$NTNX · Nutanix, Inc.

Nutanix filed its 10-K for the fiscal year ended July 31, 2026. Revenue reached $2.854B, up 12.4% year-over-year, with product revenue growing 11% to $1.49B and support/services up 14% to $1.36B. GAAP net income was $1.507B, heavily boosted by a $1.18B income tax benefit that produced an effective tax rate of -41.3%. GAAP operating margin expanded to 9.6% from 6.8% in FY2025, while non-GAAP operating margin reached 23.7%.

Markets closed — no regular-session reaction yet. Extended-hours last trade at $69.97, essentially flat vs. the regular close. The $1.5B GAAP net income headline is eye-catching but driven by a one-time tax benefit; the underlying 12.4% revenue growth and margin expansion are the durable signals.

Nutanix crossed into sustained GAAP profitability with 9.6% operating margins, but the post-year layoffs and tax-benefit-inflated bottom line demand scrutiny of core operating trends.

Nutanix's 86.8% gross margin and shift toward software-defined hybrid cloud/AI infrastructure positions it favorably against legacy hardware-centric peers. The 21% EMEA growth signals strong international enterprise demand for hybrid cloud platforms.

The 10-K flags a reduction in force announced in August 2026, with $27.6M in restructuring charges already recognized in FY2026. Accrued severance jumped to $32.3M from $6.3M. Supply chain constraints and extended hardware lead times could delay customer deployments and revenue recognition timing.