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Pure Storage Inc. Class A (PSTG+1.18%) has filed its annual report on Form 10-K for the fiscal year ended February 2, 2025 filing.
The company reported total revenue of $3.17 billion for the fiscal year, representing a 12% increase from the previous year. This growth was driven by both product revenue and subscription services revenue.
Product revenue increased by 5% to $1.70 billion, primarily due to sales of FlashBlade//E and FlashArray//E solutions. Subscription services revenue grew by 22% to $1.47 billion, largely attributed to renewals of Evergreen subscription services and increased revenue from the Evergreen//One offering.
Pure Storage's gross margin decreased slightly to 70%, with product gross margin at 66% and subscription services gross margin at 74%. The decline in product gross margin was due to increased sales of lower-margin solutions and higher component costs.
Operating expenses totaled $2.13 billion, with research and development expenses at $804 million, sales and marketing expenses at $1.02 billion, and general and administrative expenses at $286 million.
Net income for the fiscal year was $106.7 million, up from $61.3 million the previous year. The company reported basic and diluted earnings per share of $0.33 and $0.31, respectively.
Pure Storage ended the fiscal year with $1.5 billion in cash, cash equivalents, and marketable securities. The company also had $540.1 million in non-cancelable purchase obligations and $219.2 million in lease commitments.
The company highlighted its strategic focus on expanding all-flash use cases, delivering hybrid cloud architecture, growing subscription services, and expanding its AI portfolio.
Pure Storage's Subscription Annual Recurring Revenue (ARR) grew by 21% year-over-year, reaching $1.66 billion. The company expects to recognize approximately 48% of its remaining performance obligations over the next 12 months.
The company repurchased 6.7 million shares of common stock during the fiscal year at an average price of $55.57 per share, for a total of $373.8 million.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pure Storage Inc. Class A annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.