NetApp (NTAP) 10-K risk factor changes: FY2026 vs FY2025

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

ONTAP includes various data management and protection features and capabilities, including [removed: automatic] [added: autonomous] ransomware [removed: protection] [added: detection to protect] against cyber-attacks, built-in data transport features, and storage efficiency capabilities.

With NetApp [removed: Snapshot,] [added: Snapshot technology,] customers can create and manage point-in-time file system copies with no performance impact and minimal storage consumption.

NetApp [removed: SnapCenter Backup Management] [added: SnapCenter backup management] software is designed to deliver high-performance backup and recovery for database and application workloads hosted on ONTAP storage.

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

NetApp [removed: SnapLock Data Compliance] [added: SnapLock data compliance] software delivers high-performance disk-based data permanence for [removed: HDD] [added: hard disk drive (HDD)] and [removed: SSD] [added: solid state drive (SSD)] deployments.

ONTAP also includes industry-leading cyber resilience [removed: solutions] [added: capabilities] that are designed to maximize data protection and security and increase data governance and compliance.

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

[added: The] AFF [removed: A-Series,] [added: family,] powered by ONTAP, allows customers to connect to clouds for more data services, data tiering, caching, and disaster recovery.

[removed: The] [added: Both the] AFF A-Series [removed: has] [added: and C-Series have] a portfolio of products designed for multiple markets and price/performance considerations, from smaller channel commercial market offerings to large-scale, global enterprises.

[removed: NetApp All-Flash FAS with capacity flash (AFF C-Series)] [added: AFF C-Series] provides customers with capacity-optimized flash solid state drives which balance performance and [removed: affordability.][added: affordability, making it ideal for transitioning from hybrid/HDD to all-flash storage and running non-latency sensitive VMware database applications and file environments.]

NetApp [removed: All-Flash SAN Array (ASA] [added: ASA] A-Series [removed: & C-Series) is] [added: and C-Series are] NetApp’s modern [removed: block storage] [added: block-optimized all-flash arrays] with [removed: best-in-class speed,] [added: high-performance,] efficiency, security, sustainability, and cloud integration to accelerate virtual machines and databases.

The ASA includes a [removed: 99.9999%] [added: 100%] guaranteed uptime and guaranteed 4:1 storage efficiency.

NetApp [removed: Fabric Attached Storage (FAS) series are] [added: FAS is] high-capacity [removed: data] [added: hybrid flash] storage [removed: devices] powered by NetApp ONTAP.

The E-Series is available as a hybrid-flash [removed: platform,] [added: array,] while the EF-Series is all-flash.

NetApp StorageGRID is [removed: a software-defined] [added: high-performance, scalable] object storage [removed: solution] for large archives, media repositories, and web data stores.

Using the industry-standard object APIs like the Amazon Simple Storage Service (S3), StorageGRID is provided as a NetApp-branded storage [removed: solution] [added: system] and as a software-defined solution on third-party hardware.

[removed: *Public Cloud*] [added: Public Cloud] offers a portfolio of products delivered primarily as-a-service, including related support.

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

Fully managed cloud storage offerings are available natively on Microsoft Azure as Azure NetApp Files, on [removed: 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 [removed: Amazon] AWS, Google Cloud, and Microsoft Azure, a cloud-based software for customers who wish to manage their own cloud storage infrastructure.

[removed: At the center of our] [added: Our] hybrid multi-cloud storage and data service offerings [removed: is] [added: can all be controlled centrally via the] NetApp [removed: BlueXP.][added: Console.]

[removed: BlueXP] [added: The NetApp Console] is a unified control plane that enables customers to manage their entire data landscape through one single, web-based Software-as-a-Service (SaaS)-delivered control [removed: point.][added: point, with an intuitive interface and powerful automation to help decrease resource waste, complexity, and the risk of managing diverse environments.]

[removed: Within BlueXP are] [added: The NetApp Console also provides a single location to manage] standard and optional capabilities [removed: (services)] [added: (data services)] that allow customers to control their data and operations.

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

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

[removed: BlueXP] [added: The NetApp] 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.

Lastly, [removed: BlueXP] [added: the NetApp] Ransomware [removed: Protection] [added: Resilience service] provides AI-driven protection of workloads, with integrated real-time detection [added: of attacks] and [added: data exfiltration and] ability to respond quickly to threats and recover in [removed: minutes.][added: minutes within an isolated recovery environment.]

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

Working in conjunction with the [removed: BlueXP] [added: NetApp Console for] manageability and control plane services, customers can have deep insights into their data operations.

Instaclustr helps organizations deliver cloud-native applications at scale by operating and supporting the data infrastructure through its SaaS [removed: platform] [added: services] for those designing and building around open-source technologies while not wanting to maintain that infrastructure themselves.

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

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

Our sales efforts are organized around the evolving needs of our current and [removed: targeted] [added: potential] customers, and our marketing initiatives reflect this focus.

We sell our products, solutions and services [removed: to end-user business customers and service providers] through a direct sales force and an ecosystem of partners, including the leading cloud providers.

We design our products to meet the evolving requirements of a hybrid, multicloud world, driven by [added: artificial intelligence,] digital transformation and cloud initiatives.

During fiscal [removed: 2025,] [added: 2026,] sales through our indirect channels represented [removed: 78%] [added: the majority] of our net revenues.

As of April [removed: 25, 2025,] [added: 24, 2026,] our worldwide sales and marketing functions consisted of approximately [removed: 5,100] [added: 5,000] managers, sales representatives and technical support personnel.

We have offices in [removed: approximately 26] [added: over 20] countries.

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 [removed: 15] [added: 14] – Segment, Geographic, and Significant Customer Information of the Notes to Consolidated Financial Statements included in Part II, Item 8.

NetApp, Inc. (NetApp, we, us, or the Company), headquartered in San Jose, California, is a global leader in Intelligent Data Infrastructure.

Since our founding in 1992, we have transformed from a pioneering storage hardware provider into a software-driven, cloud-centric data infrastructure company.

Our flagship ONTAP® data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native solutions, forms the backbone of digital transformation for thousands of enterprises worldwide.

NetApp empowers organizations to manage, protect, and leverage data across on-premises, hybrid, and multi-cloud environments.

We are well positioned to enable Intelligent Data Infrastructure for our customers and help them realize the full promise of artificial intelligence (AI) providing solutions that connect, protect, and activate data across every data environment—on-premises, in the cloud, and at the edge.

Market Position & Strategic Focus

NetApp operates at the intersection of major industry megatrends—rapid data growth, multi-cloud adoption, and the rise of AI—which are creating unprecedented challenges and opportunities for organizations as they seek to securely manage and leverage growing data estates.

Well positioned to address these complexities, NetApp empowers Intelligent Data Infrastructure for our customers through our solutions, which seamlessly connect, manage and protect data across any environment.

Our first-party native integration with all major hyperscalers—Amazon Web Services (AWS), Microsoft Azure, and Google Cloud—combined with decades of data management leadership, uniquely enables customers to harness these shifts for competitive advantage.

Our strategy is anchored in four key focus areas:

*Modernizing Data Infrastructure*: We help organizations modernize their data infrastructure to deliver greater performance, efficiency, and agility.

Our industry-leading hybrid-flash and all-flash storage solutions, powered by ONTAP®, provide the foundation for mission-critical workloads, while our hybrid multi-cloud capabilities enable seamless data mobility and management across diverse environments.

By simplifying operations and reducing total cost of ownership, we empower customers to accelerate their digital transformation journeys.

*Enabling Resilient and Secure Operations*: As cyber threats and regulatory requirements intensify, NetApp’s integrated security and data protection capabilities have become essential for enterprises worldwide.

Our solutions offer robust ransomware protection, automated data backup and recovery, disaster recovery, and comprehensive governance features.

We continue to innovate in cyber resilience, helping customers safeguard their most valuable digital assets and maintain business continuity.

*Optimizing Cloud Strategies*: NetApp is uniquely positioned as the only enterprise data infrastructure provider natively integrated with all major public cloud providers.

Our unified approach enables customers to manage, protect, and move data seamlessly across on-premises and cloud environments.

We deliver flexible consumption models, predictable costs, and the agility to scale workloads as business needs evolve.

*Accelerating AI Adoption*: The rise of AI and machine learning is transforming industries, and NetApp is well positioned to help customers with these next-generation workloads.

Our AI-ready infrastructure solutions, including the NetApp AI Data Engine and validated reference architectures with partners like NVIDIA, help organizations streamline data pipelines, accelerate model training, and derive actionable insights from their data.

Competitive Differentiators

NetApp’s sustained success is built on several enduring competitive strengths that set us apart in the market:

*Deep Cloud Integration*: Our native integration with AWS, Microsoft Azure, and Google Cloud provides customers with significant flexibility, unified management, and consistent data services across any environment.

*Proven Data Management Leadership*: ONTAP® is recognized globally for its reliability, scalability, and advanced data services.

Decades of innovation have established NetApp as a trusted partner for enterprises’ most critical data workloads.

*Comprehensive Security and Resilience*: NetApp’s built-in security features, including advanced ransomware protection and automated compliance controls, help customers safeguard data in an increasingly complex threat landscape.

*Strong Ecosystem Partnerships:* Collaborations with technology leaders such as NVIDIA, Cisco, Microsoft, and a broad network of channel partners enable us to deliver integrated, best-in-class solutions tailored to diverse customer needs.

*Customer-Centric Innovation*: Our commitment to continuous innovation is driven by close collaboration with our customers.

We invest in R&D to anticipate emerging trends, enhance our portfolio, and deliver solutions that address real-world business challenges.

*Operational Excellence and Financial Discipline*: Our focus on operational efficiency and disciplined execution has resulted in strong margins, robust cash flow, and the ability to invest in future growth while delivering consistent value to shareholders.

Data as the Foundation for AI Transformation

Artificial intelligence is reshaping industries, driving innovation, and unlocking new sources of value for organizations worldwide.

At the heart of every successful AI initiative lies data—vast, diverse, and increasingly distributed across the enterprise.

As businesses seek to harness AI for competitive advantage, the ability to manage, secure, and activate data becomes paramount.

AI models and workflows rely on high-quality, well-governed data to deliver meaningful insights and outcomes.

Yet, in most organizations, data is scattered across multiple silos: on-premises data centers, edge locations, and an array of public and private clouds.

This fragmentation creates significant challenges in data distribution, security, governance, and hybrid/multicloud workflows.

NetApp is well positioned to help enterprises overcome these challenges and realize the full promise of AI.

We power Intelligent Data Infrastructure for our customers with our solutions that connect, protect, and activate data across every environment—on-premises, at the edge, and in any cloud.

NetApp, Inc. (NetApp, we, us, or the Company) 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.

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

Our integrated data services enable active data management, security, protection, governance, and sustainability.

Additionally, our operational services support adaptive operations across infrastructure, applications, and teams.

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

Together, these capabilities comprise an intelligent data infrastructure that delivers:

Operational simplicity, so customers can manage complex workloads and eliminate infrastructure silos across apps, data, and clouds.

Cyber resilience and security, so businesses stay up and running with built-in ransomware protection, rapid recovery, and infrastructure observability.

AI innovation, embedding intelligence into data infrastructure to enable AI workloads that deliver new levels of productivity and innovation.

Infrastructure savings, so on-premises and cloud infrastructure spend go further with high-efficiency data storage and automated capacity and cloud cost management.

Sustainability, achieved via energy-efficient technologies, tiering, and analytics.

Scalability and agility to maximize infrastructure and application extensibility and team responsiveness.

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.

AFF C-Series arrays, powered by ONTAP, are sustainable, scalable, and secure solutions for Tier 1 and Tier 2 applications.

The AFF C-Series is ideal for transitioning from hybrid/HDD to all-flash storage; running non-latency sensitive VMware database applications and file environments; and providing a solution for secondary storage targets for disaster recovery, backup, and tiering.

NetApp BlueXP combines storage and data services via its unified control plane to change how hybrid, multicloud environments are managed, optimized, and controlled.

An intuitive interface and powerful automation help decrease resource waste, complexity, and the risk of managing diverse environments.

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

storage environments.

Our offerings include storage-as-a-service (STaaS), strategic consulting, professional, managed, and support services.

NetApp Keystone is our pay-as-you-grow, STaaS offering that delivers a seamless hybrid cloud experience for those preferring operating expense consumption models to upfront capital expense or leasing.

NetApp strategic consulting services provide executive-level, high-touch consulting engagements to help organizations facilitate the alignment of their business and technology goals.

Our proven expertise can help organizations define long-term data fabric strategies and operations models to drive IT initiatives for digital transformation.

For the fiscal year ended April [removed: 25, 2025][added: 24, 2026]

[removed: ][added: ]

The aggregate market value of voting stock held by non-affiliates of the registrant, as of October [removed: 25, 2024,] [added: 24, 2025,] the last business day of the registrant’s most recently completed second fiscal quarter, was [removed: approximately $16.6] [added: $17.1] 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: 29, 2025, 200,366,162] [added: 28, 2026, 195,919,927] 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: 25, 2025.][added: 24, 2026.]

[added: | | |] TABLE OF CONTENTS [added: | | |]

| Item 1A | | [Risk Factors](#item_1a_risk_factors) | | [removed: 15] [added: 16] |

| Item 1B | | [Unresolved Staff Comments](#item_1b_unresolved_staff_comments) | | [removed: 30] [added: 31] |

| Item 1C | | [Cybersecurity](#item_1b_unresolved_staff_comments) | | [removed: 30] [added: 31] |

| Item 2 | | [Properties](#item_2_properties) | | [removed: 31] [added: 32] |

| Item 3 | | [Legal Proceedings](#item_3_legal_proceedings) | | [removed: 31] [added: 32] |

| Item 4 | | [Mine Safety Disclosures](#item_4_mine_safety_disclosures) | | [removed: 31] [added: 32] |

| Item 5 | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#item_5_market_for_registrants_common) | | [removed: 32] [added: 33] |

| Item 6 | | [\[Reserved\]](#item_6_selected_financial_data) | | [removed: 35] [added: 36] |

| Item 7 | | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_7_mda) | | [removed: 36] [added: 37] |

| Item 7A | | [Quantitative and Qualitative Disclosures About Market Risk](#item_7a_quantitative_and_qualitative) | | [removed: 52] [added: 51] |

| Item 8 | | [Financial Statements and Supplementary Data](#item_8_financial_statements) | | [removed: 54] [added: 53] |

| Item 9 | | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#item_9_changes_in_and_disagreements) | | [removed: 92] [added: 89] |

| Item 9A | | [Controls and Procedures](#item_9a_controls_and_procedures) | | [removed: 92] [added: 89] |

| Item 9B | | [Other Information](#item_9b_other_information) | | [removed: 92] [added: 89] |

| Item 9C | | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#item9c) | | [removed: 92] [added: 90] |

| Item 10 | | [Directors, Executive Officers and Corporate Governance](#item_10_directors_executive_officers) | | [removed: 93] [added: 91] |

| Item 11 | | [Executive Compensation](#item_11_executive_compensation) | | [removed: 93] [added: 91] |

| Item 12 | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#item_12_security_ownership) | | [removed: 93] [added: 91] |

| Item 13 | | [Certain Relationships and Related Transactions, and Director Independence](#item_13_certain_relationships) | | [removed: 93] [added: 91] |

| Item 14 | | [Principal Accountant Fees and Services](#item_14_principal_accountant_fees) | | [removed: 93] [added: 91] |

| Item 15 | | [Exhibits, Financial Statement Schedules](#item_15_exhibits_financial_statement) | | [removed: 93] [added: 91] |

| [Signatures](#signatures) | | | | [removed: 101] [added: 97] |

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

our ability to maintain our gross [removed: margins;][added: margins, including managing component costs;]

our ability to anticipate [added: and manage] trends related to the [removed: development] [added: development, regulation] and use of artificial intelligence (AI), including generative AI, which impacts the adoption of [removed: intelligent data infrastructure;][added: Intelligent Data Infrastructure, and to comply with emerging laws and standards affecting AI usage;]

disruptions in our supply chain, which could limit our ability to ship products to our customers in the [added: timelines and] amounts and at the prices forecasted;

the impact of [added: new competitors and] industry consolidation affecting our suppliers, [removed: competitors, partners] [added: markets, partners,] and customers;

our ability to effectively integrate [added: and realize the forecasted benefits of] acquired businesses, products, services and technologies;

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For additional discussion of cybersecurity risks and potential related impacts on the Company, refer to the risk factors in Part I, Item [removed: 1A.][added: 1A – “Risk Factors,” including “If a material cybersecurity or other security breach impacts our services, systems, supply chain, or end-user customer systems, or if stored data is improperly accessed, our business could suffer significant harm.”]

Such updates include a review of cybersecurity risks affecting the Company, related metrics, and any incidents or issues that require attention from the [added: Audit Committee or] Board of Directors.

The current CISO has over 30 years of experience in IT and information security, including over 16 years with NetApp in roles of increasing seniority, and is a [added: Certified Information Security Auditor, Certified Information Security Manager with ISACA and a Certified Information Systems Security Professional with ISC2.]

The Company’s CISO presents cybersecurity updates to the Audit Committee at least twice a year, and has a standing quarterly private session to update the Audit Committee on any relevant matters, as needed.

Additionally, the Board of Directors receives a presentation at least annually regarding key developments and topics in cybersecurity from management along with a third party cybersecurity expert.

“Risk Factors,” including “If a material cybersecurity or other security breach impacts our services, systems, supply chain, or end-user customer systems, or if stored data is improperly accessed, our business could suffer significant harm.”

The Company’s CISO regularly updates each of the Board of Directors and the Audit Committee at least twice a year.

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

[removed: We lease approximately 0.3 million square feet of office space for our] [added: Our] corporate headquarters [added: are] located in San Jose, California.

For a discussion of legal proceedings, see Note [removed: 17] [added: 16] – Commitments and Contingencies of the Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K, which is incorporated herein by reference.

| | | Fiscal [removed: 2025] [added: 2026] | | | | | | | | Fiscal [removed: 2024] [added: 2025] | | | | | | |

| First Quarter | | $ | [removed: 135.01] [added: 110.32] | | | $ | [removed: 100.24] [added: 86.70] | | | $ | [removed: 80.53] [added: 135.01] | | | $ | [removed: 61.54] [added: 100.24] | |

| Second Quarter | | $ | [removed: 134.37] [added: 126.66] | | | $ | [removed: 112.87] [added: 100.56] | | | $ | [removed: 80.02] [added: 134.37] | | | $ | [removed: 71.25] [added: 112.87] | |

| Third Quarter | | $ | [removed: 135.45] [added: 119.72] | | | $ | [removed: 112.86] [added: 93.69] | | | $ | [removed: 91.76] [added: 135.45] | | | $ | [removed: 70.82] [added: 112.86] | |

| Fourth Quarter | | $ | [removed: 127.78] [added: 113.78] | | | $ | [removed: 71.84] [added: 94.46] | | | $ | [removed: 112.48] [added: 127.78] | | | $ | [removed: 83.80] [added: 71.84] | |

As of May [removed: 29, 2025] [added: 28, 2026,] there were [removed: 403] [added: 387] holders of record of our common stock.

The Company paid cash dividends of $0.52 per outstanding common share in each quarter of fiscal [added: 2026 and fiscal] 2025 for an aggregate of [removed: $424] [added: $413] million and [added: $424 million, respectively, and paid cash dividends of] $0.50 per outstanding common share in each quarter of fiscal 2024 [removed: and fiscal 2023] for an aggregate of $416 [removed: million and $432 million, respectively.][added: million.]

[removed: In the first quarter of fiscal] [added: On May 21,] 2026, the Company declared a cash dividend of $0.52 per share of common stock, payable on July [removed: 23, 2025] [added: 29, 2026] to shareholders of record as of the close of business on July [removed: 3, 2025.][added: 10, 2026.]

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: 25, 2025.][added: 24, 2026.]

[removed: ][added: ]

| | | April [removed: 2020 | | | | April] 2021 | | | | April 2022 | | | | April 2023 | | | | April 2024 | | | | April 2025 | | | [added: | April 2026 | | |]

The following table provides information with respect to the shares of common stock repurchased by us during the three months ended April [removed: 25, 2025:][added: 24, 2026:]

[removed: As of April 25, 2025,] [added: On May 21, 2026,] our Board of Directors [removed: had] authorized the repurchase of [removed: up to $17.1] [added: an additional $1.0] billion of our common [removed: stock, and on May 22, 2025, authorized an additional $1.1 billion.][added: stock.]

Under [removed: this] [added: our common stock repurchase] program, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management.

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

The following table provides an overview of key financial metrics for [removed: each of] the [removed: last three fiscal] years [added: indicated] (in millions, except per share amounts and percentages):

| | | April [removed: 25, 2025] [added: 24, 2026] | | | | April [removed: 26, 2024] [added: 25, 2025] | | | | April [removed: 28, 2023] [added: 26, 2024] | | |

| Net revenues | | $ | [removed: 6,572] [added: 6,925] | | | $ | [removed: 6,268] [added: 6,572] | | | $ | [removed: 6,362] [added: 6,268] | |

| Gross profit | | $ | [removed: 4,613] [added: 4,899] | | | $ | [removed: 4,433] [added: 4,613] | | | $ | [removed: 4,209] [added: 4,433] | |

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

| Income from operations | | $ | [removed: 1,337] [added: 1,674] | | | $ | [removed: 1,214] [added: 1,337] | | | $ | [removed: 1,018] [added: 1,214] | |

| Income from operations as a percentage of net revenues | | | [removed: 20] [added: 24] | % | | | [removed: 19] [added: 20] | % | | | [removed: 16] [added: 19] | % |

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

| Net income | | $ | [removed: 1,186] [added: 1,276] | | | $ | [removed: 986] [added: 1,186] | | | $ | [removed: 1,274] [added: 986] | |

| Diluted net income per share | | $ | [removed: 5.67] [added: 6.35] | | | $ | [removed: 4.63] [added: 5.67] | | | $ | [removed: 5.79] [added: 4.63] | |

| Net cash provided by operating activities | | $ | [removed: 1,506] [added: 2,067] | | | $ | [removed: 1,685] [added: 1,506] | | | $ | [removed: 1,107] [added: 1,685] | |

| | | April [added: 24, 2026 | | | | April] 25, 2025 | | | | April 26, 2024 | | |

*Net revenues*: Our net revenues increased [removed: approximately] 5% in fiscal [removed: 2025] [added: 2026] compared to fiscal [removed: 2024,] [added: 2025,] due to increases in both product revenues and services revenues.

*Gross margin:* Our gross margin [removed: decreased] [added: increased] less than one percentage point in fiscal [removed: 2025] [added: 2026] compared to fiscal [removed: 2024,] [added: 2025,] due to the [removed: decrease] [added: increase] in gross margins on [added: services revenues, partially offset by lower gross margins on] product revenues.

*Income from operations as a percentage of net revenues:* Our income from operations as a percentage of net revenues increased by [removed: one] [added: four] percentage [removed: point] [added: points] in fiscal [removed: 2025] [added: 2026] compared to fiscal [removed: 2024,] [added: 2025,] primarily due to higher net revenues.

*Net income and Diluted net income per share:* The increase in both net income and diluted net income per share in fiscal [removed: 2025] [added: 2026] compared to fiscal [removed: 2024] [added: 2025] reflect the factors discussed above.

During fiscal [removed: 2025,] [added: 2026,] we repurchased [removed: 10.2] [added: 9.0] million shares of our common stock at an average price of [removed: $112.55] [added: $105.89] per share, for an aggregate purchase price of [removed: $1.2 billion.][added: $950 million.]

We also declared aggregate cash dividends of $2.08 per share in fiscal [removed: 2025,] [added: 2026,] for which we paid a total of [removed: $424] [added: $413] million.

During fiscal [removed: 2025,] [added: 2026,] we executed [removed: several] [added: a] restructuring [removed: plans] [added: plan] and recognized expenses totaling [removed: $83] [added: $21] million consisting primarily of employee severance-related [removed: costs.][added: costs related to the current year and prior year plans.]

Senior Notes [removed: Issuance][added: Repayment]

Fiscal years [removed: 2025, 2024] [added: 2026, 2025] and [removed: 2023,] [added: 2024,] which ended on April [removed: 25, 2025,] [added: 24, 2026,] April [removed: 26, 2024] [added: 25, 2025] and April [removed: 28, 2023,] [added: 26, 2024,] respectively, are all 52-week years, with 13 weeks in each of their quarters.

| | | [removed: 2025] [added: April 24, 2026] | | | | [removed: 2024] [added: April 25, 2025] | | | | [removed: 2023] [added: April 26, 2024] | | |

| Product | | | 46 | % | | | [removed: 45] [added: 46] | % | | | [removed: 48] [added: 45] | % |

We own and lease office facilities and research and development facilities throughout the United States and internationally, primarily in Asia, Europe and North America.

We do not consider any of our facilities to be material for disclosure purposes.

Decisions regarding future dividends are within the discretion of our Board of Directors, and depend on a number of factors, including, general business and economic conditions, and other factors which are discussed in the “Risk Factors” in Item 1A of this Annual Report on Form 10-K.

| NetApp, Inc. | | $ | 100.00 | | | $ | 100.38 | | | $ | 88.91 | | | $ | 146.70 | | | $ | 130.57 | | | $ | 163.57 | |

| S&P 500 Index | | $ | 100.00 | | | $ | 100.21 | | | $ | 102.88 | | | $ | 127.80 | | | $ | 140.33 | | | $ | 184.25 | |

| S&P 500 Information Technology Index | | $ | 100.00 | | | $ | 101.89 | | | $ | 110.13 | | | $ | 154.18 | | | $ | 171.25 | | | $ | 260.29 | |

| S&P 1500 Technology Hardware & Equipment Index | | $ | 100.00 | | | $ | 113.78 | | | $ | 120.80 | | | $ | 127.97 | | | $ | 152.61 | | | $ | 234.04 | |

| January 24, 2026 - February 20, 2026 | | | 599 | | | $ | 100.33 | | | | 389,407 | | | $ | 642 | |

| February 21, 2026 - March 20, 2026 | | | 634 | | | $ | 100.30 | | | | 390,041 | | | $ | 579 | |

| March 21, 2026 - April 24, 2026 | | | 749 | | | $ | 102.33 | | | | 390,790 | | | $ | 502 | |

| Total | | | 1,982 | | | $ | 101.07 | | | | | | | | | |

For further information, see Note 9 - Stockholders' Equity of the Notes to Consolidated Financial Statements included in Part II, Item 8.

NetApp is a global leader in Intelligent Data Infrastructure, empowering organizations to realize the full potential of their data in a rapidly evolving digital world.

Headquartered in San Jose, California, and serving customers in approximately 150 countries, NetApp delivers innovative solutions that enable seamless data management, protection, and mobility across on-premises, hybrid, and multi-cloud environments.

Our flagship ONTAP® data management software, together with a comprehensive portfolio of all-flash, hybrid-flash, and cloud-native offerings, forms the foundation for customers’ digital transformation initiatives.

NetApp’s deep integration with all major public cloud providers—AWS, Microsoft Azure, and Google Cloud—enables our customers to run critical workloads anywhere, with consistent performance, security, and governance.

NetApp's strategic focus is on modernizing data infrastructure, enabling resilient and secure operations, optimizing cloud strategies, and accelerating artificial intelligence (AI) adoption.

Through continued investment in innovation, we have expanded our portfolio to include advanced AI-ready infrastructure, Storage-as-a-Service (Keystone), and robust cyber resilience solutions.

Our partnerships with leading technology companies and a global ecosystem of channel partners further extend our reach and solution capabilities.

Global Business Environment

*Supply Chain*

Inflationary pressures and supply chain constraints have impacted our operations beginning in the second half of fiscal 2026.

We have experienced increased costs for memory and other components, which have affected our gross margins, and we expect costs will remain elevated, or continue to increase, in the near term.

Additionally, the tight supply environment for specific products, which is anticipated to persist, could pose challenges in meeting customer demand for those products.

To address these challenges, we have implemented several strategic actions:

We raised our pricing in the fourth quarter of fiscal 2026, in line with market trends.

We expect to continue adjusting prices as necessary to offset rising costs and remain aligned with the market.

While we aim to match supplier costs with our pricing to customers, we recognize the need to give customers time to adjust to these changes.

We are leveraging our relationships with multiple suppliers where available to enable component availability and manage costs effectively.

This strategy helps us maintain competitive positions in the market from a pricing standpoint.

Our history of successful supplier management positions us well to navigate these challenges.

We continue to offer a wide range of solutions to meet various customer needs and priorities.

This includes competitive storage options, all-flash solutions, hybrid-flash solutions, public cloud solutions, and our Keystone Storage-as-a-Service offering.

By providing diverse options, we aim to align with our customers’ budget priorities and deliver the best value offerings.

These actions are part of our ongoing efforts to mitigate the impact of inflation and supply chain constraints on our operating results.

We will continue to monitor these trends and uncertainties and adjust our strategies as needed to maintain our financial performance.

| Deferred revenue | | $ | 4,845 | | | $ | 4,536 | |

*Provision for income taxes:* Our provision for income taxes increased in fiscal 2026 compared to fiscal 2025 primarily due to benefits related to the Internal Revenue Service ("IRS") examination of our fiscal 2018 and 2019 U.S. income tax returns in the prior year.

Product and services revenues as a percentage of net revenues remained relatively flat in fiscal 2026 as compared to fiscal 2025.

Fluctuations in foreign currency exchange rates favorably impacted net revenues percentage growth year-over-year by two percentage points.

We owned or leased, domestically and internationally, the following properties as of April 25, 2025.

We own approximately 0.8 million square feet of facilities in Research Triangle Park (RTP), North Carolina.

In addition, we own 65 acres of undeveloped land.

The RTP site supports research and development, global services and sales and marketing.

We own approximately 0.7 million square feet of facilities in Bangalore, India on 14 acres of land.

The Bangalore site supports research and development, finance and global services.

The San Jose site supports research and development, corporate general administration, sales and marketing, global services and operations.

We lease approximately 0.7 million square feet in other sales offices and research and development facilities throughout the U.S. and internationally.

We expect that our existing facilities and those being developed worldwide are suitable and adequate for our requirements over at least the next two years.

COMPARISON OF FIVE YEAR CUMULATIVE TOTAL RETURN

Among NetApp, Inc., the S&P 500 Index, the S&P 500 Information Technology Index and the S&P 1500 Technology Hardware & Equipment Index*

*$100 invested on April 24, 2020 in stock or index, including reinvestment of dividends.

Data points are the last day of each fiscal year for the Company’s common stock and each of the indexes.

| 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 | | | | | | | | | |

Since inception of the program through April 25, 2025, we repurchased a total of 382 million shares of our common stock for an aggregate purchase price of $16.8 billion.

The stock repurchase program may be suspended or discontinued at any time.

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.

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

Our integrated data services enable active data management, security, protection, governance, and sustainability.

Additionally, our operational services support adaptive operations across infrastructure, applications, and teams.

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

| | | | | | | | | |

| Deferred revenue and financed unearned services revenue | | $ | 4,536 | | | $ | 4,234 | |

*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.

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.

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

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: 2025] [added: 2026] Annual Meeting of Stockholders, which will be filed with the Securities and Exchange Commission within 120 days of our year ended April [removed: 25, 2025.][added: 24, 2026.]

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: 2025] [added: 2026] Annual Meeting of Stockholders, to the extent applicable.

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: 2025] [added: 2026] Annual Meeting of Stockholders (provided that the information under the heading [removed: "Pay] [added: “Pay] Versus [removed: Performance"] [added: 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: 2025] [added: 2026] 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: 2025] [added: 2026] 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: 2025] [added: 2026] Annual Meeting of Stockholders.

| | | | | Incorporation by Reference | | | | | | | [added: |]

| Exhibit No | | Description | | Form | | File No. | | Exhibit | | Filing Date | [added: Filed Herewith |]

| 3.1 | | [Certificate of Incorporation of the Company, as amended.](https://www.sec.gov/Archives/edgar/data/1002047/000119312521271444/d203848dex31.htm) | | 10-Q | | 000-27130 | | 3.1 | | September 13, 2021 | [added: |]

| 3.2 | | [Bylaws of the Company.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023064506/ntap-ex3_1.htm) | | 8-K | | 000-27130 | | 3.1 | | November 16, 2023 | [added: |]

| 4.1 | | [Indenture dated December 12, 2012, by and between the Company and U.S. Bank National Association.](https://www.sec.gov/Archives/edgar/data/1002047/000119312512500180/d451808dex41.htm) | | 8-K | | 000-27130 | | 4.1 | | December 12, 2012 | [added: |]

| [removed: 4.2] [added: 4.3] | | [removed: [First] [added: [Fifth] Supplemental [removed: Indenture] [added: Indenture,] dated [removed: December 12, 2012,] [added: March 17, 2025,] by and between [removed: the Company] [added: NetApp, Inc.] and U.S. Bank National [removed: Association.](https://www.sec.gov/Archives/edgar/data/1002047/000119312512500180/d451808dex42.htm)] [added: Association.](https://www.sec.gov/Archives/edgar/data/1002047/000119312525055656/d903666dex42.htm)] | | 8-K | | 000-27130 | | 4.2 | | [removed: December 12, 2012] [added: March 17, 2025] | [added: |]

| [removed: 4.3] [added: 4.2] | | [removed: [Second] [added: [Fourth] Supplemental [removed: Indenture] [added: Indenture,] dated June [removed: 5, 2014,] [added: 22, 2020,] by and between [removed: the Company] [added: NetApp, Inc.] and U.S. Bank National [removed: Association.](https://www.sec.gov/Archives/edgar/data/1002047/000119312514227067/d739441dex41.htm)] [added: Association.](https://www.sec.gov/Archives/edgar/data/0001002047/000119312520175676/d949594dex42.htm)] | | 8-K | | 000-27130 | | [removed: 4.1] [added: 4.2] | | June [removed: 5, 2014] [added: 22, 2020] | [added: |]

| [removed: 4.7] [added: 4.4] | | [Description of Capital Stock of the Company.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex4_6.htm) | | 10-K | | 000-27130 | | 4.6 | | June 10, 2024 | [added: |]

| 10.1* | | [Form of Indemnification Agreement by and between the Company and each of its directors and executive officers.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023025324/ntap-ex10_1.htm) | | 8-K | | 000-27130 | | 10.1 | | May 31, 2023 | [added: |]

| 10.2* | | [Form of Change of Control Severance Agreement.](https://www.sec.gov/Archives/edgar/data/1002047/000156459019020164/ntap-ex101_40.htm) | | 8-K | | 000-27130 | | 10.1 | | May 22, 2019 | [added: |]

| 10.3* | | [The Company’s Amended and Restated Executive Compensation Plan, as amended effective [removed: June 20, 2018.](https://www.sec.gov/Archives/edgar/data/1002047/000156459018022123/ntap-ex101_59.htm)] [added: August 26, 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000119312525189700/ntap-ex10_4.htm)] | | 10-Q | | 000-27130 | | [removed: 10.1] [added: 10.4] | | August [removed: 21, 2018] [added: 27, 2025] | [added: |]

| 10.4* | | [The Company’s Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/1002047/000129993305003338/exhibit1.htm) | | 8-K | | 000-27130 | | 2.1 | | July 7, 2005 | [added: |]

| 10.5* | | [The Company’s Employee Stock Purchase Plan, as amended effective September [removed: 13, 2023.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023048229/ntap-ex10_1.htm)] [added: 11, 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000119312525202408/ntap-ex10_1.htm)] | | 8-K | | 000-27130 | | 10.1 | | September [removed: 14, 2023] [added: 15, 2025] | [added: |]

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

| 10.7* | | [Form of Restricted Stock Unit Agreement [removed: (Employees)] approved for use under the Company’s [added: amended and restated] 1999 Stock [removed: option Plan, effective June 2019.](https://www.sec.gov/Archives/edgar/data/1002047/000156459020029349/ntap-ex1014_9.htm)] [added: Option Plan (Non-Employees Directors).](https://www.sec.gov/Archives/edgar/data/1002047/000095012310059271/f56118exv10w17.htm)] | | 10-K | | 000-27130 | | [removed: 10.14] [added: 10.17] | | June [removed: 15, 2020] [added: 18, 2010] | [added: |]

| [removed: 10.8*] [added: 10.12*] | | [Form of Restricted Stock Unit Agreement approved for use under the [removed: Company’s amended and restated 1999 Stock Option] [added: Company's 2021 Equity Incentive] Plan [removed: (Non-Employees Directors).](https://www.sec.gov/Archives/edgar/data/1002047/000095012310059271/f56118exv10w17.htm)] [added: (VP and Below), effective May 15, 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_21.htm)] | | 10-K | | 000-27130 | | [removed: 10.17] [added: 10.21] | | June [removed: 18, 2010] [added: 10, 2024] | [added: |]

| 10.9* | | [Form of Restricted Stock Unit Agreement [removed: (Non-Employee Directors)] approved for use under the [removed: Company’s 1999 Stock Option Plan.](https://www.sec.gov/Archives/edgar/data/1002047/000156459018029831/ntap-ex102_7.htm)] [added: Company's 2021 Equity Incentive Plan (Employee), effective September 10, 2021.](https://www.sec.gov/Archives/edgar/data/0001002047/000095017021005014/ntap-ex10_1.htm)] | | 10-Q | | 000-27130 | | [removed: 10.2] [added: 10.1] | | [removed: February 11, 2019] [added: December 2, 2021] | [added: |]

| 10.10* | | [Form of Restricted Stock Unit Agreement [removed: (Non-Employee Directors)] approved for use under the [removed: Company’s 1999 Stock Option Plan,] [added: Company's 2021 Equity Incentive Plan (Non-Employee Director),] effective [removed: June 2019.](https://www.sec.gov/Archives/edgar/data/1002047/000156459020029349/ntap-ex1019_12.htm)] [added: November 1, 2021.](https://www.sec.gov/Archives/edgar/data/0001002047/000095017022002669/ntap-ex10_1.htm)] | | [removed: 10-K] [added: 10-Q] | | 000-27130 | | [removed: 10.19] [added: 10.1] | | [removed: June 15, 2020] [added: March 2, 2022] | [added: |]

| [removed: 10.11*] [added: 10.14*] | | [Form of Restricted Stock Unit Agreement (Performance-Based) [added: -] Total [removed: Stockholder] [added: Shareholder] Return [removed: approved for use] under the [removed: Company’s 1999 Stock Option] [added: Company's 2021 Equity Incentive] Plan, effective [removed: June 2019.](https://www.sec.gov/Archives/edgar/data/1002047/000156459020029349/ntap-ex1023_14.htm)] [added: May 15, 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_23.htm)] | | 10-K | | 000-27130 | | 10.23 | | June [removed: 15, 2020] [added: 10, 2024] | [added: |]

| [removed: 10.13*] [added: 10.8*] | | [NetApp, Inc. 2021 Equity Incentive Plan, as amended effective September 11, [removed: 2024](https://www.sec.gov/Archives/edgar/data/0001002047/000095017024105928/ntap-ex10_1.htm)] [added: 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000119312525202408/ntap-ex10_2.htm)] | | 8-K | | 000-27130 | | [removed: 10.1] [added: 10.2] | | September [removed: 12, 2024] [added: 15, 2025] | [added: |]

| [removed: 10.14*] [added: 10.19*] | | [Form of Restricted Stock Unit Agreement approved for use under the Company's 2021 Equity Incentive [removed: Plan (Employee),] [added: Plan,] effective [removed: September 10, 2021.](https://www.sec.gov/Archives/edgar/data/0001002047/000095017021005014/ntap-ex10_1.htm)] [added: May 13, 2026.](https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-ex10_19.htm)] | | [removed: 10-Q] [added: —] | | [removed: 000-27130] [added: —] | | [removed: 10.1] [added: —] | | [removed: December 2, 2021] [added: —] | [added: X |]

| 10.15* | | [Form of Restricted Stock Unit Agreement approved for use under the Company's 2021 Equity Incentive Plan (Senior Executive), effective [removed: September 10, 2021.](https://www.sec.gov/Archives/edgar/data/0001002047/000095017021005014/ntap-ex10_2.htm)] [added: May 15, 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-ex10_15.htm)] | | [removed: 10-Q] [added: —] | | [removed: 000-27130] [added: —] | | [removed: 10.2] [added: —] | | [removed: December 2, 2021] [added: —] | [added: X |]

| [removed: 10.16*] [added: 10.20*] | | [Form of Restricted Stock Unit Agreement [removed: (Performance Based)] [added: (Performance-Based)] under the Company's 2021 Equity Incentive Plan, effective [removed: September 10, 2021.](https://www.sec.gov/Archives/edgar/data/0001002047/000095017021005014/ntap-ex10_3.htm)] [added: May 13, 2026.](https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-ex10_20.htm)] | | [removed: 10-Q] [added: —] | | [removed: 000-27130] [added: —] | | [removed: 10.3] [added: —] | | [removed: December 2, 2021] [added: —] | [added: X |]

| [removed: 10.17*] [added: 10.11*] | | [Form of Restricted Stock Unit Agreement approved for use under the Company's 2021 Equity Incentive Plan [removed: (Non-Employee Director),] [added: (Senior Executive),] effective [removed: November 1, 2021.](https://www.sec.gov/Archives/edgar/data/0001002047/000095017022002669/ntap-ex10_1.htm)] [added: May 15, 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_20.htm)] | | [removed: 10-Q] [added: 10-K] | | 000-27130 | | [removed: 10.1] [added: 10.20] | | [removed: March 2, 2022] [added: June 10, 2024] | [added: |]

| [removed: 10.18*] [added: 10.13*] | | [Form of Restricted Stock Unit Agreement (Performance-Based) - Billings [removed: approved for use] under the Company's 2021 Equity Incentive Plan, [removed: Effective July 1, 2022.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023027948/ntap-ex10_27.htm)] [added: effective May 15, 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_22.htm)] | | 10-K | | 000-27130 | | [removed: 10.27] [added: 10.22] | | June [removed: 14, 2023] [added: 10, 2024] | [added: |]

| [removed: 10.19*] [added: 10.18*] | | [Form of Restricted Stock Unit Agreement (Performance-Based) - Total Shareholder Return [removed: approved for use] under the Company's 2021 Equity Incentive Plan, effective [removed: July 1, 2022.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023027948/ntap-ex10_28.htm)] [added: May 15, 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-ex10_18.htm)] | | [removed: 10-K] [added: —] | | [removed: 000-27130] [added: —] | | [removed: 10.28] [added: —] | | [removed: June 14, 2023] [added: —] | [added: X |]

| [removed: 10.20*] [added: 10.16*] | | [Form of Restricted Stock Unit Agreement approved for use under the Company's 2021 Equity Incentive Plan [removed: (Senior Executive),] [added: (VP and Below),] effective May 15, [removed: 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_20.htm)] [added: 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-ex10_16.htm)] | | [removed: 10-K] [added: —] | | [removed: 000-27130] [added: —] | | [removed: 10.20] [added: —] | | [removed: June 10, 2024] [added: —] | [added: X |]

| [removed: 10.21*] [added: 10.17*] | | [Form of Restricted Stock Unit Agreement [removed: approved for use] [added: (Performance-Based) - Billings] under the Company's 2021 Equity Incentive [removed: Plan (VP and Below),] [added: Plan,] effective May 15, [removed: 2024.](https://www.sec.gov/Archives/edgar/data/1002047/000095017024071327/ntap-ex10_21.htm)] [added: 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-ex10_17.htm)] | | [removed: 10-K] [added: —] | | [removed: 000-27130] [added: —] | | [removed: 10.21] [added: —] | | [removed: June 10, 2024] [added: —] | [added: X |]

| [removed: 10.28*] [added: 10.21*] | | [Outside Director Compensation Policy, as amended effective September [removed: 13, 2023.](https://www.sec.gov/Archives/edgar/data/1002047/000095017023045061/ntap-ex10_3.htm)] [added: 10, 2025.](https://www.sec.gov/Archives/edgar/data/1002047/000119312526259683/ntap-ex10_21.htm)] | | [removed: 10-Q] [added: —] | | [removed: 000-27130] [added: —] | | [removed: 10.3] [added: —] | | [removed: August 29, 2023] [added: —] | [added: X |]

| [removed: 10.29*] [added: 10.22*] | | [Amended and Restated Instaclustr US Holding, Inc. 2018 Stock Option [removed: Plan](https://www.sec.gov/Archives/edgar/data/1002047/000119312522175139/d336595ds8.htm)] [added: Plan](https://www.sec.gov/Archives/edgar/data/1002047/000119312522175139/d336595dex991.htm)] | | S-8 | | 333-265648 | | 99.1 | | June 16, 2022 | [added: |]

| [removed: 10.30] [added: 10.23] | | [removed: [Amended] [added: [Second Amended] and Restated Credit Agreement, dated as of [removed: January 22, 2021,] [added: March 5, 2025,] by and among [removed: the] NetApp, [removed: Inc,] [added: Inc.,] the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative [removed: agent.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001002047/000119312521014704/d112725d8k.htm)] [added: agent.](https://www.sec.gov/Archives/edgar/data/1002047/000119312525047187/d830679dex101.htm)] | | 8-K | | 000-27130 | | 10.1 | | [removed: January 22, 2021] [added: March 5, 2025] | [added: |]

| [removed: 10.34] [added: 10.24] | | [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 | [added: |]

| [removed: 10.35] [added: 10.25] | | [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 | [added: |]

| [removed: 10.36] [added: 10.26] | | [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 | [added: |]

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| 4.4 | | [Third Supplemental Indenture dated September 29, 2017 by and between the Company and U.S. Bank National Association.](https://www.sec.gov/Archives/edgar/data/1002047/000119312517299733/d458010dex42.htm) | | 8-K | | 000-27130 | | 4.2 | | September 29, 2017 |

| 4.5 | | [Fourth Supplemental Indenture, dated June 22, 2020, by and between NetApp, Inc. and U.S. Bank National Association.](https://www.sec.gov/Archives/edgar/data/0001002047/000119312520175676/d949594dex42.htm) | | 8-K | | 000-27130 | | 4.2 | | June 22, 2020 |

| 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 |

| 10.12* | | [Spotinst Inc. 2016 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/0001002047/000119312520234736/d67157ds8.htm) | | S-8 | | 333-248480 | | 99.1 | | August 28, 2020 |

| 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) | | 10-K | | 000-27130 | | 10.22 | | 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) | | 10-K | | 000-27130 | | 10.23 | | June 10, 2024 |

| 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) | | — | | — | | — | | — |

| 10.26* | | [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 |

| 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 |

| 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 |

| 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 |

| 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 |

| 10.39 | | [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 |

| 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 |

| /s/ SCOTT SCHENKEL | | Director | | June 9, 2025 |

| Scott Schenkel | | | | |