Hewlett Packard Enterprise Co financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Hewlett Packard Enterprise Co files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	30,280	28,871	30,852	29,135	26,982	27,784	28,496	29,135	30,127	34,296
Cost of revenue	13,040	12,715	14,079
Gross profit	17,240	16,156	16,773
Research and development	1,714	1,490	1,667	1,842	1,874	1,979	2,045	2,349	2,246	2,518
Selling, general and administrative	5,380	5,012	4,921	4,907	4,624	4,929	4,941	5,160	4,871	5,704
Operating income	3,903	564	1,737	1,274	-329	1,132	782	2,089	2,190	-437
Interest expense	547	599	631	608	603	501	471	709	777	1,098
Interest income	105	104	104	64	44	18	39	127	197	406
Other non-operating income	-284	-327	-274	-177	-215	-211	-121	-104	-117	-175
Pre-tax income	3,860	272	268	1,553	-442	3,587	876	2,230	2,953	-285
Income tax	623	-164	-1,744	504	-120	160	8	205	374	-342
Income from continuing operations	3,237	436	2,012	1,049	-322
Net income	3,161	344	1,908	1,049	-322	3,427	868	2,025	2,579	57
EBITDA	7,678	3,615	4,313	3,809	2,296	3,729	3,262	4,705	4,754	2,300
EPS, basic	1.84	0.21	1.25	0.78	-0.25	2.62	0.67	1.56	1.95	-0.04
EPS, diluted	1.82	0.21	1.23	0.77	-0.25	2.58	0.66	1.54	1.93	-0.04
Shares, basic (weighted)	1,715	1,646	1,529	1,353	1,294	1,309	1,303	1,299	1,309	1,324
Shares, diluted (weighted)	1,739	1,674	1,553	1,366	1,294	1,330	1,322	1,316	1,337	1,324
Dividend per share	0.22	0.26	0.49	0.46	0.36	0.48	0.48	0.48	0.52	0.52

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	12,987	9,579	4,880	3,753	4,233	3,996	4,163	4,270	14,846	5,773
Receivables	3,151	3,073	3,263	2,957	3,386	3,979	4,101	3,481	3,550	5,290
Inventory	1,720	2,315	2,447	2,387	2,674	4,511	5,161	4,607	7,810	6,352
Other current assets	2,694	3,085	3,280	2,428	2,469	2,460	3,559	3,047	3,380	3,753
Total current assets	28,917	21,444	17,272	15,143	16,556	18,878	20,506	18,948	33,457	24,994
Property, plant and equipment	6,375	6,269	6,138	6,054	5,625	5,613	5,784	5,989	5,664	6,002
Lease right-of-use assets					930	884	854	980	1,408	1,535
Goodwill	16,090	17,516	17,537	18,306	18,017	18,306	17,403	17,988	18,086	23,770
Intangible assets	675	1,042	789	1,128	1,103	1,022	733	654	510	6,368
Other non-current assets	10,476	12,600	11,359	8,918	10,544	11,670	10,537	11,377	12,616	13,817
Total assets	79,629	61,406	55,493	51,803	54,015	57,699	57,123	57,153	71,262	75,906
Accounts payable	4,945	6,072	6,092	5,595	5,383	7,004	8,717	7,136	11,064	7,731
Accrued liabilities	1,253	1,156	1,412	1,522	1,391	1,778	1,401	1,724	1,356	1,871
Deferred revenue	2,996	3,128	3,177	3,234	3,430	3,408	3,451	3,658	3,904	5,358
Short-term debt	3,525	3,850	2,005	4,425	3,755	3,552	4,612	4,868	4,742	4,609
Total current liabilities	22,529	18,924	17,198	19,159	18,738	20,687	23,174	21,882	25,973	24,643
Long-term debt	12,168	10,182	10,136	9,395	12,186	9,896	7,853	7,487	13,504	17,756
Lease liabilities					898	938	851	966	1,309	1,396
Other non-current liabilities	8,874	8,795	6,885	6,100	6,995	7,099	6,187	6,546	6,905	8,753
Total liabilities	48,111	37,901	34,219	34,654	37,919	37,682	37,214	35,915	46,382	51,152
Total debt	15,700	14,000	12,100	13,800	15,941	13,448	12,465	12,355	17,660	21,748
Paid-in capital	35,248	33,583	30,342	28,444	28,350	28,470	28,299	28,199	29,848	30,234
Retained earnings	2,782	-7,238	-5,899	-7,632	-8,375	-5,597	-5,350	-3,946	-2,068	-2,811
Other comprehensive income	-6,599	-2,895	-3,218	-3,727	-3,939	-2,915	-3,098	-3,084	-2,977	-2,748
Shareholders' equity	31,448	23,466	21,239	17,098	16,049	19,971	19,864	21,182	24,816	24,688
Minority interests	70		35	51	47	46	45	56
Total equity	31,518	23,505	21,274	17,149	16,096	20,017	19,909	21,238	24,880	24,754
Total liabilities and equity	79,629	61,406	55,493	51,803	54,015	57,699	57,123	57,153	71,262	75,906
Shares outstanding	1,666	1,595	1,423	1,294	1,287	1,295	1,281	1,283	1,297	1,318

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,161	343	1,904	1,065	-311	3,436	873	2,036	2,595	57
Depreciation and amortization	3,775	3,051	2,576	2,535	2,625	2,597	2,480	2,616	2,564	2,737
Stock-based compensation	558	428	286	268	274	382	391	428	430	643
Deferred income tax	-1,345	-1,122	2,229	1,079	-294	-167	-249	-67	-64	-565
Change in receivables	991	457	-220	374	-461	-591	-186	577	-83	-700
Change in inventory	34	-542	-260	46	-527	-1,959	-713	400	-3,358	1,783
Cash from operations	5,056	1,335	2,964	3,997	2,240	5,871	4,593	4,428	4,341	2,919
Capital expenditures	-3,280	-3,137	-2,956	-2,856	-2,383	-2,502	-3,122	-2,828	-2,367	-2,292
Acquisitions	-22	-2,202	-207	-1,526	-866	-505	0	-761	-147	-12,278
Purchases of investments	-656	-45	-33	-39	-101	-60	-55	-15	-16
Sales and maturities of investments	585	38	98	26	48	15	262	9	2,149	48
Cash from investing	419	-5,349	-1,880	-3,457	-2,578	-2,796	-2,087	-3,284	-53	-13,190
Debt issued	1,074	2,259	2,457	3,517	7,007	3,022	3,296
Share buybacks	-2,662	-2,556	-3,568	-2,249	-355	-213	-512	-421	-150	-202
Dividends paid	-373	-428	-570	-608	-618	-625	-621	-619	-676	-684
Cash from financing	-2,330	164	-5,592	-1,548	883	-3,364	-1,796	-1,362	6,283	1,046
Exchange rate effect					0	0	-279	36	-47	-21
Net change in cash		-3,850	-4,508	-1,008	545	-289	431	-182	10,524	-9,246
Free cash flow	1,776	-1,802	8	1,141	-143	3,369	1,471	1,600	1,974	627
Interest paid	585	415	609	593	574	486	453	677	772	1,018
Income taxes paid	656	836	538	518	297	398	107	307	248	425

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $62.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	6.2%	Operating income / revenue.
EBITDA margin	14.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.3%	Pre-tax income / revenue.
Net margin	6.7%	Net income / revenue.
FCF margin	9.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.0%	Cash from operations / revenue.
Effective tax rate	-6.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	5.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.8%	Research and development expense / revenue.
SG&A / revenue	17.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	6.1%	Capital expenditures / revenue.
D&A / revenue	8.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-120.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-51.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-11.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-97.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-59.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-102.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-32.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-14.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-68.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-24.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-0.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.11x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.73x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.3%	Total debt / total assets.
Liabilities / assets	68.2%	Total liabilities / total assets.
Net debt	$13.26B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.18x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$3.43B	Current assets - current liabilities.
Goodwill and intangibles / assets	35.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$2.94B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.50x	Revenue / average total assets.
Fixed asset turnover	7.42x	Revenue / average property, plant and equipment.
Receivables turnover	6.77x	Revenue / average receivables.
Days sales outstanding	54 days	365 x average receivables / revenue.
FCF conversion	148.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	37.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.93	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$28.90	Revenue / diluted weighted shares.
FCF per share	$2.87	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.62	Cash from operations / diluted weighted shares.
Book value per share	$19.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$2.21	Tangible book value / shares outstanding.
Cash per share	$4.68	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.5%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	13.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$83.35B	Share price x shares outstanding.
Enterprise value	$96.61B	Market cap + total debt - cash - short-term investments.
P/E	29.9x	Market cap / net income. Only when net income is positive.
P/S	1.99x	Market cap / revenue.
P/B	3.14x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	20.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.5x	Market cap / cash from operations, when positive.
EV/Sales	2.31x	Enterprise value / revenue.
EV/EBIT	37.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	15.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.0%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.9%	Dividends paid over the period / market cap.
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.

What was Hewlett Packard Enterprise Co's revenue in fiscal 2025?

Hewlett Packard Enterprise Co reported revenue of $34.30B for fiscal 2025, 13.8% higher than the year before.

Was Hewlett Packard Enterprise Co profitable in fiscal 2025?

Yes. Net income was $57.0M, a net margin of 0.2%.

How much free cash flow did Hewlett Packard Enterprise Co generate in fiscal 2025?

Cash from operations of $2.92B minus capital expenditures of $2.29B left free cash flow of $627.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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