10-Q · June 5, 2026
Everpure, Inc. reported a higher total revenue of $1.05 billion for Q1 FY2027, reflecting a significant 35% increase from Q1 FY2026. The company also saw a notable rise in both product and subscription services revenue,…
Earnings analysis · 10-Q
PSTG earnings analysis
Filed September 4, 2026 · Our reading of the company's report
The latest report
The supplied 10-Q extract does not contain the condensed income statement, balance sheet, cash-flow statement, segment disclosures or MD&A financial trends, so revenue, margins, EPS and free cash flow cannot be reported…
Read full summary
The supplied 10-Q extract does not contain the condensed income statement, balance sheet, cash-flow statement, segment disclosures or MD&A financial trends, so revenue, margins, EPS and free cash flow cannot be reported from the filing text provided. Liquidity was $1.0 billion, while the company maintained a $500.0 million revolving facility and continued repurchases under a program authorized up to $1.8 billion. The principal disclosed risks are component-cost volatility and supply concentration, hyperscaler execution, cybersecurity regulation, and market sensitivities of $7.6 million for a 100-basis-point rate increase and $19.0 million for a 10% currency shock.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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$1.0B liquidity balance
Cash, cash equivalents and marketable securities totaled $1.0 billion at the end of the second quarter of fiscal 2027, supporting liquidity.
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Controls remained effective
Management reported that disclosure controls and procedures were effective at the end of the second quarter of fiscal 2027, with no changes in internal control identified that materially affected or were reasonably likely to materially affect financial reporting.
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Second hyperscaler design win
The company secured a second hyperscaler design win in August 2026, expanding its reported hyperscaler opportunity, although the filing states that a design win does not guarantee sales.
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$500M revolving facility
The company has a $500.0 million senior unsecured revolving credit facility available through June 2030 for general corporate purposes and working capital.
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Ongoing share repurchases
The board has authorized up to $1.8 billion under the stock repurchase program; during the quarter, the company purchased 932 thousand shares through the program.
What to watch
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Interest-rate sensitivity
A hypothetical 100-basis-point increase in interest rates would have reduced the fair value of marketable securities by approximately $7.6 million at the end of the second quarter of fiscal 2027.
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Foreign-exchange exposure
A 10% adverse change in foreign-currency exchange rates would have had an approximately $19.0 million adverse impact on income before income taxes at quarter-end.
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Supply-chain and margin pressure
The filing identifies component scarcity, supplier concentration and fixed-price purchase commitments as risks; reduced hyperscaler demand could leave the company obligated to purchase excess components, increasing inventory and potentially causing write-downs. The company also states that component pricing volatility is expected to continue through the remainder of fiscal 2027.
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Hyperscaler execution risk
The company states that it is devoting significant resources to hyperscaler solutions but provides no assurance that these efforts will produce meaningful revenue, operating margin or cash flow. The filing notes that the second hyperscaler design win was secured in August 2026, but a design win does not guarantee sales.
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Cybersecurity regulation
The EU Cyber Resilience Act includes reporting obligations beginning in September 2026 and full compliance required by December 2027; noncompliance could result in fines of up to €15 million or 2.5% of worldwide annual turnover, whichever is higher.
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Credit-facility covenants
The company’s $500.0 million revolving credit facility contains financial and other restrictive covenants, and an uncured event of default could require immediate repayment of outstanding borrowings.
Management's outlook
The provided 10-Q extract does not include quantitative revenue or EPS guidance. The prior outlook was disclosed in the August 26, 2026 earnings release/8-K, not in the supplied 10-Q text.
Earlier filings 4
10-K · March 25, 2026
The 10-K repositions Pure Storage as Everpure, centering strategy on an Everpure Platform and Enterprise Data Cloud (EDC) driven by six growth pillars (all‑flash density, hybrid/cloud services,…
10-Q · September 10, 2025
Pure Storage reported second quarter revenue of $861,002,000 (Q2 FY26), up from $763,771,000 in Q2 FY25, driven by growth in both Product and Subscription services. Gross margin was 70.2% (gross profit $604,336,000)…
10-Q · June 11, 2025
Pure Storage reported a revenue increase to $778,485 (in thousands) in the first quarter of fiscal 2026, driven by subscription services growth, while gross margin compressed and the operating loss narrowed. Operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.