Thesis. Grew 38% with product revenue up 54%, raised full-year guidance ~15% mid-year, won Meta as a hyperscaler customer and joins the S&P 500 on 21 September — demand is currently overwhelming the flash-cost headwind this database had expected to hurt it.
Reviewed 19 Sep 2026, after Q2 FY2027 results on 26 Aug. Next review after the Financial Analyst Meeting on 23 Sep, then Q3 FY2027 earnings on 2 Dec 2026.
What it does
Everpure sells enterprise all-flash storage arrays and subscription storage services: FlashArray, FlashBlade, Portworx, the Purity software layer and the Evergreen//One subscription. Formerly Pure Storage — same CIK, same CUSIP, same founders, same CEO (Charles Giancarlo) — renamed and re-tickered to P. CFO Tarek Robbiati.
Unlike the rest of the Storage group, Everpure buys NAND rather than making it. That put it on the wrong side of the memory cycle in this file's original framing.
⚠️ A correction to earlier notes. This database previously framed Everpure as a NAND buyer hurt by high flash prices — the one Storage name that could be red when the memory makers are green. The Q2 results say that framing was wrong in practice. Demand is currently overwhelming input-cost pressure. Whether it stays wrong is a gross-margin question, not a revenue one.
Watch gross margin. If it compresses while revenue grows 38%, the original buyer framing was right after all — just delayed.
Bull case
- Q2 FY2027 revenue $1.19B, +37.7% YoY — beating $1.10B consensus by 7.7%. Product revenue +54%
- Adjusted EPS $0.70, beating $0.58 by 21%. GAAP EPS $0.22 on net income of $74.1M, +57%
- Q3 guided to $1.33B at the midpoint — 16.8% above consensus. FY27 revenue guidance raised to ~$5.05B from $4.3–4.4B, a ~15% raise mid-year, which is rare and signals real visibility
- Subscription ARR $2B and RPO $3.8B — recurring, high-margin ballast under the hardware cycle
- The Meta hyperscaler win changes the category. Enterprise storage vendors historically did not sell into hyperscaler internal infrastructure at all, and the relationship is described as becoming more meaningful
- Everpure Data Stream, built on the NVIDIA AI Data Platform reference design — positioning storage as part of the AI data pipeline rather than a commodity tier beneath it
- Named a Leader in the 2026 Gartner Magic Quadrant for Enterprise Storage Platforms, highest in execution and furthest in vision for a second year
- Added to the S&P 500 effective 21 September, forcing passive buying. 1touch.io acquisition (data classification and governance) closing in Q2 FY27
Bear case
- Flash input costs. Everpure buys NAND while SNDK and SKHY are raising prices 75–100%. Management cited a "challenging supply chain environment." Growth is masking a margin question that will matter once demand normalises
- GAAP profitability is thin — roughly 2% operating margin in Q1 — relative to the adjusted figures the story is told with
- The stock fell ~9% to ~$94 in the week after the print despite the beat, and traded as low as ~$68 in the prior 90 days. Highly volatile for an enterprise IT name
- Hyperscaler in-house storage development is the long-term threat — the same customers that make the Meta win exciting are the ones most able to build their own
- Competes with Dell, NetApp, HPE and increasingly with hyperscaler-native storage
Major customers
- META — internal hyperscaler use, growing
- Large enterprises across financial services, healthcare and government — the historical base
- Cloud service providers and MSPs
- NVDA — partner on the AI Data Platform reference design behind Data Stream
- Evergreen//One subscription customers — $2B of ARR
Read-through. Everpure is downstream of SNDK, SKHY and MU — it buys their NAND, so rising flash prices are a cost here and revenue there. That makes this page the natural hedge check on the memory basket, and the gross margin line is where the two sides meet. Its Meta win is the first time an enterprise storage vendor has broken into hyperscaler internal infrastructure at scale, which is relevant to how the whole Storage category should be framed: the hyperscalers are buying storage rather than only building it. It is a different business from STX and WDC, which make the media rather than buying it — so a Storage-category average that blends all three is measuring two opposite exposures.
What would change the view
- Gross margin trajectory — the flash-cost question, and the one that decides whether this page's correction holds
- Q3 landing at ~$1.33B
- The Financial Analyst Meeting on 23 September — the long-term model and framework
- S&P 500 inclusion flows around 21 September, and how the stock behaves once they are done
- The Meta relationship expanding, and whether a second hyperscaler appears
- Subscription ARR growth versus product revenue — the mix that determines durability
Update log
19 Sep 2026 — Converted to the standard template. Current through Q2 FY2027; the Financial Analyst Meeting on 23 September is the next scheduled disclosure and should prompt a refresh.
7 Sep 2026 — Page rewritten post-Q2, correcting this database's earlier framing of Everpure as a NAND buyer being squeezed by flash prices. The Q2 print shows demand absorbing the input cost. The correction is conditional on gross margin, not proven by revenue.
26 Aug 2026 — Q2 FY2027 reported. Revenue $1.19B (+37.7%), beating $1.10B by 7.7%; product revenue +54%; adjusted EPS $0.70 against $0.58; GAAP EPS $0.22 on $74.1M of net income (+57%). Q3 guided $1.33B midpoint (16.8% above consensus); FY27 revenue guidance raised to ~$5.05B from $4.3–4.4B. Stock fell ~9% in the following week.
21 Aug 2026 — Named a Leader in the 2026 Gartner Magic Quadrant for Enterprise Storage Platforms.
27 May 2026 — Q1 FY2027: revenue $1.1B (+35%), product $577M (+55%), subscription $476M (+17%), subscription ARR $2B, RPO $3.8B.
Research and education only — not investment advice.
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