10-K 0001474432-26-000027 (2026-03-25) vs 10-K 0001628280-25-015044 (2025-03-27)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 14,040 |
9.4% |
| MD&A | Item 7 | 4,874 |
30.3% |
| Legal Proceedings | Item 3, via Note 7 – Commitments and Contingencies | 368 |
6.1% |
| Accounting Policies | Item 8, Note 2 – Basis of Presentation and Summary of Significant Accounting Policies | 5,027 |
5.6% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 226 words changed in this paragraph; it is 32% similar to last year's version.
Managing the supply of our products and underlying components is complex and has become increasingly difficult, in part, due to component quality and inflationary pressure. In addition, we must invest to scale our supply chain, we must manage our supply and inventory effectively, including to ensure ensuring a sufficient supply of flash, in connection with flash to support our recent hyperscaler design win. Our third-party contract manufacturers procure components and build customer. If our products based on our forecasts, and we generally do not hold inventory for a prolonged period of time. Our forecasts are based on estimates of future hyperscale customer reduces its demand for our products, which are in turn based on historical trends and analyses from our sales and marketing organizations, adjusted for overall market conditions. In order to reduce manufacturing lead times and plan for adequate component supply, flash storage solutions, we may issue orders for components and products that are non-cancelable and non-returnable. Our inventory management systems and related supply chain visibility tools may be inadequate obligated to enable us to make accurate forecasts and effectively manage the supply of our products and components. If we have excess supply, we may reduce our prices and write down or write off excess or obsolete inventory, which in turn could result in lower gross margins. Alternatively, insufficient supply levels may lead to shortages that exacerbate other risk factors and result in delayed revenue, reduced product margins or lost sales opportunities altogether. fulfill component purchase commitments. If we are unable to effectively manage our supply and inventory, including the supply of flash necessary to fulfill potential hyperscaler demand, our results of operations could be adversely affected.
Source: Item 1A, 10-K 0001474432-26-000027 vs Item 1A, 10-K 0001628280-25-015044
MD&A 203 words changed in this paragraph; it is 33% similar to last year's version.
In August 2020, June 2025, we entered into a Credit Agreement with a consortium of financial institutions and lenders that provides for a five-year, senior secured unsecured revolving credit facility of $300.0 $500.0 million (Credit Facility). Facility) that expires on June 10, 2030, unless otherwise extended. Proceeds from borrowings under the Credit Facility may be used for general corporate purposes and working capital. The Credit Facility expires, absent default or early termination by us, on August 24, replaced our prior $300.0 million revolving credit facility in which the outstanding borrowings of $100.0 million was repaid in full and terminated effective June 10, 2025. In March 2023, we amended the Credit Facility to transition LIBOR to the Secured Overnight Financing Rate (SOFR) effective April 1, 2023. The annual interest rates applicable to loans under the Credit Facility are, at our option, equal to either a base rate plus a margin ranging from 0.50% to 1.25% or term SOFR (based on one, three, or six-month interest periods), subject to a floor of 0%, plus a margin ranging from 1.50% to 2.25%. Interest on revolving loans is payable quarterly in arrears with respect to loans based on the base rate and at the end of an interest period in the case of loans based on term SOFR (or at each three-month interval, if the interest period is longer than three months). We are also required to pay a commitment fee on the unused portion of the commitments ranging from 0.25% to 0.40% per annum, payable quarterly in arrears.
Source: Item 7, 10-K 0001474432-26-000027 vs Item 7, 10-K 0001628280-25-015044
Accounting Policies 105 words changed in this paragraph; it is 41% similar to last year's version.
In December 2023, September 2025, the FASB issued ASU 2023-09, Income Taxes (Topic 740): 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to Income Tax Disclosures, the Accounting for Internal-Use-Software, which requires greater disaggregation of tax information in rate reconciliation amends the cost capitalization criteria for internal-use software development costs by removing all references to software project development stages and income taxes paid by jurisdiction. providing new guidance on how to evaluate whether the probable-to-complete recognition threshold has been met. The new standard can be applied on either a fully retrospective, modified transition, or prospective basis. ASU 2023-09 2025-06 will be effective for our fiscal year years beginning February 3, 2025, after fiscal 2028 and interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of this standard on our consolidated financial statement disclosures. statements.
Source: Item 8, Note 2 – Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0001474432-26-000027 vs Item 8, Note 2 – Basis of Presentation and Summary of Significant Accounting Policies, 10-K 0001628280-25-015044
Legal Proceedings 43 words changed in this paragraph; it is 63% similar to last year's version.
At the end of fiscal 2024 2025 and 2025, 2026, we had outstanding letters of credit in the aggregate amount of $7.7 $7.2 million and $7.2 $13.0 million in connection with our facility leases. The letters of credit are collateralized by either restricted cash or the Credit Facility leases and a certain employee-related benefit, that mature on various dates through September 2030. December 2031. Of the $13.0 million outstanding as of the end of fiscal 2026, $2.0 million is issued under the Credit Facility.
Source: Item 3, via Note 7 – Commitments and Contingencies, 10-K 0001474432-26-000027 vs Item 3, via Note 7 – Commitments and Contingencies, 10-K 0001628280-25-015044
Every change, by type
Sentences and paragraphs of P's Risk Factors and MD&A, 10-K 2026-03-25 against 10-K 2025-03-27.
Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
Managing the supply of our products and underlying components is complex and has become increasingly difficult, in part, due to component quality, component scarcity, increased global demand, and inflationary pressure. Our supply chain has been, and may continue to be adversely impacted by component cost increases in our supply chain. In response to these cost increases, we raised our prices during the first quarter of fiscal year 2027, which may result in reduced sales or the loss of customers, and adversely impact our business and results of operations. We enter into agreements with our suppliers to provide components at specified prices, volume, and timing. Our suppliers have in the past, and may in the future, seek to renegotiate terms of our supply agreements. Furthermore, in the current environment of increased global demand and component scarcity, suppliers may lack the capacity to allocate the necessary volume of components to meet our manufacturing requirements. If our suppliers fail to perform their obligations or if they are unable or refuse to provide components to us at the specified prices, volumes, or at the times that we have agreed upon, or if they are simply unable to allocate the volume of components that we need, we may be unable to secure alternate supply on commercially reasonable terms or within our required timeframes. As a result, we could face component shortages, higher component costs, manufacturing disruptions, longer customer lead times and delays in shipping our products, or lost sales opportunities altogether. Such a disruption could cause us to miss revenue opportunities, damage our relationships with customers and partners, and negatively impact our reputation. A significant or sustained supply chain failure of this nature could adversely affect our business, financial condition, product margins, results of operations, and prospects.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedRisk Factors
In addition, to scale our supply chain, we must manage our supply and inventory effectively, including ensuring a sufficient supply of flash to support our hyperscaler customer. If our hyperscale customer reduces its demand for our flash storage solutions, we may be obligated to fulfill component purchase commitments. If we are unable to effectively manage our supply and inventory, including the supply of flash necessary to fulfill potential hyperscaler demand, our results of operations could be adversely affected.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedRisk Factors
During fiscal 2026, the cost of our components increased significantly, and we anticipate continued component pricing volatility throughout fiscal 2027. Elevated global demand for the components used in our products has made future cost fluctuations highly unpredictable. We maintain supply agreements with our component suppliers that help mitigate, but do not eliminate, significant component cost volatility. While we implemented product price increases during the first quarter of fiscal 2027 to help offset these rising expenses, ongoing component cost volatility has placed, and may continue to place, downward pressure on our gross margins.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedRisk Factors
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted in the United States; while certain provisions reduced our current tax expense, future interpretations or changes in guidance could materially affect our cash tax obligations, deferred tax positions, and effective tax rate over time.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedRisk Factors
Many countries around the world are beginning to implement legislation and other guidance to align their international tax rules with the Organization for Economic Co-operation and Development (OECD)’s Base Erosion and Profit Shifting (BEPS) recommendations and related action plans that aim to standardize and modernize global corporate tax policy, including changes to cross-border tax, transfer-pricing documentation rules and nexus-based tax incentive practices. As part of these broader BEPS initiatives, many jurisdictions are now implementing the OECD’s Pillar Two global minimum tax framework, which introduces a 15% minimum effective tax rate for large multinational groups. Certain countries in which we operate have enacted legislation adopting Pillar Two, and additional jurisdictions continue to issue guidance or consider implementing similar rules. In January 2026, the OECD released a “side‑by‑side” administrative package introducing new safe harbors and potential relief for certain U.S.-parented multinational groups. While the impact of Pillar Two has not been material to date, differences in jurisdictional implementation, the expiration of transition relief, or changes in our global tax profile could increase our effective tax rate, cash tax payments, or compliance costs in future periods. We continue to monitor developments across the jurisdictions in which we operate.
Read it in 10-K 2026-03-25 at sec.gov ↗
RemovedRisk Factors
We are devoting significant resources in our efforts to develop flash storage solutions for hyperscalers, and recently secured a design win with a major hyperscaler. A design win means the customer has tested our solution, verified that it meets the customer’s requirements, and qualified our solution for the customer’s use. Achieving a design win with a major hyperscaler requires us to dedicate significant resources and investment in pursuit of a single customer opportunity without any guarantee of revenue. While we believe the opportunity to sell our solutions to hyperscalers that replace their bulk disk and hybrid disk storage is significant, and that sales to hyperscalers may in the future account for a significant portion of our revenue, we may never generate any revenue from such sales.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedRisk Factors
The Tax Cuts and Jobs Act of 2017 amendments to Internal Revenue Code (IRC) Section 174 require that specific research and experimental expenditures be capitalized and amortized over five years if incurred in the U.S. or fifteen years if incurred in a foreign jurisdiction beginning in our fiscal 2023. Although Congress is considering legislation that would defer, modify or repeal this capitalization and amortization requirement, the possibility that this will happen is uncertain. If this requirement is not deferred, modified or repealed, we may continue to incur additional cash taxes.
Read it in 10-K 2025-03-27 at sec.gov ↗
RewordedRisk Factors
We are devoting significant resources toward developing flash storage solutions for hyperscalers. hyperscalers, but there can be no assurance that our efforts will lead to meaningful revenue, operating margin or cash flow, or additional hyperscaler design wins.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
Notwithstanding our efforts, we may fail to detect the existence of security breaches or incidents, Malicious third parties might use techniques that we are unable to defend against to compromise and infiltrate our systems. incidents.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
Additionally, changes in U.S. administrative policy from the recent U.S. presidential have and congressional elections may continue to lead to significant changes in tariffs for imported goods among other possible changes. goods.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
Even after we have secured a design win, a customer Our existing, and potential future, hyperscale customers could choose to delay or cancel purchasing or licensing our technology and services.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
Additionally, an effective attack on our Pure Platform could disrupt the proper functioning of our Pure Everpure Platform, allow unauthorized access to our or our customers' sensitive, proprietary or confidential information of ours or our customers, information, disrupt or temporarily interrupt our and our customers’ operations or cause other destructive outcomes, including the theft of information sufficient to engage in fraudulent transactions.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
If The imposition of tariffs are imposed on our products or the their underlying components, we components may be required require us to raise our prices, which may result in the loss of customers and harm our business and results of operations, or we may choose to pay for these tariffs without raising prices which may negatively impact our results of operations and profitability.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
Notwithstanding our efforts, we may fail to detect the existence of security breaches or incidents, Malicious third parties might use techniques that we are unable to defend against to compromise and infiltrate our systems.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
Our failure to comply with the financial covenant and other restrictive covenants could result in an event of default, which if not cured or waived, could result in the lenders requiring immediate payment of all outstanding borrowings or foreclosing on collateral pledged to them to secure the indebtedness. thereunder.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
The threats to our information systems and information and those of third parties on whom we rely, include traditional computer “hackers,” social engineering schemes attacks including phishing, vishing, smishing and domain spoofing (for example, attempts to induce fraudulent invoice payments or divert money from us), phishing attacks, faulty password management, software bugs, malicious code (such as viruses and worms), malware installation, personnel misconduct or error, theft, denial-of-service attacks (such as credential stuffing), advanced persistent threat intrusions, server malfunction, software or hardware failures, loss of data or other computer assets, adware, as well as attacks from nation-state and nation-state supported actors.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
We and third-party service providers on whom we rely have been, and may in the future be, subject to attempts to gain unauthorized access to our data or systems.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
Moreover, because our success depends on our partner relationships, we have recently increased our partner incentive compensation arrangements. arrangements which we expect to negatively impact revenue.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedRisk Factors
We offer our Pure Everpure Platform on a subscription basis, including our hardware and software products through Evergreen//One and Cloud Data Services. Evergreen//One.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedMD&A
Everpure, formerly known as Pure Storage, is a global technology company providing an integrated storage and data management platform. Data is foundational to our customers’ business transformation and increasingly central to their operational resilience and competitive differentiation. As data volumes expand and artificial intelligence (AI) becomes more deeply embedded in customers' operations, the ability to store, manage, govern, and derive greater value from their data is becoming as important as the infrastructure used to store it.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedMD&A
With the Everpure Platform, customers can build their own Enterprise Data Cloud (EDC), an architectural approach to storage and data management that allows organizations to centrally manage a virtualized cloud of data with unified control — spanning on-premises, hybrid, and public cloud environments — enabling intelligent, autonomous data management and consistent governance across the entire environment.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedMD&A
We use Subscription NDR as an indicator of our ability to successfully expand and grow revenue within our existing customer base on an annual basis. Our Subscription NDR, which approximates the year-over-year percentage growth in ARR from the same cohort of existing customers across comparable fiscal periods, was 117% and 113% for the fiscal years ended 2025 and 2026. Our Subscription NDR is calculated by dividing the current fiscal year-end ARR by the corresponding prior year-end ARR, for those customers with an active ARR balance as of a year ago. Current fiscal year-end ARR includes existing customer expansion, net of contraction and churn, but excludes ARR from new customers acquired in the current fiscal year period.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedMD&A
The decrease in provision for income taxes during fiscal 2026 compared to fiscal 2025 was primarily driven by a decrease in U.S. taxable income due to the enactment of the One Big Beautiful Bill Act (OBBBA), which removed the requirement for domestic research and development capitalization under Section 174.
Read it in 10-K 2026-03-25 at sec.gov ↗
AddedMD&A
In June 2025, we entered into a Credit Agreement with a consortium of financial institutions and lenders that provides for a five-year, senior unsecured revolving credit facility of $500.0 million (Credit Facility) that expires on June 10, 2030, unless otherwise extended. Proceeds from borrowings under the Credit Facility may be used for general corporate purposes and working capital. The Credit Facility replaced our prior $300.0 million revolving credit facility in which the outstanding borrowings of $100.0 million was repaid in full and terminated effective June 10, 2025.
Read it in 10-K 2026-03-25 at sec.gov ↗
RemovedMD&A
Data is foundational to our customers, and we are focused on delivering innovative and differentiated data storage solutions and services that enable customers to fully realize the value of their data.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
Our Pure Platform supporting structured and unstructured data, at scale and across any data workloads in on premises, cloud and hosted environments makes it possible for customers to construct their Enterprise Data Clouds. This allows them to serve a variety of data workloads including mission-critical production, test and development, analytics, disaster recovery, backup and restore, artificial intelligence and machine learning with a single consistent, highly automated and agile cloud operating model.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
The decrease in product gross margin during fiscal 2025 when compared to fiscal 2024 was primarily due to increasing sales of our FlashBlade//E, FlashArray//E, and FlashArray//C solutions as customers’ transition their cost-sensitive workloads from traditional disk solutions to flash. We also experienced higher QLC component costs that were partially offset by lower excess and obsolete charges.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
The increase in provision for income taxes during fiscal 2025 compared to fiscal 2024 was primarily due to an increase in profits generated in our foreign jurisdictions.
Read it in 10-K 2025-03-27 at sec.gov ↗
RemovedMD&A
The outstanding balance of $100.0 million at the end of fiscal 2025 bore weighted-average interest at an annual rate of approximately 6.59% based on a one-month term SOFR period resulting in interest expense of $6.6 million during fiscal 2025.
Read it in 10-K 2025-03-27 at sec.gov ↗
RewordedMD&A
The increase in subscription Subscription services gross margin remained relatively consistent during fiscal 2025 2026 when compared to fiscal 2024 was 2025 primarily driven by (i) lower depreciation expense from increasing the estimated useful lives of assets supporting our Evergreen//One offering during the third quarter of fiscal 2025 and (ii) continued optimization and increased efficiencies in our technical services operations, combined with cost benefits from automating our service logistics workflows that support delivery of our Evergreen subscription services to our installed base. base, partially offset by amortization of capitalized software costs for the development of Everpure Fusion and Everpure Cloud Azure Native and higher employee compensation and related costs.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
The increase in other income (expense), net during fiscal 2025 2026 compared to fiscal 2024 2025 was primarily due driven by higher net foreign exchange gains as the U.S. dollar weakened relative to certain foreign currencies and gain from the sale of an increase equity security, partially offset by a decrease in interest income from a larger lower balance in cash, cash equivalents and marketable securities and a higher lower interest rate environment, partially offset by higher net foreign exchange losses as the U.S. dollar strengthened relative to certain foreign currencies. environment.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
Net cash used in financing activities during fiscal 2024 2026 was primarily driven by cash outflows related to the repayment of the principal amount of the Convertible Senior Notes of approximately $575.0 million, share repurchases of $135.8 $342.6 million, and tax withholding remittances on vested equity awards of $30.0 $270.9 million, and repayment of the $100.0 million outstanding on our former credit facility that terminated in June 2025, partially offset by proceeds from borrowing under the Credit Facility of $100.0 million, issuance of common stock under our ESPP employee stock purchase plan (ESPP) of $45.1 $56.0 million, and the exercise of stock options of $39.8 $18.4 million.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
The annual interest rates applicable to loans Dollar denominated borrowings under the Credit Facility are, will bear interest, at our option, equal to either at a base rate rate, subject to a floor of 0%, plus a margin ranging from 0.50% 0% to 1.25% 0.50%, or the term SOFR Secured Overnight Financing Rate (SOFR) rate (based on one, three, three or six-month interest periods), subject to a floor of 0%, plus a margin ranging from 1.50% 0.875% to 2.25%. 1.50%.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
Interest on revolving loans is payable quarterly in arrears with respect to loans based on the base rate borrowings and at the end of an interest period in the case of loans based on term SOFR (or at each three-month interval, if the interest period is longer than three months). with respect to term SOFR borrowing.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
Net cash used in financing activities during fiscal 2024 2025 was primarily driven by cash outflows related to the repayment of the principal amount of the Convertible Senior Notes of approximately $575.0 million, share repurchases of $135.8 $374.0 million, and tax withholding remittances on vested vesting of equity awards of $30.0 $206.6 million, partially offset by proceeds from borrowing under the Credit Facility of $100.0 million, issuance of common stock under our ESPP of $45.1 $51.7 million, and the exercise of stock options of $39.8 $27.2 million.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
The slight increase in sales and marketing expense product gross margin during fiscal 2025 2026 when compared to fiscal 2024 2025 was primarily due to an increase in employee compensation and related costs, including stock-based compensation product mix and, to a lesser extent, royalties from hyperscaler shipments, partially offset by higher travel component costs.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
Our future capital requirements will depend on many factors including our sales growth, the timing and extent of capital spending to support development efforts including investments to scale operations in support of our recent hyperscale design win with Meta, customer and capture additional growth opportunities, the timing and extent of strategic inventory purchases to mitigate the impact of tariffs, higher commodity pricing, and supply chain disruptions, growth of our Evergreen//One offering, the addition or closure of office space, the timing of new product introductions, our share repurchases, the timing of renewal and/or repayment of borrowings under the revolving credit facility, and cash payments for tax withholding obligations for equity awards held by employees.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
Our (1) product revenue is derived from which includes sales of our integrated storage hardware and embedded licensed software products products, royalties from hyperscaler shipments, and sale of Portworx by Everpure term licenses and (2) subscription services which also includes sales of our storage-as-a-service consumption and subscription-based offerings, support and maintenance and professional services.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
The increase in sales and marketing expense during fiscal 2025 2026 compared to fiscal 2024 2025 was primarily due to driven by an increase in employee compensation and related costs, including stock-based compensation sales commission expense, from growth in headcount and higher bookings achievement and, to a lesser extent, higher costs for sales and marketing events, and higher travel costs.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
The increase in research general and development administrative expense during fiscal 2025 2026 compared to fiscal 2024 2025 was primarily driven by an increase in employee compensation and related costs, including stock-based compensation, and, to a lesser extent, an increase from growth in outside services costs, and higher data center and cloud services costs. headcount.
Read it in 10-K 2026-03-25 at sec.gov ↗
RewordedMD&A
We recognized $9.5 million of in incremental restructuring costs primarily related to associated with one-time severance and other termination benefits associated with related to a workforce alignment plan that was initiated in the workforce realignment plan discussed below. fourth quarter of fiscal 2024.
Read it in 10-K 2026-03-25 at sec.gov ↗
