Filing Flows › Hewlett Packard Enterprise (HPE) › Q2 FY26 › vs Q2 FY25
Hewlett Packard Enterprise (HPE) Q2 FY26 vs Q2 FY25 (year over year)
Hewlett Packard Enterprise's revenue rose $3.1B (+40%) from $7.6B in Q2 FY25 to $10.7B in Q2 FY26. The biggest changes: Cloud & AI +$1.8B (+31%); Routing +$774M (775×); Data Center Networking +$224M (+233%). Operating margin 7.0% against -14.5% (+21.5 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Operating margin | 7.0% | -14.5% | +21.5 pts |
| Net margin | 5.8% | -13.8% | +19.6 pts |
| Free cash flow margin | 7.7% | -13.2% | +21.0 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Server Segment | $5.5B | $4.1B | $1.3B | +33% |
| Campus & Branch | $1.3B | $880M | $442M | +50% |
| Financial Services | $904M | $856M | $48.0M | +6% |
| Cloud & AI | $7.7B | $5.8B | $1.8B | +31% |
| Storage | $1.2B | $1.1B | $27.0M | +2% |
| Routing | $775M | $1.0M | $774M | 775× |
| Data Center Networking | $320M | $96.0M | $224M | +233% |
| Corporate Investments and Other | $281M | $272M | $9.0M | +3% |
| Security | $273M | $107M | $166M | +155% |
| Other | $174M | $158M | $16.0M | +10% |
| Revenue | $10.7B | $7.6B | $3.1B | +40% |
| Operating profit | $747M | −$1.1B | $1.9B | — |
| Costs & expenses | $9.9B | $8.7B | $1.2B | +14% |
| Pre-tax earnings | $699M | −$1.0B | $1.7B | — |
| Other expense, net | $48.0M | −$64.0M | $112M | — |
| Research & development | $922M | $540M | $382M | +71% |
| SG&A | $1.8B | $1.3B | $532M | +41% |
| Other operating costs | $7.2B | $6.9B | $281M | +4% |
| Net earnings | $624M | −$1.1B | $1.7B | — |
| Income tax | $75.0M | $5.0M | $70.0M | 15× |
| Depreciation & amortization | $877M | $574M | $303M | +53% |
| Share-based compensation | $218M | $116M | $102M | +88% |
| Working capital & other | $309M | $101M | $208M | +206% |
| Operating cash flow | $1.4B | −$461M | $1.9B | — |
| Free cash flow (OCF − capex) | $827M | −$1.0B | $1.8B | — |
| Capital expenditures | $583M | $547M | $36.0M | +7% |
Questions
How much did Hewlett Packard Enterprise's revenue grow year over year in Q2 FY26?
Hewlett Packard Enterprise's revenue rose $3.1B (+40%) from $7.6B in Q2 FY25 to $10.7B in Q2 FY26.
What drove Hewlett Packard Enterprise's revenue change in Q2 FY26?
Cloud & AI +$1.8B (+31%); Routing +$774M (775×); Data Center Networking +$224M (+233%).