Executive Summary

Pure Storage did not have its Q3 FY26 results 8‑K or transcript available in the document set; the company reaffirmed Q3 and FY26 guidance on Nov 4 and scheduled the results call for Dec 2, 2025 .
Street consensus heading into Q3 FY26 was ~$956.4M revenue and ~$0.58 EPS (normalized), broadly aligned with the company’s Q3 revenue guidance range of $950–$960M; 18 revenue and 20 EPS estimates were included* (S&P Global) .
Prior quarter (Q2 FY26) delivered $861.0M revenue (+13% YoY), non‑GAAP gross margin 72.1%, non‑GAAP operating margin 15.1%, and the company raised FY26 guidance, indicating momentum into Q3 .
Strategic updates during Q3 window included appointing a new CRO and AI infrastructure collaboration with Cisco/NVIDIA—both potential catalysts framing investor expectations for the print and call .

What Went Well and What Went Wrong

Reaffirmed guidance into the print: Management reiterated Q3 and FY26 guidance on Nov 4, supporting confidence in near‑term execution .
Momentum from Q2: Q2 FY26 revenue $861.0M (+13% YoY), non‑GAAP GM 72.1%, non‑GAAP Op. Margin 15.1%; FY26 revenue guide raised to $3.60–$3.63B (from $3.515B) .
Strategic positioning for AI and enterprise workloads: Collaboration with Cisco (FlashStack AI factory with NVIDIA) to take AI from pilot to production; “data readiness” messaging sharpened—“our collaboration…removes those data barriers” (Pure GM Enterprise) .

Limited incremental Q3 detail before the call: No Q3 results 8‑K or transcript was available in this document set; only a guidance reaffirmation and call notice were furnished, reducing pre‑print visibility .
Leadership transitions persist as a watch‑item: New CRO named Nov 4 (reaffirming guidance simultaneously), adding near‑term execution scrutiny on sales leadership continuity .
Macro/IT spending backdrop remains a general risk factor per standard forward‑looking language; investors will look for updates on demand linearity and subscription mix on the call .

Note: Q3 FY26 actuals were not found in the available filings/transcripts. We present prior quarters and Q3 FY26 consensus for context.

Metric	Q3 FY25	Q1 FY26	Q2 FY26	Q3 FY26 (Consensus)
Revenue ($USD Millions)	$831.1*	$778.5	$861.0	$956.4*
Diluted EPS (GAAP)	$0.19*	$(0.04)	$0.14	n/a
EPS (Normalized/Non‑GAAP proxy)	n/a	$0.29 (non‑GAAP diluted)	$0.43 (non‑GAAP diluted)	$0.584*

*Values retrieved from S&P Global.

Metric ($USD Millions)	Q1 FY26	Q2 FY26
Product Revenue	$372.1	$446.3
Subscription Services Revenue	$406.3	$414.7

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	Q3 FY26	$950M–$960M	Reaffirmed Q3 guide	Maintained
Non‑GAAP Operating Income	Q3 FY26	$185M–$195M	Reaffirmed Q3 guide	Maintained
Revenue	FY26	$3.60B–$3.63B (raised from $3.515B in Q2)	Reaffirmed FY26 guide	Maintained
Non‑GAAP Operating Income	FY26	$605M–$625M (up from $595M)	Reaffirmed FY26 guide	Maintained

Topic	Previous Mentions (Q1 FY26, Q2 FY26)	Current Period (Q3 FY26)	Trend
AI/Technology initiatives	Enterprise Data Cloud (EDC) architecture and platform enhancements; Nvidia integrations; strong positioning for AI workloads	Cisco/NVIDIA AI factory CVD to move from pilot to scaled AI deployments	Expanding AI ecosystem; focus on “data readiness”
Product performance	Q1: Rev $778.5M; Q2: Rev $861.0M; rising non‑GAAP margins	Reaffirmed Q3 revenue guide; awaiting results	Momentum into Q3; watch subscription/product mix
Go‑to‑market	Stable execution implied by raised FY26 guide in Q2	New CRO appointed Nov 4; guidance reaffirmed	Leadership transition; execution monitoring
Cyber resilience	New innovations/partnerships to detect, protect, recover (CrowdStrike, Superna, Veeam)	Continued emphasis on resilience; no Q3 results call content yet	Strengthening platform value props
Investor communications	Posted call notice and IR logistics	Q3 call set for Dec 2, 2025	Normal cadence

“Pure Storage’s opportunity has never been greater…[Pat Finn’s] deep experience…will help accelerate our next phase of growth.” – CEO Charles Giancarlo (on CRO appointment; reaffirmed Q3 and FY26 guidance) .
“Our collaboration with Cisco and NVIDIA removes those data barriers, giving customers the performance, simplicity, and efficiency they need to operationalize AI.” – Maciej Kranz, GM, Enterprise .
“In today’s AI era, access to data is everything…Success depends on having your data secure everywhere, and easily accessible anywhere.” – CTO Rob Lee (EDC and platform unification) .

The Q3 FY26 earnings call transcript was not available in the document set. The call was scheduled for Dec 2, 2025, with replay details provided by IR . We will update Q&A themes (guidance clarifications, subscription mix, large deal commentary, AI pipeline) once the transcript is accessible.

Wall Street consensus for Q3 FY26 stood at Revenue ~$956.4M and EPS (Normalized) ~$0.584; 18 revenue and 20 EPS estimates were included* (S&P Global). This sits within the company’s Q3 revenue guide of $950–$960M .
Implication: With consensus near the high end of the company’s range, investors likely looked for signals on mix and margins to drive EPS upside relative to revenue in‑line outcomes.

*Values retrieved from S&P Global.

Q3 FY26 results and transcript were not available in the corpus; however, management reaffirmed both Q3 and FY26 guidance ahead of the print, suggesting stable execution into the quarter .
Prior quarter momentum (Q2): 13% YoY revenue growth, improved non‑GAAP margin structure, and a raised FY26 outlook frame expectations for sustained operating leverage .
AI narrative continues to strengthen: Cisco/NVIDIA collaboration positions Pure as a data‑infrastructure enabler for enterprise AI at scale—watch for pipeline and initial deployments as catalysts .
Go‑to‑market leadership: New CRO may drive sales productivity and channel performance; investors will track early signs of impact in large deals and subscription TCV .
Near‑term trading setup: With Street revenue near the high end of guidance, stock reaction should hinge on subscription mix, non‑GAAP margins, ARR/RPO trajectory, and FY26/FY27 commentary.
Medium‑term thesis: Platform unification (EDC), cyber resilience, and AI‑driven workloads should support ARR growth and margin expansion if execution remains consistent .

Notes on Source Availability:

Q3 FY26 results 8‑K and the earnings call transcript were not found in the available document set. We included the Nov 4 reaffirmation 8‑K/press release and the Nov 11 call notice, plus Q1 and Q2 FY26 press releases and relevant strategic press releases for Q3 FY26 .
Consensus estimate values marked with an asterisk were retrieved from S&P Global.