Pure Storage beats earnings, raises FY27 outlook to over $5B on surging enterprise demand

Pure Storage just turned in the kind of quarter that makes analysts look conservative. The enterprise data storage company reported Q2 FY27 revenue of $1.19 billion, a 37.6% jump from the same period a year ago, while non-GAAP earnings per share landed at $0.70, blowing past the $0.58 Wall Street consensus by a comfortable margin. More importantly, management raised its full-year FY27 revenue guidance to a range of $5.03 billion to $5.07 billion. The previous estimate sat between $4.41 billion and $4.51 billion, so we’re talking about a roughly $600 million upward revision in a single quarter. The big deals are getting bigger Transactions exceeding $5 million grew 59% year-over-year. Deals surpassing $20 million surged 385%. Product revenue drove much of the upside, surging 54% compared to the year-ago quarter. Subscription services continued contributing meaningfully to the overall growth picture. International expansion hits an inflection point Pure Storage’s international business is no longer a side project. Revenue from outside the US reached $498 million in Q2, representing a 75% year-over-year increase and accounting for 42% of total revenue, an all-time high share for the c...