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Hewlett Packard Enterprise (HPE) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Sep 3, 2026 · Hewlett Packard Enterprise (HPE) Q3 FY26 earnings results →

Q3 FY26 Revenue up 34% year over year to $12.2B · 13¢ of every $1 of revenue kept as net profit · operating margin 11.4%

Hewlett Packard Enterprise made $12.2B in Q3 FY26 (+34% Y/Y): Cloud & AI $9.0B, Networking $2.9B, Corporate Investments and Other $278M. Operating margin 11.4%, net earnings $1.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 3, 2026.

Revenue$12.2B

Year over year+34%

Operating margin11.4%

Net earnings$1.5B

Operating cash flow$1.6B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $12.2B in Q3 FY26, up 34% year over year and up 14% from the previous quarter. Server Segment was the largest line at 55% of revenue. Server Segment added $1.8B year over year (up 35%), 57% of the total change. Other declined 34%.

Operating profit was $1.4B, a 11.4% margin (up 8.7 points year over year). Of the extra revenue versus Q3 FY25, 37% reached operating profit, above the 3% margin then. Total costs grew 22% against revenue growth of 34%. The fastest-growing cost line was Research & development (+86%). Net earnings were $1.5B, up 405% year over year. The effective tax rate was 12.6%. Non-operating items added $0.37B, 21% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $1.6B (up 26% year over year), 107% of net earnings. Non-cash charges added back $0.86B of depreciation and amortization and $0.17B of share-based compensation. Working capital and other items used $0.93B. After investment in property, plant and equipment and software assets, net ($0.65B) and effect of exchange rate changes on cash, cash equivalents, and restricted cash ($0.03B), free cash flow as the company reports it was $1.0B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 FY26	10-Q	Sep 3, 2026	$12.2B	+34%	11.4%	$1.5B	$1.6B
Q2 FY26	10-Q	Jun 2, 2026	$10.7B	+40%	7.0%	$624M	$1.4B
Q1 FY26	10-Q	Mar 10, 2026	$9.3B	+18%	5.1%	$452M	$1.2B
Q4 FY25	10-K	Dec 18, 2025	$9.7B	+14%	-0.1%	$175M	$2.5B
Q3 FY25	10-Q	Sep 4, 2025	$9.1B	+18%	2.7%	$305M	$1.3B
Q2 FY25	10-Q	Jun 4, 2025	$7.6B	+6%	-14.5%	−$1.1B	−$461M
Q4 FY24	10-K	Dec 19, 2024	$8.5B	+15%	8.2%	$1.4B	$2.0B

Charts

Latest (Q3 FY26): Y/Y +34%, Q/Q +14%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 FY26): Net income $1.5B, Operating cash flow $1.6B.

+2.3% since FY20: more shares outstanding (issuance, stock pay).

Cash $5.8B, short-term investments —, long-term debt $21.7B at 2025-10-31.

In supply chains and themes

AI data-center capex · Servers & ODMs (gross profit only)