[HPE] HPE: Q4 2026 Earnings Preview on Server Margins and Networking Backlog

Hewlett Packard Enterprise (HPE) sells servers, storage, AI systems and enterprise networking equipment, and since fiscal 2026 it has reported three segments: Cloud & AI, Networking, and Corporate Investments and Other[1]. Fourth quarter of fiscal 2026 (three months ended October 31, 2026) results are scheduled for 2026-11-23, and this HPE Q4 2026 earnings preview sets out what the release can settle[2]. In the latest disclosed quarter, the third quarter ended July 31, 2026, HPE reported revenue of $12.213 billion, up 34% from a year earlier, a GAAP gross margin of 40.1% and a GAAP operating margin of 11.4%; Cloud & AI revenue was $9.042 billion at a 17.0% operating margin, and Networking revenue was $2.893 billion at a 22.0% operating margin[3]. On September 2 the company guided fourth-quarter revenue to $13.9 billion to $14.8 billion, GAAP diluted EPS to $1.12 to $1.22 and non-GAAP diluted EPS to $1.20 to $1.30, while raising its full-year revenue growth outlook to 34% to 37% and its full-year free cash flow outlook to at least $3.75 billion[3]. On the earnings call, CFO Marie Myers added that management guided fourth-quarter Networking revenue growth of 11% to 13% and Cloud & AI revenue growth of 60% to 72%, with the Cloud & AI operating margin moderating sequentially to a mid-teens rate[4]. Arincen's November 11 compilation of analyst expectations puts fourth-quarter EPS at $1.27 and revenue at $14.39 billion, both inside the company's guided ranges[5].

Three things matter most in this report. The first is how much of the server-pricing margin window remains: the Cloud & AI operating margin reached 17.0% in the third quarter against 7.0% a year earlier, the 10-Q attributes the growth mainly to higher average selling prices, and management has already signaled that the margin will fall back to the mid-teens, so the size of that decline will directly set company profit[6][4]. The second is how much of the networking order backlog converts: networking orders grew 36% in the third quarter while normalized revenue grew only 10%, and management attributed the gap to supply constraints and said it should narrow in the fourth quarter[7], which determines whether the fiscal 2027 networking growth outlook raised at the September 30 investor day can hold[8]. The third is whether doubled inventory turns back into cash: inventory stood at $11.823 billion at the end of July, $5.471 billion more than the $6.352 billion at the end of fiscal 2025, while accounts payable rose by $6.003 billion over the same period[9]; the full-year free cash flow outlook of at least $3.75 billion requires at least $1.169 billion in the fourth quarter, and that is also the basis for the company's pledge to return at least 75% of fourth-quarter free cash flow[10][3].

Company Background and Business Structure

HPE completed its acquisition of Juniper Networks on July 2, 2025, paying $40.00 per share in cash, about $13.4 billion in total, and the deal made networking the company's second-largest business[1]. Recast to the fiscal 2026 segment structure, Networking revenue was $2.706 billion in the first quarter of fiscal 2026, compared with only $1.076 billion in the first quarter of fiscal 2025, before the acquisition[11]. The company originally targeted at least $600 million of synergy cost savings by fiscal 2028[1], and at its Networking Investor Day on September 30, 2026, it raised that target to $800 million in annual run-rate savings by the end of fiscal 2028[8]. HPE's fiscal year ends on October 31[12].

Starting in the first quarter of fiscal 2026, the company merged its former Server, Hybrid Cloud and Financial Services segments into a new Cloud & AI segment[1]. Third-quarter Cloud & AI revenue was $9.042 billion, about 74% of company revenue, including $6.766 billion from servers, $1.291 billion from storage and $883 million from Financial Services[3]. Networking revenue was $2.893 billion, about 24% of the total, made up of $1.442 billion from Campus & Branch, $382 million from Data Center Networking, $281 million from Security and $788 million from Routing; Corporate Investments and Other contributed about $278 million[3].

HPE relies heavily on outside partners for manufacturing and key components, so supply-chain conditions hit both of its main segments at once. The company uses a significant number of original and outsourced design manufacturers and contract manufacturers to design and build HPE-branded products, and it fulfills demand by building products to order or configuring them to order[13]. It relies on single-source suppliers for certain customized parts, such as Intel and AMD for x86 processors, Broadcom and others for application-specific standard products, and NVIDIA for graphics processing units[13].

Financial History and Current Position

On an annual basis, HPE's revenue accelerated in fiscal 2025 while its gross margin slipped. Revenue was $29.135 billion in fiscal 2023, $30.127 billion in fiscal 2024 and $34.296 billion in fiscal 2025, growth of about 13.8% in the latest year[12]. GAAP gross profit in fiscal 2025 was $10.377 billion, and the gross margin fell from 32.8% in fiscal 2024 to 30.3%; earnings from operations were $2.089 billion in fiscal 2023 and $2.190 billion in fiscal 2024[12].

Fiscal 2025 growth came mainly from pricing and acquisition rather than server shipments. Server revenue rose 10.2%, with the increase in product revenue driven by a 20.1% rise in average unit prices while unit volume fell 6.5%, and server gross profit fell 8.3% because of higher input costs and a heavier mix of lower-margin products[14]. Networking revenue rose $2.318 billion, or 51.1%, mainly because of revenue from Juniper[15]. Free cash flow in fiscal 2025 fell by about $1.3 billion from fiscal 2024's $2.297 billion, primarily because of lower cash from operations[16].

In fiscal 2026, quarterly revenue has climbed each quarter and gross margin has risen with it. Revenue was $9.301 billion, $10.678 billion and $12.213 billion in the first three quarters, for a nine-month total of $32.192 billion[11][3]. Second-quarter revenue grew 40% year over year with a 36.5% GAAP gross margin, and third-quarter revenue grew 34% with the GAAP gross margin rising to 40.1%[17][3]. Nine-month Cloud & AI revenue was $23.083 billion with a 13.6% operating margin, compared with 7.3% a year earlier[6].

Cash flow improved sharply in fiscal 2026, while the balance sheet absorbed a large inventory build. Nine-month operating cash flow was $4.229 billion, capital spending was $1.897 billion and free cash flow was $2.581 billion, compared with negative free cash flow of $934 million a year earlier[10]. At the end of July, cash was $6.216 billion; short-term borrowings of $2.901 billion and long-term debt of $17.343 billion totaled $20.244 billion, down from $22.365 billion at the end of fiscal 2025; inventory was $11.823 billion and accounts payable $13.734 billion[9]. The company prepaid $1.25 billion of a term loan in March 2026 and repaid the remaining $750 million in May[1]. Capital returned to common shareholders was $343 million in the second quarter and $324 million in the third[17][3].

Operating Model

HPE's revenue is the sum of three parts, and server pricing is currently the largest variable. Cloud & AI revenue equals server units times price, plus storage and Financial Services leasing and financing income; Networking revenue comes from Campus & Branch, Data Center Networking, Security and Routing; Corporate Investments and Other is added on top. In fiscal 2025 a 20.1% rise in server unit prices offset a 6.5% fall in units[14]; in the first half of fiscal 2026 higher prices reflected commodity cost increases, especially memory and SSDs[6]; and in the third quarter management said strong price growth in traditional servers offset supply-constrained unit volumes[4]. Large AI server deals are inherently lumpy, so quarterly revenue moves with delivery timing[18].

Operating profit depends on the spread between selling prices and component costs, and on the quarter in which that spread reaches the income statement. Operating profit equals each segment's revenue times gross margin, less segment operating expenses, less unallocated corporate costs, stock-based compensation, intangible amortization and restructuring and acquisition charges. In the third quarter, Cloud & AI gross profit was $3.183 billion, a gross margin of about 35%, operating expenses were $1.644 billion and operating profit was $1.539 billion[6]; the Networking operating margin was 22.0%, or about $637 million on its revenue[3]. Server prices can be reset with each quote, while higher-cost components reach cost of sales only after older, cheaper inventory is consumed, so the margin expands first and then falls back; management said gross margins should moderate toward historical levels as the mix shifts toward lower-margin AI systems and traditional servers[7].

Free cash flow is extremely sensitive to the direction of working capital, because inventory absorbs cash before shipment and releases it only afterward. Free cash flow equals operating cash flow less net capital spending, and operating cash flow is roughly operating profit plus depreciation and amortization, less increases in inventory and receivables, plus increases in accounts payable. In the first nine months of fiscal 2026 inventory rose by $5.471 billion, almost fully offset by a $6.003 billion increase in accounts payable[9]. As early as the end of the first quarter, days of supply in inventory had risen from 89 to 104 and days of purchases outstanding in payables had stretched from 108 to 127[19].

Industry and Competitive Position

HPE is one of the main enterprise server and storage vendors, and the Juniper deal also made it a major supplier of enterprise networking. In servers and storage it competes with Dell, Lenovo, Supermicro and others; in networking it faces Cisco mainly in campus networks, Arista, Cisco and NVIDIA in data center switching, and Cisco and Nokia in routing. The available disclosures give no market-share figures, so relative position can only be described qualitatively.

Component shortages constrain the whole industry, so competitive differences show up mainly in securing supply, pricing cadence and product mix. Core processors, application-specific chips and graphics processors come from a few single-source suppliers that serve the entire industry[13]. On the first-quarter call, management described unprecedented supply tightness and rapidly rising component costs and moved to agile pricing with shortened quoting cycles and the right to reprice[20]. In the third quarter, management said persistent shortages of DDR5 memory, NAND flash and wafer capacity were still limiting the conversion of backlog into revenue, and that the company had doubled purchase commitments to secure multi-year supply agreements[7].

HPE's differentiation lies in selling networking together with servers and in its GreenLake pay-per-use model. GreenLake customers grew 18% to about 52,000 in the third quarter; the company also expanded its collaboration with Oracle on gigawatt-scale AI infrastructure built with HPE Juniper networking, and it won a multi-billion-dollar server deal from a hyperscaler focused on internal inferencing workloads[7]. By the second quarter, cumulative AI systems bookings had reached $16.4 billion[18].

Core Debates

How much of HPE's server-pricing margin window survives the fourth quarter?

This question matters because Cloud & AI accounts for more than 70% of company revenue and its margin more than doubled in a year. Third-quarter segment revenue was $9.042 billion, up 25.4%, and operating profit was $1.539 billion, a 17.0% margin against 7.0% a year earlier[6]. Recast to the fiscal 2026 segment structure, last year's fourth-quarter Cloud & AI revenue was $6.676 billion and operating profit $620 million, a margin of about 9.3%[11]. In the third quarter this segment earned about 2.4 times the operating profit of Networking, so where the fourth-quarter margin settles will directly decide whether full-year EPS guidance is met.

Current evidence shows that price increases ran well ahead of costs. The 10-Q attributes Cloud & AI revenue growth to higher average selling prices and ties the first-half price increases to higher memory and SSD costs; third-quarter segment cost of sales rose only from $5.535 billion to $5.859 billion, about 5.9%, while revenue grew 25.4%[6]. In the first quarter the company had cut its full-year Cloud & AI revenue growth outlook to mid-to-high single digits[20], yet by the third quarter the CFO's fourth-quarter guidance was 60% to 72% growth, alongside a sequential margin decline to the mid-teens and gross margins moderating toward historical levels[4]. Management's guidance for the fiscal 2027 Cloud & AI margin is about 13%[7].

An alternative reading is that demand itself has strengthened, so the margin need not fall as far as a cost catch-up would imply. Third-quarter AI systems orders were $2.4 billion, up more than 30% sequentially, and AI systems backlog rose 14% sequentially to a new high[4]; second-quarter orders had been $1.8 billion with a $5.9 billion quarter-end backlog[18]; and the company won a multi-billion-dollar inferencing server deal from a hyperscaler[7]. The transmission chain runs as follows: shortages of memory, SSDs and wafers led HPE to shorten quote periods, raise prices and lock in supply early, lifting third-quarter server revenue from $5.000 billion to $6.766 billion, up 35.3%[3]; older low-cost inventory widened profit, then higher-cost components enter cost of sales and deliveries of GPU-heavy AI systems increase, pulling the Cloud & AI margin down, and the size of that decline sets company profit. How long costs take to reach the income statement depends on how fast the older inventory is used up.

What remains unresolved is whether the pricing window or demand scale wins out. Applying the 60% to 72% growth guidance to last year's $6.676 billion base implies fourth-quarter Cloud & AI revenue of roughly $10.7 billion to $11.5 billion[4][11]. The things to watch are whether the segment margin holds near 15% or falls below 13%; whether server revenue growth exceeds the third quarter's 35.3% against a recast prior-year base of $4.514 billion[11]; whether the annual report discloses a return to unit growth; and whether AI systems orders and backlog keep rising. A margin below 13% would show the pricing window has closed; slowing server revenue growth alongside rising backlog would show supply limited conversion.

With networking orders running far ahead of revenue, how much converts in the fourth quarter?

Networking is HPE's higher-margin business, and nearly all of the company's medium-term targets assume its orders become revenue. In the third quarter Networking contributed about $637 million of operating profit, a 22.0% margin, from about 24% of revenue[3]. At the September 30 Networking Investor Day, the company raised its fiscal 2027 Networking revenue growth outlook to high teens to low 20s percent, set a Networking operating margin range of mid-to-high 20s percent and raised its synergy savings target to $800 million[8].

Current evidence shows orders far outpacing revenue, and management attributes the gap to supply. Third-quarter Networking revenue was $2.893 billion, up 74.9% as reported, because the prior-year quarter included only about one month of Juniper after the deal closed[3]; on a normalized basis revenue grew 10% while orders grew 36%, and management said the gap was mainly due to supply constraints and should narrow in the fourth quarter as supply aligns better with bookings[7]. Already in the second quarter, networking orders were growing much faster than revenue, with normalized Campus & Branch orders up in the upper 20% range, data center switching orders up nearly 20% and routing orders up nearly 30%[18]. The company doubled its networking purchase commitments quarter over quarter in the third quarter[8] and expanded its networking collaboration with Oracle[7].

An alternative reading is that some orders were pulled forward, so order growth overstates true demand. Customers facing expected price increases and longer lead times have reason to book early, and if revenue still grows only about 10% after supply improves, this reading becomes more persuasive. Under management's logic, the transmission chain runs as follows: AI data center buildouts drive orders, memory and chip shortages limit shipments, and the difference between orders and revenue goes into backlog; after the company doubles purchase commitments, supply arrives and backlog converts to revenue; the higher-margin Networking business then takes a larger share of revenue while Juniper synergies cut expenses, lifting Networking operating profit and the company's overall margin.

What remains unresolved is how much of the 36% order growth becomes fourth-quarter revenue. The things to watch are whether Networking revenue growth reaches 11% to 13% against a recast prior-year base of $2.722 billion[11][4]; whether the operating margin recovers from 22.0% to above last year's 23.4%, where the CFO guided only a modest sequential improvement; whether Data Center Networking revenue exceeds last year's $354 million, after $444 million, $320 million and $382 million in the first three quarters of this year; and whether the gap between order growth and revenue growth narrows. Revenue growth below 11% with slowing orders would show that earlier orders included pull-forward demand; a margin below 22% would show component costs offsetting synergies.

Can HPE's doubled inventory turn back into cash in the fourth quarter?

The company has already made cash commitments for the fourth quarter, and meeting them depends on inventory flowing out with shipments. HPE raised its fiscal 2026 free cash flow outlook to at least $3.75 billion and plans to return at least 75% of free cash flow to shareholders in the fourth quarter[3]; its fiscal 2027 free cash flow guidance is at least $5 billion[7]. In the second quarter the company had said it would return at least 75% of free cash flow only after meeting its 2x net leverage target[18].

Current evidence shows that while cash flow improved, supplier credit funded the entire inventory build. Third-quarter operating cash flow was $1.641 billion and free cash flow $958 million, compared with free cash flow of $790 million a year earlier; nine-month free cash flow was $2.581 billion versus negative $934 million a year earlier[10]. At the end of July, inventory was $5.471 billion above its fiscal 2025 year-end level and accounts payable was $6.003 billion higher, so inventory minus payables moved from negative $1.379 billion to negative $1.911 billion[9]. Management said inventory rose to $11.8 billion because of higher commodity costs and targeted purchases to support future shipments[7].

An alternative reading is that the cash flow improvement relies mainly on stretched payables, so if suppliers demand shorter terms or inventory turns slow, cash flow would deteriorate before profit does. By the end of the first quarter, days of purchases outstanding had already stretched from 108 to 127 and days of supply in inventory had risen from 89 to 104[19]. The transmission chain runs as follows: component shortages and price increases led the company to buy ahead and sign multi-year supply agreements, inventory rose from $6.352 billion to $11.823 billion and accounts payable rose in step from $7.731 billion to $13.734 billion[9]; once fourth-quarter shipments are recognized as revenue, inventory is released and receivables are collected, turning into free cash flow and at least 75% shareholder returns. If inventory does not fall while payables come due, cash flow will be squeezed.

What remains unresolved is whether the fourth quarter can deliver falling inventory without a sharp drop in payables. Subtracting the nine-month $2.581 billion from the full-year outlook means fourth-quarter free cash flow must reach at least $1.169 billion; based on the annual report's full-year decline and the 10-Q's nine-month figures, last year's fourth-quarter free cash flow was roughly $1.9 billion[16][10]. The things to watch are whether quarter-end inventory falls from $11.823 billion; whether inventory minus payables stays below negative $1.379 billion; and whether fourth-quarter shareholder returns reach 75% of free cash flow, compared with the third quarter's $324 million, only about 34% of that quarter's free cash flow[3][10]. Free cash flow below $1.169 billion would mean the full-year outlook is missed; rising inventory with falling payables would mean the company is again funding its own inventory.

Risks and Falsifiers

A persistent component shortage is the primary risk across both segments. Management said shortages of DDR5 memory, NAND flash and wafer capacity are still limiting backlog conversion[7], it listed persistent component and memory supply constraints as a risk in the second quarter as well[18], and the company's reliance on single-source suppliers limits alternatives[13]. The exposed lines are server and Networking revenue: if orders cannot be fulfilled as demanded, revenue will fall short of what orders indicate. If management says in the fourth quarter that supply has improved, and Networking and server revenue growth both exceed third-quarter rates, this risk is falsified.

Large AI orders are concentrated among a few customers and are recognized in lumps. The hyperscaler's multi-billion-dollar inferencing server deal and the Oracle networking collaboration are concentrated in a handful of customers, and delivery timing depends on their data center schedules[7][18]. The exposure is quarterly revenue and margin: AI systems carry a high GPU content, so the more of them HPE delivers, the lower the Cloud & AI margin[4]. If large deals deliver on schedule while the Cloud & AI margin holds in the mid-teens, this risk has not materialized.

Component costs catching up with prices is the most direct threat to profit. Higher memory and SSD prices will gradually flow into cost of sales just as deliveries of GPU-heavy AI systems increase[6][4]. On the roughly $11 billion of Cloud & AI revenue implied by fourth-quarter guidance, each 1-point drop in margin removes about $110 million of operating profit, and a fall from 17% to 13% is equivalent to about $440 million. If the fourth-quarter Cloud & AI operating margin is no lower than 15%, this risk is falsified.

A Networking backlog that fails to convert on time, or orders that include pull-forward demand, would weaken the credibility of Networking growth. Backlog could stay unconverted because supply remains short for a long time, or orders could fall back after supply improves because earlier demand was pulled forward[7]. On last year's fourth-quarter base of $2.722 billion, each 1-point shortfall in Networking revenue growth means about $27 million less revenue[11]. If fourth-quarter Networking revenue grows at least 11% year over year while order growth still exceeds revenue growth, this risk is falsified.

A working-capital reversal would make cash flow deteriorate before profit. Inventory was built while component prices were high, so lower prices or delayed shipments would create write-down risk, and payables coming due would drain cash all at once[9][7]. Every $1 billion rise in inventory minus payables removes $1 billion of operating cash flow, close to the entire third-quarter free cash flow of $958 million[10]. If fourth-quarter inventory falls and free cash flow is no lower than $1.169 billion, this risk is falsified.

What to Watch Next

• Server margin window, Cloud & AI operating margin: 17.0% in the third quarter and 9.3% in last year's fourth quarter[6][11]. Watch whether it holds in the mid-teens; below 13% would show the pricing window has closed.
• Server margin window, Cloud & AI revenue growth: last year's fourth quarter was $6.676 billion[11]. Watch whether growth lands in the 60% to 72% range[4]; below 60% would be a warning.
• Server margin window, server revenue and units: up 35.3% in the third quarter against a prior-year fourth-quarter base of $4.514 billion[3][11]. Watch whether growth exceeds 35.3% and whether the annual report discloses unit growth; slower growth with rising backlog would show supply limited conversion.
• Server margin window, AI systems orders and backlog: third-quarter orders were $2.4 billion and backlog rose 14% sequentially[4]. Watch whether both keep rising; a simultaneous fall would be a warning.
• Networking conversion, Networking revenue growth: last year's fourth quarter was $2.722 billion[11]. Watch whether growth reaches 11% to 13%[4]; below 11% with slowing orders would show pull-forward demand.
• Networking conversion, Networking operating margin: 22.0% in the third quarter and 23.4% in last year's fourth quarter[3][11]. Watch whether it recovers above 23.4%; below 22% would show costs offsetting synergies.
• Networking conversion, Data Center Networking revenue: $354 million in last year's fourth quarter[11]. Watch whether it exceeds that level; anything lower would be a warning.
• Inventory and cash, fourth-quarter free cash flow: $958 million in the third quarter and $2.581 billion over nine months[10]. Watch whether it reaches $1.169 billion; anything lower means the full-year outlook is missed.
• Inventory and cash, inventory and payables: inventory of $11.823 billion, and inventory minus payables at negative $1.911 billion[9]. Watch whether inventory falls and the gap stays below negative $1.379 billion; rising inventory with falling payables would falsify the current view.
• Inventory and cash, shareholder returns as a share of free cash flow: about 34% in the third quarter[3][10]. Watch whether returns reach 75%[3]; a share well below 75% would be a warning.

Conclusion

Two forces drive HPE right now: memory and flash shortages have pushed up server prices, and since Juniper joined, networking orders have run far ahead of revenue. In the third quarter the company reported revenue of $12.213 billion, up 34%, a 17.0% Cloud & AI operating margin and a 22.0% Networking operating margin, and it raised its full-year free cash flow outlook to at least $3.75 billion[3]. The central unresolved relationship has three layers: how much of the pricing window survives the fourth quarter, how much of the networking backlog converts, and whether $11.823 billion of inventory can turn back into cash before payables come due[9].

After the September 2 results, only one independent analysis bore directly on the core debates. In a September 30 commentary on SiliconANGLE, ZK Research principal analyst Zeus Kerravala called excess orders "a good problem to have, but it's still a problem," argued that fiscal 2027 guidance depends on how quickly HPE secures components rather than just how many deals it wins, noted that full-rack deals tie up working capital and make fiscal 2027 revenue more back-end-loaded, and judged the data center networking story credible given HPE's role in Oracle's buildout, concluding that if HPE executes, the investor day targets will look conservative[21]. That view matches management's attribution of the networking order-revenue gap to supply and echoes the simultaneous swelling of inventory and payables; it touches both the networking conversion and inventory cash debates but offers no direct judgment on the server margin window. It is one outside analyst's interpretation and should not be treated as fact or as market consensus.

The current understanding would be materially strengthened by a set of observations arriving together: fourth-quarter Cloud & AI revenue growth inside the 60% to 72% range with the margin holding near 15%, Networking revenue growth of at least 11% with its margin back above 23.4%, and free cash flow of at least $1.169 billion with inventory starting to fall. Conversely, if the Cloud & AI margin drops below 13%, Networking revenue growth falls short of 11% while orders slow, and inventory keeps rising as payables fall, that would show HPE's profit and cash gains this year depended more on the component price cycle and supplier credit than on durable operating capability.

Sources

[1] HPE 10-Q filed 2026-09-03 Q3 FY26 Juniper and debt · 2026-09-03 · 10-Q · https://gateway.drillr.ai/mcp/private

[2] Drillr earnings calendar 2026-11-11 HPE Q4 FY26 · 2026-11-11 · Drillr earnings calendar

[3] HPE 8-K filed 2026-09-02 Q3 FY26 results · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/0001645590/000164559026000078/ex-991x922026x8k.htm

[4] HPE Q3 FY26 earnings call 2026-09-02 CFO segment outlook · 2026-09-02 · earnings-call · https://www.investing.com/news/transcripts/earnings-call-transcript-hpe-beats-q3-2026-estimates-but-shares-fall-after-hours-93CH-4886827

[5] Arincen 2026-11-11 HPE Q4 FY26 consensus · 2026-11-11 · Arincen(汇总分析师预期) · https://en.arincen.com/instruments/HPE/earnings

[6] HPE 10-Q filed 2026-09-03 Q3 FY26 Cloud & AI · 2026-09-03 · 10-Q · https://gateway.drillr.ai/mcp/private

[7] HPE Q3 FY26 earnings call 2026-09-02 · 2026-09-02 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] HPE 8-K filed 2026-09-30 Networking Investor Day · 2026-09-30 · 8-K · https://gateway.drillr.ai/mcp/private

[9] HPE 8-K filed 2026-09-02 Q3 FY26 balance sheet · 2026-09-02 · 8-K · https://www.sec.gov/Archives/edgar/data/0001645590/000164559026000078/ex-991x922026x8k.htm

[10] HPE 10-Q filed 2026-09-03 Q3 FY26 free cash flow · 2026-09-03 · 10-Q · https://gateway.drillr.ai/mcp/private

[11] HPE 8-K filed 2026-03-09 Q1 FY26 segment information · 2026-03-09 · 8-K · https://www.sec.gov/Archives/edgar/data/1645590/000164559026000028/ex-991x392026x8k.htm

[12] HPE 10-K filed 2025-12-18 · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/

[13] HPE 10-K filed 2025-12-18 manufacturing and materials · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/

[14] HPE 10-K filed 2025-12-18 server AUP and units · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/

[15] HPE 10-K filed 2025-12-18 segment revenue drivers · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/

[16] HPE 10-K filed 2025-12-18 free cash flow · 2025-12-18 · 10-K · https://www.sec.gov/Archives/edgar/data/1645590/000164559025000130/

[17] HPE 8-K filed 2026-06-01 Q2 FY26 results · 2026-06-01 · 8-K · https://www.sec.gov/Archives/edgar/data/0001645590/000164559026000052/ex-991x612026x8k.htm

[18] HPE Q2 FY26 earnings call 2026-06-01 · 2026-06-01 · earnings-call · https://gateway.drillr.ai/mcp/private

[19] HPE 10-Q filed 2026-03-10 Q1 FY26 working capital · 2026-03-10 · 10-Q · https://gateway.drillr.ai/mcp/private

[20] HPE Q1 FY26 earnings call 2026-03-09 · 2026-03-09 · earnings-call · https://gateway.drillr.ai/mcp/private

[21] SiliconANGLE 2026-09-30 Kerravala HPE Networking Investor Day · 2026-09-30 · SiliconANGLE · https://siliconangle.com/2026/09/30/five-takeaways-from-hpes-networking-investor-day/