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HPEHewlett Packard Enterprise

Technology · Computer Hardware · NYSE

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FY2025 at a glance

Sales up 13.8%, free cash flow down to $627.0M

XBRL, from each 10-K

RevenueStatements ↓

$34.3B

from $30.1B in FY2024

FY2016FY2025

Net incomeStatements ↓

$57.0M

from $2.6B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$627.0M

from $2.0B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$-0.04

from $1.93 in FY2024

FY2016FY2025

Operating marginStatements ↓

-1.3%

from 7.3% in FY2024

FY2016FY2025

Total debtStatements ↓

$26.4B

from $22.4B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (34, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	1.94	Sales (ttm)	41.9B	Net income (ttm)	2.8B	Sales growth	+13.8%	EPS growth	-102%	Sales Q/Q	+33.7%
Free cash flow	4.2B	Gross margin	-	Oper. margin	6.2%	Net margin	6.7%	FCF margin	9.9%	ROE	10.5%
ROA	3.3%	R&D / sales	7.3%	Dividend	0.52	Debt/Eq	0.76	Curr. ratio	1.11	Cash	6.2B
Op. cash flow (ttm)	6.7B	EBITDA	2.3B	EBITDA margin	6.7%	Net debt	14.0B	Quick ratio	0.90	Interest cover	-0.40
Stock pay / sales	1.9%	Shares out.	1.3B	Shares Y/Y	-1.0%	Book / share	19.97	Cash / share	4.68	Sales / share	31.54
Asset turnover	0.50	Days sales out.	56	Sales 3Y CAGR	+6.4%	Sales 5Y CAGR	+4.9%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Free cash flow fell 68%$2.0B → $627.0M · Cash from operations − capital expenditure · 10-K ↗
Revenue growth sped up to +13.8%+3.4% → +13.8% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
Operating margin narrowed to -1.3%7.3% → -1.3% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

HPE against Technology peers

Ten years, side by side → · All 75 →

HPEPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth

+13.8%40th of 75 · median +14.1%

Net margin

6.7%64th of 75 · median 19.1%

Return on equity

10.5%56th of 69 · median 23.9%

Free cash flow margin

9.9%59th of 71 · median 22.3%

Debt / equity (less is better)

0.7646th of 61 · median 0.46

HPE and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
HPE Hewlett Packard Enterprise	$41.9B	+13.8%	-	6.7%	10.5%	9.9%	0.76
AMD Advanced Micro Devices	$45.4B	+34.3%	53.7%	16.8%	11.1%	15.5%	0.10
CRM Salesforce	$43.9B	+9.6%	77.3%	22.0%	25.2%	34.5%	1.02
QCOM Qualcomm	$43.1B	-2.6%	53.1%	31.6%	44.8%	20.1%	0.43
JBL Jabil	$36.0B	+20.6%	9.2%	2.9%	64.6%	3.8%	2.09
APH Amphenol	$33.0B	+51.7%	38.8%	18.0%	34.6%	15.5%	1.04

Profitability

0 of 3

!
Net margin below the peer median6.7% vs 19.1%
!
Return on equity below 15%10.5%
!
A profit in 9 of 10 years

Net margin, FY2016 to FY2025: 10.4% → 0.2%

Balance sheet

2 of 4

!
Interest covered less than 5 timesOperating income is -0.4× interest expense
✓
Debt smaller than equityDebt / equity 0.76 on the latest balance sheet (peer median 0.46)
✓
Current assets cover current liabilitiesCurrent ratio 1.11
!
Net debt over 3 years of free cash flow$14.0B net debt, 3.4 years

Debt / equity at each year end, FY2016 to FY2025: 0.50 → 1.07

What the debt is made of ↓

Cash and shareholders

2 of 4

!
Free cash flow positive in 8 of 10 years$627.0M last year
!
Share count up over 5 years+2.3%
✓
Dividend per share up over 5 years$0.36 → $0.52
✓
Cash from operations above net income$2.9B vs $57.0M

Free cash flow, FY2016 to FY2025: 1.8B → 627.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$21.7B of principal due, schedule of Oct 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 34.3B Net income 57.0M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $33.5B of revenue came from

by product, year to Oct 31, 2025

Products $22.0B · 65%
Services $11.6B · 35%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

HPE's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue34.3B

Net income57.0M

Free cash flow627.0M

EPS (diluted)-0.04

Dividend per share0.52

Diluted shares1.3B

The segments changed

10-K filed 2025-12-18

Compared with the 10-K of Dec 19, 2024: new segment Networking; no longer reported: Intelligent Edge.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Oct 31, 2025

	Revenue	Share	vs year before
Server	17.6B	51.4%	+11.4%
Networking	6.8B	19.9%	+51.9%
Hybrid Cloud	5.5B	16.2%	+5.1%
Financial Services	3.5B	10.2%	-0.1%
Corporate Investments and Other	769.0M	2.2%	-24.2%

10-K 0001645590-25-000130, segment and revenue notes (XBRL).

Revenue by product or service

year to Oct 31, 2025

	Revenue	Share	vs year before
Products	22.0B	64.0%	+18.1%
Services	11.6B	33.7%	+6.4%

10-K 0001645590-25-000130, segment and revenue notes (XBRL).

Revenue by region

year to Oct 31, 2025

	Revenue	Share	vs year before
Total Americas	15.8B	46.2%	+19.7%
U.S.	13.4B	39.1%	+23.1%
Europe, Middle East and Africa	11.5B	33.6%	+13.0%
Asia Pacific and Japan	6.9B	20.2%	+3.5%
Americas excluding U.S.	2.4B	7.1%	+4.3%

10-K 0001645590-25-000130, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30.3B	28.9B	30.9B	29.1B	27.0B	27.8B	28.5B	29.1B	30.1B	34.3B
Cost of revenue	13.0B	12.7B	14.1B	-	-	-	-	-	-	-
R&D	1.7B	1.5B	1.7B	1.8B	1.9B	2.0B	2.0B	2.3B	2.2B	2.5B
SG&A	5.4B	5.0B	4.9B	4.9B	4.6B	4.9B	4.9B	5.2B	4.9B	5.7B
Operating income	3.9B	564.0M	1.7B	1.3B	-329.0M	1.1B	782.0M	2.1B	2.2B	-437.0M
Interest expense	547.0M	599.0M	631.0M	608.0M	603.0M	501.0M	471.0M	709.0M	777.0M	1.1B
Pretax income	3.9B	272.0M	268.0M	1.6B	-442.0M	3.6B	876.0M	2.2B	3.0B	-285.0M
Income tax	623.0M	-164.0M	-1.7B	504.0M	-120.0M	160.0M	8.0M	205.0M	374.0M	-342.0M
Net income	3.2B	344.0M	1.9B	1.0B	-322.0M	3.4B	868.0M	2.0B	2.6B	57.0M
EPS (diluted)	1.82	0.21	1.23	0.77	-0.25	2.58	0.66	1.54	1.93	-0.04
Diluted shares	1.7B	1.7B	1.6B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B
Depreciation & amortization	3.8B	3.1B	2.6B	2.5B	2.6B	2.6B	2.5B	2.6B	2.6B	2.7B
EBITDA	7.7B	3.6B	4.3B	3.8B	2.3B	3.7B	3.3B	4.7B	4.8B	2.3B
Operating margin	12.9%	2.0%	5.6%	4.4%	-1.2%	4.1%	2.7%	7.2%	7.3%	-1.3%
Net margin	10.4%	1.2%	6.2%	3.6%	-1.2%	12.3%	3.0%	7.0%	8.6%	0.2%
Revenue growth	-	-4.7%	+6.9%	-5.6%	-7.4%	+3.0%	+2.6%	+2.2%	+3.4%	+13.8%
EPS growth	-	-88.5%	+486%	-37.4%	-132%	-	-74.4%	+133%	+25.3%	-102%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	13.0B	9.6B	4.9B	3.8B	4.2B	4.0B	4.2B	4.3B	14.8B	5.8B
Receivables	3.2B	3.1B	3.3B	3.0B	3.4B	4.0B	4.1B	3.5B	3.5B	5.3B
Inventory	1.7B	2.3B	2.4B	2.4B	2.7B	4.5B	5.2B	4.6B	7.8B	6.4B
Current assets	28.9B	21.4B	17.3B	15.1B	16.6B	18.9B	20.5B	18.9B	33.5B	25.0B
Property & equipment	6.4B	6.3B	6.1B	6.1B	5.6B	5.6B	5.8B	6.0B	5.7B	6.0B
Goodwill	16.1B	17.5B	17.5B	18.3B	18.0B	18.3B	17.4B	18.0B	18.1B	23.8B
Total assets	79.6B	61.4B	55.5B	51.8B	54.0B	57.7B	57.1B	57.2B	71.3B	75.9B
Accounts payable	4.9B	6.1B	6.1B	5.6B	5.4B	7.0B	8.7B	7.1B	11.1B	7.7B
Current liabilities	22.5B	18.9B	17.2B	19.2B	18.7B	20.7B	23.2B	21.9B	26.0B	24.6B
Total debt	15.7B	13.6B	11.7B	13.5B	16.6B	14.2B	13.0B	13.0B	22.4B	26.4B
Total liabilities	-	-	14.3B	-	-	-	-	-	-	-
Shareholders' equity	31.4B	23.5B	21.2B	17.1B	16.0B	20.0B	19.9B	21.2B	24.8B	24.7B
Retained earnings	2.8B	-7.2B	-5.9B	-7.6B	-8.4B	-5.6B	-5.3B	-3.9B	-2.1B	-2.8B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	5.1B	1.3B	3.0B	4.0B	2.2B	5.9B	4.6B	4.4B	4.3B	2.9B
Capital spending	3.3B	3.1B	3.0B	2.9B	2.4B	2.5B	3.1B	2.8B	2.4B	2.3B
Free cash flow	1.8B	-1.8B	8.0M	1.1B	-143.0M	3.4B	1.5B	1.6B	2.0B	627.0M
Stock-based pay (added back)	558.0M	428.0M	286.0M	268.0M	274.0M	382.0M	391.0M	428.0M	430.0M	643.0M
Dividends paid	373.0M	428.0M	570.0M	608.0M	618.0M	625.0M	621.0M	619.0M	676.0M	684.0M
Buybacks	2.7B	2.6B	3.6B	2.2B	355.0M	213.0M	512.0M	421.0M	150.0M	202.0M
Acquisitions	22.0M	2.2B	207.0M	1.5B	866.0M	505.0M	0	761.0M	147.0M	12.3B
Debt raised	1.1B	2.3B	2.5B	3.5B	7.0B	3.0B	3.3B	4.7B	11.2B	9.2B
Investing cash flow	419.0M	-5.3B	-1.9B	-3.5B	-2.6B	-2.8B	-2.1B	-3.3B	-53.0M	-13.2B
Financing cash flow	-2.3B	164.0M	-5.6B	-1.5B	883.0M	-3.4B	-1.8B	-1.4B	6.3B	1.0B
Dividend per share	0.22	0.26	0.49	0.46	0.36	0.48	0.48	0.48	0.52	0.52

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	558.0M	428.0M	286.0M	268.0M	274.0M	382.0M	391.0M	428.0M	430.0M	643.0M
Stock-based pay / revenue	1.8%	1.5%	0.9%	0.9%	1.0%	1.4%	1.4%	1.5%	1.4%	1.9%
Operating lease cost	-	-	-	-	236.0M	207.0M	197.0M	200.0M	259.0M	350.0M
Operating lease cash paid	-	-	-	-	239.0M	220.0M	214.0M	219.0M	274.0M	352.0M
Right-of-use assets	-	-	-	-	930.0M	884.0M	854.0M	980.0M	1.4B	1.5B
Operating lease liabilities	-	-	-	-	1.1B	1.1B	1.0B	1.2B	1.6B	1.7B
Finance lease liabilities	-	-	-	-	58.0M	53.0M	48.0M	43.0M	38.0M	31.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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