Pure Storage (PSTG) Company Report

Pure Storage continues to focus on its core principles of leading the industry transition to all-flash, building simple and easy-to-use products, and its Evergreen business model, including the Evergreen//One storage-as-a-service offering.
The company has historically navigated NAND price cycles, with rising prices generally acting as a slight tailwind to revenue and falling prices as a slight headwind, impacting growth by a few points.
Pure Storage is making significant investments in AI opportunities through its Enterprise Data Cloud and the FlashBlade//Exa product, which is designed for Neo Clouds and Tech Titans.
The company updated on a hyperscaler win, with projected shipments increasing to more than two EB this year, driven by AI demand, up from an initial expectation of one to two EB.
KubeVirt and Portworx are gaining traction as alternatives to VMware, resonating more with customers in the current environment.

Jan 15, 2026, 5:45 PM

Transcript

Pure Storage discusses strategy and AI opportunities at Needham Growth Conference

PSTG

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Pure Storage's core strategy includes leading the transition to all-flash storage, offering simple, easy-to-use products, and utilizing its Evergreen business model for non-disruptive component refreshes, effectively converting capital purchases into subscriptions over time.
The Evergreen//One storage-as-a-service offering, with guaranteed SLAs for availability, performance, and ransomware protection, is gaining traction, especially when NAND prices rise or new gear is harder to obtain.
Historically, rising NAND prices have been a slight tailwind to revenue, while falling prices have been a slight headwind, with margins remaining consistent.
Pure Storage is strategically investing in AI opportunities through its Enterprise Data Cloud for data agility and governance, and the FlashBlade Exa product designed for high-performance AI workloads in Neo Clouds and Tech Titans.
The company's hyperscaler relationship is progressing well, with AI driving shipments above initial projections to more than two exabytes this year, and low double-digit volume commitments expected for production in fiscal 2027.

Jan 15, 2026, 5:45 PM

Transcript

Pure Storage Discusses AI Strategy, Evergreen Model, and Market Dynamics at Needham Conference

PSTG

New Projects/Investments

Revenue Acceleration/Inflection

Pure Storage is strategically focused on its Evergreen business model, including Evergreen Forever and the subscription-based Evergreen//One service, which offers guaranteed service level agreements (SLAs) and is seen as a superior offering, especially when market conditions are tight.
The company is making significant investments in its Enterprise Data Cloud to simplify product management and enhance agility, and in FlashBlade Exa to address high-performance AI workloads for Neo Clouds and Tech Titans.
Pure Storage anticipates a significant tailwind from the increasing demand for AI, which is driving higher-than-expected exabyte shipments to hyperscalers, projected to be more than two exabytes this year, with low double-digit volume commitments for FY27. Additionally, KubeVirt and Portworx are gaining traction as alternatives to VMware.

Jan 15, 2026, 5:45 PM

Transcript

Pure Storage Announces Additional Share Repurchase Authorization

PSTG

Share Buyback

Pure Storage's board of directors has approved an incremental share repurchase of up to an additional $400 million.
This new authorization is in addition to the approximately $20 million remaining under the company's existing $250 million share repurchase program, which was announced in February 2025.
The company's Chief Financial Officer, Tarek Robbiati, stated that this authorization reflects Pure Storage's strategic value, long-term trajectory, and strong financial position, and demonstrates a commitment to disciplined capital allocation and delivering shareholder value.
The repurchases will be funded from available cash on the balance sheet and may be made opportunistically without an expiration date.

Dec 10, 2025, 9:05 PM

Press Release

Pure Storage Discusses Strong Quarter, Hyperscaler Growth, and Evolving Business Models

PSTG

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Pure Storage reported a strong quarter, beating on both top and bottom lines, which is a continuation of strength seen throughout the year.
The company surpassed its previously anticipated full-year exabyte shipments to hyperscalers within Q3.
Pure Storage is exploring new business models for hyperscaler engagements, which are expected to bring the gross margin profile associated with hyperscaler revenue streams closer to blended company averages, implying a trade-off between gross margin and top-line revenue.
The core competitive advantage is the DirectFlash technology, particularly the DirectFlash software, which enables higher density, performance, and reliability compared to traditional SSDs.
The company sees multiple growth opportunities across the enterprise business, hyperscalers, NeoClouds, the AI market with FlashBlade Exa, and modern virtualization through Portworx.

Dec 4, 2025, 3:55 PM

Transcript

Pure Storage Reports Strong Quarter, Exceeds Hyperscaler Shipment Targets, and Explores New Business Models

PSTG

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Pure Storage reported a strong quarter, exceeding both top and bottom line expectations and raising its full-year outlook. The company also surpassed its previously anticipated full-year hyperscaler shipments within Q3.
The company is exploring additional business models with existing and potential hyperscaler customers, which may shift the gross margin profile closer to blended company averages from the current high 90%+.
Pure Storage is seeing broad-based strength in its enterprise business, driven by increased wallet penetration, demand in modern virtualization, and selective cloud repatriation, while maintaining structural advantages in commodity markets through its DirectFlash technology.

Dec 4, 2025, 3:55 PM

Transcript

Pure Storage Reports Strong Q3 FY26 Results and Raises Full-Year Guidance

PSTG

Earnings

Guidance Update

New Projects/Investments

Pure Storage delivered strong Q3 FY26 results, with revenue of $964 million, a 16% year-over-year increase, and a record operating profit of $196 million, up 17% year-over-year, achieving an operating margin of 20.3%.
The company increased its full-year FY26 guidance, with anticipated revenue now in the range of $3.63-$3.64 billion (a 70 basis points increase from prior guidance) and operating profit expected between $629-$639 million (over a 330 basis points increase from prior guidance).
Hyperscaler shipments exceeded the original FY26 forecast of 1 to 2 exabytes by Q3 year-to-date, with momentum expected to continue into Q4 and FY27. The company is exploring new business model options for the hyperscaler business in FY27, which may impact gross margin economics.
Pure Storage plans to make significant incremental investments in R&D and sales and marketing in FY27 to capture profitable growth opportunities, while still expecting operating profit to grow beyond fiscal year 2026.

Dec 2, 2025, 10:00 PM

Transcript

Pure Storage Reports Strong Q3 2026 Results and Raises Full-Year Guidance

PSTG

Earnings

Guidance Update

New Projects/Investments

Pure Storage delivered strong Q3 fiscal year 2026 results, with revenue of $964 million, representing 16% year-over-year growth, and operating profit of $196 million, an increase of 17% year-over-year, leading to a 20.3% operating margin.
The company has raised its full-year fiscal year 2026 guidance, now anticipating revenue between $3.63 billion and $3.64 billion (midpoint 14.7% year-over-year growth) and operating profit between $629 million and $639 million (midpoint 13.3% year-over-year increase).
Hyperscaler shipments year-to-date in Q3 exceeded the original fiscal year 2026 forecast of 1 to 2 exabytes, with continued momentum expected. Pure Storage plans to provide more details on the fiscal year 2027 outlook and potential business model changes for this segment next quarter.
Management foresees increased commodity pricing and supply chain pressures but is prepared, expecting higher commodity pricing to positively affect revenue growth more than gross margin.
The company remains committed to growing operating profit year-over-year beyond fiscal year 2026, despite plans for significant incremental investments in R&D and sales and marketing.

Dec 2, 2025, 10:00 PM

Transcript

Pure Storage Reports Strong Q3 FY26 Results with Revenue Growth and Record Operating Profit

PSTG

Earnings

Guidance Update

Management Change

Pure Storage delivered strong Q3 FY26 financial results, with revenue of $964 million, a 16% year-over-year increase, and a record operating profit of $196 million, up 17% year-over-year, resulting in an operating margin of 20.3%.
The company exceeded its full annual forecast of two exabytes of hyperscale shipments by the end of Q3 FY26, with momentum expected to continue into Q4 and FY27.
Subscription services revenue grew 14% year-over-year to $430 million, contributing 45% of total revenue, while ARR increased 17% to $1.8 billion.
Pure Storage anticipates increased commodity pricing to positively affect revenue growth and has appointed Pat Finn as the new Chief Revenue Officer.

Dec 2, 2025, 10:00 PM

Transcript

Pure Storage Announces Q3 FY2026 Financial Results and Raises Full-Year Guidance

PSTG

Earnings

Guidance Update

Share Buyback

Pure Storage reported Q3 FY2026 total revenue of $964.5 million, a 16% year-over-year increase, with subscription services revenue growing 14% year-over-year to $429.7 million.
For Q3 FY2026, the company achieved non-GAAP operating income of $196.2 million, representing a non-GAAP operating margin of 20.3%.
Subscription annual recurring revenue (ARR) reached $1.8 billion, up 17% year-over-year, and remaining performance obligations (RPO) increased 24% year-over-year to $2.9 billion.
Pure Storage increased its full-year FY2026 revenue guidance to $3.63 billion to $3.64 billion and non-GAAP operating income guidance to $629 million to $639 million.
The company returned approximately $53 million to stockholders through share repurchases during the quarter.

Dec 2, 2025, 9:06 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Pure Storage.

Q3 2026

Dec 2, 2025

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Q2 2026

Aug 27, 2025

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Q1 2026

May 28, 2025

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View All Transcripts

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Pure Storage (PSTG)

Analyst Earnings Quarterly Reports

Q3 2026

Q2 2026

Q1 2026

Q4 2025

Executives

Charles Giancarlo

Ajay Singh

John Colgrove

Nicole Armstrong

Patrick Finn

Tarek Robbiati

Board Members

Andrew Brown

Greg Tomb

Jeff Rothschild

John Murphy

Mallun Yen

Roxanne Taylor

Scott Dietzen

Susan Taylor

Analyst Coverage

Amit Daryanani

Howard Ma

Aaron Rakers

Asiya Merchant

Eric Martinuzzi

David Vogt

Jason Ader

Mehdi Hosseini

Meta Marshall

Pinjalim Bora

Simon Leopold

Wamsi Mohan

Erik Woodring

James Fish

Krish Sankar

Samik Chatterjee

Caden Dahl

Matt Klypka

Maxwell Michaelis

Michael Cikos

Timothy Long

Victor Chiu

Ari Terjanian

Chris Shankar

Eddy Orabi

Jeffrey Koche

Jim Fish

Matt Colicci

Matthew Calitri

Michael Cadiz

Michael Turrin

Mike Cikos

Paramveer Singh

Quinton Gabrielli

Ruplu Bhattacharya

Sreekrishnan Sankarnarayanan

Latest news

Earnings Transcripts

Q3 2026

Q2 2026

Q1 2026

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