Pure Storage (NYSE: PSTG) reported financial results for the second quarter of fiscal year 2025, which ended on August 4, 2024. The company achieved a revenue of $763.8 million, marking an 11% year-over-year increase. Pure Storage’s subscription services revenue grew by 25% year-over-year to $361.2 million, while its subscription annual recurring revenue (ARR) reached $1.5 billion, up 24% from the previous year. The company also reported a GAAP operating income of $24.9 million and a non-GAAP operating income of $138.6 million, reflecting a non-GAAP operating margin of 18.1%.
• Second Quarter Financial Highlights:
• Revenue: $763.8 million, up 11% YoY.
• Subscription Services Revenue: $361.2 million, up 25% YoY.
• Subscription ARR: $1.5 billion, up 24% YoY.
• Remaining Performance Obligations (RPO): $2.3 billion, up 24% YoY.
• GAAP Gross Margin: 70.7%; Non-GAAP Gross Margin: 72.8%.
• GAAP Operating Income: $24.9 million; Non-GAAP Operating Income: $138.6 million.
• Operating Cash Flow: $226.6 million; Free Cash Flow: $166.6 million.
• Total Cash, Cash Equivalents, and Marketable Securities: $1.8 billion.
• Platform Innovation:
• Announced Evergreen//One for AI, the first purpose-built AI storage as-a-service.
• Enhanced Pure Fusion for storage automation.
• Introduced a generative AI copilot for storage and new service level agreements (SLAs) in Storage-as-a-Service (STaaS) offerings.
• ESG Leadership:
• Released its third Environmental, Social, and Governance (ESG) report, highlighting Pure Storage’s commitment to sustainability and energy efficiency in data storage solutions.