Equity Profile

NTAP

NetApp, Inc.

Information TechnologyTechnology Hardware, Storage & Peripherals$32.1B

Sep2Wed

Pre-Earnings Brief

UpcomingQ1-2027After Close5:00 PM EDT

Company Snapshot

NetApp, Inc. (NTAP) is a technology company that specializes in data storage and management solutions....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well NetApp has managed costs and revenue during the quarter.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its market share and adapt to changing technology demands.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

NTAP Q1-2027 Earnings Preview

Context

Company Snapshot

NetApp, Inc. (NTAP) is a technology company that specializes in data storage and management solutions. As businesses increasingly rely on cloud computing and data analytics, NetApp's products are essential for helping organizations store, manage, and protect their data efficiently.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+28.15%

Avg Stock Reaction

-0.24%

Last Quarter Recap

In the last quarter (Q4-2026), NetApp reported an EPS of $2.43, exceeding expectations by 29.19%. However, the stock experienced a slight decline the following day, indicating mixed market reactions despite the strong earnings.

Management Promises & Guidance

Continued focus on cloud services expansion.
Commitment to enhancing data management solutions.
Plans to invest in research and development for innovative technologies.

Expectations

Wall Street Expectations

Overall, expectations for NetApp's upcoming earnings are mixed, with the potential for strong performance given its historical EPS beats. However, the market may be cautious due to recent stock price volatility.

Bull Case

If NetApp continues its trend of beating EPS estimates and shows strong revenue growth, it could signal robust demand for its products, leading to a positive market reaction.

Bear Case

Conversely, if the company fails to meet expectations or provides weak guidance, it may face significant selling pressure, especially given the current market volatility.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q1-2027?

Given NetApp's strong history of EPS surprises, this figure will be crucial in determining market sentiment post-earnings.

How much growth is expected in cloud services revenue?

As cloud services are a major growth area for NetApp, any guidance on this metric will be closely watched by investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating NetApp's potential for cloud revenue growth, which could exceed expectations based on recent industry trends.

Supporting Evidence

NetApp has consistently beaten EPS estimates, indicating strong operational efficiency.

The options market is pricing a larger move than historical averages, suggesting heightened investor interest.

Recent insider buying may indicate confidence in the company's future performance.

Key Risk

If cloud services revenue growth exceeds 20%, it could significantly shift market sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether NetApp can maintain its growth trajectory in a competitive environment, particularly in cloud services.

Bull Confirmed If

An EPS of $2.50 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $2.00 would confirm the bear case, suggesting potential issues with revenue generation.

Pre-Earnings Positioning

Options Market

Implied Move

±6.62%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a significant move, suggesting that investors anticipate volatility around the earnings report.

Options are pricing ±6.6% while NTAP has averaged ±2.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

69.8%

Calls (787K)P/C Ratio: 0.26Puts (527K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Information Technology

n=30

Fade rate: 5 of 10 (50%)

This setup has occurred 30 times across Information Technology in the last 2 years. 5 of 10 faded and 5 held — no strong directional bias after the initial reaction. The average absolute 1-day move is 4.4%, with a raw directional average of -0.5% (modestly negative historical bias).

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If NetApp beats expectations and raises guidance, history suggests the stock could see a positive reaction, averaging a 2.09% increase.

In-Line / Cautious

If results are in line with expectations but management's commentary is cautious, the stock may experience muted movement.

Miss

Should NetApp miss expectations, history suggests a potential decline, averaging around -0.24% in similar past scenarios.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

1 buy·0 sells

Members

Senate only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

R-ARJohn BoozmanSen.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cloud services revenue growth and its impact on overall performance.
2Management's outlook on competitive pressures in the data storage market.
3Details on new product launches or innovations in data management.
4Insights into customer demand trends and how they are adapting to market changes.
5Any commentary on cost management strategies and their effectiveness.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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More Earnings This Week

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Company Snapshot

NetApp, Inc. (NTAP) is a technology company that specializes in data storage and management solutions....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and will show how well NetApp has managed costs and revenue during the quarter.

N/A

Revenue Growth

Revenue growth reflects the company's ability to expand its market share and adapt to changing technology demands.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

NTAP Q1-2027 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+28.15%

Avg Stock Reaction

-0.24%

Last Quarter Recap

Management Promises & Guidance

Continued focus on cloud services expansion.
Commitment to enhancing data management solutions.
Plans to invest in research and development for innovative technologies.

Expectations

Wall Street Expectations

Bull Case

If NetApp continues its trend of beating EPS estimates and shows strong revenue growth, it could signal robust demand for its products, leading to a positive market reaction.

Bear Case

Conversely, if the company fails to meet expectations or provides weak guidance, it may face significant selling pressure, especially given the current market volatility.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for Q1-2027?

Given NetApp's strong history of EPS surprises, this figure will be crucial in determining market sentiment post-earnings.

How much growth is expected in cloud services revenue?

As cloud services are a major growth area for NetApp, any guidance on this metric will be closely watched by investors.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating NetApp's potential for cloud revenue growth, which could exceed expectations based on recent industry trends.

Supporting Evidence

NetApp has consistently beaten EPS estimates, indicating strong operational efficiency.

The options market is pricing a larger move than historical averages, suggesting heightened investor interest.

Recent insider buying may indicate confidence in the company's future performance.

Key Risk

If cloud services revenue growth exceeds 20%, it could significantly shift market sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The market is debating whether NetApp can maintain its growth trajectory in a competitive environment, particularly in cloud services.

Bull Confirmed If

An EPS of $2.50 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $2.00 would confirm the bear case, suggesting potential issues with revenue generation.

Pre-Earnings Positioning

Options Market

Implied Move

±6.62%

Historical Avg

±2.1%

Pricing rich

The options market is pricing in a significant move, suggesting that investors anticipate volatility around the earnings report.

Options are pricing ±6.6% while NTAP has averaged ±2.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

69.8%

Calls (787K)P/C Ratio: 0.26Puts (527K)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Information Technology

n=30

Fade rate: 5 of 10 (50%)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If NetApp beats expectations and raises guidance, history suggests the stock could see a positive reaction, averaging a 2.09% increase.

In-Line / Cautious

If results are in line with expectations but management's commentary is cautious, the stock may experience muted movement.

Miss

Should NetApp miss expectations, history suggests a potential decline, averaging around -0.24% in similar past scenarios.

Preparation

Congressional Activity

House & Senate STOCK Act disclosures over the trailing 6 months.

Trades

1 buy·0 sells

Members

Senate only

Est. Notional

$1,001.00–$15,000.00

disclosed dollar ranges

Most Active Members

R-ARJohn BoozmanSen.
1

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cloud services revenue growth and its impact on overall performance.
2Management's outlook on competitive pressures in the data storage market.
3Details on new product launches or innovations in data management.
4Insights into customer demand trends and how they are adapting to market changes.
5Any commentary on cost management strategies and their effectiveness.