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Hewlett Packard Enterprise cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$896M in Q3 FY26 · $4.2B over twelve months

Operating cash flow$1.6B
Capital spending−$745M
Free cash flow+$896M
Cash / net income1.1×

Analysis

In Q3 FY26, Hewlett Packard Enterprise generated $1.6B of operating cash flow and spent $745M on capital projects, leaving free cash flow of $896M. That is $167M more than in Q3 FY25 ($729M).

Over the twelve months to Jul 31, 2026, operating cash flow was $6.7B; the largest uses were net borrowing (+) / repaid (−) ($3.5B), capital spending ($2.5B), dividends ($739M); besides operations, cash came from other investing ($2.4B), asset & business sales ($414M); the cash balance rose by $1.6B.

Operating cash flow was $1.6B against net income of $1.5B — 1.1× profit, roughly in line with earnings. The largest differences: inventory −$2.9B, payables +$2.3B, depreciation & amortization +$864M.

Free cash flow

Hewlett Packard Enterprise: free cash flow by quarterHewlett Packard Enterprise: free cash flow by quarter$1.4BQ4 FY24−$918MQ1 FY25−$1.0BQ2 FY25$729MQ3 FY25$1.8BQ4 FY25$609MQ1 FY26$827MQ2 FY26$896MQ3 FY26
Operating cash flow less capital spending.
Hewlett Packard Enterprise: operating cash flow against capital spendingHewlett Packard Enterprise: operating cash flow against capital spendingOperating cash flowCapital spending$2.0B$608MQ4 FY24−$390M$528MQ1 FY25−$461M$547MQ2 FY25$1.3B$576MQ3 FY25$2.5B$641MQ4 FY25$1.2B$569MQ1 FY26$1.4B$583MQ2 FY26$1.6B$745MQ3 FY26
Latest (Q3 FY26): Operating cash flow $1.6B, Capital spending $745M.

Capital allocation, year by year

Hewlett Packard Enterprise: where the cash came from (up) and went (down), by fiscal yearHewlett Packard Enterprise: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $5.9BFY21: Net borrowing −$2.5BFY21: Asset sales $354MFY21: Capital spending −$2.5BFY21: Acquisitions −$505MFY21: Buybacks −$213MFY21: Dividends −$625M$6.2BFY21FY22: Operating cash flow $4.6BFY22: Net borrowing −$596MFY22: Asset sales $602MFY22: Capital spending −$3.1BFY22: Buybacks −$512MFY22: Dividends −$621M$5.2BFY22FY23: Operating cash flow $4.4BFY23: Net borrowing −$209MFY23: Asset sales $602MFY23: Capital spending −$2.8BFY23: Acquisitions −$761MFY23: Buybacks −$421MFY23: Dividends −$619M$5.0BFY23FY24: Operating cash flow $4.3BFY24: Net borrowing $5.7BFY24: Shares issued $1.5BFY24: Asset sales $370MFY24: Capital spending −$2.4BFY24: Acquisitions −$147MFY24: Buybacks −$150MFY24: Dividends −$676M$11.9BFY24FY25: Operating cash flow $2.9BFY25: Net borrowing $2.3BFY25: Asset sales $590MFY25: Capital spending −$2.3BFY25: Acquisitions −$12.3BFY25: Buybacks −$202MFY25: Dividends −$684M$5.9BFY25
Over these 5 years operating cash flow totalled $22.2B; the largest uses were acquisitions ($13.7B) and capital spending ($13.1B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.2B
Debt$26.4B
Net debt$20.1B
Due within a year$3.8B

Hewlett Packard Enterprise funds itself: free cash flow was $4.2B over the last twelve months, and $6.2B of cash and investments stands against $26.4B of debt ($3.8B due within a year, 1.6× covered by cash).

Hewlett Packard Enterprise: debt maturities by year (FY25)Hewlett Packard Enterprise: debt maturities by year (FY25)$3.8BYear 1$3.1BYear 2$3.8BYear 3$2.4BYear 4$404MYear 5$8.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $6.2B of cash and investments now.

Where the cash came from and went

Hewlett Packard Enterprise: sources (+) and uses (−) of cash, Q3 FY26Hewlett Packard Enterprise: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$1.6BOther investing$1.5BNet borrowing (+) / repaid (−)−$977MCash drawn (+) / kept (−)−$924MCapital spending−$745MDividends−$189MTaxes on employees’ shares−$155MBuybacks−$135MAsset & business sales$92.0MExchange rates−$30.0MOther financing−$29.0M
Hewlett Packard Enterprise: sources (+) and uses (−) of cash, TTM to Q3 FY26Hewlett Packard Enterprise: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$6.7BNet borrowing (+) / repaid (−)−$3.5BCapital spending−$2.5BOther investing$2.4BCash drawn (+) / kept (−)−$1.6BDividends−$739MBuybacks−$547MAsset & business sales$414MTaxes on employees’ shares−$398MOther financing−$126MExchange rates−$69.0M

From profit to cash

Hewlett Packard Enterprise: net income to operating cash flow, Q3 FY26Hewlett Packard Enterprise: net income to operating cash flow, Q3 FY26Net income$1.5BDepreciation & amortization$864MStock-based pay$165MDeferred taxes−$47.0MOther non-cash$61.0MReceivables$101MInventory−$2.9BPayables$2.3BOther operating capital$400MOperating cash flow$1.6B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$1.6B−$745M—−$135M−$189M−$977M−$924M$896M
Q2 FY26$1.4B−$583M—−$154M−$189M−$357M−$429M$827M
Q1 FY26$1.2B−$569M—−$158M−$190M−$794M$934M$609M
Q4 FY25$2.5B−$641M—−$100M−$171M−$1.3B−$1.2B$1.8B
Q3 FY25$1.3B−$576M——−$171M$4.5B$7.1B$729M
Q2 FY25−$461M−$547M—−$50.0M−$171M−$443M$2.1B−$1.0B
Q1 FY25−$390M−$528M—−$52.0M−$171M−$372M$1.3B−$918M
Q4 FY24$2.0B−$608M−$147M−$50.0M−$169M$6.4B−$11.2B$1.4B

Hewlett Packard Enterprise: income statement and cash flow

Hewlett Packard Enterprise, Q3 FY26: revenue $12.2B (+34% year over year), operating margin 11.4%. The chart follows the revenue to costs, profit and cash.

Hewlett Packard Enterprise: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.