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PSTG

Pure Storage, Inc.

PSTG

Pure Storage, Inc. • NYSE
$88.96 ▲ 3.72% (+3.19)
Market Cap $29.10 B
52w High $100.59
52w Low $34.51
Dividend Yield 0%
P/E 216.98
Volume 2.55M
Outstanding Shares 327.09M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $861.002M ▲ $599.465M ▲ $47.118M ▲ 5.472% ▲ $0.14 ▲ $86.498M ▲
Q1-2026 $778.485M ▼ $567.324M ▲ $-13.995M ▼ -1.798% ▼ $-0.04 ▼ $36.061M ▼
Q4-2025 $879.842M ▲ $551.534M ▲ $42.435M ▼ 4.823% ▼ $0.13 ▼ $85.331M ▼
Q3-2025 $831.072M ▲ $523.235M ▲ $63.639M ▲ 7.657% ▲ $0.19 ▲ $106.47M ▲
Q2-2025 $763.771M $515.202M $35.674M 4.671% $0.11 $82.228M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $1.538B ▼ $4.027B ▲ $2.708B ▲ $1.319B ▲
Q1-2026 $1.579B ▲ $3.81B ▼ $2.566B ▼ $1.244B ▼
Q4-2025 $1.522B ▼ $3.964B ▲ $2.657B ▲ $1.306B ▼
Q3-2025 $1.649B ▼ $3.854B ▲ $2.444B ▲ $1.411B ▼
Q2-2025 $1.82B $3.781B $2.328B $1.453B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $47.118M ▲ $212.157M ▼ $129.775M ▲ $-192.384M ▼ $149.548M ▲ $150.13M ▼
Q1-2026 $-13.995M ▼ $283.936M ▲ $-111.782M ▲ $-149.762M ▲ $22.392M ▲ $211.59M ▲
Q4-2025 $42.435M ▼ $208.508M ▲ $-124.695M ▼ $-253.398M ▼ $-169.585M ▼ $152.422M ▲
Q3-2025 $63.639M ▲ $96.993M ▼ $39.391M ▲ $-208.856M ▼ $-72.472M ▼ $35.205M ▼
Q2-2025 $35.674M $226.597M $-84.501M $-72.499M $69.597M $166.562M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Product
Product
 $450.00M ▲$490.00M ▲$370.00M ▼$450.00M ▲
Service
Service
 $380.00M ▲$390.00M ▲$410.00M ▲$410.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past several years, showing that Pure Storage is winning more business and expanding its customer base. Gross profit has risen even faster than sales, which suggests the core products carry attractive economics and the company is managing pricing and costs reasonably well. The business has transitioned from meaningful losses to modest profitability at the operating and net income level. However, margins are still relatively thin, so earnings remain sensitive to any slowdown in growth or increase in spending. Overall, the trend is clearly positive, but profitability is not yet at a “mature, highly profitable” stage. The improvement in earnings per share from deep losses to solidly positive territory reflects this shift toward a more sustainable model, but with room to further scale and improve operating leverage over time.

Balance Sheet

Balance Sheet The balance sheet has strengthened over the past few years. Total assets have grown alongside the business, and the cash position has built up steadily, giving the company a useful cushion for investment and volatility. Debt levels, which were once more noticeable, have been brought down significantly, reducing financial risk and interest burden. At the same time, shareholders’ equity has grown, indicating that retained earnings and past investments are starting to accumulate instead of being eroded by losses. Overall, the company looks better capitalized and less reliant on borrowing than in the past, which supports continued investment in growth and innovation.

Cash Flow

Cash Flow Pure Storage’s cash generation is a major bright spot. Cash from operations has consistently increased, showing that the underlying business converts a good portion of its sales into actual cash and that working capital is being managed effectively. Free cash flow has been positive for several years and trending higher. This means the company is generating cash even after covering its ongoing investment needs in equipment and infrastructure, which themselves are relatively modest for a hardware-and-software model. This healthy cash profile gives management flexibility to fund R&D, sales expansion, and potential strategic initiatives without depending heavily on new debt or equity issuance.

Competitive Edge

Competitive Edge Within enterprise storage, Pure Storage positions itself as a modern, flash-first, software-centric alternative to legacy storage vendors. Its focus on simplicity, performance, and an “always-modern” experience differentiates it from more complex, hardware-heavy incumbents. The Evergreen architecture and subscription-style model create meaningful switching costs: once a customer is on the platform, the seamless upgrades and continuous improvements make moving away both disruptive and unattractive. This supports a growing base of recurring and repeat revenue. That said, the company still operates in a highly competitive space that includes large established hardware vendors and public cloud providers. Its moat looks moderate but real, resting on technology differentiation, customer satisfaction, and an increasingly sticky service and subscription layer, rather than on sheer size or pricing power alone.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Pure Storage’s strategy. The company has built a unified software platform (Purity) that runs across its products, combined with its own flash hardware designs (DirectFlash). This tight integration allows for better performance, efficiency, and product differentiation versus commodity-based systems. Evergreen and Pure as-a-Service offerings turn storage into a continuously updated subscription, aligning well with modern IT buying habits. Features like Pure Fusion, the Enterprise Data Cloud vision, and strong cyber-resilience capabilities all aim to simplify hybrid cloud data management and improve reliability. The company is also leaning heavily into AI-related workloads, with AI-focused storage services and partnerships, and a roadmap for much denser flash modules. Its move toward AI-powered management tools (like an AI copilot for storage operations) suggests an ongoing push to automate and simplify operations, which could deepen customer loyalty if executed well.

Summary

Pure Storage has evolved from a high-growth but loss-making disruptor into a still-growing company with improving profitability and a stronger financial foundation. Revenue and gross profit have trended steadily upward, while margins have moved from negative to modestly positive levels. The balance sheet and cash flows are notable strengths: debt has been reduced, cash and equity have grown, and free cash flow is consistently positive. This gives the company flexibility to keep investing through cycles. Competitively, Pure operates in a tough, crowded market but has carved out a differentiated position centered on simplicity, performance, and a subscription-like, always-modern experience. Its innovation engine—spanning proprietary flash technology, unified software, hybrid cloud capabilities, and AI-focused solutions—underpins a moderate but meaningful moat. Key watchpoints include: sustaining growth as the base gets larger, further expanding margins from their currently modest levels, and continuing to out-innovate larger rivals and cloud providers. The overall picture is of a financially healthier, innovation-driven storage company with tangible strengths and ongoing execution risks typical of a company still scaling toward full maturity.

NEWS

November 11, 2025 · 4:05 PM UTC

Pure Storage Announces Date and Conference Call Information for Third Quarter Fiscal 2026 Financial Results

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November 4, 2025 · 9:00 AM UTC

Pure Storage Names Patrick Finn as Chief Revenue Officer

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October 28, 2025 · 2:30 PM UTC

Pure Storage and Cisco Deliver AI Factories for the Enterprise with NVIDIA

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October 24, 2025 · 11:07 AM UTC

Pure Storage Named a Leader in the 2025 Gartner® Magic Quadrant™ for Infrastructure Platform Consumption Services

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September 25, 2025 · 6:00 AM UTC

Pure Storage Expands Cyber Resilience Through New Innovations and Deeper Partnerships So Organizations Can Stay Focused on Business

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