• The AWS of private clouds, bringing cloud-like agility and simplicity to on-premises data centers.
• The Tesla for enterprise data centers, modernizing complex IT infrastructure with a software-defined, integrated approach.
• VMware's modern challenger, offering a streamlined, integrated platform for private and hybrid cloud infrastructure.

• Nutanix Cloud Platform (NCP): A comprehensive software suite that delivers hybrid multicloud infrastructure, integrating hyperconvergence, virtualization, storage, and unified cloud management.
• Nutanix HCI Software: Core software that converges compute, storage, and networking resources into a single, scalable platform for simplified data center operations.
• Nutanix Data Services: Software-defined services including Files, Objects, and Volumes for scalable file, object, and block storage, plus Database Service for database management.
• Nutanix Cloud Clusters (NC2): A service that extends Nutanix enterprise cloud infrastructure to public cloud environments like AWS and Azure for seamless hybrid cloud deployments.
• Nutanix Disaster Recovery (DRaaS): A cloud-based disaster recovery as a service (DRaaS) solution for business continuity and data protection.

Nutanix (symbol: NTNX) primarily sells its software, subscriptions, and services to other companies, operating on a business-to-business (B2B) model.

Based on its financial filings, Nutanix does not report any single customer accounting for 10% or more of its total revenue in recent fiscal years. This indicates a highly diversified customer base rather than a reliance on a few specific "major" named customer companies that would typically be disclosed.

Nutanix's customers generally include a broad range of organizations across various industries and sizes, seeking to modernize their IT infrastructure, simplify data center operations, and embrace hybrid and multi-cloud strategies. While specific major customer names are not disclosed, their customer base typically comprises:

• Large Enterprises: Global companies across sectors such as financial services, healthcare, manufacturing, retail, and telecommunications that require robust, scalable, and resilient cloud infrastructure solutions.
• Mid-Market Companies: Organizations that benefit from Nutanix's simplified IT management, operational efficiency, and cost-effectiveness for their growing infrastructure needs.
• Public Sector Organizations: Government agencies (federal, state, and local), educational institutions, and public service entities looking to enhance their IT agility, security, and efficiency.

• Dell Technologies (DELL)
• Hewlett Packard Enterprise (HPE)
• Lenovo Group Limited (0992.HK)
• Amazon (AMZN)
• Microsoft (MSFT)
• Alphabet (GOOGL)

Rajiv Ramaswami President & CEO

Rajiv Ramaswami joined Nutanix in December 2020 as President and CEO. Before Nutanix, he served as Chief Operating Officer of Products and Cloud Services at VMware from 2016 to 2020, and also led VMware's Networking and Security business. From 2010 to 2016, he was Executive Vice President and General Manager, Infrastructure and Networking at Broadcom, where he helped establish the company as a leader in data center, enterprise, and carrier networking. His career also includes leadership positions at Cisco, Nortel, Tellabs, and IBM, where he managed various product lines including switching, data center, storage, and optical networking. Mr. Ramaswami is an Institute of Electrical and Electronics Engineers (IEEE) Fellow and holds 36 patents, primarily in optical networking. He earned a B.Tech in Electrical Engineering from the Indian Institute of Technology, Madras, and an M.S. and Ph.D. in Electrical Engineering and Computer Science from the University of California, Berkeley.

Rukmini Sivaraman Chief Financial Officer

Rukmini Sivaraman was appointed Chief Financial Officer of Nutanix in May 2022. She joined Nutanix in 2017 and has held several key roles within the company, including Senior Vice President of Financial Planning & Analysis, Senior Vice President of Strategic Finance, and Chief People Officer. Prior to her tenure at Nutanix, Ms. Sivaraman spent eight years as an investment banker at Goldman Sachs, where she was involved in executing strategic transactions such as IPOs, other equity offerings, mergers & acquisitions, and debt financing for technology companies. She played a significant role in securing a $750 million investment for Nutanix from Bain Capital in September 2020. Ms. Sivaraman holds an MBA from the Kellogg School of Management at Northwestern University and an MS in Electrical Engineering from the University of Michigan at Ann Arbor.

David Sangster Chief Operating Officer

David Sangster serves as the Chief Operating Officer at Nutanix, a position he has held since 2019. He joined Nutanix in 2011 and has overseen strategic initiatives in cloud computing and enterprise software, expanding his responsibilities to include SaaS engineering, engineering development operations, data center operations, product security, customer support, and manufacturing. Before joining Nutanix, Mr. Sangster was Vice President of Manufacturing Technology at EMC Corporation and Vice President of Operations for Data Domain, Inc., a company that was acquired by EMC in 2009. He also held executive roles at McDATA Corporation and Nishan Systems, and served as Director of Manufacturing at ConvergeNet Technologies, which was acquired by Dell Computer. Earlier in his career, he spent 11 years at Hewlett-Packard in various engineering, manufacturing, and management positions. Mr. Sangster holds a BS in Mechanical Engineering from Massachusetts Institute of Technology, an MS in Manufacturing Systems Engineering from Stanford University, and an MBA from Santa Clara University.

Tarkan Maner Chief Commercial Officer

Tarkan Maner was appointed Chief Commercial Officer at Nutanix in November 2019. In this role, he leads global business development and corporate development efforts, with a focus on strategic partnerships, alliances, system integrators, and service providers. He also oversees critical hybrid cloud-focused strategy and product teams, including Nutanix's core virtualization platform (AHV), software-defined networking, and key hybrid cloud services. Prior to Nutanix, Mr. Maner served as Chairman and CEO at Nexenta Systems, Inc., which was acquired by DataDirect Networks (DDN) in May 2019. He also held the position of President and CEO at Wyse Technology, a virtual desktop computing pioneer that Dell acquired in 2012. His experience also includes executive roles at Dell, CA Technologies, IBM, and Sterling Software. Mr. Maner holds a Bachelor of Science degree in engineering management, an MBA from Midwestern State University, and an AMP from Harvard Business School.

Mandy Dhaliwal Chief Marketing Officer

Mandy Dhaliwal joined Nutanix as Chief Marketing Officer in April 2022. She is responsible for the company's global marketing strategy, focusing on accelerating customer adoption of Nutanix's enterprise hybrid multicloud solutions. With over 25 years of experience in driving growth and innovation strategies across the cloud and software markets, Ms. Dhaliwal previously served as CMO for Boomi, which was acquired by TPG and Francisco Partners, and Fugue, which was acquired by Snyk. Her career also includes senior marketing leadership positions at BlazeMeter (acquired by CA Technologies), SOASTA (acquired by Akamai Technologies), EMC (acquired by Dell Technologies), and Legato Systems (acquired by EMC). Ms. Dhaliwal earned an MBA from Pepperdine University and a Bachelor's degree in Business Administration, Management, and Marketing from Simon Fraser University.

The key risks to Nutanix's business (NTNX) primarily revolve around intense competition, significant debt obligations, and challenges in navigating a rapidly evolving technological landscape.

1. Intense Competitive Landscape: Nutanix operates in a highly competitive and rapidly evolving market, facing pressure from established companies, new entrants, and major public cloud providers (hyperscalers). A significant external risk is the competitive landscape, particularly the ripple effect from Broadcom's acquisition of VMware. Changes in VMware's product portfolio and business model could impact Nutanix's market share. Competitors with greater resources or more aggressive pricing strategies could threaten Nutanix's market position. The risk of workload migration and pricing pressure from large public cloud providers is also a concern.
2. Substantial Debt Obligations: Nutanix faces significant financial risk due to substantial debt obligations, including $500 million in 2027 Notes and $862.5 million in 2029 Notes, along with borrowings under its Revolver. The company's ability to service and repay this debt is contingent on generating sufficient cash flows, which could be hindered by economic, financial, and competitive factors beyond its control. An Altman Z-Score of 1.36 places the company in a potential distress zone, implying a possibility of financial distress within the next two years.
3. Rapidly Changing Technology Landscape and Growth Management: The company operates in an inherently volatile, high-growth software business within a rapidly changing technology landscape. Nutanix must continuously adapt to swiftly evolving technological landscapes and manage its high-cost structure. The company has also observed a modest elongation of average sales cycles, influenced by macroeconomic factors and increased scrutiny on spending. Decelerating momentum and weakening earnings revisions due to increased competition also present challenges.

1. Intensified Competition from Hyperscale Cloud Providers for Hybrid Cloud Infrastructure: Major public cloud providers like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP) are aggressively expanding their offerings to bring their cloud services and infrastructure directly into enterprise data centers and edge locations. Products such as AWS Outposts, Azure Stack HCI, and Google Cloud Anthos directly compete with Nutanix's core hyper-converged infrastructure (HCI) and hybrid multicloud management solutions. These hyperscalers possess immense financial resources, vast ecosystems, and direct relationships with a large base of enterprise customers. Their strategy is to extend their public cloud operating model and toolchains on-premises, thereby reducing the perceived need for a separate, third-party HCI layer like Nutanix for hybrid deployments. As these offerings mature and gain wider adoption, they present a significant challenge to Nutanix's market share and differentiation in the hybrid cloud space, akin to how Netflix leveraged a new distribution model with deep content investments to challenge traditional physical media rentals.

2. Evolving Competitive Landscape with Broadcom's Acquisition of VMware: Broadcom's acquisition of VMware, which closed in November 2023, is creating a significant shift in the competitive landscape for enterprise software and infrastructure. VMware has long been Nutanix's primary rival in the hyper-converged infrastructure (HCI) market with its vSAN product and broader virtualization portfolio. Broadcom's strategy typically involves price increases, bundling of products, and a focused sales approach on larger enterprise accounts. While this shift could potentially create opportunities for Nutanix to attract disgruntled VMware customers, it also poses a substantial threat. Broadcom's financial muscle and potential for aggressive integration and bundling of VMware's vast product portfolio could make VMware an even more formidable and entrenched competitor. Broadcom may double down on VMware Cloud Foundation (VCF) and vSAN offerings, potentially locking customers into a broader VMware ecosystem and making it harder for Nutanix to gain traction, especially in larger accounts where Broadcom will likely focus its sales efforts. The full implications of Broadcom's ownership strategy are still unfolding, making this a clear and emerging threat to Nutanix's market position.

The estimated addressable market for Nutanix's main products and services is substantial and projected to grow significantly.

• In 2023, Nutanix's total addressable market (TAM) was valued at approximately $57 billion globally.
• This global market is anticipated to expand by about 33% to reach $76 billion by 2026.

The market segments that contribute to this TAM include:

• On-prem hyperconverged infrastructure
• Hybrid cloud infrastructure
• Cloud management
• Files and objects storage
• Database automation and Database-as-a-Service (DBaaS)

Nutanix also defines "Adjacent Markets" which encompass desktop-as-a-service (DaaS), disaster recovery-as-a-service (DRaaS), as well as the aforementioned database automation, DBaaS, files and objects storage, and cloud management markets. The company's Hybrid Cloud Market is comprised of the Hyperconverged Infrastructure (HCI) Market and the Public Cloud Market.

Here are 3-5 expected drivers of future revenue growth for Nutanix (NTNX) over the next 2-3 years:

1. Continued Transition to Subscription Model and Annual Recurring Revenue (ARR) Growth: Nutanix is strategically shifting its business model to a subscription-based approach, which is expected to drive predictable and recurring revenue. The company's Annual Recurring Revenue (ARR) has demonstrated consistent growth, with fiscal year 2025 ARR reaching $2.22 billion, representing a 17% year-over-year increase. This focus on recurring revenue provides a more stable and predictable revenue stream.
2. Expansion of Customer Base and Market Share Gains, particularly from VMware Displacement: Nutanix continues to grow its customer base significantly, adding over 2,700 new customers in fiscal year 2025, which is its highest count in four years, and including more than 50 Global 2000 accounts. A key driver of this expansion is the opportunity to capture market share from competitors, notably benefiting from customer uncertainty and price hikes following Broadcom's acquisition of VMware. Nutanix's CEO has characterized this displacement opportunity as being in its early stages, with a vast number of potential customers still to target.
3. Growing Demand for Hybrid and Multi-cloud Infrastructure: The market trend towards hybrid and multi-cloud environments and the increasing demand for hyper-converged infrastructure (HCI) solutions are significant tailwinds for Nutanix. Nutanix positions itself as a leader in distributed hybrid infrastructure, aiming to be the preferred platform for supporting diverse application types and data management across on-premises, edge, and public clouds. This strategic focus aligns with enterprises seeking resilient and cost-effective cloud solutions.
4. Product Innovation and Strategic Partnerships: Nutanix is investing in product innovation, particularly in AI and hybrid multi-cloud offerings, evidenced by the launch of "GPT-in-a-Box 2.0" and expanded integrations with major cloud providers like Google Cloud, AWS, and Azure. These advancements enhance its competitive offering. Furthermore, strategic partnerships with companies such as Dell, Cisco, and Pure Storage are strengthening Nutanix's market position and contributing to revenue growth through broader market reach and cross-selling opportunities.

Share Repurchases

• Nutanix's Board of Directors authorized an additional $350 million for common stock buybacks on August 27, 2025.
• This authorization, combined with approximately $111 million remaining from a prior program as of July 31, 2025, brought the total repurchase authorization to $461 million.
• The company repurchased approximately $307.9 million of its Class A common stock (as of September 2025).

Share Issuance

• Nutanix issued $862.5 million in convertible senior notes in early 2025 to enhance its liquidity and financial flexibility.
• The company's employee equity incentive plans lead to the issuance of potentially dilutive shares.

Inbound Investments

• Nutanix strengthened its financial flexibility through the issuance of $862.5 million in convertible senior notes in early 2025.
• A $500 million revolving credit facility was established in early 2025, providing additional liquidity for the company.

Outbound Investments

• Nutanix acquired the assets of D2iQ in 2023, which operates as a subsidiary to enhance its offerings.
• The company maintains a strategic focus on "tuck-in acquisitions" to bolster its product portfolio.
• Nutanix expanded its ecosystem and market reach in fiscal 2025 through new or enhanced partnership agreements with companies including AWS, Pure Storage, NVIDIA, and Google.

Capital Expenditures

• Capital expenditures were $75.25 million in fiscal year 2024.
• Capital expenditures amounted to $65 million in fiscal year 2023 and $49 million in fiscal year 2022.
• The primary focus of capital expenditures and investments includes research and development to enhance solutions and expand technology offerings, particularly in areas like generative AI and modern applications, as well as strengthening sales and marketing capabilities.