Nutanix, Inc. · NASDAQ:NTNX
Nutanix — Investor Day (2026)
28 slides from Nutanix's investor day presentation, 2026
Slide 1: Investor Day 2026
Investor Day 2026 Rukmini Sivaraman, CFO
Slide 2: Safe Harbor and Other Information
Safe Harbor and Other Information Forward Looking Statements This presentation and accompanying commentary contain express and implied forward-looking statements, including, but not limited to statements regarding: our strategy, priorities, and anticipated benefits; market opportunity and total addr
Slide 3: Safe Harbor and Other Information (cont'd)
Safe Harbor and Other Information (cont’d) Non-GAAP Financial Measures and Other Key Performance Measures This presentation and accompanying commentary include the following non-GAAP financial and other key performance measures: non-GAAP operating margin, free cash flow, free cash flow margin, Annua
Slide 4: Safe Harbor and Other Information (cont'd)
Safe Harbor and Other Information (cont’d) Product or Roadmap Information Any future product or roadmap information included in this presentation and accompanying commentary is intended to outline general product directions, and is not a commitment, promise or legal obligation for Nutanix to deliver
Slide 5: Key Takeaways
Key Takeaways Proven Track Record With a Durable Business Model In a Large and Growing Market Strong and Sustainable Revenue and ARR Growth With Expanding Operating Margins Significant Free Cash Flow Generation Fueling Prudent Capital Allocation Investor Day 2026 5
Slide 6: A Brief Look Back
A Brief Look Back
Slide 7: Look Back – Delivering on Our Commitments
Capital Looking Back Looking Ahead Allocation Look Back – Delivering on Our Commitments Key Metrics FY25 Target2 FY25 Actual Top Line Metrics Revenue ($B) ~15% CAGR 17% CAGR ARR ($B) ~20%1 CAGR 19%1 CAGR Bottom Line Metrics Non-GAAP Operating Margin 16% 21% FCF ($M) $475M $749M FCF Margin 19% 30% Ru
Slide 8: Strong Additions of New Customers Onto Our Platform
Capital Looking Back Looking Ahead Allocation Strong Additions of New Customers Onto Our Platform New Logo Additions 1050 ‣ Capturing Opportunity From Industry Disruption ‣ Enablement and Incentives 800 670 710 640 630 620 for Channel Partners ‣ Contributions From OEM 440 490 380 and Cloud Partners
Slide 9: Continued Expansion with Existing Customers
Capital Looking Back Looking Ahead Allocation Continued Expansion with Existing Customers NRR of ‣ Customer Success ‣ Usage-Based Expansion ‣ Workload Expansion 107% ‣ Portfolio Expansion Investor Day 2026 9
Slide 10: Our Move Upmarket Continues to Drive Growth
Capital Looking Back Looking Ahead Allocation Our Move Upmarket Continues to Drive Growth Customer Count With $1M+ ARR 352 284 218 151 FY22 FY23 FY24 FY25 Doubled $1M+ ARR Customers Over Last Three Years Investor Day 2026 10
Slide 11: Looking Ahead
4 Looking Ahead 4
Slide 12: Navigating Supply Chain Challenges
Capital Looking Back Looking Ahead Allocation Navigating Supply Chain Challenges Expanding Extended Commercial Platform Choice Support Flexibility More Server Platforms, Expanding Flexibility with License External Storage, and Support Lifespan for Timing, e.g., Orders with Public Cloud Existing Plat
Slide 13: Large and Growing Market Opportunity
Capital Looking Back Looking Ahead Allocation Large and Growing Market Opportunity Total Addressable Market (TAM) 14% $137B CAGR Enterprise AI $92B Kubernetes Management Database Automation and Database-as-a-Service Files/Object Storage Cloud Management Hybrid Cloud Infrastructure CY26 CY29 Source:
Slide 14: Platform Selling Drives Portfolio Attach
Capital Looking Back Looking Ahead Allocation Platform Selling Drives Portfolio Attach ‣ Targeting Increase in Attach % Which Helps Drive Top Line 34% Growth and Lower Churn Portfolio ‣ Strong Portfolio Growth Expected Attach %1 AI and Kubernetes to Be Led By AI and Kubernetes 21% Database Automatio
Slide 15: Strong and Sustainable Revenue and ARR Growth
Capital Looking Back Looking Ahead Allocation Strong and Sustainable Revenue and ARR Growth Product Drivers Hybrid Cloud External Storage AI and Kubernetes Infrastructure FY29 Target1: Mid-to-High Teens % Platform Selling Partnership Leverage Customer Success Go-to-Market Drivers Investor Day 2026 1
Slide 16: Prudent Investments to Drive Growth
Capital Looking Back Looking Ahead Allocation Prudent Investments to Drive Growth Sales & Marketing Research & Development Investment Priorities Investment Priorities Enterprise AI Frontline Sales Kubernetes Channel / Partner Ecosystems External Storage Support Customer Success Hybrid Multicloud Pla
Slide 17: Continued Improvement in Non-GAAP Operating Margin
Capital Looking Back Looking Ahead Allocation Continued Improvement in Non-GAAP Operating Margin FY29 Target : 1 ‣ Increased Sales Productivity ‣ AI Enhancements Mid-High 20s% ‣ Increasing Mix of Renewals Driving to 30%+ In The Long-Term GAAP Margins Expanding Faster Than Non-GAAP Investor Day 2026
Slide 18: Sustained Free Cash Flow Margins While Preserving Flexibility
Capital Looking Back Looking Ahead Allocation Sustained Free Cash Flow Margins While Preserving Flexibility FY29 Target : 1 ‣ Significant Majority of Billings Upfront ‣ Allowance for Some Billings Flexibility High 20s% ‣ Targeting FCF Margins in High-20%s Investor Day 2026 1Assumes normalized supply
Slide 19: Summary Medium-Term Targets
Capital Looking Back Looking Ahead Allocation Summary Medium-Term Targets Metric FY29 Targets1 Revenue Mid-to-High Teens % Annual Recurring Revenue (ARR) Mid-to-High Teens % Non-GAAP Operating Margin Mid-to-High 20s % Free Cash Flow (FCF) Margin High 20s % Rule of 40 Low-to-Mid 40s % Investor Day 20
Slide 20: Capital Allocation
4 Capital Allocation 4
Slide 21: Capital Allocation Framework
Capital Looking Back Looking Ahead Allocation Capital Allocation Framework Invest for Growth Convertible Debt Flexibility Capital Return ‣ Organic Investment ‣ Convertible Notes Due in ‣ Ongoing and Oct 2027 and Dec 2029 Opportunistic Share ‣ Strategic and Prudent Repurchases Acquisitions ‣ Sufficie
Slide 22: Thoughtful Use of Stock-Based Compensation
Capital Looking Back Looking Ahead Allocation Thoughtful Use of Stock-Based Compensation SBC as % of Revenue ‣ Steady Progress on Reducing SBC as % of 22% Revenue 17% ‣ Expect SBC as % of Revenue to Continue 16% 14% to Decline Over Time ‣ Continued Focus on Disciplined Use of Equity for Compensation
Slide 23: $750M share repurchase
4 sree $750M Effective April 6 | N C re a Se w~
Slide 24: Recap
Recap Proven Track Record With a Durable Business Model In a Large and Growing Market Strong and Sustainable Revenue and ARR Growth With Expanding Operating Margins Significant Free Cash Flow Generation Fueling Prudent Capital Allocation Investor Day 2026 24
Slide 25: Appendix
4 Appendix 4
Slide 26: Key Metric Definitions
Key Metric Definitions Key Metric Definition ACV is defined as the total annualized value of a contract. The total annualized value for a contract is calculated ACV by dividing the total value of the contract by the number of years in the term of such contract. Annual Recurring Revenue, or ARR, is d
Slide 27: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations FY’25 Gross Margin (GAAP) 86.8% Stock-Based Compensation Expense 1.2% Amortization of Intangible Assets 0.1% Gross Margin (Non-GAAP) 88.1% Operating Expenses (GAAP) $2,030.6 Stock-Based Compensation Expense (321.2) Amortization of Intangible Assets (0.3) Impairment a
Slide 28: GAAP to Non-GAAP Reconciliations
GAAP to Non-GAAP Reconciliations FY’25 Net Income (GAAP) $188.4 Stock-Based Compensation Expense 351.6 Amortization of Intangible Assets 2.5 Impairment and Early Exit of Lease-Related Assets – Restructuring Charges – Litigation-Related Costs 9.5 Amortization and Conversion of Debt Discount and 8.4 I