Everpure guides to as much as $7.3 billion in fiscal 2028 revenue; stock jumps 6% after hours
The storage company formerly known as Pure Storage gave a first look at fiscal 2028 at its analyst meeting. The midpoint implies its operating margin rising from about 19% to about 25%.
Everpure (NYSE: P) gave a preliminary fiscal 2028 outlook of $7.0 billion to $7.3 billion in revenue and $1.7 billion to $1.9 billion in non-GAAP operating income. The data-storage company, which was called Pure Storage until January, announced the figures at its 2026 Financial Analyst Meeting on Wednesday. It also reaffirmed its fiscal 2027 guidance of $5.03 billion to $5.07 billion in revenue.
The shares ended the regular session down 1.05% at $109.73. By 5:53 p.m. ET they were trading at $116.68 after hours, up 6.3%, according to Nasdaq. That is close to the 52-week high of $119.10. The stock has nearly doubled from its 52-week low of $56.78, and Nasdaq data puts the company's market value at about $36.6 billion.
The number behind the number: margin, not just growth
The headline figure is revenue growth of 39% to 45% next year, up from 37% to 38% this year. The larger change in the outlook is in profit. Using the ranges in the release, our calculations are:
| FY27 guidance | FY28 preliminary | |
|---|---|---|
| Revenue | $5.03B to $5.07B | $7.0B to $7.3B |
| Non-GAAP operating income | $940M to $960M | $1.7B to $1.9B |
| Implied operating margin | about 18.7% to 18.9% | about 24.3% to 26.0% |
At the midpoints, revenue grows by about $2.1 billion and operating income by about $850 million. That means roughly 40 cents of every additional revenue dollar would turn into operating profit, about double the company's current margin. The company guided operating income growth of 80% to 100%. That is the figure that has to hold for the higher stock price to be justified, and it depends on spending growing much more slowly than sales.
These are non-GAAP numbers. They exclude stock-based compensation and other items, and the release reconciles its figures to GAAP separately. The fiscal 2028 figures are described as preliminary.
Where the company says the growth comes from
Everpure divided the business into four "growth vectors." The first is its core flash storage arrays and Evergreen//One subscriptions. The other three are data-management software, systems for AI-focused cloud providers ("Scale AI"), and DirectFlash technology sold to hyperscalers. The company expects those three newer areas to make up about 20% of total revenue by fiscal 2030. That also means about 80% of the plan still depends on the core storage business continuing to gain share. Everpure said it has spent an average of 19% of revenue on research and development over five years and has posted eight consecutive quarters of accelerating revenue growth.
On capital, the company said it will fund internal investment and acquisitions first. It will buy back shares to offset dilution from stock compensation, plus "additional select buybacks" with excess cash. It did not announce a new buyback amount.
What traders are watching
The hyperscaler business determines how reliable the fiscal 2028 figures are. Large cloud orders are uneven from quarter to quarter, and the release names "the timing and magnitude of large orders, including sales to hyperscalers" among the forward-looking subjects that could turn out differently. The next check is its fiscal third-quarter report. Everpure has not yet announced the date. More in stocks.
Sources: Everpure press release; SEC EDGAR company filings; Nasdaq quote data. Margin and incremental-profit figures are our calculations from company guidance ranges. This is market information, not investment advice.
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