Nutanix, Inc. (NTNX): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide de l'informatique du cloud et de l'infrastructure d'entreprise, Nutanix, Inc. est une force transformatrice, réinventez la façon dont les organisations gèrent et déploient leurs écosystèmes numériques. En fabriquant une solution d'infrastructure hyperconvergente révolutionnaire (HCI) qui intègre de manière transparente les technologies logicielles, matériels et cloud, Nutanix s'est positionné comme un innovateur qui change la donne sur le marché de la technologie d'entreprise. Leur toile de modèle commercial unique révèle une stratégie sophistiquée qui permet aux entreprises de simplifier les environnements informatiques complexes, de réduire les coûts opérationnels et d'accélérer la transformation numérique avec une flexibilité et une efficacité sans précédent.

Nutanix, Inc. (NTNX) - Modèle commercial: partenariats clés

Fournisseurs de services cloud

Nutanix maintient des partenariats stratégiques avec les principaux fournisseurs de services cloud:

Fournisseur de cloud	Détails du partenariat	Offres de solutions conjointes
Microsoft Azure	Intégration de la plate-forme cloud Nutanix	Déploiements de cloud hybrides
Amazon Web Services (AWS)	Solutions de migration de cloud	Services cloud d'entreprise
Google Cloud Platform	Kubernetes et gestion des conteneurs	Infrastructure multi-cloud

Fabricants de matériel

Nutanix collabore avec les principaux fabricants de matériel:

Fabricant	Portée du partenariat	Certification matérielle
Dell Technologies	Plates-formes matérielles certifiées	Série XC Infrastructure hyperconvergée
Lenovo	Solutions matérielles d'entreprise	Série HX Thinkagile
Hewlett Packard Enterprise (HPE)	Infrastructure hyperconvergée	Intégration du serveur proliant

Intégrateurs de systèmes et revendeurs à valeur ajoutée

Nutanix s'associe à des intégrateurs de systèmes mondiaux:

• Accentuation
• Deloitte
• Kpmg
• Wipro
• Capgemini

Sociétés de conseil en technologie

Les partenariats de conseil en technologie stratégique comprennent:

• Gartner
• Idc
• Forrester Research

Partenariat Metrics à partir de 2024:

• Partenaires matériels certifiés totaux: 15+
• Réseau mondial d'intégrateur de systèmes: plus de 500 partenaires
• INTERGATIONS DES FOURNISSEMENTS Cloud: 3 plates-formes principales

Nutanix, Inc. (NTNX) - Modèle d'entreprise: Activités clés

Développer des solutions d'infrastructure hyperconvergée (HCI)

Au cours de l'exercice 2023, Nutanix a investi 569,1 millions de dollars dans la recherche et le développement, en se concentrant sur les solutions HCI. La société conserve 1 378 brevets actifs au 30 septembre 2023.

Investissement en R&D	Portefeuille de brevets	Part de marché HCI
569,1 millions de dollars (FY 2023)	1 378 brevets actifs	Environ 15,3% du marché mondial HCI

Ingénierie de logiciels et de plate-forme cloud

La plate-forme cloud Nutanix prend en charge plusieurs environnements cloud avec des mesures d'ingénierie clés:

• La plate-forme cloud prend en charge plus de 8 principaux fournisseurs de cloud publics
• Prend en charge les déploiements hybrides et multi-cloud
• Gère plus de 20 000 groupes de clients d'entreprise

Recherche et développement de logiciels d'entreprise

Les domaines de concentration en R&D comprennent:

Zone technologique	Pourcentage d'investissement
Technologies natives dans le cloud	37% du budget de la R&D
Infrastructure d'IA / ml	22% du budget de la R&D
Améliorations de la sécurité	18% du budget de la R&D

Services de support client et de mise en œuvre

Nutanix fournit un support complet avec les mesures suivantes:

• Couverture de support global 24/7
• Temps de réponse moyen: 30 minutes
• Support disponible en 15 langues
• Équipe d'assistance technique: plus de 200 ingénieurs

Innovation continue des produits

Mesures d'innovation pour l'exercice 2023:

Métrique d'innovation	Valeur
Nouveaux versions de produits	6 mises à jour principales de plate-forme
Améliorations des fonctionnalités	42 ajouts de fonctionnalités significatives
Améliorations axées sur le client	28% des nouvelles fonctionnalités des commentaires des clients

Nutanix, Inc. (NTNX) - Modèle d'entreprise: Ressources clés

Technologies logicielles propriétaires et plate-forme cloud

Nutanix Hybrid Cloud Platform (AHV) avec un chiffre d'affaires total de licences logicielles de 536,9 millions de dollars en T1 20124. Revenus logiciels et de support totaux: 1,15 milliard de dollars en FY2023.

Plate-forme technologique	Spécifications clés
Plate-forme cloud Nutanix	Prend en charge plus de 21 000 clients d'entreprise dans le monde entier
Logiciel de gestion du prisme	Gère plus de 50 000 déploiements de grappes dans le monde entier

Propriété intellectuelle et brevets logiciels

Total accordé des brevets: 1 350 en décembre 2023. Portefeuille de brevets évalué à environ 250 millions de dollars.

• Brevets d'infrastructure hyperconvergés
• Brevets technologiques de gestion du cloud
• Brevets d'optimisation de la virtualisation

Ingénierie qualifiée et main-d'œuvre technique

Total des employés: 6 539 à partir de janvier 2024. Travail R&D: 2 187 employés.

Catégorie de main-d'œuvre	Nombre d'employés
Ingénierie	1,642
Développement	545

Centres de données mondiaux et infrastructure cloud

Infrastructure cloud couvrant 18 régions mondiales. Investissement total des infrastructures: 475 millions de dollars au cours de l'exercice 2010.

• Amérique du Nord: 7 centres de données primaires
• Europe: 5 centres de données primaires
• Asie-Pacifique: 6 centres de données primaires

Relations avec les clients stratégiques

Base de clientèle d'entreprise: 21 190 auprès du premier trimestre FY2024. Revenus récurrents annuels (ARR): 1,94 milliard de dollars.

Segment de clientèle	Nombre de clients
Fortune 500 Companies	1,250
Entreprises mondiales 2000	2,750

Nutanix, Inc. (NTNX) - Modèle d'entreprise: propositions de valeur

Gestion simplifiée du cloud et du centre de données d'entreprise

Nutanix propose des solutions d'infrastructure hyperconvergentes (HCI) qui simplifient la gestion des centres de données grâce à des capacités intégrées de calcul, de stockage et de mise en réseau. Depuis le quatrième trimestre 2023, Nutanix a rapporté:

Métrique	Valeur
Total des clients	24,460
Déploiements d'entreprise mondiaux	65% des entreprises du Fortune 100
Simplification moyenne des infrastructures clients	Réduction de 40% de la complexité de la gestion

Solutions d'infrastructure évolutives et flexibles

Nutanix fournit des plates-formes d'infrastructure flexibles avec les caractéristiques d'évolutivité suivantes:

• Architecture autholaire en cloud soutenant plusieurs hyperviseurs
• Échelle d'infrastructure modulaire de 3 à 64 nœuds
• Prise en charge des environnements cloud publics, privés et hybrides

Réduit la complexité informatique et les coûts opérationnels

Métrique de la rentabilité	Pourcentage / montant
Réduction des coûts d'infrastructure informatique moyenne	35%
Économies annuelles sur les dépenses opérationnelles	2,7 millions de dollars par déploiement d'entreprise
Réduction des coûts d'énergie et de refroidissement	25%

Capacités de déploiement hybrides et multi-cloud unifiés

Nutanix Unified Cloud Platform fournit une gestion multi-cloud complète avec:

• Intégration native avec AWS, Azure et Google Cloud
• Gestion cohérente sur 15+ plateformes cloud
• Capacités de migration de la charge de travail sur une disponibilité de 99,9%

Caractéristiques avancées de protection et de sécurité des données

Capacité de sécurité	Spécification
Normes de chiffrement	Cryptage de bout en bout AES 256 bits
Protection des ransomwares	Taux de détection de menace à 99,5%
Certifications de conformité	HIPAA, SOC 2, ISO 27001

Nutanix, Inc. (NTNX) - Modèle d'entreprise: relations avec les clients

Support client de l'entreprise dédiée

Nutanix fournit un support client mondial 24/7 avec plusieurs niveaux de support:

Niveau de support	Temps de réponse	Couverture
Support standard	Jour ouvrable suivant	Problèmes de matériel et logiciel de base
Support premium	Réponse de 4 heures	Environnements critiques de mission
Support d'élite	Réponse d'une heure	Couverture complète de l'entreprise

Portails en ligne en libre-service et documentation

Nutanix propose des ressources numériques complètes:

• Portail de support Nutanix avec plus de 50 000 articles de base de connaissances
• Forums communautaires avec plus de 250 000 utilisateurs enregistrés
• Documentation technique téléchargeable et guides utilisateur

Services de conseil et de mise en œuvre techniques

Les offres de services comprennent:

• Services professionnels avec plus de 500 consultants certifiés
• Stratégies de mise en œuvre personnalisées
• Conception d'architecture et aide à la migration

Mises à jour régulières des produits et intégration des commentaires des clients

Mettre à jour la fréquence	Versions de produits	Canaux de rétroaction des clients
Trimestriel	Prisme, AOS, ERA	Conférences d'utilisateurs, enquêtes en ligne, interactions de support

Plateformes de partage de connaissances axées sur la communauté

Nutanix maintient un engagement communautaire actif:

• Conférence Nutanix .Next avec plus de 5 000 participants annuels
• Groupes d'utilisateurs en ligne dans plus de 30 pays
• Programmes de certification technique avec plus de 20 000 professionnels certifiés

Nutanix, Inc. (NTNX) - Modèle commercial: canaux

Équipe de vente directe d'entreprise

Au quatrième trimestre 2023, Nutanix maintient une force de vente directe mondiale d'environ 750 représentants des ventes d'entreprises. L'équipe de vente couvre plusieurs régions géographiques:

Région	Représentants des ventes
Amérique du Nord	375
Emea	225
Apac	150

Plateforme de commerce électronique en ligne

La plate-forme de vente numérique de Nutanix a généré 54,3 millions de dollars de revenus en ligne directs au cours de l'exercice 2023. Les fonctionnalités de plate-forme clé comprennent:

• Configurateur de tarification automatisé
• Options d'achat en libre-service
• Génération de citations instantanées

Réseau de partenaires technologiques

En 2023, Nutanix a collaboré avec 450 partenaires technologiques, notamment:

Catégorie de partenaire	Nombre de partenaires
Vendeurs de matériel	120
Fournisseurs de cloud	85
Intégrateurs de logiciels	245

Marketing numérique et communication Web

Les dépenses de marketing numérique pour Nutanix en 2023 étaient de 42,7 millions de dollars, avec la ventilation des canaux suivante:

• Publicité LinkedIn: 15,2 millions de dollars
• Google Ads: 12,5 millions de dollars
• Campagnes par e-mail ciblées: 8,3 millions de dollars
• Marketing d'événements webinaires et virtuels: 6,7 millions de dollars

Conférences de l'industrie et événements technologiques

Nutanix a participé à 87 conférences et événements de technologie en 2023, avec un budget marketing total de 6,9 ​​millions de dollars. Les événements majeurs comprenaient:

Événement	Participants	Dépenses marketing
.Next Conférence	5,200	2,3 millions de dollars
Aws re: inventer	3,800	1,5 million de dollars
Microsoft Ignite	4,100	1,7 million de dollars

Nutanix, Inc. (NTNX) - Modèle d'entreprise: segments de clientèle

Grandes organisations d'entreprise

Au quatrième trimestre 2023, Nutanix dessert environ 22 000 clients d'entreprise dans le monde. Le segment des entreprises de la société représente 65% de sa base de revenus totale.

Métriques du segment d'entreprise	2023 données
Total des clients d'entreprise	22,000
Contribution des revenus	65%
Valeur du contrat moyen	$375,000

Entreprises intermédiaires

Nutanix cible les entreprises de marché intermédiaire avec des revenus annuels entre 10 et 500 millions de dollars, ce qui représente 25% de leur clientèle.

• Total des clients du marché intermédiaire: 8 500
• Valeur du contrat annuel moyen: 125 000 $
• Contribution des revenus: 25%

Entités du gouvernement et du secteur public

Les clients gouvernementaux représentent 15% du portefeuille total des clients de Nutanix, avec une forte présence dans les agences gouvernementales fédérales, étatiques et locales.

Détails du segment du gouvernement	2023 statistiques
Clients gouvernementaux totaux	3,200
Contribution des revenus	15%
Taille moyenne du contrat	$450,000

Fournisseurs de services cloud

Les fournisseurs de services cloud représentent un segment croissant pour Nutanix, représentant 10% de leur clientèle.

• Clients totaux du fournisseur de cloud: 1 500
• Contribution des revenus: 10%
• Valeur du contrat annuel moyen: 250 000 $

Établissements éducatifs et de recherche

Nutanix dessert environ 2 000 organisations éducatives et de recherche dans le monde, représentant 5% de leurs segments de clientèle totaux.

Métriques du segment de l'éducation	2023 données
Clients scolaires totaux	2,000
Contribution des revenus	5%
Valeur du contrat moyen	$85,000

Nutanix, Inc. (NTNX) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Nutanix a déclaré des frais de recherche et de développement de 545,1 millions de dollars, ce qui représente 36,4% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2023	545,1 millions de dollars	36.4%
2022	577,5 millions de dollars	38.7%

Investissements de vente et de marketing

Nutanix a alloué 633,1 millions de dollars aux ventes et au marketing au cours de l'exercice 2023, représentant 42,3% des revenus totaux.

• Dépenses de vente et de marketing pour 2023: 633,1 millions de dollars
• Dépenses de vente et de marketing pour 2022: 696,4 millions de dollars
• Pourcentage de revenus en 2023: 42,3%

Maintenance des infrastructures cloud

La société a investi considérablement dans la maintenance des infrastructures cloud, avec des coûts spécifiques intégrés aux dépenses opérationnelles.

Catégorie d'infrastructure	Coût annuel estimé
Infrastructure cloud	150 à 200 millions de dollars
Opérations du centre de données	75 à 100 millions de dollars

Compensation et avantages sociaux des employés

Les dépenses totales liées aux employés pour l'exercice 2023 étaient d'environ 812,3 millions de dollars.

• Compensation totale des employés: 812,3 millions de dollars
• Coût moyen des employés par effectif: 250 000 $ - 300 000 $
• Nombre total d'employés: environ 2 700

Coûts de licence de matériel et de logiciels

Nutanix a engagé environ 120 à 150 millions de dollars en frais de licence matérielle et logicielle en 2023.

Catégorie de licence	Coût annuel estimé
Licence de logiciel	80 à 100 millions de dollars
Licence de matériel	40 à 50 millions de dollars

Nutanix, Inc. (NTNX) - Modèle d'entreprise: Strots de revenus

Abonnements de licences logicielles

Nutanix a déclaré un chiffre d'affaires total des logiciels et de support de 1,59 milliard de dollars pour l'exercice 2023, ce qui représente 84% du chiffre d'affaires total.

Catégorie de revenus	Montant (2023)	Pourcentage du total des revenus
Revenus d'abonnement logiciel	1,59 milliard de dollars	84%

Frais de service de plate-forme cloud

Les services de plate-forme cloud Nutanix ont généré environ 469 millions de dollars de revenus pour l'exercice 2023.

• Services d'infrastructure cloud hybride
• Solutions de gestion multi-cloud
• Offres de plate-forme cloud basées sur l'abonnement

Services de conseil professionnel

Les revenus des services professionnels pour Nutanix au cours de l'exercice 2023 étaient de 108 millions de dollars.

Type de service	Revenu
Services de mise en œuvre	58 millions de dollars
Conseil avancé	50 millions de dollars

Ventes de matériel et d'appareil

Les ventes de matériel ont contribué à 209 millions de dollars au total des revenus de Nutanix au cours de l'exercice 2023.

• Appareils d'infrastructure hyperconvergés
• Solutions matérielles physiques
• Systèmes de calcul et de stockage intégrés

Contrats de soutien et de maintenance

Les revenus du contrat de soutien et de maintenance étaient de 532 millions de dollars pour l'exercice 2023.

Type de contrat	Revenus annuels
Contrats de support standard	382 millions de dollars
Contrats de support premium	150 millions de dollars

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.