NTAP · 10-K filed 5 Jun 2026 · year to 24 Apr 2026

NetApp

36 named things its latest annual report says its results depend on, each in the company's own words. 28 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

U.S. public sector

earns from · 11%, 11% and 10% of our net revenuesnamed as a risk

In each of fiscal 2024, 2025 and 2026, revenues from the U.S. public sector markets (including the U.S. federal government and U.S. state governments, local municipalities and educational institutions) represented 11%, 11% and 10% of our net revenues, respectively.Risk factors (Item 1A)

Also named by TYL

Two major customers (unnamed)

concentrated in · 43% of our net revenues in fiscal 2026named as a risk

Sales to two of our major customers accounted for 43% of our net revenues in fiscal 2026.Business (Item 1)

Suppliers

Contract manufacturers

depends onnamed as a risk

We rely on a limited number of suppliers for materials, as well as several key subcontractors for the production of certain subassemblies and finished systems.Business (Item 1)

Also named by AIOT, COHR, CSCO, DELL, GNRC, GOOG, HROW, KEYS and 6 more

Third-party cloud infrastructure providers

depends onnamed as a risk

Moreover, our concentration on a limited number of key cloud infrastructure providers carries heightened systemic risks, as a significant disruption to any of these providers could simultaneously impact multiple aspects of our operations and service delivery.Risk factors (Item 1A)

Also named by PAR, PTC

Partners and platforms

Indirect channel partners

earns from · the majority of our net revenuesnamed as a risk

During fiscal 2026, sales through our indirect channels represented the majority of our net revenues.Business (Item 1)

Amazon Web Services (AWS)

depends onnamed as a risk

Fully managed cloud storage offerings are available natively on Microsoft Azure as Azure NetApp Files, on AWS as Amazon FSx for NetApp ONTAP, and on Google Cloud as Google Cloud NetApp Volumes.Business (Item 1)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Microsoft Azure

depends onnamed as a risk

Also named by AIOT, AKAM, BLK, DDOG, DOCN, DOCU, EXTR, FFIV and 14 more

Google Cloud

depends onnamed as a risk

Also named by AAON, CME, DGX, ETSY, FTNT, GTLB, LBTYA, MSTR and 4 more

Public cloud providers

competes withnamed as a risk

Additionally, some partners, especially large and diversified technology companies, including major cloud providers, are also our competitors, complicating our relationships.Risk factors (Item 1A)

Also named by AVGO

NVIDIA

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.Business (Item 1)

Also named by AMD, ANET, BAM, CDNS, COHR, DOCN, HPE, INTC and 3 more

Other companies

Senior Notes

$2.5 billion aggregate principal amountnamed as a risk

As of April 24, 2026, we had $2.5 billion aggregate principal amount of outstanding indebtedness for our senior notes that mature at specific dates in calendar years 2027, 2030, 2032 and 2035.Risk factors (Item 1A)

Also named by APP, LRCX, NVR, WDAY

U.S. government shutdown

named as a risk

Additionally, we have faced, and may in the future face, a prolonged U.S. government shutdown, which could lead to program cancellations or disruptions, delays in funding authorizations or appropriations and limitations on the U.S. government's ability make timely payments, which could in turn harm our business and financial condition.Risk factors (Item 1A)

Also named by FHN, TDY

Places

Taiwan

operates innamed as a risk

Any increase in tensions between China and Taiwan, including threats of military actions or escalation of military activities, could adversely affect our ability, or the ability of our contract manufacturers, to source key supply chain components included in our products.Risk factors (Item 1A)

Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more

China

subject tonamed as a risk

Additionally, ongoing trade tensions between the U.S. and China and recent investment restrictions, such as the U.S. Outbound Investment Security Program, could impact our business and operating results.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Middle East

earns fromnamed as a risk

Additionally, the ongoing conflict in the Middle East has disrupted our ability to fulfill customer orders in the region on a timely basis.Risk factors (Item 1A)

Also named by BKR, CAG, CINF, CPB, CTAS, FLS, GAIN, J and 10 more

Mexico

operates in

We have outsourced manufacturing operations to third parties located in Fremont, California; San Jose, California; Laredo, Texas; Guadalajara, Mexico; Helmond, The Netherlands; Tiszaujvaros, Hungary; Taoyuan, Taiwan; and Singapore.Business (Item 1)

Also named by AAP, AME, AMRC, ANET, AOS, ARES, AYI, AZO and 83 more

Europe

earns from

We have historically experienced a sequential decline in revenues in the first quarter of our fiscal year, as the sales organization spends time developing new business after higher close rates in the fourth quarter, and because sales to European customers are typically weaker during the summer months.Business (Item 1)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Hazards

Northern California earthquakes and wildfires

operates innamed as a risk

Our headquarters is located in Northern California, an area susceptible to earthquakes and wildfires.Risk factors (Item 1A)

Commodities and inputs

U.S. Treasury and government debt securities

exposed to its price · $2.1 billionnamed as a risk

These fixed income debt investments, which consist primarily of U.S. Treasury and government debt securities, and our certificates of deposit are subject to interest rate and interest income risk and will decrease in value if market interest rates increase.Market risk (Item 7A)

Memory components

exposed to its pricenamed as a risk

For example, we have experienced inflationary pressure and supply chain constraints beginning in the second half of fiscal 2026, resulting in increased costs for memory and other components, which have affected our gross margins.Risk factors (Item 1A)

Also named by BBY, CSCO, LBTYA, MCHP, PANW

NAND flash memory

exposed to its pricenamed as a risk

These costs are difficult to manage if supplies of certain components, including NAND, become limited relative to demand or component prices rise significantly.Risk factors (Item 1A)

Drives (storage media)

depends onnamed as a risk

We depend on a limited number of suppliers for drives and other components used in assembling our products, including some single-source suppliers.Risk factors (Item 1A)

Regulators

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

The U.S., through the BIS and OFAC, places restrictions on the sale or export of certain products, technology and services to certain countries, entities, and persons.Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

Bureau of Industry and Security (BIS) Export Administration Regulations

subject tonamed as a risk

These regulations have caused us to stop selling or servicing our products to entities, parties, and regions designated as restricted by the authorities.Risk factors (Item 1A)

Laws and programs

General Data Protection Regulation (GDPR)

subject to · up to 20 million Euros or four percent of our total worldwide annual turnovernamed as a risk

Our business could face stricter obligations, greater fines, and private causes of action under new privacy, data protection, and information security laws and regulations, including the GDPR, which provides for penalties of up to 20 million Euros or four percent of our total worldwide annual turnover of the preceding financial year (whichever is higher), the California Consumer Privacy Act, the California Privacy Rights Act, and a growing number of comprehensive privacy laws enacted by various U.S. states, many of which impose varying and potentially conflicting obligations, as well as new and emerging privacy laws globally.Risk factors (Item 1A)

Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more

U.S. tariffs

subject tonamed as a risk

The U.S. government's tariffs policy remains fluid, and additional tariffs or restrictive policies could have a significant impact on our business and results of operations.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

OECD Pillar Two global minimum tax

subject tonamed as a risk

These rules, along with the continued expansion of the Inclusive Framework to additional jurisdictions or any changes to the scope or requirements of these frameworks, could increase our worldwide effective tax rate and adversely affect our operating results, financial condition, and cash flows.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

One Big Beautiful Bill Act

subject tonamed as a risk

For example, in July 2025, the One Big Beautiful Bill Act was enacted, which introduced significant changes to U.S. tax law, including permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions including the immediate expensing of United States research and development expenditures.Risk factors (Item 1A)

Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more

EU AI Act

subject tonamed as a risk

The EU has also enacted a comprehensive law regulating the development and use of AI systems, the EU AI Act, which came into force on August 1, 2024, and will generally become fully applicable after a two-year transitional period, with certain obligations taking effect at a later time.Risk factors (Item 1A)

Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more

United States-Mexico-Canada Agreement (USMCA)

subject tonamed as a risk

The U.S. government continues to enact changes to U.S. trade policy and has signaled plans for possible additional changes, including future withdrawal from or material modification of certain international trade agreements such as the United States-Mexico-Canada Agreement, imposing tariffs on certain products, as well as imposing tariffs on goods originating in certain countries.Risk factors (Item 1A)

Also named by AYI, BMI, BWA, CLF, CMI, CP, CW, DCH and 29 more

False Claims Act

subject tonamed as a risk

For example, the U.S. Department of Justice (DOJ) has previously pursued claims and settlements with IT vendors, including us and our competitors and channel partners, under the False Claims Act and other statutes related to violations of regulatory and contractual requirements, which may include such areas as pricing and discount practices, cybersecurity, or procurement integrity.Risk factors (Item 1A)

Also named by ACN, ASTS, CDW, CHE, CI, CVS, DGX, FLR and 13 more

Digital Operational Resilience Act (DORA)

subject tonamed as a risk

As we provide technology services to EU financial institutions, the Digital Operational Resilience Act (DORA) imposes financial and legal risks.Risk factors (Item 1A)

Also named by FISV, GPN, ICE, NDAQ, ZETA

EU Cyber Resilience Act

subject tonamed as a risk

In addition, in the EU, various cyber resilience related laws (for example, the EU Cyber Resilience Act and the Network and Information Systems Directive 2) have been enacted and will be applied in phases.Risk factors (Item 1A)

Also named by CGNX, HON

H-1B visa program

subject tonamed as a risk

Restrictions or difficulties in obtaining H-1B, L-1 and other business visas, as well as licenses to work with controlled technologies, along with compliance with new immigration and labor laws and unintended impacts from changes in immigration policy or in the enforcement of existing immigration laws and policies, could lead to unexpected labor costs and hinder our ability to retain and attract skilled professionals, negatively impacting our business, results of operations, financial condition or cash flows.Risk factors (Item 1A)

Also named by ACN, AXON

EU Standard Contractual Clauses

subject tonamed as a risk

NetApp relies on compliance methods such as Standard Contractual Clauses (SCCs) to transfer personal data of individuals located in the European Economic Area (EEA) to other countries.Risk factors (Item 1A)

EU Packaging and Packaging Waste Regulation (PPWR)

subject to

In addition, EPR regulations continue to expand in scope and to new jurisdictions globally, and the European Union's Packaging and Packaging Waste Regulation (PPWR), which entered into force in February 2025, will introduce additional packaging and EPR obligations beginning in August 2026.Business (Item 1)

Also named by ATR