At a glance
Hewlett Packard Enterprise Co is worth $67.95B. Revenue grew 13.8% to $34.30B in fiscal 2025, with 0.2% kept as profit; over 5 years it has grown 4.9% a year. It pays a 1.09% dividend yield, and returned $4.72B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +113.2% over the past year with dividends reinvested and +30.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 45.3% in the 2020 crash (S&P 500: 33.7%) and 30.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 9 months after the lows.
The business in plain English
Hewlett Packard Enterprise (HPE) provides the servers, data storage, networking equipment, software and services that organizations use to process data and run their networks. Its customers range from small and medium-sized businesses to large global companies and government agencies. HPE traces its roots to a partnership William Hewlett and David Packard formed in 1939, and it later split from its former parent, HP Inc.
In the fiscal year ended October 31, 2025, the Server segment brought in $17.6 billion, or 51% of revenue of $34.3 billion. It includes ProLiant servers, Cray supercomputers and systems built for artificial intelligence (AI). Networking, at 20%, covers Wi-Fi access points, switches, routers and management software; the acquisition of Juniper Networks expanded it. Hybrid Cloud, at 16%, includes Alletra storage and HPE GreenLake, which gives customers cloud-style, pay-per-use computing across their own data centers and public clouds. Financial Services, at 10%, leases and finances equipment.
Products made up 64% of revenue, and services such as support and maintenance made up 34%. The US supplied 39% of revenue; Europe, the Middle East and Africa 34%; and Asia Pacific and Japan 20%. One distributor accounted for about 10% of revenue. Beginning with fiscal 2026, HPE regrouped into three segments: Networking; Cloud & AI, which combines Server, Hybrid Cloud and Financial Services; and Corporate Investments and Other.
Price history
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HPE +113.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Products | $21.96B | 64% |
| Services | $11.57B | 33.7% |
By business segment
| Server | $17.64B | 51.4% |
| Networking | $6.84B | 19.9% |
| Hybrid Cloud | $5.54B | 16.2% |
| Financial Services | $3.51B | 10.2% |
| Corporate Investments and Other | $769.0M | 2.2% |
By geography
| U.S. | $13.40B | 39.1% |
| Europe, Middle East and Africa | $11.51B | 33.6% |
| Asia Pacific and Japan | $6.94B | 20.2% |
| Americas excluding U.S. | $2.45B | 7.1% |
Latest results
- In Q3 FY2026 (ended Jul 31, 2026), revenue was $12.21B, up 33.7% from a year earlier, and net income was $1.54B (+404.9%).
- For fiscal 2025, revenue was $34.30B (+13.8% year over year; +4.9% a year from FY2020 to FY2025) with a 0.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +4.9% watch |
|---|---|
| Operating margin | -1.3% weak |
| Free cash flow margin | 1.8% watch |
| Return on equity (FY2025) | 0.2% weak |
| Return on assets (FY2025) | 0.1% weak |
| Net cash (cash minus debt) | $-14.03B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $26.98B | $-322.0M | $-143.0M |
| FY2021 | $27.78B | $3.43B | $3.37B |
| FY2022 | $28.50B | $868.0M | $1.47B |
| FY2023 | $29.14B | $2.02B | $1.60B |
| FY2024 | $30.13B | $2.58B | $1.97B |
| FY2025 | $34.30B | $57.0M | $627.0M |
Valuation snapshot
| Market value | $67.95B |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.09% |
Rank among 1514 US companies
Market value at each year end
Hewlett Packard Enterprise’s market value went from $22.89B at the end of 2017 to $67.95B on Nov 2, 2026, about 3.0 times as much; since the end of 2025 it is up 112%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $67.95B | +112.0% |
| 2025 | $32.06B | +14.1% |
| 2024 | $28.08B | +27.2% |
| 2023 | $22.07B | +7.9% |
| 2022 | $20.46B | +0.3% |
| 2021 | $20.40B | +33.1% |
| 2020 | $15.33B | -25.3% |
| 2019 | $20.51B | +11.0% |
| 2018 | $18.48B | -19.3% |
| 2017 | $22.89B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HPE price data to Nov 2, 2026 | +115.5% | +113.2% | +52.2% | +30.9% | +18.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +115.5% |
| 2025 | +15.5% |
| 2024 | +29.1% |
| 2023 | +9.7% |
| 2022 | +4.5% |
| 2021 | +37.4% |
| 2020 | -21.9% |
| 2019 | +23.7% |
| 2018 | -5.7% |
| 2017 | +7.9% |
| 2016 | +54.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 45.3% over that stretch · deepest drop along the way 45.3%, back to its old high 10.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 21.6% over that stretch · deepest drop along the way 30.6%, back to its old high 8.5 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 12 sales ($43.2M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 11, 2026 | Antonio F Neri President and CEO, Director | sell (plan) | $15.1M |
| Oct 5, 2026 | Antonio F Neri President and CEO, Director | sell (plan) | $13.2M |
| Oct 5, 2026 | Antonio F Neri President and CEO, Director | sell (plan) | $3.9M |
| May 5, 2026 | Marie Myers EVP & CFO | sell (plan) | $2.8M |
| Sep 29, 2026 | rami rahim EVP, Pres GM Networking | sell (plan) | $1.7M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Dec 31, 2025 |
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.58% | Mar 31, 2026 |
ETFs with the most weight in HPE
| WLDR Affinity World Leaders Equity ETF | 2.32% |
| FCFY First Trust S&P 500 Diversified Free Cash Flow ETF | 2.03% |
| KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF | 1.82% |
| AIVL WisdomTree U.S. AI Enhanced Value Fund | 1.72% |
| FXL First Trust Technology AlphaDEX Fund | 1.67% |
| SKYY First Trust Cloud Computing ETF | 1.65% |
| MBOX Freedom Day Dividend ETF | 1.38% |
| VMAX Hartford US Value ETF | 1.37% |
What could go wrong
- Juniper integration could disappoint. HPE acquired Juniper Networks to build a full networking lineup for AI data centers and corporate networks. If the combination goes poorly, the expected benefits may not appear, hurting results and the stock price.
- Heavy debt could pressure the dividend. As of July 31, 2026, HPE had about $20.2 billion of debt against $6.2 billion of cash and investments. HPE warns its debt could hurt the business and its ability to pay dividends.
- Large orders make results lumpy. Some deals are large and take a long time to close and install. Their timing can swing revenue and profit sharply from quarter to quarter, and uneven demand makes inventory planning harder.
- One distributor drives about 10% of revenue. A single distributor accounted for about 10% of HPE's revenue in fiscal 2025, mainly in servers and networking. Trouble with that partner, or with distribution more broadly, could disrupt revenue.
- Shift to pay-per-use must go well. Through HPE GreenLake, HPE offers more of its products as a service, with customers paying over time based on use. If HPE executes this strategy poorly, revenue and profit could fall short.
- Reliance on suppliers and contract manufacturers. HPE relies on contract manufacturers and on some parts available from only one or a few suppliers. If a key supplier falls short, shipments could slip and financial results could suffer.
Recent events
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; Quarterly results released; Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
For income and retirement investors
HPE pays a modest dividend that has not risen every year. Dividends per share were $0.36 in fiscal 2020, $0.48 in fiscal 2021 through 2023 and $0.52 in fiscal 2024 and 2025, about 7.6% growth a year on average. There was no raise in fiscal 2025. That year, dividends paid of $684 million were about 12 times net income of $57 million and 109% of free cash flow (cash left after running and investing in the business) of $627 million. The yield was a low 0.93% as of October 28, 2026. HPE spent about $1.5 billion on buybacks in fiscal 2021 through 2025, yet its share count rose 1.5% over roughly five years.
The stock has fallen sharply in downturns. It dropped 45.3% in the 2020 COVID crash, recovering in about 10.6 months, and 30.6% in the 2022 bear market, recovering in about 8.5 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Hewlett Packard Enterprise make money?
Mostly from servers. In the fiscal year ended October 31, 2025, the Server segment produced 51% of HPE's $34.3 billion in revenue. Networking, which includes Wi-Fi equipment, switches and routers, added 20%. Hybrid Cloud, which covers data storage and the HPE GreenLake pay-per-use platform, added 16%. Financial Services, which leases and finances equipment, added 10%. Products made up 64% of revenue and services such as support made up 34%. Customers range from small businesses to large companies and governments.
Does HPE raise its dividend every year?
No. HPE paid $0.48 per share in each of fiscal 2021, 2022 and 2023, raised it to $0.52 in fiscal 2024 and held it there in fiscal 2025. The yield was 0.93% as of October 28, 2026. In fiscal 2025, dividends paid exceeded both net income and free cash flow (cash left after running and investing in the business). HPE's annual report says future dividends are uncertain and that its debt could affect its ability to pay them.
Is Hewlett Packard Enterprise profitable?
Barely, in fiscal 2025. In the year ended October 31, 2025, HPE earned net income of $57 million, down 97.8% from fiscal 2024, on $34.3 billion of revenue, and posted a $437 million loss from its core operations. Results improved later: in the quarter ended July 31, 2026, revenue rose 33.7% from a year earlier to $12.2 billion, and net income jumped about 405% to $1.54 billion. Profits have swung widely from year to year.
Why did HPE acquire Juniper Networks?
To build a complete networking lineup. HPE says the Juniper acquisition gives it a full set of networking products spanning campus and branch networks, data center switches, wide-area routing and secure access services. HPE aims to win business in AI data centers, where fast networks help keep graphics processors (GPUs) busy and finish AI jobs sooner. Networking made up about 20% of fiscal 2025 revenue. HPE lists the integration as a risk: if it goes poorly, the expected benefits may not appear.
How volatile is HPE stock?
Very. As of October 28, 2026, the shares had gained 153% over one year, but their annualized volatility, a measure of how widely the price swings, was 57.5%. Their beta was 2.21, meaning they tended to move about twice as much as the broad market. Even in that strong year, the shares fell as much as 26.4% from a high. Their deepest decline on record was 56.9%.