Jul 2026 (Q3 FY26) — Sep 2, 2026
Hewlett Packard Enterprise Q3 FY26 — Record Results Driven by AI Demand and Networking Momentum
Read the full callHewlett Packard Enterprise (HPE) earnings
- Jul 2026
- Jul 2026 (Q3 FY26)
- Oct 2025
Hewlett Packard Enterprise earnings: last reported Wed, 2 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 12,213 | +33.7% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 11.4 | +8.7 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,540 | +404.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
54 of 60 judged targets kept · 54 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 Cloud & AI segment operating margin | near the midpoint of the FY26 7% to 9% target range | Jan 2026 | Scale benefits drove operating profit of nearly $1 billion, up 48% sequentially and triple digits year-over-year, pushing operating margin to 12.4%, up 220 basis points sequentially. | Achieved |
| Cumulative networks-for-AI orders by the end of FY26 | $1.5 billion by the end of fiscal year '26 | Oct 2025 | Because of our leading innovation and market momentum in networks for AI, we are raising our cumulative fiscal 2026 networks for AI order target to at least $2 billion. | Revised Up |
| Capital returned to shareholders once the net leverage target is reached | at least 75% of free cash flow via dividends and share repurchases | Apr 2026 | Once we reach our leverage target, we expect to return at least 75% of free cash flow to our shareholders via dividends and share repurchases. | New |
6 of Hewlett Packard Enterprise Co's 114 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 111 more targets are in the full ledger.
Claimed
- Record revenue of $12.2 billion, up 34% year-over-year.
- Record non-GAAP gross margin of 40%.
- Record non-GAAP operating profit of $2 billion, up 2.5x year-over-year.
- Record non-GAAP EPS of $1.11, the first time exceeding $1 in a single quarter.
- Highest Q3 free cash flow ever at $958 million, driven by strong operating profit and collections.
Qualified
- Supply constraints continue to affect the ability to fulfill increased customer demand, particularly for DDR5, DDR4, NAND, and wafer capacity.
- Operating expense was up 17% sequentially due to higher variable compensation reflecting record financial results.
- Gross margin is expected to moderate toward more historical levels in Q4 and FY27, driven by the growth in AI systems and normalization in traditional servers.
Price
$55.87 +1.34% · +$0.74
Performance +143.3% 1Y
1Y: $22.96 on 17 Oct 2025 → $55.87. High $73.46 (9 Oct 2026), low $20 (23 Feb 2026).
- Previous close
- $55.13
- 52-week range
- $20 – $73.46
- One year
- +144.29%
Overview
- Symbol
- HPE
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
54 of 60 judged targets kept · 54 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY26 Cloud & AI segment operating margin | near the midpoint of the FY26 7% to 9% target range | Jan 2026 | Scale benefits drove operating profit of nearly $1 billion, up 48% sequentially and triple digits year-over-year, pushing operating margin to 12.4%, up 220 basis points sequentially. | Achieved |
| Cumulative networks-for-AI orders by the end of FY26 | $1.5 billion by the end of fiscal year '26 | Oct 2025 | Because of our leading innovation and market momentum in networks for AI, we are raising our cumulative fiscal 2026 networks for AI order target to at least $2 billion. | Revised Up |
| Capital returned to shareholders once the net leverage target is reached | at least 75% of free cash flow via dividends and share repurchases | Apr 2026 | Once we reach our leverage target, we expect to return at least 75% of free cash flow to our shareholders via dividends and share repurchases. | New |
Claimed
- Record revenue of $12.2 billion, up 34% year-over-year.
- Record non-GAAP gross margin of 40%.
- Record non-GAAP operating profit of $2 billion, up 2.5x year-over-year.
- Record non-GAAP EPS of $1.11, the first time exceeding $1 in a single quarter.
- Highest Q3 free cash flow ever at $958 million, driven by strong operating profit and collections.
Qualified
- Supply constraints continue to affect the ability to fulfill increased customer demand, particularly for DDR5, DDR4, NAND, and wafer capacity.
- Operating expense was up 17% sequentially due to higher variable compensation reflecting record financial results.
- Gross margin is expected to moderate toward more historical levels in Q4 and FY27, driven by the growth in AI systems and normalization in traditional servers.
The full ledger
Open Hewlett Packard Enterprise Co’s full ledger
A free account opens 5 company ledgers a month. All 114 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q2 FY26) — Jun 1, 2026
Hewlett Packard Enterprise Company Q2 FY26 — Record Results Driven by AI Demand and Juniper Integration
Read the full callJan 2026 (Q1 FY26) — Mar 9, 2026
Hewlett Packard Enterprise Q1 FY26 — Strong Networking Performance and Raised Outlook
Read the full callEvery analysed call
Hewlett Packard Enterprise earnings calls (HPE)
Financials
What the filings say
Net profit, year on year: +405% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,458 | 7,854 | 7,627 | 9,136 | 9,679 | 9,301 | 10,678 | 12,213 |
| Expenses | 7,765 | 7,421 | 8,736 | 8,889 | 9,687 | 8,831 | 9,931 | 10,820 |
| Operating profit | 693 | 433 | -1,109 | 247 | -8 | 470 | 747 | 1,393 |
| Operating margin | 8.2% | 5.5% | −14.5% | 2.7% | −0.1% | 5.0% | 7.0% | 11.4% |
| Profit before tax | 1,417 | 733 | -1,045 | 288 | -261 | 433 | 699 | 1,762 |
| Tax rate | 3.6% | 14.5% | −0.5% | −5.9% | 167.1% | −4.4% | 10.7% | 12.6% |
| Net profit | 1,366 | 627 | -1,050 | 305 | 175 | 452 | 624 | 1,540 |
| EPS ($ per share) | — | 0.45 | -0.82 | 0.21 | — | 0.32 | 0.45 | 1.13 |
| Line item | Oct 2018 | Oct 2019 | Oct 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | -5,899 | -7,632 | -8,375 | -5,597 | -5,350 | -3,946 | -2,068 | -2,811 |
| Total liabilities | 34,219 | 34,654 | 37,919 | 37,682 | 37,214 | 35,915 | 46,382 | 51,152 |
| Fixed assets | 6,138 | 6,054 | 5,625 | 5,613 | 5,784 | 5,989 | 5,664 | 6,002 |
| Total assets | 55,493 | 51,803 | 54,015 | 57,699 | 57,123 | 57,153 | 71,262 | 75,906 |
| Line item | Oct 2018 | Oct 2019 | Oct 2020 | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,964 | 3,997 | 2,240 | 5,871 | 4,593 | 4,428 | 4,341 | 2,919 |
| Cash from investing | -1,880 | -3,457 | -2,578 | -2,796 | -2,087 | -3,284 | -53 | -13,190 |
| Cash from financing | -5,592 | -1,548 | 883 | -3,364 | -1,796 | -1,362 | 6,283 | 1,046 |
| Net cash flow | -4,508 | -1,008 | 545 | -289 | 431 | -182 | 10,524 | -9,246 |
| Capital expenditure | -2,956 | -2,856 | -2,383 | -2,502 | -3,122 | -2,828 | -2,367 | -2,292 |
| Free cash flow | 8 | 1,141 | -143 | 3,369 | 1,471 | 1,600 | 1,974 | 627 |
HPE revenue by segment
Corporate and Other shrank from 3% to 2% of revenue over the last two years.
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Cloud AI | — | — | — | — | — | 68% | 72% | 74% | — |
| Networking | — | — | — | — | — | 29% | 25% | 24% | — |
| Corporate and Other | 3% | 3% | 3% | 2% | 2% | 3% | 3% | 2% | +44.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
HPE operating KPIs by quarter
| KPI | Jan 2025 Q1 FY25 | Oct 2025 Q4 FY25 | Apr 2026 Q2 FY26 | Jul 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|
| Customers HPE GreenLake Cloud | 41K+We finished Q1 with more than 41,000 enterprises using HPE GreenLake Cloud.Source: earnings call transcript | ~46KWe added approximately 7,000 new customers to GreenLake, ending the year with approximately 46,000 customers.Source: earnings call transcript | ~50KWe exited Q2 with approximately 50,000 customers operating their IT in our GreenLake cloud, managing more than 6.7 million systems, up from 5.3 million a year ago.Source: earnings call transcript | 52KIn Q3, the number of GreenLake customers grew 18% to 52,000, up from 44,000 a year ago.Source: earnings call transcript | — |
| Annual recurring revenue (ARR) | $2.1BOur annual recurring revenue was $2.1 billion, up 46% year-over-year, driven by AI and Intelligent Edge.Source: earnings call transcript | $3.2BTotal company ARR was $3.2 billion, up 62% year-over-year with the addition of Juniper.Source: earnings call transcript | — | — | +52.4% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q3 FY2026 · share of revenue
- Americas 44%
- US 39% ↑ 2 pt
- EMEA 34% ↑ 1 pt
- Asia Pacific and Japan 22% ↓ 1 pt
- Americas Excluding United States 5% ↓ 2 pt
As HPE cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
152 filings between Dec 6, 2025 and Oct 5, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$71.09M
31 sales by 12 insiders
90% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 22
- Award — granted as compensation
- 48
- Option exercise — converted options into shares
- 44
- Tax withheld — shares kept back by the company to cover tax
Also filed: 7 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Neri Antonio F | — | $43.47M | Oct 5, 2026 |
| SCHULTZ JOHN F | — | $6.17M | Dec 10, 2025 |
| RUSSO FIDELMA | — | $4.44M | Apr 21, 2026 |
| MacDonald Neil B | — | $3.48M | Apr 20, 2026 |
| Karros Kirt P | — | $2.92M | Jul 22, 2026 |
| MYERS MARIE | — | $2.81M | May 5, 2026 |
| rahim rami | — | $2.12M | Sep 29, 2026 |
| REINER GARY M | — | $2.06M | Sep 14, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 5, 2026 | Neri Antonio F President and CEO | Sale 10b5-1 plan | 56,696 | $3.87M |
| Oct 5, 2026 | Neri Antonio F President and CEO | Sale 10b5-1 plan | 193,304 | $13.20M |
| Sep 30, 2026 | Lane Raymond J. Director | Award | 509 | $32.5K |
| Sep 30, 2026 | RUSSO PATRICIA F Director | Award | 616 | $39.4K |
| Sep 30, 2026 | HSU CHRISTOPHER P Director | Award | 509 | $32.5K |
| Sep 30, 2026 | REINER GARY M Director | Award | 587 | $37.5K |
| Sep 29, 2026 | rahim rami EVP, Pres GM Networking | Sale 10b5-1 plan | 27,877 | $1.71M |
| Sep 29, 2026 | rahim rami EVP, Pres GM Networking | Sale 10b5-1 plan | 6,579 | $404.1K |
| Sep 14, 2026 | REINER GARY M Director | Sale | 17,000 | $967.4K |
| Sep 11, 2026 | Neri Antonio F President and CEO | Sale 10b5-1 plan | 250,000 | $15.11M |
| Jul 22, 2026 | Karros Kirt P SVP, Treasurer, Corp Dev | Sale 10b5-1 plan | 23,675 | $1.11M |
| Jul 20, 2026 | Karros Kirt P SVP, Treasurer, Corp Dev | Option exercise 10b5-1 plan | 40,282 | $1.79M |
| Jul 20, 2026 | Karros Kirt P SVP, Treasurer, Corp Dev | Tax withheld 10b5-1 plan | 16,607 | $740.0K |
| Jul 7, 2026 | rahim rami EVP, Pres GM Networking | Gift | 565,893 | $0 |
| Jul 7, 2026 | rahim rami EVP, Pres GM Networking | Gift | 565,893 | $0 |
| Jul 3, 2026 | rahim rami EVP, Pres GM Networking | Option exercise | 308,311 | $12.71M |
| Jul 3, 2026 | rahim rami EVP, Pres GM Networking | Tax withheld | 195,534 | $8.06M |
| Jul 3, 2026 | rahim rami EVP, Pres GM Networking | Option exercise | 109,401 | $4.51M |
| Jul 3, 2026 | rahim rami EVP, Pres GM Networking | Option exercise | 394,379 | $16.26M |
| Jul 3, 2026 | rahim rami EVP, Pres GM Networking | Tax withheld | 129,052 | $5.32M |
| Jul 3, 2026 | rahim rami EVP, Pres GM Networking | Option exercise | 260,290 | $10.73M |
| Jul 3, 2026 | rahim rami EVP, Pres GM Networking | Tax withheld | 54,242 | $2.24M |
| Jul 3, 2026 | rahim rami EVP, Pres GM Networking | Tax withheld | 152,861 | $6.30M |
| Jul 2, 2026 | rahim rami EVP, Pres GM Networking | Option exercise | 49,984 | $2.06M |
| Jul 2, 2026 | rahim rami EVP, Pres GM Networking | Tax withheld | 24,783 | $1.02M |
| Jun 30, 2026 | REINER GARY M Director | Award | 831 | $37.5K |
| Jun 30, 2026 | HSU CHRISTOPHER P Director | Award | 240 | $10.8K |
| Jun 30, 2026 | Lane Raymond J. Director | Award | 720 | $32.5K |
| Jun 30, 2026 | RUSSO PATRICIA F Director | Award | 873 | $39.4K |
| Jun 22, 2026 | Karros Kirt P SVP, Treasurer, Corp Dev | Sale 10b5-1 plan | 18,785 | $911.1K |
| Jun 4, 2026 | REINER GARY M Director | Gift | 1,700 | $0 |
| Jun 3, 2026 | REINER GARY M Director | Sale | 20,000 | $1.10M |
| May 20, 2026 | Dillow Stacy L EVP, Chief People Officer | Tax withheld | 12,314 | $416.2K |
| May 20, 2026 | Dillow Stacy L EVP, Chief People Officer | Option exercise | 31,292 | $1.06M |
| May 5, 2026 | MYERS MARIE EVP & CFO | Sale 10b5-1 plan | 93,583 | $2.81M |
| May 5, 2026 | Mayer Bethany Director | Sale 10b5-1 plan | 6,482 | $188.6K |
| May 1, 2026 | Neri Antonio F President and CEO | Gift 10b5-1 plan | 1,682,393 | $0 |
| May 1, 2026 | Neri Antonio F President and CEO | Gift 10b5-1 plan | 1,682,393 | $0 |
| Apr 21, 2026 | RUSSO FIDELMA EVP, GM, Hybrid Cloud & CTO | Sale 10b5-1 plan | 17,001 | $475.5K |
| Apr 20, 2026 | MacDonald Neil B EVP, GM, Server | Sale 10b5-1 plan | 24,251 | $655.0K |
| Apr 17, 2026 | Neri Antonio F President and CEO | Sale 10b5-1 plan | 150,000 | $3.97M |
| Apr 1, 2026 | Mayer Bethany Director | Option exercise | 14,500 | $347.7K |
| Apr 1, 2026 | Hobby Jean M. Director | Option exercise | 14,499 | $347.7K |
| Apr 1, 2026 | DUGAN REGINA E Director | Option exercise | 14,500 | $347.7K |
| Apr 1, 2026 | Ozzie Raymond E Director | Option exercise | 14,500 | $347.7K |
| Apr 1, 2026 | Carter Pamela L Director | Option exercise | 14,500 | $347.7K |
| Apr 1, 2026 | REINER GARY M Director | Option exercise | 14,500 | $347.7K |
| Apr 1, 2026 | LIVERMORE ANN M Director | Option exercise | 14,500 | $347.7K |
| Apr 1, 2026 | DAMELIO FRANK A Director | Option exercise | 14,499 | $347.7K |
| Apr 1, 2026 | CALDERONI ROBERT Director | Option exercise | 8,008 | $192.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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