Hewlett Packard Enterprise (HPE) financial statements
Hewlett Packard Enterprise reported revenue of $34.3B in fiscal 2025, up 1.4% a year over 9 years.
Net income was $57M and the operating margin -1.3%, against 12.9% in 2016.
Free cash flow was $627M, and the company returned $684M in dividends and $202M in net buybacks.
The diluted share count fell 24% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hewlett Packard Enterprise's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.3B | $28.9B | $30.9B | $29.1B | $27.0B | $27.8B | $28.5B | $29.1B | $30.1B | $34.3B |
| Cost of revenue | $13.0B | $12.7B | $14.1B | — | — | — | — | — | — | — |
| Gross profit | $17.2B | $16.2B | $16.8B | — | — | — | — | — | — | — |
| Research and development | $1.7B | $1.5B | $1.7B | $1.8B | $1.9B | $2.0B | $2.0B | $2.3B | $2.2B | $2.5B |
| Selling, general and admin | $5.4B | $5.0B | $4.9B | $4.9B | $4.6B | $4.9B | $4.9B | $5.2B | $4.9B | $5.7B |
| Operating income | $3.9B | $564M | $1.7B | $1.3B | -$329M | $1.1B | $782M | $2.1B | $2.2B | -$437M |
| Interest expense | $547M | $599M | $274M | $177M | $215M | $211M | $188M | $709M | $777M | $1.1B |
| Pre-tax income | $3.9B | $272M | $268M | $1.6B | -$442M | $3.6B | $876M | $2.2B | $3.0B | -$285M |
| Income tax | $623M | -$164M | -$1.7B | $504M | -$120M | $160M | $8M | $205M | $374M | -$342M |
| Net income | $3.2B | $344M | $1.9B | $1.0B | -$322M | $3.4B | $868M | $2.0B | $2.6B | $57M |
| EPS (diluted) | $1.82 | $0.21 | $1.23 | $0.77 | -$0.25 | $2.58 | $0.66 | $1.54 | $1.93 | -$0.04 |
| Diluted shares | 1.74B | 1.67B | 1.55B | 1.37B | 1.29B | 1.33B | 1.32B | 1.32B | 1.34B | 1.32B |
| Gross margin | 56.9% | 56.0% | 54.4% | — | — | — | — | — | — | — |
| Operating margin | 12.9% | 2.0% | 5.6% | 4.4% | -1.2% | 4.1% | 2.7% | 7.2% | 7.3% | -1.3% |
| Net margin | 10.4% | 1.2% | 6.2% | 3.6% | -1.2% | 12.3% | 3.0% | 7.0% | 8.6% | 0.2% |
Balance sheet
Fiscal years, from Hewlett Packard Enterprise's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $13.0B | $9.6B | $4.9B | $3.8B | $4.2B | $4.0B | $4.2B | $4.3B | $14.8B | $5.8B |
| Receivables | $3.2B | $3.1B | $3.3B | $3.0B | $3.4B | $4.0B | $4.1B | $3.5B | $3.5B | $5.3B |
| Inventory | $1.7B | $2.3B | $2.4B | $2.4B | $2.7B | $4.5B | $5.2B | $4.6B | $7.8B | $6.4B |
| Total current assets | $28.9B | $21.4B | $17.3B | $15.1B | $16.6B | $18.9B | $20.5B | $18.9B | $33.5B | $25.0B |
| Property, plant and equipment | $6.4B | $6.3B | $6.1B | $6.1B | $5.6B | $5.6B | $5.8B | $6.0B | $5.7B | $6.0B |
| Goodwill | $16.1B | $17.5B | $17.5B | $18.3B | $18.0B | $18.3B | $17.4B | $18.0B | $18.1B | $23.8B |
| Total assets | $79.6B | $61.4B | $55.5B | $51.8B | $54.0B | $57.7B | $57.1B | $57.2B | $71.3B | $75.9B |
| Total current liabilities | $22.5B | $18.9B | $17.2B | $19.2B | $18.7B | $20.7B | $23.2B | $21.9B | $26.0B | $24.6B |
| Long-term debt | $12.2B | $10.2B | $10.1B | $9.4B | $12.2B | $9.9B | $7.9B | $7.5B | $13.5B | $17.8B |
| Total liabilities | $48.1B | $37.9B | $14.3B | $34.7B | $37.9B | $37.7B | $37.2B | $35.9B | $46.4B | $51.2B |
| Shareholders' equity | $31.4B | $23.5B | $21.2B | $17.1B | $16.0B | $20.0B | $19.9B | $21.2B | $24.8B | $24.7B |
| Net debt | $2.7B | $4.5B | $7.3B | $10.1B | $11.7B | $9.5B | $8.3B | $8.1B | $3.4B | $16.6B |
Cash flow
Fiscal years, from Hewlett Packard Enterprise's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.1B | $1.3B | $3.0B | $4.0B | $2.2B | $5.9B | $4.6B | $4.4B | $4.3B | $2.9B |
| Capital spending | $3.3B | $3.1B | $3.0B | $2.9B | $2.4B | $2.5B | $3.1B | $2.8B | $2.4B | $2.3B |
| Free cash flow | $1.8B | -$1.8B | $8M | $1.1B | -$143M | $3.4B | $1.5B | $1.6B | $2.0B | $627M |
| Stock-based compensation | $558M | $428M | $286M | $268M | $274M | $382M | $391M | $428M | $430M | $643M |
| Dividends paid | $373M | $428M | $570M | $608M | $618M | $625M | $621M | $619M | $676M | $684M |
| Share buybacks (net) | -$2.7B | -$2.6B | -$3.6B | -$2.2B | -$355M | -$213M | -$512M | -$421M | -$150M | -$202M |
| Net borrowing | $1.0B | $2.3B | $2.5B | $3.5B | $7.0B | $3.0B | $3.4B | -$47M | -$31M | -$8M |
| Free cash flow margin | 5.9% | -6.2% | 0.0% | 3.9% | -0.5% | 12.1% | 5.2% | 5.5% | 6.6% | 1.8% |
| Dividends per share | $0.21 | $0.26 | $0.37 | $0.45 | $0.48 | $0.47 | $0.47 | $0.47 | $0.51 | $0.52 |
Questions
What was Hewlett Packard Enterprise's revenue in 2025?
$34.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Hewlett Packard Enterprise generate?
$627M in fiscal 2025 (operating cash flow minus capital spending).
From Hewlett Packard Enterprise's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.