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May 04
Pure Storage Q1 2026 Earnings Report
Pure Storage announced financial results for its first quarter fiscal year 2026.
Key Takeaways
Pure Storage reported a solid start to the fiscal year 2026 with a 12% increase in total revenue year-over-year, reaching $778.5 million. Subscription services revenue grew by 17% and subscription ARR increased by 18%. The company achieved non-GAAP operating income of $82.7 million and generated $211.6 million in free cash flow.
Total revenue for Q1 FY26 was $778.5 million, a 12% increase year-over-year.
Subscription services revenue grew 17% year-over-year to $406.3 million.
Subscription Annual Recurring Revenue (ARR) reached $1.7 billion, up 18% year-over-year.
Non-GAAP operating income was $82.7 million, resulting in a non-GAAP operating margin of 10.6%.
Pure Storage
Pure Storage
Pure Storage Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comSubscription Services Revenue
CapyFin.com Forward Guidance
Pure Storage provided guidance for the second quarter and full fiscal year 2026, anticipating continued revenue growth and strong non-GAAP operating margins.
Positive Outlook
- Q2 FY26 revenue guidance of $845 million.
- Q2 FY26 revenue year-over-year growth rate guidance of 10.6%.
- Q2 FY26 non-GAAP operating income guidance of $125 million.
- Q2 FY26 non-GAAP operating margin guidance of 14.8%.
- FY26 revenue guidance of $3.515 billion.
Challenges Ahead
- FY26 revenue year-over-year growth rate guidance of 11% is slightly lower than Q1 growth.
- FY26 non-GAAP operating margin guidance of 17.0% is lower than Q2 guidance.
- Guidance is forward-looking and subject to material differences.
- Reconciliations of non-GAAP guidance to GAAP measures are not available without unreasonable effort.
- External factors like inflation, tariffs, economic or supply chain disruptions could impact actual results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income