Nutanix, Inc. (NTNX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la computación en la nube y la infraestructura empresarial, Nutanix, Inc. se destaca como una fuerza transformadora, reinventando cómo las organizaciones administran e implementan sus ecosistemas digitales. Al elaborar una solución revolucionaria de infraestructura hiperconvergente (HCI) que integra perfectamente software, hardware y tecnologías en la nube, Nutanix se ha posicionado como un innovador que cambia el juego en el mercado de tecnología empresarial. Su lienzo de modelo de negocio único revela una estrategia sofisticada que faculta a las empresas para simplificar los entornos de TI complejos, reducir los costos operativos y acelerar la transformación digital con flexibilidad y eficiencia sin precedentes.

Nutanix, Inc. (NTNX) - Modelo de negocio: asociaciones clave

Proveedores de servicios en la nube

Nutanix mantiene asociaciones estratégicas con los principales proveedores de servicios en la nube:

Proveedor de nubes	Detalles de la asociación	Ofertas de soluciones conjuntas
Microsoft Azure	Integración de la plataforma en la nube de Nutanix	Implementaciones de nubes híbridas
Servicios web de Amazon (AWS)	Soluciones de migración en la nube	Servicios en la nube empresarial
Plataforma en la nube de Google	Kubernetes y gestión de contenedores	Infraestructura múltiple

Fabricantes de hardware

Nutanix colabora con los principales fabricantes de hardware:

Fabricante	Alcance de la asociación	Certificación de hardware
Dell Technologies	Plataformas de hardware certificadas	Infraestructura hiperconvergente de la serie XC
Lenovo	Soluciones de hardware empresarial	Serie Thinkagile HX
Hewlett Packard Enterprise (HPE)	Infraestructura hiperconvergente	Integración de servidor proliant

Integradores de sistemas y revendedores de valor agregado

Nutanix se asocia con integradores de sistemas globales:

• Acentuar
• Deloitte
• Kpmg
• Wipro
• Capgemini

Empresas de consultoría de tecnología

Las asociaciones de consultoría de tecnología estratégica incluyen:

• Gartner
• IDC
• Investigación de Forrester

Métricas de asociación a partir de 2024:

• Total de hardware certificado Socios: 15+
• Red de integradores de sistemas globales: más de 500 socios
• Integraciones de proveedores de nube: 3 plataformas principales

Nutanix, Inc. (NTNX) - Modelo de negocio: actividades clave

Desarrollo de soluciones de infraestructura hiperconvergente (HCI)

En el año fiscal 2023, Nutanix invirtió $ 569.1 millones en investigación y desarrollo, centrándose en las soluciones HCI. La compañía mantiene 1.378 patentes activas al 30 de septiembre de 2023.

Inversión de I + D	Cartera de patentes	Cuota de mercado de HCI
$ 569.1 millones (el año fiscal 2023)	1.378 patentes activas	Aproximadamente el 15,3% del mercado global de HCI

Software en la nube e ingeniería de plataforma

Nutanix Cloud Platform admite múltiples entornos en la nube con métricas clave de ingeniería:

• La plataforma en la nube admite más de 8 principales proveedores de nubes públicas
• Admite implementaciones híbridas y de múltiples nubes
• Administra más de 20,000 grupos de clientes empresariales

Investigación y desarrollo de software empresarial

Las áreas de enfoque de I + D incluyen:

Área tecnológica	Porcentaje de inversión
Tecnologías nativas de nube	37% del presupuesto de I + D
Infraestructura de AI/ML	22% del presupuesto de I + D
Mejoras de seguridad	18% del presupuesto de I + D

Servicios de atención al cliente y implementación

Nutanix proporciona un soporte integral con las siguientes métricas:

• Cobertura de soporte global 24/7
• Tiempo de respuesta promedio: 30 minutos
• Soporte disponible en 15 idiomas
• Equipo de soporte técnico: más de 1,200 ingenieros

Innovación continua de productos

Métricas de innovación para el año fiscal 2023:

Métrica de innovación	Valor
Nuevos lanzamientos de productos	6 actualizaciones de plataformas principales
Mejoras de características	42 Adiciones de características significativas
Mejoras impulsadas por el cliente	28% de las nuevas características de los comentarios de los clientes

Nutanix, Inc. (NTNX) - Modelo de negocio: recursos clave

Software patentado y tecnología de plataforma en la nube

Nutanix Hybrid Cloud Platform (AHV) con ingresos totales de licencia de software de $ 536.9 millones en Q1 FY2024. Ingresos totales de software e soporte: $ 1.15 mil millones en el año fiscal 201023.

Plataforma tecnológica	Especificaciones clave
Plataforma de nube de Nutanix	Admite más de 21,000 clientes empresariales a nivel mundial
Software de gestión de prisma	Administra más de 50,000 implementaciones de clúster en todo el mundo

Propiedad intelectual y patentes de software

Total de patentes otorgadas: 1.350 a diciembre de 2023. Portafolio de patentes valorada en aproximadamente $ 250 millones.

• Patentes de infraestructura hiperconvergentes
• Patentes de tecnología de gestión de la nube
• Patentes de optimización de virtualización

Ingeniería especializada y fuerza laboral técnica

Total de empleados: 6,539 a partir de enero de 2024. I + D Fuerza laboral: 2,187 empleados.

Categoría de fuerza laboral	Número de empleados
Ingeniería	1,642
Desarrollo de productos	545

Centros de datos globales e infraestructura en la nube

Infraestructura en la nube que abarca 18 regiones globales. Inversión total de infraestructura: $ 475 millones en el año fiscal 201023.

• América del Norte: 7 centros de datos principales
• Europa: 5 centros de datos principales
• Asia-Pacífico: 6 centros de datos primarios

Relaciones estratégicas de clientes

Base de clientes empresariales: 21,190 a partir de Q1 FY2024. Ingresos recurrentes anuales (ARR): $ 1.94 mil millones.

Segmento de clientes	Número de clientes
Fortune 500 Companies	1,250
Global 2000 Enterprises	2,750

Nutanix, Inc. (NTNX) - Modelo de negocio: propuestas de valor

Simplificada Enterprise Cloud and Data Center Management

Nutanix ofrece soluciones de infraestructura hiperconvergente (HCI) que simplifican la gestión del centro de datos a través de capacidades integradas de cómputo, almacenamiento y redes. A partir del cuarto trimestre de 2023, Nutanix informó:

Métrico	Valor
Total de clientes	24,460
Implementaciones empresariales globales	65% de las empresas Fortune 100
Simplificación promedio de la infraestructura del cliente	Reducción del 40% en la complejidad de gestión

Soluciones de infraestructura escalables y flexibles

Nutanix proporciona plataformas de infraestructura flexibles con las siguientes características de escalabilidad:

• Arquitectura agnóstica de la nube que admite múltiples hipervisores
• Escala de infraestructura modular de 3 a 64 nodos
• Soporte para entornos de nubes públicos, privados e híbridos

Redujo la complejidad de TI y los costos operativos

Métrica de rentabilidad	Porcentaje/cantidad
Reducción de costos de infraestructura promedio de TI	35%
Ahorro anual de gastos operativos	$ 2.7 millones por implementación empresarial
Reducción de costos de energía y enfriamiento	25%

Capacidades de implementación híbridas y múltiples unificadas

Nutanix Unified Cloud Platform proporciona una gestión integral de múltiples nubes con:

• Integración nativa con AWS, Azure y Google Cloud
• Gestión constante en más de 15 plataformas en la nube
• Capacidades de migración de carga de trabajo en 99.9% de tiempo de actividad

Características avanzadas de protección de datos y seguridad

Capacidad de seguridad	Especificación
Estándares de cifrado	Cifrado de extremo a extremo de 256 bits AES
Protección de ransomware	Tasa de detección de amenazas del 99.5%
Certificaciones de cumplimiento	HIPAA, SOC 2, ISO 27001

Nutanix, Inc. (NTNX) - Modelo de negocios: relaciones con los clientes

Atención al cliente de Enterprise Dediced

Nutanix proporciona atención al cliente global 24/7 con múltiples niveles de soporte:

Nivel de apoyo	Tiempo de respuesta	Cobertura
Soporte estándar	Siguiente día hábil	Problemas básicos de hardware y software
Soporte premium	Respuesta de 4 horas	Entornos misioneros críticos
Apoyo de élite	Respuesta de 1 hora	Cobertura empresarial integral

Portales y documentación en línea de autoservicio

Nutanix ofrece recursos digitales completos:

• Portal de soporte de Nutanix con más de 50,000 artículos de base de conocimiento
• Foros comunitarios con más de 250,000 usuarios registrados
• Documentación técnica descargable y guías de usuario

Servicios de consultoría e implementación técnica

Las ofertas de servicios incluyen:

• Servicios profesionales con más de 500 consultores certificados
• Estrategias de implementación personalizadas
• Diseño de arquitectura y asistencia migratoria

Actualizaciones regulares de productos e integración de comentarios de los clientes

Actualización de frecuencia	Versiones de productos	Canales de comentarios de los clientes
Trimestral	Prisma, aos, era	Conferencias de usuario, encuestas en línea, interacciones de soporte

Plataformas de intercambio de conocimientos impulsadas por la comunidad

Nutanix mantiene el compromiso de la comunidad activo:

• Conferencia de Nutanix .Next con más de 5,000 asistentes anuales
• Grupos de usuarios en línea en más de 30 países
• Programas de certificación técnica con más de 20,000 profesionales certificados

Nutanix, Inc. (NTNX) - Modelo de negocio: canales

Equipo de ventas de Enterprise Direct

A partir del cuarto trimestre de 2023, Nutanix mantiene una fuerza de ventas directa global de aproximadamente 750 representantes de ventas empresariales. El equipo de ventas cubre múltiples regiones geográficas:

Región	Representantes de ventas
América del norte	375
EMEA	225
Apac	150

Plataforma de comercio electrónico en línea

La plataforma de ventas digitales de Nutanix generó $ 54.3 millones en ingresos directos en línea en el año fiscal 2023. Las características clave de la plataforma incluyen:

• Configurador de precios automatizado
• Opciones de compra de autoservicio
• Generación de cotizaciones instantáneas

Red de socios tecnológicos

En 2023, Nutanix colaboró ​​con 450 socios de tecnología, que incluyen:

Categoría de socio	Número de socios
Proveedores de hardware	120
Proveedores de nubes	85
Integradores de software	245

Marketing digital y comunicación en la web

El gasto de marketing digital para Nutanix en 2023 fue de $ 42.7 millones, con el siguiente desglose del canal:

• Publicidad de LinkedIn: $ 15.2 millones
• ADS de Google: $ 12.5 millones
• Campañas de correo electrónico específicas: $ 8.3 millones
• Sebinar y marketing de eventos virtuales: $ 6.7 millones

Conferencias de la industria y eventos tecnológicos

Nutanix participó en 87 conferencias y eventos de tecnología en 2023, con un presupuesto total de marketing de eventos de $ 6.9 millones. Los principales eventos incluidos:

Evento	Asistentes	Gasto de marketing
Conferencia .next	5,200	$ 2.3 millones
AWS Re: Invent	3,800	$ 1.5 millones
Microsoft Ignite	4,100	$ 1.7 millones

Nutanix, Inc. (NTNX) - Modelo de negocio: segmentos de clientes

Grandes organizaciones empresariales

A partir del cuarto trimestre de 2023, Nutanix atiende a aproximadamente 22,000 clientes empresariales a nivel mundial. El segmento empresarial de la compañía representa el 65% de su base de ingresos totales.

Métricas de segmento empresarial	2023 datos
Total de clientes empresariales	22,000
Contribución de ingresos	65%
Valor de contrato promedio	$375,000

Negocios de mercado medio

Nutanix se dirige a las empresas del mercado medio con ingresos anuales entre $ 10 millones y $ 500 millones, lo que representa el 25% de su base de clientes.

• Total de clientes del mercado medio: 8.500
• Valor anual promedio del contrato: $ 125,000
• Contribución de ingresos: 25%

Entidades gubernamentales y del sector público

Los clientes del gobierno constituyen el 15% de la cartera total de clientes de Nutanix, con una fuerte presencia en las agencias gubernamentales federales, estatales y locales.

Detalles del segmento gubernamental	2023 estadísticas
Total de clientes gubernamentales	3,200
Contribución de ingresos	15%
Tamaño de contrato promedio	$450,000

Proveedores de servicios en la nube

Los proveedores de servicios en la nube representan un segmento creciente para Nutanix, que representa el 10% de su base de clientes.

• Total de los proveedores de la nube: 1,500
• Contribución de ingresos: 10%
• Valor promedio del contrato anual: $ 250,000

Instituciones educativas e de investigación

Nutanix atiende a aproximadamente 2,000 organizaciones educativas y de investigación en todo el mundo, lo que representa el 5% de sus segmentos totales de clientes.

Métricas de segmento educativo	2023 datos
Total de clientes educativos	2,000
Contribución de ingresos	5%
Valor de contrato promedio	$85,000

Nutanix, Inc. (NTNX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Nutanix reportó gastos de investigación y desarrollo de $ 545.1 millones, lo que representa el 36.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2023	$ 545.1 millones	36.4%
2022	$ 577.5 millones	38.7%

Inversiones de ventas y marketing

Nutanix asignó $ 633.1 millones a ventas y marketing en el año fiscal 2023, representando el 42.3% de los ingresos totales.

• Gastos de ventas y marketing para 2023: $ 633.1 millones
• Gastos de ventas y marketing para 2022: $ 696.4 millones
• Porcentaje de ingresos en 2023: 42.3%

Mantenimiento de la infraestructura en la nube

La compañía invirtió significativamente en el mantenimiento de la infraestructura en la nube, con costos específicos integrados en los gastos operativos.

Categoría de infraestructura	Costo anual estimado
Infraestructura en la nube	$ 150-200 millones
Operaciones del centro de datos	$ 75-100 millones

Compensación y beneficios de los empleados

Los gastos totales relacionados con los empleados para el año fiscal 2023 fueron de aproximadamente $ 812.3 millones.

• Compensación total de empleados: $ 812.3 millones
• Costo promedio del empleado por personal: $ 250,000- $ 300,000
• Número total de empleados: aproximadamente 2,700

Costos de licencia de hardware y software

Nutanix incurrió en aproximadamente $ 120-150 millones en gastos de licencia de hardware y software en 2023.

Categoría de licencias	Costo anual estimado
Licencia de software	$ 80-100 millones
Licencia de hardware	$ 40-50 millones

Nutanix, Inc. (NTNX) - Modelo de negocio: flujos de ingresos

Suscripciones de licencia de software

Nutanix reportó ingresos totales de suscripción de software y soporte de $ 1.59 mil millones para el año fiscal 2023, lo que representa el 84% de los ingresos totales.

Categoría de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Ingresos de suscripción de software	$ 1.59 mil millones	84%

Tarifas de servicio de la plataforma en la nube

Los servicios de Nutanix Cloud Platform generaron aproximadamente $ 469 millones en ingresos para el año fiscal 2023.

• Servicios de infraestructura en la nube híbrida
• Soluciones de gestión de múltiples nubes
• Ofertas de plataforma en la nube basadas en suscripción

Servicios de consultoría profesional

Los ingresos por servicios profesionales para Nutanix en el año fiscal 2023 fueron de $ 108 millones.

Tipo de servicio	Ganancia
Servicios de implementación	$ 58 millones
Consultoría avanzada	$ 50 millones

Venta de hardware y electrodomésticos

Las ventas de hardware contribuyeron con $ 209 millones a los ingresos totales de Nutanix en el año fiscal 2023.

• Aparatos de infraestructura hiperconvergentes
• Soluciones de hardware físico
• Sistemas integrados de cómputo y almacenamiento

Contratos de soporte y mantenimiento

Los ingresos por contrato de apoyo y mantenimiento fueron de $ 532 millones para el año fiscal 2023.

Tipo de contrato	Ingresos anuales
Contratos de soporte estándar	$ 382 millones
Contratos de soporte premium	$ 150 millones

Nutanix, Inc. (NTNX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why enterprises are choosing Nutanix, Inc. now, especially as they navigate the shift to AI and hybrid cloud. Honestly, the value proposition centers on simplifying what has become incredibly complex in the data center and beyond.

Simplifying hybrid multicloud complexity with a single operating platform

Nutanix, Inc. is positioned as a leader in Distributed Hybrid Infrastructure, as noted in the 2025 Gartner Magic Quadrant for Distributed Hybrid Infrastructure. The Nutanix Cloud Platform (NCP) is the vehicle for this simplification, allowing you to run applications and manage data across environments, including support for Amazon Web Services (AWS), Microsoft Azure, and the public preview of Google Cloud. This unified management plane is key when you consider that over 80% of respondents in a recent Enterprise Cloud Index survey noted their current IT infrastructure needs improvement to support modern cloud native applications.

Providing a consistent cloud experience across on-prem and public clouds

The push toward cloud native is real; nearly 90% of organizations report having at least some containerized applications, and 94% agree that their organization benefits from adopting cloud native applications/containers. To address this, the Nutanix Kubernetes Platform (NKP) has seen rapid momentum, earning Nutanix a Leader position in The Forrester Wave: Multicloud Container Platforms, Q3 2025. This platform helps unify operations across hybrid multicloud environments, offering features like seamless, nondisruptive upgrades.

Enabling enterprise AI workloads with integrated NVIDIA solutions

The focus on Artificial Intelligence (AI) workloads is driving infrastructure decisions. Nutanix has deepened its integration with NVIDIA, releasing the latest version of Nutanix Enterprise AI (NAI) featuring enhanced integration with NVIDIA AI Enterprise. This is designed to let you orchestrate AI workflows optimized for GPU infrastructure and compliant with your policies. The platform supports deploying production-grade large language models (LLMs) with enhanced privacy and control by using NVIDIA's NeMo framework for guardrails.

Lowering total cost of ownership (TCO) through software-defined infrastructure

Cost optimization remains a major driver. An independent IDC study quantifying the business value of the Nutanix Cloud Platform showed customers achieved an average TCO savings of 43% compared to their previous infrastructure approach. Furthermore, that same study reported a five-year ROI of 356%. To be fair, you see this reflected in customer wins; for example, one energy technology company switched to Nutanix after seeing a 200% price increase with its incumbent provider.

Here's a quick look at the financial performance underpinning this value delivery as of late 2025:

Metric	Value (FY2025 Full Year)	Context
Revenue	$2.538 billion	Represents an 18% year-over-year growth rate
Non-GAAP Gross Margin	88.1%	A year-over-year increase of 140 basis points
Non-GAAP Operating Margin	21.1%	An increase of approximately 5 percentage points year-over-year
Total Customers	29,930	As of the end of the first fiscal 2026 quarter (October 31, 2025)
New Customers Added (FY2025)	Over 2,700	Demonstrates strength in landing new logos

Delivering mission-critical data services for cloud-native applications

Nutanix is extending its data services beyond traditional virtualization. They announced Cloud Native AOS to bring enterprise storage and advanced data services directly to Kubernetes environments, even without a hypervisor. This is supported by strategic alliances, such as the partnership with Pure Storage to deliver an integrated solution for mission-critical workloads, including AI. You also see this flexibility in the expansion of the NCP to support external storage arrays, with general availability expected for Dell PowerStore support in summer 2026.

The platform's focus on modern workloads is clear:

• Extending enterprise storage to Kubernetes environments.
• Enabling customers to deploy AI workloads.
• Supporting disaster recovery for virtual desktop infrastructure, where scalability is a key feature.
• Offering license portability across different machine locations.

Finance: draft 13-week cash view by Friday.

Nutanix, Inc. (NTNX) - Canvas Business Model: Customer Relationships

You're looking at how Nutanix, Inc. keeps its customers locked in and happy as they transition fully to a subscription model. The relationship focus is clearly on long-term value delivery, supported by dedicated teams and high-touch engagement for the biggest spenders.

Dedicated Customer Success and professional services teams are central to this strategy. The company has a Sales and Support organization comprising approximately 1,350 employees, representing about 29% of the total workforce of roughly 4,650 employees as of August 2025. Furthermore, the Customer Success organization actively guides customers through onboarding and adoption, using resources like the Customer Success Learning Plans (CSLP).

The financial commitment from customers reflects this focus on longevity. The long-term subscription contracts are showing increasing duration. The Average Contract Duration in the fourth quarter of fiscal year 2025 was 3.2 years. For the full fiscal year 2025, the Average Contract Duration was 3.1 years, an increase from 3.0 years in fiscal year 2024. The core of the revenue stream is subscription-based, with Subscription revenue reaching $2,410,751 thousand in fiscal year 2025 against total revenue of $2,537,927 thousand. This high percentage of subscription revenue underpins the importance of contract duration metrics.

For immediate assistance and knowledge transfer, Nutanix, Inc. supports its broad customer base through digital channels. The company reported a base of over 29,290 end customers as of July 31, 2025, marking a 10% growth in the customer base during fiscal year 2025.

• Self-service support and community via the Nutanix portal is available through resources like the Nutanix Support Portal.
• The Customer Success Learning Plans (CSLP) include courses, videos, and documentation for self-guided learning.

Engagement with the largest accounts remains a key driver for high-value deals. Nutanix, Inc. continues to focus on major accounts and large deals as a strategic investment area. While penetration figures can fluctuate, the company has historically served a significant portion of the largest US companies.

Customer Relationship Metric	Value (Latest Available)	Fiscal Period/Context
Total End Customers	29,290	As of July 31, 2025 (End of FY2025)
New Customers Added in FY2025	Over 2,700	Fiscal Year 2025
Average Contract Duration (Q4)	3.2 years	Q4 FY2025
Subscription Revenue	$2,410,751 thousand	Fiscal Year 2025
Sales and Support Headcount	Approximately 1,350 employees	As of August 2025
Fortune 500 Penetration (Reported)	60%	As of End of FY2023

The net dollar-based retention rate was 108% as of July 31, 2025, showing that existing customers are expanding their usage, which is a direct measure of relationship success.

Nutanix, Inc. (NTNX) - Canvas Business Model: Channels

You're looking at how Nutanix, Inc. gets its software and platform solutions into the hands of customers as of late 2025. It's a multi-pronged approach, heavily leaning on partners, which is clear when you look at the financial results for the fiscal year ending July 31, 2025.

The overall business performance shows this channel strategy is working, especially as the company shifts to a subscription-first model. For instance, in the fourth quarter of fiscal year 2025, Nutanix reported GAAP revenue of $653.3 million, which was a 19.2% increase year-over-year. The full fiscal year 2025 revenue landed at $2.538 billion, marking an 18.1% increase compared to fiscal year 2024. Subscription revenue was the engine, making up about 94.4% of total Q4 revenue, with Annual Recurring Revenue (ARR) reaching $2.22 billion, up 17% year-over-year. Honestly, that kind of growth, with a GAAP Gross Margin consistently hitting 87.2% in Q4, suggests the channel mix is driving efficient scale.

Financial Metric (As of Q4 FY2025)	Amount/Value	Year-over-Year Change
Full Year FY2025 Revenue	$2.538 billion	18.1%
Q4 FY2025 Revenue	$653.3 million	19.2%
Q4 FY2025 ARR	$2.22 billion	17%
Q4 FY2025 GAAP Gross Margin	87.2%	200 basis points increase
New Customers Added in Q4 FY2025	Over 2,700	N/A

Indirect sales through the global Elevate Reseller Partner Program

Nutanix has long maintained a channel-first philosophy; they've stated they've been 100% channel focused from day one. The Elevate Reseller Partner Program is the structure for this. For fiscal year 2025, the program was recognized with a 5 Star Rating in the 2025 CRN Partner Program Guide. This program is designed with tiered levels, including a Premier level that offers exclusive benefits like the Outperformance rebate for top performers. To give you a concrete example of incentive structure, a Channel-Led Rebate was structured to allow partners to earn up to 6% on deals closed within a specific period ending July 31, 2024, showing the tangible financial rewards built into the system.

The program focuses on rewarding competency and performance, with levels like Authorized and Professional requiring specific sales and technical skill sets. The success of this ecosystem is evident, as OEM and channel partners aided in strong new logo growth reported in Q1 fiscal 2025.

Direct sales force for large enterprise and strategic accounts

While the channel is broad, Nutanix still deploys a direct sales force. You use this team specifically when targeting the largest organizations or when a deal has strategic importance that requires deep, direct engagement from the vendor. The company has noted success in winning large customers and expanding its footprint in the Global 2000 segment. The pipeline for these larger deals, however, has sometimes led to uncertainty in timing, as management noted a modest elongation of average sales cycles relative to historical levels.

Cloud provider marketplaces (e.g., AWS, Google Cloud) for Cloud Clusters (NC2)

The Nutanix Cloud Clusters (NC2) offering is a key channel for hybrid cloud expansion, allowing customers to run the platform on public cloud infrastructure. In fiscal 2025, Nutanix signed new or enhanced agreements with both AWS and Google to bolster this channel. For instance, NC2 on AWS is available for software subscription via the AWS Marketplace, which simplifies procurement through the customer's existing AWS bill. For Google Cloud, the Nutanix Cloud Clusters solution entered early access in the summer of 2025. To put this in perspective, at the time of Q2 2025 reporting, AWS held a 30% market share and Google Cloud (GCP) held 13% of the worldwide cloud infrastructure services market, making these marketplaces significant routes to market.

• AWS Marketplace: Offers Nutanix Software Subscription for seamless migration to NC2 on AWS.
• Google Cloud: Nutanix Cloud Clusters entered early access in Summer 2025.

Original Equipment Manufacturer (OEM) partners for integrated hardware solutions

OEM partnerships represent a crucial, often high-volume, channel for Nutanix, especially for sales where the software is bundled with hardware. This is reflected in the financial reporting, where 'Non-portable software revenue' specifically includes sales delivered on a configured-to-order appliance by an OEM partner. The strength of this route was highlighted in Q3 fiscal 2025, where OEM partnerships contributed to a 22% year-over-year revenue gain. Key OEM relationships include those with Dell Technologies, where the Dell PowerFlex with Nutanix product saw 'decent traction' in the quarters leading up to late 2025, and agreements with Pure Storage for external storage sales. Growth through these third-party OEM partners was also cited as a factor influencing revenue timing in early fiscal Q1 2026 results.

If you're tracking this, remember that growth in OEM business can sometimes cause a 'revenue shift' in reporting, as seen when Nutanix noted increased customer demand for flexible start dates alongside growth through OEM partners in late 2025.

Nutanix, Inc. (NTNX) - Canvas Business Model: Customer Segments

You're looking at the customer base for Nutanix, Inc. as of late 2025. The company has successfully transitioned to a software-centric, subscription model, and its customer acquisition reflects this focus on hybrid multicloud platform adoption.

Nutanix, Inc. reports a broad and diverse base of over 29,000 end customers as of July 31, 2025. This base saw significant expansion in the fiscal year, adding over 2,700 new customers globally in FY25, which was the highest number of new customer additions in approximately four years. By the first quarter of fiscal 2026 (ended October 31, 2025), the total customer count had grown to 29,930. The stickiness of this customer base is evident, with 77% of end customers making repeat purchases, contributing to a net dollar-based retention rate of 108% as of July 31, 2025.

The overall market penetration across geographies for the full fiscal year 2025, which totaled $2.538 billion in revenue, shows where the bulk of the customer activity is concentrated:

Geographic Segment	FY2025 Revenue (Millions USD)
U.S. Market	$1,409.4 million
Europe, the Middle East, and Africa (EMEA)	$685.6 million
Asia Pacific (APAC)	$392.7 million
Other Americas	$50.2 million

This revenue distribution gives you a sense of the scale within the enterprise and mid-market segments that drive the majority of the business.

The customer base is segmented by the type of infrastructure modernization and compliance needs they address:

• Large enterprises and Fortune 500 companies seeking hybrid cloud solutions.
• Mid-market organizations focused on IT infrastructure modernization.
• Customers in highly regulated industries (e.g., financial services, government).
• Cloud Service Providers (CSPs) and Managed Service Providers (MSPs).

Customers in highly regulated industries form a core part of the Nutanix Cloud Platform (NCP) user base. The platform is deployed across sectors requiring stringent operational standards, including financial services, healthcare, the public sector, manufacturing, and retail. For instance, First Foundation Bank in California uses NCP to manage disaster recovery for its virtual desktop infrastructure, valuing the platform's scalability and license portability. The focus on data sovereignty and resilience, especially with the rise of AI workloads, drives adoption in these compliance-heavy environments.

For the mid-market and large enterprise segments, the driver is often the need to optimize Total Cost of Ownership (TCO) and manage the complexity of hybrid and multicloud environments, especially with the acceleration of GenAI workloads. The platform's ability to support containerization, with nearly 90% of organizations reporting at least some containerized applications, appeals to organizations modernizing their application development stacks.

While specific revenue attribution to CSPs and MSPs isn't itemized, the strategy involves extending the platform to support external storage from qualified partners and public clouds like AWS, Microsoft Azure, and Google Cloud. This partner ecosystem is crucial, as evidenced by the company signing new or enhanced agreements with partners like AWS, Pure Storage, and NVIDIA in fiscal 2025.

The focus on new logo additions, which grew more than 50% year-over-year in Q1 FY2025, suggests strong penetration across all target segments, often aided by industry consolidation events. Finance: draft a breakdown of the 2,700 new FY25 customers by estimated enterprise vs. mid-market size by next Tuesday.

Nutanix, Inc. (NTNX) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Nutanix, Inc. (NTNX), you see a company heavily weighted toward fueling future growth through its software platform. The most concrete figure you have for a recent period is the Non-GAAP operating expenses of $457.2 million in Q4 FY2025. That's the number that excludes things like stock-based compensation, which helps you see the core cash burn for operations in that quarter.

The investment in innovation is substantial. For the full fiscal year 2025, Research and Development (R&D) expenses totaled $0.737B. This is a clear indicator of the commitment to platform innovation, especially as they push their hybrid multicloud and AI-ready capabilities. To put that in perspective against the prior year, R&D was $0.639B in FY2024, showing a year-over-year increase of about 15.31% for the full fiscal year.

Driving that subscription growth requires significant muscle in the field. The largest single operating expense Nutanix carries is for Sales and Marketing (S&M) costs. For the trailing twelve months (TTM) ending July 31, 2025, S&M amounted to US$1.06b. Honestly, that figure represents about 52% of their total expenses for that TTM period. That's where a huge chunk of your cash goes-hiring engineers, sales reps, and support staff to land those new logos, which they added over 2,700 of in FY2025.

Personnel costs are the engine behind both R&D and S&M. While specific total personnel costs aren't broken out separately from the operating expense line, you can see the scale in executive compensation alone. For instance, President and CEO Rajiv Ramaswami's base salary for FY2025 was set at $800,000, and CFO Rukmini Sivaraman's was $520,000. These fixed costs are baked into the larger operating expense buckets. Infrastructure costs for cloud service consumption and internal operations are certainly present, but they are embedded within the GAAP and Non-GAAP operating expense reporting, not itemized separately in the high-level summaries available.

Here's a quick look at how the main operating expense categories stacked up in the fourth quarter:

Metric	Q4 FY2025 Amount	Q4 FY2024 Amount	Y/Y Change
Non-GAAP Operating Expenses	$457.2 million	$405.5 million	13%
GAAP Operating Expenses	$538.2 million	$479.2 million	12%

The focus on subscription revenue means the cost structure is geared toward acquiring and supporting long-term contracts. You should watch these key cost drivers:

• R&D Investment: Annual spend hit $0.737B in FY2025.
• Sales & Marketing Spend: The largest component, reaching $1.06b TTM.
• Operating Leverage: Non-GAAP Operating Margin improved to 18.3% in Q4 FY2025 from 12.9% in Q4 FY2024.
• Personnel Base: Engineering, sales, and support staff are the primary drivers of the high operating expense base.

If onboarding takes 14+ days, churn risk rises, which directly impacts the return on that heavy S&M spend.

Finance: draft 13-week cash view by Friday.

Nutanix, Inc. (NTNX) - Canvas Business Model: Revenue Streams

The revenue generation for Nutanix, Inc. centers heavily on its software-centric, subscription-based model. This shift is the core of the current financial structure.

Subscription software licensing revenue is the primary source, reflecting the company's transition away from perpetual licenses and hardware sales. This stream includes revenue from software entitlement subscriptions, support subscriptions, and cloud-based software-as-a-service, or SaaS, offerings. Revenue from software entitlement subscriptions is generally recognized upfront upon transfer of control to the customer, while support and SaaS offerings are recognized ratably over the contractual service period.

The scale of this recurring base is captured by the Annual Recurring Revenue (ARR) of $2.22 billion as of Q4 FY2025. This metric tracks the annualized value of all active subscription contracts. Also, the Total GAAP Revenue for FY2025 was $2.538 billion, derived from the reported figure of $2,537,927 thousand. This full-year revenue figure demonstrates the overall scale of the business for the period ending July 31, 2025.

To give you a clearer picture of the revenue mix, here is a look at the components from the fourth quarter of fiscal year 2025, which illustrates the current weighting of these streams:

Revenue Component	Q4 FY2025 Revenue (in thousands)
Subscription revenue	$609,663
Professional services revenue	$28,001
Other non-subscription product revenue	$1,319
Total Revenue (Q4 FY2025)	$638,983

Professional services and training fees form a smaller, supporting revenue stream. This revenue is recognized as the services are performed. For instance, in the fourth quarter of fiscal 2025, this component brought in $28,001 thousand.

The remaining revenue comes from non-portable software and minimal hardware revenue. This category is intentionally minimized as Nutanix focuses on its software-defined, subscription-first strategy. In Q4 FY2025, this 'Other non-subscription product revenue' amounted to $1,319 thousand. The company is actively enabling customers to use existing external storage hardware through new partnerships, which further shifts the revenue mix away from direct hardware sales.

You can see the subscription focus clearly when comparing the key metrics:

• Annual Recurring Revenue (ARR) as of Q4 FY2025: $2.22 billion.
• Total GAAP Revenue for FY2025: $2.538 billion.
• Net Dollar Retention Rate (NDR) at the end of Q4 FY2025 was 108%.
• Average Contract Duration at the end of Q4 FY2025 was 3.2 years.

Finance: confirm the FY2026 revenue guidance breakdown by subscription vs. services by next Tuesday.