Pure Storage reported a solid start to FY2026 (QQ1) with 12% revenue growth and continued expansion of its recurring revenue base. Subscription services accounted for $406 million in revenue, representing 52% of total, while ARR grew 18% to $1.7 billion and remaining RPO rose 17% to $2.7 billion, signaling healthy renewals and a robust storage-as-a-service backlog. The quarter featured strong momentum in Evergreen One (TCV $95 million, up 70% YoY/QoQ) and a favorable mix toward software-driven, managed services that support greater visibility into ARR and longer-term customer engagement. On the AI/storage frontier, Pure highlighted significant traction across AI workloads, GPU farms, and inference/RAG use cases, alongside the introduction of FlashBlade EXA and the XL disaggregated option for hyperscale environments. Management reaffirmed FY2026 revenue and operating margin guidance, while adding that near-term macro uncertainty is expected to persist but that the core growth drivers remain intact. The balance sheet remains exceptionally healthy, with more than $1.6 billion in cash and investments and a net cash position, complemented by meaningful free cash flow generation ($211.6 million in FCF for QQ1). A leadership transition (CFO Kevan Krysler) was noted, with a smooth transition in mind for ongoing execution of Pure’s strategy. Looking ahead, the Meta hyperscale collaboration to deliver 1–2 exabytes in H2 2026 represents a meaningful upside to the multi-year data-cloud transition, while ongoing partnerships and product optimizations should support continued margin expansion and durable growth in ARR and RPO metrics.