Here are two brief analogies to describe Nutanix:

• The Amazon Web Services (AWS) for your private data center.
• The Apple of enterprise IT infrastructure.

• Acropolis (including Acropolis Hypervisor): An enterprise cloud platform that converges virtualization, enterprise storage, networking visualization, and security services.
• Nutanix Karbon: Automates the deployment and management of Kubernetes clusters to simplify cloud-native environment operations.
• Nutanix Clusters: A solution that allows running Nutanix software on public clouds, enabling hybrid cloud environments.
• Prism Pro: A product for advanced management and monitoring of the Nutanix infrastructure.
• Nutanix Beam: Provides cloud governance services to optimize cost and security across multi-cloud environments.
• Nutanix Calm: An application marketplace offering automation services for streamlined application lifecycle management and hybrid cloud orchestration.
• Nutanix Files: Enterprise-grade NFS and SMB file services for unstructured data.
• Nutanix Objects: S3-compatible object services for scalable and durable storage of unstructured data.
• Nutanix Era: A database automation and database-as-a-service (DBaaS) solution for managing databases.
• Nutanix Frame: A desktop-as-a-service (DaaS) product for delivering virtual applications or desktops from various cloud environments.
• Professional Services: Includes product support, consulting, and implementation services for their enterprise cloud solutions.

Nutanix (NTNX) primarily sells its enterprise cloud platform and related services to other companies, rather than individuals. The company's offerings are designed for enterprise use, encompassing solutions for virtualization, cloud-native environments, storage, database automation, and desktop-as-a-service for businesses.

The provided background information outlines the broad range of industries that Nutanix serves globally. These industries include:

• Automotive
• Consumer Goods
• Education
• Energy
• Financial Services
• Healthcare
• Manufacturing
• Media
• Public Sector
• Retail
• Technology
• Telecommunications
• Service Providers

However, the provided background description does not list the names of specific major customer companies that Nutanix serves.

Nutanix's major suppliers include:

• Amazon.com, Inc. (AMZN)
• Microsoft Corporation (MSFT)
• Alphabet Inc. (GOOGL)

Rajiv Ramaswami, President and Chief Executive Officer

Rajiv Ramaswami has served as Nutanix's President and CEO since December 2020. With over 30 years of experience in the IT industry, Ramaswami has held leadership positions at prominent technology companies. Before joining Nutanix, he was the Chief Operating Officer of Products and Cloud Services at VMware from 2016 to 2020. His career also includes roles as Executive Vice President and General Manager for infrastructure and networking at Broadcom, and various executive positions at Cisco and IBM. Notably, he was an early employee at Xros, a Silicon Valley startup that was acquired by Nortel Networks for $3.25 billion in June 2000. Ramaswami holds a B. Tech from the Indian Institute of Technology, Madras, and a Master's and Ph.D. from the University of California, Berkeley.

Rukmini Sivaraman, Chief Financial Officer

Rukmini Sivaraman was appointed Chief Financial Officer of Nutanix, effective May 1, 2022. She joined Nutanix in 2017 and has held several key roles within the company, including Senior Vice President of Financial Planning & Analysis, Chief People Officer, and Senior Vice President of People and Business Operations. Prior to her tenure at Nutanix, Sivaraman spent eight years as an investment banker at Goldman Sachs in New York, where she was involved in strategic transactions such as IPOs, mergers & acquisitions, and debt financing for software companies. She played a leading role in the transaction where Nutanix received a $750 million investment from Bain Capital in September 2020. Sivaraman earned 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.

Tarkan Maner, President and Chief Commercial Officer

Tarkan Maner was appointed President and Chief Commercial Officer of Nutanix, effective December 18, 2025, expanding his oversight to include sales, marketing, and customer experience. He has served as Nutanix's Chief Commercial Officer since November 2019. Before joining Nutanix, Maner was the Chairman and CEO of Nexenta Systems from August 2013 to September 2019. His prior experience also includes executive roles at Wyse Technology, Dell, CA Technologies, IBM, and Sterling Software.

David Sangster, Chief Operating Officer

David Sangster has served as Chief Operating Officer at Nutanix since 2019, previously holding roles as Executive Vice President of Operations since February 2016, Senior Vice President of Operations, and Vice President of Operations since December 2011. He brings over 20 years of experience in product development, manufacturing, and operations. Before Nutanix, Sangster was the Vice President of Operations at Data Domain, Inc., which was acquired by EMC in 2009. He also held executive positions at McDATA Corporation and Nishan Systems, and was Director of Manufacturing at ConvergeNet Technologies, which was acquired by Dell Computer. Earlier in his career, he spent 11 years at Hewlett-Packard. 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.

Mandy Dhaliwal, Chief Marketing Officer

Mandy Dhaliwal is the Chief Marketing Officer for Nutanix, a role she assumed in April 2022. She has over 25 years of experience driving growth and innovation strategies across the cloud and software markets. Prior to Nutanix, Dhaliwal was the CMO at Boomi (acquired by TPG and Francisco Partners) and Fugue (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). This demonstrates a pattern of involvement with companies that were subsequently acquired. Dhaliwal earned a Bachelor's Degree in Business Administration from Simon Fraser University and an MBA in Technology Management from Pepperdine University.

The key risks to Nutanix's business include:

1. Supply Chain Constraints: Nutanix is currently experiencing strong demand for its solutions, particularly driven by AI tailwinds, but is facing challenges due to supply chain limitations, especially concerning memory and storage chips, and CPUs for servers. These constraints can hinder the company's ability to fulfill orders, recognize revenue in a timely manner, and potentially lead to lost bookings, despite robust demand.
2. Highly Competitive Market: Nutanix operates in a intensely competitive market for cloud infrastructure solutions. The company faces significant competition from rivals such as Broadcom (following its acquisition of VMware) and major public cloud providers like Amazon Web Services (AWS) and Microsoft Azure. Maintaining market share and growth necessitates continuous innovation and differentiation of its offerings to stay ahead of competitors.
3. Achieving and Maintaining Profitability Amidst Financial Health Concerns: While Nutanix has recently shown improvements in its financial performance, it has a history of GAAP net losses and continues to face concerns related to an increasing stockholders' deficit, accumulated deficit, and high operating expenses, particularly in sales and marketing, and research and development. The ability to consistently achieve and maintain profitability, manage its debt burden, and improve its balance sheet remains a key risk to its long-term financial stability.

The clear emerging threat for Nutanix is the comprehensive and accelerating adoption of hyperscale public cloud providers (Amazon Web Services, Microsoft Azure, Google Cloud Platform) by enterprises for their primary IT infrastructure needs. As organizations increasingly migrate workloads, develop new applications, and modernize existing ones directly on these public cloud platforms, the demand for on-premise and hybrid cloud infrastructure solutions that Nutanix provides could diminish, making the public cloud a direct alternative to building and managing private cloud environments.

Nutanix (NTNX) operates within several significant addressable markets for its enterprise cloud platform and associated services.

The company's management estimated its total addressable market (TAM) to be valued at $57 billion in 2023, with a projected growth to $76 billion by 2026 globally. This comprehensive market includes on-prem hyperconverged infrastructure, hybrid cloud infrastructure, cloud management, files and objects storage, and database automation and Database-as-a-Service (DBaaS).

Here are the addressable market sizes for Nutanix's main products and services:

• Enterprise Cloud Platform / Hyperconverged Infrastructure (HCI): The global hyper-converged infrastructure market was valued at approximately $11.69 billion in 2023 and is projected to reach $49.75 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 23.5% from 2024 to 2030. North America held the largest share of this market in 2023. Other estimates place the global HCI market at $12.5 billion in 2024, expanding to $88.08 billion by 2033 with a CAGR of 24.23% (2025-2033).
• Acropolis (Hypervisor - AHV) / Virtualization: The global virtual machine market was valued at $11.11 billion in 2024 and is expected to reach $43.81 billion by 2034, demonstrating a CAGR of 14.71% from 2025 to 2034. North America accounted for 37% of the market share in 2024. The broader virtualization software market is projected to grow from $95.59 billion in 2025 to $224.59 billion by 2031 globally, with a CAGR of 15.30% (2026-2031).
• Nutanix Karbon (Kubernetes Clusters Management): The global Kubernetes solutions market was valued at $2.3 billion in 2023 and is projected to grow to $9.8 billion by 2030, with a CAGR of 19.2%. Another report indicates the global Kubernetes market was valued at $2.11 billion in 2024 and is anticipated to reach $14.61 billion by 2033, growing at a CAGR of 24% (2026-2033). North America holds the highest market share.
• Prism Pro; Nutanix Beam (Cloud Governance): The global cloud governance platform market is estimated at $2,029.8 million in 2024 and is projected to reach $3,874.2 million by 2034 globally, with a CAGR of 12.5%. The global Cloud Governance Suite market is projected to grow from $7,716 million in 2024 to $21,362 million by 2031, at a CAGR of 16.6% (2025-2031).
• Nutanix Calm (Application Marketplace/Cloud Operations Management): The global application platform market was valued at $12.05 billion in 2024 and is projected to grow to $23.3 billion by 2033 globally, at a CAGR of 7.6%. The global marketplace apps market is anticipated to be worth $119.9 billion in 2026, projected to reach $365.54 billion by 2035 with a CAGR of 13.5%. North America is a dominant region in this market.
• Nutanix Files (NFS and SMB file services) and Nutanix Objects (S3-compatible object services): These services are components of the larger "files and objects storage" market, which is included in Nutanix's overall TAM of $57 billion in 2023, growing to $76 billion by 2026. Specific market sizes for these individual products were not found, but Nutanix Files holds a 0.05% market share in the software-defined-storage market.
• Nutanix Era (Database Automation and Database-as-a-Service solution): The global database automation market was estimated at $1,934.0 million in 2024 and is projected to grow at a CAGR of 26.9% from 2025 to 2030. North America dominated this market with a 37.1% share in 2024. Other projections show the global market growing from $2.5 billion in 2025 to $22.2 billion by 2034, with a CAGR of 27.43%.
• Nutanix Frame (Desktop-as-a-Service - DaaS): The global desktop as a service market was valued at $4.84 billion in 2025 and is projected to reach $14.95 billion by 2034, exhibiting a CAGR of 13.35% (2026-2034). Other estimates indicate the global DaaS market was worth $5.9 billion in 2023 and is expected to reach $34.3 billion by 2032, with a CAGR of 21.5% (2024-2032).

For Nutanix (NTNX), several key drivers are expected to fuel future revenue growth over the next 2-3 years:

1. Strategic Partnership with AMD for Enterprise AI: Nutanix has formed a multi-year strategic partnership with AMD to co-develop an open, full-stack "agentic AI" infrastructure platform for enterprises and service providers. This collaboration includes a significant investment from AMD in Nutanix stock and funding for joint research and development, positioning AI as a substantial long-term growth opportunity. The first jointly developed platform is anticipated to be delivered in late 2026.
2. VMware Displacement and Migration Opportunity: Nutanix is actively capitalizing on the market disruption and customer uncertainty following Broadcom's acquisition of VMware. This presents a "massive enterprise migration opportunity" as businesses seek alternative solutions for virtualization and hybrid cloud infrastructure. Nutanix's ability to attract former VMware customers is highlighted by its addition of over 1,000 new customers in Q2 2026, marking its strongest quarterly gain in eight years.
3. Continued Customer Expansion and Annual Recurring Revenue (ARR) Growth: The company consistently demonstrates strong growth in its Annual Recurring Revenue (ARR), which increased by 16% year-over-year in Q2 2026, reaching $2.36 billion. This growth is driven by both the acquisition of new customers and the expansion of existing customer contracts, underscoring the success of its subscription-based business model.
4. Expansion of Hybrid Multicloud and Cloud-Native Application Offerings: Nutanix's enterprise cloud platform is designed to enable organizations to build hybrid multicloud infrastructures, supporting a range of hypervisors and container platforms. Demand is being driven by enterprises modernizing their IT footprints, adopting hybrid cloud operating models, and deploying cloud-native applications. Its multi-cloud strategy, including integrations with major cloud providers like AWS and Google Cloud, further enhances its market reach.
5. Increased Platform Usage and "Land and Expand" within Existing Customer Base: A significant portion of Nutanix's revenue growth is expected from expanding its footprint within its existing customer base. The growth in ARR is attributed not only to new customer additions but also to the expansion of contracts with current customers. This "land and expand" strategy, where customers increase their consumption of Nutanix's services over time, is a key driver for its subscription-based model.

Share Repurchases

• Nutanix announced on August 27, 2025, an increase of $350 million to its share repurchase program, resulting in a total authorization of $461 million for common stock repurchases, including approximately $111 million remaining from a prior authorization as of July 31, 2025.
• On December 17, 2025, Nutanix entered into a $300 million accelerated share repurchase (ASR) agreement.
• Since the beginning of fiscal year 2026, including the ASR, Nutanix expects to have repurchased approximately $382.5 million of its common stock.

Inbound Investments

• In February 2026, AMD announced a planned US$150 million equity investment in Nutanix at US$36.26 per share, as part of a multi-year partnership to develop an open AI infrastructure platform.

Capital Expenditures

• In Q3 2026, Nutanix invested $44.4 million in capital expenditures, primarily focused on funding long-term assets and infrastructure.
• Nutanix's capital expenditures are forecast to be $92.442 million for the upcoming fiscal year.
• The company's capital expenditures are expected to average $125.3 million over the next five fiscal years.