Key Highlights

  • Second-quarter fiscal 2027 Revenue was about US$1.2 billion, up 38% year on year, with product revenue up 54%.
  • Free Cash Flow was negative US$238 million in the quarter.
  • Everpure raised its full-year revenue outlook to US$5.03 billion to US$5.07 billion from US$4.41 billion to US$4.51 billion.

A new name and a higher outlook

Everpure, Inc. (NYSE:P) was formerly Pure Storage, Inc. (PSTG). SEC records show the former name in use until 9 January 2026, and the company's profile data state that it changed its name in February 2026. The ticker is now P. This article refers to the company as Everpure throughout.

The company reported second-quarter fiscal 2027 results, for the quarter ended 2 August 2026, on 26 August 2026. Revenue was about US$1.2 billion, up 38% year on year. Sequentially, revenue was US$1,053 million in the first quarter and US$1,186 million in the second, a rise of roughly 13 per cent. Product revenue was US$687 million, up 54%, and subscription services revenue was US$499 million, up 20%.

What the quarter showed

Product revenue growth well ahead of subscription growth shifts the mix towards upfront hardware and software sales, which can be less predictable than recurring subscriptions. Subscription annual Recurring Revenue was US$2.1 billion, up 20%, and remaining performance obligations were US$4.1 billion, up 44%. GAAP gross Margin was 68.4% and non-GAAP gross margin 69.9%. GAAP Operating Income was US$63 million, a 5.3% margin, while non-GAAP operating income was US$230 million, a 19.4% margin.

Cash flow was weaker. The release showed Operating Cash Flow of negative US$136 million and free cash flow of negative US$238 million. Cash, equivalents and marketable securities were US$1.0 billion, and the company repurchased about US$69 million of stock, or 0.9 million shares. These figures are worth reading alongside the profit measures, since revenue growth does not by itself determine cash generation.

Guidance

Everpure raised its full-year fiscal 2027 revenue outlook to US$5.03 billion to US$5.07 billion, up 37% to 38%, from US$4.41 billion to US$4.51 billion. It raised its non-GAAP operating income outlook to US$940 million to US$960 million from US$820 million to US$860 million. For the third quarter it guided to revenue of US$1.325 billion to US$1.335 billion and non-GAAP operating income of US$265 million to US$275 million.

These are management forecasts, not results, and they replaced a prior revenue outlook that implied growth of 20% to 23%. A investor meeting followed on 23 September 2026, where the company outlined new Long-term Growth targets. The targets themselves are not reviewed here.

What to watch

The company is estimated to report next around 18 November 2026, although it had not confirmed this date. Points to follow include whether revenue lands within the third-quarter range, how product revenue growth of 54% compares with the 20% growth in subscription revenue, whether cash flow improves from the negative level reported, and how much of the Demand that lifted the outlook is repeatable.