NetApp, Inc. (NTAP) earnings on September 2, 2026

After the market closes Q2 2026

More NetApp, Inc. earnings

Prior outlook: Pessimistic Outcome: Partial

The stock dropped sharply after its financial report but then recovered to close higher. Analysts adjusted their price expectations following the results.

NTAP price around the earnings

185.38

Change: +2.6%

2026-09-03, 20:00 UTC

Start of the measured window End of the measured window
158.67 169.11 179.56 190.00 180.77
Price series around the eventClosing price per minute from before the event to the end of the measured window.No trading (market closed)
September 2, 2026 September 3, 2026
  • Price: green if it ends above the starting price; red if it ends below
  • Start of the measured window
  • End of the measured window
  • Market open
  • No trading (market closed)
  • Starting price
Price series around the event

Prior thesis

Prior outlook: Pessimistic Outcome: Partial

Thesis published
Results released

Price weakness outweighs earnings strength

The cautious crowd positioning and recent price weakness outweighed the strong earnings history, leading to a pessimistic outlook despite past performance.

Context analyzed before publication

Summary
Price weakness outweighs earnings strength
Playbook
The stock dropped -10.6% recently and approaches key support at $180.47. Analysts cite a price target with +4.7% potential, with some maintaining neutral stances.
Trend
Expert outlook deteriorating, confidence falling

Analysts

Drivers

  • Analysts Negative

    Buy rating but average price target points to a pessimistic scenario; some major banks maintain neutral views.

Evidence

Analyst consensus
Buy
Consensus average (1-5)
2.3
Analysts covering the stock
16
Average price target
189.19
Lowest price target
150
Highest price target
210
Upside to price target
4.7%
Quarterly earnings growth
18.8%
Revenue growth
12.5%
Forward EPS
10.09
Trailing EPS
6.36
Analyst moves in the last 60 days
4
  • Strong buy: 2
  • Buy: 6
  • Hold: 12
  • Sell: 0
  • Strong sell: 0
Strong buy
2
Buy
6
Hold
12
Sell
0
Strong sell
0
  • August 31, 2026 · B of A Securities: Maintains rating (Neutral → Neutral)
  • August 24, 2026 · Evercore ISI Group: Maintains rating (In-Line → In-Line)
  • August 18, 2026 · Citigroup: Maintains rating (Neutral → Neutral)
  • August 10, 2026 · Morgan Stanley: Upgrades rating (Underweight → Equal-Weight)

News and sentiment

Drivers

  • News & sentiment Negative

    Bank of America maintains neutral stance despite raising their price target, sending mixed contexts.

Evidence

Sentiment
Sentiment
Constructive
Mention volume
High
Normalized volume
99%
News
Sources (8)

Technicals

Drivers

  • Technical Negative

    Recent 14-day pullback of -10.6% is significant; the stock approaches support at $180.47.

Evidence

Price when the context was analyzed
183.11
Average true range (ATR)
3.4%
Distance to 52-week high
-12.8%
14-day change (14d)
-10.6%
30-day change (32d)
+2.5%
30-day relative strength
+0.5%
SPY change (32d)
+2.0%
Nearest support
180.47
Distance to nearest support
1.4%
Nearest resistance
183.71
Distance to nearest resistance
0.3%
Volume accumulation ratio (14d / 46d)
0.81
  • Mid: 180.47 (1.4% away, 0.42 ATR, 4 touches)
  • Mid: 179.02 (2.2% away, 0.65 ATR, 7 touches)
  • Mid: 176.42 (3.7% away, 1.07 ATR, 7 touches)
  • Minor: 183.71 (0.3% away, 0.1 ATR, 2 touches)
  • Mid: 184.82 (0.9% away, 0.28 ATR, 8 touches)
  • Mid: 186.33 (1.8% away, 0.52 ATR, 18 touches)

Trends

Evidence

Average earnings surprise
+4.9%
  • May 28, 2026: actual EPS 2.43 vs estimate 2.27 (surprise +7.2%)
  • February 26, 2026: actual EPS 2.12 vs estimate 2.06 (surprise +2.8%)
  • November 25, 2025: actual EPS 2.05 vs estimate 1.88 (surprise +8.8%)
  • August 27, 2025: actual EPS 1.55 vs estimate 1.54 (surprise +0.7%)

Expected move

Drivers

  • Past earnings Positive

    The company beat earnings expectations every quarter, exceeding estimates by +4.9% on average, but the scenario points pessimistic.

Implied move
+4.1%
Source
Options chain

Reactions over its last 20 earnings

Median move
4.6%
75th percentile move
8.8%
90th percentile move
15.8%
Up / down moves
11 / 9
Average up move
+7.8%
Average down move
-4.9%

Monitoring and close

What NetApp, Inc. reported

Status
Finished
Actual EPS2.58
EPS estimate2.12
EPS surprise+21.7%
Revenue$2,025 million
Revenue estimate$1,839 million
Revenue surprise+10.1%

NetApp reported first-quarter results that exceeded analyst expectations for earnings and revenue. The company also issued second-quarter guidance that is above current estimates.

Sources (9)

Pre-market second reading after the results

Verdict
Beat expectations

Opening soon, earnings and revenue both beat expectations while the stock shows a -9.0% pre-market decline—above the typical 5% move. The data supports the pessimistic scenario. Historically, in 756 similar cases the close followed that direction 95.5% of the time.

How the stock reacted

Outcome
Partial
Consolidated
+2.5%
Max favorable move (MFE)
12.5%
Max adverse move (MAE)
7.2%