Pure Storage(US:PSTG)2025-05-28 20:04Financial Performance - Q1 FY26 total revenue reached $778.5 million, reflecting a 12% year-over-year growth[7] - Subscription services revenue was $406.3 million, up 17% year-over-year, with annual recurring revenue (ARR) at $1.7 billion, an 18% increase[7] - Remaining performance obligations (RPO) totaled $2.7 billion, marking a 17% year-over-year growth[7] - Total revenue for the first quarter of fiscal 2026 was $778.485 million, a 12.3% increase from $693.479 million in the same period of fiscal 2025[29] - Gross profit for the first quarter of fiscal 2026 was $536.153 million, representing a gross margin of 68.9%, compared to $495.706 million and a gross margin of 71.5% in the first quarter of fiscal 2025[32] - Net loss for the first quarter of fiscal 2026 was $13.995 million, an improvement from a net loss of $35.009 million in the first quarter of fiscal 2025[29] - Operating expenses increased to $567.324 million in the first quarter of fiscal 2026, up from $537.480 million in the same quarter of fiscal 2025[29] Cash Flow and Investments - Operating cash flow for the quarter was $283.9 million, with free cash flow at $211.6 million[7] - Cash flows from operating activities generated $283.936 million in the first quarter of fiscal 2026, compared to $221.500 million in the first quarter of fiscal 2025[31] - Net cash provided by operating activities for Q1 2026 was $283,936, compared to $221,500 in Q1 2025, representing a year-over-year increase of approximately 28.2%[38] - Free cash flow (non-GAAP) for Q1 2026 was $211,590, up from $172,682 in Q1 2025, indicating a growth of about 22.5%[38] - The company reported a net cash increase of $22.392 million in cash, cash equivalents, and restricted cash for the first quarter of fiscal 2026, compared to an increase of $198.079 million in the first quarter of fiscal 2025[31] - Purchases of property and equipment increased to $72,346 in Q1 2026 from $48,818 in Q1 2025, reflecting a rise of approximately 48.3%[38] - Capitalized internal-use software costs were $6.9 million in Q1 2026, compared to $4.5 million in Q1 2025, showing an increase of about 53.3%[38] Future Guidance - For Q2 FY26, the revenue guidance is set at $845 million, representing a 10.6% year-over-year growth rate[11] - Full fiscal year 2026 revenue guidance is projected at $3.515 billion, with an 11% year-over-year growth rate[11] Strategic Initiatives - The FlashBlade//EXA platform was introduced, targeting AI and high-performance computing needs[8] - A partnership with Nutanix was announced to enhance virtual workload management on scalable infrastructure[8] Shareholder Returns - The company returned approximately $120 million to stockholders through share repurchases of 2.5 million shares[7] Research and Development - Research and development expenses rose to $221.740 million in the first quarter of fiscal 2026, compared to $193.820 million in the same quarter of fiscal 2025[29] - The company incurred stock-based compensation expenses totaling $96.275 million in the first quarter of fiscal 2026, down from $112.994 million in the first quarter of fiscal 2025[31] Share Count - The company reported a weighted-average share count of 326,539,000 for the first quarter of fiscal 2026, compared to 322,589,000 in the first quarter of fiscal 2025[29]