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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.

Hewlett Packard Enterprise: what changed, Q2 FY26 vs Q1 FY26Hewlett Packard Enterprise: what changed, Q2 FY26 vs Q1 FY26Cloud & AI$1.3BServer Segment$1.2BCosts & expenses$1.1BOther operating costs$790MOperating profit$277MPre-tax earnings$266MOperating cash flow$232MFree cash flow (OCF − capex)$218MResearch & development$178MNet earnings$172M

Margins

Q2 FY26Q1 FY26Change
Operating margin7.0%5.1%+1.9 pts
Net margin5.8%4.9%+1.0 pts
Free cash flow margin7.7%6.5%+1.2 pts

Every line

LineQ2 FY26Q1 FY26Change%
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%).

Q2 FY26 results → · Compare in the interactive Sankey →