Filing Flows › Hewlett Packard Enterprise (HPE) › Q2 FY26 › vs Q1 FY26
Hewlett Packard Enterprise (HPE) Q2 FY26 vs Q1 FY26 (quarter over quarter)
Hewlett Packard Enterprise's revenue rose $1.4B (+15%) from $9.3B in Q1 FY26 to $10.7B in Q2 FY26. The biggest changes: Cloud & AI +$1.3B (+21%); Data Center Networking −$124M (-28%); Storage +$114M (+11%). Operating margin 7.0% against 5.1% (+1.9 pts).
Hewlett Packard Enterprise, Q2 FY26: revenue $10.7B (+40% year over year), operating margin 7.0%, net earnings $624M, operating cash flow $1.4B. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Operating margin | 7.0% | 5.1% | +1.9 pts |
| Net margin | 5.8% | 4.9% | +1.0 pts |
| Free cash flow margin | 7.7% | 6.5% | +1.2 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Server Segment | $5.5B | $4.2B | $1.2B | +29% |
| Campus & Branch | $1.3B | $1.2B | $95.0M | +8% |
| Financial Services | $904M | $876M | $28.0M | +3% |
| Cloud & AI | $7.7B | $6.3B | $1.3B | +21% |
| Storage | $1.2B | $1.1B | $114M | +11% |
| Routing | $775M | $780M | −$5.0M | -0.6% |
| Data Center Networking | $320M | $444M | −$124M | -28% |
| Corporate Investments and Other | $281M | $261M | $20.0M | +8% |
| Security | $273M | $255M | $18.0M | +7% |
| Other | $174M | $165M | $9.0M | +5% |
| Revenue | $10.7B | $9.3B | $1.4B | +15% |
| Operating profit | $747M | $470M | $277M | +59% |
| Costs & expenses | $9.9B | $8.8B | $1.1B | +12% |
| Pre-tax earnings | $699M | $433M | $266M | +61% |
| Other expense, net | $48.0M | $37.0M | $11.0M | +30% |
| Research & development | $922M | $744M | $178M | +24% |
| SG&A | $1.8B | $1.7B | $132M | +8% |
| Other operating costs | $7.2B | $6.4B | $790M | +12% |
| Net earnings | $624M | $452M | $172M | +38% |
| Income tax | $75.0M | −$19.0M | $94.0M | — |
| Depreciation & amortization | $877M | $872M | $5.0M | +0.6% |
| Share-based compensation | $218M | $216M | $2.0M | +0.9% |
| Working capital & other | $309M | $362M | −$53.0M | -15% |
| Operating cash flow | $1.4B | $1.2B | $232M | +20% |
| Free cash flow (OCF − capex) | $827M | $609M | $218M | +36% |
| Capital expenditures | $583M | $569M | $14.0M | +2% |
Questions
How much did Hewlett Packard Enterprise's revenue grow quarter over quarter in Q2 FY26?
Hewlett Packard Enterprise's revenue rose $1.4B (+15%) from $9.3B in Q1 FY26 to $10.7B in Q2 FY26.
What drove Hewlett Packard Enterprise's revenue change in Q2 FY26?
Cloud & AI +$1.3B (+21%); Data Center Networking −$124M (-28%); Storage +$114M (+11%).