Hewlett Packard Enterprise Company (HPE) financials

NYSE · Technology · Computer Hardware · 67,000 employees · CEO Antonio Fabio Neri

Price: $55.09 -6.42%
Market cap: $73.1B
Enterprise value: $87.2B
Last report: Q3 '26 filed 2026-09-03
Next report: 2026-12-03 EPS est. $1.28

Revenue (TTM)$41.9B+26.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)8.3%+2.1 pp vs a year agoOperating income $3.46B

Net income (TTM)$2.75B+120.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$4.16B+1,747.1% vs a year agoCapex $2.54B

Diluted EPS (TTM)$1.92+143.0% vs a year agoSum of the last 4 quarters

Net cash-$14B+26.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $73.1B
Revenue: $41.9B
Revenue growth: +36%
Profit margin: 6.6%
P/E: 27.4×
P/S: 1.7×
EV / EBITDA: 13.9×
Free cash flow: $4.16B
Net income: $2.75B
Revenue estimate: $46.6B
Earnings: 2026-12-03
Dividend: $0.57

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-09-02): revenue beat by 1.9%, EPS beat by 19.1%Revenue $12.2B vs $12B expected (+1.9%); EPS $1.11 vs $0.93 (+19.1%).
Revenue growth accelerating: 32.7% year on yearQ3 '26 revenue $12.2B, against an average of 23.5% over the four quarters before.
Operating margin 8.3% (TTM), +2.1 pp on a year agoOperating income grew 69.6% while revenue grew 26.6%.
31.5% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.63B vs operating income $3.46B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 6.1% of revenue (a year ago 6.8%)$2.54B invested in the last 4 quarters (+12.4% on a year earlier). Free cash flow $4.16B = 151.0% of net income.
Returned $1.32B to shareholders = 31.6% of free cash flowBuybacks $547M (a year earlier $152M), dividends $768M, stock-based pay $795M (TTM).
Diluted share count up 2.0% in a year1.45B diluted shares in Q3 '26, 1.42B a year earlier.
Net debt $14BCash + short-term investments $6.22B, debt incl. leases $20.2B; a year ago net debt $19.1B.
Networking: revenue +74.9%, margin 22.0% (was 22.1%)Fastest-growing reported segment in Q3 '26: operating income $637M on revenue $2.89B (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$12.2B	$9.2B	+32.7%
Gross margin	40.1%	28.4%	+11.7 pp
Operating income	$1.39B	$494M	+182.0%
Operating margin	11.4%	5.4%	+6.0 pp
Net income	$1.54B	$305M	+404.9%
Diluted EPS	$1.06	$0.19	+457.9%
Operating cash flow	$1.64B	$1.31B	+25.7%
Capex	$745M	$576M	+29.3%
Free cash flow	$896M	$729M	+22.9%
R&D	$1.16B	$622M	+86.2%
Stock-based compensation	$165M	$177M	-6.8%

Reported vs consensus

2026-09-02

	Actual	Consensus	vs consensus
Revenue	$12.2B	$12B	+1.9%
EPS (as estimated)	$1.11	$0.93	+19.1%

From the report of 2026-09-02 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Server Segment	$6.77B	+38.0%	55.4%	$21B	+17.6%
Networking	$2.89B	+67.0%	23.7%	$13.4B	–
Hybrid Cloud	–	–	–	–	–
Storage Segment	$1.29B	–	10.6%	–	–
Financial Services	$883M	-0.5%	7.2%	$3.55B	+1.3%
Corporate Investments	$278M	+44.8%	2.3%	$1.01B	+20.1%
Other Segment	$102M	–	0.8%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Americas	$5.35B	+12.7%	43.8%	$18.1B	+18.4%
EMEA	$4.2B	+53.4%	34.4%	$14.8B	+35.9%
Asia Pacific and Japan	$2.67B	+61.1%	21.8%	$8.92B	+30.1%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Cloud AI Segment	$9.04B	+25.4%	$1.54B	+205.4%	17.0%	7.0%	–
Server Segment	$6.77B	+35.3%	–	–	–	6.3%	–
Networking	$2.89B	+74.9%	$637M	+74.5%	22.0%	22.1%	$2.5B
Networking Solutions	–	–	–	–	–	20.8%	–
Hybrid Cloud	–	–	–	–	–	6.1%	–
Intelligent Edge	–	–	–	–	–	–	–
Financial Services	$883M	-0.3%	–	–	–	9.9%	–
Corporate And Other	$278M	+3.0%	-$67M	-252.6%	-24.1%	-7.0%	-$86M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $6.69B
Capex: -$2.54B
Buybacks: -$547M
Dividends: -$768M
Acquisitions: $322M
Net debt issued: -$3.46B
Stock-based compensation: $795M
Free cash flow: $4.16B
Returned to shareholders / FCF: 31.6%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	27.4×	11.7× 4 of 5 years	5.7× – 21.3×
EV / EBITDA	13.9×	8.4×	4.8× – 19.3×
EV / Sales	2.1×	1.1×	1.0× – 1.5×
Price / FCF	17.6×	19.1×	5.8× – 51.6×
Price / Book	2.8×	1.0×	0.9× – 1.3×
FCF yield	5.7%	8.6%	1.9% – 17.2%
Return on invested capital	6.2%	3.8%	-0.6% – 5.4%
Return on equity	10.9%	8.3%	0.2% – 17.2%

Analysts

Consensus target $70.00 (+27.1%)
range $57.00 – $86.00 · rating Hold

Strong buy0

Buy18

Hold21

Sell1

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$46.6B	+35.8%	$3.82	+8,676.2%	14.4×	12
FY2027	$54.7B	+17.5%	$4.72	+23.5%	11.7×	12
FY2028	$59.3B	+8.4%	$5.47	+15.8%	10.1×	6
FY2029	$65.6B	+10.6%	$6.10	+11.6%	9.0×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 401 figures Hewlett Packard Enterprise Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$13.7B	$8.66B	+58.6%	$7.73B	$11.1B	-30.1%
Accounts Receivable, after Allowance for Credit Loss, Current	$6.19B	$5.66B	+9.4%	$5.29B	$3.55B	+49.0%
Accounts Receivable, Allowance for Credit Loss, Current	$16M	$18M	-11.1%	$22M	$10M	+120.0%
Accounts Receivable, before Allowance for Credit Loss, Current	$5.82B	$5.26B	+10.7%	$4.92B	$3.24B	+51.9%
Accrued Income Taxes, Noncurrent	$183M2025-10-31	$163M	+12.3%	$183M	$163M	+12.3%
Accrued Marketing Costs, Current	$1.04B2025-10-31	$1.03B	+0.7%	$1.04B	$1.03B	+0.7%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$6.79B	–	–	$6.63B	$6.49B	+2.1%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$2.7B	-$3.02B	+10.6%	-$2.75B	-$2.98B	+7.7%
Additional Paid in Capital, Common Stock	$30.2B	$30.2B	-0.2%	$30.2B	$29.8B	+1.3%
Advertising Expense	–	–	–	$179M	$117M	+53.0%
Amortization of Intangible Assets	$315M	$126M	+150.0%	$511M	$267M	+91.4%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0	18M	-100.0%	138M	0	–
Assets	$83.6B	$77.3B	+8.1%	$75.9B	$71.3B	+6.5%
Assets Held-for-sale, Not Part of Disposal Group, Current	$02025-10-31	$1M	-100.0%	$0	$1M	-100.0%
Assets, Current	$33.9B	$26B	+30.2%	$25B	$33.5B	-25.3%
Assets, Fair Value Disclosure	$4.87B	–	–	$4.16B	$13.7B	-69.8%
Business Combination, Acquisition Related Costs	$71M	$181M	-60.8%	$458M	$211M	+117.1%
Capitalized Contract Cost, Amortization	$30M	$88M	-65.9%	$125M	$106M	+17.9%
Capitalized Contract Cost, Net, Current	$101M	$122M	-17.2%	$109M	$88M	+23.9%
Capitalized Contract Cost, Net, Noncurrent	$153M	$147M	+4.1%	$128M	$136M	-5.9%
Cash and Cash Equivalents, at Carrying Value	$6.22B	$4.57B	+36.0%	$5.77B	$14.8B	-61.1%
Cash and Cash Equivalents, Fair Value Disclosure	$4.47B	–	–	$3.74B	$13.2B	-71.8%
Cash Collateral for Borrowed Securities	$68M	$174M	-60.9%	$120M	–	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$6.28B	$4.7B	+33.7%	$5.86B	$15.1B	-61.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$924M	-$7.09B	+113.0%	-$9.25B	$10.5B	-187.9%
Common Stock, Dividends, Per Share, Declared	$0.14	$0.13	+9.6%	$0.52	$0.52	0.0%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	9.6B	9.6B	0.0%	9.6B	9.6B	0.0%
Common Stock, Shares, Issued	1.33B	1.32B	+0.7%	1.32B	1.3B	+1.6%
Common Stock, Shares, Outstanding	1.33B	1.32B	+0.7%	1.32B	1.3B	+1.6%
Common Stock, Value, Outstanding	$13M	$13M	0.0%	$13M	$13M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.56B	$375M	+314.7%	$286M	$2.69B	-89.4%
Contract with Customer, Liability	$10.3B2025-10-31	$7.48B	+38.2%	$10.3B	$7.48B	+38.2%
Contract with Customer, Liability, Current	$5.56B	$5.31B	+4.7%	$5.36B	$3.9B	+37.2%
Contract with Customer, Liability, Noncurrent	$4.98B2025-10-31	$3.58B	+39.2%	$4.98B	$3.58B	+39.2%
Contract with Customer, Liability, Revenue Recognized	$1.6B	$1.2B	+33.3%	$3.7B	$3.5B	+5.7%
Convertible Preferred Dividends, Net of Tax	$29M	$29M	0.0%	$116M	$25M	+364.0%
Costs and Expenses	$10.8B	$8.89B	+21.7%	$34.7B	$27.9B	+24.3%
Current Federal Tax Expense (Benefit)	–	–	–	-$154M	$8M	-2,025.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$349M	$415M	-15.9%
Current State and Local Tax Expense (Benefit)	–	–	–	$28M	$15M	+86.7%
Debt and Lease Obligation	$22.4B2025-10-31	$18.2B	+23.1%	$22.4B	$18.2B	+23.1%
Debt Instrument, Fair Value Disclosure	$22.5B2025-10-31	$18.3B	+23.0%	$22.5B	$18.3B	+23.0%
Debt Instrument, Unamortized Discount	$49M2025-07-31	–	–	$53M2024-10-31	$4M	+1,225.0%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net	$196M2025-10-31	$187M	+4.8%	$196M	$187M	+4.8%
Debt Securities, Available-for-sale	$217M	$955M	-77.3%	$117M2024-10-31	$119M	-1.7%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain (Loss), before Tax	$2M	$1M	+100.0%	$8M2024-10-31	$0	–
Debt Securities, Available-for-sale, Amortized Cost	$215M	$954M	-77.5%	$109M2024-10-31	$119M	-8.4%
Debt, Current	$2.9B	$6.8B	-57.3%	$4.61B	$4.74B	-2.8%
Debt, Long-term and Short-term, Combined Amount	$20.2B	$23.7B	-14.4%	–	–	–
Debt, Weighted Average Interest Rate	4.4%2025-10-31	7.6%	-42.1%	4.4%	7.6%	-42.1%
Deferred Costs, Noncurrent	$2.07B2025-10-31	$1.56B	+33.4%	$2.07B	$1.56B	+33.4%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$345M	-$120M	-187.5%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$66M	$44M	-250.0%
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	$17M2025-07-31	–	–	$58M2024-10-31	$151M	-61.6%
Deferred Income Tax Assets, Net	$3.17B	$2.48B	+27.8%	$2.95B	$2.4B	+23.2%
Deferred Income Tax Expense (Benefit)	-$47M	-$31M	-51.6%	-$565M	-$64M	-782.8%
Deferred Income Tax Liabilities, Net	$456M	$428M	+6.5%	$473M	$373M	+26.8%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$154M	$12M	-1,383.3%
Deferred Tax Assets, Deferred Income	$1.12B2025-10-31	$799M	+39.5%	$1.12B	$799M	+39.5%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-Q 2026-01-31, 10-K 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-Q 2025-01-31, 10-K 2024-10-31, 10-Q 2024-07-31

Data as of 2026-11-01