Pure Storage, Inc. reported a total revenue of $3.17 billion for the fiscal year ending February 2, 2025, marking a 12% increase from $2.83 billion in the previous fiscal year. The company's product revenue rose slightly by 5% to $1.70 billion, while subscription services revenue saw a more significant increase of 22%, reaching $1.47 billion. This growth in subscription services was primarily driven by renewals of the Evergreen subscription services and increased adoption of the Evergreen//One offering. The company also reported a net income of $106.7 million, up from $61.3 million in fiscal 2024, reflecting a net income per share of $0.33, compared to $0.20 in the prior year.
In terms of operational metrics, Pure Storage's customer base expanded to over 13,500 by the end of fiscal 2025, with approximately 62% of Fortune 500 companies utilizing its products. The company experienced a 21% growth in Subscription Annual Recurring Revenue (ARR), reaching $1.66 billion, although this was a slowdown from the 25% growth seen in the previous year. The total remaining performance obligations (RPO) stood at $2.6 billion, indicating a strong future revenue stream, with about 48% expected to be recognized over the next 12 months.
Strategically, Pure Storage has focused on enhancing its product offerings and expanding its market presence. The company announced a significant design win with Meta, which is expected to contribute to its revenue starting in fiscal 2027. Additionally, Pure Storage launched its next-generation Pure Fusion v2, aimed at transforming traditional data storage architectures into a unified, cloud-like experience. The company also continues to invest in its subscription services, including the Evergreen//One offering, which integrates on-premises and public cloud data storage services.
The company’s operational efficiency is reflected in its gross margins, which slightly decreased to 70% from 71% in the previous year, primarily due to increased sales of lower-margin products like FlashBlade//E and FlashArray//E. However, subscription services gross margins improved to 74%, driven by operational efficiencies and lower depreciation expenses. Pure Storage's total headcount increased to nearly 6,000 employees globally, supporting its growth initiatives and product development efforts.
Looking ahead, Pure Storage anticipates continued growth in its subscription services and overall revenue, although it acknowledges potential challenges from macroeconomic conditions and competitive pressures. The company plans to maintain its focus on innovation and expanding its market share, particularly in the rapidly evolving data storage landscape, which includes increasing demand for AI and cloud-native applications.
About Pure Storage, Inc.
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