📊 An insightful exploration of Pure Storage's revenue growth and gross margin stability from 2019 through 2026, highlighting robust subscription expansion and product mix impacts. 🚀
Generated by Dafinchi AI. Source-grounded AI analysis, not investment advice.
What has been the revenue trends and gross margin trends over the years.
| Fiscal Year / Quarter | Revenue (approx.) | Revenue Growth | Total Gross Margin | Product Gross Margin | Subscription Gross Margin | Key Commentary |
|---|---|---|---|---|---|---|
| 2026 Q2 (Guidance) | $3.6B-$3.63B (FY) | 14% YoY (midpt) | 72.1% (Q2) | 68% (Q2) | 76.5% (Q2) | Product and subscription revenue both growing; subscription margin higher than product; product margin improved 4 pts YoY. |
| 2026 Q1 | Not specified | 12% YoY (Q1) | 70.9% (Q1) | 64% (Q1) | 77.2% (Q1) | Product margin expected to settle in mid-60s for year; subscription >50% of revenue. |
| 2025 Q4 (FY) | $3.2B (FY) | 12% YoY (FY) | 71.8% (FY) | 62.9% (Q4) | 77.2% (Q4) | Product margin impacted by E family sales; subscription margin robust. |
| 2025 Q3 | $831M (Q3) | 9% YoY (Q3) | 71.9% (Q3) | 67.4% (Q3) | 77.4% (Q3) | Product margin declined modestly due to mix shift to cost-sensitive E family. |
| 2025 Q2 | $764M (Q2) | 11% YoY (Q2) | 72.8% (Q2) | 69.5% (Q2) | 76.4% (Q2) | Product margin in high-60s; expected modest decline in 2H due to E family growth. |
| 2025 Q1 | $489M (US Q1) | Not specified | 73.9% (Q1) | 72.8% (Q1) | 74.9% (Q1) | Strong start to year; product margin high due to mix and pricing. |
| 2024 Q4 (FY) | $2.82B (FY) | 2.5% YoY (FY) | 73.2% (FY) | 73.4% (Q4) | 74.1% (Q4) | Subscription revenue and ARR strong; product margin high. |
| 2024 Q3 | $689M (Q2) | 6.5% YoY (Q2) | 74% (Q3) | 73.1% (Q3) | 75.4% (Q3) | Product and subscription margins strong; flash pricing favorable. |
| 2024 Q2 | $495M (US Q2) | Not specified | 72.8% (Q2) | 71.5% (Q2) | 74.5% (Q2) | Product margin strong; subscription revenue 42% of total. |
| 2024 Q1 | $589M (Q1) | ~5% YoY (adj.) | 72.2% (Q1) | 70.8% (Q1) | 73.7% (Q1) | Subscription revenue 48% of total; gross margins stable. |
| 2023 Q4 (FY) | $2.8B (FY) | 26% YoY (FY) | 71% (Q4) | Not specified | 74% (Q4) | Product and subscription margins strong; subscription revenue 1/3 of total. |
| 2023 Q3 | $676M (Q3) | 20% YoY (Q3) | 70.9% (Q3) | 70.1% (Q3) | 72.3% (Q3) | Product margin up YoY; subscription margin stable. |
| 2023 Q2 | $647M (Q2) | 30% YoY (Q2) | 70.4% (Q2) | 69% (Q2) | ~73% (Q2) | Product and subscription margins strong. |
| 2023 Q1 | Not specified | Not specified | 70.6% (Q1) | 70% (Q1) | 71.5% (Q1) | Margins at high end of range. |
| 2022 Q4 (FY) | $2.2B (FY) | 29% YoY (FY) | 69% (Q4) | 67% (Q4) | 73% (Q4) | Product margin slightly impacted by supply chain costs. |
| 2022 Q3 | Not specified | Not specified | 68.5% (Q3) | 66.7% (Q3) | 72.1% (Q3) | Product margin impacted by hyperscaler deal and supply chain costs. |
| 2022 Q2 | Not specified | Not specified | 70.5% (Q2) | 70.2% (Q2) | 71.1% (Q2) | Margins improved sequentially. |
| 2022 Q1 | $413M (Q1) | 12% YoY (Q1) | 70.5% (Q1) | 70.2% (Q1) | 71.1% (Q1) | Margins at high end of range. |
| 2021 Q4 (FY) | Not specified | Not specified | 69.4% (Q4) | 69.1% (Q4) | 70.2% (Q4) | Product margin down YoY due to prior year NAND pricing. |
| 2021 Q3 | $410.6M (Q3) | -4.2% YoY (Q3) | 69.1% (Q3) | Not specified | Not specified | Product margin down YoY; subscription margin up. |
| 2021 Q2 | Not specified | Not specified | 69.8% (Q2) | 70.1% (Q2) | 69.2% (Q2) | Margins stable. |
| 2021 Q1 | Not specified | Not specified | 71.9% (Q1) | 73.3% (Q1) | 68.9% (Q1) | Margins up YoY. |
| 2020 Q4 (FY) | Not specified | Not specified | Not specified | Not specified | Not specified | Not enough data. |
| 2019 Q4 (FY) | Not specified | Not specified | 67.6% (Q4) | 67.8% (Q4) | 66.8% (Q4) | Margins at high end of range. |
| 2019 Q3 | Not specified | Not specified | 68.1% (Q3) | 68.1% (Q3) | 68.1% (Q3) | Margins stable. |
| 2019 Q2 | Not specified | Not specified | Not specified | 67.9% (Q2) | 68.4% (Q2) | Highest gross margin in company history. |
| 2019 Q1 | Not specified | Not specified | 66.3% (Q1) | 66.3% (Q1) | 66.3% (Q1) | Margins stable. |
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