Pure Storage Announces Third Quarter Fiscal 2026 Financial Results

Rhea-AI Summary

Pure Storage (NYSE: PSTG) reported third quarter fiscal 2026 results for the period ended November 2, 2025, with Q3 revenue of $964.5M (+16% YoY) and subscription services revenue of $429.7M (+14% YoY). Subscription ARR reached $1.8B (+17% YoY) and RPO was $2.9B (+24% YoY). GAAP gross margin was 72.3% and non-GAAP gross margin 74.1%. GAAP operating income was $53.9M (5.6% margin); non-GAAP operating income was $196.2M (20.3% margin). Operating cash flow was $116.0M and free cash flow $52.6M. Company raised FY26 revenue and non-GAAP operating income guidance and returned ~$53M in share repurchases.

The company highlighted product updates, cloud expansion with Azure Native, Pure1 AI Copilot enhancements, Portworx and Fusion integrations, and new cyber resilience partnerships.

Positive

• Revenue $964.5M, +16% year-over-year
• Subscription ARR $1.8B, +17% year-over-year
• RPO $2.9B, +24% year-over-year
• Non-GAAP operating income $196.2M (20.3% margin)
• Raised FY26 non-GAAP operating income guidance to $629M–$639M

Negative

• GAAP operating margin 5.6% (GAAP operating income $53.9M)
• Free cash flow only $52.6M in Q3
• FY26 revenue guidance revised only modestly to $3.63B–$3.64B

Insights

Go-to-market and financial strategy analyst

Pure reported strong Q3 results, raised FY26 revenue and operating profit guidance, showing clear momentum into year-end.

Revenue reached $964.5 million, up 16% year‑over‑year, while subscription ARR rose to $1.8 billion, up 17%.Gross profit margins remained high at GAAP 72.3% and non‑GAAP 74.1%, and non‑GAAP operating income of $196.2 million drove a 20.3% non‑GAAP operating margin. These figures show profitable growth rather than growth at the expense of margins.

The company raised FY26 revenue guidance to $3.63B to $3.64B and non‑GAAP operating income guidance to $629M to $639M, implying stronger full‑year execution and improved operating leverage. Key dependencies include continued subscription adoption and execution on announced product and cloud integrations. Watch quarterly subscription ARR, RPO trends (RPO at $2.9 billion, up 24%), and the Q4 revenue guide of $1.02B to $1.04B for confirmation over the next 90 days.

Q3 total revenue growth of 16% year-over-year
Increases full-year revenue and operating profit guidance

SANTA CLARA, Calif., Dec. 2, 2025 /PRNewswire/ -- Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world's most advanced data storage technologies and services, today announced financial results for its third quarter fiscal year 2026 ended November 2, 2025.

"Pure Storage delivered another strong quarter as global customers increasingly choose Pure to solve their toughest data management challenges," said Charles Giancarlo, Pure Storage CEO and Chairman. "Competitive advantage in the AI era demands data accessibility. Pure's Enterprise Data Cloud breaks data free from application silos, allowing enterprises to harness the power of AI, automation, and analytics."

Third Quarter Financial Highlights

• Revenue $964.5 million, up 16% year-over-year
• Subscription services revenue $429.7 million, up 14% year-over-year
• Subscription annual recurring revenue (ARR) $1.8 billion, up 17% year-over-year
• Remaining performance obligations (RPO) $2.9 billion, up 24% year-over-year
• GAAP gross margin 72.3%; non-GAAP gross margin 74.1%
• GAAP operating income $53.9 million; non-GAAP operating income $196.2 million
• GAAP operating margin 5.6%; non-GAAP operating margin 20.3%
• Operating cash flow $116.0 million; free cash flow $52.6 million
• Total cash, cash equivalents, and marketable securities $1.5 billion
• Returned approximately $53 million to stockholders through share repurchases of 0.6 million shares.

"In the third quarter, we generated strong revenue and record operating profit, exceeding the high end of our guidance," said Pure Storage CFO Tarek Robbiati. "To sustain this momentum beyond FY26, we will continue to make significant incremental investments in both research and development and sales and marketing to capture additional profitable growth opportunities consistent with our long-term strategy."

Third Quarter Company Highlights

Simplifying workload expansion with a unified data plane

• Expanded the Enterprise Data Cloud into the public cloud with the introduction of Pure Storage Cloud Azure Native, developed jointly with Microsoft - the industry's first fully managed, enterprise-grade block volume as a service.
• Continued the evolution of the FlashArray family with FlashArray//XL190 R5, FlashArray//X R5, and FlashArray//C R5.

Advancing Pure Storage's intelligent control plane

• Expanded Pure1 AI Copilot with Portworx Pure1 AI Copilot, the first AI-powered platform engineering assistant for Portworx customers and announced integration of Pure1 AI Copilot with Model Context Protocol (MCP) servers.
• Bridged the gap between traditional and modern applications with the integration of Portworx and Pure Fusion.

Expanding our partner ecosystem to deliver greater value through integrated cybersecurity and data protection

• Introduced Pure Protect Recovery Zones and cyber resilience delivered as a service with Veeam to help customers proactively detect threats and recover faster.
• Enabled built-in and integrated detection capabilities to provide broader visibility across an entire environment with tools like real-time security with CrowdStrike Falcon, and file and user monitoring and remediation with Superna.

Industry recognition and accolades

• Named a Leader in the 2025 Gartner® Magic Quadrant™ for Enterprise Storage Platforms, positioned highest in execution and furthest in vision.
• Named a Leader in the 2025 Gartner® Magic Quadrant™ for Infrastructure Platform Consumption Services.
• Positioned in the Leaders category in the IDC MarketScape: Worldwide Hardware Support Services 2025 Vendor Assessment report.
• Named one of Fortune's "Best Workplaces in Technology 2025."

Fourth Quarter and FY26 Guidance

Q4FY26
Revenue	$1.02B to $1.04B
Revenue YoY Growth Rate	16.5% to 17.6%
Non-GAAP Operating Income	$220M to $230M
Non-GAAP Operating Income YoY Growth Rate	43.7% to 50.2%

 

FY26
	Prior Guidance	New Guidance
Revenue	$3.60B to $3.63B	$3.63B to $3.64B
Revenue YoY Growth Rate	13.5% to 14.5%	14.5% to 14.9%
Non-GAAP Operating Income	$605M to $625M	$629M to $639M
Non-GAAP Operating Income YoY Growth Rate	8.2% to 11.7%	12.4% to 14.2%

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and related year-over-year growth rate to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure's control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.

Conference Call Information
Pure Storage will host a teleconference to discuss the third quarter fiscal 2026 results at 2:00 pm PT today, December 2, 2025. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release.

A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.

Additionally, Pure is scheduled to participate at the following investor conferences:

UBS Global Technology & AI Conference
Date: Thursday, December 4, 2025
Time: 8:55 a.m. PT / 11:55 a.m. ET
Chief Technology Officer Rob Lee

28th Annual Needham Growth Virtual Conference
Date: Thursday, January 15, 2026
Time: 9:00 am PT / 12:00 pm ET
Founder and Chief Visionary Officer John "Coz" Colgrove

About Pure Storage
Pure Storage (NYSE: PSTG) delivers the industry's most advanced data storage platform to store, manage, and protect the world's data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage-as-a-Service platform across on-premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It's easy to fall in love with Pure Storage, which is why we've received one of the highest Net Promoter Scores in the industry across the years. For more information, visit www.purestorage.com.

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Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks. Other names may be trademarks of their respective owners.

Forward Looking Statements
This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our future period financial and business results, our opportunity relating to hyperscale and AI environments, our ability to meet hyperscalers' performance, price and other requirements, our ability to expand with our current hyperscale customer and to land new hyperscale customers, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers and large enterprises, the structure, timing and amount of revenue from hyperscaler licensing and support services, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically ongoing development and customer adoption of new products and the Enterprise Data Cloud architecture (including Pure Fusion™), priorities around sustainability and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the impact of inflation, currency fluctuations, tariffs, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new technology investments and partnerships, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.

Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption "Risk Factors" and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the fiscal year ended February 2, 2025. All information provided in this release and in the attachments is as of December 2, 2025, and Pure undertakes no duty to update this information unless required by law.

Key Performance Metrics
Subscription ARR is a key business metric that refers to the annualized recurring contract value of all active, non-cancelable customer subscription agreements with subscription terms of any length at the end of the quarter, plus on-demand billings for the quarter multiplied by four.

Total Contract Value (TCV) Sales, or bookings, of Pure's Evergreen//One and similar consumption- and subscription-based offerings is an operating metric, representing the value of orders received during the period.

Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, amortization of intangible assets acquired from acquisitions, restructuring costs related to severance and termination benefits, costs associated with the impairment and early exit of certain leased facilities, and gains and losses from mark-to-market adjustments on strategic investments that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned "Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures" and "Reconciliation from net cash provided by operating activities to free cash flow," included at the end of this release.

PURE STORAGE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
		At the End of
		Third Quarter of Fiscal 2026		Fiscal 2025
Assets
Current assets:
Cash and cash equivalents		$               852,838		$               723,583
Marketable securities		678,775		798,237
Accounts receivable, net of allowance of $204 and $940		620,959		680,862
Inventory		82,421		42,810
Deferred commissions, current		109,370		99,286
Prepaid expenses and other current assets		307,891		222,501
Total current assets		2,652,254		2,567,279
Property and equipment, net		566,336		461,731
Operating lease right-of-use-assets		194,409		146,655
Deferred commissions, non-current		240,113		229,334
Intangible assets, net		9,407		19,074
Goodwill		364,742		361,427
Restricted cash		19,151		12,553
Other assets, non-current		171,999		165,889
Total assets		$           4,218,411		$           3,963,942
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$               128,022		$               112,385
Accrued compensation and benefits		244,939		230,040
Accrued expenses and other liabilities		159,827		156,791
Operating lease liabilities, current		43,599		43,489
Deferred revenue, current		1,028,636		953,836
Debt, current		—		100,000
Total current liabilities		1,605,023		1,596,541
Operating lease liabilities, non-current		181,948		137,277
Deferred revenue, non-current		931,768		841,467
Other liabilities, non-current		96,783		82,182
Total liabilities		2,815,522		2,657,467
Stockholders' equity:
Common stock and additional paid-in capital		2,681,966		2,674,533
Accumulated other comprehensive income		2,006		954
Accumulated deficit		(1,281,083)		(1,369,012)
Total stockholders' equity		1,402,889		1,306,475
Total liabilities and stockholders' equity		$           4,218,411		$           3,963,942

 

PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
	Third Quarter of Fiscal				First Three Quarters of Fiscal
	2026		2025		2026		2025
Revenue:
Product	$      534,760		$      454,735		$  1,353,207		$  1,204,714
Subscription services	429,693		376,337		1,250,733		1,083,608
Total revenue	964,453		831,072		2,603,940		2,288,322
Cost of revenue:
Product (1)	152,006		154,970		443,352		385,446
Subscription services (1)	115,070		93,180		322,722		284,168
Total cost of revenue	267,076		248,150		766,074		669,614
Gross profit	697,377		582,922		1,837,866		1,618,708
Operating expenses:
Research and development (1)	256,364		200,086		720,130		589,396
Sales and marketing (1)	293,817		255,830		858,219		757,069
General and administrative (1)	93,278		67,319		231,899		213,551
Restructuring and impairment (2)	—		—		—		15,901
Total operating expenses	643,459		523,235		1,810,248		1,575,917
Income from operations	53,918		59,687		27,618		42,791
Other income (expense), net	11,790		17,156		89,145		50,684
Income before provision for income taxes	65,708		76,843		116,763		93,475
Income tax provision	10,902		13,204		28,834		29,171
Net income	$        54,806		$        63,639		$        87,929		$        64,304
Net income per share attributable to common stockholders, basic	$             0.17		$             0.19		$             0.27		$             0.20
Net income per share attributable to common stockholders, diluted	$             0.16		$             0.19		$             0.26		$             0.19
Weighted-average shares used in computing net income per share attributable to common stockholders, basic	329,570		327,675		327,901		325,530
Weighted-average shares used in computing net income per share attributable to common stockholders, diluted	345,747		340,564		341,019		341,490
(1) Includes stock-based compensation expense as follows:
Cost of revenue -- product	$           4,378		$           3,216		$        11,793		$           9,443
Cost of revenue -- subscription services	9,293		7,800		25,014		24,632
Research and development	63,598		49,227		173,194		150,390
Sales and marketing	26,298		24,393		74,909		72,330
General and administrative	30,920		16,436		63,245		62,161
Total stock-based compensation expense	$      134,487		$      101,072		$      348,155		$      318,956

(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.

 

PURE STORAGE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
	Third Quarter of Fiscal				First Three Quarters of Fiscal
	2026		2025		2026		2025
Cash flows from operating activities
Net income	$          54,806		$          63,639		$          87,929		$          64,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	37,786		27,702		107,483		97,529
Stock-based compensation expense	134,487		101,072		348,155		318,956
Noncash portion of lease impairment and abandonment	—		—		—		3,270
(Gain) loss on strategic investment	2,915		—		(27,486)		—
Other	3,681		2,381		10,708		5,107
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable, net	(90,527)		(161,723)		59,854		83,998
Inventory	(29,957)		5,071		(42,225)		(1,590)
Deferred commissions	(9,468)		669		(20,863)		6,822
Prepaid expenses and other assets	(86,928)		(38,438)		(120,329)		(65,444)
Operating lease right-of-use assets	11,466		9,383		31,424		25,911
Accounts payable	15,203		33,755		12,057		20,597
Accrued compensation and other liabilities	35,268		7,781		35,870		(70,951)
Operating lease liabilities	(12,079)		(12,096)		(35,592)		(30,353)
Deferred revenue	49,340		57,797		165,101		86,934
Net cash provided by operating activities	115,993		96,993		612,086		545,090
Cash flows from investing activities
Purchases of property and equipment (1)	(63,419)		(61,788)		(197,792)		(170,641)
Purchase of strategic investments	—		—		—		(6,081)
Acquisition	(4,263)		—		(4,263)		—
Purchases of marketable securities and other	(69,667)		(43,632)		(325,795)		(308,002)
Sales of marketable securities	23,994		12,817		294,981		61,241
Maturities of marketable securities	17,120		131,994		154,627		329,978
Sale of strategic investment	52,485		—		52,485		—
Net cash provided by (used in) investing activities	(43,750)		39,391		(25,757)		(93,505)
Cash flows from financing activities
Proceeds from exercise of stock options	4,743		3,426		18,201		21,194
Proceeds from issuance of common stock under employee stock purchase plan	28,802		26,408		56,042		51,736
Payments of financing costs for revolving credit facility	—		—		(2,080)		—
Principal payments on borrowings and finance lease obligations	(2,317)		(1,786)		(103,442)		(5,721)
Tax withholding on vesting of equity awards	(85,779)		(54,905)		(203,240)		(141,591)
Repurchases of common stock	(53,269)		(181,999)		(215,447)		(181,999)
Net cash used in financing activities	(107,820)		(208,856)		(449,966)		(256,381)
Net increase in cash, cash equivalents and restricted cash	(35,577)		(72,472)		136,363		195,204
Cash, cash equivalents and restricted cash, beginning of period	909,690		979,807		737,750		712,131
Cash, cash equivalents and restricted cash, end of period	$       874,113		$       907,335		$       874,113		$       907,335

(1) Includes capitalized internal-use software costs of $10.4 million and $6.0 million for the third quarter of fiscal 2026 and 2025 and $26.0 million and $15.8 million for the first three quarters of fiscal 2026 and 2025.

 

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
		Third Quarter of Fiscal 2026												Third Quarter of Fiscal 2025
		GAAP results		GAAP gross margin (a)		Adjustment				Non- GAAP results		Non- GAAP gross margin (b)		GAAP results		GAAP gross margin (a)		Adjustment				Non- GAAP results		Non- GAAP gross margin (b)
						$      4,378		(c)										$      3,216		(c)
						165		(d)										103		(d)
						2,402		(e)										3,306		(e)
Gross profit -- product		$  382,754		71.6 %		$      6,945				$  389,699		72.9 %		$  299,765		65.9 %		$      6,625				$  306,390		67.4 %
						$      9,293		(c)										$      7,800		(c)
						609		(d)										368		(d)
Gross profit -- subscription services		$  314,623		73.2 %		$      9,902				$  324,525		75.5 %		$  283,157		75.2 %		$      8,168				$  291,325		77.4 %
						$    13,671		(c)										$    11,016		(c)
						774		(d)										471		(d)
						2,402		(e)										3,306		(e)
Total gross profit		$  697,377		72.3 %		$    16,847				$  714,224		74.1 %		$  582,922		70.1 %		$    14,793				$  597,715		71.9 %

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate amortization expense of acquired intangible assets.

 

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
	Third Quarter of Fiscal 2026												Third Quarter of Fiscal 2025
	GAAP results		GAAP operating margin (a)		Adjustment				Non- GAAP results		Non- GAAP operating margin (b)		GAAP results		GAAP operating margin (a)		Adjustment			Non- GAAP results		Non- GAAP operating margin (b)
					$  134,487		(c)										$  101,072		(c)
					5,208		(d)										2,991		(d)
					2,632		(e)										3,536		(e)
Operating income	$   53,918		5.6 %		$  142,327				$ 196,245		20.3 %		$   59,687		7.2 %		$  107,599			$ 167,286		20.1 %
					$  134,487		(c)										$  101,072		(c)
					5,208		(d)										2,991		(d)
					2,632		(e)										3,536		(e)
					106		(f)										154		(f)
					2,915		(g)										—
Net income	$   54,806				$  145,348				$ 200,154				$   63,639				$  107,753			$ 171,392
Net income per share -- diluted	$       0.16								$       0.58				$       0.19							$       0.50
Weighted- average shares used in per share calculation -- diluted	345,747				—				345,747				340,564				—			340,564

(a) GAAP operating margin is defined as GAAP operating income divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate amortization expense of acquired intangible assets.

(f) To eliminate amortization expense of debt issuance costs related to our debt.

(g) To eliminate loss from mark-to-market adjustment on strategic investment.

 

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):
	Third Quarter of Fiscal
	2026		2025
Net cash provided by operating activities	$                115,993		$                  96,993
Less: purchases of property and equipment (1)	(63,419)		(61,788)
Free cash flow (non-GAAP)	$                  52,574		$                  35,205

(1) Includes capitalized internal-use software costs of $10.4 million and $6.0 million for the third quarter of fiscal 2026 and 2025.

 

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SOURCE Pure Storage

FAQ

What were Pure Storage (PSTG) Q3 FY26 revenue and growth?

Pure Storage reported Q3 revenue $964.5M, up 16% YoY.

How did Pure Storage's subscription metrics perform in Q3 FY26 (PSTG)?

Subscription services revenue was $429.7M (+14% YoY) and ARR $1.8B (+17% YoY).

Did Pure Storage (PSTG) change FY26 guidance and by how much?

Yes — FY26 revenue guidance increased to $3.63B–$3.64B and non‑GAAP operating income to $629M–$639M.

What were Pure Storage's cash flow results in Q3 FY26 (PSTG)?

Operating cash flow was $116.0M and free cash flow was $52.6M.

How profitable was Pure Storage on a non‑GAAP basis in Q3 FY26 (PSTG)?

Non‑GAAP operating income was $196.2M, with a non‑GAAP operating margin of 20.3%.

What product and cloud updates did Pure Storage announce in Q3 FY26?

Announcements included Pure Storage Cloud Azure Native, new FlashArray R5 models, Pure1 AI Copilot expansions, and Portworx–Fusion integration.