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May 04, 2025
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%.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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