NTAP Earnings Preview: Options Price a ±12.3% Move
· The NYC Memo · NTAP reports 2026-09-02
NetApp, Inc. reports September 2, 2026. The September 18, 2026 straddle implies ±12.32% against a 7.42% average reaction, with dealers long gamma and max pain at $155.
NetApp, Inc. will report its Q1 2027 earnings on September 2, 2026, after the close. The consensus estimates project earnings per share at $2.16 on revenue of $1.9bn. The options market is currently pricing in a move of 12.32% around this announcement, implying a range of $163.98 to $210.06 by the September 18, 2026 expiry. This implied movement is significantly higher than the average realised reaction of 7.42% from eight prior earnings prints.
The current share price of $187.02 reflects a positive past month performance of +7.5%, despite being -10.5% from its 52-week high. Options dealers are positioned long gamma, which typically suggests increased liquidity and potential dampening of sharp price movements immediately following the report. The put/call open interest ratio stands at 0.50, with max pain at $155.
What the market will be watching
Investors will closely monitor NetApp's Q1 2027 results on September 2, 2026 for insights into demand trends for its cloud and on-premises storage solutions. The market will be watching for signs of sustained growth in its cloud services and any changes in the competitive landscape. Particular attention will be paid to the company’s ability to manage margin pressures amidst potential rising operational costs. Management’s guidance for the remainder of fiscal year 2027 will be critical, specifically regarding its outlook on enterprise spending and its strategy for hybrid multi-cloud environments. Any developments in its recurring revenue streams will also be a key focus for market participants.
What the options market is pricing
| Measure | Level |
|---|---|
| September 2, 2026, After Close | |
| Expiry used | September 18, 2026 (18 days out) |
| Spot | $187.02 |
| ATM straddle | $23.05 |
| Implied move | ±12.32% ($163.98 to $210.06) |
| ATM implied vol | 66.2% |
| Put/call open interest | 0.50 |
| Max pain | $155 |
| Net dealer gamma | +$3mn per 1% move, LONG GAMMA |
| Heaviest call strike above spot | $220 (4,004 contracts) |
| Heaviest put strike below spot | $135 (1,194 contracts) |
| Street EPS estimate | $2.16 |
| Street revenue estimate | $1.87bn |
Dealers sit long gamma into the print, which means their hedging leans against the move and tends to compress NTAP between catalysts. That damping disappears the moment the number crosses the tape.
How the stock has reacted before
| Report | Next-day move |
|---|---|
| Q1 2026, May 28 | +22.10% |
| Q4 2025, Feb 26 | -2.80% |
| Q3 2025, Nov 25 | +0.27% |
| Q2 2025, May 29 | -0.51% |
| Q1 2025, Feb 27 | -19.82% |
| Q4 2024, Nov 21 | -0.90% |
| Q3 2024, Aug 28 | -10.46% |
| Q2 2024, May 30 | +2.49% |
Across the last 8 prints the average absolute reaction is 7.42%, with 3 higher and 5 lower. The best was +22.10% and the worst -19.82%. Options are asking ±12.32%, which is 4.90 points richer than the realised average, the premium seller's case.
Where the stock is trading
| Measure | Level |
|---|---|
| Spot | $187.02 |
| 52-week range | $93.69 to $209.06 |
| Position in that range | 81% |
| From the 52-week high | -10.5% |
| From the 52-week low | +99.6% |
| Past week | -2.7% |
| Past month | +7.5% |
| Past three months | +7.3% |
| 50-day average | $176.01 |
| 200-day average | $128.76 |
RSI reads 59, state neutral, bearish divergence on the daily, regime uptrend.
Unusual open interest
| Contract | Open interest | Signal |
|---|---|---|
| $160 put, Sep 18 | 1,045 contracts | oi zscore, 8.3 sigma |
| $250 call, Sep 18 | 1,489 contracts | oi zscore, 4.5 sigma |
Those are the strikes where positioning built fastest relative to their own history. They mark the levels the tape is most likely to defend or chase after the print.
How the options market is pricing it
The September 18, 2026 straddle marks $163.98 to $210.06 as the range the options market is paying for into the print, with ATM implied vol at 66% set to drain the morning after. A reaction inside that band hands the edge to premium sellers; a break outside it rewards premium buyers. Historically NTAP has moved 7.42% on earnings against the ±12.32% now implied, so the market is pricing this print richer than the recent average. Which side of that trade is right depends on the number, the guidance and where positioning unwinds.
Read the mechanics behind the crush in our earnings volatility guide, and pull the live memo for NTAP before the print.
Data as of August 31, 2026 from the live option chain, exchange price history and SEC-dated earnings reactions. This is research, not investment advice.
Related: NTAP options memo