# EDGAR Filing Document

**Accession Number:** 0001474432
**File Stem:** 0001474432-25-000038
**Filing Date:** 2025-8
**Character Count:** 35798
**Document Hash:** 4063767fe62b96959f415ce3fc39cc52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001474432-25-000038.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001474432-25-000038

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250827

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pure Storage, Inc.
- **CENTRAL INDEX KEY:** 0001474432
- **STANDARD INDUSTRIAL CLASSIFICATION:** COMPUTER STORAGE DEVICES [3572]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 271069557
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0201

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37570
- **FILM NUMBER:** 251265254

**BUSINESS ADDRESS:**
- **STREET 1:** 2555 AUGUSTINE DRIVE
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95054
- **BUSINESS PHONE:** 800-379-7873

**MAIL ADDRESS:**
- **STREET 1:** 2555 AUGUSTINE DRIVE
- **CITY:** SANTA CLARA
- **STATE:** CA
- **ZIP:** 95054

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PURE Storage, Inc.
- **DATE OF NAME CHANGE:** 20100804

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Os76, Inc.
- **DATE OF NAME CHANGE:** 20091014

?xml version='1.0' encoding='ASCII'? pstg-20250827

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 27, 2025**

**_____________________________________**

**Pure Storage, Inc.** 

**(Exact name of Registrant as Specified in Its Charter)**

**_____________________________________** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37570** | **27-1069557** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(IRS Employer Identification No.)** |
| **2555 Augustine Dr.**<br>**Santa Clara, California 95054** | **2555 Augustine Dr.**<br>**Santa Clara, California 95054** | **2555 Augustine Dr.**<br>**Santa Clara, California 95054** |
| **(Address of Principal Executive Offices and Zip Code)** | **(Address of Principal Executive Offices and Zip Code)** | **(Address of Principal Executive Offices and Zip Code)** |

---

**(800) 379-7873** 

**(Registrant's Telephone Number, Including Area Code)**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**___________________________________**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading symbol(s)** | **Name of each exchange on which registered** |
| **Class A Common Stock, $0.0001 par value per share** | **PSTG** | **New York Stock Exchange LLC** |

---

**________________________________________**

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**Item 2.02. Results of Operations and Financial Condition.**

On August 27, 2025, Pure Storage, Inc. ("Pure") issued a press release and will hold a conference call regarding its financial results for the quarter ended August 3, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

This information, including the exhibit(s) hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Pure is making reference to non-GAAP financial information in the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release. These non-GAAP financial measures are reported in addition to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

The following exhibit is furnished herewith:

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Press Release entitled "Pure Storage Announces Second Quarter Fiscal 2026 Financial Results"](pstg-ex991q2fy2026xpressre.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | Pure Storage, Inc. | Pure Storage, Inc. |
| | | (Registrant) | (Registrant) |
| Date: | August 27, 2025 | By: | /s/ Tarek Robbiati |
|  |  |  | Tarek Robbiati |
|  |  |  | Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Pure Storage Announces Second Quarter Fiscal 2026 Financial Results**

*Q2 total revenue growth of 13% year-over-year*

*Storage as a Service Offerings TCV sales growth of 24%*

*Increases full-year revenue and operating profit guidance*

SANTA CLARA, Calif. — August 27, 2025 — 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 second quarter fiscal year 2026 ended August 3, 2025.

"Our strong second quarter results demonstrate ever more customers' confidence in the value of the Pure Storage platform to advance their data storage and management now and into the future," said Pure Storage CEO and Chairman Charles Giancarlo. "Today, enterprise applications are stuck in inflexible legacy systems that lock data in silos. With Purity and Pure Fusion, customers virtualize their storage to create their own Enterprise Data Cloud to unlock their data for business value."

**Second Quarter Financial Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue $861.0 million, up 13% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subscription services revenue $414.7 million, up 15% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subscription annual recurring revenue (ARR) $1.8 billion, up 18% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remaining performance obligations (RPO) $2.8 billion, up 22% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP gross margin 70.2%; non-GAAP gross margin 72.1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating income $4.9 million; non-GAAP operating income $130.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating margin 0.6%; non-GAAP operating margin 15.1%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating cash flow $212.2 million; free cash flow $150.1 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total cash, cash equivalents, and marketable securities $1.5 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Returned approximately $42 million to stockholders through share repurchases of 0.8 million shares.

"Pure Storage exceeded both its revenue and operating profit guidance in the second quarter, reflecting strong customer adoption of our platform strategy," said Pure Storage CFO Tarek Robbiati. "Looking ahead, we remain committed to executing on our strategic priorities to drive profitable growth and maintaining the flexibility to navigate evolving market conditions."

**Second Quarter Company Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **A New Architectural Approach for Data & Storage Management**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Introduced the <u>Enterprise Data Cloud (EDC)</u>, an industry-changing architecture that transforms how organizations store and manage their data. Enabled by Pure Fusion, EDC sets a new standard for simplicity in intelligent and autonomous data and storage management, enabling organizations to prioritize business outcomes by abstracting away infrastructure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accelerating Innovation with Next-Generation Products** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Expanded Pure Storage's portfolio with <u>next-gen storage products</u>, including FlashArray//XL, FlashArray//ST, and FlashBlade//S, built to support high-performance and scalable workloads across diverse enterprise use cases and offering unified block, file, and object storage capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Enhancing Efficiency and Resilience**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ <u>Launched Portworx for KubeVirt</u>, a virtualization-centric storage solution for Kubernetes, enabling more cost-effective and simplified management of VM workloads using Red Hat OpenShift Virtualization Engine.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Industry Recognition & Accolades**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Listed in Fortune's <u>Best Workplaces in the Bay Area™ 2025</u> and <u>25 Best Large Workplaces in the Bay Area</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Named one of America's Greatest Workplaces 2025 by <u>Newsweek</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Recognized as part of <u>DBTA's 100 2025: The Companies That Matter Most in Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Recognized as part of CRN's <u>Top 25 IT Innovators</u> of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Won Gold for Best Certification Program by Brandon Hall HCM Excellence Awards: <u>"Pure Storage's IT Professional Certifications: Beyond the Badge"</u>.

**Third Quarter and FY26 Guidance**

---

| | |
|:---|:---|
| **Q3FY26** | **Q3FY26** |
| Revenue | $950M to $960M |
| Revenue YoY Growth Rate | 14.3% to 15.5% |
| Non-GAAP Operating Income | $185M to $195M |
| Non-GAAP Operating Income YoY Growth Rate | 10.6% to 16.6% |

---

---

| | | |
|:---|:---|:---|
| **FY26** | **FY26** | **FY26** |
| | **Prior Guidance** | **New Guidance** |
| Revenue | $3.515B | $3.60B to $3.63B |
| Revenue YoY Growth Rate | 11% | 13.5% to 14.5% |
| Non-GAAP Operating Income | $595M | $605M to $625M |
| Non-GAAP Operating Income YoY Growth Rate | 6% | 8.2% to 11.7% |

---

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 non-GAAP operating income 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 will host a teleconference to discuss the second quarter fiscal 2026 results at 2:00 pm PT today, August 27, 2025. A live audio broadcast of the conference call will be available on the <u>Pure Storage Investor Relations website</u>. 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 in a:

**Product & Technology-Focused Meeting for Financial Analysts at Pure//Accelerate NYC**

Date: Thursday, September 25, 2025

Register for Pure//Accelerate® 2025 and rethink what is possible. Join us on Thursday, September 25, 2025, in New York City as we make history and shape the future of storage and the industry. Hear from Pure Storage executives, including CEO Charles Giancarlo, and other world-leading experts as they share insights, strategies, and their vision for what's ahead.

<u>Accelerate Registration</u>

The financial analyst meeting presentation will be webcast live and archived on the Pure Storage Investor Relations website at investor.purestorage.com.

**----**

------

**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 <u>www.purestorage.com</u>.

**Connect with Pure** 

<u>Blog</u>

<u>LinkedIn</u>

<u>Twitter</u>

<u>Facebook</u>

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 <u>purestorage.com/trademarks</u>. 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 opportunity relating to hyperscale and AI environments, our ability to meet hyperscalers' performance and price 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, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, 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 August 27, 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 total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue 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 unrealized 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.

**Contacts**

Sandra Kerrigan – Investor Relations, Pure Storage

<u>ir@purestorage.com</u>

Tricia Stream – Global Communications, Pure Storage

<u>pr@purestorage.com</u>

###

------

**PURE STORAGE, INC.**

**Condensed Consolidated Balance Sheets**

**(in thousands, unaudited)**

---

| | | |
|:---|:---|:---|
| | **At the End of** | **At the End of** |
| | **Second Quarter of Fiscal 2026** | **Fiscal 2025** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $887849 | $723583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 649661 | 798237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $509 and $940 | 530481 | 680862 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 46812 | 42810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred commissions, current | 104795 | 99286 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 305140 | 222501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2524738 | 2567279 |
| Property and equipment, net | 544119 | 461731 |
| Operating lease right-of-use-assets | 191202 | 146655 |
| Deferred commissions, non-current | 235220 | 229334 |
| Intangible assets, net | 11143 | 19074 |
| Goodwill | 361427 | 361427 |
| Restricted cash | 19770 | 12553 |
| Other assets, non-current | 138918 | 165889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $4026537 | $3963942 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $112162 | $112385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 212869 | 230040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 156720 | 156791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 46460 | 43489 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue, current | 1006197 | 953836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt, current |  | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 1534408 | 1596541 |
| Operating lease liabilities, non-current | 176253 | 137277 |
| Deferred revenue, non-current | 904867 | 841467 |
| Other liabilities, non-current | 92188 | 82182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 2707716 | 2657467 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock and additional paid-in capital | 2652794 | 2674533 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 1916 | 954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1335889) | (1369012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1318821 | 1306475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $4026537 | $3963942 |

---

------

**PURE STORAGE, INC.**

**Condensed Consolidated Statements of Operations**

**(in thousands, except per share data, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Second Quarter of Fiscal** | **Second Quarter of Fiscal** | **First Two Quarters of Fiscal** | **First Two Quarters of Fiscal** |
| | **2026** | **2025** | **2026** | **2025** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product | $446303 | $402595 | $818447 | $749979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription services | 414699 | 361176 | 821040 | 707271 |
| Total revenue | 861002 | 763771 | 1639487 | 1457250 |
| Cost of revenue: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product <sup>(1)</sup> | 150296 | 129723 | 291346 | 230476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription services <sup>(1)</sup> | 106370 | 93968 | 207652 | 190988 |
| Total cost of revenue | 256666 | 223691 | 498998 | 421464 |
| Gross profit | 604336 | 540080 | 1140489 | 1035786 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development <sup>(1)</sup> | 242026 | 195490 | 463766 | 389310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing <sup>(1)</sup> | 285890 | 250267 | 564402 | 501239 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative <sup>(1)</sup> | 71549 | 69445 | 138621 | 146232 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and impairment <sup>(2)</sup> |  |  |  | 15901 |
| Total operating expenses | 599465 | 515202 | 1166789 | 1052682 |
| Income (loss) from operations | 4871 | 24878 | (26300) | (16896) |
| Other income (expense), net | 45700 | 19437 | 77355 | 33528 |
| Income before provision for income taxes | 50571 | 44315 | 51055 | 16632 |
| Income tax provision | 3453 | 8641 | 17932 | 15967 |
| Net income | $47118 | $35674 | $33123 | $665 |
| Net income per share attributable to common stockholders, basic | $0.14 | $0.11 | $0.10 | $0.00 |
| Net income per share attributable to common stockholders, diluted | $0.14 | $0.10 | $0.10 | $0.00 |
| Weighted-average shares used in computing net income per share attributable to common stockholders, basic | 327594 | 326326 | 327066 | 324458 |
| Weighted-average shares used in computing net income per share attributable to common stockholders, diluted | 337734 | 343443 | 337306 | 341509 |

---

(1) Includes stock-based compensation expense as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Cost of revenue -- product | $4149 | $3445 | $7415 | $6227 |
| Cost of revenue -- subscription services | 8559 | 7961 | 15721 | 16832 |
| Research and development | 60354 | 50869 | 109596 | 101163 |
| Sales and marketing | 26527 | 24418 | 48611 | 47937 |
| General and administrative | 17804 | 18197 | 32325 | 45725 |
| Total stock-based compensation expense | $117393 | $104890 | $213668 | $217884 |

---

(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)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Second Quarter of Fiscal** | **Second Quarter of Fiscal** | **First Two Quarters of Fiscal** | **First Two Quarters of Fiscal** |
| | **2026** | **2025** | **2026** | **2025** |
| **Cash flows from operating activities** |  |  |  |  |
| Net income | $47118 | $35674 | $33123 | $665 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 35927 | 35884 | 69697 | 69827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 117393 | 104890 | 213668 | 217884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash portion of lease impairment and abandonment |  |  |  | 3270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on strategic investment | (27966) |  | (30401) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 3887 | 1120 | 7027 | 2726 |
| Changes in operating assets and liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (119161) | 6953 | 150381 | 245721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | (14937) | (4956) | (12268) | (6661) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred commissions | (7738) | (1554) | (11395) | 6153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (13961) | (17787) | (33401) | (27006) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 11561 | 8406 | 19958 | 16528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 23845 | 13423 | (3146) | (13158) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and other liabilities | 84945 | 30392 | 602 | (78732) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (12275) | (8031) | (23513) | (18257) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 83519 | 22183 | 115761 | 29137 |
| Net cash provided by operating activities | 212157 | 226597 | 496093 | 448097 |
| **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment <sup>(1)</sup> | (62027) | (60035) | (134373) | (108853) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of strategic investments |  | (1081) |  | (6081) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities and other | (141232) | (104247) | (256128) | (264370) |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales of marketable securities | 252780 | 10735 | 270987 | 48424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Maturities of marketable securities | 80254 | 70127 | 137507 | 197984 |
| Net cash provided by (used in) investing activities | 129775 | (84501) | 17993 | (132896) |
| **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 8099 | 4545 | 13458 | 17768 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock under employee stock purchase plan |  |  | 27240 | 25328 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments of deferred financing costs for revolving credit facility | (2080) |  | (2080) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Principal payments on borrowings and finance lease obligations | (100000) | (2836) | (101125) | (3935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax withholding on vesting of equity awards | (56161) | (74208) | (117461) | (86686) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (42242) |  | (162178) |  |
| Net cash used in financing activities | (192384) | (72499) | (342146) | (47525) |
| Net increase in cash, cash equivalents and restricted cash | 149548 | 69597 | 171940 | 267676 |
| Cash, cash equivalents and restricted cash, beginning of period | 760142 | 910210 | 737750 | 712131 |
| Cash, cash equivalents and restricted cash, end of period | $909690 | $979807 | $909690 | $979807 |

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<sup>(1)</sup> Includes capitalized internal-use software costs of $8.7 million and $5.3 million for the second quarter of fiscal 2026 and 2025 and $15.6 million and $9.8 million for the first two quarters of fiscal 2026 and 2025.

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**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):

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** |
| | **GAAP<br>results** | **GAAP<br>gross<br>margin (a)** | **Adjustment** | | **Non-<br>GAAP<br>results** | **Non-<br>GAAP<br>gross<br>margin (b)** | **GAAP<br>results** | **GAAP<br>gross<br>margin (a)** | **Adjustment** | | **Non-<br>GAAP<br>results** | **Non-<br>GAAP<br>gross<br>margin (b)** |
| | | | $4149 | (c) | | | | | $3445 | (c) | | |
| | | | 127 | (d) | | | | | 224 | (d) | | |
| | | | 3306 | (e) | | | | | 3306 | (e) | | |
| **Gross profit --product** | $296007 | 66.3% | $7582 |  | $303589 | 68.0% | $272872 | 67.8% | $6975 |  | $279847 | 69.5% |
|  |  |  | $8559 | (c) |  |  |  |  | $7961 | (c) |  |  |
|  |  |  | 466 | (d) |  |  |  |  | 658 | (d) |  |  |
| **Gross profit -- subscription services** | $308329 | 74.4% | $9025 |  | $317354 | 76.5% | $267208 | 74.0% | $8619 |  | $275827 | 76.4% |
|  |  |  | $12708 | (c) |  |  |  |  | $11406 | (c) |  |  |
|  |  |  | 593 | (d) |  |  |  |  | 882 | (d) |  |  |
|  |  |  | 3306 | (e) |  |  |  |  | 3306 | (e) |  |  |
| **Total gross profit** | $604336 | 70.2% | $16607 |  | $620943 | 72.1% | $540080 | 70.7% | $15594 |  | $555674 | 72.8% |

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(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.

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The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2026** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** | **Second Quarter of Fiscal 2025** |
| | **GAAP<br>results** | **GAAP<br>operating<br>margin (a)** | **Adjustment** | | **Non-<br>GAAP<br>results** | **Non-<br>GAAP<br>operating<br>margin (b)** | **GAAP<br>results** | **GAAP<br>operating<br>margin (a)** | **Adjustment** | | **Non-<br>GAAP<br>results** | **Non-<br>GAAP<br>operating<br>margin (b)** |
| | | | $117393 | (c) | | | | | $104890 | (c) | | |
| | | | 4164 | (d) | | | | | 5292 | (d) | | |
| | | | 3536 | (e) | | | | | 3536 | (e) | | |
| **Operating income** | $4871 | 0.6% | $125093 |  | $129964 | 15.1% | $24878 | 3.3% | $113718 |  | $138596 | 18.1% |
|  |  |  | $117393 | (c) |  |  |  |  | $104890 | (c) |  |  |
|  |  |  | 4164 | (d) |  |  |  |  | 5292 | (d) |  |  |
|  |  |  | 3536 | (e) |  |  |  |  | 3536 | (e) |  |  |
|  |  |  | 230 | (f) |  |  |  |  | 153 | (f) |  |  |
|  |  |  | (27966) | (g) |  |  |  |  |  |  |  |  |
| **Net income** | $47118 |  | $97357 |  | $144475 |  | $35674 |  | $113871 |  | $149545 |  |
| **Net income per share -- diluted**  | $0.14 |  |  |  | $0.43 |  | $0.10 |  |  |  | $0.44 |  |
| **Weighted-average shares used in per share calculation -- diluted** | 337734 |  |  |  | 337734 |  | 343443 |  |  |  | 343443 |  |

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(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 unrealized gain from mark-to-market adjustment on strategic investment.

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**Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):**

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| | | |
|:---|:---|:---|
| | **Second Quarter of Fiscal** | **Second Quarter of Fiscal** |
| | **2026** | **2025** |
| Net cash provided by operating activities | $212157 | $226597 |
| Less: purchases of property and equipment <sup>(1)</sup> | (62027) | (60035) |
| Free cash flow (non-GAAP) | $150130 | $166562 |

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<sup>(1)</sup> Includes capitalized internal-use software costs of $8.7 million and $5.3 million for the second quarter of fiscal 2026 and 2025.