduce operations costs.

These solutions and services are generally available on the leading public clouds, including Amazon AWS, Microsoft Azure, and Google [removed: Cloud Platform.][added: Cloud.]

Fully managed cloud storage offerings are available natively on Microsoft Azure as Azure NetApp Files, on [added: Amazon] AWS as Amazon FSx for NetApp ONTAP, and on Google Cloud as Google Cloud NetApp Volumes.

In addition, NetApp offers NetApp Cloud Volumes ONTAP on [added: Amazon] AWS, Google Cloud, and Microsoft Azure, a cloud-based software for customers who wish to manage their own cloud storage infrastructure.

Our cloud storage services are based on the same ONTAP data management software that underpins our [added: on-premises ONTAP] storage infrastructure offerings.

At the [removed: heart] [added: center] of our [removed: public cloud] [added: hybrid multi-cloud] storage and data service offerings is NetApp BlueXP.

BlueXP is a unified control plane that enables customers to manage their entire data landscape through one single, web-based [removed: SaaS-delivered] [added: Software-as-a-Service (SaaS)-delivered] control point.

Within BlueXP are standard and optional capabilities (services) [removed: which] [added: that] allow customers to control their data and operations.

With BlueXP [removed: Sync service,] [added: Copy and Sync,] customers can migrate data to the cloud securely and efficiently.

[removed: NetApp Backup service] [added: BlueXP Backup and Recovery] delivers seamless and cost-effective backup and restore capabilities for protecting and archiving cloud and on-premises data managed by ONTAP.

BlueXP [removed: Compliance] [added: Classification] service provides data discovery, mapping, and classification driven by AI algorithms with automated controls and reporting for data privacy regulations such as the General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and more.

NetApp [removed: Cloud] [added: Data Infrastructure] Insights [added: (formally called “Cloud Insights”)] is an infrastructure monitoring tool that gives organizations visibility into their entire infrastructure.

NetApp and our certified services partners offer a comprehensive portfolio of assessment, design, implementation, migration, and proactive support services to help customers optimize the performance and efficiency of their on-premises and hybrid multicloud [removed: storage environments.]

Our [removed: portfolio of] offerings [removed: includes] [added: include] storage-as-a-service (STaaS), strategic consulting, professional, managed, and support services.

With a unified management console and monthly bill for both on-premises and cloud data storage services, Keystone lets organizations provision, monitor, and even move storage [removed: spend] [added: spending] across their hybrid cloud environment for financial and operational flexibility.

[removed: NetApp's] [added: NetApp’s] Professional Services offer specialized expertise to minimize risks and simplify [removed: the process of] designing, implementing, migrating, and integrating NetApp hybrid cloud solutions.

Our highly skilled service experts help ensure secure and optimized environments, delivering consistent, high-quality outcomes that meet customers' [removed: expectations from the start.][added: expectations.]

During fiscal [removed: 2024,] [added: 2025,] sales through our indirect channels represented [removed: 76%] [added: 78%] of our net revenues.

As of April [removed: 26, 2024,] [added: 25, 2025,] our worldwide sales and marketing functions consisted of approximately [removed: 5,300] [added: 5,100] managers, sales representatives and technical support personnel.

We have offices in approximately [removed: 24] [added: 26] countries.

Sales to customers Arrow Electronics, Inc. and TD Synnex Corporation [removed: each] accounted for [removed: 22%] [added: 21% and 24%] of our net revenues, respectively, in fiscal [removed: 2024.][added: 2025.]

Information about sales to and accounts receivables from our major customers, segment disclosures, foreign operations and net sales attributable to our geographic regions is included in Note 15 – Segment, Geographic, and Significant Customer Information of the Notes to Consolidated Financial [removed: Statements.][added: Statements included in Part II, Item 8.]

We were incorporated in 1992, are headquartered in San Jose, California, and provide a full range of enterprise-class software, systems and services that customers use to transform their data infrastructures across data types, workloads, and environments to realize business possibilities.

We leverage over thirty years of innovation to make data infrastructure intelligent.

Our unified data storage solutions deliver flexible, simplified, and silo-free infrastructure.

Our active data management capabilities focus on security, compliance, and sustainability, while our adaptive operations enhance performance, efficiency, and productivity.

Together with our Hybrid Cloud products, these services enable customers to construct a seamless, intelligent data infrastructure across hybrid multi-cloud environments.

Our strategy revolves around serving the world's most critical organizations by addressing their complex data management challenges in the age of data.

We emphasize the importance of an intelligent data infrastructure that provides flexibility, security, and simplicity at scale.

This infrastructure integrates seamlessly with hybrid cloud environments, modernizes application portfolios, and enhances security while ensuring efficiency and performance.

NetApp’s unified storage and data management platform, along with embedded data and operational services, enables customers to unify their data for AI, recover from malicious attacks, and achieve significant productivity gains through autonomous, self-healing capabilities.

Our unique approach is built on a unified platform that combines intelligent storage and data architecture with software, AI, and APIs, creating an intelligent data fabric.

This platform, exemplified by the ONTAP operating system and BlueXP control plane, provides consistent data experiences and optimized storage operations across on-premises, cloud, and edge environments.

Our long history of disciplined execution and architectural excellence has positioned us as a market leader, with a strong presence in the world's leading public clouds and the ability to deliver transformative flexibility and simplicity at scale.

Our market strategy targets large and growing markets, including hybrid cloud, public cloud, flash storage, block storage, and AI.

We are expanding our strong position in the unstructured data market and disrupting the mature block storage market with block-optimized flash storage.

Our integration with major public cloud providers like Amazon AWS, Microsoft Azure, and Google Cloud positions us to capitalize on cloud migrations and enterprise workloads.

In the AI space, we leverage our expertise in unstructured data management to support the entire AI lifecycle, from data foundations to deploying hybrid cloud architectures, ensuring rapid time-to-market and responsible AI deployment.

We deliver a versatile data infrastructure solution suitable for all environments and workloads, including the strategic enterprise AI market.

ONTAP also includes industry-leading cyber resilience solutions that are designed to maximize data protection and security and increase data governance and compliance.

NetApp keeps data protected and secured by aligning with the National Institute of Standards and Technology cybersecurity framework, working to block cybersecurity threats and mitigate the high cost of downtime.

The built-in, AI-powered Autonomous Ransomware Protection operates natively in the storage layer, combating evolving threats with real-time detection for rapid response and recovery.

Lastly, BlueXP Ransomware Protection provides AI-driven protection of workloads, with integrated real-time detection and ability to respond quickly to threats and recover in minutes.

Operational services

storage environments.

In the emerging AI market, we encounter both our traditional competitive set, as well as newer entrants, focused primarily on the AI model training space.

through capital expenditures.

Additionally, we have implemented disaster recovery and business resiliency measures to mitigate the physical risks our

Belonging

of Navarra, and he also completed the Leading Sustainable Corporations Programme at Oxford University’s Saïd Business School.

Mr. Jabre is an accomplished finance executive with over 20 years of experience leading finance organizations and driving value creation through disciplined operational management.

Prior to joining NetApp, Mr. Jabre served as the executive vice president and CFO at Western Digital Corporation from February 2022 to February 2025, where he led the global finance organization and oversaw various critical functions.

Prior to joining Western Digital, he served as the CFO of Dialog Semiconductor from March 2016 to August 2021.

He has also held senior finance positions at prominent technology companies, including Advanced Micro Devices, Freescale Semiconductor (since acquired by NXP Semiconductors), and Motorola.

Mr. Jabre's career began at Schlumberger, where he gained valuable experience in both engineering and finance roles.

Mr. Jabre holds a B.E. in Electrical Engineering from the American University of Beirut and an MBA from Columbia Business School.

*The following discussion and the sections entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk” and “Management's Report on Internal Control Over Financial Reporting” reflect our current judgment regarding the most significant risks we face.

These factors, as well as the fear or anticipation of such conditions, may influence decisions and actions by our key stakeholders and the market generally, and can lead to increased volatility in the IT industry, making it difficult to predict future demand for our products and services.

They can also negatively impact the availability of supplies and limit access to capital for our suppliers, customers and partners.

These conditions may be widespread, and their resolution could be uncertain.

If we are not able to efficiently and effectively resolve such issues in a timely manner, or if our chosen strategies are not successful, then our business, operations and financial condition could be materially adversely impacted.

Consequently, our international operations and future financial results could be adversely affected by various economic, business, regulatory, social and political factors in foreign countries.

We were incorporated in 1992 and are headquartered in San Jose, California.

Building on over three decades of innovation, we combine unified data storage, integrated data services, and CloudOps solutions to make data infrastructure intelligent.

can replicate data at high speeds across environments.

NetApp Astra is a fully managed application-aware data management service built for emerging Kubernetes workloads container infrastructures.

Astra allows organizations to protect, recover, and move applications deployed on Kubernetes with no software to download, install, manage, or upgrade.

Customers also get a comprehensive, industry-leading portfolio of storage efficiency capabilities.

Inline data compression, deduplication, compaction, and cloud tiering (BlueXP Tiering service) work together to reduce storage costs and maximize data storage.

Lastly, the BlueXP Cache service delivers fast and secure access to data for users by caching active data sets to distributed offices globally.

Cloud Operations services

Our Spot by NetApp suite of products enables customers to deploy and operate cloud applications reliably and securely in their choice of public clouds while reducing costs and complexity.

Combining machine learning, predictive analytics, and cloud automation, the Spot by NetApp platform continuously optimizes cloud infrastructure and operations to deliver scalable, reliable, and secure application infrastructure.

systems.

many corresponding patents and patent applications in other countries.

We firmly believe that we can accomplish these objectives concurrently with our commitment to sound environmental management.

Based on current information, we believe that our primary risk related to climate change is the risk of increased energy costs.

Our

Diversity, Equity, Inclusion and Belonging

For more information about our commitment to diversity, equity, inclusion and belonging, go to the “Diversity Inclusion Equity and Belonging” section of our website.

*Michael J.

Mr. Berry has served as a chief financial officer for over 16 years in both public and private companies including McAfee, FireEye, Informatica, and SolarWinds.

Most recently he was executive vice president and chief financial officer at McAfee where he was responsible for all aspects of finance, including financial planning, accounting, tax and treasury, as well as operations and shared services.

Mr. Berry holds a BS degree in finance from Augsburg University and an MBA degree in finance from the University of St. Thomas.

Prior to her appointment as chief legal officer, Ms. O’Callahan served as senior vice president

*The information included elsewhere in this Annual Report on Form 10-K should be considered and understood in the context of the following risk factors, which describe circumstances that may materially harm our future business, operating results or financial condition.

The following discussion reflects our current judgment regarding the most significant risks we face.

Such factors may contribute to increased periodic volatility in the IT industry at large and limit our ability to forecast future demand for our products and services, impact availability of supplies and could constrain future access to capital for our suppliers, customers and partners.

The impacts of these circumstances are global and pervasive, and the timing and nature of any ultimate resolution of these matters remain highly uncertain.

New or additional product and feature introductions, such as new all-flash arrays, including the block-optimized ASA families, and capacity flash C-series, subject us to additional financial and operational risks, including our ability to forecast customer preferences

As new or enhanced products and services are introduced, we must avoid excessive levels of older product inventories and related components and ensure that new products and services can be delivered to meet customers’ demands.

Our research and development of such technology remains ongoing.

AI-related issues, deficiencies and/or failures could (i)

We also compete in the emerging cloud operations market, where growth is being driven by increased customer cloud usage and commensurate spend, but customer requirements are still evolving.

There is no clear leader in this market.

In cloud and converged infrastructure, we also compete with large well-established competitors.

Accordingly, our international operations, business and future operating results could be adversely impacted by economic, business, regulatory, social and political factors in foreign countries including, among other things, the imposition of government controls, local political or economic conditions including recessionary cycles, inflationary conditions and political uncertainty, economic sanctions, trade protections and regulations and export and import requirements, tariffs, tax policies, treaties or laws, local labor conditions, transportation costs, government spending patterns, geopolitical tensions and uncertainties, acts of terrorism, international conflicts and natural disasters in areas with limited infrastructure and adverse public health developments.

retaliatory trade or other actions, including the nationalization of foreign businesses.

While this has been generally well received by employees, it may also create other challenges that impact our ability to attract and retain qualified personnel, including, but not limited to, some employees may prefer an in person work environment, difficulty collaborating and communicating among employees, and ability to maintain consistent experience of our corporate culture and workforce morale.

If we are unable to effectively manage the risks and challenges associated with hybrid work, our business operations and financial performance may be adversely affected.

In recent years, the U.S. has increased the level of scrutiny in granting H-1B, L-1 and other business visas.

Compliance with new and unexpected U.S. immigration and labor laws could also require us to incur additional unexpected labor costs and expenses or could restrain our ability to retain and attract skilled professionals.

For the fiscal year ended April [removed: 26, 2024][added: 25, 2025]

[removed: ][added: ]

The aggregate market value of voting stock held by non-affiliates of the registrant, as of October [removed: 27, 2023,] [added: 25, 2024,] the last business day of the registrant’s most recently completed second fiscal quarter, was [removed: $10,897,270,906] [added: approximately $16.6 billion] (based on the closing price for shares of the registrant’s common stock as reported by the NASDAQ Global Select Market on that date).

On May [removed: 30, 2024, 205,801,761] [added: 29, 2025, 200,366,162] shares of the registrant’s common stock, $0.001 par value, were outstanding.

The information called for by Part III of this Form 10-K is hereby incorporated by reference from the definitive Proxy Statement for our annual meeting of stockholders, which will be filed with the Securities and Exchange Commission not later than 120 days after April [removed: 26, 2024.][added: 25, 2025.]

| Item 9C | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#item9c) | | [removed: 93] [added: 92] |

| Item 10 | | [Directors, Executive Officers and Corporate Governance](#item_10_directors_executive_officers) | | [removed: 94] [added: 93] |

| Item 11 | | [Executive Compensation](#item_11_executive_compensation) | | [removed: 94] [added: 93] |

| Item 12 | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#item_12_security_ownership) | | [removed: 94] [added: 93] |

| Item 13 | | [Certain Relationships and Related Transactions, and Director Independence](#item_13_certain_relationships) | | [removed: 94] [added: 93] |

| Item 14 | | [Principal Accountant Fees and Services](#item_14_principal_accountant_fees) | | [removed: 94] [added: 93] |

| Item 15 | | [Exhibits, Financial Statement Schedules](#item_15_exhibits_financial_statement) | | [removed: 94] [added: 93] |

Consequently, forward-looking statements usually include words such as [added: “committed,”] “estimate,” “intend,” “plan,” [added: “positions,”] “predict,” “seek,” [added: “strive,”] “may,” “will,” “should,” “would,” “could,” “anticipate,” “expect,” “believe,” or similar words, in each case, intended to refer to future events or circumstances.

[added: global] political, economic and industry [added: conditions and] trends;

our ability to maintain our customer, partner, supplier, reseller, distributor and contract manufacturer relationships, including with [removed: pubic] [added: public] cloud providers, on favorable terms and conditions;

our ability to anticipate techniques used to obtain unauthorized access or to sabotage systems and to implement adequate preventative measures against cybersecurity and other security breaches on our [added: or third parties'] systems, products and services;

changes [added: and uncertainty] in U.S. government [removed: spending;][added: spending and demand for our products;]

our ability to achieve our goals related to [removed: environmental, social] [added: sustainability] and [removed: governance] [added: corporate responsibility] matters; and

changes and uncertainty in global trade controls, including tariffs and economic sanctions;

our ability to comply with evolving regulatory and contractual requirements, including certifications;

interest rate and inflationary pressure impacts;

In particular, the Company follows an incident escalation process that is incorporated into [removed: our] [added: its] incident and risk management processes.

In the event [removed: we identify] [added: the Company identifies] a cybersecurity incident, [removed: our] [added: its] senior management, consisting of the Chief Financial Officer, Chief [added: Information] Security Officer [removed: (CSO), and] [added: (CISO),] Chief [removed: Legal] [added: Administrative] Officer, [added: and Executive Vice President of Business Technology and Operations] review the facts and circumstances involved in such cybersecurity incident, or series of related cybersecurity incidents.

The Company partners with third parties to assess the effectiveness of [removed: our] [added: its] cybersecurity prevention and response systems and processes, including third-party review of the Company’s Information Security Management System for ISO 27001 controls, assessment of the Company’s cloud products and managed services according to the American Institute of CPAs (AICPA) Service Organization Control (SOC) Audit Type II, and new product validation as part of the Company’s secure development lifecycle.

“Risk Factors,” including “If a material cybersecurity or other security breach impacts our [removed: services or occurs on our] [added: services,] systems, [removed: within our] supply chain, or [removed: on our] end-user customer systems, or if stored data is improperly accessed, [removed: customers may reduce or cease using] our [removed: solutions, our reputation may be harmed and we may incur] [added: business could suffer] significant [removed: liabilities.”][added: harm.”]

[removed: Our] [added: NetApp's] Board of Directors oversees the Company’s risk management process, including cybersecurity risks, directly and through its committees.

The Company’s [removed: CSO] [added: CISO] regularly updates each of the Board of Directors and the Audit Committee at least twice a year.

The [removed: CSO] [added: CISO] provides leadership, strategic direction, and oversight for [removed: NetApp's] [added: NetApp’s] Global Security Risk and Compliance functions and security program.

NetApp’s [removed: CSO, in coordination with the Chief Information Security Officer (CISO)] [added: CISO] is responsible for leading the assessment and management of cybersecurity risks.

The current [removed: CSO and] CISO [removed: each have] [added: has] over 30 years of experience in IT and information [removed: security.][added: security, including over 16 years with NetApp in roles of increasing seniority, and is a]

The [removed: CSO and] CISO [removed: stay] [added: stays] informed on information security risks through regular meetings on key cybersecurity projects and KPIs.

Certified Information Security Auditor, Certified Information Security Manager with ISACA and a Certified Information Systems Security Professional with ISC2.

We owned or leased, domestically and internationally, the following properties as of April [removed: 26, 2024.][added: 25, 2025.]

The Bangalore site supports research and development, [removed: marketing] [added: finance] and global services.

We lease approximately [removed: 1.2] [added: 0.7] million square feet in other sales offices and research and development facilities throughout the U.S. and internationally.

| | | Fiscal [removed: 2024] [added: 2025] | | | | | | | | Fiscal [removed: 2023] [added: 2024] | | | | | | |

| First Quarter | | $ | [removed: 80.53] [added: 135.01] | | | $ | [removed: 61.54] [added: 100.24] | | | $ | [removed: 76.73] [added: 80.53] | | | $ | [removed: 61.26] [added: 61.54] | |

| Second Quarter | | $ | [removed: 80.02] [added: 134.37] | | | $ | [removed: 71.25] [added: 112.87] | | | $ | [removed: 79.09] [added: 80.02] | | | $ | [removed: 60.56] [added: 71.25] | |

| Third Quarter | | $ | [removed: 91.76] [added: 135.45] | | | $ | [removed: 70.82] [added: 112.86] | | | $ | [removed: 75.19] [added: 91.76] | | | $ | [removed: 58.08] [added: 70.82] | |

| Fourth Quarter | | $ | [removed: 112.48] [added: 127.78] | | | $ | [removed: 83.80] [added: 71.84] | | | $ | [removed: 69.75] [added: 112.48] | | | $ | [removed: 59.74] [added: 83.80] | |

As of May [removed: 30, 2024] [added: 29, 2025] there were [removed: approximately 418] [added: 403] holders of record of our common stock.

The Company paid cash dividends of [added: $0.52 per outstanding common share in each quarter of fiscal 2025 for an aggregate of $424 million and] $0.50 per outstanding common share in each quarter of fiscal [removed: 2024, 2023] [added: 2024] and [removed: 2022] [added: fiscal 2023] for an aggregate of $416 [removed: million, $432] million and [removed: $446] [added: $432] million, respectively.

In the first quarter of fiscal [removed: 2025,] [added: 2026,] the Company declared a cash dividend of $0.52 per share of common stock, payable on July [removed: 24, 2024] [added: 23, 2025] to shareholders of record as of the close of business on July [removed: 5, 2024.][added: 3, 2025.]

The following graph shows a comparison of cumulative total shareholder return, calculated on a dividend reinvested basis, of an investment of $100 for the Company, the S&P 500 Index, the S&P 500 Information Technology Index and the S&P 1500 Technology Hardware & Equipment Index for the five years ended April [removed: 26, 2024.][added: 25, 2025.]

[removed: ][added: ]

*$100 invested on April [removed: 26, 2019] [added: 24, 2020] in stock or index, including reinvestment of dividends.

| | | April [removed: 2019 | | | | April] 2020 | | | | April 2021 | | | | April 2022 | | | | April 2023 | | | | April 2024 | | | [added: | April 2025 | | |]

The following table provides information with respect to the shares of common stock repurchased by us during the three months ended April [removed: 26, 2024:][added: 25, 2025:]

As of April [removed: 26, 2024,] [added: 25, 2025,] our Board of Directors had authorized the repurchase of up to [removed: $16.1] [added: $17.1] billion of our common stock, and on May [removed: 23, 2024,] [added: 22, 2025,] authorized an additional [removed: $1.0] [added: $1.1] billion.

Since inception of the program through April [removed: 26, 2024,] [added: 25, 2025,] we repurchased a total of [removed: 372] [added: 382] million shares of our common stock for an aggregate purchase price of [removed: $15.6] [added: $16.8] billion.

As the only enterprise-grade storage service natively embedded in the world’s largest clouds, [removed: our data storage powers any] [added: we power] data across [added: Amazon] AWS, Microsoft Azure, and Google Cloud.

Our integrated data services enable active data [removed: management through superior data] [added: management,] security, protection, governance, and sustainability.

[removed: Our CloudOps solutions enable] [added: Additionally, our operational services support] adaptive operations across infrastructure, applications, and teams.

*Hybrid Cloud* offers a unified data storage portfolio of storage management and infrastructure solutions that [removed: help] [added: helps] customers modernize their data centers.

Our Hybrid Cloud portfolio [removed: supports] [added: accommodates both] structured and unstructured data with unified storage optimized for flash, disk, and cloud [removed: storage to handle] [added: storage, capable of handling] data-intensive workloads and applications.

Hybrid Cloud [removed: is composed of] [added: includes] software, hardware, and related support, [removed: as well as] [added: along with] professional and other services.

This portfolio includes cloud [removed: storage] [added: storage, data services,] and [removed: CloudOps] [added: operational] services.

These [removed: solutions and] services are generally available on the leading public clouds, including Amazon [removed: AWS,] [added: AWS,] Microsoft Azure, and Google [removed: Cloud Platform.][added: Cloud.]

| | | Year Ended | | | | | | | [removed: | | | |]

| | | April [removed: 26, 2024] [added: 25, 2025] | | | | April [removed: 28, 2023] [added: 26, 2024] | | | | April [removed: 29, 2022] [added: 28, 2023] | | |

| Net revenues | | $ | [removed: 6,268] [added: 6,572] | | | $ | [removed: 6,362] [added: 6,268] | | | $ | [removed: 6,318] [added: 6,362] | |

| Gross profit | | $ | [removed: 4,433] [added: 4,613] | | | $ | [removed: 4,209] [added: 4,433] | | | $ | [removed: 4,220] [added: 4,209] | |

| Gross margin | | | [removed: 71] [added: 70] | % | | | [removed: 66] [added: 71] | % | | | [removed: 67] [added: 66] | % |

| Income from operations | | $ | [removed: 1,214] [added: 1,337] | | | $ | [removed: 1,018] [added: 1,214] | | | $ | [removed: 1,157] [added: 1,018] | |

| Income from operations as a percentage of net revenues | | | [removed: 19] [added: 20] | % | | | [removed: 16] [added: 19] | % | | | [removed: 18] [added: 16] | % |

| Provision (benefit) for income taxes | | $ | [removed: 277] [added: 197] | | | $ | [removed: (208] [added: 277] | [removed: )] | | $ | [removed: 158] [added: (208] | [added: )] |

| Net income | | $ | [removed: 986] [added: 1,186] | | | $ | [removed: 1,274] [added: 986] | | | $ | [removed: 937] [added: 1,274] | |

| Diluted net income per share | | $ | [removed: 4.63] [added: 5.67] | | | $ | [removed: 5.79] [added: 4.63] | | | $ | [removed: 4.09] [added: 5.79] | |

| Net cash provided by operating activities | | $ | [removed: 1,685] [added: 1,506] | | | $ | [removed: 1,107] [added: 1,685] | | | $ | [removed: 1,211] [added: 1,107] | |

| | | April [added: 25, 2025 | | | | April] 26, 2024 | | | | April 28, 2023 | | |

| Deferred revenue and financed unearned services revenue | | $ | [removed: 4,234] [added: 4,536] | | | $ | [removed: 4,313] [added: 4,234] | |

*Net revenues*: Our net revenues [removed: decreased] [added: increased] approximately [removed: 1%] [added: 5%] in fiscal [removed: 2024] [added: 2025] compared to fiscal [removed: 2023,] [added: 2024,] due to [removed: a decrease] [added: increases] in [added: both] product [removed: revenues, partially offset by an increase in] [added: revenues and] services revenues.

| NetApp, Inc. | | $ | 100.00 | | | $ | 179.71 | | | $ | 180.39 | | | $ | 159.78 | | | $ | 263.63 | | | $ | 234.64 | |

| S&P 500 Index | | $ | 100.00 | | | $ | 149.89 | | | $ | 150.21 | | | $ | 154.21 | | | $ | 191.56 | | | $ | 210.35 | |

| S&P 500 Information Technology Index | | $ | 100.00 | | | $ | 159.07 | | | $ | 162.08 | | | $ | 175.17 | | | $ | 245.24 | | | $ | 272.40 | |

| S&P 1500 Technology Hardware & Equipment Index | | $ | 100.00 | | | $ | 177.82 | | | $ | 202.33 | | | $ | 214.81 | | | $ | 227.56 | | | $ | 271.36 | |

| January 25, 2025 - February 21, 2025 | | | 248 | | | $ | 121.03 | | | | 379,256 | | | $ | 572 | |

| February 22, 2025 - March 21, 2025 | | | 246 | | | $ | 101.53 | | | | 379,502 | | | $ | 547 | |

| March 22, 2025 - April 25, 2025 | | | 2,314 | | | $ | 84.28 | | | | 381,816 | | | $ | 352 | |

| Total | | | 2,808 | | | $ | 89.03 | | | | | | | | | |

NetApp helps customers make their data infrastructure more seamless, more dynamic, and higher performing.

We were incorporated in 1992, are headquartered in San Jose, California, and provide a full range of enterprise-class software, systems and services that customers use to transform their data infrastructures across data types, workloads, and environments to realize business possibilities.

We leverage over thirty years of innovation to make data infrastructure intelligent.

Our unified data storage solutions deliver flexible, simplified, and silo-free infrastructure.

Our active data management capabilities focus on security, compliance, and sustainability, while our adaptive operations enhance performance, efficiency, and productivity.

Our extensive portfolio integrates hybrid and multi-cloud environments, addressing key customer priorities such as modernizing legacy systems, enhancing resilience against ransomware, and developing scalable, high-performance data pipelines for artificial intelligence (AI) workloads.

NetApp empowers customers to harness their data for accelerated innovation, improved operations, and competitive advantage.

Our unified data storage solutions provide the flexibility to consistently and easily store any data type and support any workload.

Together with our Hybrid Cloud products, these services enable customers to construct a seamless, intelligent data infrastructure across hybrid multi-cloud environments.

*Provision (benefit) for income taxes:* Our provision for income taxes decreased in fiscal 2025 compared to fiscal 2024 primarily as a result of differences in discrete tax impacts in each year.

Senior Notes Issuance

In March 2025, we issued $625 million aggregate principal amount of 5.50% Senior Notes due 2032 and $625 million aggregate principal amount of 5.70% Senior Notes due 2035, for which we received total proceeds of $1.24 billion, net of discount and issuance costs.

| | | 2025 | | | | 2024 | | | | % Change | | | | 2023 | | | | % Change | | |

In prior years, we presented the hardware and software components of our GAAP product revenues to illustrate the significance and value of the Company’s software.

Effective in fiscal 2025, we are no longer presenting the non-GAAP hardware and software components of our product revenues, as management no longer considers them to be key financial measures.

Our current strategy is expected to deliver investor value through growth in total revenues, including product revenues, while maintaining operational discipline to drive earnings leverage.

While software continues to be the primary value driver of our products, NetApp is primarily focused on driving growth in total product revenues, through the sale of configured storage systems comprised of both hardware and software, with less focus on the pricing of each component.

Additionally, we are considering potential opportunities to simplify pricing for certain products in the future, which may eliminate the existence of separate prices for hardware and software components and/or impact our ability to allocate between them.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | Fiscal Year | | | | | | | | | | | | | | | | | | |

| | | 2025 | | | | 2024 | | | | % Change | | | | 2023 | | | | % Change | | |

| | | Fiscal Year | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | Fiscal Year | | | | | | | | | | | | | | | | | | |

| | | 2025 | | | | 2024 | | | | % Change | | | | 2023 | | | | % Change | | |

Materials costs increased by $140 million in fiscal 2025 compared to fiscal 2024 primarily reflecting the increase in product revenues.

Unallocated cost of product revenues were consistent for each fiscal year presented.

| | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | Fiscal Year | | | | | | | | | | | | | | | | | | |

| NetApp, Inc. | | $ | 100.00 | | | $ | 62.12 | | | $ | 111.64 | | | $ | 112.07 | | | $ | 99.26 | | | $ | 163.77 | |

| S&P 500 Index | | $ | 100.00 | | | $ | 98.44 | | | $ | 147.55 | | | $ | 147.87 | | | $ | 151.80 | | | $ | 188.57 | |

| S&P 500 Information Technology Index | | $ | 100.00 | | | $ | 114.63 | | | $ | 182.34 | | | $ | 185.80 | | | $ | 200.80 | | | $ | 281.12 | |

| S&P 1500 Technology Hardware & Equipment Index | | $ | 100.00 | | | $ | 114.36 | | | $ | 203.35 | | | $ | 231.39 | | | $ | 245.65 | | | $ | 260.23 | |

| January 27, 2024 - February 23, 2024 | | | 322 | | | $ | 87.64 | | | | 370,887 | | | $ | 574 | |

| February 24, 2024 - March 22, 2024 | | | 323 | | | $ | 97.82 | | | | 371,210 | | | $ | 542 | |

| March 23, 2024 - April 26, 2024 | | | 389 | | | $ | 103.09 | | | | 371,599 | | | $ | 502 | |

| Total | | | 1,034 | | | $ | 96.63 | | | | | | | | | |

NetApp makes data infrastructure intelligent by combining unified data storage, integrated data services, and CloudOps solutions.

We create silo-free infrastructure, and harness observability and artificial intelligence to enable seamless data management across environments to help our customers achieve their business priorities.

No matter the data type, workload, or environment, with NetApp customers can modernize their data infrastructure and better leverage their data to accelerate innovation, improve operations, and drive competitive advantage.

Our unified data storage delivers flexibility by enabling customers to store any data type and power any workload, simply and consistently on a single storage operating system, optimized for cloud and flash.

With the power of on-premises, private cloud and public cloud capabilities to assist customers in modernizing applications with a single solution that supports file, block, and object storage, we deliver a data infrastructure solution for all environments and workloads.

As the only provider of enterprise-grade storage services natively embedded in the world’s largest public cloud providers, NetApp helps organizations harness the power of their data and applications.

NetApp’s CloudOps solutions leverage AI to maximize productivity across infrastructure and applications, boost team productivity, and reduce operations costs.

Global Business Environment

*Macroeconomic Conditions*

Continuing economic uncertainty, political conditions and fiscal challenges in the U.S. and abroad have resulted and may continue to result in adverse macroeconomic conditions, including inflation, rising interest rates, foreign exchange volatility, slower growth and possibly a recession.

In particular, in fiscal 2024, we continued to experience a weakened demand environment, characterized by cloud optimizations and increased budget scrutiny, which resulted in smaller deal sizes, longer selling cycles, and the delay of some deals.

If these macroeconomic uncertainties persist or worsen in fiscal 2025, we may observe a further reduction in customer demand for our offerings, which could impact our operating results.

*Supply Chain*

Supply chain constraints, which substantially began to impact us in the first half of fiscal 2023, led to elevated product component and freight costs during fiscal 2023.

Comparatively, the supply chain substantially improved during fiscal 2024, resulting in lower costs.

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

*Provision (benefit) for income taxes:* We had a provision from income taxes in fiscal 2024, compared to a benefit from income taxes in fiscal 2023, due to a discrete tax benefit of $524 million in fiscal 2023 that resulted from an intra-entity asset transfer of certain intellectual property.

Lower net income in fiscal 2024 compared to fiscal 2023 unfavorably impacted diluted net income per share.

| | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Fluctuations in foreign currency exchange rates adversely impacted net revenues percent growth by approximately four percentage points in fiscal 2023 compared to fiscal 2022.

| Hardware (Non-GAAP) | | | | 1,251 | | | | 1,251 | | | | — | % | | | 1,358 | | | | (8 | )% |

| Software (Non-GAAP) | | | | 1,598 | | | | 1,798 | | | | (11 | )% | | | 1,926 | | | | (7 | )% |

In order to provide visibility into the value created by our software innovation and R&D investment, we disclose the software and hardware components of our product revenues.

Software product revenues includes the OS software and optional add-on software solutions attached to our systems across our entire product set, while hardware product revenues include the non-software component of our systems across the entire set.

The hardware and software components of our product revenues are derived from an estimated fair value allocation of the transaction price of our contracts with customers, down to the level of the product hardware and software components.

This allocation is primarily based on the contractual prices at which NetApp has historically billed customers for such respective components.

Product revenues were also unfavorably impacted by foreign exchange rate fluctuations.

These decreases were partially offset by an increase in sales of hybrid systems.

Revenues from the hardware component of product revenues represented 44%, 41% and 41% of product revenues in fiscal 2024, 2023 and 2022, respectively.

The information required by Item 10 with respect to our executive officers is incorporated herein by reference from the information under Item 1 – Business of Part I of this Annual Report on Form 10-K under the section entitled “Information About Our Executive Officers.” The information required by Item 10 with respect to the Company’s directors and corporate governance is incorporated herein by reference from the information provided under the headings “Election of Directors” and “Corporate Governance,” respectively, in the Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of our year ended April [removed: 26, 2024.][added: 25, 2025.]

The information required by Item 405 of Regulation S-K is incorporated herein by reference from the information provided under the heading “Delinquent Section 16(a) Reports” in the Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders, to the extent applicable.

We have adopted our Insider Trading Policy governing the purchase, sale, and/or other dispositions of our securities by our directors, officers, and employees [removed: and other covered persons] that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and the exchange listing standards applicable to us.

Information regarding the compensation of executive officers and directors of the Company is incorporated by reference from the information under the headings “Executive Compensation and Related Information” and “Director Compensation,” respectively, in our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders (provided that the information under the heading "Pay Versus Performance" shall not be deemed to be incorporated by reference herein).

Information regarding security ownership of certain beneficial owners and management and related stockholder matters is incorporated by reference from the information under the heading “Security Ownership of Certain Beneficial Owners and Management” in our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders.

Information regarding certain relationships and related transactions and director independence is incorporated by reference from the information under the headings “Corporate Governance” and “Certain Transactions with Related Parties” in our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders.

The information required by this item is incorporated by reference from the information under the caption “Audit Fees” in our Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders.

| [removed: 4.6] [added: 4.7] | | [Description of Capital Stock of the Company.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex4_6.htm) | | [removed: —] [added: 10-K] | | [removed: —] [added: 000-27130] | | [removed: —] [added: 4.6] | | [removed: —] [added: June 10, 2024] |

| 10.6* | | [The Company’s Amended and Restated 1999 Stock Option Plan, as amended effective July 19, [removed: 2018.](https://www.sec.gov/Archives/edgar/data/1002047/000119312518234919/d502295ddef14a.htm)] [added: 2018.](https://www.sec.gov/Archives/edgar/data/1002047/000119312518234919/d502295ddef14a.htm#toc502295_112)] | | DEF 14A | | 000-27130 | | Appendix A | | August 1, 2018 |

| 10.13* | | [removed: [The Company's] [added: [NetApp, Inc.] 2021 Equity Incentive Plan, [added: as amended] effective September [removed: 13, 2023.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023048229/ntap-ex10_2.htm)] [added: 11, 2024](https://www.sec.gov/Archives/edgar/data/0001002047/000095017024105928/ntap-ex10_1.htm)] | | 8-K | | 000-27130 | | [removed: 10.2] [added: 10.1] | | September [removed: 14, 2023] [added: 12, 2024] |

| 10.20* | | [Form of Restricted Stock Unit Agreement approved for use under the Company's 2021 Equity Incentive Plan (Senior Executive), effective May 15, [removed: 2024](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_20.htm).] [added: 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_20.htm)] | | [removed: —] [added: 10-K] | | [removed: —] [added: 000-27130] | | [removed: —] [added: 10.20] | | [removed: —] [added: June 10, 2024] |

| 10.21* | | [Form of Restricted Stock Unit Agreement approved for use under the Company's 2021 Equity Incentive Plan (VP and Below), effective May 15, 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_21.htm) | | [removed: —] [added: 10-K] | | [removed: —] [added: 000-27130] | | [removed: —] [added: 10.21] | | [removed: —] [added: June 10, 2024] |

| 10.22* | | [Form of Restricted Stock Unit Agreement (Performance-Based) - Billings under the Company's 2021 Equity Incentive Plan, effective May 15, 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_22.htm) | | [removed: —] [added: 10-K] | | [removed: —] [added: 000-27130] | | [removed: —] [added: 10.22] | | [removed: —] [added: June 10, 2024] |

| 10.23* | | [Form of Restricted Stock Unit Agreement (Performance-Based) - Total Shareholder Return under the Company's 2021 Equity Incentive Plan, effective May 15, 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_23.htm) | | [removed: —] [added: 10-K] | | [removed: —] [added: 000-27130] | | [removed: —] [added: 10.23] | | [removed: —] [added: June 10, 2024] |

| [removed: 10.24*] [added: 10.26*] | | [Cognigo Research Ltd. Amended and Restated Global Share Incentive Plan (2016).](https://www.sec.gov/Archives/edgar/data/0001002047/000156459019022791/ntap-s8.htm) | | S-8 | | 333-232187 | | 99.1 | | June 18, 2019 |

| [removed: 10.25*] [added: 10.27*] | | [CloudCheckr Inc. Amended and Restated 2017 Stock Option and Grant Plan.](https://www.sec.gov/Archives/edgar/data/0001002047/000119312521346750/d238693ds8.htm) | | S-8 | | 333-261465 | | 99.1 | | December 2, 2021 |

| [removed: 10.26*] [added: 10.28*] | | [Outside Director Compensation Policy, as amended effective September 13, 2023.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023045061/ntap-ex10_3.htm) | | 10-Q | | 000-27130 | | 10.3 | | August 29, 2023 |

| [removed: 10.27*] [added: 10.29*] | | [Amended and Restated Instaclustr US Holding, Inc. 2018 Stock Option Plan](https://www.sec.gov/Archives/edgar/data/1002047/000119312522175139/d336595ds8.htm) | | S-8 | | 333-265648 | | 99.1 | | June 16, 2022 |

| [removed: 10.28] [added: 10.30] | | [Amended and Restated Credit Agreement, dated as of January 22, 2021, by and among the NetApp, Inc, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001002047/000119312521014704/d112725d8k.htm) | | 8-K | | 000-27130 | | 10.1 | | January 22, 2021 |

| [removed: 10.29] [added: 10.31] | | [Amendment No.1 to Amended and Restated Credit Agreement, dated as of November 17, 2021, by and among the Company, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent.](https://www.sec.gov/Archives/edgar/data/1002047/000095017022002669/ntap-ex10_3.htm) | | 10-Q | | 000-27130 | | 10.3 | | March 2, 2022 |

| [removed: 10.30] [added: 10.32] | | [Amendment No.2 to Amended and Restated Credit Agreement, dated as of May 3, 2023, by and among the Company, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023027948/ntap-ex10_32.htm) | | 10-K | | 000-27130 | | 10.32 | | June 14, 2023 |

| [removed: 10.31] [added: 10.34] | | [Form of Dealer Agreement between the Company, as issuer, and each Dealer.](https://www.sec.gov/Archives/edgar/data/1002047/000119312516790334/d311449dex102.htm) | | 8-K | | 000-27130 | | 10.2 | | December 12, 2016 |

| [removed: 10.32] [added: 10.35] | | [Offer Letter for employment at the Company to César Cernuda, date March 23, 2020.](https://www.sec.gov/Archives/edgar/data/1002047/000156459020029349/ntap-ex1058_211.htm) | | 10-K | | 000-27130 | | 10.58 | | June 15, 2020 |

| [removed: 10.33] [added: 10.36] | | [Senior Executive Employment Contract by and between NetApp Sales Spain S.L., a subsidiary of the Company, and Cesar Cernuda, effective January 1, 2021](https://www.sec.gov/Archives/edgar/data/1002047/000156459021009843/ntap-ex101_47.htm) | | 10-Q | | 000-27130 | | 10.1 | | January 29, 2021 |

| [removed: 10.34] [added: 10.37] | | [Offer Letter for employment at the Company to Michael J. Berry, dated January 30, 2020.](https://www.sec.gov/Archives/edgar/data/1002047/000156459020041759/ntap-ex101_46.htm) | | 10-Q | | 000-27130 | | 10.1 | | August 28, 2020 |

| [removed: 10.35] [added: 10.39] | | [Underwriting Agreement, dated June 17, 2020, by and among the Company, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC.](https://www.sec.gov/Archives/edgar/data/0001002047/000119312520175676/d949594dex11.htm) | | 8-K | | 000-27130 | | 1.1 | | June 17, 2020 |

| 19.1 | | [Insider Trading Policies and Procedures of the [removed: Company.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex19_1.htm)] [added: Company.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex19_1.htm)] | | — | | — | | — | | — |

| 21.1 | | [Subsidiaries of the [removed: Company.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex21_1.htm)] [added: Company.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex21_1.htm)] | | — | | — | | — | | — |

| 23.1 | | [Consent of Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex23_1.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex23_1.htm)] | | — | | — | | — | | — |

| 31.1 | | [Certification of the Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex31_1.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex31_1.htm)] | | — | | — | | — | | — |

| 31.2 | | [Certification of the Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex31_2.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex31_2.htm)] | | — | | — | | — | | — |

| 32.1 | | [Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex32_1.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex32_1.htm)] | | — | | — | | — | | — |

| 32.2 | | [Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of [removed: 2002.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex32_2.htm)] [added: 2002.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex32_2.htm)] | | — | | — | | — | | — |

| 97.1 | | [Compensation Recovery Policy of the Company.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex97_1.htm) | | [removed: —] [added: 10-K] | | [removed: —] [added: 000-27130] | | [removed: —] [added: 97.1] | | [removed: —] [added: June 10, 2024] |

| Date: June [removed: 10, 2024] [added: 9, 2025] | | |

[removed: Berry,] [added: KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes] and [added: appoints George Kurian and Wissam Jabre, and] each of them, as his true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes, may lawfully do or cause to be done by virtue thereof.

| /s/ GEORGE KURIAN | | Chief Executive Officer and Director (Principal Executive Officer and Principal Operating Officer) | | June [removed: 10, 2024] [added: 9, 2025] |

| /s/ [removed: MICHAEL J. BERRY] [added: WISSAM JABRE] | | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | | June [removed: 10, 2024] [added: 9, 2025] |

| /s/ DANIEL DE LORENZO | | Vice President and Chief Accounting Officer (Principal Accounting Officer) | | June [removed: 10, 2024] [added: 9, 2025] |

| /s/ T. MICHAEL NEVENS | | Chairman of the Board | | June [removed: 10, 2024] [added: 9, 2025] |

In addition, with regards to the Company’s trading in its own securities, it is the Company’s policy to comply with the federal securities laws and the applicable exchange listing requirements.

| 4.6 | | [Fifth Supplemental Indenture, dated March 17, 2025, by and between NetApp, Inc. and U.S. Bank National Association.](https://www.sec.gov/Archives/edgar/data/1002047/000119312525055656/d903666dex42.htm) | | 8-K | | 000-27130 | | 4.2 | | March 17, 2025 |

| 10.24* | | [Form of Restricted Stock Unit Agreement approved for use under the Company's 2021 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex10_24.htm). | | — | | — | | — | | — |

| 10.25* | | [Form of Restricted Stock Unit Agreement (Performance-Based) under the Company's 2021 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025083705/ntap-ex10_25.htm) | | — | | — | | — | | — |

| 10.33 | | [Second Amended and Restated Credit Agreement, dated as of March 5, 2025, by and among NetApp, Inc., the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001002047/000119312525047187/d830679d8k.htm) | | 8-K | | 000-27130 | | 10.1 | | March 5, 2025 |

| 10.38 | | [Offer Letter for employment at the Company to Wissam Jabre, dated January 9, 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000095017025029066/ntap-ex10_1.htm) | | 10-Q | | 000-27130 | | 10.1 | | February 27, 2025 |

| 10.40 | | [Underwriting Agreement, dated March 12, 2025, by and among NetApp, Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc. and Wells Fargo Securities, LLC.](https://www.sec.gov/Archives/edgar/data/1002047/000119312525055656/d903666dex11.htm) | | 8-K | | 000-27130 | | 1.1 | | March 17, 2025 |

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| Wissam Jabre | | | | |

| /s/ FRANK PELZER | | Director | | June 9, 2025 |

| Frank Pelzer | | | | |

| /s/ JUNE YANG | | Director | | June 9, 2025 |

| June Yang | | | | |

(p) Identifies paper format filed exhibit.

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints George Kurian and Michael J.

| Michael J. Berry | | | | |

| /s/ KATHRYN M. HILL | | Director | | June 10, 2024 |

| Kathryn M. Hill | | | | |

| /s/ GEORGE T. SHAHEEN | | Director | | June 10, 2024 |

| George T. Shaheen | | | | |