13 pages

Pure Storage Announces Fiscal Fourth Quarter and Full Year 2025 Financial Results

Full year 2025 revenue surpasses $3 billion, representing growth of 12% year-over-year

Pure Storage Announces Fiscal Fourth Quarter and Full Year 2025 Financial ResultsDelivers double-digit revenue growth and strong profitability in Q4Full year 2025 revenue surpasses $3 billion, representing growth of 12% year-over-yearSANTA CLARA, Calif. – February 26, 2025 – Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced financial results for its fiscal fourth quarter and full year 2025ended February 2, 2025.“Pure Storage delivered solid fourth quarter and full year results as we fundamentally transform data storage and management for enterprises and hyperscalers,” said Pure Storage CEO and Chairman Charles Giancarlo. “We are enabling customers to modernize legacy storage architectures into enterprise data clouds with Fusion, our most revolutionary advancement this year, which unlocks the full potential of data, while significantly improving operations, data management, and economics for customers.”Fourth Quarter and Full Year Financial Highlights•Q4 revenue $879.8 million, up 11% year-over-year•Full-year revenue $3.2 billion, up 12% year-over-year•Q4 subscription services revenue $385.1 million, up 17% year-over-year•Full-year subscription services revenue $1.5 billion, up 22% year-over-year•Q4 subscription annual recurring revenue (ARR)$1.7 billion, up 21% year-over-year•Remaining performance obligations (RPO)$2.6 billion, up 14% year-over-year•Q4 GAAP gross margin 67.5%; non-GAAP gross margin 69.2%•Full-year GAAP gross margin 69.8%; non-GAAP gross margin 71.8%•Q4 GAAP operating income $42.5 million; non-GAAP operating income $153.1 million•Full-year GAAP operating income $85.3 million; non-GAAP operating income $559.4 million•Q4 GAAP operating margin 4.8%; non-GAAP operating margin 17.4%•Full-year GAAP operating margin 2.7%; non-GAAP operating margin 17.7%•Q4 operating cash flow $208.0 million; free cash flow $151.9 million•Full-year operating cash flow $753.1 million; free cash flow $526.4 million•Total cash, cash equivalents, and marketable securities $1.5 billion•Returned approximately $192 million and $374 million in Q4 and FY25, respectively, to stockholders through share repurchases of 3.1 million shares and 6.7 million shares, respectively.•Authorized incremental share repurchases of up to an additional$250 million under its stock repurchase program.“We achieved a major financial milestone in fiscal year 2025, surpassing $3 billion in total revenue for the first time while delivering strong operating profit,” said Pure Storage CFO Kevan Krysler. “It was a pivotal year marked by industry-leading innovation, setting the stage for sustainable long-term growth.”1

Full Year Company Highlights•Continued Hyperscale Progress◦Achieved an industry-first design win with a top-four hyperscaler, bringing Pure's DirectFlash® software into massive-scale environments traditionally dominated by hard disk drives (HDDs).◦Announced a strategic collaboration with Kioxia and expanded its partnership with Micron Technology, enabling high-capacity, energy-efficient solutions for hyperscale environments.•Market-Leading Platform Innovation◦Released Pure Fusion™ v2, unlocking the ability for customers to operate their storage environments as enterprise data clouds, mirroring the benefits and efficiencies of hyperscaler operations.◦Expanded the Pure//E™ family, which offers customers better economics, superior power and density efficiencies compared to disk and is displacing disk in data centers.◦Unveiled seamless VMware-to-Azure migration solutions, providing enterprises with greater flexibility in hybrid cloud strategies.◦Announced major enhancements to the Portworx® platform, which has experienced significant growth as enterprises increasingly adopt cloud-native applications and AI/ML solutions and transition from traditional VMware to modern VMs-on-Container and Kubernetes architectures.•Accelerating Enterprise AI Adoption◦Achieved certification of FlashBlade//S500 with NVIDIA DGX SuperPOD, optimizing AI training environments for performance, power efficiency, and scalability; also introduced validated reference architectures for NVIDIA OVX-ready solutions and BasePod certification.◦Launched the Pure Storage GenAI Pod, a full-stack generative AI solution designed to simplify and accelerate enterprise AI deployments.◦Partnered with CoreWeave, making its storage a standard option for AI workloads in CoreWeave's high-performance cloud.•Strengthening Partner Ecosystem & Channel Growth◦Unveiled a revamped Reseller Partner Program, designed to improve profitability for partners and give them increased autonomy while accelerating the transition from hard disk to all-flash storage.•Industry Recognition and Accolades◦Named a leader for the eleventh consecutive year in the Gartner® Magic Quadrant™ for Primary Storage Platforms and the fourth consecutive year in the Gartner® Magic Quadrant™ for File and Object Storage Platforms.◦Achieved a world-class Net Promoter Score (NPS) of 81, representing nine consecutive years of achieving an 80+ NPS while growing from hundreds to 13,000 customers.◦Recognized in Forbes’ Most Trusted Companies in America 2025 and Fortune’s Best Places to Work in Technology 2024.◦Recognized by the Science Based Targets Initiative (SBTi) for Pure Storage’s Scope 1 and 2 greenhouse gas (GHG) emissions reduction targets as aligned with a 1.5°C trajectory - the most ambitious designation available.First Quarter and FY26 GuidanceQ1FY26Revenue$770MRevenue YoY Growth Rate11%Non-GAAP Operating Income$80MNon-GAAP Operating Margin10.4%2