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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): February 26, 2025
_____________________________________
Pure Storage, Inc.
(Exact name of Registrant as Specified in Its Charter)
_____________________________________ 
Delaware 001-37570 27-1069557
(State or Other Jurisdiction
of Incorporation)		 (Commission
File Number)		 (IRS Employer Identification No.)
2555 Augustine Dr.
Santa Clara, California 95054
(Address of Principal Executive Offices, Including 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 PSTGNew 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 February 26, 2025, Pure Storage, Inc. (“Pure”) issued a press release and will hold a conference call regarding its financial results for the quarter ended February 2, 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 8.01 Other Events.

Pure’s Audit Committee has approved incremental share repurchases of up to an additional $250 million under its stock repurchase program. The authorization allows Pure to repurchase shares of its Class A common stock opportunistically and will be funded from available working capital. Repurchases may be made at management’s discretion from time to time on the open market through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The repurchase program does not have an expiration date, does not obligate Pure to acquire any of its stock, and may be suspended or discontinued by the company at any time without prior notice.

Cautions Concerning Forward-Looking Statements

This report contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, related to the share repurchase and the factors that will impact the amount and timing of purchases, if any, thereunder. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of the company. Risks and uncertainties include, but are not limited to, those described under the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Pure’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on December 12, 2024, and Pure’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, investors.purestorage.com or on request from the company. Pure does not undertake to update any forward-looking statements as a result of new information or future events or developments.

Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits.
The following exhibit is furnished herewith:
 
Exhibit No.  Description
99.1  
104Cover 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.
(Registrant)
  
Date:February 26, 2025By: /s/ Kevan Krysler
  Kevan Krysler
  Chief Financial Officer





Exhibit 99.1
 
Pure Storage Announces Fiscal Fourth Quarter and Full Year 2025 Financial Results
Delivers double-digit revenue growth and strong profitability in Q4
Full year 2025 revenue surpasses $3 billion, representing growth of 12% year-over-year

SANTA CLARA, Calif. – February 26, 2025 – Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced financial results for its fiscal fourth quarter and full year 2025 ended February 2, 2025.

“Pure Storage delivered solid fourth quarter and full year results as we fundamentally transform data storage and management for enterprises and hyperscalers,” said Pure Storage CEO and Chairman Charles Giancarlo. “We are enabling customers to modernize legacy storage architectures into enterprise data clouds with Fusion, our most revolutionary advancement this year, which unlocks the full potential of data, while significantly improving operations, data management, and economics for customers.”

Fourth Quarter and Full Year Financial Highlights

•Q4 revenue $879.8 million, up 11% year-over-year
•Full-year revenue $3.2 billion, up 12% year-over-year

•Q4 subscription services revenue $385.1 million, up 17% year-over-year
•Full-year subscription services revenue $1.5 billion, up 22% year-over-year

•Q4 subscription annual recurring revenue (ARR) $1.7 billion, up 21% year-over-year
•Remaining performance obligations (RPO) $2.6 billion, up 14% year-over-year

•Q4 GAAP gross margin 67.5%; non-GAAP gross margin 69.2%
•Full-year GAAP gross margin 69.8%; non-GAAP gross margin 71.8%

•Q4 GAAP operating income $42.5 million; non-GAAP operating income $153.1 million
•Full-year GAAP operating income $85.3 million; non-GAAP operating income $559.4 million

•Q4 GAAP operating margin 4.8%; non-GAAP operating margin 17.4%
•Full-year GAAP operating margin 2.7%; non-GAAP operating margin 17.7%

•Q4 operating cash flow $208.0 million; free cash flow $151.9 million
•Full-year operating cash flow $753.1 million; free cash flow $526.4 million

•Total cash, cash equivalents, and marketable securities $1.5 billion

•Returned approximately $192 million and $374 million in Q4 and FY25, respectively, to stockholders through share repurchases of 3.1 million shares and 6.7 million shares, respectively.

•Authorized incremental share repurchases of up to an additional $250 million under its stock repurchase program.

“We achieved a major financial milestone in fiscal year 2025, surpassing $3 billion in total revenue for the first time while delivering strong operating profit,” said Pure Storage CFO Kevan Krysler. “It was a pivotal year marked by industry-leading innovation, setting the stage for sustainable long-term growth.”

1

Full Year Company Highlights

•Continued Hyperscale Progress
◦Achieved an industry-first design win with a top-four hyperscaler, bringing Pure's DirectFlash® software into massive-scale environments traditionally dominated by hard disk drives (HDDs).
◦Announced a strategic collaboration with Kioxia and expanded its partnership with Micron Technology, enabling high-capacity, energy-efficient solutions for hyperscale environments.

•Market-Leading Platform Innovation
◦Released Pure Fusion™ v2, unlocking the ability for customers to operate their storage environments as enterprise data clouds, mirroring the benefits and efficiencies of hyperscaler operations.
◦Expanded the Pure//E™ family, which offers customers better economics, superior power and density efficiencies compared to disk and is displacing disk in data centers.
◦Unveiled seamless VMware-to-Azure migration solutions, providing enterprises with greater flexibility in hybrid cloud strategies.
◦Announced major enhancements to the Portworx® platform, which has experienced significant growth as enterprises increasingly adopt cloud-native applications and AI/ML solutions and transition from traditional VMware to modern VMs-on-Container and Kubernetes architectures.

•Accelerating Enterprise AI Adoption
◦Achieved certification of FlashBlade//S500 with NVIDIA DGX SuperPOD, optimizing AI training environments for performance, power efficiency, and scalability; also introduced validated reference architectures for NVIDIA OVX-ready solutions and BasePod certification.
◦Launched the Pure Storage GenAI Pod, a full-stack generative AI solution designed to simplify and accelerate enterprise AI deployments.
◦Partnered with CoreWeave, making its storage a standard option for AI workloads in CoreWeave's high-performance cloud.

•Strengthening Partner Ecosystem & Channel Growth
◦Unveiled a revamped Reseller Partner Program, designed to improve profitability for partners and give them increased autonomy while accelerating the transition from hard disk to all-flash storage.

•Industry Recognition and Accolades
◦Named a leader for the eleventh consecutive year in the Gartner® Magic Quadrant™ for Primary Storage Platforms and the fourth consecutive year in the Gartner® Magic Quadrant™ for File and Object Storage Platforms.
◦Achieved a world-class Net Promoter Score (NPS) of 81, representing nine consecutive years of achieving an 80+ NPS while growing from hundreds to 13,000 customers.
◦Recognized in Forbes’ Most Trusted Companies in America 2025 and Fortune’s Best Places to Work in Technology 2024.
◦Recognized by the Science Based Targets Initiative (SBTi) for Pure Storage’s Scope 1 and 2 greenhouse gas (GHG) emissions reduction targets as aligned with a 1.5°C trajectory - the most ambitious designation available.

First Quarter and FY26 Guidance

Q1FY26
Revenue
$770M
Revenue YoY Growth Rate11%
Non-GAAP Operating Income
$80M
Non-GAAP Operating Margin10.4%

2

FY26
Revenue
$3.515B
Revenue YoY Growth Rate11%
Non-GAAP Operating Income
$595M
Non-GAAP Operating Margin17.0%

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 margin 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.

Stock Repurchase Authorization

Pure's audit committee has approved incremental share repurchases of up to an additional $250 million under its stock repurchase program. The authorization allows Pure to repurchase shares of its Class A common stock opportunistically and will be funded from available working capital. Repurchases may be made at management's discretion from time to time on the open market through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The repurchase program does not have an expiration date, does not obligate Pure to acquire any of its common stock, and may be suspended or discontinued by the company at any time without prior notice.

Conference Call Information

Pure will host a teleconference to discuss the fiscal fourth quarter and full year 2025 results at 2:00 pm PT today, February 26, 2025. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. 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 at the following investor conferences:

Bernstein Insights: What’s Next in Tech? 3rd Annual TMT Forum
Date: Thursday, February 27, 2025
Time: 3:00 p.m. PT / 6:00 p.m. ET
Chairman and CEO Charles Giancarlo
Chief Financial Officer Kevan Krysler

Susquehanna 14th Annual Tech Conference
Date: Friday, February 28, 2025
Time: 8:20 a.m. PT / 11:20 a.m. ET
Chief Technology Officer Rob Lee

The presentations will be webcast live and archived on Pure's Investor Relations website at investor.purestorage.com.

----
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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, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com.

Connect with Pure

Blog
LinkedIn
Twitter
Facebook

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 purestorage.com/trademarks. 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 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 customer adoption of Pure Fusion™ and priorities around sustainability, the environmental 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, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new customer acquisition, 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 4, 2024. All information provided in this release and in the attachments is as of February 26, 2025, and Pure undertakes no duty to update this information unless required by law.

Key Performance Metric

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.

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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, payments to former shareholders of acquired companies, 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, and costs associated with the impairment of certain leased facilities 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
ir@purestorage.com

Penny Bruce – Global Communications, Pure Storage
pr@purestorage.com

###
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PURE STORAGE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
 
At the End of Fiscal
20252024
 
Assets  
Current assets:  
Cash and cash equivalents$723,583 $702,536 
Marketable securities798,237 828,557 
    Accounts receivable, net of allowance of $940 and $1,060
680,862 662,179 
Inventory42,810 42,663 
Deferred commissions, current99,286 88,712 
Prepaid expenses and other current assets222,501 173,407 
Total current assets2,567,279 2,498,054 
Property and equipment, net461,731 352,604 
Operating lease right-of-use assets146,655 129,942 
Deferred commissions, non-current229,334 215,620 
Intangible assets, net19,074 33,012 
Goodwill361,427 361,427 
Restricted cash12,553 9,595 
Other assets, non-current165,889 55,506 
Total assets$3,963,942 $3,655,760 
Liabilities and stockholders’ equity
  
Current liabilities:  
Accounts payable$112,385 $82,757 
Accrued compensation and benefits230,040 250,257 
Accrued expenses and other liabilities156,791 135,755 
Operating lease liabilities, current43,489 44,668 
Deferred revenue, current953,836 852,247 
Debt, current100,000 — 
Total current liabilities1,596,541 1,365,684 
Long-term debt— 100,000 
Operating lease liabilities, non-current137,277 123,201 
Deferred revenue, non-current841,467 742,275 
Other liabilities, non-current82,182 54,506 
Total liabilities2,657,467 2,385,666 
Stockholders’ equity:  
Common stock and additional paid-in capital2,674,533 2,749,627 
Accumulated other comprehensive income (loss)
954 (3,782)
Accumulated deficit(1,369,012)(1,475,751)
Total stockholders’ equity
1,306,475 1,270,094 
Total liabilities and stockholders’ equity
$3,963,942 $3,655,760 


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PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
 
 Fourth Quarter of FiscalFiscal Year Ended
 2025202420252024
 
Revenue:    
Product$494,780 $460,891 $1,699,494 $1,622,869 
Subscription services385,062 328,914 1,468,670 1,207,752 
Total revenue879,842 789,805 3,168,164 2,830,621 
Cost of revenue:
Product (1)
189,901 128,842 575,347 472,430 
Subscription services (1)
95,940 92,459 380,108 337,000 
Total cost of revenue285,841 221,301 955,455 809,430 
Gross profit594,001 568,504 2,212,709 2,021,191 
Operating expenses:
Research and development (1)
215,009 186,841 804,405 736,764 
Sales and marketing (1)
263,845 248,136 1,020,914 945,021 
General and administrative (1)
72,680 59,299 286,231 252,243 
Restructuring and impairment (2)
— 16,846 15,901 33,612 
Total operating expenses551,534 511,122 2,127,451 1,967,640 
Income from operations42,467 57,382 85,258 53,551 
Other income (expense), net11,892 13,416 62,576 37,035 
Income before provision for income taxes54,359 70,798 147,834 90,586 
Income tax provision11,924 5,360 41,095 29,275 
Net income$42,435 $65,438 $106,739 $61,311 
Net income per share attributable to common
   stockholders, basic		$0.13 $0.21 $0.33 $0.20 
Net income per share attributable to common
   stockholders, diluted		$0.12 $0.20 $0.31 $0.19 
Weighted-average shares used in computing net
   income per share attributable to common
   stockholders, basic		326,504 317,731 325,774 311,831 
Weighted-average shares used in computing net
   income per share attributable to common
   stockholders, diluted		343,109 332,014 342,704 332,568 

(1) Includes stock-based compensation expense as follows:
 
Cost of revenue -- product$3,168 $2,614 $12,611 $9,670 
Cost of revenue -- subscription services7,979 6,065 32,611 25,412 
Research and development50,668 41,069 201,058 167,294 
Sales and marketing24,025 18,863 96,355 74,746 
General and administrative16,510 7,573 78,671 54,305 
Total stock-based compensation expense$102,350 $76,184 $421,306 $331,427 

(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.
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PURE STORAGE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
 
 Fourth Quarter of FiscalFiscal Year Ended
 2025202420252024
 
Cash flows from operating activities    
Net income$42,435 $65,438 $106,739 $61,311 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization29,125 32,856 126,654 124,416 
Stock-based compensation expense102,350 76,184 421,306 331,427 
Noncash portion of lease impairment and abandonment
1,360 — 4,630 16,766 
Other3,061 7,403 8,168 1,559 
Changes in operating assets and liabilities:
Accounts receivable, net(102,638)(25,728)(18,640)(49,687)
Inventory551 1,532 (1,039)6,810 
Deferred commissions(31,111)(39,415)(24,289)(58,476)
Prepaid expenses and other assets(56,213)(45,355)(121,657)(25,669)
Operating lease right-of-use assets8,251 8,230 34,162 35,499 
Accounts payable9,842 (20,376)30,439 13,468 
Accrued compensation and other liabilities100,712 96,074 29,761 43,317 
Operating lease liabilities(13,564)(10,434)(43,917)(31,891)
Deferred revenue113,847 98,016 200,781 208,872 
Net cash provided by operating activities208,008 244,425 753,098 677,722 
Cash flows from investing activities
Purchases of property and equipment(1)
(56,086)(43,570)(226,727)(195,161)
Purchases of investments
(24,999)— (31,080)— 
Purchase of intangible assets
— — (1,250)— 
Purchases of marketable securities(164,995)(119,776)(471,747)(471,501)
Sales of marketable securities39,734 6,558 100,975 59,053 
Maturities of marketable securities and other82,151 114,956 412,129 610,855 
Net cash provided by (used in) investing activities(124,195)(41,832)(217,700)3,246 
Cash flows from financing activities
Proceeds from exercise of stock options
5,973 6,866 27,167 39,770 
Proceeds from issuance of common stock under employee stock purchase plan— — 51,736 45,089 
Proceeds from borrowings— — — 106,890 
Principal payments on borrowings and finance lease obligations(2,397)(1,617)(8,118)(586,199)
Tax withholding on equity awards(64,996)(13,402)(206,587)(29,984)
Repurchases of common stock(191,978)(21,460)(373,977)(135,801)
Net cash used in financing activities(253,398)(29,613)(509,779)(560,235)
Net increase (decrease) in cash and cash equivalents and restricted cash(169,585)172,980 25,619 120,733 
Cash, cash equivalents and restricted cash, beginning of period907,335 539,151 712,131 591,398 
Cash, cash equivalents and restricted cash, end of period$737,750 $712,131 $737,750 $712,131 

(1) Includes capitalized internal-use software costs of $5.5 million and $3.7 million for the fourth quarter of fiscal 2025 and 2024 and $21.2 million and $19.4 million for fiscal 2025 and 2024.
8

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):

 Fourth Quarter of FiscalFourth Quarter of Fiscal
20252024
 GAAP
results		GAAP
gross
margin  (a)		Adjustment Non-
GAAP
results		Non-
GAAP
gross
margin  (b)		GAAP
results		GAAP
gross
margin  (a)		AdjustmentNon-
GAAP
results		Non-
GAAP
gross
margin  (b)
$3,168 (c)$2,614 (c)
58 (d)58 (d)
— 177 (e)
3,306 
(f)
3,306 
(f)
Gross profit --
   product		$304,879 61.6 %$6,532 $311,411 62.9 %$332,049 72.0 %$6,155 $338,204 73.4 %
   
$7,979 (c)$6,065 (c)
317 (d)276 (d)
— 985 (e)
Gross profit --
  subscription services		$289,122 75.1 %$8,296  $297,418 77.2 %$236,455 71.9 %$7,326  $243,781 74.1 %
   $11,147 (c)$8,679 (c)
375 (d)334 (d)
— 1,162 (e)
3,306 
(f)
3,306 
(f)
Total gross profit$594,001 67.5 %$14,828  $608,829 69.2 %$568,504 72.0 %$13,481  $581,985 73.7 %


(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 expenses for severance and termination benefits related to workforce realignment.
(f) To eliminate amortization expense of acquired intangible assets.


















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The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

Fiscal Year Ended
2025
GAAP resultsGAAP gross margin (a)AdjustmentNon-
GAAP
results		Non-
GAAP
gross
margin (b)
$12,611 (c)
681 (d)
20 (e)
13,224 (f)
Gross profit -- product$1,124,147 66.1 %$26,536 $1,150,683 67.7 %
$32,611 (c)
2,210 (d)
309 (e)
Gross profit -- subscription services$1,088,562 74.1 %$35,130 $1,123,692 76.5 %
$45,222 (c)
2,891 (d)
329 (e)
13,224 (f)
Total gross profit$2,212,709 69.8 %$61,666 $2,274,375 71.8 %


(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 expenses for severance and termination benefits related to workforce realignment.
(f) To eliminate amortization expense of acquired intangible assets.




















10

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

 Fourth Quarter of FiscalFourth Quarter of Fiscal
20252024
 GAAP
results		GAAP
operating
margin  (a)		Adjustment Non-
GAAP
results		Non-
GAAP
operating
margin (b)		GAAP
results		GAAP
operating
margin  (a)		Adjustment Non-
GAAP
results		Non-
GAAP
operating
margin (b)
$102,350 (c)$76,184 (c)
3,374 (d)2,722 
(d)
3,536 
(e)
3,536 
(e)
1,360 (g)— 
— 18,009 
(f)
Operating income$42,467 4.8 %$110,620  $153,087 17.4 %$57,382 7.3 %$100,451  $157,833 20.0 %
   $102,350 (c)   $76,184 (c) 
3,374 (d)2,722 (d)
3,536 (e)3,536 (e)
— 18,009 
(f)
1,360 (g)— 
153 
(h)
154 (h)
Net income$42,435  $110,773  $153,208  $65,438  $100,605  $166,043  
Net income per share -- diluted$0.12    $0.45  $0.20    $0.50  
Weighted-average shares used in per share calculation -- diluted343,109  —343,109  332,014  — 332,014 

(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 expenses for severance and termination benefits related to workforce realignment.
(g) To eliminate lease impairment charges associated with cease-use of our former corporate headquarters.
(h) To eliminate amortization expense of debt issuance costs related to our debt.










11

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

Fiscal Year Ended
2025
GAAP resultsGAAP operating margin (a)AdjustmentNon- GAAP resultsNon- GAAP operating margin (b)
$421,306 (c)
21,057 (d)
9,855 (e)
7,735 (f)
14,144 (g)
Operating income$85,258 2.7 %$474,097 $559,355 17.7 %


(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 expenses for severance and termination benefits related to workforce realignment.
(f) To eliminate lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.
(g) To eliminate amortization expense of acquired intangible assets.






































12

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

 Fourth Quarter of FiscalFiscal Year Ended
 2025202420252024
Net cash provided by operating activities$208,008 $244,425 $753,098 $677,722 
Less: purchases of property and equipment(1)
(56,086)(43,570)(226,727)(195,161)
Free cash flow (non-GAAP)$151,922 $200,855 $526,371 $482,561 

(1) Includes capitalized internal-use software costs of $5.5 million and $3.7 million for the fourth quarter of fiscal 2025 and 2024 and $21.2 million and $19.4 million for fiscal 2025 and 2024.
13
v3.25.0.1
Cover Document
Feb. 26, 2025
Cover Page [Abstract]  
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity Registrant Name Pure Storage, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-37570
Entity Tax Identification Number 27-1069557
Entity Address, Address Line One 2555 Augustine Dr.
Entity Address, City or Town Santa Clara
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95054
City Area Code 800
Local Phone Number 379-7873
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.0001 par value per share
Trading Symbol PSTG
Security Exchange Name NYSE
Entity Emerging Growth Company false
v3.25.0.1
Cover Non-Printing
Feb. 26, 2025
Cover Page [Abstract]  
Entity Central Index Key 0001474432
Amendment Flag false
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