Key Highlights

● Second-quarter fiscal 2027 revenue was US$1.2 billion, up 38% year on year.

● Product revenue rose 54% to US$687 million, outpacing subscription annual recurring revenue growth of 20%.

● Remaining performance obligations reached US$4.1 billion, up 44%.

● Free cash flow was an outflow of US$238 million in the quarter.

Name and ticker change

Everpure Inc. (NYSE:P), formerly Pure Storage (PSTG), now trades under the single-letter symbol P. The company announced its rebrand to Everpure on 23 February 2026 and said on 7 April 2026 that trading under the new symbol on the New York Stock Exchange was expected to begin on Friday 17 April 2026. It remains NYSE-listed, shareholders needed to take no action and its CUSIP identifier is unchanged.

This continuity matters when reading older research, index records and filings, which may still refer to PSTG. The rebrand changes the name and symbol only.

Latest verified development

Everpure announced second-quarter fiscal 2027 results on 26 August 2026 for the quarter ended 2 August. Revenue was US$1.2 billion, up 38% year on year, with product revenue of US$687 million, up 54%. Subscription annual recurring revenue reached US$2.1 billion, up 20%, and remaining performance obligations were US$4.1 billion, up 44%.

GAAP operating margin was 5.3% and non-GAAP operating margin 19.4%. Chief executive Charles Giancarlo said the quarter marked eight straight quarters of accelerating revenue growth. The chief financial officer said the company is raising guidance significantly for the second half of the year.

The mix of growth is worth separating. Product revenue, which grew 54%, outpaced total revenue growth of 38%, which in turn exceeded the 20% growth in subscription annual recurring revenue. Remaining performance obligations of US$4.1 billion, up 44%, represent contracted revenue not yet recognised and indicate a sizeable backlog relative to quarterly revenue of US$1.2 billion. They are not a forecast of future revenue.

Cash flow and capital returns

Cash generation was negative in the quarter. Operating cash flow was an outflow of US$136 million and free cash flow an outflow of US$238 million. Growth in product revenue can tie up working capital.

The company returned about US$69 million through the repurchase of roughly 0.9 million shares. Together, the strong revenue growth, the gap between the 5.3% GAAP and 19.4% non-GAAP operating margins and the cash outflow give a mixed financial picture that needs to be read alongside the reported balance sheet.

Second-half guidance and eight quarters of acceleration

The raised second-half guidance is the figure that will define the next set of comparisons, and management's claim of eight straight quarters of accelerating growth sets a demanding bar. Subscription annual recurring revenue growth of 20% sits well behind product revenue growth of 54%, and free cash flow of negative US$238 million sits against a non-GAAP operating margin of 19.4%.