NetApp Q2 FY25 Earnings Results

NetApp Q2 FY25 Earnings Results

• 1. © 2024 NetApp, Inc. All rights reserved. Q2 FY25 EARNINGS RESULTS

• 2. Safe harbor 2 © 2024 NetApp, Inc. All rights reserved. • This presentation contains forward-looking statements and projections about our strategy, products and services, shareholder returns, and our future results, performance or achievements, financial and otherwise. These statements and projections reflect management's current expectations, estimates and assumptions based on the information currently available to us and are not guarantees of future performance. • Actual results may differ materially from these statements for a variety of reasons, including, without limitation, our ability to keep pace with the rapid industry, technological and market trends and changes in the markets in which we operate; our ability to execute our evolved cloud strategy and introduce and gain market acceptance for our products and services; our ability to maintain our customer, partner, supplier and contract manufacturer relationships on favorable terms and conditions; global political, macroeconomic and market conditions, including inflation, fluctuating interest rates, changes in trade regulations, monetary policy shifts, recession risks, and foreign exchange volatility and the resulting impact on demand for our products; the impact due to new or ongoing armed conflicts and any sanctions posed in response; adoption or changes to laws, regulations standards or policies affecting our operations, products, services, the storage industry, or AI usage; material cybersecurity and other security breaches; the impact of supply chain disruptions on our business operations, financial performance and results of operations; changes in U.S. government spending; changes in overall technology spending by our customers; revenue seasonality; changes in laws or regulations, including those relating to privacy, data protection and information security; the timing of orders and their fulfilment; and our ability to manage our gross profit margins. These and other equally important factors that may affect our future results are described in reports and documents we file from time to time with the SEC, including the factors described under the section titled “Risk Factors” in our most recent annual report on Form 10-K and quarterly report on Form 10-Q, each available at www.sec.gov. The forward-looking statements made in these presentations are being made as of the time and date of the live presentation. If these presentations are reviewed after the time and date of the live presentation, even if subsequently made available by us, on our website or otherwise, these presentations may not contain current or accurate information. Except as required by law, we disclaim any obligation to updat e or revise any forward-looking statement based on new information, future events or otherwise. • This presentation includes non-GAAP financial measures. Reconciliations of these measures to the comparable GAAP measures are available in the appendix to this presentation. • NetApp’s Investor Relations website at https://investors.netapp.com/investor-relations contains a significant amount of information about NetApp, including financial and other information for investors. NetApp encourages investors to visit that website from time to time as information is updated and new information is posted. The content of NetApp’s website is not incorporated by reference into this presentation, and any references to NetApp’s website are intended to be inactive textual references only.

• 3. NetApp is the INTELLIGENT DATA INFRASTRUCTURE COMPANY 3 © 2024 NetApp, Inc. All rights reserved.

• 4. Acceleration Simplification Adoption Complexity Data Siloes & Unification NetApp becomes the first vendor to unify file & block workloads, and structured & unstructured data Hybrid Multiclouds NetApp becomes the ONLY vendor to introduce cloud ops and data services as key data infrastructure pillars in addition to being the only vendor natively embedded in all major clouds Intelligence NetApp delivers silo-free infrastructure, then harnesses observability and AI to enable best data management everywhere Hybrid Cloud NetApp creates the first data fabric strategy that eliminates silos & provides unified control across any environment Across several eras in the age of data, NetApp has led in data infrastructure innovation 4 © 2024 NetApp, Inc. All rights reserved.

• 5. © 2024 NetApp, Inc. All rights reserved. Intelligent data infrastructure lets you turn disruption into opportunity BUSINESS OPPORTUNITIES IT OPPORTUNITIES SOCIETAL OPPORTUNITIES INTELLIGENT DATA INFRASTRUCTURE Enhanced experiences Operations efficiency Team productivity Data resilience Flexible, silo-free cloud usage High-performing apps & infrastructure Cost savings Improved compliance Greater sustainability 55 © 2024 NetApp, Inc. All rights reserved.

• 6. BE THE SILO BUSTER BE THE BUDGET HERO BE THE BUSINESS DEFENDER BE THE APPLICATION AGILITY DRIVER BE THE AI WORKLOAD INNOVATOR Deliver simplicity by managing complex workloads and eliminating infrastructure silos across apps, data, and clouds Make your on-premises and cloud infrastructure spend go further Power more sustainable operations with energy-efficient technologies, tiering, and analytics Keep your business running with built-in security, rapid recovery, and infrastructure observability Embed intelligence into your data infrastructure to enable your AI workloads—for new levels of productivity and innovation Maximize your infrastructure and applications scalability and team responsiveness SIMPLICITY SAVINGS SUSTAINABILITY SECURITY SMARTS SCALABILITY WITH INTELLIGENT DATA INFRASTRUCTURE, YOU CAN RISE TO EVERY MOMENT BE THE SUSTAINABILITY CHAMPION 6 © 2024 NetApp, Inc. All rights reserved.

• 7. Flash AFF Series Block ASA Series Cloud AI Optimized performance and design across all price points Competitively positioned to drive growth in key markets © 2024 NetApp, Inc. All rights reserved. The right product and strategy to disrupt the mature block market Only natively integrated player, addressing a broad set of workloads Large portion of the world’s unstructured enterprise data resides on NetApp today + THE NETAPP PLATFORM 7

• 8. 8 © 2024 NetApp, Inc. All rights reserved. Increase productivity and minimize risk with unified simplicity at scale Comprehensive data management software delivering automation, efficiency, ONTAP data protection, and security capabilities for file, block, and object ❌Inconsistent data security ❌Inconsistent data protection ❌Inconsistent performance ❌Inconsistent experience ❌Inconsistent management and automation High-performance file Dev/test or secondary Virtual machines Databases Kubernetes AI/ML/modern data lakes Cloud storage STORAGE SW STORAGE HW STORAGE SW STORAGE HW STORAGE SW STORAGE HW STORAGE SW PUBLIC CLOUD STORAGE SW STORAGE HW STORAGE SW PUBLIC CLOUD STORAGE SW PUBLIC CLOUD DATA PROTECTION DATA PROTECTION DATA PROTECTION DATA PROTECTION DATA PROTECTION DATA PROTECTION DATA PROTECTION ONLY NETAPP Comprehensive data management software delivering automation, efficiency, ONTAP data protection, and security capabilities for file, block, and object ✓ Consistent management and automation ✓ Consistent data security ✓ Consistent data protection ✓ Consistent performance ✓ Consistent experience

• 9. 9 © 2024 NetApp, Inc. All rights reserved. Flexible unified storage for any app, any data, anywhere Comprehensive data management software delivering automation, efficiency, ONTAP data protection, and security capabilities for file, block, and object SMB NFS S3 NVMe/FC NVMe/TCP FCP iSCSI Any unstructured file or object workload Any block workload NetApp AFF

• 10. 10 © 2024 NetApp, Inc. All rights reserved. Simple Leverage a storage solution so simple that anyone can deploy it, manage it, and upgrade it Powerful Accelerate VMware and database apps with marketleading performance, proven reliability, and intelligent data management Affordable Get unmatched value with a 25-50% lower upfront price and better ROI overall Dedicated block storage without the silos Focused SAN storage for your block workloads NVMe/FC NVMe/TCP FCP iSCSI This slide is an overview only. The Six Nines Data Availability Guarantee requires agreement with certain Terms & Conditions. Please refer to the Terms & Conditions for full details. The guarantee requires usage of Data Infrastructure Insights to validate compliance. NetApp is trusted and proven by over 20,000 customers for their SAN workloads Comprehensive data management software delivering automation, efficiency, ONTAP data protection, and security capabilities for file, block, and object NetApp ASA

• 11. 11 © 2024 NetApp, Inc. All rights reserved. Massive scalability meets the most advanced integrated data management Leading NAS & Object storage for unstructured data San Jose Cork Singapore NetApp StorageGRID NetApp 1st Party Cloud-Native File Services NetApp created the enterprise NAS market in 1992, and continues to lead, three decades of innovation later Scalable. Start small and grow to close to exabytescale clusters with multi-PB single namespaces. Comprehensive with fully integrated tiering, caching, replication, backup, and ransomware protection. Support for simultaneous NAS & Object access. Anywhere. Scale your data across the globe, including a globally distributed object storage solution. Deploy on-prem or in any major cloud. Comprehensive data management software delivering automation, efficiency, ONTAP data protection, and security capabilities for file, block, and object

• 12. 12 © 2024 NetApp, Inc. All rights reserved. Comprehensive data management software delivering automation, efficiency, ONTAP data protection, and security capabilities for file, block, and object NetApp FAS Tier 2/3 workloads Cold & tiered data Backup & disaster recovery Cloud Volumes ONTAP Simple efficient secondary storage Economical Optimize overall cost of storage over the data lifecycle with automated tiering and economical backup Simple Flexibly adapt to evolving business needs with industry-leading hybrid flash storage. Secure Autonomous ransomware protection, based on machine learning, quickly identifies malware threats.

• 13. 13 © 2024 NetApp, Inc. All rights reserved. NetApp Keystone • Procure services, not systems • Pay-as-you-grow (or shrink!) based on consumption • Flexible management options – do it yourself, partnermanaged, or NetApp managed • Performance • Uptime • Sustainability SLAs As-A-Service Storage Lifecycle Program • Purchase your system but eliminate ongoing refresh costs • Included new storage controller every 3 years • Scale out to the cloud to meet business needs • Storage Efficiency Guarantee • Ransomware Recovery Guarantee • 6 Nines Data Availability Guarantee (ASA) • Predictable Support Pricing • Media Replacement Assurance GUARANTEES Integrated Tech Refresh • Always available and unchanged • Purchase hardware and software with support subscription • Financing & enterprise agreements available Traditional Purchase Public Cloud Consumption • Performance (throughput, IOPS) • Uptime/availability • Price SLAs • Choose from the three largest public clouds • Native offering: billing and financing directly with the cloud provider • Choice of service levels Ultimate flexibility, guaranteed Consume your data infrastructure on your terms

• 14. 14 © 2024 NetApp, Inc. All rights reserved. Continually evolve your storage environment with confidence Peace of mind, guaranteed Storage Efficiency Guarantee INCLUDED w/ ASA/AFF Media Replacement Assurance INCLUDED w/ Support Best-in-class ownership experience to accompany NetApp AFF/FAS/ASA solution purchase INCLUDED w/ Support Predictable Support Pricing 6 Nines (99.9999%) Data Availability Guarantee INCLUDED w/ ASA2 Descriptions on this slide are an overview only. Each offer requires agreement with certain Terms & Conditions. Please refer to the Terms & Conditions for each offer for full details. Note 1: Requires purchase of specific PS program. Note 2: Requires usage of Cloud Insights to validate compliance. Ransomware Recovery Guarantee OPTIONAL PROGRAM1

• 15. 15 © 2024 NetApp, Inc. All rights reserved. Unified control across your hybrid multicloud Unified control of storage and services for all your data wherever it lives Powerful AIOps drives operational simplicity Flexible consumption of resources unlocks control, investment protection, and ROI Integrated services maximize data protection and cyber resilience while minimizing costs Delivering the speed, simplicity, and security required in today’s highly complex world NetApp BlueXP

• 16. 16 © 2024 NetApp, Inc. All rights reserved. It's always ONTAP, delivered how you need it, where you need it Azure NetApp Files Google Cloud NetApp Volumes Amazon FSx for NetApp ONTAP The only common storage software provided as on-premises enterprise storage and as a native managed cloud storage service directly by the three biggest cloud providers On-Premises/ Hybrid Cloud NetApp Cloud Volumes ONTAP

• 17. PRODUCTS NEW SUSTAINABLE PACKAGING made from recycled content, recyclable curbside, and designed for space efficiency AFF ASERIES launched high performing all-flash storage enabling storage consolidation and reduction in overall energy consumption BLUE XP SUSTAINABILITY DASHBOARD Enabled customers to advance their sustainability efforts and meaningfully reduce energy use 99% of e-waste responsibly managed and diverted from the landfill NetApp continues its commitment to Sustainability and ESG $3.5 MILLION 46% 20,000 employee volunteer hours of NetApp employees participated in volunteering and charitable giving SOCIAL IMPACT to over 3,200 global nonprofits $250,000 invested in new scholarships for HBCU students as part of an expanded Equity pillar scholarship program AMERICA’S GREATEST WORKPLACES FOR DIVERSITY global recognition from Newsweek and several other organizations for our diversity efforts DEI&B 6 MILLION GALLONS of potable water saved by transitioning to reclaimed water for data center/lab cooling at our Research Triangle Park, North Carolina site 100% of our global real estate footprint now certified to ISO 14001 standards ENVIRONMENT 144% increase of renewable energy use compared to FY20 baseline 37% reduction in Scope 1 & 2 emissions as of FY23, compared to FY20 baseline 19% reduction in Scope 3 intensity as of FY23, compared to FY20 baseline *Source: https://www.netapp.com/esg/ November 25, 2024 17 © 2024 NetApp, Inc. All rights reserved.

• 18. NETAPP MAKES DATA INFRASTRUCTURE INTELLIGENT TO TURN A WORLD OF DISRUPTION INTO OPPORTUNITIES FOR EVERY CUSTOMER 18 © 2024 NetApp, Inc. All rights reserved.

• 19. Delivered Q2 year-over-year revenue and billings growth of 6% and 9%, respectively* Set Q2 records for operating margin at 29% and EPS at $1.87* Grew all-flash annualized revenue run rate by 19% year-over-year to an all-time high of $3.8 billion Grew first party and marketplace cloud storage services revenue approximately 43% year-over-year Recognized as a leader in Gartner’s 2024 Magic Quadrant for Primary Storage Platforms for the 12th consecutive year Extended our partnership with Google Cloud to provide the foundational data storage for Google Distributed Cloud Q2 FY25 highlights 19 © 2024 NetApp, Inc. All rights reserved. *Billings, operating margin, and EPS are Non-GAAP numbers. Refer to appendix for additional details and a reconciliation between GAAP and Non-GAAP numbers.

• 20. © 2024 NetApp, Inc. All rights reserved. Q2 FY25 summary Q2 guidance (as of Aug 28, 2024) Q2 actual Revenue $1.565B – $1.715B $1.66B +6.1% y/y Billings1 $1.59B +9.1% y/y Non-GAAP gross margin 71% – 72% 72.0% +0 bps y/y Non-GAAP operating margin ~ 28% 28.6% +180 bps y/y Non-GAAP EPS $1.73 – $1.83 $1.87 +18.4% y/y Non-GAAP FCF margin 3.6% Remaining performance obligation2 $4.43B Capital returns3 $406M 20 1Billings is a Non-GAAP measure. Refer to appendix for additional details on the Non-GAAP measures presented in the table above and a reconciliation between GAAP and Non-GAAP numbers. 2Beginning in FY25, we’ve started disclosing remaining performance obligations, inclusive of unbilled RPO, as it is a leading indicator of future growth in our business. 3Capital returns are the sum of cash dividends and share repurchases.

• 21. YTD FY25 summary 21 © 2024 NetApp, Inc. All rights reserved. 1Billings is a Non-GAAP measure. Refer to appendix for additional details on the Non-GAAP measures presented in the table above and a reconciliation between GAAP and Non-GAAP numbers. 2Beginning in FY25, we’ve started disclosing remaining performance obligations, inclusive of unbilled RPO, as it is a leading indicator of future growth in our business. 3Capital returns are the sum of cash dividends and share repurchases. Q1 Q2 YTD Revenue $1.54B +7.6% y/y $1.66B +6.1% y/y $3.20B +6.8% y/y Billings1 $1.45B +11.5% y/y $1.59B +9.1% y/y $3.04B +10.2% y/y Non-GAAP gross margin 72.2% +150 bps y/y 72.0% +0 bps y/y 72.1% +70 bps y/y Non-GAAP operating margin 25.9% +430 bps y/y 28.6% +180 bps y/y 27.3% +300 bps y/y Non-GAAP EPS $1.56 +35.7% y/y $1.87 +18.4% y/y $3.42 +25.7% y/y Non-GAAP FCF margin 19.5% 3.6% 11.3% Remaining performance obligation2 $4.46B $4.43B $4.43B Capital returns3 $507M $406M $913M

• 22. © 2024 NetApp, Inc. All rights reserved. Revenues Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 $1.4B 6 % Y/Y $1.6B Services revenue Product revenue $1.6B 22 $1.7B $1.7B $1.5B

• 23. $1.3B $1.5B $1.7B $1.8B $1.4B $1.6B Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 © 2024 NetApp, Inc. All rights reserved. Billings Billings 9 % Y/Y 23 Billings is a Non-GAAP measure. Refer to appendix for additional details and a reconciliation between GAAP and Non-GAAP numbers.

• 24. © 2024 NetApp, Inc. All rights reserved. Non-GAAP gross margin Non-GAAP gross profit Non-GAAP gross margin 24 Refer to appendix for a reconciliation between GAAP and Non-GAAP numbers $1,012M $1,125M $1,167M $1,192M $1,113M $1,194M Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 70.7% 72.0% 72.7% 71.5% 72.2% 72.0% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

• 25. © 2024 NetApp, Inc. All rights reserved. Segment revenue and gross margin Hybrid Cloud Public Cloud Segment revenue Segment gross margin 25 The company has two segments for financial reporting purposes: Hybrid Cloud and Public Cloud. A reconciliation of segment gro ss profit, which does not include stock-based compensation or amortization of intangibles, to consolidated gross profit is included in the appendix. $1,278M $1,408M $1,455M $1,516M $1,382M $1,490M Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 $154M $154M $151M $152M $159M $168M Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 66.9% 66.2% 65.6% 68.4% 71.1% 73.8% 71.1% 72.7% 73.4% 71.8% 72.4% 71.8%

• 26. © 2024 NetApp, Inc. All rights reserved. All flash array annualized revenue run rate $2.8B $3.2B $3.4B $3.6B $3.4B $3.8B Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 All flash annualized array revenue run rate 19% Y/Y 26 AFA annualized net revenue run rate is determined by products and services revenue for the current period, multiplied by 4

• 27. Non-GAAP operating expense © 2024 NetApp, Inc. All rights reserved. Non-GAAP operating expense Non-GAAP operating expense as a percent of revenue 27 Refer to appendix for a reconciliation between GAAP and Non-GAAP numbers $703M $706M $682M $723M $714M $719M Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 49.1% 45.2% 42.5% 43.3% 46.3% 43.4% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

• 28. Non-GAAP operating profit © 2024 NetApp, Inc. All rights reserved. Non-GAAP operating profit Non-GAAP operating margin 28 Refer to appendix for a reconciliation between GAAP and Non-GAAP numbers $309M $419M $485M $469M $399M $475M Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 21.6% 26.8% 30.2% 28.1% 25.9% 28.6% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25

• 29. © 2024 NetApp, Inc. All rights reserved. Non-GAAP earnings per share $1.15 $1.58 $1.94 $1.80 $1.56 $1.87 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Non-GAAP earnings per share 18% Y/Y 29 Refer to appendix for a reconciliation between GAAP and Non-GAAP numbers

• 30. © 2024 NetApp, Inc. All rights reserved. Free cash flow Free cash flow Free cash flow as a percent of revenue 30 Refer to appendix for a reconciliation between GAAP and Non-GAAP numbers $418M $448M $567M $300M Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 29.2% 6.2% 27.9% 34.0% 19.5% 3.6% $60M $97M

• 31. © 2024 NetApp, Inc. All rights reserved. Deferred revenue $4.2B $4.0B $4.1B $4.2B $4.2B $4.1B Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Deferred revenue balance 31 2 % Y/Y

• 32. Q4 FY24 Guidance as of Feb 29, 2024 Q3 FY25 GUIDANCE AS OF NOVEMBER 21, 2024 32 © 2024 NetApp, Inc. All rights reserved. Q3 Guide Revenue $1.61B – $1.76B Gross margin* 71% – 72% Operating margin* ~ 29% Earnings per share* $1.85 – $1.95 Additional modeling points Net interest income** Tax rate* ~ $10M 20% – 21% *Gross margin, operating margin, EPS, and tax rate are Non-GAAP numbers. Refer to appendix for additional details and a reconciliation between GAAP and Non-GAAP numbers. **Net interest income equals interest income less interest expense

• 33. Updated FY24 Guidance as of Feb 29, 2024 33 © 2024 NetApp, Inc. All rights reserved. FY25 Guide Revenue $6.54B – $6.74B Gross margin* 71% – 72% Operating margin* 28% – 28.5% Earnings per share* $7.20 – $7.40 Additional modeling points Net interest income** Tax rate* ~ $55M 20% – 21% *Gross margin, operating margin, EPS, and tax rate are Non-GAAP numbers. Refer to appendix for additional details and a reconciliation between GAAP and Non-GAAP numbers. **Net interest income equals interest income less interest expense UPDATED FY25 GUIDANCE AS OF NOVEMBER 21, 2024

• 34. Appendix: Supplementary Tables and GAAP to NonGAAP Reconciliations & Explanations © 2024 NetApp, Inc. All rights reserved.

• 35. © 2024 NetApp, Inc. All rights reserved. Supplemental revenue and gross margin data Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 First Six Months of FY'24 First Six Months of FY'25 Revenues by Segment Product $ 590 $ 706 $ 747 $ 806 $ 669 $ 768 $ 1,296 $ 1,437 Support 611 623 631 623 631 635 1,234 1,266 Professional and Other Services 7 7 7 9 7 7 8 7 8 2 8 7 156 169 Hybrid Cloud Segment Net Revenues 1,278 1,408 1,455 1,516 1,382 1,490 2,686 2,872 Public Cloud Segment Net Revenues 154 154 151 152 159 168 308 327 Net Revenues 1,432 1,562 1,606 1,668 1,541 1,658 2,994 3,199 Gross Profit by Segment Product 326 431 467 494 401 463 757 864 Support 564 573 582 574 581 584 1,137 1,165 Professional and Other Services 1 9 1 9 1 9 2 0 1 8 2 3 3 8 4 1 Hybrid Cloud Segment Gross Profit 909 1,023 1,068 1,088 1,000 1,070 1,932 2,070 Public Cloud Segment Gross Profit 103 102 9 9 104 113 124 205 237 Total Segments Gross Profit 1,012 1,125 1,167 1,192 1,113 1,194 2,137 2,307 Amortization of Intangible Assets (9) (8) (9) (8) (8) (9) (17) (17) Stock-based Compensation (7) (7) (7) (8) (7) (8) (14) (15) Unallocated Cost of Revenues (16) (15) (16) (16) (15) (17) (31) (32) Gross Profit $ 996 $ 1,110 $ 1,151 $ 1,176 $ 1,098 $ 1,177 $ 2,106 $ 2,275 Hybrid Cloud Segment Gross Margin 71.1% 72.7% 73.4% 71.8% 72.4% 71.8% 71.9% 72.1% Public Cloud Segment Gross Margin 66.9% 66.2% 65.6% 68.4% 71.1% 73.8% 66.6% 72.5% RECONCILIATION OF SEGMENTS GROSS PROFIT TO TOTAL GROSS PROFIT ($ in millions)

• 36. © 2024 NetApp, Inc. All rights reserved. Reconciliation of net revenues to billings (Non-GAAP) Billings - NetApp approximates billings by adding net revenues as reported on our consolidated statements of operations for the period to the change in total deferred revenue and financed unearned services revenue as reported on our consolidated statements of cash flows. Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 First Six Months of FY'24 First Six Months of FY'25 Net revenues $ 1,432 $ 1,562 $ 1,606 $ 1,668 $ 1,541 $ 1,658 $ 2,994 $ 3,199 Change in deferred revenue and financed unearned services revenue* (133) (108) 8 1 146 (92) (72) (241) (164) Billings $ 1,299 $ 1,454 $ 1,687 $ 1,814 $ 1,449 $ 1,586 $ 2,753 $ 3,035 * As reported on our Condensed Consolidated Statements of Cash Flows Some items may not add or recalculate due to rounding RECONCILIATION OF NET REVENUES TO BILLINGS (NON-GAAP) (In millions)

• 37. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP to Non-GAAP gross profit and gross margin Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 FY2024 Q1'FY25 Q2'FY25 First Six Months of FY'24 First Six Months of FY'25 NET REVENUES $ 1,432 $ 1,562 $ 1,606 $ 1,668 $ 6,268 $ 1,541 $ 1,658 $ 2,994 $ 3,199 GROSS PROFIT $ 996 $ 1,110 $ 1,151 $ 1,176 $ 4,433 $ 1,098 $ 1,177 $ 2,106 $ 2,275 Adjustments: Amortization of intangible assets 9 8 9 8 3 4 8 9 1 7 1 7 Stock-based compensation 7 7 7 8 2 9 7 8 1 4 1 5 NON-GAAP GROSS PROFIT $ 1,012 $ 1,125 $ 1,167 $ 1,192 $ 4,496 $ 1,113 $ 1,194 $ 2,137 $ 2,307 Gross margin-GAAP 69.6% 71.1% 71.7% 70.5% 70.7% 71.3% 71.0% 70.3% 71.1% Adjustments 1.1% 1.0% 1.0% 1.0% 1.0% 0.9% 1.0% 1.1% 1.0% Gross margin-Non-GAAP 70.7% 72.0% 72.7% 71.5% 71.7% 72.2% 72.0% 71.4% 72.1% RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND GROSS MARGIN ($ in millions)

• 38. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP to Non-GAAP operating expenses Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 First Six Months of FY'24 First Six Months of FY'25 OPERATING EXPENSES $ 818 $ 806 $ 785 $ 810 $ 816 $ 832 $ 1,624 $ 1,648 Adjustments: Amortization of intangible assets (6) (6) (5) (6) (6) (5) (12) (11) Stock-based compensation (80) (86) (82) (80) (78) (95) (166) (173) Restructuring charges (26) (5) (13) - (17) (12) (31) (29) Acquisition-related expense (3) (3) (3) (1) (1) (1) (6) (2) NON-GAAP OPERATING EXPENSES $ 703 $ 706 $ 682 $ 723 $ 714 $ 719 $ 1,409 $ 1,433 NET REVENUES $ 1,432 $ 1,562 $ 1,606 $ 1,668 $ 1,541 $ 1,658 $ 2,994 $ 3,199 GAAP OPERATING EXPENSES AS A PERCENTAGE OF NET REVENUES 57.1% 51.6% 48.9% 48.6% 53.0% 50.2% 54.2% 51.5% Adjustments (8.0%) (6.4%) (6.4%) (5.2%) (6.7%) (6.8%) (7.1%) (6.7%) NON-GAAP OPERATING EXPENSES AS A PERCENTAGE OF NET REVENUES 49.1% 45.2% 42.5% 43.3% 46.3% 43.4% 47.1% 44.8% RECONCILIATION OF GAAP TO NON-GAAP OPERATING EXPENSES ($ in millions)

• 39. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP to Non-GAAP operating margin Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 First Six Months of FY'24 First Six Months of FY'25 INCOME FROM OPERATIONS $ 178 $ 304 $ 366 $ 366 $ 282 $ 345 $ 482 $ 627 Adjustments: Amortization of intangible assets 1 5 1 4 1 4 1 4 1 4 1 4 2 9 2 8 Stock-based compensation 8 7 9 3 8 9 8 8 8 5 103 180 188 Restructuring charges 2 6 5 1 3 - 1 7 1 2 3 1 2 9 Acquisition-related expense 3 3 3 1 1 1 6 2 NON-GAAP INCOME FROM OPERATIONS $ 309 $ 419 $ 485 $ 469 $ 399 $ 475 $ 728 $ 874 NET REVENUES $ 1,432 $ 1,562 $ 1,606 $ 1,668 $ 1,541 $ 1,658 $ 2,994 $ 3,199 OPERATING MARGIN - GAAP 12.4% 19.5% 22.8% 21.9% 18.3% 20.8% 16.1% 19.6% Adjustments 9.1% 7.4% 7.4% 6.2% 7.6% 7.8% 8.2% 7.7% OPERATING MARGIN - NON GAAP 21.6% 26.8% 30.2% 28.1% 25.9% 28.6% 24.3% 27.3% RECONCILIATION OF GAAP TO NON-GAAP OPERATING MARGIN ($ in millions)

• 40. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP to Non-GAAP net income per share Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 First Six Months of FY'24 First Six Months of FY'25 NET INCOME PER SHARE $ 0.69 $ 1.10 $ 1.48 $ 1.37 $ 1.17 $ 1.42 $ 1.79 $ 2.59 Adjustments: Amortization of intangible assets 0.07 0.07 0.07 0.07 0.07 0.07 0.14 0.13 Stock-based compensation 0.40 0.44 0.42 0.42 0.40 0.49 0.84 0.89 Restructuring charges 0.12 0.02 0.06 - 0.08 0.06 0.14 0.14 Acquisition-related expense 0.01 0.01 0.01 - - - 0.03 0.01 Gain on sale or derecognition of assets - - - - - 0.01 - 0.01 Litigation settlements - (0.02) - - - - (0.02) - Income tax effects (0.14) (0.04) (0.10) (0.06) (0.17) (0.19) (0.19) (0.35) NON-GAAP NET INCOME PER SHARE $ 1.15 $ 1.58 $ 1.94 $ 1.80 $ 1.56 $ 1.87 $ 2.72 $ 3.42 Diluted Shares 216 211 211 212 212 210 214 211 Note: GAAP and Non-GAAP Net Income Per Share were computed using the Diluted number of shares Some items may not add or recalculate due to rounding NET INCOME PER SHARE RECONCILIATION OF GAAP TO NON-GAAP

• 41. © 2024 NetApp, Inc. All rights reserved. Reconciliation of net cash provided by (used in) operating activities to free cash flow (Non-GAAP) Free cash flow is calculated as net cash provided by operating activities less purchases of property and equipment. Q1'FY24 Q2'FY24 Q3'FY24 Q4'FY24 Q1'FY25 Q2'FY25 First Six Months of FY'24 First Six Months of FY'25 Net cash provided by (used in) operating activities $ 453 $ 135 $ 484 $ 613 $ 341 $ 105 $ 588 $ 446 Purchases of property and equipment (35) (38) (36) (46) (41) (45) (73) (86) Free cash flow $ 418 $ 9 7 $ 448 $ 567 $ 300 $ 6 0 $ 515 $ 360 NET REVENUES $ 1,432 $ 1,562 $ 1,606 $ 1,668 $ 1,541 $ 1,658 $ 2,994 $ 3,199 FREE CASH FLOWS AS A PERCENTAGE OF NET REVENUES 29.2% 6.2% 27.9% 34.0% 19.5% 3.6% 17.2% 11.3% RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW (NON-GAAP) (In millions)

• 42. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP guidance to Non-GAAP - third quarter fiscal 2025 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP THIRD QUARTER FISCAL 2025 (Unaudited) Third Quarter Fiscal 2025 Gross Margin - GAAP Guidance 70% - 71% Adjustment: Cost of revenues adjustments 1 % Gross Margin - Non-GAAP Guidance 71% - 72% Third Quarter Fiscal 2025 Operating Margin - GAAP Guidance ~22% Adjustments: Amortization of intangible assets 1 % Stock-based compensation expense 6 % Operating Margin - Non-GAAP Guidance ~29%

• 43. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP guidance to Non-GAAP - third quarter fiscal 2025, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP THIRD QUARTER FISCAL 2025 (Unaudited) Third Quarter Fiscal 2025 Net Income Per Share - GAAP Guidance $1.41 - $1.51 Adjustments: Amortization of intangible assets $0.07 Stock-based compensation expense $0.48 Income tax effects ($0.11) Net Income Per Share - Non-GAAP Guidance $1.85 - $1.95 Third Quarter Fiscal 2025 Effective Tax Rate - GAAP Guidance 20% - 21% Adjustment: Income tax effects - Effective Tax Rate - Non-GAAP Guidance 20% - 21% Some items may not add or recalculate due to rounding

• 44. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP guidance to Non-GAAP – fiscal 2025 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FISCAL 2025 (Unaudited) Fiscal 2025 Gross Margin - GAAP Guidance 70% - 71% Adjustment: Cost of revenues adjustments 1 % Gross Margin - Non-GAAP Guidance 71% - 72% Fiscal 2025 Operating Margin - GAAP Guidance 21% - 21.5% Adjustments: Amortization of intangible assets 1 % Stock-based compensation expense 6 % Operating Margin - Non-GAAP Guidance 28% - 28.5%

• 45. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP guidance to Non-GAAP – fiscal 2025, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP FISCAL 2025 (Unaudited) Fiscal 2025 Net Income Per Share - GAAP Guidance $5.48 - $5.68 Adjustments: Amortization of intangible assets $0.26 Stock-based compensation expense $1.87 Restructuring charges $0.14 Acquisition-related expenses $0.01 Gains/losses on the sale or derecognition of assets $0.01 Income tax effects ($0.57) Net Income Per Share - Non-GAAP Guidance $7.20 - $7.40 Fiscal 2025 Effective Tax Rate - GAAP Guidance 19% - 20% Adjustment: Income tax effects 1% Effective Tax Rate - Non-GAAP Guidance 20% - 21%

• 46. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP guidance to Non-GAAP - second quarter fiscal 2025 NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP SECOND QUARTER FISCAL 2025 (Unaudited) Second Quarter Fiscal 2025 Gross Margin - GAAP Guidance 70% - 71% Adjustment: Cost of revenues adjustments 1% Gross Margin - Non-GAAP Guidance 71% - 72% Second Quarter Fiscal 2025 Operating Margin - GAAP Guidance ~21% Adjustments: Amortization of intangible assets 1% Stock-based compensation expense 6% Operating Margin - Non-GAAP Guidance ~28%

• 47. © 2024 NetApp, Inc. All rights reserved. Reconciliation of GAAP guidance to Non-GAAP - second quarter fiscal 2025, continued NETAPP, INC. RECONCILIATION OF GAAP GUIDANCE TO NON-GAAP SECOND QUARTER FISCAL 2025 (Unaudited) Second Quarter Fiscal 2025 Net Income Per Share - GAAP Guidance $1.27 - $1.37 Adjustments: Amortization of intangible assets $0.07 Stock-based compensation expense $0.48 Income tax effects ($0.09) Net Income Per Share - Non-GAAP Guidance $1.73 - $1.83 Second Quarter Fiscal 2025 Effective Tax Rate - GAAP Guidance 21% - 22% Adjustment: Income tax effects (1)% Effective Tax Rate - Non-GAAP Guidance 20% - 21% Some items may not add or recalculate due to rounding

• 48. 48 © 2024 NetApp, Inc. All rights reserved.