Total revenue growth of 38% year-over-year
Product revenue growth of 54% year-over-year
Significantly increased FY27 revenue and operating profit guidance
SANTA CLARA, Calif., Aug. 26, 2026 /PRNewswire/ -- Everpure (NYSE: P), the company revolutionizing storage and data management, today announced financial results for its second quarter fiscal year 2027 ended August 2, 2026.
"Q2 marks eight straight quarters of accelerating revenue growth for Everpure, and confirmed our position as the most innovative and vital company in our industry," said Charles Giancarlo, Chairman and CEO of Everpure. "Our expansion into Data Intelligence, and our increasing momentum in AI and hyperscale products, ensures we are well-positioned to capture enduring long-term growth."
Second Quarter Financial Highlights
- Revenue $1.2 billion, up 38% year-over-year
- Product revenue $687 million, up 54% year-over-year
- Subscription services revenue $499 million, up 20% year-over-year
- Subscription annual recurring revenue (ARR) $2.1 billion, up 20% year-over-year
- Remaining performance obligations (RPO) $4.1 billion, up 44% year-over-year
- GAAP gross margin 68.4%; non-GAAP gross margin 69.9%
- GAAP operating income $63 million; non-GAAP operating income $230 million
- GAAP operating margin 5.3%; non-GAAP operating margin 19.4%
- Operating cash flow $(136) million; free cash flow $(238) million
- Total cash, cash equivalents, and marketable securities $1.0 billion
- Returned approximately $69 million to stockholders through share repurchases of 0.9 million shares.
"Q2 was another outstanding quarter for Everpure, where we delivered record revenue and operating profit, exceeding the high-end of our guidance," said Everpure CFO Tarek Robbiati. "Demand remains strong across our solutions portfolio despite historic industry price increases in the first half of FY'27. We are raising guidance significantly for the second half of the year to reflect our confidence in continued revenue momentum."
Second Quarter Company Highlights
Second Top-Five Hyperscale Win
- Announced on August 10 a landmark design win with a second top-five hyperscaler, leveraging Everpure's advanced DirectFlash® architecture to drastically lower operational costs and reclaim vital power and rack space for hyperscale workloads.
Advancing Enterprise Data & AI Infrastructure
- Unveiled the Data Primacy architecture at //Accelerate 2026, Everpure Data Intelligence for automated data discovery and governance.
- Announced general availability of Everpure Data Stream to automate data pipelines from ingestion to inference and accelerate data preparation.
- Evolved Pure1 AI Copilot from a conversational assistant into an active operator that analyzes performance anomalies, provides step-by-step root-cause analysis, and guides teams to resolution.
Expanding Hybrid Cloud & Virtualization
- Introduced Portworx for Edge on Red Hat OpenShift and expanded Portworx by Everpure to bring native Kubernetes data management, including storage, data protection, and disaster recovery, directly into the Red Hat OpenShift console.
- Announced general availability of Everpure Cloud Azure Native for Azure Virtual Machines, extending the fully managed enterprise block storage service across public cloud environments.
Driving Strategic Ecosystem Partnerships
Industry Recognition & Impact
Third Quarter and FY27 Guidance
Q3FY27
Revenue
$1.325B to $1.335B
Revenue YoY Growth Rate 37% to 38%
Non-GAAP Operating Income
$265M to $275M
Non-GAAP Operating Income YoY Growth Rate 35% to 40%
FY27
Prior Guidance New Guidance
Revenue
$4.41B to $4.51B
$5.03B to $5.07B
Revenue YoY Growth Rate 20% to 23% 37% to 38%
Non-GAAP Operating Income
$820M to $860M
$940M to $960M
Non-GAAP Operating Income YoY Growth Rate 29% to 36% 48% to 51%
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. Everpure has not reconciled its guidance for non-GAAP operating income and related year-over-year growth rate to their most directly comparable GAAP measures because certain items that impact these measures are not within Everpure'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.
Conference Call Information
Everpure will host a teleconference to discuss the second quarter fiscal 2027 results at 2:00 pm PT today, August 26, 2026. A live audio broadcast of the conference call will be available on the Everpure Investor Relations website. Everpure 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 Everpure Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.
Additionally, Everpure is scheduled to participate at the following investor conferences:
Save the Date: Everpure Financial Analyst Meeting
Please save the date for Everpure's Financial Analyst Meeting on Wednesday, September 23, 2026. Members of the executive leadership team will provide an update on the company's long-term strategy, path to growth, and long-term financial framework.
A live webcast and presentation materials will be available on the company's Investor Relations website. Additional event details, including registration information, will be provided closer to the event.
About Everpure
Everpure (NYSE: P) allows organizations to take control of their data with an industry-leading, ever-evolving storage and data management platform. We help companies unleash the power of their data by ensuring it is secure, accessible, intelligent, and ready to perform in the AI era. We make data management effortless while simultaneously scaling performance and significantly reducing energy consumption. With one of the highest Net Promoter Scores for over a decade, Everpure is the choice of the world's most innovative organizations. For more information, visit www.everpuredata.com.
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Everpure, the Everpure P Logo, Portworx, Pure Storage and the marks in the Everpure Trademark List are trademarks or registered trademarks of Everpure, Inc. or its licensed subsidiaries in the U.S. and/or other countries. The Trademark List can be found at Everpuredata.com/trademarks. Other names may be trademarks of their respective owners.
Investors and others should note that we announce material business and financial information through our investor relations website at www.investors.everpuredata.com, SEC filings, public conference calls and webcasts, and press releases, including earnings press releases. We also announce business and financial information through our newsroom website (https://www.everpuredata.com/company/newsroom.html), blog (http://blog.everpuredata.com), LinkedIn (linkedin.com/company/everpure-data), X (x.com/EverpureData), Facebook (@purestorage), Instagram (@purestorage) and YouTube (@everpure-data). It is possible that the information we post on these channels could be deemed to be material information. Therefore, we encourage investors to follow these channels, in addition to our SEC filings, public conference calls and webcasts, and press releases.
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 future period financial and business results, our ability to manage potential disruptions to our supply chain, our ability to procure a sufficient supply of flash and other components, the impact of recent increases in component costs, the anticipated effects of our recent acquisition of 1touch, 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 customers and land new hyperscale customers, 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 and large enterprises, the timing and amount of hyperscale customer revenue, demand for our products and subscription services, including Evergreen//One, our sales pipeline, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically ongoing development and customer adoption of new products and the Enterprise Data Cloud architecture (including Pure Fusion™), priorities around sustainability and energy saving benefits to our customers of using our products, our ability to expand market share, the impact of inflation, currency fluctuations, tariffs, or other adverse economic conditions, our expectations regarding our product and technology differentiation, new investments and partnerships, 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.everpuredata.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 1, 2026. All information provided in this release and in the attachments is as of August 26, 2026, and Everpure undertakes no duty to update this information unless required by law.
Key Performance Metrics
Subscription ARR is a key business metric that refers to the annualized recurring contract value of all active, non-cancelable customer subscription agreements with subscription terms of any length at the end of the quarter, plus on-demand billings for the quarter multiplied by four.
Total Contract Value (TCV) Sales, or bookings, of Everpure's Evergreen//One and similar consumption- and subscription-based offerings is an operating metric, representing the value of orders received during the period.
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Everpure 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, non-GAAP net income 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, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, amortization of acquired intangible assets and gains from mark-to-market adjustments on strategic investments that may not be indicative of our ongoing core business operating results. Everpure 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 (used in) operating activities to free cash flow," included at the end of this release.
EVERPURE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
At the End of
Second Quarter of Fiscal 2026
Fiscal 2027
Assets
Current assets:
Cash and cash equivalents $385,694 $854,873
Marketable securities 622,197 692,446
Accounts receivable, net of allowance of $204 and $203 1,027,665 944,844
Inventory 106,300 75,935
Deferred commissions, current 150,472 139,379
Prepaid expenses and other current assets 1,025,645 356,015
Total current assets 3,317,973 3,063,492
Property and equipment, net 687,950 587,022
Operating lease right-of-use-assets 196,341 185,975
Deferred commissions, non-current 296,422 280,190
Intangible assets, net 23,338 7,346
Goodwill 466,313 365,075
Restricted cash 8,214 7,687
Other assets, non-current 223,858 177,472
Total assets $5,220,409 $4,674,259
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $329,848 $153,312
Accrued compensation and benefits 300,060 347,205
Accrued expenses and other liabilities 192,577 184,338
Operating lease liabilities, current 50,273 44,080
Deferred revenue, current 1,323,750 1,181,055
Total current liabilities 2,196,508 1,909,990
Operating lease liabilities, non-current 175,034 172,063
Deferred revenue, non-current 1,197,521 1,046,442
Other liabilities, non-current 110,508 100,096
Total liabilities 3,679,571 3,228,591
Stockholders' equity:
Common stock and additional paid-in capital 2,627,994 2,624,790
Accumulated other comprehensive income (loss) (4,552) 1,709
Accumulated deficit (1,082,604) (1,180,831)
Total stockholders' equity 1,540,838 1,445,668
Total liabilities and stockholders' equity $5,220,409 $4,674,259
EVERPURE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
Second Quarter of First Two Quarters of
Fiscal Fiscal
2027 2026 2027 2026
Revenue:
Product $686,773 $446,303 $1,263,317 $818,447
Subscription services 499,125 414,699 975,477 821,040
Total revenue 1,185,898 861,002 2,238,794 1,639,487
Cost of revenue:
Product (1) 238,223 150,296 442,767 291,346
Subscription services (1) 136,287 106,370 261,307 207,652
Total cost of revenue 374,510 256,666 704,074 498,998
Gross profit 811,388 604,336 1,534,720 1,140,489
Operating expenses:
Research and development (1) 293,749 242,026 552,841 463,766
Sales and marketing (1) 346,077 285,890 693,933 564,402
General and administrative (1) 108,407 71,549 204,852 138,621
Total operating expenses 748,233 599,465 1,451,626 1,166,789
Income (loss) from operations 63,155 4,871 83,094 (26,300)
Other income (expense), net 9,006 45,700 22,937 77,355
Income before provision (benefit) for income taxes 72,161 50,571 106,031 51,055
Income tax provision (benefit) (1,988) 3,453 7,804 17,932
Net income $74,149 $47,118 $98,227 $33,123
Net income per share attributable to common stockholders, basic $0.22 $0.14 $0.30 $0.10
Net income per share attributable to common stockholders, diluted $0.21 $0.14 $0.28 $0.10
Weighted-average shares used in computing net income per share 332,942 327,594 332,047 327,066
attributable to common stockholders, basic
Weighted-average shares used in computing net income per share 345,587 337,734 344,811 337,306
attributable to common stockholders, diluted
(1) Includes stock-based compensation expense as follows:
Cost of revenue -- product $5,336 $4,149 $9,468 $7,415
Cost of revenue -- subscription services 10,287 8,559 18,442 15,721
Research and development 80,010 60,354 140,341 109,596
Sales and marketing 33,461 26,527 62,624 48,611
General and administrative 30,721 17,804 51,004 32,325
Total stock-based compensation expense $159,815 $117,393 $281,879 $213,668
EVERPURE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Second Quarter of Fiscal First Two Quarters of
Fiscal
2027 2026 2027 2026
Cash flows from operating activities
Net income $74,149 $47,118 $98,227 $33,123
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization 41,579 35,927 81,777 69,697
Stock-based compensation expense 159,815 117,393 281,879 213,668
Unrealized gain on strategic investment - (27,966) (30,401)
Other (32) 3,887 4,349 7,027
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable, net (137,350) (119,161) (79,318) 150,381
Inventory (33,795) (14,937) (36,563) (12,268)
Deferred commissions (14,645) (7,738) (27,325) (11,395)
Prepaid expenses and other assets (577,229) (13,961) (694,305) (33,401)
Operating lease right-of-use assets 11,007 11,561 21,581 19,958
Accounts payable 140,337 23,845 156,591 (3,146)
Accrued compensation and other liabilities 68,528 84,945 (33,541) 602
Operating lease liabilities (11,999) (12,275) (22,683) (23,513)
Deferred revenue 143,287 83,519 293,147 115,761
Net cash provided by (used in) operating activities (136,348) 212,157 43,816 496,093
Cash flows from investing activities
Purchases of property and equipment (1) (101,254) (62,027) (169,668) (134,373)
Purchase of strategic investment (1,000) (1,000)
Acquisition (125,308) (125,308)
Purchases of marketable securities and other (154,538) (141,232) (267,490) (256,128)
Sales of marketable securities 124,321 252,780 193,481 270,987
Maturities of marketable securities 72,736 80,254 139,448 137,507
Net cash provided by (used in) investing activities (185,043) 129,775 (230,537) 17,993
Cash flows from financing activities
Proceeds from exercise of stock options 8,523 8,099 15,169 13,458
Proceeds from issuance of common stock under employee stock purchase plan - 30,001 27,240
Payments of financing costs for revolving credit facility - (2,080) (2,080)
Principal payments on borrowings and finance lease obligations - (100,000) (612) (101,125)
Tax withholding on vesting of equity awards (70,376) (56,161) (173,296) (117,461)
Repurchases of common stock (68,981) (42,242) (153,084) (162,178)
Net cash used in financing activities (130,834) (192,384) (281,822) (342,146)
Net increase (decrease) in cash, cash equivalents and restricted cash (452,225) 149,548 (468,543) 171,940
Cash, cash equivalents and restricted cash, beginning of period 848,661 760,142 864,979 737,750
Cash, cash equivalents and restricted cash, end of period $396,436 $909,690 $396,436 $909,690
(1) Includes capitalized internal-use software costs of $12.5 million and $8.7 million for the second quarter of fiscal 2027 and 2026 and $22.8 million and $15.6 million for the first two quarters of fiscal 2027 and 2026.
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):
Second Quarter of Fiscal 2027
Second Quarter of Fiscal 2026
GAAP GAAP Adjustment Non- Non- GAAP GAAP Adjustment Non- Non-
results gross GAAP GAAP results gross GAAP GAAP
margin (a) results gross margin (a) results gross
margin (b) margin (b)
$5,336 (c) $4,149 (c)
188 (d) 127 (d)
246 (e) 3,306 (e)
Gross profit -- $448,550 65.3 % $5,770 $454,320 66.2 % $296,007 66.3 % $7,582 $303,589 68.0 %
product
$10,287 (c) $8,559 (c)
517 (d) 466 (d)
435 (e)
Gross profit -- $362,838 72.7 % $11,239 $374,077 74.9 % $308,329 74.4 % $9,025 $317,354 76.5 %
subscription
services
$15,623 (c) $12,708 (c)
705 (d) 593 (d)
681 (e) 3,306 (e)
Total gross $811,388 68.4 % $17,009 $828,397 69.9 % $604,336 70.2 % $16,607 $620,943 72.1 %
profit
(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 amortization expense of acquired intangible assets.
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Second Quarter of Fiscal 2027
Second Quarter of Fiscal 2026
GAAP GAAP Adjustment Non- Non- GAAP GAAP Adjustment Non- Non-
results operating GAAP GAAP results operating GAAP GAAP
margin (a) results operating margin (a) results operating
margin (b) margin (b)
$159,815 (c) $117,393 (c)
5,400 (d) 4,164 (d)
1,261 (e) 3,536 (e)
Operating $63,155 5.3 % $166,476 $229,631 19.4 % $4,871 0.6 % $125,093 $129,964 15.1 %
income
$159,815 (c) $117,393 (c)
5,400 (d) 4,164 (d)
1,261 (e) 3,536 (e)
105 (f) 230 (f)
(27,966) (g)
Net income $74,149 $166,581 $240,730 $47,118 $97,357 $144,475
Net income per $0.21 $0.70 $0.14 $0.43
share -- diluted
Weighted- 345,587 345,587 337,734 337,734
average
shares used in
per share
calculation --
diluted
(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 amortization expense of debt issuance costs related to our debt.
(g) To eliminate unrealized gain from mark-to-market adjustment on strategic investment.
Reconciliation from net cash provided by (used in) operating activities to free cash flow (in thousands except percentages, unaudited):
Second Quarter of Fiscal
2027 2026
Net cash provided by (used in) operating activities $(136,348) $212,157
Less: purchases of property and equipment (1) (101,254) (62,027)
Free cash flow (non-GAAP) $(237,602) $150,130
(1) Includes capitalized internal-use software costs of $12.5 million and $8.7 million for the second quarter of fiscal 2027 and 2026.
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SOURCE Everpure
Contacts: Sandra Kerrigan - Investor Relations, Everpure, ir@everpuredata.com; Tricia Stream - Global Communications, Everpure, pr@everpuredata.com