Technology
Pure Storage Announces Fiscal Fourth Quarter and Full Year 2025 Financial Results
Published
2 years agoon
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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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/pure-storage-announces-fiscal-fourth-quarter-and-full-year-2025-financial-results-302386415.html
SOURCE Pure Storage
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Technology
Harlem Children’s Zone Acquires FinTech Platform, Goalsetter, to Accelerate Universal Economic Mobility
Published
7 minutes agoon
October 22, 2026By
Acquisition combines HCZ’s proven model with Goalsetter’s innovative financial education technology to expand access and impact at scale
NEW YORK, Oct. 22, 2026 /PRNewswire/ — Today, Harlem Children’s Zone (HCZ), one of the nation’s leading anti-poverty organizations, announced the acquisition of Goalsetter, a financial technology platform that delivers best-in-class, engaging, technology-enabled learning experiences for people seeking to enhance their financial know-how, capabilities, and confidence.
The acquisition marks a significant step in HCZ’s Wealth Builds–Universal Economic Mobility (WB-UEM) strategy, a national framework designed to help children and families build long-term economic security through cradle-to-career supports, financial education and experiences, and direct access to capital via a Child Capital Stack of asset boosts.
“We know that economic mobility is a two-generation challenge,” says Harlem Children’s Zone CEO Kwame Owusu-Kesse. “With this acquisition, we are solving for a critical component of Universal Economic Mobility by melding a proven financial education platform and HCZ’s decades of experience providing people with the knowledge and tools to build strong futures for themselves and their families. This is more than an investment in financial education. It is an investment in critical national infrastructure for economic mobility.”
Harlem Children’s Zone has decades of experience driving outcomes at scale, beginning as a one-block pilot, expanding to over 100 blocks in Central Harlem, and now working with over 70 communities across the United States. HCZ seeks to use its learnings, decades of experience driving outcomes at scale, and renowned best practices to provide pathways to economic mobility for all of America’s children and families.
“Goalsetter was built on the belief that everyone should have access to the financial knowledge and tools that can shape their future and livelihood,” said Tanya Van Court, Chief FinTech Officer at Harlem Children’s Zone and Founder of Goalsetter. “Joining Harlem Children’s Zone gives us an extraordinary opportunity to build on that work. Together, we can continue enhancing the platform, expand access for learners of all ages and walks of life, and demonstrate what is possible when mission, innovation, and technology come together to serve the most people.”
Goalsetter creates opportunities to deliver high-quality, developmentally appropriate and culturally relevant financial education with extensive reach, including to low-income and rural communities that have historically had limited access to these resources. Its current offerings include Goalsetter Classroom, which provides standards-aligned financial education curriculum for middle and high school students, and MoneyLingo, a mobile-first financial education experience for college-aged students and adults in the workforce, covering practical topics such as saving, investing, credit, debt, and financial decision-making.
“This acquisition sends an important signal to the field,” said Owusu-Kesse. “Social impact organizations should not have to choose between mission and scale. By bringing a proven technology platform into HCZ, we’re demonstrating how non-profit organizations can be centers of business excellence, using vehicles of innovation, AI, and technology to create efficient and effective pathways to scale and impact. This acquisition strengthens our in-house capacity to build, innovate, and continuously improve outcomes.”
The organization plans to build upon Goalsetter’s existing offerings by exploring financial education products for younger learners and creating opportunities to establish a continuous financial learning journey from early childhood through adulthood.
“This is ultimately about extending opportunity to all,” added Owusu-Kesse. “By connecting financial education, technology, family engagement, and access to assets, we can help create more accessible pathways to economic mobility.”
Services to current Goalsetter clients will be unaffected by this acquisition.
View original content:https://www.prnewswire.com/news-releases/harlem-childrens-zone-acquires-fintech-platform-goalsetter-to-accelerate-universal-economic-mobility-302917320.html
SOURCE Harlem Children’s Zone
Technology
Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally
Published
7 minutes agoon
October 22, 2026By
Bipartisan Majorities Say If Congress Were to Listen to the People More, They Would More Likely Find Common Ground
COLLEGE PARK, Md., Oct. 22, 2026 /PRNewswire/ — The Program for Public Consultation (PPC) conducted extensive surveys in competitive states and congressional districts, as well as nationally, revealing a remarkable level of bipartisan common ground.
Majorities of both Democrats and Republicans agreed on:
106 policies nationally 82 policies in all states and districts surveyed101 policies in at least two-thirds of all the states and districts surveyed
Over 40,000 Americans were surveyed in two waves with representative samples of 600-2,016 in each of the 11 competitive states surveyed, and 400-592 in each of the 28 competitive congressional districts surveyed, and 1,200-2,509 nationwide.
Nearly all policy questions were based on congressional legislation or executive branch proposals.
Fourteen policy topics were covered: Artificial Intelligence, Housing, Healthcare, Low-Income Assistance, Families and Children, Social Security, Immigration, Abortion and Birth Control, Energy and Environment, Federal Taxes, Campaign Finance, Government Reform, Criminal Justice and America’s Role in the World. For every topic, most policies had bipartisan agreement across every battleground surveyed.
The policy questions used in these national and battleground surveys were chosen because they elicited bipartisan support in previous in-depth national surveys conducted by PPC, in which respondents received briefings on the topic and evaluated pro and con arguments for the proposed policy.
Steven Kull, director of PPC, comments, “What is striking here is that these surveys revealed widespread bipartisan agreement on over a dozen key issues that Congress has failed to resolve, from costs of healthcare, to risks of artificial intelligence, to Social Security’s impending insolvency, and many more. Clearly, there is far more common ground among the American people than there is in Congress.”
Americans Think Public Opinion Should Have More Influence
Respondents were also asked about the role of public opinion in policymaking. Across the battlegrounds, on average, respondents estimated that federally elected officials make the same decisions that the majority of Americans would make just 35% of the time.
Large majorities believe polarization in government comes not from the American people but from elected officials, and that more influence for the people would help break the logjam in Congress (Democrats 62 to 88%, Republicans 66 to 89%).
Perhaps most germane, overwhelming majorities of Democrats and Republicans in the battlegrounds believe that if members of Congress were more influenced by the people, they would be more likely to find common ground (Democrats 82 to 97%, Republicans 80 to 95%), and better serve the common good (Democrats 77 to 94%, Republicans 79 to 94%).
Steven Kull adds, “On the basis of this study, it does appear that the public is correct that if the people had more influence, Congress would be more likely to find common ground, and thus function better.”
Americans also say that public opinion should play a substantial role in news reporting about policy. Over two-thirds say news reports on policy matters should include public opinion data most of the time or always when reliable information is available (Democrats 71 to 88%, Republicans 67 to 89%). Similarly, when Congress is about to vote on a law, large numbers say it is very or extremely important for news outlets to report whether a majority of Americans favor or oppose it (Democrats 65 to 84%, Republicans 60 to 85%).
MORE INFORMATION
Battlegrounds Common Ground SheetIndividual State and District Results, Questionnaires and MethodologiesNational Questionnaire with Toplines, Crosstabs and Methodology
About the Surveys
The state and district surveys used for this analysis were fielded July 21 – August 17, 2026, to a total of 19,949 adults, and May 27 – July 1, 2026, to 19,564 adults. They included 600-2016 in each of the 11 states, and 400-592 in each of the 28 congressional districts. Response rates ranged from 7.1 to 9.0%. Confidence intervals range from +/- 2.9 to 8.1%, and maximum weights range from 1.9 to 10.0.
The national surveys were fielded February 11-26, 2026, with 2,509 adults, and March 11-19, 2026, with 1,200 adults. The response rates were 7.6% and 8.3%, respectively. The confidence interval is +/- 2.9% for both surveys, and the maximum weights are 2.5 and 1.9.
The sample was obtained from multiple online opt-in panels, including Cint, Dynata and Prodege. Sample collection and quality control were managed by QuantifyAI under the direction of the Program for Public Consultation. The surveys were offered in both English and Spanish.
The samples were pre-stratified and weighted by age, race, ethnicity, gender, education, household income, marital status, and home ownership to match the general adult population. The national sample was further weighted by Census region. The distribution of partisan affiliation was within expectations, based on voter registration data for non-leaners and/or Cook’s Partisan Voting Index for leaners, or weighted to reflect those benchmarks.
About the Common Ground in the Battlegrounds? Survey Series
This effort aims to identify bipartisan common ground in competitive states and districts across the nation. The project seeks to educate the public, policymakers and candidates about the findings; and provide journalists with independent, nonpartisan research that brings the public into the conversation about public policy.
In addition to PPC, project partners include the Civic Innovation Center at the University of Maryland (CivIC) and Voice of the People (VOP), a national nonpartisan organization seeking to give the public a greater voice in government. None of these entities advocate for policy positions or endorse candidates.
States surveyed: Alaska; Georgia; Iowa; Maine; Michigan; Minnesota; Montana; Nebraska; New Hampshire; North Carolina; Ohio; and Texas.
Congressional Districts surveyed: Arizona’s 1st and 6th; Colorado’s 8th; Iowa’s 1st, 2nd, 3rd and 4th; Maine’s 2nd; Michigan’s 4th, 7th, 8th and 10th; Montana’s 1st; Nebraska’s 2nd; Nevada’s 3rd; New Jersey’s 7th and 9th; New Mexico’s 2nd; New York’s 3rd, 4th, 17th and 19th; Oregon’s 5th; Pennsylvania’s 1st, 7th, 8th and 10th; and Washington’s 3rd.
The survey series excluded several competitive districts because they were in states that had recently been redistricted and thus had no Census data yet to use for demographic benchmarks.
Program for Public Consultation
The Program for Public Consultation (PPC), affiliated with the University of Maryland’s School of Public Policy, seeks to improve democratic governance by consulting the public and bringing the people’s views into the public discourse. It conducts surveys with representative samples on policies proposed by elected officials and shares its findings with government officials, the media, other academics, and the general public.
Civic Innovation Center
The Civic Innovation Center (CivIC) at the University of Maryland’s School of Public Policy works to strengthen the foundations of civic health. It contributes to important debates about civic education, civic engagement, and needed democratic reforms in the state of Maryland and nationwide, in partnership with other BIG 10 universities. It works to build the connective tissue that brings together students, scholars and practitioners to help elevate the UMD community’s contribution to our wider democracy.
Voice of the People
Voice of the People (VOP) is a nonpartisan organization working to re-anchor our democracy in its founding principles by giving ‘We the People’ a greater and more effective voice in government. It champions innovative methods and technology that enable the American people to play a role in the policymaking process and provide policymakers with a more accurate understanding of the views of their constituents.
Contact: Jonathan Casaverde, jonathan.casaverde@wardcirclestrategies.com,(786) 469-9422
View original content to download multimedia:https://www.prnewswire.com/news-releases/common-ground-in-the-battlegrounds-surveys-reveal-widespread-bipartisan-agreement-in-11-competitive-states-and-28-congressional-districts-as-well-as-nationally-302915872.html
SOURCE Program for Public Consultation
Technology
FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform
Published
7 minutes agoon
October 22, 2026By
Anatomy segmentation and three-dimensional skeletal visualization arrive with this clearance; an injury detection module for clinical decision support is in development on the platform roadmap
CHARLOTTESVILLE, Va., Oct. 22, 2026 /PRNewswire/ — RIVANNA®, developer of AI-enabled clinical decision-support solutions, today announced that the U.S. Food and Drug Administration (FDA) has granted 510(k) clearance for BoneEnhance®, a machine learning software module for the Accuro® XV diagnostic ultrasound system. The module segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions during image review.
The clearance moves the platform from acquisition toward interpretation. Accuro XV was cleared in April 2026 for B-mode imaging in musculoskeletal conventional and superficial applications. Its conformable three-dimensional probe automates large field-of-view image acquisition after initial patient positioning. BoneEnhance is the first machine learning software module cleared for the platform.
BoneEnhance identifies bone and surrounding tissues
Each automated acquisition creates a volumetric dataset for review. BoneEnhance identifies bone and surrounding tissues within that volume, then highlights them with color-coded overlays on the two-dimensional B-mode image. The original anatomical data remain unaltered and visible beneath the overlays. A three-dimensional indicator beside the image shows the scan orientation and the location of the displayed slice within the volume.
A platform milestone
The sequence is deliberate: decision support begins at acquisition. Accuro XV acquires the image; BoneEnhance identifies and labels the anatomy within it. Behind the integrated workflow stands a worldwide intellectual-property portfolio of more than 100 issued and pending patents across more than 20 patent families.
“We founded RIVANNA to solve a problem that cuts across care settings: decision-critical information sits outside the point-of-care workflow,” said Will Mauldin, PhD, Co-founder and CEO of RIVANNA. “BoneEnhance is where the stack begins to close that gap for musculoskeletal care: automated volumetric acquisition, now paired with cleared software-assisted review. This clearance is the foundation: the first machine learning layer, anchoring the decision-support capabilities now in development.”
Independently validated within a nationwide eight-site study
BoneEnhance was trained and validated within RIVANNA’s nationwide eight-site clinical study. Three sites contributed the training data; the other five provided the independent test set of 233 volumetric datasets, comprising 69,900 images from 173 subjects. None of the test data were used for training or tuning. Three board-certified radiologists established the reference labels, and per-volume label prediction accuracy, a measure of anatomical labeling, ranged from 95.1% to 100.0%.
Separate from the validation supporting this clearance, the platform’s automated acquisition carries peer-reviewed evidence: in a published study of 205 patients in the Journal of Emergency Medicine (DOI: 10.1016/j.jemermed.2025.11.011), operators with one hour of hands-on training acquired wrist and ankle images rated adequate for diagnostic interpretation in more than 90% of scans, with image quality comparable to physician-acquired scans.
“This clearance reflects the strength of the team RIVANNA has built across AI development, clinical affairs, and regulatory execution, and the commitment of the clinical sites that partnered with us to generate the evidence,” said Delphine Le Roux, PhD, PMP, Senior Director, Market Access and Strategic Partnerships at RIVANNA. “None of it happens without BARDA’s sustained support, which allowed us to do this the right way: rigorous, multi-site, and independent. The infrastructure, partnerships, and regulatory playbook we established for BoneEnhance are designed to carry forward. That execution engine is what positions us to pursue the next clearance with confidence.”
The next layer in development
The platform’s progression continues with an investigational musculoskeletal injury detection module. Where BoneEnhance labels the anatomy, the new module is being developed to assist clinicians in evaluating potential extremity fractures within acquired ultrasound images. The nationwide clinical study that trained and validated BoneEnhance, now expanded from eight to ten sites, is building the datasets used to train the module. Because the sites and data infrastructure were established once and are reused for each new module, every subsequent module builds on the program’s federal investment.
Federal funding acknowledgment
This project has been supported in whole or in part with federal funds from the U.S. Department of Health and Human Services; the Administration for Strategic Preparedness and Response (ASPR); Biomedical Advanced Research and Development Authority (BARDA), under contract number 75A50121C00035.
About Accuro XV
Accuro XV is a portable, small-footprint point-of-care volumetric ultrasound imaging system for musculoskeletal imaging. Its conformable three-dimensional probe automates large field-of-view B-mode image acquisition without ionizing radiation. BoneEnhance is a cleared machine learning software module available during review of Accuro XV volumetric image acquisitions. It segments bone and surrounding tissues and supports visualization of skeletal anatomy in three dimensions.
An investigational computer-aided musculoskeletal injury detection module is in development for Accuro XV. It is designed to assist clinicians in detecting extremity fractures from volumetric ultrasound and annotating soft-tissue signs associated with injury, and to support triage decisions, including referral for additional radiographic imaging.
Accuro XV is designed to provide a fracture-care layer at the point of triage, helping to streamline emergency department workflows, expedite evaluation of low-severity extremity injuries, and reduce reliance on X-ray referrals. The platform is designed to support just-in-time training to promote consistent use across clinical experience levels, advancing a shared mission to transform musculoskeletal injury care while supporting broader emergency preparedness objectives.
About RIVANNA
RIVANNA is a medical technology company developing clinical decision-support solutions powered by proprietary clinical datasets, AI models, and purpose-built imaging hardware. The company’s platform is designed to automate complex anatomical analysis at the point of care, support faster and more confident clinical decisions, reduce variability, and expand access to advanced capabilities. Its initial applications address interventional guidance and trauma triage, beginning with neuraxial procedures and musculoskeletal injury assessment. RIVANNA has established an FDA-cleared product portfolio and maintains a worldwide intellectual-property portfolio of more than 100 issued and pending patents. RIVANNA is headquartered in Charlottesville, Virginia, and operates an FDA-registered, ISO 13485:2016-certified manufacturing facility.
RIVANNA, Accuro, BoneEnhance, and the Rivanna Medical family of marks are registered and unregistered trademarks of Rivanna Medical, Inc. in the United States and other jurisdictions.
View original content to download multimedia:https://www.prnewswire.com/news-releases/fda-grants-510k-clearance-for-boneenhance-the-first-machine-learning-layer-on-rivannas-accuro-xv-platform-302917179.html
SOURCE RIVANNA
Harlem Children’s Zone Acquires FinTech Platform, Goalsetter, to Accelerate Universal Economic Mobility
Common Ground in the Battlegrounds? Surveys Reveal Widespread Bipartisan Agreement in 11 Competitive States and 28 Congressional Districts, as Well as Nationally
FDA grants 510(k) clearance for BoneEnhance, the first machine learning layer on RIVANNA’s Accuro XV platform
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