Core Insights - Pure Storage reported quarterly earnings of $0.58 per share, slightly missing the Zacks Consensus Estimate of $0.59 per share, but showing an increase from $0.50 per share a year ago, resulting in an earnings surprise of -1.69% [1] - The company achieved revenues of $964.45 million for the quarter ended October 2025, surpassing the Zacks Consensus Estimate by 0.66% and reflecting a year-over-year increase from $831.07 million [2] - Pure Storage has outperformed the S&P 500, with shares increasing by approximately 44.2% since the beginning of the year compared to the S&P 500's gain of 15.8% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.65 on revenues of $1.02 billion, while the estimate for the current fiscal year is $1.97 on revenues of $3.62 billion [7] - The estimate revisions trend for Pure Storage was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Computer-Storage Devices industry, to which Pure Storage belongs, is currently ranked in the top 14% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Financial Data and Key Metrics Changes - Revenue for Q3 FY26 was $964 million, representing a 16% year-over-year growth, while operating profit grew 17% year-over-year to $196 million, achieving an operating margin of 20.3% [19][24] - Total gross margin increased to 74.1%, with subscription services gross margin at 75.5% and product gross margin at 72.9% [23][24] - Annual recurring revenue (ARR) grew 17% to $1.8 billion, and total remaining performance obligations (RPO) increased 24% to $2.9 billion [22] Business Line Data and Key Metrics Changes - Product revenue reached $534 million, growing 18% year-over-year, while subscription services revenue was $430 million, up 14% year-over-year, accounting for 45% of total revenue [22] - Total contract value (TCV) sales for storage as a service offerings grew 25% year-over-year to $120 million [22] - The number of customers deploying the Pure Fusion capability has more than tripled since the beginning of the year, indicating strong market demand [7] Market Data and Key Metrics Changes - U.S. revenue was $683 million, growing 22%, while international revenue was $281 million, growing 4% year-over-year [23] - The company added 258 new customers, increasing its penetration of the Fortune 500 to 63% [23] Company Strategy and Development Direction - The company aims to capitalize on the financial benefits from hyperscaler revenues to make significant investments in R&D and sales and marketing to sustain momentum and capture additional profitable growth opportunities [26][28] - The introduction of the Enterprise Data Cloud is expected to enhance customer engagement and drive demand for storage architectures [9][10] - The company is exploring new business model options for hyperscaler engagements that may alter gross margin economics in FY27 [28][72] Management's Comments on Operating Environment and Future Outlook - Management anticipates increased commodity pricing and excess demand will pressure global supply chains, but the company is well-prepared with a resilient supply chain and strong business continuity plans [16] - The company expects revenue for Q4 FY26 to be in the range of $1.02-$1.04 billion, representing approximately a 17.1% year-over-year increase at the midpoint [25] - Management remains optimistic about the growth trajectory, emphasizing that operating profit is expected to grow significantly in FY26 and beyond [80] Other Important Information - The company welcomed Pat Finn as the new Chief Revenue Officer, bringing extensive experience in scaling sales and go-to-market organizations [17] - The company has a strong balance sheet with $1.5 billion in cash and investments, and generated $53 million of free cash flow in Q3 [24] Q&A Session Summary Question: Impact of memory price inflation on margins and revenue - Management explained that commodity pricing affects overall market pricing, and higher prices could lead to increased revenue, although gross margins may remain stable [33] Question: Increase in inventory and its implications - Management noted that the inventory increase was due to strategic purchases and tariff mitigation, and overall inventory levels remain low compared to business size [40] Question: Product gross margin sustainability - Management indicated that higher-end product sales and Portworx license purchases contributed positively to gross margins, and they expect to maintain strong margins moving forward [46] Question: Feedback on Enterprise Data Cloud - Early feedback has been positive, with significant demand for the new cloud-native offerings, indicating a shift in customer engagement [51] Question: Engagements with hyperscalers - Management confirmed ongoing engagements with top hyperscalers and multiple proofs of concept, indicating strong interest in their offerings [60] Question: Changes in demand dynamics due to memory costs - Management acknowledged that while higher prices could constrain demand, the overall demand for data remains strong, particularly with the rise of AI [88] Question: Scaling the hyperscale business - Management emphasized the importance of providing superior solutions and maintaining engagement with hyperscalers to capture a larger market share [110]

Financial Data and Key Metrics Changes - Revenue for Q3 FY26 was $964 million, representing a 16% year-over-year growth, while operating profit grew 17% year-over-year to $196 million, achieving an operating margin of 20.3% [19][24] - Total gross margin increased to 74.1%, with subscription services gross margin at 75.5% and product gross margin at 72.9% [23][24] - Annual recurring revenue (ARR) grew 17% to $1.8 billion, and total remaining performance obligations (RPO) increased 24% to $2.9 billion [22] Business Line Data and Key Metrics Changes - Product revenue reached $534 million, growing 18% year-over-year, while total contract value (TCV) sales for storage as a service offerings grew 25% year-over-year to $120 million [21][22] - Subscription services revenue in Q3 was $430 million, accounting for 45% of total revenue [22] - The number of customers deploying the Fusion platform has more than tripled since the beginning of the year, indicating strong demand [7] Market Data and Key Metrics Changes - U.S. revenue was $683 million, growing 22%, while international revenue was $281 million, growing 4% year-over-year [23] - The company added 258 new customers, with a penetration rate of 63% in the Fortune 500 [23] Company Strategy and Development Direction - The company aims to capitalize on the financial benefits from hyperscaler revenues to make significant investments in R&D and sales and marketing to sustain momentum and capture additional profitable growth opportunities [26][28] - The focus is on expanding the Enterprise Data Cloud and enhancing the capabilities of the Pure Fusion platform to meet evolving customer needs [10][11] - The company plans to grow its hyperscaler business and evaluate additional business model options that may change gross margin economics in FY27 [28] Management's Comments on Operating Environment and Future Outlook - Management anticipates increased commodity pricing and excess demand will pressure global supply chains, but the company is well-prepared with a resilient supply chain and strong business continuity plans [16] - The outlook for Q4 anticipates revenue in the range of $1.02-$1.04 billion, representing a 17.1% year-over-year increase at the midpoint [25] - The company expects operating profit for FY26 to be in the range of $629-$639 million, reflecting a 13.3% year-over-year increase at the midpoint [26] Other Important Information - The company has a strong balance sheet with $1.5 billion in cash and investments, and Q3 operating cash flow was $116 million [24] - The company returned $53 million to shareholders through share repurchases and has $56 million remaining in its buyback authorization [24] Q&A Session Summary Question: Impact of memory price inflation on margins and revenue - Management explained that commodity pricing affects overall market pricing, and higher prices generally lead to increased revenue across the storage market, benefiting the company [32][34] Question: Increase in inventory and its implications - Management noted that the increase in inventory was due to tariff mitigation purchases and strategic positions in key components to avoid supply chain disruptions [38][40] Question: Product gross margin and mix shift - Management confirmed that higher-end product configurations contributed positively to product gross margins, alongside revenue from Portworx licenses and hyperscaler shipments [44][46] Question: Feedback on Enterprise Data Cloud - Early feedback on the Enterprise Data Cloud has been positive, with significant demand for cloud-native solutions and improved customer engagement across various roles [50][52] Question: Engagements with hyperscalers - Management indicated ongoing engagements with top hyperscalers, with multiple proofs of concept underway, and emphasized investments in product SKUs and technology to drive growth [58][61] Question: Changes in demand dynamics due to memory costs - Management acknowledged that while rising prices could constrain demand, the overall demand for data remains strong, particularly due to AI [84][86] Question: Expectations for gross margin dynamics as hyperscale business scales - Management highlighted that while current gross margins are strong, exploring new revenue models with hyperscalers could impact future gross margin economics [70][72] Question: Operating margin trajectory into FY27 - Management reassured that they expect operating profit to grow beyond FY26, with continued investments in growth areas [80][81]

Financial Data and Key Metrics Changes - Revenue for Q3 FY26 was $964 million, representing a 16% year-over-year growth, while operating profit grew 17% year-over-year to $196 million, achieving an operating margin of 20.3% [17][21] - Product revenue reached $534 million, up 18% year-over-year, and subscription services revenue was $430 million, increasing 14% year-over-year, accounting for 45% of total revenue [19][21] - Total remaining performance obligations (RPO) grew 24% to $2.9 billion, with annual recurring revenue (ARR) increasing 17% to $1.8 billion [19][21] Business Line Data and Key Metrics Changes - The enterprise segment continued to show strength, driven by the Pure Storage platform and the Evergreen One subscription model [5][17] - Hyperscaler shipments exceeded the annual forecast of 2 exabytes by the end of Q3, with expectations for continued momentum in Q4 [5][18] - TCV sales for storage as a service offerings grew 25% year-over-year to $120 million, reflecting strong customer resonance with subscription-based offerings [19] Market Data and Key Metrics Changes - U.S. revenue was $683 million, growing 22%, while international revenue was $281 million, growing 4% year-over-year [20] - The company added 258 new customers, increasing its penetration of the Fortune 500 to 63% [20] Company Strategy and Development Direction - The company aims to capitalize on the financial benefits from hyperscaler revenues to invest significantly in R&D and sales and marketing to sustain momentum and capture profitable growth opportunities [24][25] - The focus is on expanding the Enterprise Data Cloud and enhancing the capabilities of Pure Fusion to meet evolving customer needs in data management [10][36] - The company plans to explore additional business model options for hyperscaler engagements, which may impact gross margin economics in FY27 [25][43] Management's Comments on Operating Environment and Future Outlook - The management anticipates increased commodity pricing and excess demand will pressure global supply chains, but the company is well-prepared with a resilient supply chain and strong business continuity plans [15] - The outlook for Q4 anticipates revenue in the range of $1.02-$1.04 billion, representing approximately a 17.1% year-over-year increase at the midpoint [23] - The company expects operating profit for FY26 to be in the range of $629-$639 million, reflecting a 13.3% year-over-year increase at the midpoint [24] Other Important Information - The company recognized in the Gartner Magic Quadrants for enterprise storage platforms and infrastructure platform consumption services, highlighting its competitive advantages [11] - The management announced the appointment of Pat Finn as the new Chief Revenue Officer, emphasizing the importance of leadership in scaling sales and go-to-market strategies [16] Q&A Session Summary Question: Impact of memory price inflation on margins - Management explained that commodity pricing affects overall market pricing more than gross margins, suggesting that higher prices could lead to increased revenue growth [27][28] Question: Inventory increase and strategic purchases - The increase in inventory was attributed to tariff mitigation purchases and strategic positions in key components to avoid supply chain disruptions [30][31] Question: Product gross margin sustainability - Management indicated that a mix shift to higher-end products and increased Portworx license sales contributed to strong product gross margins, which they expect to maintain [32][33] Question: Engagements with hyperscalers - The company is actively engaged with top hyperscalers, conducting multiple proofs of concept and exploring new revenue models to enhance growth [39] Question: NeoCloud opportunity and product offerings - Management clarified the distinction between hyperscale and AI market opportunities, emphasizing the growth potential in specialized products for AI environments [52]

Core Insights - Pure Storage Inc. reported third-quarter earnings of 58 cents per share, meeting consensus estimates [2] - Quarterly revenue reached $964.45 million, surpassing analyst expectations of $956.14 million [2] - The company raised its fiscal 2026 revenue guidance to between $3.63 billion and $3.64 billion, slightly above the previous estimate of $3.62 billion [4] Financial Performance - Subscription services revenue was $429.7 million, reflecting a 14% year-over-year increase [6] - Subscription annual recurring revenue (ARR) reached $1.8 billion, up 17% year-over-year [6] - Remaining performance obligations (RPO) totaled $2.9 billion, marking a 24% year-over-year growth [6] Management Commentary - CEO Charles Giancarlo emphasized the company's strong performance as global customers increasingly choose Pure Storage for data management solutions [3] - Giancarlo highlighted the importance of data accessibility in the AI era, noting that Pure's Enterprise Data Cloud enables enterprises to leverage AI, automation, and analytics [4] Stock Performance - Following the earnings report, Pure Storage's stock fell 8.52% to $86.65 in extended trading [4]

Financial Performance - Pure Storage sees fourth quarter revenue of $102 billion to $104 billion, slightly ahead of estimates [1] - Subscription business accounts for approximately 46% of total revenue and continues to grow annually [3] - Storage as a service business grew 25% year-over-year, outpacing overall company growth [3] Market Trends and Opportunities - Hyperscale business is performing well and expected to expand to other hyperscalers [6] - Strong demand in the hyperscale market presents a new opportunity for penetration [7] - Overall demand is increasing in both subscription and product sectors, driven largely by the AI opportunity [13] Technological Advantages and Competitive Landscape - Pure Storage's direct flash technology offers performance advantages and significantly reduces power, space, and cooling requirements compared to hard disks (approximately one-tenth) [8] - In hyperscale environments, Pure Storage faces competition primarily from SSDs and hard disk drives [7] - Pure Storage technology can reduce storage power consumption in data centers from 25% to less than 5%, freeing up 20% for other uses like AI [10] Supply Chain and Macro Concerns - The entire industry faces supply chain constraints due to high demand, largely driven by the AI opportunity [13] - Hyperscalers are already experiencing power constraints, incentivizing them to upgrade data centers and replace existing storage with more efficient solutions [9][10][11]

Core Insights - Pure Storage reported earnings per share (EPS) in line with expectations and revenue that exceeded estimates, projecting fourth-quarter revenue between $1.02 billion and $1.04 billion, slightly ahead of forecasts [1] Financial Performance - The subscription business grew 25% year-over-year, now accounting for approximately 46% of total revenue, indicating strong growth in this segment [3][4] - Overall, the company experienced good growth across its product, subscription, and software businesses, particularly in the hyperscale environment [4] Market Trends - The hyperscale business is performing well, with expectations for continued expansion into other hyperscalers, driven by booming demand in this market [6][7] - Flash storage technology offers significant advantages, including lower power consumption and space requirements compared to traditional hard disk drives, which is crucial for power-constrained hyperscale companies [8][10] Industry Dynamics - The demand for storage solutions is increasing, particularly due to the AI opportunity, although supply chain constraints are affecting the entire industry [13] - As data centers undergo upgrades every 5 to 7 years, there is a significant opportunity for replacing older storage technologies with more efficient solutions [11][12]

Q3 Fiscal 2026 Financial Results December 2, 2025 Forward Looking Statements and Non-GAAP Information This presentation contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our future period financial and business results, our opportunity relating to hyperscale and AI environments, our ability to meet hyperscalers' performance, price and other requirements, our ability to expand with our current hyperscale customer and to lan ...

Exhibit 99.1 Pure Storage Announces Third Quarter Fiscal 2026 Financial Results Q3 total revenue growth of 16% year-over-year Increases full-year revenue and operating profit guidance SANTA CLARA, Calif. — December 2, 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 third quarter fiscal year 2026 ended November 2, 2025. "Pure Storage delivered another strong quarter as global customers i ...

Core Insights - Nutanix is positioned as a leading cloud software company, offering a unified cloud platform that integrates compute, storage, virtualization, and networking, catering to various data management needs across on-premises, public clouds, and edge locations [2][4] - The global cloud infrastructure market was valued at over $262.7 billion last year, with projections indicating it could reach $837.97 billion by 2034, reflecting a compound annual growth rate (CAGR) above 12% [4] - Nutanix reported a revenue of $670.58 million in fiscal 1Q26, marking a 13.5% increase year-over-year, although it fell short of forecasts by $6 million [7] - The company has over 29,000 customers, including major corporations like Home Depot and Intel, highlighting its strong market presence [6] Company Overview - Nutanix's platform simplifies operations, enhances performance, and maintains control, which are essential for enterprises of all sizes [1] - The company leverages HyperConverged Infrastructure (HCI) technology, providing flexibility, scalability, and resilience, making it suitable for all applications [2] - The shift towards hybrid and multi-cloud architectures is driving demand for next-generation infrastructure providers, which Nutanix is well-positioned to meet [5] Financial Performance - Nutanix's non-GAAP EPS for the last reported quarter was $0.41, aligning with expectations [7] - Analyst Param Singh from Oppenheimer maintains a bullish outlook on Nutanix, citing its potential to benefit from the industry's shift towards HCI and the opportunity to displace VMware [8] - The current share price of Nutanix is $47.8, with an average target price of $71.17, indicating a potential one-year gain of 32% [8] Market Trends - Enterprises are undergoing significant infrastructure overhauls, rethinking data storage and management strategies, which is reshaping IT budgets [5] - The increasing importance of secure and flexible data storage solutions is driven by the rapid expansion of AI technologies [12] - The demand for unstructured data storage for AI applications is expected to grow, benefiting companies like Nutanix and Pure Storage [15]