Nutanix Inc Q1 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: James Fish - Piper Jaffray Inc - Analyst : Hey guys. Look, let's get right to the point here. if bookings came in better than expected and granted it's apples and oranges slightly. Why did RPO bookings that -- I'm happy that you guys are finally talking about RPO because I think it's a more meaningful metric. But why did RPO bookings themselves [only 6%]. Can you guys help us with what that bookings growth rate was. And Rukmini, if it really shifted out of fiscal Q1, why does it seem that so much is pushed into fiscal Q4? Because if I look at your commentary here of seasonality, it means we have a pretty large ramp into fiscal Q4 versus fiscal Q3 then so help us out here.

Question: James Fish - Piper Jaffray Inc - Analyst : Okay, got it. Good. And then I think anyone that's been following you guys for a while, will recall the time frame when it was out of your control the supply chain issues a few years ago that led to what we'd all call pushouts. So can you walk us through in terms of what you're seeing that's similar versus different on how we should think about the sort of push out time frame? Thanks.

Question: Matthew Martino - Goldman Sachs Group Inc - Analyst : Yes, thanks for taking my questions. First one for me, like on the revenue that slipped from Q1 into future periods, like how much of that was tied to customer requested future start dates versus OEM shipment timing versus simple deal slippage. And I guess like what evidence broadly do you have that this is timing only an emerging demand softness? And then I have a follow-up.

Question: Matthew Martino - Goldman Sachs Group Inc - Analyst : Got it. And then for a follow-up, just given the commentary on deal recognition landing in later periods, I mean, how should we think about the duration and the timing there as we kind of think about framing our models for fiscal 27, kind of given the commentary that you expect, unchanged bookings growth, but a delay in that recognition.

Question: Nehal Chokshi - Northland Securities Inc - Analyst : Thank you. I do have a couple of questions. First one, Rukmini, you said the bookings came in ahead of expectations. Did you actually state how

Question: Nehal Chokshi - Northland Securities Inc - Analyst : Okay, and so that that's why you were talking about the different components of bookings, those being RPO and cancelable orders as well then, is that correct?

Question: Nehal Chokshi - Northland Securities Inc - Analyst : Okay. Cancel backlog, though, that you have said something about cancel backlog in 1 of the other questions. What do you specifically say about that?

Question: Nehal Chokshi - Northland Securities Inc - Analyst : Understood. Okay. Rajiv, for you, and your best estimate, what market share do you think Nutaxis picking up of VMware migrations? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 25, 2025 / 9:30PM, NTNX.OQ - Q1 2026 Nutanix Inc Earnings Call

Question: Nehal Chokshi - Northland Securities Inc - Analyst : Okay. And then with respect to this container versus mix environment. Is it fair to say that increasingly organizations are looking for the modernized container-only solution? Or is it more organizations are looking for a next solution?

Question: Nehal Chokshi - Northland Securities Inc - Analyst : Okay. Thank you.

Question: Ben Bollin - Cleveland Research Co LLC - Analyst : Good afternoon, everyone. Thanks for taking the question. Rajiv, I think you touched on this a couple of times indirectly. I'm interested in your thoughts on the progress you're making with large customers in making this transition from Broadcom to Nutanix. What you're doing to make that process easier, either reducing the duration of the POC or aiding in the reengineering and the replatforming and the training. You talked about the hardware relationships. So I'm interested in your thoughts on some of the things you're doing to improve that process or make it easier for customers. And then I have a follow-up.

Question: Ben Bollin - Cleveland Research Co LLC - Analyst : Okay. Okay. That's really helpful. And I guess the follow-up would be -- when you look at the enterprise footprint you are working with, obviously, AI is talking up a lot of mind share and dollar share. I'm interested how you think enterprise investments in AI may or may not be influencing your opportunity to go out there and capture bigger footprint? Are they trying to do too much at once, they got to pick their priority, how do you think about that? Thank you.

Question: Param Singh - Oppenheimer & Co Inc - Analyst : Hi, thank you. I really appreciate you taking my questions. I have a couple, so Rajiv, Rukmini and sort of harp on again on the migration piece. But I really want to understand the impact, right? I would have assumed that with migration, we'll probably have larger deal sizes because migrations from VMware are much bigger. So that should layer on and impact your RPO in a much more positive way rather than just to see the impact to RPO this current quarter. We really haven't seen that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 25, 2025 / 9:30PM, NTNX.OQ - Q1 2026 Nutanix Inc Earnings Call So please, if you could help me understand that. And if it is true that you are gaining all these migrations, I would assume, since migrations take multiple years, as you get more and more migrations, your revenue would technically start to accelerate into next year, right? Like this year's revenue to next year plus whatever else you get. So you will see an accelerating trajectory to 2027. Am I wrong in this?

Question: Param Singh - Oppenheimer & Co Inc - Analyst : Sure, thank you for that, Rukmini. And really quickly, as my follow-up, strategically thinking about this, right, obviously, there's an opportunity to take share from VMware here. Why not be more aggressive for the rest of the VMware business here? I know you're going through your reference architectures. But is there a way to accelerate that? Or maybe not -- or you don't want to compete in that. I don't know how you're thinking about it. on the stand-alone virtualization side and how aggressive you want to be attacking that market. So anything you could share is appreciated.

Question: Matthew Martino - Goldman Sachs Group Inc - Analyst : Understood. Thank you. Thank you so much for answering my questions, especially for. Appreciate it. Thank you.