The company achieves $778.5 million in revenue and strengthens its position in enterprise storage with new partnerships and innovations.
Pure Storage (NYSE: PSTG), a pioneer in advanced storage technologies, released its first-quarter results for fiscal year 2026 on May 28, ending on May 4. The company reported a year-over-year revenue growth of 12%, reaching $778.5 million, driven by strong momentum in its subscription model and the increasing demand for AI-ready infrastructure.
The service-based business model continues to solidify: subscription revenue grew by 17% year-over-year, reaching $406.3 million, while annual recurring revenue (ARR) reached $1.7 billion, representing an 18% increase.
Expansion and Profitability
Operationally, the company recorded operating cash flow of $283.9 million and free cash flow of $211.6 million. Despite a GAAP operating loss of $31.2 million, Pure Storage achieved a non-GAAP operating profit of $82.7 million and a non-GAAP operating margin of 10.6%.
Additionally, it returned approximately $120 million to shareholders through the repurchase of 2.5 million shares.
Innovation Drive and Strategic Partnerships
During the quarter, Pure Storage launched FlashBlade//EXA, a storage platform designed for data-intensive workloads such as artificial intelligence and high-performance computing (HPC). It also introduced Portworx Enterprise 3.3, an enterprise platform for managing data in containers and virtual machines.
Key partnerships include collaboration with Nutanix to integrate solutions that facilitate the management of virtualized workloads, and the integration of the NVIDIA AI Data Platform into its FlashBlade line, earning certifications as an official high-performance storage partner within the NVIDIA partner program.
Security and Sustainability
The company expanded its partnership with Rubrik to enhance cyber resilience, facilitating the protection and management of large-scale unstructured data. Additionally, it reaffirmed its commitment to sustainability with energy-efficient solutions, supported by an energy efficiency Service Level Agreement (SLA).
Recognition and Outlook
Pure Storage has been included in CRN’s “AI 100,” “Data Center 50,” and “50 Coolest Software-Defined Storage Vendors” lists for 2025, and has received the ITPro Excellence in Storage award.
For the second fiscal quarter, the company expects revenues of approximately $845 million, indicating a year-over-year growth of 10.6%. For the entire fiscal year 2026, it maintains a revenue outlook of $3.515 billion and a non-GAAP operating margin of 17%.
Pure Storage CEO Charles Giancarlo emphasized: “Our platform unifies, virtualizes, and modernizes data storage for all types of workloads, with a single Purity operating system that evolves with the business.”
The company also announced the departure of its CFO, Kevan Krysler, who will remain in his role until a successor is named. Giancarlo thanked him for his key role in the transition to subscription services, which now account for 50% of the company’s total revenue.
via: Pure Storage Results