The enterprise data cloud is an industry-changing architecture that transforms how organizations store and manage data.
— Charlie Giancarlo, Chief Executive Officer
03Detailed Report
PSTG
Company PSTG
Period
Q2 2026
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 21, 2026
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Executive Summary
Pure Storage reported a strong QQ2 2026 performance, underscored by broad-based demand across the portfolio and continued monetization of software and services. Revenue reached $861 million, with subscription services accounting for $415 million (48% of total), reflecting a 15% YoY rise and an ARR of $1.8 billion. The company also disclosed a robust RPO backlog of $2.8 billion, up 22% YoY, and annualized recurring revenue growth supported by Evergreen One and Portworx. Management framed the quarter within a broader shift to the enterprise data cloud, driven by Fusion v2, which enables software-defined data management and global policy-based data governance, a strategic differentiator in a growing AI and cloud-native landscape. Cash generation remained healthy, with $212 million operating cash flow and $150 million in free cash flow, complemented by share buybacks and a strong balance sheet (approximately $1.5 billion in cash and investments).
Key Performance Indicators
Revenue
Decreasing
861.00M
QoQ: 0.00% | YoY: -2.14%
Gross Profit
Increasing
604.34M
70.19% margin
QoQ: 0.00% | YoY: 1.74%
Operating Income
Decreasing
4.87M
QoQ: 0.00% | YoY: -88.53%
Net Income
Increasing
47.12M
QoQ: 0.00% | YoY: 11.04%
EPS
Increasing
0.14
QoQ: 0.00% | YoY: 7.69%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $861.0m, YoY -2.14%, QoQ 0.00%; Gross Margin: 72.1% (management commentary notes 72.1% gross margin for QQ2); Subscription Revenue: $415.0m, +15% YoY, 48% of total revenue; ARR: $1.8B, +18% YoY; RPO: $2.8B, +22% YoY, with RPO growth at 21% exiting Q2; Gross Product Margin: 68% (noted as sequentially higher, within long-term 65-70% target); Operating Profit: $130.0m, ~15.1% operating margin (management guidance); Net Income: $47.1m, Net Income Margin ~5.5%; Diluted EPS: $0.14; Weighted Avg Shares: 327.6m; Operating Cash Flow: $212.2m; CapEx: $62.0m; Free Cash Flow: $150.1m, FCF Margin ~17.4%; Headcount: ~6,100; Cash and Equivalents: $887.8m; Short-Term Investments: $649.7m; Total Cash and Short-Term Investments: $1.5375B; Net Debt: -$665.1m (net cash); New Logos: >300; US Revenue: $577.0m (+7% YoY); International Revenue: $284.0m (+26% YoY); Fortunes 500 penetration: 62%; Buybacks: $42m (0.8m shares), 1.1m shares withheld for taxes; Buyback Authorization Remaining: $109m.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
861.00M
-2.14%
0.00%
Gross Profit
604.34M
1.74%
0.00%
Operating Income
4.87M
-88.53%
0.00%
Net Income
47.12M
11.04%
0.00%
EPS
0.14
7.69%
0.00%
Key Financial Ratios
Management Insights Available for Members
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