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- **Revenue Growth with Timing Shift**: Q1 ARR up 18% to $2.28B, but FY26 revenue guidance reduced to $2.82–$2.86B due to deferred revenue (20%+ to FY27).
- **Key Drivers**: Land-and-expand bookings with future start dates (+15% Q1 revenue deferral), third-party OEM shipments, and potential supply chain constraints.
- **Financial Resilience**: Free cash flow guidance raised to $800–$840M, supported by upfront cash collection despite deferred recognition.
- **Strategic Focus**: Expanding hybrid multi-cloud capabilities (e.g., Dell PowerStore, Pure Storage) and AI-driven modernization to capture VMware migrations.

**【CEO Summary Section】**
- Q1 revenue of $671 million, within guided range, with ARR growing 18% YoY to $2.28 billion.
- Notable wins include a North American agricultural provider and a European government agency, showcasing hybrid multi-cloud capabilities.
- Emphasized progress in supporting external storage (e.g., Dell PowerFlex) and AI-driven modernization.
- FY26 full-year revenue guidance reduced to $2.82–$2.86 billion due to deferred revenue timing, but free cash flow guidance increased to $800–$840 million.

**【CFO Financial Commentary】**
- Q1 non-GAAP gross margin 88%, operating margin 19.7%, and free cash flow $175 million (26% margin).
- Updated FY26 guidance: revenue $2.82–$2.86 billion (12% YoY growth), operating margin 21%–22%, free cash flow $800–$840 million.
- Revenue shift due to: 1) land-and-expand bookings with future start dates, 2) third-party OEM shipments, 3) potential supply chain constraints.
- Free cash flow benefits from upfront cash collection despite deferred revenue recognition.

**【Q&A Highlights】**
- **Bookings & Timing**: Q1 bookings ahead of expectations, but 15%+ of revenue deferred due to future start dates (e.g., Broadcom migrations). FY26 bookings growth unchanged, but 20%+ of deferred revenue expected to shift to FY27.
- **Supply Chain**: Anecdotal reports of component shortages; mitigated by diversifying server partners (Cisco, Dell) and expanding hardware compatibility.
- **OEM Impact**: Dell PowerStore and Pure Storage integrations expected to accelerate FY26/27 growth, though revenue recognition tied to partner shipments.
- **Margins & Investment**: Operating margin maintained at 21%–22% despite lower revenue, balancing growth investments with efficiency.
- **U.S. Federal Business**: Q1 growth >10% YoY, but variability expected due to government shutdown and policy changes.

Nutanix, Inc. (NTNX) Q1 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NTNX

NTNX fundamentals

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