HPE
Hewlett Packard Enterprise is a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze and act upon data seamlessly from edge to cloud.
10-K, Dec 18, 2025
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
Business
How does HPE make money?
Server is 51.4% of revenue.
Source and method
Revenue by segments, FY2025.
annual report FY2025 · 0001645590-25-000130 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($34.3B).
- Server: $17.6B · 51.4%
- Networking: $6.8B · 19.9%
- Hybrid Cloud: $5.5B · 16.2%
- Financial Services: $3.5B · 10.2%
- Other: $769M · 2.2%
What is left of every $100?
Of every $100 in revenue, $0 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $34.3B
- Gross profit: not reported (not reported for this fiscal year, nothing estimated)
- Operating income: −$437M
- Net income: $57.0M
- Free cash flow: $627M
Where do customers sit?
46.2% of revenue is from Americas.
Source and method
Revenue by region, latest annual report.
10-K · 0001645590-25-000130 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“We enable our customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future.”
“Our customers range from small-and-medium-sized businesses to large global enterprises and governmental entities.”
“Hewlett and David Packard, and we strive every day to uphold and enhance that legacy through our dedication to providing innovative technological solutions to our customers.”
Item 1 · Business · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
Where did the growth actually come from?
Segments were redrawn between FY2021 and FY2025.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Server revenue +10%
“Server net revenue increased by $1,641 million, or 10.2%, primarily due to a $1,691 million, or 13.3%, increase in product revenue.”
Item 7 · MD&A · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
Position (in the company’s words)
“With decades of large-scale infrastructure expertise defining our offerings, including technologies like fanless direct liquid cooling that power our largest AI systems, HPE’s server business supports both traditional servers and those that enable AI workloads.”
Item 1 · Business · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
R&D +12%
“R&D expense increased by $272 million, or 12.1%, primarily due to operating expenses associated with Juniper Networks, which contributed 17.3 percentage points to the change.”
Item 7 · MD&A · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
Number check (R&D expense): stated $272M matches the stored change ($272M, ±10%)
R&D expense: $2.5B FY2025 · +12.1% vs FY2024 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 14% to $34.3B.
Revenue grew 34% YoY to $12.2B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 20.2%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
−1.3% operating margin, down from 7.3%.
Operating income: −$437M in FY2025.
Net income fell 98% to $57.0M.
R&D grew 12% to $2.5B.
SG&A grew 17% to $5.7B.
EPS diluted: −$0.04 in FY2025.
11.4% operating margin, up from 2.7%.
Operating income grew 464% YoY to $1.4B.
Net income grew 405% YoY to $1.5B.
R&D grew 86% YoY to $1.2B.
SG&A grew 31% YoY to $2.0B.
EPS diluted grew 405% YoY to $1.06.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $2 of every $100 as free cash.
Operating cash flow fell 33% to $2.9B.
Capex fell 3.2% to $2.3B.
Buybacks grew 35% to $202M.
Dividends grew 1.2% to $684M.
Stock-based compensation grew 50% to $643M.
Free cash flow grew 23% YoY to $896M.
Operating cash flow grew 26% YoY to $1.6B.
Capex grew 29% YoY to $745M.
Buybacks: $135M in FY2026 Q3.
Dividends grew 11% YoY to $189M.
Stock-based compensation fell 6.8% YoY to $165M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$5.8B cash vs $22.4B debt.
Total debt grew 23% to $22.4B.
Interest expense grew 41% to $1.1B.
Total assets grew 6.5% to $75.9B.
Equity fell 0.5% to $24.7B.
Cash grew 36% YoY to $6.2B.
Total debt fell 14% YoY to $20.2B.
Total assets grew 8.1% YoY to $83.6B.
Equity grew 8.7% YoY to $26.5B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 10% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (HPE annual report)
“Major Customers The Company had one distributor which represented approximately 10% of the Company's total net revenue in fiscal 2025, primarily within the Server and Networking segments.”
10-K · 0001645590-25-000130 · filed Dec 18, 2025 · basis: filing text, verified verbatim
Suppliers named by HPE
HPE holds stakes in
No stake in a covered company found in SEC filings.
Others name HPE
2 competitor mentions (e.g. Arista, Ciena) · 1 other mention (e.g. Arista) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 35 risk factors, one per theme.
Supply chain and manufacturing
“We depend on third-party suppliers, contract manufacturers (including original equipment and original design manufacturers), as well as single-source and limited source suppliers, and our financial results could suffer if we fail to manage these third party relationships effectively.”
Item 1A · Risk Factors · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
Competition
“We operate in an intensely competitive industry, and competitive pressures could harm our business and financial performance.”
Item 1A · Risk Factors · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
Security, defects and outages
“System security risks, data protection incidents, cyberattacks and systems integration issues could disrupt our internal operations or IT services provided to customers, and any such disruption could reduce our revenue, increase our expenses, damage our reputation, and adversely affect our stock price.”
Item 1A · Risk Factors · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
Acquisitions
“Any failure by us to identify, manage, and complete acquisitions and subsequent integrations (including the integration of Juniper Networks following the Merger), divestitures, and other significant transactions successfully could harm our financial results, business, prospects, and stock price.”
Item 1A · Risk Factors · 10-K · 0001645590-25-000130 · filed Dec 18, 2025
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 8.9%.
BlackRock, Inc.8.9%
13G/A · as of Dec 31, 2025 · filed Jan 21, 2026
Vanguard Capital Management LLC7.52%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Vanguard Portfolio Management LLC5.58%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
State Street Corp5.45% (then)
13G/A · as of Dec 31, 2023 · filed Jan 30, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
4 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.2%
135.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.2%
86.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC6.0%
72.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.7%
68.6M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Capital World Investors4.9%
59.6M shares · 13F filed Aug 12, 2026 · share of 13F-reported
1,473 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 31 sales · $71.1M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 36 SEC metrics, FY2016–FY2025
Income statement 11
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| D&A | ||||||||||
| Discontinued operations | not reported | not reported | not reported | not reported | not reported | |||||
| Gross profit calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | ||||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | ||||||||||
| Short-term debt (balance sheet line) | ||||||||||
| Total assets | ||||||||||
| Total debt calc. | ||||||||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | |||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values