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Hewlett Packard Enterprise vs International Business Machines: revenue, profit, margins and growth compared

Hewlett Packard Enterprise brought in $34.3B of revenue in fiscal 2025, International Business Machines $67.5B in fiscal 2025. Revenue changed by +13.8% at Hewlett Packard Enterprise and +7.6% at International Business Machines on the year before, so Hewlett Packard Enterprise grew faster. Hewlett Packard Enterprise kept 0.2% of its revenue as net profit, International Business Machines 15.7%. Free cash flow was $627M at Hewlett Packard Enterprise and $12.1B at International Business Machines.

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Side by side, latest fiscal year

HPEIBM
Fiscal year endedFY2025 (October 31, 2025)FY2025 (December 31, 2025)
Revenue$34.3B$67.5B
Revenue growth+13.8%+7.6%
Net income$57M$10.6B
Net margin0.2%15.7%
Free cash flow$627M$12.1B
Free cash flow margin1.8%17.9%
Earnings per share (diluted)-$0.04$11.17
Cash$5.8B$13.6B
Debt$21.7B$54.8B
Price to earningsn/a20.2
Market value$83.3B$212.5B
Dividend yield0.83%2.98%
Rank by revenue in sector#23 of 530 · Technology#9 of 530 · Technology

Over the years

Revenue
HPE FY2018: $30.9BHPE FY2019: $29.1BHPE FY2020: $27BHPE FY2021: $27.8BHPE FY2022: $28.5BHPE FY2023: $29.1BHPE FY2024: $30.1BHPE FY2025: $34.3BIBM FY2018: $79.6BIBM FY2019: $57.7BIBM FY2020: $55.2BIBM FY2021: $57.4BIBM FY2022: $60.5BIBM FY2023: $61.9BIBM FY2024: $62.8BIBM FY2025: $67.5BFY18FY19FY20FY21FY22FY23FY24FY25
HPE $34.3BIBM $67.5B
Net income
HPE FY2018: $1.9BHPE FY2019: $1BHPE FY2020: -$322MHPE FY2021: $3.4BHPE FY2022: $868MHPE FY2023: $2BHPE FY2024: $2.6BHPE FY2025: $57MIBM FY2018: $8.7BIBM FY2019: $9.4BIBM FY2020: $5.6BIBM FY2021: $5.7BIBM FY2022: $1.6BIBM FY2023: $7.5BIBM FY2024: $6BIBM FY2025: $10.6BFY18FY19FY20FY21FY22FY23FY24FY25
HPE $57MIBM $10.6B
Net margin
HPE FY2018: 6.2%HPE FY2019: 3.6%HPE FY2020: -1.2%HPE FY2021: 12.3%HPE FY2022: 3.0%HPE FY2023: 7.0%HPE FY2024: 8.6%HPE FY2025: 0.2%IBM FY2018: 11.0%IBM FY2019: 16.3%IBM FY2020: 10.1%IBM FY2021: 10.0%IBM FY2022: 2.7%IBM FY2023: 12.1%IBM FY2024: 9.6%IBM FY2025: 15.7%FY18FY19FY20FY21FY22FY23FY24FY25
HPE 0.2%IBM 15.7%
Revenue growth
HPE FY2019: -5.6%HPE FY2020: -7.4%HPE FY2021: +3.0%HPE FY2022: +2.6%HPE FY2023: +2.2%HPE FY2024: +3.4%HPE FY2025: +13.8%IBM FY2019: -27.5%IBM FY2020: -4.4%IBM FY2021: +3.9%IBM FY2022: +5.5%IBM FY2023: +2.2%IBM FY2024: +1.4%IBM FY2025: +7.6%FY19FY20FY21FY22FY23FY24FY25
HPE +13.8%IBM +7.6%
Free cash flow
HPE FY2018: $8MHPE FY2019: $1.1BHPE FY2020: -$143MHPE FY2021: $3.4BHPE FY2022: $1.5BHPE FY2023: $1.6BHPE FY2024: $2BHPE FY2025: $627MIBM FY2018: $11.9BIBM FY2019: $12.5BIBM FY2020: $15.6BIBM FY2021: $10.7BIBM FY2022: $9.1BIBM FY2023: $12.7BIBM FY2024: $12.4BIBM FY2025: $12.1BFY18FY19FY20FY21FY22FY23FY24FY25
HPE $627MIBM $12.1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Hewlett Packard Enterprise and International Business Machines

Which is bigger by revenue, Hewlett Packard Enterprise or International Business Machines?

International Business Machines is bigger by revenue: $67.5B in fiscal 2025, against $34.3B for Hewlett Packard Enterprise in fiscal 2025.

Which keeps more of its revenue as profit, Hewlett Packard Enterprise or International Business Machines?

Hewlett Packard Enterprise had a net margin of 0.2% in fiscal 2025; International Business Machines had 15.7% in fiscal 2025.

Which grew revenue faster, Hewlett Packard Enterprise or International Business Machines?

In their latest fiscal years revenue changed by +13.8% at Hewlett Packard Enterprise and +7.6% at International Business Machines.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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