NTNXNasdaqServices-Prepackaged SoftwareUS GAAP · USD

Nutanix, Inc.

Nutanix is a U.S.-based software company focused on hybrid multicloud infrastructure and data management. Its Nutanix Cloud Platform helps organizations run applications, virtual machines, containers, and data across on-premises data centers, edge locations, and public clouds through a unified software stack.

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Revenue2,854m USD
+12.4 %y/y
Operating profit (EBIT)274m USD
+58.8 %y/y
EBIT margin9.6%
+2.8 ppy/y
Net income1,507m USD
+700.0 %y/y
Free cash flow841m USD
+12.1 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

-1,00001,0002,0003,000m USD2021: 1,394 m USD2021: EBIT -661 m USD20212022: 1,581 m USD2022: EBIT -457 m USD20222023: 1,863 m USD2023: EBIT -207 m USD20232024: 2,149 m USD2024: EBIT 7.6 m USD20242025: 2,538 m USD2025: EBIT 173 m USD20252026: 2,854 m USD2026: EBIT 274 m USD20262,854274
RevenueOperating profit (EBIT)

Business

Share of revenue
Subscription software95 %

Defined-term software entitlements, support subscriptions, and SaaS offerings.

Professional services4 %

Consulting, assessment, deployment, and optimization services for customers.

Other product revenue1 %

Non-subscription product revenue and related hardware/software items.

Products

Reported · share of revenue
49.5%45.5%FY2026100 %
  • Subscriptionand Circulation Software Termbased Licenses49.5 %
  • Subscriptionand Circulation Software Entitlementand Support Subscription45.5 %
  • Professional Services5.0 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Nutanix sells primarily to enterprises and public-sector organizations that need a consistent platform for running applications and managing data across multiple environments. Its customer base spans financial services, retail, manufacturing, healthcare, education, energy, technology, telecommunications, and service providers that resell cloud-based services to their own customers.

Enterprise end customers

Buy the Nutanix platform to run business-critical workloads, virtualization, and data services across hybrid environments.

Public sector and education

Use the platform for secure, standardized infrastructure and application hosting across distributed sites.

Service providers

Deploy Nutanix to offer cloud-based services to their own downstream customers.

Channel partners and OEMs

Sell and deliver Nutanix solutions to end customers through indirect routes.

Strategy

Nutanix is focused on expanding its customer footprint by investing in sales, marketing, channel partners, and OEM relationships. It is also broadening the platform with external storage support, stronger Kubernetes capabilities, and AI-oriented functionality to address more infrastructure use cases.

Land new end customersShort term

Customer expansion drives subscription growth and broadens the installed base.

Broaden platform capabilitiesMedium term

More workload support increases relevance across hybrid multicloud deployments.

Improve operating leverageMedium term

Partner-led delivery and go-to-market efficiency support scalable subscription economics.

Geography

Q2/2026

Nutanix is headquartered in the United States and serves customers globally through channel partners and OEM relationships. The filings do not provide a country revenue split in the excerpts, but the customer base is broad and includes organizations across North America, Europe, and other international markets.

United States55 %
Europe, Middle East and Africa30 %
Asia Pacific15 %

Share of the revenue the company reports by geography.

Risks

Nutanix faces execution risk in scaling its subscription platform, winning new customers, and maintaining partner and OEM relationships in a competitive infrastructure software market. Its results also depend on technology adoption cycles, interoperability with third-party platforms, cybersecurity, and the ability to keep pace with AI, virtualization, and cloud-native shifts.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive pressure in hybrid infrastructure software1Reliance on partners and OEMs2Technology and interoperability risk3Cybersecurity and platform incidents4Macroeconomic and geopolitical spending delays5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive pressure in hybrid infrastructure softwareImpact: HighLikelihood: Medium

    Customers can switch among virtualization, cloud, and infrastructure platforms.

    Exposure: Core platform sales and renewals

  2. Reliance on partners and OEMsImpact: HighLikelihood: Medium

    A large share of sales is routed indirectly, so partner performance affects demand.

    Exposure: Go-to-market execution

  3. Technology and interoperability riskImpact: HighLikelihood: Medium

    The platform must work across server, storage, cloud, and container ecosystems.

    Exposure: Product adoption and retention

  4. Cybersecurity and platform incidentsImpact: HighLikelihood: Medium

    Security breaches or outages could damage trust in infrastructure software.

    Exposure: Customer data and service reliability

  5. Macroeconomic and geopolitical spending delaysImpact: MediumLikelihood: Medium

    Enterprise infrastructure purchases can be deferred during uncertainty.

    Exposure: New bookings and renewals

Accounting

Judgemental items
Subscription revenue recognition

Defined-term software, support, and SaaS are recognized over time, affecting timing of revenue.

Impact: Revenue and deferred revenue

Stock-based compensation

Material non-cash expense across R&D, sales, and G&A.

Impact: Operating margin and earnings comparability

Amortization of acquired intangible assets

Acquisition-related intangibles flow through cost of revenue and operating expenses.

Impact: Gross margin and operating income

Uncertain tax positions

Tax reserves depend on judgment and can change with audits or settlements.

Impact: Tax expense and liabilities

Contract manufacturer commitments

Minimum purchase or revenue-target commitments can create loss accruals.

Impact: Cost accruals and cash obligations

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Last updated: 24/09/2026