Nutanix (NTNX) Profitability Run With US$103 Million Q2 Net Income Tests Bearish Narratives

Simply Wall St.02-27

Nutanix (NTNX) just posted Q2 2026 results with revenue of US$722.8 million and basic EPS of US$0.38, alongside net income of US$103.0 million, while the trailing twelve months show revenue of US$2.7 ...

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Over recent quarters the company has seen revenue move from US$590.9 million in Q1 2025 to US$670.6 million in Q1 2026 and US$722.8 million in Q2 2026. Basic EPS has shifted from US$0.11 to US$0.23 and then US$0.38, which may...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4023":"应用软件","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","NTNX":"Nutanix Inc.","LU0963586101.USD":"ALLIANZ GLOBAL SMALL CAP EQUITY \"AT\" ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT  \"BP\" (USD) ACC","BK4588":"碎股","BK4585":"ETF&股票定投概念"},"translate_title":"Nutanix(NTNX)第二季度净利润1.03亿美元，盈利能力测试看跌叙事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NTNX":1.5},"content_text":"Nutanix (NTNX) just posted Q2 2026 results with revenue of US$722.8 million and basic EPS of US$0.38, alongside net income of US$103.0 million, while the trailing twelve months show revenue of US$2.7 billion and basic EPS of US$0.99 on net income of US$267.1 million. Over recent quarters the company has seen revenue move from US$590.9 million in Q1 2025 to US$670.6 million in Q1 2026 and US$722.8 million in Q2 2026. Basic EPS has shifted from US$0.11 to US$0.23 and then US$0.38, which may draw investor attention to how sustainably these margins hold up. See our full analysis for Nutanix. With the headline numbers on the table, the next step is to see how this run of profitability lines up with the narratives investors follow around Nutanix, and where the latest figures start to challenge those stories. See what the community is saying about Nutanix NasdaqGS:NTNX Earnings & Revenue History as at Feb 2026 AdvertisementProfitability Now Showing Up in the Trailing Numbers  Over the last twelve months, Nutanix has recorded US$267.1 million in net income and basic EPS of US$0.99 on US$2.7b of revenue, compared with earlier twelve month periods where the data shows net losses and negative EPS. Bullish commentary leans heavily on this shift into profit, arguing that high quality earnings and a 63.2% annualized earnings growth figure over five years line up with the Q2 2026 pattern, where quarterly net income has moved from US$29.9 million in Q1 2025 to US$103.0 million now. That view, however, sits alongside the fact that earlier trailing periods in the dataset still showed losses.  Supporters point to the trailing move from a reported loss of US$78.996 million in the twelve months to Q1 2025 to a profit of US$267.131 million in the latest twelve month period as evidence that the business model is now consistently generating earnings. At the same time, the quarterly path in the last six reported quarters, ranging from US$29.926 million to US$103.022 million of net income, reminds you that profitability has only recently become a feature, which is why bulls watch how durable this new level of earnings turns out to be.   Bulls argue that this earnings profile marks a clean break from the loss making years and sets up a very different story for Nutanix. 🐂 Nutanix Bull Case High P/E Multiple With DCF Fair Value Gap  Nutanix is trading on a trailing P/E of 40.5x, which the data shows is higher than the US Software industry average of 26x but lower than a peer group average P/E of 68x. A DCF fair value of about US$75.91 sits well above the current share price of US$39.97. What stands out for the bullish view is that projected earnings growth of about 25.9% a year and revenue growth of roughly 11% a year are used to justify that 40.5x P/E and are also used in the DCF that lands on a fair value around US$75.91, even though the company has only recently moved into profitability.  Supporters see the combination of a P/E below peer averages and a DCF value almost double the current share price as a sign that the market may not be fully pricing in the earnings trajectory implied by the trailing twelve month profit of US$267.131 million. On the other side, critics can point out that paying 40.5x earnings for a company with negative shareholders' equity, even if forecasts call for 25.9% annual earnings growth, leaves less room if those projections or the DCF inputs prove too optimistic.   Balance Sheet Risk Sits Beside Earnings Momentum  Alongside the trailing twelve month profit of US$267.131 million and basic EPS of US$0.99, the risk data flags negative shareholders' equity as a major risk and a high level of debt as a minor risk for Nutanix. Bears focus on this mix of a leveraged balance sheet and negative equity, arguing that even with quarterly net income reaching US$103.022 million in Q2 2026 and analysts talking about strong earnings growth, the capital structure can still limit flexibility and leaves less cushion if growth or margins soften.  From that cautious angle, the fact that Nutanix only crossed into trailing profitability between the twelve months to Q2 2025, when it still reported a US$55.364 million loss, and the latest period, when it reported a US$267.131 million profit, shows how recent the turnaround is relative to the ongoing balance sheet risks. Skeptics also highlight that the high P/E of 40.5x is being asked of a company where equity is negative and debt is flagged as elevated, which means a lot of faith is being placed in the forecasts of roughly 11% revenue growth and faster earnings growth to keep servicing that capital structure.   Skeptics warn that before leaning too hard on the recent profit trend, it is worth weighing those earnings against the negative equity\nNext Steps To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Nutanix on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves. If this mix of optimism and concern feels familiar, it is a good time to look through the numbers yourself and decide what matters most for your portfolio. You can start by weighing the company’s 3 key rewards and 2 important warning signs. See What Else Is Out There Nutanix pairs recent profitability with a 40.5x P/E, negative shareholders' equity and flagged debt risks, so the balance sheet still looks exposed. If that mix of earnings momentum and balance sheet fragility makes you cautious, consider companies in our solid balance sheet and fundamentals stocks screener (41 results) that focus on financial strength instead.  This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.Valuation is complex, but we're here to simplify it.Discover if Nutanix might be undervalued or overvalued with our detailed analysis, featuring fair value estimates, potential risks, dividends, insider trades, and its financial condition.Access Free AnalysisHave feedback on this article? Concerned about the content? Get in touch with us directly. 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