실적분석 Nutanix ($NTNX) FY2026 Q4 Earnings Analysis — Revenue and Adjusted EPS Both Beat
Earnings Scorecard
Revenue: $757 million (+16% YoY, vs. $738 million estimate) ✅ Beat
EPS: Adjusted diluted $0.60 (vs. $0.49 estimate) ✅ Beat
Guidance: Newly issued — FY2027 revenue $3.18–$3.23 billion, adjusted operating margin 24–25%
Stock reaction: After-hours +7.05% ($70) — as of 08-27 06:07 KST
What Went Well
Revenue beat: Quarterly revenue of $757 million topped the $738 million estimate and grew +16% YoY
Adjusted EPS beat: Adjusted diluted EPS of $0.60 came in well above the $0.49 estimate
Margins and cash generation: Adjusted operating margin 26.2% (vs. 18.3% prior year), quarterly free cash flow $278 million
The core hybrid cloud software business showed both subscription growth and cost discipline in the same quarter. ARR rose to $2.55 billion, and the company cleared all of its Q4 revenue and margin guidance targets.
What Fell Short
GAAP net income optical boost: Diluted EPS of $4.34 was inflated by a one-time U.S. deferred tax valuation allowance release
Slight gross margin compression: GAAP gross margin of 86.0%, down 1.2 percentage points from 87.2% a year earlier
Limited FCF acceleration next year: FY2027 free cash flow guidance of $850–$950 million is not meaningfully above this year's $841 million
A look at the GAAP net income surge alone can make the quarter appear bigger than it is, so adjusted metrics are the right frame when sizing it against consensus. How much gross margin pressure and next-year free cash flow acceleration materialize will need to be confirmed by the next print.
What Management Said
CEO Rajiv Ramaswami said the company closed the fiscal year with solid revenue and profitability and added more than 3,000 new customers. CFO Rukmini Sivaraman cited ARR growth and free cash flow as evidence of that balance, noting the company will keep focusing on durable growth and improving profitability.
Market Reaction and What to Watch Next
The combination of revenue and adjusted profit beats alongside a sizable margin lift was read as a relief catalyst. The focus stayed on core operating metrics rather than the one-time tax effect behind the GAAP net income spike.
Where FY2027 Q1 revenue lands within the guided range of $755–$765 million
Whether adjusted operating margin holds within the guided 26–28% range
Whether ARR growth continues to run around 16%
Disclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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