Here are 1-3 brief analogies to describe Pure Storage:

• The Tesla of enterprise data storage, known for modernizing data centers with all-flash technology.
• Like Dell EMC or NetApp, but exclusively focused on modern, high-performance all-flash enterprise storage.
• The NVIDIA for enterprise data storage, specializing in high-performance flash solutions for demanding applications like AI and cloud.

Major Products of Pure Storage (PSTG)

• FlashArray: All-flash block storage arrays providing high performance and reliability for mission-critical enterprise applications.
• FlashBlade: A unified fast file and object (UFFO) storage platform optimized for unstructured data, artificial intelligence, machine learning, and analytics workloads.
• Portworx by Pure Storage: Software-defined storage and data management solutions designed for Kubernetes and containerized applications.
• Pure Cloud Block Store: *Service*: A cloud-native block storage service that extends Pure Storage's enterprise-grade capabilities to public cloud environments like AWS and Azure.
• Evergreen//Forever™ (as part of Pure Storage as-a-Service): *Service*: A subscription model offering continuous hardware and software upgrades and non-disruptive storage ownership.

Pure Storage (symbol: PSTG) sells primarily to other companies (B2B). It provides all-flash data storage hardware and software solutions to enterprises across a wide range of industries globally.

While Pure Storage serves a broad customer base and does not typically disclose a definitive short list of "major customers" by name that represent a disproportionate amount of its revenue, it publicly highlights many prominent companies as customers in various case studies and reports. Below are examples of well-known public companies that utilize Pure Storage's solutions:

• Workday (Symbol: WDAY)
• Roku (Symbol: ROKU)
• Zoom Video Communications (Symbol: ZM)
• Royal Bank of Canada (Symbol: RY)
• AT&T (Symbol: T)
• Adobe (Symbol: ADBE)

Pure Storage's customer base spans various sectors, including cloud providers, financial services, healthcare, government, media and entertainment, manufacturing, and general enterprise IT.

Charles Giancarlo, Chairman and Chief Executive Officer

Charles Giancarlo has over four decades of experience in the technology industry. Prior to joining Pure Storage, he was a Managing Director of Silver Lake Partners from 2008 to 2013, where he led value creation and co-led the acquisition of Skype from eBay, serving as Executive Chairman during its eventual sale to Microsoft. He also held the role of interim CEO at Avaya. Before Silver Lake, Giancarlo spent 15 years at Cisco Systems, where he was Executive Vice President, CTO, and Chief Development Officer, responsible for all product development and management, driving growth into new markets like Ethernet switching, WiFi, IP Telephony, and TelePresence. He also established a process for consistent new business development within Cisco. He has served on the boards of companies such as Accenture, Netflix, ServiceNow, Avaya, Arista, and Zscaler.

Tarek Robbiati, Chief Financial Officer

Tarek Robbiati joined Pure Storage as Chief Financial Officer, effective June 24, 2025, bringing over 25 years of financial and leadership experience in the global technology sector. His previous roles include CEO of RingCentral, CFO of Hewlett Packard Enterprise (for about five years), where he improved gross margins and transformed the business model, and CFO of Sprint for nearly three years, leading the company's turnaround efforts before its acquisition by T-Mobile. He also held leadership positions at Telstra Corporation, Orange Plc, Atradius, Lehman Brothers, and Andersen Consulting (now Accenture).

Robert Lee, Chief Technology Officer

Robert Lee serves as the Chief Technology Officer at Pure Storage. He joined Pure Storage in 2013 and was part of the founding team for FlashBlade, leading its software architecture and development from concept to launch, a product that has since become a billion-dollar business. Before Pure Storage, he spent 12 years as an Architect at Oracle, focusing on programming language runtimes for the Oracle RDBMS and high-performance distributed transaction processing systems. Lee holds over 200 patents in distributed systems, language runtimes, and storage systems. He earned his Bachelor of Science and Master of Engineering degrees in electrical engineering and computer science from the Massachusetts Institute of Technology.

John Colgrove, Founder, Chief Visionary Officer & Director

John Colgrove is a Founder, Chief Visionary Officer, and Director at Pure Storage, which he co-founded in October 2009. He has been instrumental in shaping the company's strategic vision and driving innovation, including pioneering advancements in data storage technology. Before Pure Storage, he held significant roles at companies such as Symantec Software, Veritas Software, and AT&T.

Shawn Hansen, Vice President and General Manager, FlashArray

Shawn Hansen is the Vice President and General Manager of FlashArray at Pure Storage, responsible for business operations, product strategy, quality, delivery, and expanding market leadership for the company's flagship product. Prior to Pure Storage, Hansen spent over 10 years building high-growth startups, including serving as COO at Rescale, an HPC cloud leader, and CMO at Heap, a SaaS analytics company. He also spent over 10 years in enterprise infrastructure at Microsoft, where he helped create and build the Azure Synapse data warehouse service, and at Cisco Systems following its acquisition of Topspin.

Here are the key risks to Pure Storage's business:

1. Intense Competition and Evolving Market Dynamics: Pure Storage operates in a highly competitive data storage market, facing significant challenges from established companies such as Dell EMC, HP Enterprise, and IBM, which possess greater resources, brand recognition, and extensive distribution networks. Emerging storage providers also contribute to the competitive landscape. The broader data storage market itself has not seen substantial growth recently, affected by technological shifts, improved storage efficiency, and aggressive pricing strategies. Furthermore, there is a notable trend of customers reallocating spending towards public cloud and software-as-a-service (SaaS) solutions, which could adversely impact Pure Storage's growth if it doesn't effectively adapt its product offerings and sales strategies to meet these changing demands.
2. Pressure on Operating Margins and Rising Operating Expenses: Despite experiencing revenue growth, Pure Storage has seen an increase in its operating expenses, particularly in research and development (R&D) and sales and marketing. These rising costs, especially those associated with hyperscaler and AI workloads, pose a risk by potentially outpacing revenue growth, leading to declining operating margins and a reduction in quarterly earnings per share. The company's plans for substantial incremental investments in R&D and sales and marketing in fiscal year 2027 further raise concerns about its ability to expand margins.
3. Impact of Subscription Model on Revenue Recognition: Pure Storage's strategic shift towards subscription and consumption-based offerings, such as Evergreen and Pure as-a-Service, generates recurring revenue but can negatively affect near-term quarter-over-quarter and year-over-year product and total revenue growth rate comparisons. This is because revenue from these models is recognized over the term of the contract rather than upfront, as is typical with traditional capital expenditure (CapEx) sales. Fluctuations in the adoption rate of these subscription services can therefore impact reported revenue growth.

The accelerated shift of enterprise workloads to public cloud platforms and increasing reliance on native cloud storage services offered by hyperscalers (e.g., AWS, Microsoft Azure, Google Cloud Platform).

Pure Storage (PSTG) operates within several significant addressable markets:

• The total addressable market for Pure Storage, encompassing hardware and software opportunities in enterprise storage, is estimated to be over $50 billion globally.
• The storage management software market, a segment where Pure Storage's Purity operating environment competes, is estimated to be valued at approximately $20 billion globally and is projected to grow at an 8.6% Compound Annual Growth Rate (CAGR) until 2027.
• For the AI storage market, which includes solutions for machine learning and training environments, the market is projected to reach between $66.5 billion and $118.38 billion globally by 2030, with a CAGR of 24.5-25.9%. The broader AI infrastructure market is valued at $375 billion in 2025 globally.
• Specifically, the market for storage used in large language type models and training models is currently less than $1 billion annually globally.

1. Expansion of Subscription Services: Pure Storage's pivot to a subscription-based model, including offerings like Evergreen//One, Portworx, and Pure Fusion, is a significant growth driver. The company has consistently reported strong increases in subscription services revenue (e.g., 15% year-over-year in Q2 FY2026) and Annual Recurring Revenue (ARR), which rose 18% in Q2 FY2026. Remaining Performance Obligations (RPO) have also seen substantial growth (22% year-over-year in Q2 FY2026), indicating future contracted revenue. Subscription services now account for over 50% of Pure Storage's total revenue, with TCV sales for storage-as-a-service solutions jumping 70% in Q1 FY2026.
2. Growth in Hyperscaler and Large Enterprise Engagements, Driven by AI Demand: Pure Storage has secured a significant design win with a top-four hyperscaler (identified as Meta Platforms), with expectations for large-scale production deployments in calendar 2026 (fiscal 2027) representing a substantial long-term upside. The increasing demand for high-performance, scalable storage solutions, particularly fueled by the explosion of artificial intelligence (AI) and cloud services, is positioning Pure Storage to capture a larger market share. The company continues to expand its customer base, adding hundreds of new customers quarterly and serving a significant portion of Fortune 500 companies.
3. Continued Innovation and Adoption of Core Product Lines: Strong demand for Pure Storage's core product offerings, such as the E family solutions and FlashArray C solutions, is enabling customers to migrate their cost-sensitive workloads to all-flash storage. The FlashBlade product line, including FlashBlade//E, has also experienced record sales and strong momentum, contributing to overall product revenue growth. The company consistently introduces product advancements, such as the FlashBlade//EXA platform and updates to its Purity operating environment, which enhance performance and address critical customer needs like cyber resilience.
4. Market Share Expansion in the All-Flash Array (AFA) Market: Pure Storage is actively taking market share from competitors by displacing traditional hybrid disk drive arrays with its all-flash technology. Analysts highlight Pure Storage's architectural software-driven differentiation as a key factor in its ability to gain market share in the all-flash segment. This aggressive pursuit of new customers, coupled with the superior economics and performance of its all-flash solutions, is a consistent driver of revenue growth.

Share Repurchases

• Pure Storage authorized incremental share repurchases of up to an additional $250 million under its stock repurchase program in February 2025 (fiscal year 2025) and an additional $250 million in February 2024 (fiscal year 2024), with $145 million remaining under the existing program authorization at that time.
• The company returned approximately $374 million to stockholders through share repurchases in fiscal year 2025 and $135.7 million in fiscal year 2024.
• Pure Storage completed a $390 million share buyback in August 2025.

Share Issuance

• Stock-based compensation, which contributes to share issuance, amounted to $421 million for fiscal year 2025, $331 million for fiscal year 2024, and $328 million for fiscal year 2023.
• Proceeds from the issuance of common stock under employee stock purchase plans were $25.3 million in 2023 and $21.2 million in 2022.
• As of March 19, 2025, the company had 326,022,514 shares of Class A common stock outstanding, an increase from 324,910,308 shares outstanding as of March 26, 2024.

Outbound Investments

• Pure Storage acquired Portworx for approximately $370 million in cash in September 2020.
• In November 2024, Pure Storage made a strategic investment in CoreWeave to accelerate AI cloud services innovation, alongside a strategic technology partnership.

Capital Expenditures

• Capital expenditures were $227 million for fiscal year 2025, $195 million for fiscal year 2024, and $158 million for fiscal year 2023.
• The company's focus includes delivering its data storage platform to enable customers to maximize data value and supporting AI initiatives, such as becoming a certified storage solution for NVIDIA DGX SuperPOD by the end of 2024.