Here are 1-2 brief analogies for Nutanix:

• Like Amazon Web Services (AWS), but for building and managing your company's own private data center infrastructure.
• Like VMware, but focused on simplifying and integrating all aspects of IT infrastructure for private clouds.

• Nutanix Cloud Platform (NCP): The core hyperconverged infrastructure (HCI) software that integrates compute, storage, and virtualization into a single, scalable solution.
• Nutanix AHV: An enterprise-grade hypervisor built into the Nutanix Cloud Platform, simplifying virtualization management.
• Nutanix Unified Storage (Files, Objects, Volumes): A suite of software-defined storage solutions providing scalable file, object, and block storage for diverse workloads.
• Nutanix Cloud Manager (NCM): A centralized management plane offering operations, automation, and cost governance for hybrid multicloud environments.
• Nutanix Database Service (NDB): A database-as-a-service (DBaaS) solution that automates and simplifies the lifecycle management of various database engines.

Nutanix (NTNX) primarily sells its enterprise cloud software and hyperconverged infrastructure solutions to other companies (B2B) rather than individuals. Its major customers span a wide array of industries, including financial services, retail, manufacturing, healthcare, and government agencies.

Here are some examples of major customer companies:

• Lockheed Martin (LMT)
• The Home Depot (HD)
• Kroger (KR)
• ServiceNow (NOW)
• Sanofi (SNY)

• Dell Technologies (DELL)
• Hewlett Packard Enterprise (HPE)
• Lenovo Group Limited (LNVGY)
• Super Micro Computer, Inc. (SMCI)
• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)
• Alphabet Inc. (GOOGL)

Rajiv Ramaswami, President & CEO

Mr. Ramaswami has served as Nutanix's President and Chief Executive Officer since December 2020. He is a seasoned technology executive with over 30 years of experience in software, cloud services, and network infrastructure. Prior to joining Nutanix, he was the Chief Operating Officer of Products and Cloud Services at VMware from October 2016 to December 2020, where he co-managed VMware's portfolio of products and services and played a key role in transitioning the company toward a subscription and SaaS model. Before VMware, he served as Executive Vice President and General Manager, Infrastructure and Networking at Broadcom from 2010 to 2016, establishing Broadcom as a leader in data center, enterprise, and carrier networking. His career also includes various general manager roles at Cisco across switching, data center, storage, and optical networking business units, and leadership positions at Nortel, Tellabs, and IBM. Mr. Ramaswami holds 36 patents, primarily in optical networking.

Rukmini Sivaraman, Chief Financial Officer

Ms. Sivaraman is the Chief Financial Officer of Nutanix, appointed effective May 1, 2022. She brings extensive finance and technology experience. Before her appointment as CFO, she held several key roles at Nutanix, including Senior Vice President of Financial Planning & Analysis, Senior Vice President of Strategic Finance, and Chief People Officer. Prior to joining Nutanix in 2017, she spent eight years as an investment banker at Goldman Sachs in New York, where she executed strategic transactions such as IPOs, mergers & acquisitions, and debt financing for technology companies. Among her accomplishments at Nutanix, she played a leading role in the transaction where Nutanix received a $750 million investment from Bain Capital in September 2020.

David Sangster, Chief Operating Officer

Tarkan Maner, Chief Commercial Officer

Brian Martin, Chief Legal Officer

Public cloud providers (such as Amazon Web Services with Outposts, Microsoft Azure with Azure Stack HCI and Azure Arc, and Google Cloud with Google Distributed Cloud and Anthos) are increasingly extending their native cloud platforms, services, and operational models directly into enterprise data centers and edge locations. These offerings provide customers with a consistent experience, management plane, and toolkit across public and private environments, directly competing with Nutanix's core value proposition of delivering a cloud-like experience and management simplicity for on-premises and hybrid cloud infrastructure. This allows customers to potentially adopt a single vendor strategy for both public and private clouds, leveraging their existing public cloud investments and skills, thus diminishing the need for independent hyperconverged infrastructure (HCI) solutions like Nutanix for certain hybrid cloud strategies.

Nutanix (NTNX) operates in a global total addressable market (TAM) that was estimated at $57 billion in 2023. This market is projected to grow to $76 billion by 2026, representing a compound annual growth rate (CAGR) of 10.1%.

The company's addressable market encompasses several key product and service segments, including:

• On-prem hyperconverged infrastructure.
• Hybrid cloud infrastructure.
• Cloud management.
• Files and objects storage.
• Database automation and Database-as-a-Service (DBaaS).
• Desktop-as-a-Service (DaaS).
• Disaster Recovery-as-a-Service (DRaaS).

Nutanix (NTNX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Continued Transition to Subscription Model and Annual Recurring Revenue (ARR) Growth: Nutanix has been strategically shifting to a subscription-based business model, which is a significant driver of predictable and recurring revenue. The company's Annual Recurring Revenue (ARR) has shown consistent growth, reaching $2.22 billion in fiscal year 2025, up 17% year-over-year. This focus on recurring revenue provides a stable financial foundation and fosters long-term customer relationships.
2. Robust Customer Acquisition and Expansion: A primary driver of growth is the company's ability to attract new customers (often referred to as "new logos") and expand its presence within its existing client base. Nutanix added 2,700 new customers in fiscal year 2025, including over 50 Global 2,000 accounts, and reported a net dollar retention rate of 108%. This continuous expansion of its customer base and increased spend from existing customers are crucial for revenue growth.
3. Broadening Product Portfolio and Innovation: Nutanix is actively expanding its product offerings beyond its foundational hyperconverged infrastructure (HCI) solutions. This includes a wider range of cloud services such as database-as-a-service (DBaaS), disaster recovery, and end-user computing solutions. The company is also innovating in areas like AI-driven automation, hybrid cloud management, and recently launched the Nutanix Kubernetes Platform (NKP), all designed to capture a larger share of the enterprise cloud market.
4. Strategic Partnerships and Channel-First Approach: Collaborations with key partners are instrumental in extending Nutanix's market reach. The company leverages OEM partnerships with entities like Dell and Cisco, as well as strengthening alliances with public cloud providers such as AWS, Microsoft Azure, and Google Cloud, and system integrators. These partnerships facilitate efficient procurement and are particularly beneficial in capitalizing on market shifts, such as opportunities arising from the Broadcom acquisition of VMware.
5. Geographical Market Expansion: Nutanix is actively pursuing expansion into new geographical markets, especially in regions demonstrating high demand for hybrid cloud solutions. This strategy aims to capitalize on the increasing global adoption of cloud computing and the need for flexible IT infrastructure across diverse regions.