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Item 1. Business

2026-09-18 compared with 2025-09-24 · 104 added, 80 removed, 181 unchanged (50% of the section changed)

Nutanix, Inc.

("we," "us," "our," or "Nutanix") is a hybrid multicloud computing leader, offering organizations a unified software platform for running applications and AI and managing data anywhere.

Our vision is to simplify the deployment and operation of the increasingly distributed landscape of apps and data while freeing organizations to focus on business goals.

Our mission is to delight customers with an open, secure platform with rich data services that increases their ability to take advantage of new technologies such as cloud native and AI, optimizes how they run their organizations today, and accelerates innovation, efficiency, and growth.

The Nutanix Cloud Platform is designed to enable organizations to build hybrid multicloud infrastructure, providing a consistent cloud operating model with a single platform for running applications and managing data in core data centers, at the edge, and in public clouds, while supporting customer choice across server platforms, storage options, public and managed clouds, and container and virtualization platforms.

The Nutanix Cloud Platform supports a wide variety of workloads with varied compute, storage, and network requirements, including business-critical applications, data platforms (including SQL, NoSQL, and vector databases and business intelligence applications), enterprise AI workloads (including machine learning, generative AI, and agentic AI), general-purpose workloads (including system infrastructure, networking, and security), end-user computing and virtual desktop infrastructure services, and cloud native applications (including modern, containerized applications).

We originally pioneered hyperconverged infrastructure ("HCI") to break down legacy silos by merging compute, storage and networking into a single software-defined data center platform.

We continued to innovate and developed Nutanix AHV, our native hypervisor that offers enterprise-grade virtualization and built-in Kubernetes support.

To provide our customers with more choice, we further engineered our software solutions to run on a variety of server platforms and with a variety of external storage providers.

Most recently, we have extended our software platform support to include external storage from qualified partners.

To provide our customers with the flexibility to choose their preferred license levels and durations based on their specific business needs, we reshaped our licensing by completing a transition to a subscription-based business model.

In addition to enabling enterprise AI and simplifying hybrid multicloud deployments, we have a further long-term vision to enable developers to build modern container-based applications once and run them anywhere through Project Beacon, our multi-year effort to provide consistent Kubernetes platform management and data-centric platform services across clouds.

("we," "us," "our," or "Nutanix") is a hybrid cloud and AI platform company, offering organizations a unified infrastructure software platform to run applications, data, and AI anywhere.

Our vision is to simplify the deployment and operation of hybrid computing infrastructure and AI factories to support the increasingly distributed landscape of apps and data, including agentic AI, while freeing organizations to modernize their infrastructure and focus on business goals.

Our mission is to delight customers with an open, secure platform with rich data services that increases their ability to take advantage of technologies such as cloud native and AI, optimizes how they run their organizations today, and accelerates innovation, efficiency, and growth.

The Nutanix Cloud Platform is designed to enable organizations to build hybrid cloud infrastructure.

It provides a consistent cloud operating model with a single platform for running and managing applications, agentic AI workloads, and data in core data centers, at the edge, and in public clouds.

We aim to provide customers with flexibility and choice across server platforms, storage options, virtualized and cloud-native environments, public clouds, and deployment models.

The Nutanix Cloud Platform supports a wide variety of workloads with varied compute, storage, and network requirements.

These workloads include traditional business-critical general-purpose applications, modern applications (including containerized applications running on Kubernetes), data platforms (including SQL, NoSQL and vector databases, as well as business intelligence applications), and enterprise AI workloads (including machine learning, generative AI, and agentic AI applications).

We first pioneered hyperconverged infrastructure ("HCI") by combining compute, storage and networking through a software-defined architecture.

We subsequently developed Nutanix AHV, our native enterprise hypervisor.

Building on this foundation, the Nutanix Cloud Platform has evolved into a unified infrastructure platform.

The Nutanix Cloud Platform supports a broader range of architectures, applications and deployment models, across public clouds (including AWS, Azure, and Google Cloud), datacenters, and edge.

This expansion includes support for qualified external storage systems, modern applications through our Kubernetes platform, and enterprise agentic AI workloads through our AI infrastructure and management offerings.

Our research and development efforts on the agentic AI front aim to provide customers with an optimized full stack platform to run, control, and govern AI workloads.

Our business is organized into a single operating and reportable segment.

We operate a subscription-based business model, meaning one in which our products, including associated support and entitlement arrangements, are sold with a defined duration.

We operate a subscription-based business model, meaning our products, including associated support and maintenance arrangements, are sold with a defined duration.

For more information, see the section titled "Components of Our Results of Operations" included in Part II, Item 7, as well as Note 2 of Notes to Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

The Nutanix Cloud Platform

The Nutanix Cloud Platform delivers a set of software products, solutions and services to enable our customers to run and manage their private cloud, edge, public cloud, managed cloud, and hybrid multicloud environments.

The Nutanix Cloud Platform’s scale-out architecture, common operating model across locations, enterprise-grade data services and freedom of infrastructure choice enable organizations to standardize on the Nutanix Cloud Platform as a single cloud platform to run a wide variety of workloads.

The Nutanix Cloud Platform brings together infrastructure, application, data and management capabilities that enable organizations to run traditional, modern and AI workloads across hybrid multicloud environments.

The Nutanix Cloud Platform’s scale-out architecture, common operating model, integrated data services and expanding support for server platforms, storage options, virtualized and cloud-native environments, and public and managed cloud environments provide organizations with flexibility in how they modernize and operate their environments.

Nutanix Cloud Infrastructure (NCI) is a distributed HCI for enterprise IT applications.

NCI software combines compute, storage, and networking resources from a cluster of servers into a single logical pool with integrated resiliency, security, performance, and simplified administration.

NCI also supports qualified external storage systems in supported configurations.

We believe this expands infrastructure choice for customers and allows organizations to modernize virtualization and cloud infrastructure while leveraging existing storage investments.

NCI includes the following underlying features and services:

• Nutanix AOS is the scale-out storage technology that makes HCI possible, delivering enterprise-grade capabilities via a highly distributed software architecture that runs on commodity x86 servers.

Nutanix AOS includes integrated snapshots, replication, and disaster recovery that can be used with block, file, and object storage and for both virtual machines and containers.

• Nutanix AOS is the scale-out storage technology that makes HCI possible.

It delivers enterprise-grade capabilities via a highly distributed software architecture that runs across clusters of servers.

AOS includes integrated snapshots, replication, and disaster recovery that can be used with block, file, and object storage, for both virtual machines and containers.

AOS can be run on virtual machines such as AHV and in containers such as AWS EKS, enabling customers to leverage AOS storage for both virtualized and containerized applications.

• Nutanix AHV is our enterprise hypervisor—a modern and secure virtualization solution designed to power virtual machines and containers for application and cloud native workloads.

It is a core component of NCI.

• Nutanix AHV is our enterprise hypervisor—a virtualization solution designed to provide software-defined compute capabilities to power all kinds of applications including AI, cloud-native, and traditional virtualized workloads.

• Nutanix Data Services for Kubernetes offers enterprise data services such as data protection, recovery, migration, cloning, and copy data management for containerized, modern applications on Kubernetes.

• Flow Network Security is a stateful, distributed firewall providing microsegmentation to secure network traffic between applications.

• Nutanix Disaster Recovery helps organizations design disaster recovery plans.

With options that include on-prem, public cloud, and managed service providers, Nutanix Disaster Recovery offers one-click failover, failback, and automated recovery.

• Flow Network Security is a stateful, distributed firewall providing microsegmentation designed to secure network traffic between applications.

• Flow Virtual Networking provides software-defined networking with multi-tenant isolation, hybrid cloud networking, self-service provisioning, and IP address preservation.

• Nutanix Cloud Clusters (NC2) enables organizations to run and manage applications across on-premises and multiple public clouds in a consistent manner.

NC2 empowers IT operators to place workloads in their clouds of choice with ease of deployment and migration, delivering flexibility and portability across public clouds.

• Nutanix Central provides management of the Nutanix hybrid multicloud environment, providing global visibility and simplified governance through a single console with federated access and seamless navigation across on-premises and public cloud deployments.

• Nutanix Cloud Clusters (NC2) extends the Nutanix platform to public clouds.

NC2 enables organizations to run and manage applications across on-premises and multiple public clouds in a consistent manner.

NC2 is designed to enable IT operators to place workloads in their clouds of choice with ease of deployment and migration, delivering flexibility and portability across public clouds.

• Nutanix Central provides management of the Nutanix hybrid multicloud environment.

Nutanix Central provides global visibility and simplified governance through a single console with federated access, license management, and seamless navigation across on-premises and public cloud deployments.

• Nutanix Service Provider Central (SP Central) is a purpose-built control plane designed specifically for Service Providers.

SP Central enables consistent, secure, and scalable multi-tenant operations across the Nutanix Cloud Platform.

• Nutanix Prism is the unified control plane and UI that provides centralized management for end-to-end IT infrastructure management and operations.

Nutanix Cloud Infrastructure with External Storage is an option for customers wishing to run Nutanix compute and network virtualization and data services with external storage.

Organizations can leverage Nutanix Cloud Infrastructure for compute while integrating with qualified external storage solutions, including Dell Technologies PowerFlex and PowerStore platforms and Everpure, Inc.

FlashArray storage systems.

We have also announced support for NetApp ONTAP-based and Lenovo ThinkSystem external storage integrations, with the NetApp ONTAP-based solution currently available through limited-availability programs.

Nutanix Cloud Manager (NCM) is a unified management solution for providing intelligent operations, self-service and orchestration, security compliance and visibility, and control of cloud costs.

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• NCM Intelligent Operations optimizes capacity, proactively detects performance anomalies, and automates operational tasks.

• NCM Self-Service and Orchestration streamlines how teams manage, deploy, and scale applications across hybrid clouds with self-service, automation, and centralized role-based governance.

• NCM Cost Governance drives financial accountability with intelligent resource sizing and accurate visibility into multicloud metering and chargeback.

• Nutanix Security Central unifies cloud security operations to help organizations simplify security planning, define microsegmentation policies, and enforce regulatory compliance for zero trust.

Nutanix Kubernetes Platform (NKP) is an enterprise-grade Kubernetes platform that enables organizations to accelerate app development without lock-in.

NKP brings resiliency, security, and Day 2 operations to cloud native applications through a complete, open, and enterprise-grade Kubernetes platform.

NKP accelerates app delivery with an intelligent platform that standardizes management for fleets of clusters across public clouds, data centers, and the edge.

Nutanix Unified Storage (NUS) is a software-defined data services platform that consolidates access and management of siloed block, file, and object storage into a single platform.

Powered by data services such as analytics, ransomware protection, lifecycle management, and data protection, NUS enables organizations to adapt to fast-changing applications' needs and shift their management focus from data storage to more strategic global data management.

• NCM Self-Service and Orchestration streamlines how teams deploy, manage, and scale virtualized and cloud-native applications across hybrid cloud environment through self-service, automation, and centralized role-based governance.

• NCM Cost Governance provides visibility into resource utilization, multicloud metering and chargeback.

• Nutanix Security Central unifies security operations across distributed deployments to help organizations simplify security planning, define microsegmentation policies, and support regulatory compliance for zero trust.

Nutanix Kubernetes Platform (NKP) is an enterprise Kubernetes platform for deploying and managing modern, containerized applications across hybrid multicloud environments.

NKP is designed to standardize application deployment and Day 2 operations across fleets of Kubernetes clusters while providing customers flexibility across infrastructure environments.

We believe NKP expands the Nutanix Cloud Platform beyond traditional virtualized applications by enabling customers to operate virtualized, cloud-native and AI workloads through a more consistent operating model across virtual machines and Kubernetes environments.

• NKP Metal , currently available through an early access program, brings automated lifecycle management, resiliency, and enterprise data services to bare-metal Kubernetes deployments.

Nutanix Enterprise AI (NAI) is a centralized fine-tuning and inferencing platform.

NAI provides AI developers and infrastructure managers with access to models and AI services, with built-in resource management, control and governance capabilities for token economics, data privacy, and sovereignty management.

NAI manages resources across GPUs, CPUs, DPUs, and other accelerators, for resource management, performance optimization and operational efficiency across AI workloads.

• Nutanix Agent Gateway governs interactions between agents, LLMs, and tools.

Nutanix Agent Gateway standardizes agent access to large language models (LLMs), MCP servers, and enterprise applications through a single governed gateway.

In addition, it provides organizations with policy management and budget enforcement tools, usage visibility, and real-time token cost accountability across public cloud and self-hosted inference environments.

Nutanix Agent Gateway facilitates token-efficient economics through smart model routing, real-time cost visibility, and token-based rate limiting across both private and cloud-hosted LLMs.

• Nutanix Private Inferencing helps organizations build adaptive AI factories to serve inferencing needs across their AI initiatives.

NAI provides inferencing on CNCF Kubernetes, running across public clouds, data centers, the edge, neoclouds, and OEM partner platforms (such as Cisco, Dell, and Supermicro), complete with Day 2 operations, security, and resilience.

Nutanix Unified Storage (NUS) is a software-defined platform that consolidates file, object, and block storage into one intelligent data fabric.

It features a compute-adjacent architecture that provides low-latency access to data for powering real-time AI pipelines and agentic AI workflows.

NUS includes the following underlying features and services:

• Nutanix Files Storage is a software-defined scale-out file storage solution, enabling organizations to store, manage, and scale unstructured data by consolidating storage silos onto a single platform, while keeping it secure with integrated cybersecurity and ransomware protection.

• Nutanix Objects Storage is a scale-out S3-compatible object storage solution for modern cloud native and big data applications, offering intuitive operations, high performance, security, and flexibility for multicloud deployments.

• Nutanix Files Storage is a software-defined scale-out file storage solution that enables organizations to store, manage, and scale unstructured data by consolidating storage silos onto a single platform, while keeping it secure with integrated cybersecurity and ransomware protection.

• Nutanix Objects Storage is a scale-out S3-compatible object storage solution for modern cloud native, AI, and big data applications.

It offers intuitive operations, high performance, security, and flexibility for multicloud deployments.

• Nutanix Volumes Block Storage is an enterprise-class, software-defined storage solution that exposes storage resources directly to virtualized guest operating systems or physical hosts using the iSCSI protocol.

• Nutanix Data Lens is a cloud-based cyber resilience service offering proactive defense and a global view of analytics for file and object environments that can identify and inform users of malware attacks, such as ransomware, on the NUS platform.

• Nutanix Data Lens is a cyber resilience service offering proactive defense and global visibility for unstructured data that can identify and inform users of malware attacks, such as ransomware, on the NUS platform.

Nutanix Database Service (NDB) is a platform that automates management of diverse database environments with a database-as-a-service platform functionality across on-premises and public cloud environments.

NDB automates database lifecycle management and integrates with cloud-native development processes.

Nutanix Enterprise AI (NAI) is a centralized inferencing control plane that is secure and sovereign, helping standardize generative AI infrastructure across an organization to create adaptive AI factories and agents.

NAI can provide inferencing on any CNCF Kubernetes, running across public clouds, data centers, and the edge, with Day 2 operations, security, and resilience.

• GPT-in-a-Box is a full-stack, validated solution that delivers resilient, centralized AI infrastructure with built-in privacy and security, simplifying Day 2 operations.

GPT-in-a-Box helps provide consistent data services for structured and unstructured data, multicloud Kubernetes fleet management, and a zero trust framework.

Organizations can choose their preferred hardware—on-premises or in the public cloud—with support for a range of AI accelerators including GPUs and CPUs.

GPT-in-a-Box also includes a comprehensive set of services to facilitate deployment.

Delivery of Our Solutions

The Nutanix Cloud Platform can be deployed in core data centers, at the edge, or in public or managed clouds, running on a variety of qualified hardware platforms, in popular public cloud environments such as Amazon Web Services ("AWS"), Microsoft Azure ("Azure") and Google Cloud (currently in public preview and expected to become generally available in the future) through NC2, or, in the case of our cloud-based software and software-as-a-service ("SaaS") offerings, via hosted service.

The Nutanix Cloud Platform can be deployed in core data centers, at the edge, or in public or managed clouds.

The Nutanix Cloud Platform runs on a variety of qualified hardware platforms, in popular public cloud environments such as Amazon Web Services ("AWS"), Microsoft Azure ("Azure") and Google Cloud through NC2, or, in the case of our cloud-based software and software-as-a-service ("SaaS") offerings, via hosted service.

Our subscription term-based licenses are sold separately and typically have durations ranging from one to five years.

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Our customers generally purchase their qualified hardware platforms for deployment of our software from one of our channel partners or original equipment manufacturers ("OEMs").

The Nutanix Cloud Platform typically includes support and entitlements, which provides customers with the right to software upgrades and enhancements as well as technical support.

The Nutanix Cloud Platform typically includes support and entitlements.

This provides customers with the right to software upgrades and enhancements as well as technical support.

Purchases of term-based licenses and SaaS subscriptions have support and entitlements included within the subscription fees and are not sold separately.

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Our OEM partners sell our solutions to end customers.

We have also developed a new solution with Dell involving the integration of the Nutanix Cloud Platform and Dell PowerFlex (which is the first external storage supported and integrated with Nutanix AHV and our platform) as well as with Cisco to certify Cisco UCS blade servers to enable organizations to repurpose existing deployed servers that are qualified to run Nutanix AHV.

We have also worked with Cisco to certify Cisco UCS blade servers for Nutanix AHV, enabling organizations to repurpose existing qualified server deployments.

Ecosystem Partners .

We have developed relationships with a broad range of leading technology companies that help us deliver world-class solutions to our customers.

Through the Technology Alliance Partner and AI Partner arms of our Elevate Partner Program, our developer, application, networking and security, data protection, hardware, and infrastructure partners receive access to resources that allow them to validate and integrate their products with Nutanix solutions and engage in joint sales training and enablement.

Such integrations enable a simpler deployment and consumption experience for our customers in their environments and increase adoption of our platform.

We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and support for our customers, including partnerships with Advanced Micro Devices, Inc., Citrix Systems, Inc., Intel Corporation, Nvidia Corporation, Omnissa, LLC, Palo Alto Networks, Inc., and Pure Storage, Inc.

In addition, we work closely with our technology partners through co-marketing and lead generation activities in an effort to broaden our marketing reach and help us win new customers while retaining existing ones.

We have established relationships with a broad range of technology companies that help us deliver world-class solutions to our customers.

Through the Technology Alliance Partner and AI Partner arms of our Elevate Partner Program, our developer, application, networking and security, data protection, hardware, infrastructure, and AI infrastructure partners receive access to resources that allow them to validate and integrate their products with Nutanix solutions and engage in joint sales training and enablement.

Such integrations enable a simplified deployment and consumption experience for our customers and increase adoption of our platform.

We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and support for our customers, including partnerships with Advanced Micro Devices, Inc., Citrix Systems, Inc., Intel Corporation, NVIDIA Corporation, Omnissa, LLC, and Palo Alto Networks, Inc.

In addition, we work closely with our technology partners through co-marketing and lead generation activities in an effort to broaden our marketing reach.

External Storage Partners .

We partner with enterprise data infrastructure providers to integrate the Nutanix Cloud Platform with qualified external storage solutions.

Current offerings include Dell Technologies PowerFlex and PowerStore platforms and Everpure, Inc.

FlashArray storage systems.

These integrations enable customers to deploy NCI with external storage and manage workloads across hybrid multicloud environments.

Cloud Partners .

Our partnerships with leading public cloud providers support our vision of a hybrid multicloud.

NC2 extends the availability of our core HCI software and other solutions to AWS and to Microsoft Azure.

In May 2025, we announced the public preview of NC2 on Google Cloud, further expanding the reach of our platform across leading public cloud providers.

Our partnerships with public cloud providers support our hybrid multicloud strategy.

NC2 extends our platform to AWS, Azure, Google Cloud and OVHcloud, enabling organizations to run and manage workloads across private and public cloud environments with a consistent operating model.

Our Support Programs

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We have end customers across a broad range of industries, such as financial services, retail, manufacturing, public sector, automotive and other transportation, consumer goods, education, energy, healthcare, media, technology, and telecommunications.

We also sell to service providers, which also use the Nutanix Cloud Platform to provide a variety of cloud-based services to their customers.

We also sell to service providers, which utilize the Nutanix Cloud Platform and Nutanix Cloud Infrastructure (NCI) to build new cloud-based service offerings, including solutions tailored to assist their customers seeking virtualization alternatives.

We had a broad and diverse base of over 32,000 end customers as of July 31, 2026.

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Key elements of our current growth strategy include:

• Landing new end customers.

We intend to continue to grow our customer footprint through targeted investments in sales and marketing, our network of channel partners, and strengthening our OEM partnerships.

In addition, we believe that the recent expansion of our platform to support external storage and the strengthening of our Kubernetes capabilities help enable us to address a broader range of customer infrastructure needs and deployment preferences.

We believe that our evolving platform and product portfolio will enable us to address a larger customer base.

• Expanding sales to existing end customers.

• Expanding our hybrid multicloud platform.

We intend to continue investing in the Nutanix Cloud Platform through internal innovation and product development to enable customers to run traditional, modern and AI workloads and manage data and applications across hybrid multicloud environments.

Our product priorities include our core hybrid cloud infrastructure, enterprise AI, Kubernetes and modern applications, database services, expanded infrastructure choice (including expanded server support and support for qualified external storage), and continued investments in our portfolio to support the broader partner ecosystem.

We may also pursue strategic partnerships, technology investments and selective acquisitions where they can accelerate product development or expand platform capabilities.

• Landing new end customers and expanding our addressable opportunities.

We intend to continue to grow our customer footprint through targeted investments in sales and marketing and our channel, OEM, cloud and ecosystem partnerships.

We believe broader support for server and storage infrastructure, together with our cloud-native, Kubernetes and enterprise AI capabilities, increases the range of customer environments, workloads and modernization initiatives that our platform can address.

• Expanding within existing end customers through platform selling.

Our end customers typically deploy our technology initially for a specific workload.

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Our renewals are associated with lower sales costs as compared to landing new customers or expanding into our existing customer base, and help us drive profitable growth.

• Building on our hybrid multicloud vision.

We intend to continue investing in our vision to make the Nutanix Cloud Platform the platform of choice to run applications and manage data, anywhere.

We believe our platform can enable customers to accelerate their strategic initiatives to modernize legacy lT infrastructure and deploy modern applications and enterprise AI.

• Deepening engagement with channel, OEM, cloud, and ecosystem partners.

We have established strong partnerships, and driven commercial success with several major channel, OEM, cloud, and ecosystem partners.

We intend to continue to deepen relationships with existing channel and OEM partners and expand our partner ecosystem globally, while also supporting deployment of our software on qualified hardware and hosted services.

• Leveraging our partner ecosystem.

We intend to continue deepening relationships with channel, OEM, technology, cloud, silicon, service provider, and neocloud partners and expand our partner ecosystem globally to broaden the availability and capabilities of the Nutanix Cloud Platform.

These relationships can expand our routes to market, increase customer consumption options through cloud, managed service and AI infrastructure offerings, broaden infrastructure choices available to customers, and expand the range of services and solutions built on or integrated with our platform.

• Driving profitable growth.

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We also engage our end customers through our OEM partners, which license our software and package it with their hardware and sell through their direct sales forces and channel partners.

We expect to continue leveraging our relationships with our channel and OEM partners, and deepening relationships with our cloud and ecosystem partners, to reach our end customers.

We expect to continue leveraging our relationships with our channel and OEM partners, deepening relationships with our cloud and ecosystem partners, and expanding our strategic engagements with service providers and neoclouds, to reach our end customers.

Our marketing team enables our global sales force and sales via our partner ecosystem.

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Our robust community empowers customers and partners to share and discuss best practices for leveraging our solutions as well as network with peers.

We foster strategic marketing partnerships with our ecosystem of technology, channel, OEM, system integrator, and service provider partners to expand market reach, increase brand awareness, and drive business growth.

We foster strategic marketing partnerships with our ecosystem of technology, channel, OEM, system integrator, and service provider partners, as well as emerging neoclouds, to expand market reach, increase brand awareness, and drive business growth.

Through our unified Elevate Partner Program, we offer qualified partners access to market development funds, co-branded marketing campaigns, joint demand programs, and comprehensive learning paths.

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A large portion of our research and development team is based in San Jose, California and India.

We also maintain research and development centers in North Carolina, Serbia, Washington, Germany, Mexico, and the United Kingdom.

We also maintain research and development centers in North Carolina, Washington, Serbia, Canada, Germany, Mexico, and the United Kingdom.

We plan to dedicate significant resources to our continued research and development efforts and intend to continue to invest in our global research and development teams to support enhancements to our solutions, improve integration with ecosystem partners, and expand the range of technologies and features available through our platform.

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("Supermicro").

Supermicro designs, assembles and tests the Nutanix-branded NX series hardware platforms and it procures the components used in the NX series hardware platforms directly from third-party suppliers.

Supermicro provides the server chassis, assembles and tests the Nutanix-branded NX series hardware platforms and it procures the components used in the NX series hardware platforms directly from third-party suppliers in accordance with our design specifications.

Our agreement with Supermicro automatically renews annually in May for successive one-year periods thereafter, with the option to terminate upon each annual renewal.

Distributors handle fulfillment and shipment for certain end customers, but do not hold inventory.

We operate in the intensely competitive cloud infrastructure and platform services markets and compete with a broad range of companies that sell software and hardware to build and operate private clouds, integrated systems and standalone storage and servers, as well as cloud services providers and managed service providers.

Distributors handle fulfillment and shipment to end customers on demand, but do not hold hardware or component inventory.

We operate in the intensely competitive cloud infrastructure, platform services and enterprise AI markets and compete with a broad range of companies that sell software and hardware to build and operate private clouds, integrated systems, standalone storage and servers, and platforms supporting modern and agentic AI workloads, as well as cloud services providers and managed service providers.

These markets are characterized by constant change, rapid innovation, and evolving licensing and consumption models.

We face competition from a broad range of providers, including, among others:

• software providers that offer virtualization, containerization, infrastructure and management products to build and operate enterprise and hybrid clouds, such as VMware by Broadcom, Microsoft, and Red Hat;

• software providers that offer virtualization, containerization, agentic AI, virtual networking and security, software defined storage, infrastructure and management and control plane products to build and operate enterprise and hybrid clouds, such as VMware by Broadcom, Microsoft, and Red Hat;

• providers of public cloud infrastructure and SaaS-based offerings, such as AWS, Google Cloud, Oracle Cloud, and Azure;

• traditional IT systems vendors, such as Dell, Fujitsu, HPE, Hitachi Vantara, Lenovo, Pure Storage, Inc., NetApp, Inc., and Huawei Technologies Co., Ltd., many of which offer integrated systems that bundle servers, storage and networking solutions, as well as standalone server and storage products.

• traditional IT systems vendors, such as Dell, Everpure, Inc., Fujitsu, HPE, Hitachi Vantara, Lenovo, Inc., NetApp, Inc., and Huawei Technologies Co., Ltd., many of which offer integrated systems that bundle servers, storage and networking solutions, as well as standalone server and storage products.

Competition generally varies by workload and customer segment, and customers often evaluate multiple alternatives simultaneously.

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As the market in which we compete continues to develop, we expect it will continue to attract new companies as well as existing larger vendors.

Some of our competitors may also expand their product and service offerings, acquire or invest in competing businesses or emerging technologies, offer differentiated pricing terms, bundle their products with other products and capabilities (including AI, machine learning, generative AI, and emerging agentic AI capabilities), provide closed technology platforms, partner with other companies to develop joint solutions, or otherwise leverage their scale, brand recognition or ecosystem relationships to gain a competitive advantage.

Some of our competitors may also expand their product and service offerings, acquire or invest in competing businesses or emerging technologies (including agentic AI and AI factories), offer differentiated pricing terms, bundle their products with other products and capabilities (including AI, agentic AI, machine learning, generative AI, and agentic AI capabilities), provide closed technology platforms, partner with other companies to develop joint solutions, or otherwise leverage their scale, brand recognition or ecosystem relationships to gain a competitive advantage.

Furthermore, as we expand our product offerings, we may expand into new markets, and we may encounter additional competitors in such markets.

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We believe the principal competitive factors in our market include:

• platform features and capabilities;

• platform features and capabilities, including AI capabilities and security;

• system scalability, performance and resiliency;

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• quality of customer experience, including ease-of-use, support and professional services.

We have also strategically expanded into a number of markets that are adjacent to our core HCI market, both through the expansion in hybrid multicloud environments as well as through our addition of new functionality and features in our platform and through portfolio products.

These adjacent markets include areas such as Kubernetes management and data and platform services, AI platform services, cloud disaster recovery, data security, governance and compliance, cloud management, files and object storage, and database automation and database-as-a-service.

Competitors in these markets include large, sophisticated companies that may have more experience or longer operating histories in these markets as well as new entrants.

We believe that we are positioned favorably against our competitors based on these factors.

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See Item 1A, "Risk Factors," for further discussion of risks related to protecting our intellectual property.

Our corporate headquarters are located in San Jose, California where, under lease agreements that expire through May 2030, we currently lease approximately 215,000 square feet of space.

Our corporate headquarters are located in San Jose, California where, under lease agreements that expire through August 2030, we currently lease approximately 230,000 square feet of space.

We also maintain offices in North America, Europe, Asia Pacific, the Middle East, Latin America, and Africa.

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We are often required to consult and seek the consent or advice of these works councils.

We have never had a work stoppage and we consider our relationship with our employees to be good.

We believe that our employee relations are strong and we have not experienced any work stoppages to date.

We understand the importance of human capital and prioritize building our culture, talent development, and compensation and benefits.

Our human capital resources objectives include attracting, retaining, and rewarding talent, as well as promoting the development and integration of our existing and new employees.

Our human capital objectives include attracting, retaining, and rewarding talent, as well as promoting the development and integration of our existing and new employees.

The principal objectives of our equity and cash incentive plans are to attract, retain and reward personnel through stock-based and cash-based compensation awards, to drive stockholder value and the success of our company by motivating such individuals to align their work to company goals, and to perform to the best of their abilities and to achieve our objectives.

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To that end, appropriate requirements are implemented, as needed, in order to comply with public health or safety obligations.

We have a physical security policy applicable to all our employees with a global physical security team that is empowered to protect the safety of our employees in the event of emergencies or disasters.

We have a global physical security team that is empowered to protect the safety of our employees in the event of emergencies or disasters.

In addition, we work with our employees and facilities management at our office locations to ensure that work areas are kept safe and free of hazardous conditions.

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Available Information

Our website is located at www.nutanix.com and our investors relations website is located at ir.nutanix.com.

Our website is located at www.nutanix.com and our investor relations website is located at ir.nutanix.com.

We file reports with the Securities and Exchange Commission ("SEC"), which maintains an internet site (http://www.sec.gov) that contains reports, proxy and information statements and other information regarding issuers, including us, that file electronically with the SEC.

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business