Delivers double-digit revenue growth and strong profitability in Q4
Full year 2025 revenue surpasses $3 billion, representing growth of 12% year-over-year
SANTA CLARA, Calif., Feb. 26, 2025 /PRNewswire/ — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced financial results for its fiscal fourth quarter and full year 2025 ended February 2, 2025.
“Pure Storage delivered solid fourth quarter and full year results as we fundamentally transform data storage and management for enterprises and hyperscalers,” said Pure Storage CEO and Chairman Charles Giancarlo. “We are enabling customers to modernize legacy storage architectures into enterprise data clouds with Fusion, our most revolutionary advancement this year, which unlocks the full potential of data, while significantly improving operations, data management, and economics for customers.”
Fourth Quarter and Full Year Financial Highlights
Q4 revenue $879.8 million, up 11% year-over-yearFull-year revenue $3.2 billion, up 12% year-over-year
Q4 subscription services revenue $385.1 million, up 17% year-over-yearFull-year subscription services revenue $1.5 billion, up 22% year-over-year
Q4 subscription annual recurring revenue (ARR) $1.7 billion, up 21% year-over-yearRemaining performance obligations (RPO) $2.6 billion, up 14% year-over-year
Q4 GAAP gross margin 67.5%; non-GAAP gross margin 69.2%Full-year GAAP gross margin 69.8%; non-GAAP gross margin 71.8%
Q4 GAAP operating income $42.5 million; non-GAAP operating income $153.1 millionFull-year GAAP operating income $85.3 million; non-GAAP operating income $559.4 million
Q4 GAAP operating margin 4.8%; non-GAAP operating margin 17.4%Full-year GAAP operating margin 2.7%; non-GAAP operating margin 17.7%
Q4 operating cash flow $208.0 million; free cash flow $151.9 millionFull-year operating cash flow $753.1 million; free cash flow $526.4 million
Total cash, cash equivalents, and marketable securities $1.5 billion
Returned approximately $192 million and $374 million in Q4 and FY25, respectively, to stockholders through share repurchases of 3.1 million shares and 6.7 million shares, respectively.
Authorized incremental share repurchases of up to an additional $250 million under its stock repurchase program.
“We achieved a major financial milestone in fiscal year 2025, surpassing $3 billion in total revenue for the first time while delivering strong operating profit,” said Pure Storage CFO Kevan Krysler. “It was a pivotal year marked by industry-leading innovation, setting the stage for sustainable long-term growth.”
Full Year Company Highlights
Continued Hyperscale ProgressAchieved an industry-first design win with a top-four hyperscaler, bringing Pure’s DirectFlash® software into massive-scale environments traditionally dominated by hard disk drives (HDDs).Announced a strategic collaboration with Kioxia and expanded its partnership with Micron Technology, enabling high-capacity, energy-efficient solutions for hyperscale environments.
Market-Leading Platform InnovationReleased Pure Fusion™ v2, unlocking the ability for customers to operate their storage environments as enterprise data clouds, mirroring the benefits and efficiencies of hyperscaler operations.Expanded the Pure//E™ family, which offers customers better economics, superior power and density efficiencies compared to disk and is displacing disk in data centers.Unveiled seamless VMware-to-Azure migration solutions, providing enterprises with greater flexibility in hybrid cloud strategies.Announced major enhancements to the Portworx® platform, which has experienced significant growth as enterprises increasingly adopt cloud-native applications and AI/ML solutions and transition from traditional VMware to modern VMs-on-Container and Kubernetes architectures.
Accelerating Enterprise AI AdoptionAchieved certification of FlashBlade//S500 with NVIDIA DGX SuperPOD, optimizing AI training environments for performance, power efficiency, and scalability; also introduced validated reference architectures for NVIDIA OVX-ready solutions and BasePod certification.Launched the Pure Storage GenAI Pod, a full-stack generative AI solution designed to simplify and accelerate enterprise AI deployments.Partnered with CoreWeave, making its storage a standard option for AI workloads in CoreWeave’s high-performance cloud.
Strengthening Partner Ecosystem & Channel GrowthUnveiled a revamped Reseller Partner Program, designed to improve profitability for partners and give them increased autonomy while accelerating the transition from hard disk to all-flash storage.
Industry Recognition and AccoladesNamed a leader for the eleventh consecutive year in the Gartner® Magic Quadrant™ for Primary Storage Platforms and the fourth consecutive year in the Gartner® Magic Quadrant™ for File and Object Storage Platforms.Achieved a world-class Net Promoter Score (NPS) of 81, representing nine consecutive years of achieving an 80+ NPS while growing from hundreds to 13,000 customers.Recognized in Forbes’ Most Trusted Companies in America 2025 and Fortune’s Best Places to Work in Technology 2024.Recognized by the Science Based Targets Initiative (SBTi) for Pure Storage’s Scope 1 and 2 greenhouse gas (GHG) emissions reduction targets as aligned with a 1.5°C trajectory – the most ambitious designation available.
First Quarter and FY26 Guidance
Q1FY26
Revenue
$770M
Revenue YoY Growth Rate
11 %
Non-GAAP Operating Income
$80M
Non-GAAP Operating Margin
10.4 %
FY26
Revenue
$3.515B
Revenue YoY Growth Rate
11 %
Non-GAAP Operating Income
$595M
Non-GAAP Operating Margin
17.0 %
These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.
Stock Repurchase Authorization
Pure’s audit committee has approved incremental share repurchases of up to an additional $250 million under its stock repurchase program. The authorization allows Pure to repurchase shares of its Class A common stock opportunistically and will be funded from available working capital. Repurchases may be made at management’s discretion from time to time on the open market through privately negotiated transactions, transactions structured through investment banking institutions, block purchase techniques, 10b5-1 trading plans, or a combination of the foregoing. The repurchase program does not have an expiration date, does not obligate Pure to acquire any of its common stock, and may be suspended or discontinued by the company at any time without prior notice.
Conference Call Information
Pure will host a teleconference to discuss the fiscal fourth quarter and full year 2025 results at 2:00 pm PT today, February 26, 2025. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release.
A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.
Additionally, Pure is scheduled to participate at the following investor conferences:
Bernstein Insights: What’s Next in Tech? 3rd Annual TMT Forum
Date: Thursday, February 27, 2025
Time: 3:00 p.m. PT / 6:00 p.m. ET
Chairman and CEO Charles Giancarlo
Chief Financial Officer Kevan Krysler
Susquehanna 14th Annual Tech Conference
Date: Friday, February 28, 2025
Time: 8:20 a.m. PT / 11:20 a.m. ET
Chief Technology Officer Rob Lee
The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com.
—-
About Pure Storage
Pure Storage (NYSE: PSTG) delivers the industry’s most advanced data storage platform to store, manage, and protect the world’s data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It’s easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com.
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Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at purestorage.com/trademarks. Other names may be trademarks of their respective owners.
Forward Looking Statements
This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our opportunity relating to hyperscale and AI environments, our ability to meet hyperscalers’ performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically customer adoption of Pure Fusion™ and priorities around sustainability, the environmental and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new customer acquisition, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.
Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the fiscal year ended February 4, 2024. All information provided in this release and in the attachments is as of February 26, 2025, and Pure undertakes no duty to update this information unless required by law.
Key Performance Metric
Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.
Non-GAAP Financial Measures
To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, amortization of intangible assets acquired from acquisitions, restructuring costs related to severance and termination benefits, and costs associated with the impairment of certain leased facilities that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.
For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.
PURE STORAGE, INC.
Condensed Consolidated Balance Sheets
(in thousands, unaudited)
At the End of Fiscal
2025
2024
Assets
Current assets:
Cash and cash equivalents
$ 723,583
$ 702,536
Marketable securities
798,237
828,557
Accounts receivable, net of allowance of $940 and $1,060
680,862
662,179
Inventory
42,810
42,663
Deferred commissions, current
99,286
88,712
Prepaid expenses and other current assets
222,501
173,407
Total current assets
2,567,279
2,498,054
Property and equipment, net
461,731
352,604
Operating lease right-of-use assets
146,655
129,942
Deferred commissions, non-current
229,334
215,620
Intangible assets, net
19,074
33,012
Goodwill
361,427
361,427
Restricted cash
12,553
9,595
Other assets, non-current
165,889
55,506
Total assets
$ 3,963,942
$ 3,655,760
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$ 112,385
$ 82,757
Accrued compensation and benefits
230,040
250,257
Accrued expenses and other liabilities
156,791
135,755
Operating lease liabilities, current
43,489
44,668
Deferred revenue, current
953,836
852,247
Debt, current
100,000
—
Total current liabilities
1,596,541
1,365,684
Long-term debt
—
100,000
Operating lease liabilities, non-current
137,277
123,201
Deferred revenue, non-current
841,467
742,275
Other liabilities, non-current
82,182
54,506
Total liabilities
2,657,467
2,385,666
Stockholders’ equity:
Common stock and additional paid-in capital
2,674,533
2,749,627
Accumulated other comprehensive income (loss)
954
(3,782)
Accumulated deficit
(1,369,012)
(1,475,751)
Total stockholders’ equity
1,306,475
1,270,094
Total liabilities and stockholders’ equity
$ 3,963,942
$ 3,655,760
PURE STORAGE, INC.
Condensed Consolidated Statements of Operations
(in thousands, except per share data, unaudited)
Fourth Quarter of Fiscal
Fiscal Year Ended
2025
2024
2025
2024
Revenue:
Product
$ 494,780
$ 460,891
$ 1,699,494
$ 1,622,869
Subscription services
385,062
328,914
1,468,670
1,207,752
Total revenue
879,842
789,805
3,168,164
2,830,621
Cost of revenue:
Product (1)
189,901
128,842
575,347
472,430
Subscription services (1)
95,940
92,459
380,108
337,000
Total cost of revenue
285,841
221,301
955,455
809,430
Gross profit
594,001
568,504
2,212,709
2,021,191
Operating expenses:
Research and development (1)
215,009
186,841
804,405
736,764
Sales and marketing (1)
263,845
248,136
1,020,914
945,021
General and administrative (1)
72,680
59,299
286,231
252,243
Restructuring and impairment (2)
—
16,846
15,901
33,612
Total operating expenses
551,534
511,122
2,127,451
1,967,640
Income from operations
42,467
57,382
85,258
53,551
Other income (expense), net
11,892
13,416
62,576
37,035
Income before provision for income taxes
54,359
70,798
147,834
90,586
Income tax provision
11,924
5,360
41,095
29,275
Net income
$ 42,435
$ 65,438
$ 106,739
$ 61,311
Net income per share attributable to common
stockholders, basic
$ 0.13
$ 0.21
$ 0.33
$ 0.20
Net income per share attributable to common
stockholders, diluted
$ 0.12
$ 0.20
$ 0.31
$ 0.19
Weighted-average shares used in computing net
income per share attributable to common
stockholders, basic
326,504
317,731
325,774
311,831
Weighted-average shares used in computing net
income per share attributable to common
stockholders, diluted
343,109
332,014
342,704
332,568
(1) Includes stock-based compensation expense as follows:
Cost of revenue — product
$ 3,168
$ 2,614
$ 12,611
$ 9,670
Cost of revenue — subscription services
7,979
6,065
32,611
25,412
Research and development
50,668
41,069
201,058
167,294
Sales and marketing
24,025
18,863
96,355
74,746
General and administrative
16,510
7,573
78,671
54,305
Total stock-based compensation expense
$ 102,350
$ 76,184
$ 421,306
$ 331,427
(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.
PURE STORAGE, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands, unaudited)
Fourth Quarter of Fiscal
Fiscal Year Ended
2025
2024
2025
2024
Cash flows from operating activities
Net income
$ 42,435
$ 65,438
$ 106,739
$ 61,311
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
29,125
32,856
126,654
124,416
Stock-based compensation expense
102,350
76,184
421,306
331,427
Noncash portion of lease impairment and abandonment
1,360
—
4,630
16,766
Other
3,061
7,403
8,168
1,559
Changes in operating assets and liabilities:
Accounts receivable, net
(102,638)
(25,728)
(18,640)
(49,687)
Inventory
551
1,532
(1,039)
6,810
Deferred commissions
(31,111)
(39,415)
(24,289)
(58,476)
Prepaid expenses and other assets
(56,213)
(45,355)
(121,657)
(25,669)
Operating lease right-of-use assets
8,251
8,230
34,162
35,499
Accounts payable
9,842
(20,376)
30,439
13,468
Accrued compensation and other liabilities
100,712
96,074
29,761
43,317
Operating lease liabilities
(13,564)
(10,434)
(43,917)
(31,891)
Deferred revenue
113,847
98,016
200,781
208,872
Net cash provided by operating activities
208,008
244,425
753,098
677,722
Cash flows from investing activities
Purchases of property and equipment(1)
(56,086)
(43,570)
(226,727)
(195,161)
Purchases of investments
(24,999)
—
(31,080)
—
Purchase of intangible assets
—
—
(1,250)
—
Purchases of marketable securities
(164,995)
(119,776)
(471,747)
(471,501)
Sales of marketable securities
39,734
6,558
100,975
59,053
Maturities of marketable securities and other
82,151
114,956
412,129
610,855
Net cash provided by (used in) investing activities
(124,195)
(41,832)
(217,700)
3,246
Cash flows from financing activities
Proceeds from exercise of stock options
5,973
6,866
27,167
39,770
Proceeds from issuance of common stock under employee stock purchase plan
—
—
51,736
45,089
Proceeds from borrowings
—
—
—
106,890
Principal payments on borrowings and finance lease obligations
(2,397)
(1,617)
(8,118)
(586,199)
Tax withholding on equity awards
(64,996)
(13,402)
(206,587)
(29,984)
Repurchases of common stock
(191,978)
(21,460)
(373,977)
(135,801)
Net cash used in financing activities
(253,398)
(29,613)
(509,779)
(560,235)
Net increase (decrease) in cash and cash equivalents and restricted cash
(169,585)
172,980
25,619
120,733
Cash, cash equivalents and restricted cash, beginning of period
907,335
539,151
712,131
591,398
Cash, cash equivalents and restricted cash, end of period
$ 737,750
$ 712,131
$ 737,750
$ 712,131
(1) Includes capitalized internal-use software costs of $5.5 million and $3.7 million for the fourth quarter of fiscal 2025 and 2024 and $21.2 million and $19.4 million for fiscal 2025 and 2024.
Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
Fourth Quarter of Fiscal
Fourth Quarter of Fiscal
2025
2024
GAAP
results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
GAAP
results
GAAP
gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
$ 3,168
(c)
$ 2,614
(c)
58
(d)
58
(d)
—
177
(e)
3,306
(f)
3,306
(f)
Gross profit —
product
$ 304,879
61.6 %
$ 6,532
$ 311,411
62.9 %
$ 332,049
72.0 %
$ 6,155
$ 338,204
73.4 %
$ 7,979
(c)
$ 6,065
(c)
317
(d)
276
(d)
—
985
(e)
Gross profit —
subscription services
$ 289,122
75.1 %
$ 8,296
$ 297,418
77.2 %
$ 236,455
71.9 %
$ 7,326
$ 243,781
74.1 %
$ 11,147
(c)
$ 8,679
(c)
375
(d)
334
(d)
—
1,162
(e)
3,306
(f)
3,306
(f)
Total gross profit
$ 594,001
67.5 %
$ 14,828
$ 608,829
69.2 %
$ 568,504
72.0 %
$ 13,481
$ 581,985
73.7 %
(a)
GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b)
Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c)
To eliminate stock-based compensation expense.
(d)
To eliminate payroll tax expense related to stock-based activities.
(e)
To eliminate expenses for severance and termination benefits related to workforce realignment.
(f)
To eliminate amortization expense of acquired intangible assets.
The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):
Fiscal Year Ended
2025
GAAP
results
GAAP gross
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
gross
margin (b)
$ 12,611
(c)
681
(d)
20
(e)
13,224
(f)
Gross profit — product
$ 1,124,147
66.1 %
$ 26,536
$ 1,150,683
67.7 %
$ 32,611
(c)
2,210
(d)
309
(e)
Gross profit — subscription services
$ 1,088,562
74.1 %
$ 35,130
$ 1,123,692
76.5 %
$ 45,222
(c)
2,891
(d)
329
(e)
13,224
(f)
Total gross profit
$ 2,212,709
69.8 %
$ 61,666
$ 2,274,375
71.8 %
(a)
GAAP gross margin is defined as GAAP gross profit divided by revenue.
(b)
Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.
(c)
To eliminate stock-based compensation expense.
(d)
To eliminate payroll tax expense related to stock-based activities.
(e)
To eliminate expenses for severance and termination benefits related to workforce realignment.
(f)
To eliminate amortization expense of acquired intangible assets.
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Fourth Quarter of Fiscal
Fourth Quarter of Fiscal
2025
2024
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
operating
margin (b)
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non-
GAAP
results
Non-
GAAP
operating
margin (b)
$ 102,350
(c)
$ 76,184
(c)
3,374
(d)
2,722
(d)
3,536
(e)
3,536
(e)
1,360
(g)
—
—
18,009
(f)
Operating income
$ 42,467
4.8 %
$ 110,620
$ 153,087
17.4 %
$ 57,382
7.3 %
$ 100,451
$ 157,833
20.0 %
$ 102,350
(c)
$ 76,184
(c)
3,374
(d)
2,722
(d)
3,536
(e)
3,536
(e)
—
18,009
(f)
1,360
(g)
—
153
(h)
154
(h)
Net income
$ 42,435
$ 110,773
$ 153,208
$ 65,438
$ 100,605
$ 166,043
Net income
per share — diluted
$ 0.12
$ 0.45
$ 0.20
$ 0.50
Weighted-average shares
used in per share
calculation — diluted
343,109
—
343,109
332,014
—
332,014
(a)
GAAP operating margin is defined as GAAP operating income divided by revenue.
(b)
Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.
(c)
To eliminate stock-based compensation expense.
(d)
To eliminate payroll tax expense related to stock-based activities.
(e)
To eliminate amortization expense of acquired intangible assets.
(f)
To eliminate expenses for severance and termination benefits related to workforce realignment.
(g)
To eliminate lease impairment charges associated with cease-use of our former corporate headquarters.
(h)
To eliminate amortization expense of debt issuance costs related to our debt.
The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):
Fiscal Year Ended
2025
GAAP
results
GAAP
operating
margin (a)
Adjustment
Non- GAAP
results
Non- GAAP
operating
margin (b)
$ 421,306
(c)
21,057
(d)
9,855
(e)
7,735
(f)
14,144
(g)
Operating income
$ 85,258
2.7 %
$ 474,097
$ 559,355
17.7 %
(a)
GAAP operating margin is defined as GAAP operating income divided by revenue.
(b)
Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.
(c)
To eliminate stock-based compensation expense.
(d)
To eliminate payroll tax expense related to stock-based activities.
(e)
To eliminate expenses for severance and termination benefits related to workforce realignment.
(f)
To eliminate lease impairment and abandonment charges associated with cease-use of our former corporate headquarters.
(g)
To eliminate amortization expense of acquired intangible assets.
Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):
Fourth Quarter of Fiscal
Fiscal Year Ended
2025
2024
2025
2024
Net cash provided by operating activities
$ 208,008
$ 244,425
$ 753,098
$ 677,722
Less: purchases of property and equipment(1)
(56,086)
(43,570)
(226,727)
(195,161)
Free cash flow (non-GAAP)
$ 151,922
$ 200,855
$ 526,371
$ 482,561
(1) Includes capitalized internal-use software costs of $5.5 million and $3.7 million for the fourth quarter of fiscal 2025 and 2024 and $21.2 million and $19.4 million for fiscal 2025 and 2024.
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SOURCE Pure Storage
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