Q1 26 EPS
$0.29
BEAT +16.00%
Est. $0.25
Q1 26 Revenue
$778.5M
BEAT +1.06%
Est. $770.4M
vs S&P Since Q1 26
+9.3%
BEATING MARKET
PSTG +33.6% vs S&P +24.3%
Market Reaction
Did PSTG Beat Earnings? Q1 2026 Results
Pure Storage kicked off fiscal 2026 with a clean beat on both the top and bottom lines, posting Q1 revenue of $778.49 million, up 12.3% year over year and ahead of the $770.35 million consensus estimate, while non-GAAP diluted EPS of $0.29 cleared th… Read more Pure Storage kicked off fiscal 2026 with a clean beat on both the top and bottom lines, posting Q1 revenue of $778.49 million, up 12.3% year over year and ahead of the $770.35 million consensus estimate, while non-GAAP diluted EPS of $0.29 cleared the $0.25 analyst forecast by 17.03%. The primary engine behind the results was accelerating momentum in subscription services, where revenue climbed 17% year over year to $406.34 million and subscription ARR reached $1.70 billion, up 18%, signaling that the company's shift toward recurring, consumption-based revenue is gaining durable traction. Storage as a Service TCV sales surged 70%, underscoring particularly strong demand for flexible delivery models. Free cash flow also impressed, rising to $211.59 million from $172.68 million a year ago. Looking ahead, Pure guided Q2 revenue to $845 million, implying 10.6% growth, and set full-year FY26 revenue guidance at $3.52 billion, with management acknowledging tariffs and macroeconomic uncertainty as risks to the outlook.
Key Takeaways
- • Subscription services revenue growth of 17% year-over-year
- • Storage as a Service offerings TCV sales growth of 70%
- • Subscription ARR growth of 18% year-over-year to $1.7 billion
- • RPO growth of 17% year-over-year to $2.7 billion
PSTG YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
PSTG Revenue by Segment
With YoY comparisons, source: SEC Filings
“Pure continues to demonstrate the superiority of our technology and strategy through our steady growth and the expansion of our products and services.”
— Charles Giancarlo, Q1 2026 Earnings Press Release
PSTG Earnings Trends
PSTG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
PSTG EPS Trend
Earnings per share: estimate vs actual
PSTG Revenue Trend
Quarterly revenue: estimate vs actual
PSTG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 BEAT | $0.40 | $0.47 | +18.87% | $1.05B | +4.85% |
| Q4 26 BEAT FY | $0.64 | $0.69 | +7.81% | $1.06B | +2.58% |
| FY Full Year | $1.94 | — | — | $3.66B | +0.73% |
| Q3 26 BEAT | $0.58 | $0.58 | +0.00% | $964.5M | +0.83% |
| Q2 26 BEAT | $0.39 | $0.43 | +10.26% | $861.0M | +1.72% |
| Q1 26 BEAT | $0.25 | $0.29 | +16.00% | $778.5M | +1.06% |