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On February 20, 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”). The ultimate availability, timing, and amount of any potential refunds of such tariffs remain highly uncertain and are subject to further legal, regulatory, and administrative developments. Following the Supreme Court’s decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on the Company’s business. The Company continues to monitor and evaluate these developments and assess their potential impact on its business, financial condition, and results of operations.

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Table of Content

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


(Mark One)
☒						QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: ~~January~~April 3130, 2026 Or


☐						TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to


Commission file number			001-37483

HEWLETT PACKARD ENTERPRISE COMPANY

(Exact name of registrant as specified in its charter)


Delaware						47-3298624
(State or other jurisdiction of incorporation or organization)						(I.R.S. employer identification no.)

1701 East Mossy Oaks Road,

Spring,

Texas

77389

(Address of principal executive offices)

(Zip code)

(678)

259-9860

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

HPE

New York Stock Exchange

7.625% Series C Mandatory Convertible Preferred Stock, par value $0.01 per share

HPEPRC

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Table of Content

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The number of shares of Hewlett Packard Enterprise Company common stock outstanding as of ~~March~~May 326, 2026 was 1,~~326~~324,~~854~~203,~~089~~521 shares, par value $0.01.

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Form 10-Q

For the Quarterly Period Ended ~~January~~April 3130, 2026

Table of Contents

			Page
Forward-Looking Statements			4
Part I.	Financial Information
	Item 1.	Financial Statements (Unaudited)	6
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	3740
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	5662
	Item 4.	Controls and Procedures	5662
Part II.	Other Information
	Item 1.	Legal Proceedings	5662
	Item 1A.	Risk Factors	5662
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	5664
	Item 5.	Other Information	5765
	Item 6.	Exhibits	5765
Exhibit Index			5866
Signature			6674

Unless otherwise stated or the context otherwise indicates, all references in this Quarterly Report on Form 10-Q to “HPE,” or “the Company” mean Hewlett Packard Enterprise Company and its consolidated subsidiaries.

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Forward-Looking Statements

This Quarterly Report on Form 10-Q, including “Management's Discussion and Analysis of Financial Condition and Results of Operations” in Item 2 of Part I, contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties, and assumptions. If the risks or uncertainties ever materialize or the assumptions prove incorrect, the results of Hewlett Packard Enterprise Company and its consolidated subsidiaries (“Hewlett Packard Enterprise”) may differ materially from those expressed or implied by such forward-looking statements and assumptions. The words “believe”, “expect”, “anticipate”, “guide”, “optimistic”, “intend”, “aim”, “will”, “estimates”, “may”, “likely”, “could”, “should” and similar expressions are intended to identify such forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any statements regarding the ongoing integration of Juniper Networks, Inc., and any projections, estimates, or expectations of savings or synergy realizations in connection therewith; any projections, estimations, or expectations of addressable markets and their sizes, revenue (including annualized revenue run-rate), margins, expenses (including stock-based compensation expenses), investments, effective tax rates, interest rates, the impact of tax law changes and related guidance and regulations, the impact of changes in trade policies and restrictions and the uncertainty created thereby, component costs, commodity shortage, net earnings, net earnings per share, cash flows, liquidity and capital resources, inventory, goodwill, impairment charges, hedges and derivatives and related offsets, order backlog, benefit plan funding, deferred tax assets, share repurchases, currency exchange rates, repayments of debts including our asset-backed debt securities, or other financial items; recent amendments to accounting guidance and any potential impacts on our financial reporting therefrom; any projections or estimations of orders; any projections of the amount, timing, or impact of cost saving actions and anticipated benefits to be realized if any; any statements of the plans, strategies, and objectives of management for future operations, as well as the execution and consummation of corporate transactions or contemplated acquisitions and dispositions (including but not limited to the disposition of shares of H3C Technologies Co., Limited (“H3C”) and the ~~receipt~~use of proceeds received therefrom), research and development expenditures, and any resulting benefits, cost savings, charges, or revenue or profitability improvements; any statements concerning the expected development, performance, market share, or competitive performance relating to products or services; any statements concerning technological and market trends, the pace of technological innovation, and adoption of new technologies, including quantum- and artificial intelligence-related developments and ~~other~~any impacts of such developments on products and services offered by Hewlett Packard Enterprise; any statements regarding current or future macroeconomic trends or events and the impacts of those trends and events on Hewlett Packard Enterprise and our financial performance, including but not limited to supply chain dynamics (including but not limited to worldwide ~~memory~~ component ~~shortages~~availability), uncertain global trade policies and/or restrictions, and demand for our products and services, and our actions to mitigate such impacts to our business; the scope and duration of geopolitical tensions, including but not limited to the ongoing conflict between Russia and Ukraine, instability and conflicts in the Middle East, and the relationship between China and the U.S., and our actions in response thereto, and their impacts on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain, financial results, and the world economy; any statements regarding future regulatory trends and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence issues, among others; any statements regarding pending litigation, investigations, claims, or disputes, including but not limited to the legal proceedings relating to the acquisition of Juniper Networks; any statements of expectation or belief, including those relating to future guidance and the financial performance of Hewlett Packard Enterprise; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties, and assumptions include the need to address the many challenges facing Hewlett Packard Enterprise’s businesses; the competitive pressures faced by Hewlett Packard Enterprise’s businesses; risks associated with executing Hewlett Packard Enterprise’s strategy; the impact of macroeconomic and geopolitical trends and events, including but not limited to those mentioned above; the need to effectively manage third-party suppliers and distribute Hewlett Packard Enterprise's products and services; the protection of Hewlett Packard Enterprise's intellectual property assets, including intellectual property licensed from third parties and intellectual property shared with its former parent; risks associated with Hewlett Packard Enterprise's international operations (including from geopolitical events and macroeconomic uncertainties); the development of and transition to new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution of Hewlett Packard Enterprise’s ongoing transformation and mix shift of its portfolio of offerings; the execution and performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, clients, and partners, including any impact thereon resulting from macroeconomic or geopolitical events, including inflation and rising commodity costs; the prospect of a shutdown of the U.S. federal government; the hiring and retention of key employees; the execution, integration, consummation, and other risks associated with business combination, disposition, and investment transactions, including but not limited to ~~the risks associated with the disposition of H3C shares and the receipt of proceeds therefrom and~~ successful integration of Juniper Networks, Inc., including our ability to integrate and implement our plans and forecasts and realize our anticipated financial and operational benefits with respect to the consolidated business; the execution, timing, and results of any cost reduction actions, including estimates and assumptions related to the costs and anticipated benefits of implementing such actions; the impact of changes to privacy, cybersecurity, environmental, global trade, and other governmental regulations; changes in our product, lease, intellectual property, or real estate portfolio; the payment or non-

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~~estate portfolio; the~~ payment ~~or non-payment~~ of a dividend for any period; the efficacy of using non-GAAP, rather than GAAP, financial measures in business projections and planning; the judgments required in connection with determining certain financial metrics; utility of segment realignments; allowances for recovery of receivables and warranty obligations; provisions for, and resolution of, pending litigation investigations, claims, and disputes; the impacts of tax law changes and related guidance or regulations; and other risks that are described herein, including but not limited to the items discussed in “Risk Factors” in Item 1A of Part I of the Annual Report on Form 10-K for the fiscal year ended October 31, 2025 and that are otherwise described or updated from time to time in Hewlett Packard Enterprise's subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and in other filings made with the Securities and Exchange Commission. Hewlett Packard Enterprise assumes no obligation and does not intend to update these forward-looking statements, except as required by applicable law.

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Index

			Page
Condensed Consolidated Statements of Earnings for the three months ended January 31, 2026 and 2025 (Unaudited)			7
Condensed Consolidated Statements of Earnings for the three and six months ended April 30, 2026 and 2025 (Unaudited)			7
Condensed Consolidated Statements of Comprehensive Income for the three months ended January 31, 2026 and 2025 (Unaudited)			8
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended April 30, 2026 and 2025 (Unaudited)			8
Condensed Consolidated Balance Sheets as of January 31, 2026 (Unaudited) and October 31, 2025 (Audited)			9
Condensed Consolidated Balance Sheets as of April 30, 2026 (Unaudited) and October 31, 2025 (Audited)			9
Condensed Consolidated Statements of Cash Flows for the three months ended January 31, 2026 and 2025 (Unaudited)			10
Condensed Consolidated Statements of Cash Flows for the six months ended April 30, 2026 and 2025 (Unaudited)			10
Condensed Consolidated Statements of Stockholders' Equity for the three months ended January 31, 2026 and 2025 (Unaudited)			11
Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended April 30, 2026 and 2025 (Unaudited)			11
Notes to Condensed Consolidated Financial Statements (Unaudited)			1213
Note 1: Overview and Summary of Significant Accounting Policies			1213
Note 2: Segment Information			1314
Note 3: Retirement Benefit Plans			1617
Note 4: Taxes on Earnings			1617
Note 5: Balance Sheet Details			1719
Note 6: Accounting for Leases as a Lessor			2123
Note 7: Acquisitions and Dispositions			2426
Note 8: Goodwill			2527
Note 9: Fair Value			2528
Note 10: Financial Instruments			2730
Note 11: Borrowings			3134
Note 12: Stockholders' Equity			3235
Note 13: Net Earnings Per Share			32
Note 13: Net Earnings (Loss) Per Share			35
Note 14: Litigation, Contingencies, and Commitments			3336
Note 15: Subsequent Events			36

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Unaudited)

	For the three months ended January 31,
	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions, except per share amounts
Net Revenue:
Products	$	57,~~861~~219	$	4,~~970~~769	$	13,080	$	9,739
Services	3,~~245~~266		2,~~698~~670		6,511		5,368
Financing income	~~195~~193		~~186~~188		388		374
Total net revenue	910,~~301~~678		7,~~854~~627		19,979		15,481
Costs and Expenses:
Cost of products (exclusive of amortization shown separately below)	4,~~089~~840		3,~~762~~631		8,929		7,393
Cost of services (exclusive of amortization shown separately below)	1,~~750~~820		1,~~669~~703		3,570		3,372
Financing cost	~~122~~118		~~128~~124		240		252
Research and development	~~744~~922		~~475~~540		1,666		1,015
Selling, general and administrative	1,~~698~~830		1,~~268~~298		3,528		2,566
Amortization of intangible assets	~~311~~323		3837		634		75
Transformation costs	—		15
Impairment charges	—		1,361		—		1,361
Acquisition, disposition and other charges	~~117~~78		6642		195		123
Total costs and expenses	89,~~831~~931		78,~~421~~736		18,762		16,157
Earnings from operations	470		433
Earnings (loss) from operations	747		(1,109)		1,217		(676)
Interest and other, net	(5473)		39		(127)		78
Gain on sale of a business	—		~~244~~—		—		244
Earnings from equity interests	1725		1725		42		42
Earnings before provision for taxes	433		733
Earnings (loss) before provision for taxes	699		(1,045)		1,132		(312)
Benefit (provision) for taxes	19		(106)
Provision for taxes	(75)		(5)		(56)		(111)
Net earnings attributable to HPE	452		627
Net earnings (loss) attributable to HPE	624		(1,050)		1,076		(423)
Preferred stock dividends	(29)		(29)		(58)		(58)
Net earnings attributable to common stockholders	$	423	$	598
Net earnings (loss) attributable to common stockholders	$	595	$	(1,079)	$	1,018	$	(481)
Net Earnings Per Share Attributable to Common Stockholders:
Net Earnings (Loss) Per Share Attributable to Common Stockholders:
Basic	$	0.3245	$	(0.4582)	$	0.76	$	(0.36)
Diluted	$	0.3144	$	(0.4482)	$	0.75	$	(0.36)
Weighted-average Shares Used to Compute Net Earnings Per Share:
Weighted-average Shares Used to Compute Net Earnings (Loss) Per Share:
Basic	1,~~334~~335		1,~~316~~322		1,335		1,319
Diluted	1,~~356~~432		1,~~409~~322		1,356		1,319

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

			For the three months ended January 31,
	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions				~~In millions~~
Net earnings attributable to HPE					$	452	$	627
Net earnings (loss) attributable to HPE	$	624	$	(1,050)	$	1,076	$	(423)
Other Comprehensive (Loss) Income, Before Taxes
Other Comprehensive Income (Loss), Before Taxes
Change in Net Unrealized Gains (Losses) on Available-for-sale Securities:
Change in Net Unrealized Losses on Available-for-sale Securities:
Net unrealized gains (losses) arising during the period					1		(1)
Net unrealized losses arising during the period	(3)		(5)		(2)		(6)
					1		(1)
	(3)		(5)		(2)		(6)
Change in Net Unrealized Components of Cash Flow Hedges:
Net unrealized (losses) gains arising during the period					(191)		270
Net unrealized gains (losses) arising during the period	126		(465)		(65)		(195)
Net losses (gains) reclassified into earnings					138		(213)
Net (gains) losses reclassified into earnings	(53)		244		85		31
					(53)		57
	73		(221)		20		(164)
Change in Unrealized Components of Defined Benefit Plans:
Amortization of net actuarial loss and prior service benefit					24		30
Net unrealized losses arising during the period	(1)		(20)		(1)		(20)
					24		30
Amortization of net actuarial loss and prior service benefit	25		29		49		59
Change in Cumulative Translation Adjustment:					—		(22)
Curtailments, settlements and other	2		3		2		3
Other Comprehensive (Loss) Income, Before Taxes					(28)		64
	26		12		50		42
Benefit (Provision) for Taxes					4		(14)
Change in Cumulative Translation Adjustment:	(23)		10		(23)		(12)
Other Comprehensive (Loss) Income , Net of Taxes					(24)		50
Other Comprehensive Income (Loss), Before Taxes	73		(204)		45		(140)
Comprehensive Income					$	428	$	677
(Provision) Benefit for Taxes	(18)		37		(14)		23
Other Comprehensive Income (Loss), Net of Taxes	55		(167)		31		(117)
Comprehensive Income (Loss)	$	679	$	(1,217)	$	1,107	$	(540)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	(Unaudited)		(Audited)
	In millions, except par value and shares
ASSETS
Current Assets:
Cash and cash equivalents	$	45,~~841~~292	$	5,773
Accounts receivable, net of allowances	46,~~931~~286		5,290
Financing receivables, net of allowances	3,~~835~~694		3,826
Inventory	69,~~913~~034		6,352
Other current assets	45,~~683~~053		3,753
Total current assets	2529,~~203~~359		24,994
Property, plant and equipment, net	5,~~911~~597		6,002
Long-term financing receivables and other assets	13,~~801~~992		13,817
Investments in equity interests	~~924~~916		955
Goodwill	23,828		23,770
Intangible assets, net	65,~~101~~820		6,368
Total assets	$	7579,~~768~~512	$	75,906
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable and short-term borrowings	$	3,~~906~~009	$	4,609
Accounts payable	811,~~379~~311		7,731
Employee compensation and benefits	1,~~375~~957		1,871
Taxes on earnings	~~375~~387		319
Deferred revenue	5,~~483~~621		5,358
Other accrued liabilities	4,~~839~~690		4,755
Total current liabilities	2426,~~357~~975		24,643
Long-term debt	1718,~~705~~237		17,756
Other non-current liabilities	8,~~872~~947		8,753
Commitments and Contingencies
HPE Stockholders' Equity:
7.625% Series C mandatory convertible preferred stock, $0.01 par value (30,000,000 shares issued and outstanding as of January 31, 2026 and October 31, 2025, respectively)	—		—
7.625% Series C mandatory convertible preferred stock, $0.01 par value (30,000,000 shares issued and outstanding as of April 30, 2026 and October 31, 2025, respectively)	—		—
Common stock, $0.01 par value (9,600,000,000 shares authorized; 1,328,922,107 and 1,318,292,428 shares issued and outstanding as of January 31, 2026 and October 31, 2025, respectively)	13		13
Common stock, $0.01 par value (9,600,000,000 shares authorized; 1,323,294,768 and 1,318,292,428 shares issued and outstanding as of April 30, 2026 and October 31, 2025, respectively)	13		13
Additional paid-in capital	30,~~126~~207		30,234
Accumulated deficit	(2,~~593~~211)		(2,811)
Accumulated other comprehensive loss	(2,~~772~~717)		(2,748)
Total HPE stockholders' equity	2425,~~774~~292		24,688
Non-controlling interests	6061		66
Total stockholders' equity	2425,~~834~~353		24,754
Total liabilities and stockholders' equity	$	7579,~~768~~512	$	75,906

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)

	For the three months ended January 31,
	For the six months ended April 30,
	2026		2025
	In millions
Cash Flows from Operating Activities:
Net earnings attributable to HPE	$	452	$	627
Net earnings (loss) attributable to HPE	$	1,076	$	(423)
Adjustments to Reconcile Net Earnings Attributable to HPE to Net Cash Provided by (Used in) Operating Activities:
Adjustments to Reconcile Net Earnings (Loss) Attributable to HPE to Net Cash Provided by (Used in) Operating Activities:
Depreciation and amortization	~~872~~1,749		~~599~~1,173
Stock-based compensation expense	216		154
Impairment charges	—		1,361
Provision for inventory and credit losses	61		67
Stock-based compensation expense	434		270
Cost reduction program	23		—
Provision for inventory and credit losses	305		190
Deferred taxes on earnings	(151)		(2)
Cost reduction program	53		146
Earnings from equity interests	(17)		(17)
Deferred taxes on earnings	(266)		(43)
Earnings from equity interests	(42)		(42)
Gain on sale of a business	—		(244)
Dividends received from equity investees	5176		—
H3C divestiture related severance costs	—		7797
Amortization of inventory fair value adjustment	31		—
Other, net	23100		6028
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Accounts receivable	~~274~~(1,098)		91(372)
Financing receivables	70282		~~317~~25
Inventory	(~~458~~2,956)		(~~811~~435)
Accounts payable	~~496~~3,562		(~~264~~1,698)
Taxes on earnings	86137		49(36)
Other assets and liabilities	(~~851~~855)		(~~1,093~~848)
Net cash provided by (used in) operating activities	12,~~178~~588		(~~390~~851)
Cash Flows from Investing Activities:
Investment in property, plant and equipment and software assets	(~~569~~1,152)		(~~528~~1,075)
Proceeds from sale of property, plant and equipment	66196		84164
Purchases of equity investments	(4)		—(1)
Proceeds from sale of available-for-sale securities and other investments	25		141
Financial collateral posted	(~~304~~491)		—(638)
Financial collateral received	16453		~~210~~287
Proceeds from sale of a business	—		210
Net cash used in investing activities	(~~793~~993)		(231,012)
Cash Flows from Financing Activities:
Short-term borrowings with original maturities less than 90 days, net	(310)		9(11)
Proceeds from debt, net of issuance costs	~~126~~2,230		~~105~~257
Payment of debt	(~~917~~3,371)		(~~486~~1,061)
Net payments related to stock-based award activities	(~~173~~183)		(~~169~~171)
Repurchases of common stock	(~~158~~312)		(52102)
Cash dividends paid to preferred stockholders	(2958)		(2554)
Cash dividends paid to common stockholders	(~~190~~379)		(~~171~~342)
Other	(8)		(8)
Net cash used in financing activities	(12,~~352~~091)		(~~797~~1,492)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	33(9)		~~(43)~~38
Change in cash, cash equivalents and restricted cash	(~~934~~505)		(13,~~253~~317)
Cash, cash equivalents and restricted cash at beginning of period	5,859		15,105
Cash, cash equivalents and restricted cash at end of period	$	45,~~925~~354	$	1311,~~852~~788

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders' Equity (Unaudited)

	Common Stock			Preferred Stock
For the three months ended January 31, 2026	Number of Shares	Par Value		Number of 7.625%Series C Mandatory ConvertibleShares	Additional Paid-in Capital		Accumulated Deficit		AccumulatedOtherComprehensiveLoss		EquityAttributableto theCompany		Non-controllingInterests		TotalEquity
For the three months ended April 30, 2026	Number of Shares	Par Value		Number of 7.625%Series C Mandatory ConvertibleShares	Additional Paid-in Capital		Accumulated Deficit		AccumulatedOtherComprehensiveLoss		EquityAttributableto theCompany		Non-controllingInterests		TotalEquity
	In millions, except number of shares in thousands
Balance as of October 31, 2025	1,318,292	$	13	30,000	$	30,234	$	(2,811)	$	(2,748)	$	24,688	$	66	$	24,754
Net earnings attributable to HPE							452				452		2		454
Other comprehensive loss									(24)		(24)				(24)
Comprehensive income											428		2		430
Stock-based compensation expense					216						216				216
Tax withholding related to vesting of employee stock plans					(196)						(196)				(196)
Issuance of common stock in connection with employee stock plans and other	17,690				20		(1)				19				19
Repurchases of common stock	(7,060)				(148)		(14)				(162)				(162)
Dividends on preferred stock accrued/declared ($0.95 per preferred share)							(29)				(29)				(29)
Cash dividends declared ($0.14 per share)							(190)				(190)		(8)		(198)
Balance as of January 31, 2026	1,328,922	$	13	30,000	$	30,126	$	(2,593)	$	(2,772)	$	24,774	$	60	$	24,834
Net earnings attributable to HPE							624				624		1		625
Other comprehensive income									55		55				55
Comprehensive income											679		1		680
Stock-based compensation expense					218						218				218
Tax withholding related to vesting of employee stock plans					(11)						(11)				(11)
Issuance of common stock in connection with employee stock plans and other	897				(1)		2				1				1
Repurchases of common stock	(6,524)				(125)		(26)				(151)				(151)
Dividends on preferred stock accrued/declared ($0.9531 per preferred share)							(29)				(29)				(29)
Cash dividends declared ($0.1425 per share)							(189)				(189)		—		(189)
Balance as of April 30, 2026	1,323,295	$	13	30,000	$	30,207	$	(2,211)	$	(2,717)	$	25,292	$	61	$	25,353

	Common Stock			Preferred Stock	~~Preferred Stock~~
For the three months ended January 31, 2025	Number of Shares	Par Value			Number of 7.625%Series C Mandatory ConvertibleShares		Additional Paid-in Capital		Accumulated Deficit		AccumulatedOtherComprehensiveLoss		EquityAttributableto theCompany		Non-controllingInterests		TotalEquity
For the six months ended April 30, 2026	Number of Shares	Par Value		Number of 7.625%Series C Mandatory ConvertibleShares	Additional Paid-in Capital		Accumulated Deficit		AccumulatedOtherComprehensiveLoss		EquityAttributableto theCompany		Non-controllingInterests		TotalEquity
	In millions, except number of shares in thousands
Balance as of October 31, 2024	1,297,258	$	13		30,000		$	29,848	$	(2,068)	$	(2,977)	$	24,816	$	64	$	24,880
Balance as of October 31, 2025	1,318,292	$	13	30,000	$	30,234	$	(2,811)	$	(2,748)	$	24,688	$	66	$	24,754
Net earnings attributable to HPE							1,076		~~627~~		1,076		~~627~~3		21,079		~~629~~
Other comprehensive income									31		5031		50		31		50
Comprehensive income											1,107		~~677~~3		21,110		~~679~~
Stock-based compensation expense					434		~~154~~				434		~~154~~		434		~~154~~
Tax withholding related to vesting of employee stock plans					(207)		~~(192)~~				(207)		~~(192)~~		(207)		~~(192)~~
Issuance of common stock in connection with employee stock plans and other	18,~~428~~587				19		181		1		20		19		20		19
Repurchases of common stock	(213,~~295~~584)				(273)		(4840)		~~(2)~~		(313)		~~(50)~~		(313)		~~(50)~~
Dividend on preferred stock accrued / declared ($0.95 per preferred share)									(29)				(29)				(29)
Dividends on preferred stock accrued/declared ($1.9063 per preferred share)							(58)				(58)				(58)
Cash dividends declared ($0.13 per share)									(171)				(171)		(8)		(179)
Cash dividends declared ($0.2850 per share)							(379)				(379)		(8)		(387)
Balance as of January 31, 2025	1,313,391	$	13		30,000		$	29,780	$	(1,642)	$	(2,927)	$	25,224	$	58	$	25,282
Balance as of April 30, 2026	1,323,295	$	13	30,000	$	30,207	$	(2,211)	$	(2,717)	$	25,292	$	61	$	25,353

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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	Common Stock			Preferred Stock
For the three months ended April 30, 2025	Number of Shares	Par Value		Number of 7.625% Series C Mandatory Convertible Shares	Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Equity Attributable to the Company		Non- controlling Interests		Total Equity
	In millions, except number of shares in thousands
Balance as of January 31, 2025	1,313,391	$	13	30,000	$	29,780	$	(1,642)	$	(2,927)	$	25,224	$	58	$	25,282
Net (loss) earnings attributable to HPE							(1,050)				(1,050)		2		(1,048)
Other comprehensive loss									(167)		(167)				(167)
Comprehensive (loss) income											(1,217)		2		(1,215)
Stock-based compensation expense					116						116				116
Tax withholding related to vesting of employee stock plans					(5)						(5)				(5)

Issuance of common stock in connection with employee stock plans and other	473				(1)						(1)				(1)
Repurchases of common stock	(3,332)				(50)						(50)				(50)
Dividend on preferred stock accrued/declared ($0.9531 per preferred share)							(29)				(29)				(29)
Cash dividends declared ($0.13 per share)							(171)				(171)				(171)

Balance as of April 30, 2025	1,310,532	$	13	30,000	$	29,840	$	(2,892)	$	(3,094)	$	23,867	$	60	$	23,927



	Common Stock			Preferred Stock
For the six months ended April 30, 2025	Number of Shares	Par Value		Number of 7.625% Series C Mandatory Convertible Shares	Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Equity Attributable to the Company		Non- controlling Interests		Total Equity
	In millions, except number of shares in thousands
Balance as of October 31, 2024	1,297,258	$	13	30,000	$	29,848	$	(2,068)	$	(2,977)	$	24,816	$	64	$	24,880
Net (loss) earnings attributable to HPE							(423)				(423)		4		(419)
Other comprehensive loss									(117)		(117)				(117)
Comprehensive (loss) income											(540)		4		(536)
Stock-based compensation expense					270						270				270
Tax withholding related to vesting of employee stock plans					(197)						(197)				(197)
Issuance of common stock in connection with employee stock plans and other	18,901				17		1				18				18
Repurchases of common stock	(5,627)				(98)		(2)				(100)				(100)
Dividend on preferred stock accrued/declared ($1.9063 per preferred share)							(58)				(58)				(58)
Cash dividends declared ($0.26 per share)							(342)				(342)		(8)		(350)
Balance as of April 30, 2025	1,310,532	$	13	30,000	$	29,840	$	(2,892)	$	(3,094)	$	23,867	$	60	$	23,927

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

(Unaudited)

Note 1: Overview and Summary of Significant Accounting Policies

Background

Hewlett Packard Enterprise Company (“~~Hewlett Packard Enterprise,” “~~HPE,” or the “Company”) is a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze and act upon data seamlessly from edge-to-cloud. ~~Hewlett~~HPE ~~Packard Enterprise~~ enables customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future. ~~Hewlett Packard Enterprise~~HPE's customers range from small- and medium-sized businesses to large global enterprises and governmental entities.

Basis of Presentation and Consolidation

The Condensed Consolidated Financial Statements of the Company were prepared in accordance with United States (“U.S.”) Generally Accepted Accounting Principles (“GAAP”). The Company’s unaudited Condensed Consolidated Financial Statements include the accounts of the Company and all subsidiaries and affiliates in which the Company has a controlling financial interest or is the primary beneficiary. All intercompany transactions and accounts within the consolidated businesses of the Company have been eliminated. Certain prior period financial statement amounts have been reclassified to conform to current period presentation. This interim information should be read in conjunction with the Consolidated Financial Statements for the fiscal year ended October 31, 2025 in HPE’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on December 18, 2025. The Condensed Consolidated Balance Sheet for October 31, 2025 was derived from audited financial statements.

Segment Realignment

Effective November 1, 2025, HPE implemented an organizational change by (i) merging the Server, Hybrid Cloud, and Financial Services business segments into a new segment named Cloud & Artificial Intelligence (“AI”) and (ii) transferring the Telco and Instant On businesses from the Networking segment to the Corporate Investments and Other segment. As a result, the Company’s organizational structure consists of the following segments: (i) Cloud & AI; (ii) Networking; and (iii) Corporate Investments and Other. The Company has reflected these changes to its segment information retrospectively to the earliest period presented, which primarily resulted in the realignment of net revenue and operating profit for each of the segments as described above. These changes had no impact on HPE’s previously reported consolidated net revenue, net earnings, net earnings per share (“EPS”) or total assets. Refer to Note 2, “Segment Information” for further information.

Use of Estimates

The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in HPE’s Condensed Consolidated Financial Statements and accompanying notes. Actual results may differ materially from those estimates.

Significant Accounting Policies

There have been no significant changes to the Company's significant accounting policies described in Part II, Item 8, Note 1, “Overview and Summary of Significant Accounting Policies,” of the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Recently Enacted Accounting Pronouncements

In ~~December~~May ~~2025~~2026, the Financial Accounting Standards Board (“FASB”) issued guidance to ~~improve~~provide ~~the~~recognition, ~~guidance in Topic 270~~measurement, ~~Interim Reporting~~presentation, byand ~~improving~~disclosure ~~the~~requirements for ~~navigability~~environmental ofcredits ~~the required interim disclosures~~ and ~~clarifying~~environmental ~~when~~credit ~~that guidance is applicable~~obligations. The amendment is effective for ~~interim periods with~~ annual ~~reporting~~and interim periods beginning after December 15, 2027, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its Consolidated Financial Statements.

In December 2025, the FASB issued guidance to ~~establish~~improve the ~~accounting~~guidance ~~for~~in aTopic ~~government~~270, ~~grant~~Interim ~~received~~Reporting, by aimproving ~~business~~the ~~entity~~navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendment is effective for ~~annual~~interim ~~and~~periods ~~interim~~with annual reporting periods beginning after December 15, ~~2028~~2027, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its Consolidated Financial Statements.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

In December 2025, the FASB issued guidance to establish the accounting for a government grant received by a business entity. The amendment is effective for annual and interim periods beginning after December 15, 2028, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its Consolidated Financial Statements.

In September 2025, the FASB issued guidance to target improvements to the Accounting for Internal-Use Software, which simplifies the capitalization guidance by removing all references to software development project stages and clarifies the criteria to begin capitalizing cost. The amendment is effective for annual and interim periods beginning after December 15, 2027, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its Consolidated Financial Statements.

In November 2024, the FASB issued guidance to provide disaggregated expense disclosures in the Consolidated Financial Statements. The Company is required to adopt the guidance for its annual period ending October 31, 2028 and all interim periods thereafter, though early adoption is permitted. The Company is currently evaluating the impact of this amendment on its Consolidated Financial Statements.

In December 2023, the FASB issued guidance to provide disaggregated income tax disclosures on the effective tax rate reconciliation and income taxes paid. The guidance is applicable to the Company’s annual filings beginning October 31, 2026. Adoption of this new guidance will result in increased disclosures in the “Taxes on Earnings” note in the Company’s Consolidated Financial Statements but will not impact the consolidated financial results.

Note 2: Segment Information

~~Hewlett Packard Enterprise~~HPE's operations are organized into three segments for financial reporting purposes: Cloud & AI, Networking, and Corporate Investments and Other. ~~Hewlett Packard Enterprise'~~HPE’s organizational structure is based on a number of factors that the Chief Operating Decision Maker (“CODM”), Antonio F. Neri, who is the President and Chief Executive Officer, uses to evaluate, view and run the Company's business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The three segments are based on this structure and information reviewed by ~~Hewlett Packard Enterprise~~HPE's management to evaluate segment results. A summary of the types of products and services within each segment is as follows:

Networking develops and sells high-performance network and security products and services that empower customers of all sizes to build scalable, reliable, secure, agile, and efficient automated networks. HPE’s platforms are purpose-built using AI to deliver secure and sustainable user experiences from the edge to the data center and cloud. Networking’s solutions include hardware products such as Wi-Fi and private cellular access points; QFX, EX, and CX switches; MX and PTX routers; and gateways. Additionally, HPE provides software products, such as Mist and Aruba Central for cloud-based and on-premise management, network access control, software-defined wide area networking, network security, analytics and assurance, and private cellular core software. The Company also offers professional and support services and education and training programs, as well as as-a-service (“aaS”) and flexible consumption models through HPE GreenLake.

Cloud & AI includes server and storage offerings. The Cloud & AI server portfolio includes general-purpose servers for multi-workload computing and workload-optimized servers to deliver the best performance and value for demanding applications, and integrated systems comprised of software and hardware designed to address High-Performance Computing and Supercomputing (including exascale applications), AI, Data Analytics, and Transaction Processing workloads for government and commercial customers globally. The Cloud & AI comprehensive storage portfolio offers a wide variety of cloud-native and hybrid solutions across storage, private cloud and the infrastructure software-as-a-service (“SaaS”) space. The storage product line includes data storage and data management offerings with the HPE Alletra Storage portfolio; unstructured data solutions and analytics for AI; data protection and archiving. Storage offerings also include the Company’s GreenLake Flex and software solutions. Financial services provides flexible investment solutions, such as leasing, financing, IT consumption, utility programs, and asset management services for customers that facilitate unique technology deployment models and the acquisition of complete IT solutions, including hardware, software, and services from ~~Hewlett~~HPE ~~Packard Enterprise~~ and others.

Corporate Investments and Other includes the Advisory and Professional Services (“A & PS”) business, which primarily offers consultative-led services, HPE and partner technology expertise and advice, implementation services as well as complex solution engagement capabilities; Telco, Instant On, and Hewlett Packard Labs.

Segment Policy

~~Hewlett~~HPE ~~Packard Enterprise~~ does not allocate to its segments certain operating expenses, which it manages at the corporate level. These unallocated operating costs include certain corporate costs and eliminations, stock-based compensation expense, amortization of ~~intangible assets, transformation costs, H3C divestiture related severance costs, severance costs~~

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

intangible assets, H3C divestiture related severance costs, severance costs associated with the cost reduction program, ~~and~~ acquisition, disposition and other charges, and impairment charges. Total assets by segment are not presented as that information is not used to allocate resources or assess performance at the segment level and is not reviewed by the CODM.

Segment Operating Results

Segment net revenue and operating results were as follows:

	Networking		Cloud & AI		CorporateInvestments and Other		Total
			In millions
Three months ended January 31, 2026:
Three months ended April 30, 2026:
Total segment net revenue	$	2,~~706~~690	$	67,~~334~~707	$	~~261~~281	$	910,~~301~~678
Segment cost of sales	1,~~049~~056		45,~~644~~468		~~204~~217		56,~~897~~741
Segment operating expenses	1,~~017~~053		1,~~045~~285		6973		2,~~131~~411
Segment earnings (loss) from operations	$	~~640~~581	$	~~645~~954	$	(129)	$	1,~~273~~526
Three months ended January 31, 2025(1):
Three months ended April 30, 2025(1):
Total segment net revenue	$	1,~~076~~084	$	6,~~511~~271	$	~~267~~272	$	7,~~854~~627
Segment cost of sales	~~395~~422		4,~~944~~760		~~202~~204		5,~~541~~386
Segment operating expenses	~~361~~391		1,~~020~~097		7375		1,~~454~~563
Segment earnings (loss) from operations	$	~~320~~271	$	~~547~~414	$	(87)	$	~~859~~678
Six months ended April 30, 2026:
Total segment net revenue	$	5,396	$	14,041	$	542	$	19,979
Segment cost of sales	2,105		10,112		421		12,638
Segment operating expenses	2,070		2,330		142		4,542
Segment earnings (loss) from operations	$	1,221	$	1,599	$	(21)	$	2,799
Six months ended April 30, 2025(1):
Total segment net revenue	$	2,160	$	12,782	$	539	$	15,481
Segment cost of sales	817		9,704		406		10,927
Segment operating expenses	752		2,117		148		3,017
Segment earnings (loss) from operations	$	591	$	961	$	(15)	$	1,537

(1) Effective at the beginning of the first quarter of fiscal 2026, HPE implemented an organizational change by (i) merging the Server, Hybrid Cloud, and Financial Services business segments into a new segment named Cloud & AI and (ii) transferring the Telco and Instant On businesses to Corporate Investments and Other from Networking. The Company reflected these changes to its segment information retrospectively. These changes had no impact on ~~Hewlett Packard Enterprise~~HPE’s previously reported consolidated net revenue, net earnings, net earnings per share or total assets.

~~The reconciliation of segment operating results to Condensed Consolidated Statements of Earnings was as follows:~~15

	For the three months ended January 31,
	2026		2025
	In millions
Earnings Before Taxes:
Total segment earnings from operations	$	1,273	$	859
Unallocated corporate costs and eliminations	(91)		(79)
Stock-based compensation expense	(216)		(154)
Amortization of intangible assets	(311)		(38)
Transformation costs	—		(15)
Gain on sale of a business	—		244
H3C divestiture related severance costs	—		(77)
Cost reduction program	(23)		—
Acquisition, disposition and other charges	(162)		(63)
Interest and other, net	(54)		39
Earnings from equity interests	17		17
Total earnings before provision for taxes	$	433	$	733

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The reconciliation of segment operating results to Condensed Consolidated Statements of Earnings was as follows:


	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions




Earnings (Loss) Before Taxes:
Total segment earnings from operations	$	1,526	$	678	$	2,799	$	1,537
Unallocated corporate costs and eliminations	(103)		(65)		(194)		(144)
Stock-based compensation expense	(218)		(116)		(434)		(270)
Amortization of intangible assets	(323)		(37)		(634)		(75)
Impairment charges	—		(1,361)		—		(1,361)

Gain on sale of a business	—		—		—		244
H3C divestiture related severance costs	—		(20)		—		(97)
Cost reduction program	(30)		(146)		(53)		(146)
Acquisition, disposition and other charges	(105)		(42)		(267)		(120)
Interest and other, net	(73)		39		(127)		78
Earnings from equity interests	25		25		42		42
Total earnings (loss) before provision for taxes	$	699	$	(1,045)	$	1,132	$	(312)

Geographic Information

Net revenue by geographic region was as follows:

	For the three months ended January 31,
	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions
Americas:
United States	$	3,~~320~~952	$	2,~~518~~739	$	7,272	$	5,257
Americas excluding United States	~~503~~602		~~874~~562		1,105		1,436
Total Americas	34,~~823~~554		3,~~392~~301		8,377		6,693
Europe, Middle East and Africa	3,~~487~~779		2,~~680~~739		7,266		5,419
Asia Pacific and Japan	12,~~991~~345		1,~~782~~587		4,336		3,369
Total consolidated net revenue	$	910,~~301~~678	$	7,~~854~~627	$	19,979	$	15,481

~~Disaggregation of Revenue~~16

Net revenue disaggregated by segment and major product categories was as follows:

	For the three months ended January 31,
	2026		2025
	In millions
Networking
Campus & Branch	$	1,227	$	864
Data Center Networking	444		92
Security	255		119
Routing	780		1
Total	2,706		1,076
Cloud & AI
Server	4,232		4,348
Storage(1)	1,061		1,055
Financial Services	876		873
Other(2)	165		235
Total	6,334		6,511
Corporate Investments and Other	261		267
Total consolidated net revenue	$	9,301	$	7,854

(1) Storage includes revenue from GreenLake Flex and Software.

(2) Other category includes intersegment revenue eliminations and third-party storage solutions.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Disaggregation of Revenue

Net revenue disaggregated by segment and major product categories was as follows:


	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions
Networking:
Campus & Branch	$	1,322	$	880	$	2,549	$	1,744
Data Center Networking	320		96		764		188
Security	273		107		528		226
Routing	775		1		1,555		2
Total	2,690		1,084		5,396		2,160
Cloud & AI:
Server	5,454		4,109		9,686		8,457
Storage(1)	1,175		1,148		2,236		2,203
Financial Services	904		856		1,780		1,729
Other(2)	174		158		339		393
Total	7,707		6,271		14,041		12,782
Corporate Investments and Other	281		272		542		539
Total consolidated net revenue	$	10,678	$	7,627	$	19,979	$	15,481

(1) Storage includes revenue from GreenLake Flex and Software.

(2) Other category includes intersegment revenue eliminations and third-party storage solutions.

Note 3: Retirement Benefit Plans

The Company's net pension benefit credit for defined benefit plans recognized in the Condensed Consolidated Statements of Earnings was as follows:

	For the three months ended January 31,
	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions
Service cost	$	15	$	12	$	30	$	24
Interest cost(1)	9395		89		188		178
Expected return on plan assets(1)	(~~156~~159)		(~~149~~146)		(315)		(295)
Amortization and Deferrals(1):
Actuarial loss	24		31		48		62
Prior service benefit	—		(1)
Prior service cost (benefit)	2		(1)		2		(2)
Total net benefit credit	$	(24)	$	(18)
Net periodic benefit credit	(23)		(15)		(47)		(33)
Settlement loss and special termination benefits(1)	2		3		2		3
Total net benefit credit	$	(21)	$	(12)	$	(45)	$	(30)

(1)These non-service components were included in Interest and other, net in the Condensed Consolidated Statements of Earnings.

Note 4: Taxes on Earnings

~~Benefit (~~Provision) for Taxes

For the three months ended ~~January~~April 3130, 2026 and 2025, the Company recorded income tax ~~benefit~~expense of $1975 million and ~~income tax expense of~~ $~~106~~5 million, respectively, which reflects an effective tax rate of (410.4)7% and 14(0.5)%, respectively. ~~The~~For ~~effective tax rate generally differs from~~ the ~~U.S.~~six ~~federal~~months ~~statutory~~ended ~~rate~~April of30, 21.0% due to favorable tax rates associated with certain earnings from the Company’s operations in lower tax jurisdictions throughout the world but is also impacted by discrete tax adjustments during each fiscal period.

For the three months ended January 31, 2026, the Company recorded $85 million of net income tax benefits related to various items discrete to the period. The amount primarily included $67 million of net income tax benefits related to costs incurred as a result of the merger (which was inclusive of a $42 million net income tax benefit from the tax impact of integration transactions) and $22 million of net excess tax benefits related to stock-based compensation.17

~~For~~Table ~~the three months ended January 31, 2025, the Company recorded $17 million~~ of net income tax benefits related to various items discrete to the period. The amount primarily included $30 million of net excess tax benefits related to stock-based compensation and $10 million of net income tax benefits related to acquisition, disposition and other charges, partially offset by $22 million of net income tax charges resulting from the gain on the CTG divestiture.Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

2026 and 2025, the Company recorded income tax expense of $56 million and $111 million, respectively, which reflects an effective tax rate of 4.9% and (35.6)%, respectively. The effective tax rate generally differs from the U.S. federal statutory rate of 21% due to favorable tax rates associated with certain earnings from the Company’s operations in lower tax jurisdictions throughout the world but is also impacted by discrete tax adjustments during each fiscal period. For the three and six months ended April 30, 2025, the effective tax rate also included the effects of the non-deductible goodwill impairment.

For the three and six months ended April 30, 2026, the Company recorded $42 million of net income tax charges and $43 million of net income tax benefits, respectively, related to various items discrete to the period. For the three months ended April 30, 2026, this amount primarily included $29 million of net income tax charges related to the increase in uncertain tax positions with respect to federal and state impacts of the U.S. income tax audit for fiscal 2020 to 2022. For the six months ended April 30, 2026, this amount primarily included $66 million of net income tax benefits related to the costs incurred as a result of the acquisition of Juniper Networks Inc. (“Juniper Networks”) (which was inclusive of a $24 million net income tax benefit from the tax impact of integration transactions) and $23 million of net excess tax benefits related to stock-based compensation, partially offset by $29 million of net income tax charges related to the increase in uncertain tax positions with respect to federal and state impacts of the U.S. income tax audit for fiscal 2020 to 2022.

For the three and six months ended April 30, 2025, the Company recorded $94 million and $111 million of net income tax benefits, respectively, related to various items discrete to the period. For the three months ended April 30, 2025, this amount primarily included $33 million of net income tax benefits related to the cost reduction program, $33 million of net income tax benefits related to the favorable resolution of non-U.S. tax litigation matters, and $16 million of net income tax benefits related to the settlement of U.S. tax audit matters. For the six months ended April 30, 2025, this amount primarily included $33 million of net income tax benefits related to the cost reduction program, $33 million of net income tax benefits related to the favorable resolution of non-U.S. tax litigation matters, $31 million of net excess tax benefits related to stock-based compensation, $16 million of net income tax benefits related to the settlement of U.S. tax audit matters, and $14 million of net income tax benefits related to acquisition, disposition and other charges, partially offset by $22 million of net income tax charges resulting from the gain on the Communications Technology Group (“CTG”) divestiture.

Uncertain Tax Positions

As of ~~January~~April 3130, 2026 and October 31, 2025, the amount of unrecognized tax benefits was $~~482~~875 million and $474 million, respectively, of which up to $~~336~~413 million and $326 million, respectively, would affect the Company's effective tax rate if realized as of their respective periods.

For tax liabilities pertaining to unrecognized tax benefits, the Company recognizes interest income from favorable settlements and interest expense and penalties in ~~Benefit~~Provision ~~(provision)~~ for taxes in the Condensed Consolidated Statements of Earnings. The Company recognized $10 million of interest expense and $19 million of interest income for the six months ended April 30, 2026 and 2025, respectively. As of ~~January~~April 3130, 2026 and October 31, 2025, the Company had accrued $52 million and $42 million, inrespectively ~~both periods~~ for interest and penalties in the Condensed Consolidated Balance Sheets.

The Company engages in continuous discussion and negotiation with tax authorities regarding tax matters in various jurisdictions. The Company is no longer subject to U.S. federal tax audits for years prior to 2020. The Internal Revenue Service (“IRS”) is conducting audits of the Company's fiscal 2020 through 2022 U.S. federal income tax returns. During the ~~first~~second quarter of fiscal 2026, the IRS issued notices of proposed adjustments (“NOPAs”) for fiscal 2020, 2021, and 2022 relating to the Company’s intercompany transfer pricing. ~~The~~During ~~IRS~~the issecond ~~seeking~~quarter of fiscal 2026, the Company submitted a formal settlement offer to ~~materially~~the ~~increase~~IRS ~~taxable~~to ~~income~~facilitate ~~across~~the closing of the ~~three~~audit ~~fiscal~~and ~~years~~recorded increased reserves for unrecognized tax benefits of $318 million. ~~However,~~The impact of the ~~Company~~increase ~~disagrees~~in reserves is almost entirely offset with ~~the~~a ~~IRS’~~valuation ~~adjustments~~allowance release, and ~~believes~~ the ~~positions~~net ~~taken~~impact onto ~~its~~income tax ~~returns~~expense ~~are~~for ~~more~~the ~~likely~~three ~~than~~and six months ended April 30, 2026 was not tomaterial. ~~prevail~~It onis ~~technical~~reasonably ~~merits,~~possible ~~and~~that the ~~Company~~IRS ~~will~~audit ~~defend~~for ~~these~~fiscal ~~positions~~2020 through 2022 may be concluded in the ~~IRS~~next ~~administrative~~12 ~~processes~~months, asand ~~necessary.~~it ~~Accordingly,~~is noreasonably ~~changes~~possible ~~have~~that ~~been~~existing ~~made~~unrecognized tax benefits related to these years may be reduced by an amount up to $369 million within the ~~Company’s~~next ~~reserves~~12 ~~for~~months; ~~uncertain~~the majority of these unrecognized tax ~~positions~~benefits inare offset by adjustments to foreign tax credits that carry a full valuation allowance, which does not affect the Company’s effective tax rate.

16With respect to major state and foreign tax jurisdictions, the Company is no longer subject to tax authority examinations for years prior to 2005. As a result of the IRS audit for fiscal 2020 through 2022, the Company is recording additional state reserves of $57 million for the changes to federal taxable income. It is reasonably possible that certain foreign and state tax issues may be concluded in the next 12 months, including issues involving resolution of certain intercompany transactions and

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

~~fiscal~~other ~~2026 relating to the IRS’ adjustments~~matters. Juniper Networks is no longer subject to U.S. federal tax audits for years prior to 2022 and is not currently under examination by the IRS for other tax years. The Company does not expect complete resolution of any IRS audit cycle within the next 12 months. With respect to major state and foreign tax jurisdictions, the Company is no longer subject to tax authority examinations for years prior to 2005. It is reasonably possible that certain foreign tax issues may be concluded in the next 12 months, including issues involving resolution of certain intercompany transactions and other matters.

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities included in the Condensed Consolidated Balance Sheets were as follows:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Deferred tax assets	$	23,~~975~~099	$	2,952
Deferred tax liabilities	(~~404~~446)		(473)
Deferred tax assets net of deferred tax liabilities	$	2,~~571~~653	$	2,479

Note 5: Balance Sheet Details

Cash, Cash Equivalents and Restricted Cash

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Cash and cash equivalents	$	45,~~841~~292	$	5,773
Restricted cash(1)	8462		86
Total	$	45,~~925~~354	$	5,859

(1) The Company included restricted cash in Other current assets in the accompanying Condensed Consolidated Balance Sheets.

Inventory

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Purchased parts and fabricated assemblies	$	46,~~929~~210	$	4,139
Finished goods	12,~~984~~824		2,213
Total	$	69,~~913~~034	$	6,352

	As of
	January 31, 2026		October 31, 2025
	In millions
Land	$	309	$	309
Internal use software	2,318		2,259
Buildings and leasehold improvements	2,056		2,075
Machinery and equipment, including equipment held for lease	8,025		7,987
Gross property, plant and equipment	12,708		12,630
Accumulated depreciation	(6,797)		(6,628)
Property, plant and equipment, net	$	5,911	$	6,002

The Company recorded a net provision for excess or obsolete inventory to cost of sales totaling $233 million and $282 million for the three and six months ended April 30, 2026, respectively.

17Property, Plant and Equipment, net


	As of
	April 30, 2026		October 31, 2025
	In millions
Land	$	254	$	309
Internal use software	2,396		2,259
Buildings and leasehold improvements	1,906		2,075
Machinery and equipment, including equipment held for lease	7,811		7,987

Gross property, plant and equipment	12,367		12,630
Accumulated depreciation	(6,770)		(6,628)
Property, plant and equipment, net	$	5,597	$	6,002

Supplier Financing Arrangements

The Company enters into supplier financing arrangements with external financial institutions. Under these arrangements,

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

~~Supplier~~suppliers ~~Financing~~can ~~Arrangements~~choose to settle outstanding payment obligations at a discount. The Company holds no economic interest in suppliers' participation, nor does it provide guarantees or pledge assets under these arrangements. Invoices are settled with the financial institutions based on the original supplier payment terms. These arrangements do not alter the Company's rights and obligations towards suppliers, including scheduled payment terms. Liabilities associated with the funded participation in these arrangements, presented within Accounts payable on the Condensed Consolidated Balance Sheets, amounted to $599 million, and $488 million as of April 30, 2026 and October 31, 2025, respectively.

The ~~Company~~rollforward ~~enters~~of ~~into supplier financing arrangements with external financial institutions. Under these arrangements, suppliers can choose to settle~~ outstanding ~~payment~~ obligations atconfirmed aas ~~discount.~~valid ~~The Company holds no economic interest in suppliers' participation, nor does it provide guarantees or pledge assets~~ under ~~these~~its ~~arrangements. Invoices are settled with the financial institutions based on the original~~ supplier ~~payment~~finance ~~terms.~~program ~~These~~for ~~arrangements do not alter~~ the ~~Company's~~six ~~rights~~months ~~and~~ended ~~obligations~~April ~~towards suppliers~~30, ~~including scheduled payment terms. Liabilities associated with the funded participation in these arrangements~~2026, ~~are~~and ~~presented within Accounts payable on~~ the ~~Condensed~~fiscal ~~Consolidated~~year ~~Balance~~ended ~~Sheets, amounted to $406 million, and $488 million as of January 31, 2026 and~~ October 31, 2025, ~~respectively.~~were as follows:

The rollforward of outstanding obligations confirmed as valid under its supplier finance program was as follows:


	As of
	April 30, 2026		October 31, 2025
	In millions
Balance at beginning of period	$	488	$	466
Invoices confirmed during the year	1,001		1,895
Confirmed invoices paid during the year	(890)		(1,873)

Balance at end of period	$	599	$	488

	As of
	January 31, 2026		October 31, 2025
	In millions
Balance at beginning of period	$	488	$	466
Invoices confirmed during the year	405		1,895
Confirmed invoices paid during the year	(487)		(1,873)
Balance at end of period	$	406	$	488

Warranties

The Company's aggregate product warranty liabilities and changes for the six months ended April 30, 2026, and the fiscal year ended October 31, 2025 were as follows:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Balance at beginning of period	$	284	$	301
Charges	3668		206
Adjustments related to pre-existing warranties	—		(55)
Settlements made	(3365)		(168)
Balance at end of period(1)	$	287	$	284

(1)The Company included the current portion in Other accrued liabilities, and amounts due after one year in Other non-current liabilities in the accompanying Condensed Consolidated Balance Sheets.

Severance Charges

The Company incurs costs related to employee severance and records a liability for these costs when it is probable that employees will be entitled to termination benefits and the amounts can be reasonably estimated. As of ~~January~~April 3130, 2026, $~~158~~124 million and $2823 million was recorded in Other Accrued Liabilities and Other Non-current liabilities, respectively. As of October 31, 2025, $204 million and $34 million was recorded in Other accrued liabilities and Other Non-current liabilities, respectively.

The following table presents the activity related to the Company’s severance liability for the period indicated:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Balance at beginning of period	$	238	$	49
Severance charges	4582		418
Cash paid and other	(97173)		(229)
Balance at end of period	$	~~186~~147	$	238

1820

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The following table presents severance charges as included in the Condensed Consolidated Statements of Earnings for the periods indicated:

	For the three months ended
	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions
Cost of sales	$	57	$	162	$	12	$	63
Research and development	43		823		7		31
Selling, general and administrative	917		6879		26		147
Acquisition, disposition and other charges	2710		—		37		—
Total severance charges	$	4537	$	77164	$	82	$	241

Transformation Programs

Restructuring activities related to the Company's employees and infrastructure under the Cost Optimization and Prioritization Plan and HPE Next Plan are presented in the table below:

	Cost Optimization and Prioritization Plan				HPE Next Plan
	EmployeeSeverance		Infrastructureand other		Infrastructureand other
	In millions
Balance at October 31, 2025	$	37	$	61	$	14
Charges	—		—		—
Cash paid and other	(13)		(8)		(2)
Cash paid and other	(7)		(4)		(1)
Balance at April 30, 2026	$	24	$	53	$	12
Balance at January 31, 2026	$	30	$	57	$	13

The current restructuring liability related to the transformation programs, reported in Other accrued liabilities in the Consolidated Balance Sheets as of ~~January~~April 3130, 2026 and October 31, 2025 was $4035 million and $42 million, respectively. The non-current restructuring liability related to the transformation programs, reported in Other non-current liabilities in the Consolidated Balance Sheets as of ~~January~~April 3130, 2026 and October 31, 2025 was $6054 million and $70 million, respectively.

Contract Balances

The Company’s contract balances consist of contract assets, contract liabilities, and costs to obtain a contract with a customer.

Contract Assets

A summary of accounts receivable, net, including unbilled receivables was as follows:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Accounts receivable	$	45,~~576~~919	$	4,916
Unbilled receivables	~~379~~391		396
Allowances	(24)		(22)
Total	$	46,~~931~~286	$	5,290

1921

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The allowances for credit losses related to accounts receivable and changes for the six months ended April 30, 2026, and the fiscal year ended October 31, 2025 were as follows:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Balance at beginning of period	$	22	$	10
Provision for credit losses	512		33
Adjustments to existing allowances, including write offs	(310)		(21)
Balance at end of period	$	24	$	22

Sale of Trade Receivables

~~The~~For ~~Company~~the ~~has~~three ~~third-party~~and ~~revolving~~six ~~short-term~~months ~~financing~~ended ~~arrangements~~April ~~intended~~30, to2026, ~~facilitate~~ the ~~working~~Company ~~capital~~sold ~~requirements~~$1.2 ofbillion ~~certain~~and ~~customers~~$2.4 ~~For~~billion ~~the~~of ~~three~~trade ~~months ended January 31~~receivables, ~~2026~~respectively, ~~the~~and ~~Company~~received ~~sold~~gross proceeds of $1.1 billion and $2.3 billion, respectively. For the fiscal year ended October 31, 2025, the Company sold $3.7 billion of trade receivables. The Company recorded an obligation of $6053 million and $59 million within Notes payable and short-term borrowings in its Condensed Consolidated Balance Sheets as of ~~January~~April 3130, 2026 and October 31, 2025, respectively, related to the trade receivables sold and collected from the third-party for which the revenue recognition was deferred.

Contract Liabilities and Remaining Performance Obligations

Contract liabilities consist of deferred revenue and customer deposits. A summary of contract liabilities were as follows:

		As of
		January 31, 2026		October 31, 2025
		April 30, 2026		October 31, 2025
	Location	In millions
Customer deposits	Other accrued liabilities	$	~~309~~313	$	616
Customer deposits - non-current	Other non-current liabilities	8734		72
Total customer deposits		$	~~396~~347	$	688
Deferred revenue	Deferred revenue	$	5,~~483~~621	$	5,358
Deferred revenue - non-current	Other non-current liabilities	5,~~114~~220		4,980
Total deferred revenue		$	10,~~597~~841	$	10,338

For the ~~three~~six months ended ~~January~~April 3130, 2026, approximately $23.02 billion of revenue was recognized relating to contract liabilities recorded as of October 31, 2025.

Revenue allocated to remaining performance obligations represents contract work that has not yet been performed and does not include contracts where the customer is not committed. Remaining performance obligations estimates are subject to change and are affected by several factors, including contract terminations, changes in the scope of contracts, adjustments for revenue that has not materialized and adjustments for currency. As of ~~January~~April 3130, 2026, the aggregate amount of deferred revenue, was $10.68 billion. The Company expects to recognize approximately 4337% of this balance over fiscal 2026, 2526% over fiscal 2027, 1617% over fiscal 2028, 910% over fiscal 2029, and 58% over fiscal 2030 and thereafter. The Company receives payments in advance of completion of its contractual obligations; these payments are considered customer deposits. As customer acceptance milestones are met, the Company will recognize revenue and reduce the amount of contract liabilities. As of ~~January~~April 3130, 2026, the aggregate amount of customer deposits was $~~396~~347 million. The Company expects to recognize $~~309~~313 million over the next twelve months and the remaining balance thereafter.

Costs to Obtain a Contract

As of ~~January~~April 3130, 2026, the current and non-current portions of the capitalized costs to obtain a contract were $9296 million and $~~132~~140 million, respectively. As of October 31, 2025, the current and non-current portions of the capitalized costs to obtain a contract were $109 million and $128 million, respectively. The current and non-current portions of the capitalized costs to

2022

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

obtain a contract were included in Other current assets, and Long-term financing receivables and other assets, respectively, in the Condensed Consolidated Balance Sheets. For the three and six months ended ~~January~~April 3130, 2026 the Company amortized $28 million and ~~2025~~$56 million, of capitalized costs to obtain a contract. For the three and six months ended April 30, 2025 the Company amortized $2827 million and $2754 million, of capitalized costs to obtain a contract. The amortized capitalized costs to obtain a contract are included in Selling, general and administrative expense in the Condensed Consolidated Statements of Earnings.

Note 6: Accounting for Leases as a Lessor

Financing receivables represent sales-type and direct-financing leases of the Company and third-party products. These receivables typically have terms ranging from two to five years and are usually collateralized by a security interest in the underlying assets. Financing receivables also include billed receivables from operating leases. The allowance for credit losses represents future expected credit losses over the life of the receivables based on past experience, current information and forward-looking economic considerations. The components of financing receivables were as follows:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Minimum lease payments receivable	$	109,~~187~~897	$	10,310
Unguaranteed residual value	~~716~~719		694
Unearned income	(1,~~244~~191)		(1,264)
Financing receivables, gross	9,~~659~~425		9,740
Allowance for credit losses	(~~211~~210)		(198)
Financing receivables, net	9,~~448~~215		9,542
Less: current portion	(3,~~835~~694)		(3,826)
Amounts due after one year, net	$	5,~~613~~521	$	5,716

Sale of Financing Receivables

The Company enters into arrangements to transfer the contractual payments due under certain financing receivables to third party financial institutions. For the three and six months ended ~~January~~April 3130, 2026, the Company sold $20 million and $103 million, respectively. For the fiscal year ended October 31, 2025, the Company sold $~~83 million and $~~196 million of financing receivables~~, respectively~~.

Credit Quality Indicators

Due to the homogeneous nature of its leasing transactions, the Company manages its financing receivables on an aggregate basis when assessing and monitoring credit risk. Credit risk is generally diversified due to the large number of entities comprising the Company's customer base and their dispersion across many different industries and geographic regions. The Company evaluates the credit quality of an obligor at lease inception and monitors that credit quality over the term of a transaction. The Company assigns risk ratings to each lease based on the creditworthiness of the obligor and other variables that augment or mitigate the inherent credit risk of a particular transaction and periodically updates the risk ratings when there is a change in the underlying credit quality. Such variables include the underlying value and liquidity of the collateral, the essential use of the equipment, the term of the lease, and the inclusion of credit enhancements, such as guarantees, letters of credit or security deposits.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The credit risk profile of gross financing receivables, based on internal risk ratings as of ~~January~~April 3130, 2026, presented on amortized cost basis by year of origination was as follows:

As of January 31, 2026

As of April 30, 2026

Risk Rating

Low

Moderate

High

Fiscal Year

In millions

2026

~~307~~829

~~228~~538

110

2025

2,~~363~~183

1,~~136~~046

2528

2024

1,~~941~~728

~~888~~795

3431

2023

~~1,016~~853

~~565~~475

4643

2022 and prior

~~583~~454

~~434~~334

9278

Total

6,~~210~~047

3,~~251~~188

~~198~~190

The credit risk profile of gross financing receivables, based on internal risk ratings as of October 31, 2025, presented on amortized cost basis by year of origination was as follows:


	As of October 31, 2025
	Risk Rating
	Low		Moderate		High
Fiscal Year	In millions
2025	$	2,245	$	1,016	$	17
2024	2,160		942		36
2023	1,189		645		47
2022	579		347		26
2021 and prior	213		206		72
Total	$	6,386	$	3,156	$	198

Accounts rated low risk typically have the equivalent of a Standard & Poor's rating of BBB– or higher, while accounts rated moderate risk generally have the equivalent of BB+ or lower. The Company classifies accounts as high risk when it considers the financing receivable to be impaired or when management believes there is a significant near-term risk of impairment. The credit quality indicators do not reflect any mitigation actions taken to transfer credit risk to third parties.

Allowance for Credit Losses

The allowance for credit losses for financing receivables as of ~~January~~April 3130, 2026 and October 31, 2025 and the respective changes for the ~~three~~six and twelve months then ended were as follows:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Balance at beginning of period	$	198	$	194
Provision for credit losses	814		77
Adjustment to the existing allowance	98		(1)
Deductions	(410)		(72)
Balance at end of period	$	~~211~~210	$	198

2224

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Non-Accrual and Past-Due Financing Receivables

The following table summarizes the aging and non-accrual status of gross financing receivables:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Billed:(1)
Current 1-30 days	$	~~363~~368	$	349
Past due 31-60 days	2617		26
Past due 61-90 days	2119		13
Past due > 90 days	8170		70
Unbilled sales-type and direct-financing lease receivables	98,~~168~~951		9,282
Total gross financing receivables	$	9,~~659~~425	$	9,740
Gross financing receivables on non-accrual status(2)	$	~~166~~120	$	168
Gross financing receivables 90 days past due and still accruing interest(2)	$	~~104~~90	$	114

(1)Includes billed operating lease receivables and billed sales-type and direct-financing lease receivables.

(2)Includes billed operating lease receivables and billed and unbilled sales-type and direct-financing lease receivables.

The following table presents amounts included in the Condensed Consolidated Statements of Earnings related to lessor activity:

		For the three months ended January 31,
		For the three months ended April 30,				For the six months ended April 30,
		2026		2025		2026		2025
	Location	In millions
Interest income from sales-type leases and direct financing leases	Financing Income	$	~~195~~193	$	~~186~~188	$	388	$	374
Lease income from operating leases	Services	~~508~~500		~~547~~539		1,008		1,086
Total lease income		$	~~703~~693	$	~~733~~727	$	1,396	$	1,460

Variable Interest Entities

The Company has issued asset-backed debt securities under a fixed-term securitization program to private investors. The asset-backed debt securities are collateralized by the U.S. fixed-term financing receivables and leased equipment in the offering, which is held by a Special Purpose Entity (“SPE”). The SPE meets the definition of a Variable Interest Entity (“VIE”) and is consolidated, along with the associated debt, into the Condensed Consolidated Financial Statements as the Company is the primary beneficiary of the VIE. The SPE is a bankruptcy-remote legal entity with separate assets and liabilities. The purpose of the SPE is to facilitate the funding of customer receivables and leased equipment in the capital markets.

The Company’s risk of loss related to securitized receivables and leased equipment is limited to the amount by which the Company’s right to receive collections for assets securitized exceeds the amount required to pay interest, principal, and fees and expenses related to the asset-backed securities.

2325

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The following table presents the assets and liabilities held by the consolidated VIE as of ~~January~~April 3130, 2026 and October 31, 2025, which are included in the Condensed Consolidated Balance Sheets. The assets in the table below include those that can be used to settle the obligations of the VIE. Additionally, general creditors of the Company do not have recourse to the assets of the VIE.

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
Assets held by VIE:	In millions
Other current assets	$	7452	$	73
Financing receivables
Short-term	~~787~~678		885
Long-term	~~1,097~~928		1,283
Property, plant and equipment, net	~~631~~504		775
Liabilities held by VIE:
Notes payable and short-term borrowings, net of unamortized debt issuance costs	~~1,005~~933		1,159
Long-term debt, net of unamortized debt issuance costs	$	~~1,066~~861	$	1,287

For the ~~three~~six months ended ~~January~~April 3130, 2026, the Company did not transfer any financing receivables and leased equipment via securitization through the SPE. For the fiscal year ended October 31, 2025, financing receivables and leased equipment transferred via securitization through the SPE were $1.3 billion and $0.4 billion, respectively.

Note 7: Acquisitions and Dispositions

Pending Telco Solutions Divestiture

On December 18, 2025, the Company announced an agreement to divest its Telco Solutions business to HCLTech.

~~Pending~~ Divestiture of H3C Shares

On November 17, 2025, HPE’s subsidiary, H3C Holdings Limited (“H3C Holdings”), entered into (i) share purchase agreements with five counterparties, including Unisplendour International Technology Limited (“UNIS”), whereby such counterparties, in the aggregate, agreed to purchase 10% of the total issued share capital of H3C Technologies Co., Limited (“H3C”) for cash consideration of approximately $714 million and (ii) a side letter with UNIS, amending the Agreement on Subsequent Arrangements that was previously entered into on May 24, 2024, whereby, among other things, H3C Holdings and UNIS shall retain their put option and call option, respectively, relating to the remaining issued share capital of H3C held by H3C Holdings and have the right to exercise their respective option rights in respect of such shares up to three times, subject to the timing and terms as set forth therein. The agreement referenced in clause (ii) above revises the arrangements governing the sale of all of the remaining issued share capital of H3C held by us through H3C Holdings. On November 28, 2025, H3C Holdings entered into three additional share purchase agreements, including one with UNIS, whereby such counterparties, in the aggregate, agreed to purchase the remaining 9% of the total issued share capital of H3C for cash consideration of approximately $643 million. ~~Such transactions and the transactions referenced in clause (i) remain subject to regulatory approvals.~~

On May 13, 2026, the Company closed on the sale and disposition of 13.8% of the total issued share capital of H3C for approximately $987 million. On May 28, 2026, the Company closed on the sale of the remaining 5.2% of the total issued share capital of H3C for approximately $370 million.

Acquisition of Juniper Networks

On July 2, 2025, the Company completed the Juniper Networks merger (the “Merger”). Under the terms of the Agreement and Plan of Merger (the “Merger Agreement”), HPE agreed to pay $40.00 per share of Juniper Networks common stock, issued and outstanding as of July 2, 2025, representing a cash consideration of approximately $13.4 billion, which was paid through cash on hand, including proceeds and term loan drawdowns from the financings in fiscal 2024, and commercial paper issuances. During the first ~~quarter~~half of fiscal 2026, the Company recorded measurement period adjustments resulting in an increase to goodwill of $~~104~~111 million, primarily related to adjustments to deferred tax assets.

Acquisition costs related to the Merger were primarily included within Acquisition, disposition and other charges in the Condensed Consolidated Statements of Earnings. For the three months ended January 31, 2026 and 2025, acquisition costs were $123 million and $33 million, respectively. 26

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Acquisition costs related to the Merger were primarily included within Acquisition, disposition and other charges in the Condensed Consolidated Statements of Earnings. For the three and six months ended April 30, 2026, acquisition costs were $108 million and $231 million, respectively. For three and six months ended April 30, 2025, acquisition costs were $39 million and $72 million, respectively.

Note 8: Goodwill

Goodwill is tested for impairment at the reporting unit level. As of November 1, 2025, the Company reassessed its reporting units and determined that the former Server and Hybrid Cloud reporting units met the criteria to qualify as a single Cloud & AI (excluding Financial Services) reporting unit, and Intelligent Edge and Juniper Networks met the criteria to qualify as a single Networking reporting unit. The Cloud & AI segment contains the Cloud & AI (excluding Financial Services) and Financial Services reporting units. The Corporate Investments and Other segment contains the A & PS, Telco Solutions and Instant On reporting units. The following table represents the carrying value of goodwill, by segment as of ~~January~~April 3130, 2026 and October 31, 2025.

	Networking		Cloud & AI		Corporate Investments and Other		Total
	In millions
Balance as of October 31, 2025(1)	$	10,121	$	13,599	$	50	$	23,770
Goodwill reclassified as held for sale(2)	—		—		(46)		(46)
Purchase price and other currency adjustments	104		—		—		104
Balance as of January 31, 2026(1)	$	10,225	$	13,599	$	4	$	23,828
Balance as of April 30, 2026(1)	$	10,225	$	13,599	$	4	$	23,828

(1) There has been no change to the accumulated impairment loss from the Company's Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

(2) Reclassified to assets held for sale and is reported in Other current assets in the Condensed Consolidated Balance Sheets.

Goodwill is tested annually for impairment, as of the first day of the fourth quarter, at the reporting unit level. Additionally, an interim impairment test was performed as of November 1, 2025 based on organizational changes impacting the reporting units. The interim impairment test did not result in any impairment of goodwill. For all reporting units other than Cloud & AI (excluding Financial Services), a qualitative test was performed and there were no indicators of impairment of goodwill. For the Cloud & AI (excluding Financial Services) reporting unit a quantitative assessment was performed, and the excess of fair value over carrying amount was 10%. In order to evaluate the sensitivity of the estimated fair value of the reporting units in the goodwill impairment test, the Company applied a 10% decrease to the fair value of the Cloud & AI, (excluding Financial Services) reporting unit. Based on the results of this hypothetical 10% decrease, this reporting unit did not have an excess of fair value over carrying value.

The Cloud & AI (excluding Financial Services) reporting unit has goodwill of $13.5 billion as of ~~January 31~~April 30, 2026. In the current macroeconomic and inflationary environment, customers are investing selectively. This has resulted in moderate unit growth ~~and competitive pricing~~ in ~~traditional~~server ~~servers~~ offerings. ~~While~~offset AIby ~~servers~~expansion isof ~~growing~~average atunit aselling ~~faster~~prices ~~pace,~~as ~~because graphics processing units represent~~ a ~~large~~result ~~portion~~ of ~~the~~higher ~~solutions,~~commodity ~~the pricing is very competitive~~ and ~~margins~~input ~~are limited~~costs. In addition, the business is managing a storage product model transition to a more cloud-native, software-defined platform with HPE Alletra. Translating this growth to revenue and operating income will take time because a greater mix of high margin business, such as ratable software and services, are deferred and recognized in future periods. The Cloud & AI (excluding Financial Services) reporting unit continues to focus on capturing market share in both traditional and AI servers and storage while maintaining operating margin and leveraging its strong portfolio of products and services. If the global macroeconomic or geopolitical conditions worsen, projected revenue growth rates or operating margins decline, weighted average cost of capital increases, or if the Company has significant or sustained decline in its stock price, it is possible its estimates about this reporting unit's ability to successfully address the current challenges may change, which could result in the carrying value of the Cloud & AI (excluding Financial Services) reporting unit exceeding its estimated fair value and potential impairment charges.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 9: Fair Value

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.

The Company uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use.

25The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis:


	As of April 30, 2026								As of October 31, 2025
	Fair Value Measured Using								Fair Value Measured Using
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)		Significant Other Unobservable Remaining Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Remaining Inputs (Level 2)		Significant Other Unobservable Remaining Inputs (Level 3)		Total
	In millions
Assets
Cash Equivalents:



Time deposits	$	—	$	846	$	—	$	846	$	—	$	997	$	—	$	997
Money market funds	2,603		—		—		2,603		2,741		—		—		2,741
Total cash equivalents	2,603		846		—		3,449		2,741		997		—		3,738
Available-for-sale Debt Investments:








Foreign bonds	—		111		—		111		—		111		—		111
Other debt securities(1)	—		—		44		44		—		—		46		46
Total available-for-sale debt investments	—		111		44		155		—		111		46		157
Equity Investments:

Mutual funds	—		61		—		61		—		59		—		59
Equity securities in public companies	8		—		—		8		6		—		—		6

Total equity investments	8		61		—		69		6		59		—		65
Derivatives Instruments:

Foreign currency contracts	—		171		—		171		—		193		—		193
Other derivatives	—		9		—		9		—		2		—		2
Total assets	2,611		1,198		44		3,853		2,747		1,362		46		4,155
Liabilities
Derivatives Instruments:
Interest rate contracts	—		58		—		58		—		51		—		51
Foreign currency contracts	—		326		—		326		—		238		—		238

Total liabilities	$	—	$	384	$	—	$	384	$	—	$	289	$	—	$	289

(1) Available-for-sale debt securities with carrying values that approximate fair value.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The following table presents the Company's assets and liabilities that are measured at fair value on a recurring basis:

	As of January 31, 2026								As of October 31, 2025
	Fair ValueMeasured Using								Fair ValueMeasured Using
	Quoted Prices in Active Markets for Identical Assets(Level 1)		Significant Other Observable Remaining Inputs (Level 2)		Significant Other Unobservable Remaining Inputs (Level 3)		Total		Quoted Prices in Active Markets for Identical Assets(Level 1)		Significant Other Observable Remaining Inputs (Level 2)		Significant Other Unobservable Remaining Inputs (Level 3)		Total
	In millions
Assets
Cash Equivalents:
Time deposits	$	—	$	830	$	—	$	830	$	—	$	997	$	—	$	997
Money market funds	1,933		—		—		1,933		2,741		—		—		2,741
Total cash equivalents	1,933		830		—		2,763		2,741		997		—		3,738
Available-for-sale Debt Investments:
Foreign bonds	—		115		—		115		—		111		—		111
Other debt securities(1)	—		—		48		48		—		—		46		46
Total available-for-sale debt investments	—		115		48		163		—		111		46		157
Equity Investments:
Mutual funds	—		61		—		61		—		59		—		59
Equity securities in public companies	8		—		—		8		6		—		—		6
Total equity investments	8		61		—		69		6		59		—		65
Derivatives Instruments:
Foreign currency contracts	—		127		—		127		—		193		—		193
Other derivatives	—		1		—		1		—		2		—		2
Total assets	1,941		1,134		48		3,123		2,747		1,362		46		4,155
Liabilities
Derivatives Instruments:
Interest rate contracts	—		50		—		50		—		51		—		51
Foreign currency contracts	—		482		—		482		—		238		—		238
Total liabilities	$	—	$	532	$	—	$	532	$	—	$	289	$	—	$	289

Other Fair Value Disclosures

Short-Term and Long-Term Debt: As of ~~January~~April 3130, 2026, the estimated fair value and carrying value of the Company's short-term and long-term debt was $21.71 billion and $21.62 billion, respectively. As of October 31, 2025, the estimated fair value and carrying value of the Company's short-term and long-term debt was $22.5 billion and $22.4 billion, respectively. If measured at fair value in the Condensed Consolidated Balance Sheets, short-term and long-term debt would be classified in Level 2 of the fair value hierarchy.

Other Financial Instruments: For the balance of the Company's financial instruments, primarily accounts receivable, accounts payable and financial liabilities included in other accrued liabilities, the carrying amounts approximate fair value due to their short-term nature. If measured at fair value in the Condensed Consolidated Balance Sheets, these other financial instruments would be classified in Level 2 or Level 3 of the fair value hierarchy.

26Non-Recurring Fair Value Measurements

Equity Investments without Readily Determinable Fair Value: Equity investments are recorded at cost and adjusted for impairments or observable price changes. For the three and six months ended April 30, 2026 and 2025, the Company recognized immaterial unrealized gains or losses. Cumulative adjustments as of April 30, 2026 were immaterial. Refer to Note 10, “Financial Instruments” for further information.

Non-Financial Assets: The Company's non-financial assets, such as intangible assets, goodwill, and property, plant and equipment, are recorded at cost. The Company records right-of-use assets based on the lease liability, adjusted for lease prepayments, lease incentives received, and the lessee's initial direct costs. Fair value adjustments are made to these non-financial assets in the period an impairment charge is recognized.

In the second quarter of fiscal 2025, the Company recorded a goodwill impairment charge of $1.4 billion associated with the Cloud & AI (excluding Financial Services) reporting unit. The fair values of the Company's reporting units were classified in Level 3 of the fair value hierarchy due to the significance of unobservable inputs developed using company-specific information.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Non-Recurring Fair Value Measurements

Equity Investments without Readily Determinable Fair Value: Equity investments are recorded at cost and adjusted for impairments or observable price changes. For the three months ended January 31, 2026 and 2025, the Company recognized immaterial unrealized gains or losses, and cumulative adjustments as of January 31, 2026 were immaterial. Refer to Note 10 ‘Financial Instruments’ for further information.

Note 10: Financial Instruments

Cash Equivalents and Available-for-Sale Debt Investments

Cash equivalents and available-for-sale debt investments were as follows:

	As of January 31, 2026				As of October 31, 2025
	As of April 30, 2026				As of October 31, 2025
	Cost		Gross Unrealized Gains		FairValue		Cost		Gross Unrealized Gains		FairValue
	In millions
Cash Equivalents
Time deposits	$	~~830~~846	$	—	$	~~830~~846	$	997	$	—	$	997
Money market funds	12,~~933~~603		—		12,~~933~~603		2,741		—		2,741
Total cash equivalents	23,~~763~~449		—		23,~~763~~449		3,738		—		3,738
Available-for-sale Investments
Debt Securities:
Foreign bonds	~~111~~110		41		~~115~~111		107		4		111
Other debt securities	4541		3		4844		44		2		46
Total debt securities	~~156~~151		74		~~163~~155		151		6		157
Equity Securities:
Equity securities in public companies	68		2—		8		6		—		6
Mutual funds	61		—		61		59		—		59
Total equity securities	6769		2—		69		65		—		65
Total available-for-sale investments	~~223~~220		94		~~232~~224		216		6		222
Total cash equivalents and available-for-sale investments	$	23,~~986~~669	$	94	$	23,~~995~~673	$	3,954	$	6	$	3,960

As of ~~January~~April 3130, 2026 and October 31, 2025, the carrying amount of cash equivalents approximated fair value due to the short period of time to maturity. Time deposits were primarily issued by institutions outside the U.S. as of ~~January~~April 3130, 2026 and October 31, 2025. The estimated fair value of the available-for-sale debt investments may not be representative of values that will be realized in the future.

Contractual maturities of investments in available-for-sale debt securities were as follows:


	As of April 30, 2026
	Amortized Cost		Fair Value
	In millions
Due in one year	$	34	$	34
Due in one to five years	1		1
Due in more than five years	116		120
Total	$	151	$	155

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

	As of January 31, 2026
	Amortized Cost		Fair Value
	In millions
Due in one year	$	34	$	34
Due in one to five years	5		5
Due in more than five years	117		124
Total	$	156	$	163

Equity Investments

Non-marketable equity investments in privately held companies are included in Long-term financing receivables and other assets in the Condensed Consolidated Balance Sheets. These non-marketable equity investments are carried at cost under measurement alternative and adjusted for impairments or observable price changes. The carrying amount of investments was $6973 million and $61 million as of ~~January~~April 3130, 2026 and October 31, 2025, respectively. For the three and six months ended ~~January 31~~April 30, 2026 and 2025, the Company recognized immaterial unrealized gains or losses that are reflected in Interest and other, net in the Condensed Consolidated Statement of Earnings.

Fair Value of Derivative Instruments in the Condensed Consolidated Balance Sheets

The gross notional and fair value of derivative instruments in the Condensed Consolidated Balance Sheets were as follows:

	As of January 31, 2026										As of October 31, 2025
	As of April 30, 2026										As of October 31, 2025
			Fair Value										Fair Value
	OutstandingGrossNotional		OtherCurrentAssets		Long-TermFinancingReceivablesand OtherAssets		OtherAccruedLiabilities		Long-TermOtherLiabilities		OutstandingGrossNotional		OtherCurrentAssets		Long-TermFinancingReceivablesand OtherAssets		OtherAccruedLiabilities		Long-TermOtherLiabilities
	In millions
Derivatives Designated as Hedging Instruments
Fair Value Hedges:
Interest rate contracts	$	~~600~~1,200	$	—	$	—	$	—	$	5058	$	600	$	—	$	—	$	—	$	51
Cash Flow Hedges:
Foreign currency contracts	7,~~624~~610		4362		1827		~~179~~113		~~108~~74		7,062		81		29		95		67
Net Investment Hedges:
Foreign currency contracts	2,~~061~~125		1422		1926		4944		4544		2,126		20		24		30		20
Total derivatives designated as hedging instruments	10,~~285~~935		5784		3753		~~228~~157		~~203~~176		9,788		101		53		125		138
Derivatives Not Designated as Hedging Instruments
Foreign currency contracts	76,~~092~~232		3130		24		9338		813		7,167		37		2		22		4
Other derivatives	~~160~~146		19		—		—		—		153		2		—		—		—
Total derivatives not designated as hedging instruments	76,~~252~~378		3239		24		9338		813		7,320		39		2		22		4
Total derivatives	$	17,~~537~~313	$	89123	$	3957	$	~~321~~195	$	~~211~~189	$	17,108	$	140	$	55	$	147	$	142

Offsetting of Derivative Instruments

The Company recognizes all derivative instruments on a gross basis in the Condensed Consolidated Balance Sheets. The Company's derivative instruments are subject to master netting arrangements and collateral security arrangements. The Company does not offset the fair value of its derivative instruments against the fair value of cash collateral posted under collateral security agreements. The information related to the potential effect of the Company's use of the master netting agreements and collateral security agreements were as follows:

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

	As of January 31, 2026
	As of April 30, 2026
	In the Condensed Consolidated Balance Sheets
	(i)		(ii)		(iii) = (i)–(ii)		(iv)		(v)			(vi) = (iii)–(iv)–(v)
							Gross Amounts Not Offset
	GrossAmountRecognized		GrossAmountOffset		Net AmountPresented		Derivatives		FinancialCollateral			Net Amount
	In millions
Derivative assets	$	~~128~~180	$	—	$	~~128~~180	$	~~115~~144	$	—6	(1)	$	1330
Derivative liabilities	$	~~532~~384	$	—	$	~~532~~384	$	~~115~~144	$	~~408~~164	(2)	$	976


	As of October 31, 2025
	In the Condensed Consolidated Balance Sheets
	(i)		(ii)		(iii) = (i)–(ii)		(iv)		(v)			(vi) = (iii)–(iv)–(v)
							Gross Amounts Not Offset
	Gross Amount Recognized		Gross Amount Offset		Net Amount Presented		Derivatives		Financial Collateral			Net Amount
	In millions
Derivative assets	$	195	$	—	$	195	$	121	$	16	(1)	$	58
Derivative liabilities	$	289	$	—	$	289	$	121	$	136	(2)	$	32

(1)Represents the cash collateral posted by counterparties as of the respective reporting date for the Company's asset position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.

(2)Represents the collateral posted by the Company in cash or through the re-use of counterparty cash collateral as of the respective reporting date for the Company's liability position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date. As of ~~January~~April 3130, 2026, of the $~~408~~164 million of collateral posted, $158 million was ~~entirely~~ in cash and $6 million was through the re-use of counterparty collateral. As of October 31, 2025, of the $136 million of collateral posted, $120 million was in cash and $16 million was through the re-use of counterparty collateral.

The amounts recorded on the Condensed Consolidated Balance Sheets related to cumulative basis adjustments for fair value hedges were as follows:

Carrying Amount of the Hedged Liabilities

Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities

As of

January 31, 2026

October 31, 2025

January 31, 2026

October 31, 2025

April 30, 2026

October 31, 2025

April 30, 2026

October 31, 2025

In millions

Long-term debt

(~~757~~1,345)

(754)

~~(5)~~3

(4)

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The pre-tax effect of derivative instruments in cash flow and net investment hedging relationships recognized in Other Comprehensive Income (“OCI”) were as follows:

	(Losses) Gains Recognized in OCI on Derivatives
	Gains (Losses) Recognized in OCI on Derivatives
	For the three months ended January 31,
	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions
Derivatives in Cash Flow Hedging Relationship:
Foreign exchange contracts	$	~~(191)~~126	$	~~270~~(465)	$	(65)	$	(195)
Derivatives in Net Investment Hedging Relationship:
Foreign exchange contracts	59(108)		43(64)		(49)		(21)
Total	$	~~(132)~~18	$	~~313~~(529)	$	(114)	$	(216)

As of ~~January~~April 3130, 2026, the Company expects to reclassify an estimated net accumulated other comprehensive ~~loss~~gain of approximately $4315 million, net of taxes, to earnings in the next twelve months along with the earnings effects of the related forecasted transactions associated with cash flow hedges.

Effect of Derivative Instruments on the Condensed Consolidated Statements of Earnings

The following table represents the pre-tax effect of derivative instruments on total amounts of income and expense line items presented in the Condensed Consolidated Statements of Earnings in which the effects of fair value hedges and derivatives not designated as hedging instruments are recorded:

	(Losses) Gains Recognized in Income
	Gains (Losses) Recognized in Income
	For the three months ended January 31,
	For the three months ended April 30,								For the six months ended April 30,
	2026				2025				2026				2025
	Net Revenue		Interest and Other, net		Net Revenue		Interest and Other, net		Net Revenue		Interest and Other, net		Net Revenue		Interest and Other, net
	In millions
Total net revenue and interest and other, net	$	910,~~301~~678	$	(5473)	$	7,~~854~~627	$	39	$	19,979	$	(127)	$	15,481	$	78
(Losses) Gains on Derivatives in Fair Value Hedging Relationships:
Gains (Losses) on Derivatives in Fair Value Hedging Relationships:
Interest Rate Contracts
Hedged items	$	—	$	~~(1)~~8	$	—	$	(15)	$	—	$	7	$	—	$	(30)
Derivatives designated as hedging instruments	—		1(8)		—		15		—		(7)		—		30
(Losses) Gains on Derivatives in Cash Flow Hedging Relationships:
Gains (Losses) on Derivatives in Cash Flow Hedging Relationships:
Foreign Exchange Contracts
Amount of (losses) gains reclassified from accumulated other comprehensive income into income	(10)		(128)		44		170
Amount of gains (losses) reclassified from accumulated other comprehensive income into income	6		47		39		(283)		(4)		(81)		83		(113)
Interest Rate Locks
Amount of losses reclassified from accumulated other comprehensive income into income	—		—		—		~~(1)~~—		—		—		—		(1)
(Losses) Gains on Derivatives not Designated as Hedging Instruments:
Gains (Losses) on Derivatives not Designated as Hedging Instruments:
Foreign exchange contracts	—		~~(60)~~59		—		54(130)		—		(1)		—		(76)
Other derivatives	—		—8		—		4—		—		8		—		4
Total (losses) gains	$	(10)	$	(188)	$	44	$	227
Total gains (losses)	$	6	$	114	$	39	$	(413)	$	(4)	$	(74)	$	83	$	(186)

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 11: Borrowings

Notes Payable, Short-Term Borrowings and Long-Term Debt

Notes payable, short-term borrowings, including the current portion of long-term debt, and long-term debt were as follows:

As of

January 31, 2026

October 31, 2025

April 30, 2026

October 31, 2025

In millions

Current portion of long-term debt(1)

32,~~071~~249

3,796

Commercial paper

~~704~~637

681

Notes payable to banks, lines of credit and other

~~131~~123

132

Total notes payable and short-term borrowings

3,~~906~~009

4,609

Long-term debt

1718,~~705~~237

17,756

Total

21,~~611~~246

22,365

(1) As of ~~January~~April 3130, 2026 and October 31, 2025, the Current portion of long-term debt, net of discount and issuance costs, included $1.0.9 billion and $1.2 billion respectively, both associated with the asset-backed debt securities issued by the Company.

Unsecured Senior Notes

In ~~December~~March ~~2025~~2026, the Company ~~repaid~~issued ~~the~~(i) ~~entire~~$300 million of floating rate notes due March 23, 2028, with interest payable quarterly beginning June 23, 2026; (ii) $~~400~~500 million of 14.205% ~~Juniper~~Senior ~~Global~~Notes due March 23, 2028, with interest payable semi-annually beginning September 23, 2026; (iii) $600 million of 4.6% Senior Notes ondue ~~their~~March ~~original~~23, ~~maturity~~2029, ~~date~~with interest payable semi-annually beginning September 23, 2026; and (iv) $600 million of 5.25% Senior Notes due April 1, 2033, with interest payable semi-annually beginning October 1, 2026.

In April 2026, the Company repaid $750 million of 1.75% Senior Notes on their original maturity date.

Financing arrangements

The Company maintains two commercial paper programs (the “Parent Programs”) and third program managed by a wholly-owned subsidiary, together with a revolving credit facility, and an uncommitted credit facility. There have been no changes to either of these financing arrangements since October 31, 2025. As of ~~January~~April 3130, 2026 and October 31, 2025, no borrowings were outstanding under the Parent Programs, the revolving credit facility, or the uncommitted credit facility. Outstanding borrowings under the subsidiary’s commercial paper program were $~~704~~637 million and $681 million, respectively. For a detailed description of these programs, refer to Note 14, “Borrowings” in the Consolidated Financial Statements included in Item 8 of Part II of HPE’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Juniper Networks Acquisition Financing

AsIn ofMarch ~~January 31,~~ 2026, ~~only~~ the ~~three‑year~~Company ~~tranche~~prepaid ~~remains~~$1.25 billion ~~outstanding,~~against ~~with~~the aoutstanding balance ofunder ~~$2 billion.~~the ~~For~~three-year ~~more~~delayed ~~details,~~draw ~~refer~~term toloan ~~Note~~credit ~~14,~~facility. ~~“Borrowings”~~The inrepayment ~~the~~was ~~Consolidated~~made ~~Financial~~at ~~Statements~~par, ~~included~~along inwith ~~Item~~accrued 8interest. As of ~~Part~~April 30, II2026, of$0.75 billion ~~HPE’s~~was ~~Annual~~outstanding ~~Report~~under onthis ~~Form~~facility. ~~10-K~~In ~~for~~May 2026, the ~~fiscal~~Company ~~year~~fully ~~ended~~repaid ~~October~~this 31amount at par, ~~2025~~along with accrued interest.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 12: Stockholders' Equity

The components of accumulated other comprehensive loss, net of taxes as of ~~January~~April 3130, 2026, and changes for the ~~three~~six months ended ~~January~~April 3130, 2026 were as follows:

	Net unrealized gains (losses)onavailable-for-salesecurities		Net unrealized (losses) gainson cashflow hedges		Unrealizedcomponentsof definedbenefit plans		Cumulativetranslationadjustment		Accumulatedothercomprehensiveloss
	In millions
Balance at beginning of period	$	6	$	(26)	$	(2,058)	$	(670)	$	(2,748)
Other comprehensive income (loss) before reclassifications	1		(191)		—		—		(190)
Other comprehensive loss before reclassifications	(2)		(65)		(1)		(23)		(91)
Reclassifications of losses into earnings	—		~~138~~85		2451		—		~~162~~136
Tax benefit (provision)	—		11		(5)		(2)		4
Tax provision	—		(1)		(11)		(2)		(14)
Balance at end of period	$	74	$	(687)	$	(2,~~039~~019)	$	(~~672~~695)	$	(2,~~772~~717)

The components of accumulated other comprehensive loss, net of taxes as of ~~January~~April 3130, 2025, and changes for the ~~three~~six months ended ~~January~~April 3130, 2025 were as follows:

	Net unrealized gains (losses) onavailable-for-salesecurities		Net unrealized (losses) gains on cashflow hedges		Unrealizedcomponentsof definedbenefit plans		Cumulativetranslationadjustment		Accumulatedothercomprehensiveloss
	In millions
Balance at beginning of period	$	8	$	(16)	$	(2,342)	$	(627)	$	(2,977)
Other comprehensive (loss) income before reclassifications	(1)		270		—		(22)		247
Other comprehensive loss before reclassifications	(6)		(195)		(20)		(12)		(233)
Reclassifications of (gains) losses into earnings	—		(213)		30		—		(183)
Reclassifications of losses into earnings	—		31		62		—		93
Tax (provision) benefit	—		(10)		(5)		1		(14)
Tax benefit (provision)	—		30		(6)		(1)		23
Balance at end of period	$	72	$	31(150)	$	(2,~~317~~306)	$	(~~648~~640)	$	(23,~~927~~094)

Share Repurchase Program

For the ~~three~~six months ended ~~January~~April 3130, 2026, the Company repurchased and settled 613.95 million shares under its share repurchase program through open market repurchases. ~~Additionally,~~As as of ~~January~~April 3130, 2026, the Company’s ~~had~~ unsettled open market repurchases ofwere 0immaterial.~~2 million~~ ~~shares.~~ Shares repurchased for the ~~three~~six months ended ~~January~~April 3130, 2026 were recorded as a $~~162~~313 million reduction to stockholders’ equity. As of ~~January~~April 3130, 2026, the Company had a remaining authorization of approximately $3.43 billion for future share repurchases.

Note 13: Net Earnings (Loss) Per Share

The Company calculates basic EPS using net earnings (loss) and the weighted-average number of shares outstanding during the reporting period.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

The reconciliations of the numerators and denominators of each of the basic and diluted net EPS calculations were as follows:

	For the three months ended January 31,
	For the three months ended April 30,				For the six months ended April 30,
	2026		2025		2026		2025
	In millions, except per share amounts
Numerator:
Net earnings attributable to common stockholders - Basic	$	423	$	598
Net earnings (loss) attributable to common stockholders - Basic	$	595	$	(1,079)	$	1,018	$	(481)
Plus: 7.625% Series C mandatory convertible preferred stock dividends	—29		29—		—		—
Net earnings - Diluted	$	423	$	627
Net earnings (loss) - Diluted	$	624	$	(1,079)	$	1,018	$	(481)
Denominator:
Weighted-average shares used to compute basic net EPS	1,~~334~~335		1,~~316~~322		1,335		1,319
Dilutive effect of employee stock plans(1)	22		17
Dilutive effect of 7.625% Series C mandatory convertible preferred stock(1)	76		—		—		—
Dilutive effect of 7.625% Series C mandatory convertible preferred stock(1)	—		76
Dilutive effect of employee stock plans(1)	21		—		21		—
Weighted-average shares used to compute diluted net EPS	1,~~356~~432		1,~~409~~322		1,356		1,319
Net EPS:
Basic	$	0.3245	$	(0.4582)	$	0.76	$	(0.36)
Diluted	$	0.3144	$	(0.4482)	$	0.75	$	(0.36)
Anti-dilutive Share Count(1)(2):
Employee stock plans	79		649		7		51
7.625% Series C mandatory convertible preferred stock	76—		—87		76		76
Total anti-dilutive weighted-average stock	839		6136		83		127

(1)The impact of dilutive effect of employee stock plans is calculated under the treasury stock method, and the impact of dilutive effect of the 7.625% Series C mandatory convertible preferred stock (“Preferred Stock”) is calculated under the if-converted method.

(2)The Company excludes shares potentially issuable under employee stock plans and Preferred Stock that could dilute basic net EPS in the future from the calculation of diluted net ~~earnings per share~~EPS, as their effect, if included, would have been anti-dilutive for the periods presented.

Note 14: Litigation, Contingencies, and Commitments

Litigation

~~Hewlett~~HPE ~~Packard Enterprise~~ is involved in various lawsuits, claims, investigations and proceedings including those consisting of intellectual property, commercial, securities, employment, employee benefits, and environmental matters, which arise in the ordinary course of business. In addition, as part of the Separation and Distribution Agreement (the “Separation and Distribution Agreement”) entered into in connection with ~~Hewlett Packard Enterprise~~HPE’s spin-off from HP Inc. (formerly known as “Hewlett-Packard Company”) (the “Separation”), ~~Hewlett~~HPE ~~Packard Enterprise~~ and HP Inc. agreed to cooperate with each other in managing certain existing litigation related to both parties' businesses. The Separation and Distribution Agreement included provisions that allocate liability and financial responsibility for pending litigation involving the parties, as well as provide for cross-indemnification of the parties against liabilities to one party arising out of liabilities allocated to the other party. The Separation and Distribution Agreement also included provisions that assign to the parties responsibility for managing pending and future litigation related to the general corporate matters of HP Inc. arising prior to the Separation. ~~Hewlett~~HPE ~~Packard Enterprise~~ records a liability when it believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment is required to determine both the probability of having incurred a liability and the estimated amount of the liability. ~~Hewlett~~HPE ~~Packard Enterprise~~ reviews these matters at least quarterly and adjusts these liabilities to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other updated information and events pertaining to a particular matter. Litigation is inherently unpredictable. However, ~~Hewlett~~HPE ~~Packard Enterprise~~ believes it has valid defenses with respect to legal matters pending against us. Nevertheless, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies. ~~Hewlett~~HPE ~~Packard Enterprise~~ believes it has ~~recorded adequate provisions for any such matters and, as of January 31, 2026, it was not reasonably possible~~

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(Unaudited)

recorded adequate provisions for any such matters and, as of April 30, 2026, it was not reasonably possible that a material loss had been incurred in connection with such matters in excess of the amounts recognized in its financial statements.

Litigation, Proceedings, and Investigations

DOJ Action on the Proposed Acquisition of Juniper Networks. As previously disclosed, on January 9, 2024, the Company entered into the Merger Agreement with Juniper Networks and Jasmine Acquisition Sub, Inc., providing for the acquisition of Juniper Networks by HPE. On January 30, 2025, the Antitrust Division of the United States Department of Justice (“DOJ”) filed a complaint in the United States District Court for the Northern District of California, seeking to enjoin the closing of the Merger, alleging that the Merger is likely to substantially lessen competition in violation of Section 7 of the Clayton Act. On February 10, 2025, HPE and Juniper Networks filed answers to the DOJ’s complaint, disputing these claims. On June 27, 2025, HPE, Juniper, and the DOJ filed an Asset Preservation and Hold Separate Stipulation and Order (“Stipulation”) and Proposed Final Judgment with the Court. Pursuant to the Stipulation, HPE has agreed to divest its global Instant On campus and branch business. HPE also has agreed to grant up to two licenses to the Mist AIOps source code, with the licensees determined through an auction process. In exchange, the DOJ agreed to dismiss its action to enjoin the Merger, subject to the Court’s approval of the Proposed Final Judgment under the Antitrust Procedures and Penalties Act (the “Tunney Act”). On June 30, 2025, the Court signed the Stipulation, allowing the Merger to proceed to closing. On October 14, 2025, the Attorneys General of twelve states and the District of Columbia (the “Attorneys General”) filed a motion to intervene in the Court’s Tunney Act process. Following a November 18, 2025 hearing, the Court issued an order granting the Attorneys General’s motion to intervene and set a status conference for December 16, 2025 to determine next steps, including the scope of the Attorneys General’s intervention rights under the Tunney Act. On November 18, 2025, the Attorneys General filed a motion to hold separate, seeking to enjoin further integration and consolidation of HPE and Juniper during the pendency of the Tunney Act proceedings. Following a January 8, 2026 hearing, the Court denied the Attorneys General’s motion to hold separate, allowing further integration of the companies to proceed. The Tunney Act hearing iswas ~~currently~~held ~~scheduled to begin~~ on March 23, 2026 to determine whether the Court will approve the settlement between HPE and the DOJ. The Court has taken the matter under advisement. The parties are awaiting the Court’s ruling.

India Directorate of Revenue Intelligence Proceedings. On April 30 and May 10, 2010, the India Directorate of Revenue Intelligence (the “DRI”) issued notices to Hewlett-Packard India Sales Private Ltd (“HP India”), a subsidiary of HP Inc., seven HP India employees and one former HP India employee alleging that HP India underpaid customs duties while importing products and spare parts into India and seeking to recover an aggregate of approximately $370 million, plus penalties. On April 11, 2012, the Bangalore Commissioner of Customs issued an order on the products-related notices affirming duties and penalties against HP India and the named individuals for approximately $386 million (plus interest). On April 20, 2012, the Commissioner issued an order on the spare parts-related notice affirming duties and penalties against HP India and certain of the named individuals for approximately $17 million. HP India filed appeals of the Commissioner’s orders before the Customs Tribunal. The Customs Department filed cross-appeals before the Customs Tribunal. On October 27, 2014, the Customs Tribunal commenced hearings on the cross-appeals of the Commissioner's orders. The Customs Tribunal rejected HP India's request to return the matter to the Commissioner on procedural grounds. After multiple delays and postponements over the last decade, the Customs Tribunal began hearing the parties’ cross-appeals on April 21, 2025. The hearing on the cross-appeals were completed in June 2025. The Company expects a ruling from the Customs Tribunal by 2026. Either party may appeal the ruling to the India Supreme Court.

ECT Proceedings. In January 2011, the postal service of Brazil, Empresa Brasileira de Correios e Telégrafos (“ECT”), notified a former subsidiary of HP Inc. in Brazil (“HP Brazil”) that it had initiated administrative proceedings to consider whether to suspend HP Brazil's right to bid and contract with ECT related to alleged improprieties in the bidding and contracting processes whereby employees of HP Brazil and employees of several other companies allegedly coordinated their bids and fixed results for three ECT contracts in 2007 and 2008. In late July 2011, ECT notified HP Brazil it had decided to apply the penalties against HP Brazil and suspend HP Brazil's right to bid and contract with ECT for five years, based upon the evidence before it. In August 2011, HP Brazil appealed ECT’s decision. In April 2013, ECT rejected HP Brazil’s appeal, and the administrative proceedings were closed with the penalties against HP Brazil remaining in place. In parallel, in September 2011, HP Brazil filed a civil action against ECT seeking to have ECT’s decision revoked. HP Brazil also requested an injunction suspending the application of the penalties until a final ruling on the merits of the case, which was denied. HP Brazil appealed the denial of its request for injunctive relief to the intermediate appellate court, which issued a preliminary ruling denying the request for injunctive relief but reducing the length of the sanctions from five to two years. HP Brazil appealed that decision and, in December 2011, obtained a ruling staying enforcement of ECT’s sanctions until a final ruling on the merits of the case. In September 2025, the Court of Appeals ruled in favor of HPE’s Civil Appeal, annulling the previously-stayed sanctions that, if enforced, would have barred HPE Brazil from participating in public tenders for five years. HPE has filed a motion to recover legal costs incurred during the appeal. ECT has filed a motion requesting the Court to clarify the merits.

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(Unaudited)

~~Autonomy-Related~~sanctions ~~Legal Proceedings. In 2015~~that, ~~four~~if ~~Hewlett Packard Enterprise subsidiaries (Autonomy Corporation Limited~~enforced, ~~Hewlett~~would ~~Packard~~have ~~Vision~~barred ~~BV,~~HPE ~~Autonomy~~Brazil ~~Systems~~from ~~Limited,~~participating ~~and Autonomy, Inc., hereinafter the “Claimants”) initiated civil proceedings~~ in ~~the~~public ~~U.K.~~tenders ~~High Court of Justice against two members of Autonomy’s former management, Michael Lynch and Sushovan Hussain,~~ for ~~breach~~five ~~of their fiduciary duties in causing Autonomy group companies to engage in improper transactions and accounting practices before and in connection with the 2011 acquisition of Autonomy~~years. ~~Trial~~HPE ~~concluded~~has in January 2020. In May 2022, the court issued its liability judgment, finding that the Claimants had succeeded on substantially all claims against Messrs. Lynch and Hussain, and dismissing a counterclaim filed ~~by Mr. Lynch. In February 2024, the court held~~ a ~~two-week~~motion ~~trial on damages. The Claimants sought recovery for $4 billion in losses. In May 2025, Claimants reached an agreement with Mr. Hussain~~ to ~~resolve~~recover ~~claims~~legal ~~against~~costs ~~him.~~incurred Onduring ~~July 22, 2025,~~ the ~~court issued its ruling on the quantum of damages, finding that the Lynch estate owed £740 million~~appeal. ~~The~~ECT ~~court~~has ~~held~~filed a ~~hearing~~motion ~~during~~requesting the week of November 17, 2025, addressing a number of matters including costs (including attorneys’ fees), pre-judgment interest, issues relating to the currency in which the judgment should be paid, and the Lynch Estate’s right to appeal discrete issues in the Court’s ~~May 2022 liability judgment and its July 2025 quantum judgment. In total, Claimants are seeking a total of $1.786 billion from Lynch’s Estate. Pursuant~~ to ~~the~~clarify ~~terms of~~ the ~~2015 Separation and Distribution Agreement, HP and Hewlett Packard Enterprise will share equally in any recovery~~merits.

Autonomy-Related Legal Proceedings. In 2015, four HPE subsidiaries (Autonomy Corporation Limited, Hewlett Packard Vision BV, Autonomy Systems Limited, and Autonomy, Inc., hereinafter the “Claimants”) initiated civil proceedings in the U.K. High Court of Justice against two members of Autonomy’s former management, Michael Lynch and Sushovan Hussain, for breach of their fiduciary duties in causing Autonomy group companies to engage in improper transactions and accounting practices before and in connection with the 2011 acquisition of Autonomy. Trial concluded in January 2020. In May 2022, the court issued its liability judgment, finding that the Claimants had succeeded on substantially all claims against Messrs. Lynch and Hussain, and dismissing a counterclaim filed by Mr. Lynch. In February 2024, the court held a two-week trial on damages. The Claimants sought recovery for $4 billion in losses. In May 2025, Claimants reached an agreement with Mr. Hussain to resolve claims against him. On July 22, 2025, the court issued its ruling on the quantum of damages, finding that the Lynch estate owed £740 million. The court held a hearing during the week of November 17, 2025, addressing a number of matters including costs (including attorneys’ fees), pre-judgment interest, issues relating to the currency in which the judgment should be paid, and the Lynch Estate’s right to appeal discrete issues in the Court’s May 2022 liability judgment and its July 2025 quantum judgment. On March 24, 2026, the U.K. High Court entered a ruling that provides a total judgment against the Lynch Estate of approximately $1.24 billion when adding interest and currency effects. The judgment amount reflects an approximately $145 million offset for amounts previously recovered by HPE and does not include attorneys’ fees, which will be determined at a later time. The U.K. High Court also rejected the Estate’s request for permission to appeal the liability and damages judgments. On April 14, 2026, the Lynch Estate filed a request with the Court of Appeal for permission to appeal the liability and damages judgments. A ruling is expected in 2026. Pursuant to the terms of the 2015 Separation and Distribution Agreement, HP and HPE will share equally in any recovery.

Shared Litigation with HP Inc., DXC Technology Company and Micro Focus International plc.

As part of the Separation and Distribution Agreements between ~~Hewlett~~HPE ~~Packard Enterprise~~ and HP Inc., ~~Hewlett~~HPE ~~Packard Enterprise~~ and DXC, and ~~Hewlett~~HPE ~~Packard Enterprise~~ and Seattle SpinCo, the parties to each agreement agreed to cooperate with each other in managing certain existing litigation related to both parties’ businesses. The Separation and Distribution Agreements also included provisions that assign to the parties responsibility for managing pending and future litigation related to the general corporate matters of HP Inc. (in the case of the separation of ~~Hewlett~~HPE ~~Packard Enterprise~~ from HP Inc.) or of ~~Hewlett~~HPE ~~Packard Enterprise~~ (in the case of the separation of DXC from ~~Hewlett~~HPE ~~Packard Enterprise~~ and the separation of Micro Focus from ~~Hewlett Packard Enterprise~~HPE), in each case arising prior to the applicable separation.

Environmental

The Company's operations and products are or may in the future become subject to various federal, state, local, and foreign laws and regulations concerning the environment, including laws addressing the discharge of pollutants into the air and water; supply chain due diligence; and sustainability, environment, and emissions-related reporting; environmental claims and statements; the management, movement, and disposal of hazardous substances and wastes; the clean-up of contaminated sites; product safety and compliance; the energy consumption of products, services, and operations; and the operational or financial responsibility for recycling, treatment, and disposal of those products. This includes legislation that makes producers of electrical goods, including servers and networking equipment, responsible for repairability requirements or financially responsible for specified collection, recycling, treatment, and disposal of past and future covered products (sometimes referred to as “product take-back legislation”). The Company could incur substantial costs, its products could be restricted from entering certain jurisdictions, and it could face other sanctions, if it were to violate or become liable under environmental laws, including those related to addressing climate change, sustainability, and other environmental related issues, or if its products become non-compliant with such environmental laws. The Company's potential exposure includes impacts on revenue, fines and civil or criminal sanctions, third-party environmental or property damage or personal injury claims or actions, and clean-up costs. The amount and timing of costs to comply with environmental laws are difficult to predict.

In particular, the Company may become a party to, or otherwise involved in, proceedings brought by U.S. or state environmental agencies under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), known as “Superfund,” or other federal, state or foreign laws and regulations addressing the clean-up of contaminated sites, and may become a party to, or otherwise involved in, proceedings brought by private parties for contribution towards clean-up costs. The Company is also contractually obligated to make financial contributions to address actions related to certain environmental liabilities, both ongoing and arising in the future, pursuant to its Separation and Distribution Agreement with HP Inc.

~~Unconditional Purchase Obligations~~38

As of January 31, 2026, the Company had unconditional purchase obligations of approximately $3.8 billion. These unconditional purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on the Company and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction, as well as settlements that the Company has reached

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

with third parties, requiring it to pay determined amounts over a specified period of time. These unconditional purchase obligations are related principally to inventory purchases, software maintenance and support services and other items. Unconditional ~~purchase~~Purchase obligations exclude agreements that are cancellable without penalty. The Company expects the commitments to total $1,834 million, $854 million, $496 million, $401 million, $163 million, and $96 million for fiscal years 2026, 2027, 2028, 2029, 2030, and thereafter, respectively.Obligations

As of April 30, 2026, the Company had unconditional purchase obligations of approximately $5.7 billion. These unconditional purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on the Company and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price provisions and the approximate timing of the transaction, as well as settlements that the Company has reached with third parties, requiring it to pay determined amounts over a specified period of time. These unconditional purchase obligations are related principally to inventory purchases, software maintenance and support services and other items. Unconditional purchase obligations exclude agreements that are cancellable without penalty. The Company expects the commitments to total $3.4 billion, $1.1 billion, $568 million, $426 million, $187 million, and $96 million for fiscal years 2026, 2027, 2028, 2029, 2030, and thereafter, respectively.

Guarantees

In the ordinary course of business, the Company may issue performance guarantees to certain of its clients, customers, and other parties pursuant to which the Company has guaranteed the performance obligations of third parties. Some of those guarantees may be backed by standby letters of credit or surety bonds. In general, the Company would be obligated to perform over the term of the guarantee in the event a specified triggering event occurs as defined by the guarantee. The Company believes the likelihood of having to perform under a material guarantee is remote.

The Company has entered into service contracts with certain of its clients that are supported by financing arrangements. If a service contract is terminated as a result of the Company's non-performance under the contract or failure to comply with the terms of the financing arrangement, the Company could, under certain circumstances, be required to acquire certain assets related to the service contract. The Company believes the likelihood of having to acquire a material amount of assets under these arrangements is remote.

The maximum potential future payments under performance guarantees and financing arrangements was $~~352~~353 million as of ~~January~~April 3130, 2026.

Indemnifications

In the ordinary course of business, the Company enters into contractual arrangements under which the Company may agree to indemnify a third party to such arrangement from any losses incurred relating to the services they perform on behalf of the Company or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation or claims relating to past performance. The Company also provides indemnifications to certain vendors and customers against claims of intellectual property infringement made by third parties arising from the use by such vendors and customers of the Company's software products and support services and certain other matters. Some indemnifications may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial.

~~Note 15: Subsequent Events~~39

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

For purposes of this Management's Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) section, we use the terms “~~Hewlett Packard Enterprise”, “~~HPE”, the “Company”, “we”, “us” and “our” to refer to Hewlett Packard Enterprise Company.

We intend the discussion of our financial condition and results of operations that follows to provide information that will assist the reader in understanding our Condensed Consolidated Financial Statements, changes in certain key items in these financial statements from period-to-period and the primary factors that accounted for these changes, as well as how certain accounting principles, policies, and estimates affect our Condensed Consolidated Financial Statements. This discussion should be read in conjunction with our Condensed Consolidated Financial Statements and the related notes that appear elsewhere in this document.

The financial discussion and analysis in the following MD&A compares the three and six months ended ~~January~~April 3130, 2026 to the comparable prior-year period and where appropriate, as of ~~January~~April 3130, 2026, unless otherwise noted.

This MD&A is organized as follows:

•Trends and Uncertainties. A discussion of material events and uncertainties known to management, such as the mixed macroeconomic environment and heightening global trade restrictions, uneven demand across our portfolio, increased demand for and adoption of new technologies, supply chain constraints and related cost increases for certain components, increased inventory levels, conservative customer spending environment (though recovering), persistent inflation, foreign exchange pressures, recent tax developments, and competitive pricing pressures.

•Executive Overview. A discussion of our business and a summary of our financial performance and other highlights, including Generally accepted accounting Principles (“GAAP”) and non-GAAP financial measures, affecting the Company in order to provide context to the remainder of the MD&A.

•Results of Operations. A discussion of the results of operations at the consolidated level is followed by a discussion of the results of operations at the segment level.

•Critical Accounting Policies and Estimates. A discussion of accounting policies and estimates that we believe are important to understanding the assumptions and judgments incorporated in our reported financial results.

•Liquidity and Capital Resources. An analysis of changes in our cash flows, financial condition, liquidity, and cash requirements and commitments.

•GAAP to Non-GAAP Reconciliations. Each non-GAAP financial measure has been reconciled to the most directly comparable GAAP financial measure. This section also includes a discussion of the use, usefulness and economic substance of the non-GAAP financial measures, along with a discussion of material limitations, and compensation for those limitations, associated with the use of non-GAAP financial measures.

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Management's Discussion and Analysis of

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TRENDS AND UNCERTAINTIES

During the first ~~three~~six months of fiscal 2026, the effects of the evolving macroeconomic environment on demand for information technology products and supply for components persisted and certain significant developments impacted our operations, as follows:

Technological Advancements: We have observed market trends and demand (of customers of various segments and sizes) gravitating towards AI, hybrid cloud, edge computing, data security capabilities, and related offerings. The volume of data at the edge continues to grow, driven by the proliferation of ~~more~~ devices. As a result, the need for a unified cloud experience everywhere has grown, in order to manage the growth of data at the edge. Increasing demand for AI is also contributing to changes in the competitive landscape. With the abundance of data, there are opportunities to develop AI tools with powerful computational abilities to extract insights and value from the captured data. Secure networking that is purpose-built for AI workloads is the foundation that enables users to seamlessly connect and apply AI learnings to such data that lives in various ecosystems. While we believe our recent acquisition of Juniper Networks Inc. (“Juniper Networks”) positions us to capitalize on the growing market opportunities across AI-accelerated computing, data, cloud and networking, our major competitors and emerging competitors are expanding their product and service offerings with integrated products and solutions and exerting increased competitive pressure. We expect these market dynamics and trends to continue in the longer term.

Macroeconomic Uncertainty: The evolving macroeconomic environment has impacted industry-wide demand, as customers have been taking longer to work through prior orders and continue to adopt a more strategic approach to discretionary IT spending. While this dynamic has been easing, it has resulted in uneven demand across our portfolio and geographies, particularly for certain of our hardware offerings, as customers have focused investments on modernizing infrastructure, such as migrating to cloud-based offerings. Additionally, there continues to be significant uncertainty surrounding the tariff environment and import/export regulations due to numerous factors, including but not limited to tariff imposition delays, changes to tariff rates and policies, and enactment of reciprocally restrictive trade policies and measures around the world. These have enhanced global trade uncertainty and contributed to higher prices of components and end products and services. While we have sought to mitigate these adverse impacts by relying on our global supply chain and implementing pricing measures, we expect the current macroeconomic environment to continue with the potential to impact revenue and margin growth in the near term.

Supply Chain: We experienced supply chain constraints for certain components, including graphics processing units (“GPUs”), accelerated processing units, solid-state drives (“SSDs”), and other memory components. We are affected by the worldwide shortage in memory components that began to impact the semiconductor industry in the first ~~quarter~~half of fiscal year 2026 primarily due to the accelerating growth in AI usage and the related rapid expansion in AI data centers and compute refresh cycles. In the first ~~quarter~~half of fiscal year 2026, we experienced supply chain constraints due to these component shortages and expect such dynamics to continue in the medium term as memory supply constraints may continue until memory vendors transition greater production allocations towards high performance memory components required by AI. The future remains uncertain due to the macroeconomic ~~uncertainty~~environment and dynamics discussed above, which have thus far impacted our ability to import and export components and finished products and increased our costs. Additionally, logistics costs have been, and may continue to remain, high due to changes in trade policies and ongoing geopolitical uncertainties and tensions. We have experienced higher-than-normal inventory levels, primarily due to frequent component part updates, customers transitioning to the next generation of GPUs, our efforts to secure supply ahead of demand, and longer customer acceptance timelines on AI-related orders. In addition, our current efforts to secure memory components and SSDs to meet forecasted demand may further increase our inventory levels in the medium term. While we have been working to reduce inventory, any or all of the aforementioned factors could contribute to sustained higher-than-normal levels and further uncertainty. We have experienced, and expect to continue experiencing, rising input component costs due to various factors, including but not limited to global trade uncertainties and the competitive pricing environment, all of which may impact our financial results. We are taking actions through continued disciplined cost pricing management and supply chain diversification to mitigate the impact of these dynamics. However, such actions may not fully mitigate any impact on our financial condition.

Recurring Revenue and Consumption Models: We continue to strengthen our core server and storage-oriented offerings and expand our offerings on the HPE GreenLake cloud, to deliver our entire portfolio as-a-service (“aaS”) and become the edge-to-cloud company of choice for our customers and partners. We expect that such flexible consumption model will continue to strengthen our customer relationships and contribute to growth in recurring revenue.

Foreign Currency Exposure: We have a large global presence, with more than half of our revenue generated outside of the U.S. As a result, our financial results can be, and particularly in recent periods have been, impacted by fluctuations in

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foreign currency exchange rates. We utilize a comprehensive hedging strategy intended to mitigate the impact of foreign currency volatility over time, and we adjust pricing when possible to further minimize foreign currency impacts.

Public Sector: We have a number of engagements with various public sector entities, including the U.S. federal government and its agencies, as direct or indirect customers of our IT services and hardware. Significant staffing and resource reductions at certain public sector entities create an uncertain environment and as a result, our financial results have been, and may continue to be, impacted in the near term.

Recent Tax Developments: Proposals to reform U.S. and foreign tax laws could significantly impact how U.S. multinational corporations are taxed on foreign earnings. Several of the proposals currently being considered, if enacted into law, could have an impact on our effective tax rate, income tax expense, and cash flows. Our future effective tax rate may also be impacted by judicial decisions, changes in interpretation of regulations, as well as additional legislation and guidance. Further, the Organisation for Economic Co-operation and Development (“OECD”), an international association of 38 countries including the United States, has proposed changes to numerous long-standing tax principles, namely, its Pillar Two framework, which imposes a global minimum corporate tax rate of 15%. To date, approximately 65 countries have enacted portions, or all, of the OECD proposal. The adoption and effective dates of these rules may vary by country and could increase tax complexity and uncertainty and may adversely affect our provision for income taxes. While we do not anticipate a material adverse impact to our financial position in fiscal 2026, additional changes to global tax laws are likely to occur. For instance, some countries have enacted, and others have proposed, taxes based on gross receipts applicable to digital services, regardless of profitability. Such changes may adversely affect our tax liability. In addition, the United States has considered, and may adopt, reciprocal tax measures in response to such regimes. These developments could increase our global tax burden, result in double taxation, and adversely affect our tax liability.

The Internal Revenue Service (“IRS”) is conducting audits of our fiscal 2020 through 2022 U.S. federal income tax returns. During the first quarter of fiscal 2026, the IRS issued notices of proposed adjustments (“NOPAs”) for fiscal 2020, 2021, and 2022 relating to our intercompany transfer pricing. ~~The~~During ~~IRS~~the issecond ~~seeking~~quarter of fiscal 2026, we submitted a formal settlement offer to ~~materially~~the ~~increase~~IRS ~~taxable~~to ~~income~~facilitate ~~across~~the closing of the ~~three~~audit ~~fiscal~~and ~~years~~recorded increased reserves for unrecognized tax benefits of $318 million. ~~However,~~The weimpact ~~disagree~~of the increase in reserves is almost entirely offset with ~~the~~a ~~IRS’~~valuation ~~adjustments~~allowance release, and ~~believe~~ the ~~positions~~net ~~taken~~impact onto ~~our~~income tax ~~returns~~expense ~~are~~for ~~more~~the ~~likely~~three ~~than~~and six months ended April 30, 2026 was not tomaterial. ~~prevail~~It onis ~~technical~~reasonably ~~merits,~~possible ~~and~~that wethe ~~will~~IRS ~~defend~~audit ~~these~~for ~~positions~~fiscal 2020 through 2022 may be concluded in the ~~IRS~~next ~~administrative~~12 ~~processes~~months, asand ~~necessary.~~it ~~Accordingly,~~is noreasonably ~~changes~~possible ~~have~~that ~~been~~existing ~~made~~unrecognized totax ~~our~~benefits ~~reserves~~related ~~for~~to ~~uncertain~~these ~~tax~~years ~~positions~~may inbe ~~fiscal~~reduced ~~2026~~by ~~relating~~an amount up to $369 million within the ~~IRS’~~next 12 months; the majority of these unrecognized tax benefits are offset by adjustments to foreign tax credits that carry a full valuation allowance, which does not affect our effective tax rate.

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OB3”) into law. OB3 introduced several changes to tax regulations, including the permanent restoration of 100% depreciation and the permanent restoration of immediate deductibility of costs associated with research and development activities performed in the United States. We do not expect a material impact in fiscal 2026, but we will continue to evaluate the full impact of these changes on our future results.

Trade and Tariffs Update: On February 20, 2026, the United States Supreme Court issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”). The ultimate availability, timing, and amount of any potential refunds of such tariffs remain highly uncertain and are subject to further legal, regulatory, and administrative developments. Following the Supreme Court’s decision, the U.S. presidential administration announced its intention to invoke other laws to collect tariffs and announced new tariffs on imports from all countries, in addition to any existing non-IEEPA tariffs. There remains substantial uncertainty regarding the duration of existing and newly announced tariffs, potential changes or pauses to such tariffs, tariff levels, and whether further additional tariffs or other retaliatory actions may be imposed, modified, or suspended, and the impacts of such actions on our business. We continue to monitor and evaluate these developments and assess their potential impact on our business, financial condition, and results of operations.

Other Trends and Uncertainties: The impacts of geopolitical volatility (including the ~~continued~~ongoing ~~uncertainty~~geopolitical instability and conflict in the Middle East, the ongoing conflict in Ukraine, and the relationship between China and the U.S.) may impact our operations, financial performance, and ability to conduct business in some non-U.S. markets. We have, in the past, entered into contracts for the sale of certain products and services that reflect ~~heavier-than-normal~~ discounting due to competitive pressures or were negotiated at prices prior to the recent escalation of component costs, which have resulted in lower margins than expected, and we expect will continue to negatively impact our margins in the near term. We have been monitoring and seeking to mitigate these risks with adjustments to our manufacturing, supply chain, and distribution networks, as well as our pricing and discounting practices. We remain focused on executing our key strategic priorities, building long-term value creation for our stakeholders, and addressing our customers’ needs while continuing to make prudent decisions in response to the environment.

~~EXECUTIVE OVERVIEW~~42

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Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

~~business~~practices. ~~models,~~We ~~creating~~remain ~~new~~focused ~~customer~~on ~~and~~executing ~~employee~~our ~~experiences,~~key ~~and~~strategic ~~increasing~~priorities, ~~operational~~building ~~efficiency today and into the future. Our customers range from small~~long-~~and-medium~~term ~~size~~value ~~businesses~~creation tofor ~~large~~our ~~global~~stakeholders, ~~enterprises~~ and ~~governmental~~addressing ~~entities.~~our ~~Our~~customers’ ~~legacy~~needs ~~dates~~while continuing to amake ~~partnership~~prudent ~~founded~~decisions in ~~1939~~response ~~by William R. Hewlett and David Packard, and we strive every day~~ to ~~uphold~~the ~~and enhance that legacy through our dedication to providing innovative technological solutions to our customers~~environment.

EXECUTIVE OVERVIEW

We are a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze, and act upon data seamlessly from edge-to-cloud. We enable customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future. Our customers range from small-and-medium size businesses to large global enterprises and governmental entities. Our legacy dates to a partnership founded in 1939 by William R. Hewlett and David Packard, and we strive every day to uphold and enhance that legacy through our dedication to providing innovative technological solutions to our customers.

Our operations are organized into three reportable segments for financial reporting purposes: Cloud & AI, Networking, and Corporate Investments and Other. Effective November 1, 2025, HPE implemented an organizational change by (i) merging the Server, Hybrid Cloud, and Financial Services business segments into a new segment named Cloud & AI and (ii) transferring the Telco and Instant On businesses from the Networking segment to the Corporate Investments and Other segment. Refer to Note 2, “Segment Information” to the Condensed Consolidated Financial Statements in Item 1 of Part I for further information.

Acquisition of Juniper Networks

On July 2, 2025, we completed the Juniper Networks Merger. Under the terms of the Agreement and Plan of Merger, dated January 9, 2024, by and among Juniper Networks, HPE and Jasmine Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of HPE Merger Agreement, HPE agreed to pay $40.00 per share of Juniper Networks common stock, issued and outstanding as of July 2, 2025, representing a cash consideration of approximately $13.4 billion. The results of operations of Juniper Networks are included in the Consolidated Financial Statements commencing on July 2, 2025. See Note 7, “Acquisitions and Dispositions” to the Condensed Consolidated Financial Statements in Item 1 of Part I for additional information.

~~Pending~~ Divestiture of H3C Technologies Co., Limited Shares

On November 17, 2025, our subsidiary, H3C Holdings Limited (“H3C Holdings”), entered into (i) share purchase agreements with five counterparties, including Unisplendour International Technology Limited (“UNIS”), whereby such counterparties, in the aggregate, agreed to purchase 10% of the total issued share capital of H3C Technologies Co., Limited (“H3C”) for cash consideration of approximately $714 million and (ii) a side letter with UNIS, amending the Agreement on Subsequent Arrangements that was previously entered into on May 24, 2024, whereby, among other things, H3C Holdings and UNIS shall retain their put option and call option, respectively, relating to the remaining issued share capital of H3C held by H3C Holdings and have the right to exercise their respective option rights in respect of such shares up to three times, subject to the timing and terms as set forth therein. The agreement referenced in clause (ii) above revises the arrangements governing the sale of all of the remaining issued share capital of H3C held by us through H3C Holdings. On November 28, 2025, H3C Holdings entered into three additional share purchase agreements, including one with UNIS, whereby such counterparties, in the aggregate, agreed to purchase the remaining 9% of the total issued share capital of H3C for cash consideration of approximately $643 million. ~~Such transactions and the transactions referenced in clause (i) remain subject to regulatory approvals.~~

On May 13, 2026, we closed on the sale and disposition of 13.8% of the total issued share capital of H3C for approximately $987 million. On May 28, 2026, the Company closed on the sale of the remaining 5.2% of the total issued share capital of H3C for approximately $370 million.

Cost Savings Actions

On March 6, 2025, the Board of Directors approved a cost reduction program (the "Program") intended to reduce structural operating costs and continue advancing our ongoing commitment to profitable growth. The Program is expected to be implemented through fiscal year 2026 and deliver gross savings of approximately $350 million by fiscal year 2027 through reductions in our workforce. The Program has since become a part of Catalyst, a set of broader company-wide actions to reduce costs and enhance efficiency throughout the Company.

The estimates of the duration of the Program, the charges and expenditures that we expect to incur in connection therewith, and the timing thereof are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In addition, we may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the ~~implementation of the Program. In connection with the Program, we incurred charges of $23 million for the three months ended January 31, 2026.~~

In addition, the Company expects to achieve at least $600 million in cost savings from synergies by fiscal 2028, related to the integration of Juniper Networks. These synergies will require approximately $800 million of investment, primarily tied to headcount, supply chain optimization, and portfolio rationalization. In connection with the integration of Juniper Networks, we incurred acquisition costs of $123 million for the three months ended January 31, 2026.43

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

~~Three~~implementation of the Program. In connection with the Program, we incurred charges of $30 million and $53 million for the three and six months ended ~~January~~April 3130, 2026, ~~compared~~respectively, ~~with~~and $146 million for the three and six months ended ~~January~~April 3130, 2025.

~~Net~~In ~~revenue~~addition, ofthe ~~$9.3~~Company ~~billion~~expects ~~represented~~to anachieve ~~increase~~at ofleast ~~18.4%,~~$600 ~~primarily~~million ~~due to higher revenue~~ in ~~the~~cost ~~Networking~~savings ~~segment~~ from ~~the~~synergies ~~Merger.~~by ~~The~~fiscal ~~gross~~2028, ~~profit~~related ~~margin~~to ofthe ~~35.9%~~integration ~~(or~~of $3Juniper Networks.3 ~~billion),~~These ~~represents~~synergies anare ~~increase~~expected ofto ~~6.7~~require ~~percentage~~approximately ~~points~~$800 ~~from~~million ~~the~~of ~~prior-year period~~investment, primarily ~~due~~tied to ~~higher~~headcount, ~~revenue~~supply inchain ~~the~~optimization, ~~Networking~~and ~~segment~~portfolio rationalization. ~~The~~In ~~operating~~connection ~~profit~~with ~~margin~~the integration of ~~5.1%~~Juniper ~~represents~~Networks, awe ~~decrease~~incurred ofacquisition ~~0.4~~costs ~~percentage~~of ~~points~~$108 ~~from~~million ~~the~~and ~~prior-year~~$231 ~~period~~million, ~~primarily~~for ~~due~~the tothree anand ~~increase~~six inmonths ~~operating~~ended ~~expenses~~April ~~associated~~30, ~~with~~2026, ~~the Merger~~respectively.

Three months ended April 30, 2026 compared with three months ended April 30, 2025

Net revenue of $10.7 billion represented an increase of 40.0%, primarily due to higher revenue in the Networking segment from the Merger, and an increase in the average selling price in the Cloud & AI segment. The gross profit margin of 36.5% (or $3.9 billion), represents an increase of 8.1 percentage points from the prior-year period, primarily due to higher revenue in the Networking and Cloud & AI segments. The operating profit margin of 7.0% represents an increase of 21.5 percentage points from the prior-year period, primarily due to aforementioned gross margin improvement and the absence of goodwill impairment recorded in the prior-year period.

Six months ended April 30, 2026 compared with six months ended April 30, 2025

Net revenue of $20.0 billion represented an increase of 29.1%, primarily due to higher revenue in the Networking segment from the Merger, and an increase in the average selling price in the Cloud & AI segment. The gross profit margin of 36.2% (or $7.2 billion), represents an increase of 7.4 percentage points from the prior-year period, primarily due to higher revenue in the Networking and Cloud & AI segments. The operating profit margin of 6.1% represents an increase of 10.5 percentage points from the prior-year period, primarily due to aforementioned gross margin improvement and the absence of goodwill impairment recorded in the prior-year period.

Financial Results

The following table summarizes our condensed consolidated GAAP financial results:

	For the three months ended January 31,
	For the three months ended April 30,							For the six months ended April 30,
	2026			2025			Change	2026			2025			Change
	Dollars in millions, except per share amounts
Net revenue	$	910,~~301~~678		$	7,~~854~~627		1840.40%	$	19,979		$	15,481		29.1%
Gross profit	$	3,~~340~~900		$	2,~~295~~169		4579.58%	$	7,240		$	4,464		62.2%
Gross profit margin	3536.95		%	2928.24		%	68.~~7pts~~1pts	36.2		%	28.8		%	7.4pts
Earnings from operations	$	470		$	433		8.5%
Earnings (loss) from operations	$	747		$	(1,109)		167.4%	$	1,217		$	(676)		280.0%
Operating profit margin	57.10		%	5(14.5)		%	(021.~~4)pts~~5pts	6.1		%	(4.4)		%	10.5pts
Net earnings attributable to HPE	$	452		$	627		(27.9)%
Net earnings (loss) attributable to HPE	$	624		$	(1,050)		159.4%	$	1,076		$	(423)		354.4%
Net earnings attributable to common stockholders	$	423		$	598		(29.3)%
Net earnings (loss) attributable to common stockholders	$	595		$	(1,079)		155.1%	$	1,018		$	(481)		311.6%
Diluted net earnings per share attributable to common stockholders(1)	$	0.31		$	0.44		$(0.13)
Diluted net earnings (loss) per share attributable to common stockholders(1)	$	0.44		$	(0.82)		$1.26	$	0.75		$	(0.36)		$1.11
Cash flow provided by (used in) operations	$	1,~~178~~410		$	(~~390~~461)		$1,~~568~~871	$	2,588		$	(851)		$3,439

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

The following table summarizes our condensed consolidated non-GAAP financial results:

	For the three months ended January 31,
	For the three months ended April 30,							For the six months ended April 30,
	2026			2025			Change	2026			2025			Change
	Dollars in millions, except per share amounts
Non-GAAP gross profit	$	3,~~403~~937		$	2,~~310~~244		4775.34%	$	7,340		$	4,554		61.2%
Non-GAAP gross profit margin	36.69		%	29.4		%	7.~~2pts~~5pts	36.7		%	29.4		%	7.3pts
Non-GAAP earnings from operations	$	1,~~182~~423		$	~~780~~613		51132.51%	$	2,605		$	1,393		87.0%
Non-GAAP operating profit margin	1213.73		%	98.90		%	25.~~8pts~~3pts	13.0		%	9.0		%	4.0pts
Non-GAAP net earnings attributable to HPE	$	~~930~~1,136		$	~~684~~545		36108.04%	$	2,066		$	1,229		68.1%
Non-GAAP net earnings attributable to common stockholders	$	~~901~~1,107		$	~~655~~516		37114.65%	$	2,008		$	1,171		71.5%
Non-GAAP diluted net earnings per share attributable to common stockholders(1)	$	0.6579		$	0.4938		$0.1641	$	1.44		$	0.87		$0.57
Free cash flow	$	~~708~~915		$	(~~877~~847)		$1,~~585~~762	$	1,623		$	(1,724)		$3,347

(1)For purposes of calculating diluted net earnings (loss) per share (“EPS”), the 7.625% Series C mandatory convertible preferred stock (“Preferred Stock”) dividends are added back to the net earnings attributable to common stockholders and the diluted weighted-average share calculation assumes the Preferred Stock was converted at issuance or as of the beginning of the reporting period.

Each non-GAAP financial measure has been reconciled to the most directly comparable GAAP financial measure herein. Please refer to the section “GAAP to non-GAAP Reconciliations” included in this MD&A for these reconciliations, a discussion of the use, usefulness and economic substance of the non-GAAP financial measures, along with a discussion of material limitations, and compensation for those limitations, associated with the use of non-GAAP financial measures.

Dividends and Share Repurchase Program

Returning capital to our stockholders remains an important part of our capital allocation framework, which also consists of strategic investments. The holders of HPE common stock are entitled to receive dividends when and as declared by the Board of Directors. Our ability to pay dividends will depend on many factors, such as the Company’s financial condition, earnings, capital requirements, debt service obligations, restrictive covenants in its debt, industry practice, legal requirements, regulatory constraints, and other factors that the Board of Directors deems relevant. Furthermore, so long as any share of our Preferred Stock remains outstanding, no dividend on shares of common stock (or any other class of stock junior to the Preferred Stock) shall be declared or paid unless all accumulated and unpaid dividends for all preceding dividend periods for the Preferred Stock have been declared and paid in full in cash, shares of the Company’s common stock or a combination thereof, or a sufficient sum of cash or number of shares of its common stock has been set apart for the payment of such dividends, on all outstanding shares of the Preferred Stock. During the second quarter of fiscal 2026, we paid a quarterly dividend of $0.1425 per share of common stock. On June 1, 2026, we declared a regular cash dividend of $0.1425 per share of our common stock, payable on or about July 15, 2026, to our holders of record as of the close of business on June 16, 2026. We also declared a cash dividend of $0.953125 per share of our 7.625% Series C Mandatory Convertible Preferred Stock, which was paid on June 1, 2026, to holders of record as of the close of business on May 15, 2026.

41As of April 30, 2026, we had a remaining authorization of approximately $3.3 billion for future share repurchases.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

of strategic investments. The holders of HPE common stock are entitled to receive dividends when and as declared by the Board of Directors. Our ability to pay dividends will depend on many factors, such as the Company’s financial condition, earnings, capital requirements, debt service obligations, restrictive covenants in its debt, industry practice, legal requirements, regulatory constraints, and other factors that the Board of Directors deems relevant. Furthermore, so long as any share of our Preferred Stock remains outstanding, no dividend on shares of common stock (or any other class of stock junior to the Preferred Stock) shall be declared or paid unless all accumulated and unpaid dividends for all preceding dividend periods for the Preferred Stock have been declared and paid in full in cash, shares of the Company’s common stock or a combination thereof, or a sufficient sum of cash or number of shares of its common stock has been set apart for the payment of such dividends, on all outstanding shares of the Preferred Stock. During the first quarter of fiscal 2026, we paid a quarterly dividend of $0.1425 per share of common stock. On March 9, 2026, we declared a regular cash dividend of $0.1425 per share of our common stock, payable on or about April 23, 2026, to our holders of record as of the close of business on March 24, 2026. We also declared a cash dividend of $0.953125 per share of our 7.625% Series C Mandatory Convertible Preferred Stock, which was paid on March 1, 2026, to holders of record as of the close of business on February 15, 2026.

As of January 31, 2026, we had a remaining authorization of approximately $3.4 billion for future share repurchases.

RESULTS OF OPERATIONS

Results of operations in dollars and as a percentage of net revenue were as follows:

	For the three months ended January 31,
	For the three months ended April 30,								For the six months ended April 30,
	2026				2025				2026				2025
	Dollars		% of Revenue(1)		Dollars		% of Revenue(1)		Dollars		% of Revenue(1)		Dollars		% of Revenue(1)
	Dollars in millions
Net revenue	$	910,~~301~~678	100.0	%	$	7,~~854~~627	100.0	%	$	19,979	100.0	%	$	15,481	100.0	%
Cost of sales (exclusive of amortization shown separately below)	56,~~961~~778		6463.15		5,~~559~~458		7071.86		12,739		63.8		11,017		71.2
Gross profit	3,~~340~~900		3536.95		2,~~295~~169		2928.24		7,240		36.2		4,464		28.8
Research and development	~~744~~922		8.06		~~475~~540		67.01		1,666		8.3		1,015		6.6
Selling, general and administrative	1,~~698~~830		1817.31		1,~~268~~298		1617.10		3,528		17.7		2,566		16.6
Amortization of intangible assets	~~311~~323		3.30		3837		0.5		634		3.2		75		0.5
Transformation costs	—		—		15		0.2
Impairment charges	—		—		1,361		17.8		—		—		1,361		8.8
Acquisition, disposition and other charges	~~117~~78		10.37		6642		0.86		195		1.0		123		0.8
Earnings from operations	470		5.1		433		5.5
Earnings (loss) from operations	747		7.0		(1,109)		(14.5)		1,217		6.1		(676)		(4.4)
Interest and other, net	(5473)		(0.67)		39		0.5		(127)		(0.6)		78		0.5
Gain on sale of a business	—		—		~~244~~—		~~3.1~~—		—		—		244		1.6
Earnings from equity interests	1725		0.2		1725		0.23		42		0.2		42		0.3
Earnings before provision for taxes	433		4.7		733		9.3
Earnings (loss) before provision for taxes	699		6.5		(1,045)		(13.7)		1,132		5.7		(312)		(2.0)
Benefit (provision) for taxes	19		0.2		(106)		(1.3)
Provision for taxes	(75)		(0.7)		(5)		(0.1)		(56)		(0.3)		(111)		(0.7)
Net earnings attributable to HPE	452		4.9		627		8.0
Net earnings (loss) attributable to HPE	624		5.8		(1,050)		(13.8)		1,076		5.4		(423)		(2.7)
Preferred stock dividends	(29)		(0.3)		(29)		(0.4)		(58)		(0.3)		(58)		(0.4)
Net earnings attributable to common stockholders	$	423	4.5	%	$	598	7.6	%
Net earnings (loss) attributable to common stockholders	$	595	5.6	%	$	(1,079)	(14.2)	%	$	1,018	5.1	%	$	(481)	(3.1)	%

(1)Certain amounts may not add due to use of rounded numbers.

Three and six months ended ~~January~~April 3130, 2026 compared with the three and six months ended ~~January~~April 3130, 2025

Net revenue

For the three months ended ~~January~~April 3130, 2026, total net revenue of $910.37 billion represented an increase of $13.41 billion, or 1840.40%. U.S. net revenue increased by $~~802~~1.2 ~~million~~billion, or 3144.93%, to $34.30 billion, and net revenue from outside of the U.S. increased by $~~645~~1.8 ~~million~~billion, or 1237.16%, to $6.07 billion.

42For the six months ended April 30, 2026, total net revenue of $20.0 billion represented an increase of $4.5 billion, or 29.1%. U.S. net revenue increased by $2.0 billion, or 38.3%, to $7.3 billion, and net revenue from outside of the U.S. increased by $2.5 billion, or 24.3%, to $12.7 billion.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

The components of the weighted net revenue change by segment were as follows:

	For the three months ended January 31, 2026
	For the three months ended April 30, 2026	For the six months ended April 30, 2026
	Percentage Points
Cloud & AI	(2.3)
Networking	21.1	20.9
Networking	20.8
Cloud & AI	18.8	8.1
Corporate Investments and Other	(0.1)	0.1
Total HPE	1840.40	29.1

Three months ended April 30, 2026 compared with three months ended April 30, 2025

From a segment perspective, the primary factors contributing to the change in total net revenue are summarized as follows:

•~~Cloud~~Networking ~~& AI~~ net revenue ~~decreased~~increased $~~177~~1.6 ~~million~~billion, or 2148.72%, primarily due to ~~lower~~revenue ~~net~~attributable ~~unit~~to ~~volume~~Juniper ~~and net AUPs from the Server business~~Networks

•~~Networking~~Cloud & AI net revenue increased $1~~,630~~.4 ~~million~~billion, or ~~151~~22.59%, primarily due to ~~revenue~~an ~~attributable~~increase toin ~~Juniper~~the ~~Networks~~average selling price

Six months ended April 30, 2026 compared with six months ended April 30, 2025

From a segment perspective, the primary factors contributing to the change in total net revenue are summarized as follows:

•Networking net revenue increased $3.2 billion, or 149.8%, primarily due to revenue attributable to Juniper Networks

•Cloud & AI net revenue increased $1.3 billion, or 9.8%, primarily due to an increase in the average selling price

Please refer to the section “Segment Information” further below for a discussion of our results of operations for each reportable segment.

Gross profit

For the three months ended ~~January~~April 3130, 2026, the total gross profit margin of 3536.95%, represents an increase of 68.1 percentage points, as compared to the respective prior year period. For the six months ended April 30, 2026, the total gross profit margin of 36.2%, represents an increase of 7.4 percentage points, as compared to the respective prior year period. The ~~increase~~increases ~~was~~were primarily due to the favorable mix of higher-margin ~~revenue~~revenues in the Networking ~~segment.~~and Cloud & AI segments and the acquisition of Juniper Networks.

Operating expenses

Research and development (“R&D”)

For the three months ended ~~January~~April 3130, 2026, R&D expense increased by $~~269~~382 million, or 5670.67%, primarily due to increased operating expenses associated with Juniper Networks, ~~which contributed 38.5 percentage points to the change,~~ and higher variable employee costs, which contributed 961.61 percentage points to the change.

For the six months ended April 30, 2026, R&D expense increased by $651 million, or 64.1%, primarily due to increased operating expenses associated with Juniper Networks and higher variable employee costs, which contributed 54.7 percentage points to the change.

Selling, general and administrative (“SG&A”)

For the three months ended ~~January~~April 3130, 2026, SG&A expense increased by $~~430~~532 million, or 3341.90%, primarily due to higher variable employee costs and increased operating expenses associated with Juniper Networks, which contributed 3435.93 percentage points to the change.

For the six months ended April 30, 2026, SG&A expense increased by $962 million, or 37.5%, primarily due to increased operating expenses associated with Juniper Networks and higher variable employee costs, which contributed 31.2 percentage points to the change.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

Amortization of intangible assets

~~Amortization~~For the three and six months ended April 30, 2026, amortization of intangible assets increased by $~~273~~286 million, or ~~718~~773.40%, and $559 million, or 745.3%, respectively, primarily due to the amortization expense of the acquired intangibles as a result of the Merger. ~~The increase was partially offset by certain intangible assets associated with prior acquisitions reaching the end of their amortization periods.~~

Impairment charges

Impairment charges for the three and six months ended April 30, 2025 represents a partial goodwill impairment charge of $1.4 billion, as it was determined that the fair value of the Cloud & AI (excluding Financial Services) reporting unit was below the carrying value of its net assets.

Acquisition, disposition and other charges

For the three and six months ended ~~January~~April 3130, 2026, acquisition, disposition and other charges increased by $5136 million or 7785.37%, and $72 million or 58.5%, respectively, primarily due to costs incurred in connection with the Merger.

Interest and other, net

For the three and six months ended ~~January~~April 3130, 2026, interest and other, net expense increased by $93112 million, or ~~238~~287.52%, and $205 million, or 262.8%, respectively, primarily due to higher net interest expense of $~~109~~108 million and $232 million, respectively.

Gain on sale of a business

On December 1, 2024, we completed the disposition of CTG. We received net proceeds of $210 million and recognized a gain of $244 million.

43Provision for taxes

~~Table~~For the three months ended April 30, 2026 and 2025, we recorded income tax expense of ~~Content~~$75 million and $5 million, respectively, which reflects an effective tax rate of 10.7% and (0.5)%, respectively. For the six months ended April 30, 2026 and 2025, we recorded income tax expense of $56 million and $111 million, respectively, which reflects an effective tax rate of 4.9% and (35.6)%, respectively. Our effective tax rate generally differs from the U.S. federal statutory rate of 21% due to favorable tax rates associated with certain earnings from our operations in lower tax jurisdictions throughout the world but is also impacted by discrete tax adjustments during each fiscal period. For the three and six months ended April 30, 2025, the effective tax rate also included the effects of the non-deductible goodwill impairment.

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

Benefit (provision) for taxes

For the three months ended January 31, 2026 and 2025, we recorded income tax benefit of $19 million and income tax expense of $106 million, respectively, which reflects an effective tax rate of (4.4)% and 14.5%, respectively. Our effective tax rate generally differs from the U.S. federal statutory rate of 21% due to favorable tax rates associated with certain earnings from our operations in lower tax jurisdictions throughout the world but is also impacted by discrete tax adjustments during each fiscal period.

For further discussion, refer to Note 4, “Taxes on Earnings” to the Condensed Consolidated Financial Statements in Item 1 of Part I.

Segment Information

~~Hewlett Packard Enterprise~~HPE's organizational structure is based on a number of factors that the Chief Operating Decision Maker, who is the Chief Executive Officer, uses to evaluate, view, and run our business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The segments are based on this structure and information reviewed by ~~Hewlett Packard Enterprise~~HPE's management to evaluate segment results.

As described in Note 1, “Overview and Summary of Significant Accounting Policies,” effective as of the beginning of the first quarter of fiscal 2026, the Company realigned its five reportable segments to three reportable segments. These changes had no impact to HPE’s previously reported consolidated GAAP results. A description of the products and services for each segment, along with other pertinent information related to segments can be found in Note 2, “Segment Information” to the Condensed Consolidated Financial Statements in Item 1 of Part I.

~~Segment Results~~48

The following table and ensuing discussion provide an overview of our key financial metrics by segment for the three months ended January 31, 2026, as compared to the prior-year period:

	HPE Consolidated			Networking			Cloud & AI			Corporate Investments and Other
	Dollars in millions
Net revenue	$	9,301		$	2,706		$	6,334		$	261
Year-over-year change %	18.4		%	151.5		%	(2.7)		%	(2.2)		%
Gross profit as a % of net revenue	35.9		%	61.2		%	26.7		%	21.8		%
Earnings (loss) from operations(1)	$	470		$	640		$	645		$	(12)
Earnings (loss) from operations as a % of net revenue	5.1		%	23.7		%	10.2		%	(4.6)		%
Year-over-year change percentage points	(0.4)		pts	(6.0)		pts	1.8		pts	(1.6)		pts

(1)Segment earnings (loss) from operations exclude certain unallocated corporate costs and eliminations, stock-based compensation expense, amortization of intangible assets, transformation costs, H3C divestiture related severance costs, severance costs related to the cost reduction program, and acquisition, disposition and other charges.

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

	For the three months ended January 31,
	2026			2025			% Change
	Dollars in millions
Networking net revenue:
Campus & Branch	$	1,227		$	864		42.0	%
Data Center Networking	444			92			382.6	%
Security	255			119			114.3	%
Routing	780			1			N/M
Total Networking net revenue	2,706			1,076			151.5	%
Cost of sales	1,049			395			165.6	%
Gross profit	1,657			681			143.3	%
Operating expenses	1,017			361			181.7	%
Earnings from operations	$	640		$	320		100.0	%
Earnings from operations as a % of net revenue	23.7		%	29.7		%

Segment Results

The following table and ensuing discussion provide an overview of our key financial metrics by segment for the three months ended April 30, 2026, as compared to the prior-year period:


	HPE Consolidated			Networking			Cloud & AI			Corporate Investments and Other
	Dollars in millions
Net revenue	$	10,678		$	2,690		$	7,707		$	281
Year-over-year change %	40.0		%	148.2		%	22.9		%	3.3		%
Gross profit as a % of net revenue	36.5		%	60.7		%	29.1		%	22.8		%
Earnings (loss) from operations(1)	$	747		$	581		$	954		$	(9)
Earnings (loss) from operations as a % of net revenue	7.0		%	21.6		%	12.4		%	(3.2)		%
Year-over-year change percentage points	21.5		pts	(3.4)		pts	5.8		pts	(0.6)		pts

The following table and ensuing discussion provide an overview of our key financial metrics by segment for the six months ended April 30, 2026, as compared to the prior-year period:


	HPE Consolidated			Networking			Cloud & AI			Corporate Investments and Other
	Dollars in millions
Net revenue	$	19,979		$	5,396		$	14,041		$	542
Year-over-year change %	29.1		%	149.8		%	9.8		%	0.6		%
Gross profit as a % of net revenue	36.2		%	61.0		%	28.0		%	22.3		%
Earnings (loss) from operations(1)	$	1,217		$	1,221		$	1,599		$	(21)
Earnings (loss) from operations as a % of net revenue	6.1		%	22.6		%	11.4		%	(3.9)		%
Year-over-year change percentage points	10.5		pts	(4.8)		pts	3.9		pts	(1.1)		pts

(1)Segment earnings (loss) from operations exclude certain unallocated corporate costs and eliminations, stock-based compensation expense, amortization of intangible assets, H3C divestiture related severance costs, severance costs related to the cost reduction program, acquisition, disposition and other charges, and impairment charges.

Networking


	For the three months ended April 30,								For the six months ended April 30,
	2026			2025			% Change		2026			2025			% Change
	Dollars in millions
Networking net revenue:
Campus & Branch	$	1,322		$	880		50.2	%	$	2,549		$	1,744		46.2	%
Data Center Networking	320			96			233.3	%	764			188			306.4	%
Security	273			107			155.1	%	528			226			133.6	%
Routing	775			1			N/M		1,555			2			N/M
Total Networking net revenue	2,690			1,084			148.2	%	5,396			2,160			149.8	%
Cost of sales	1,056			422			150.2	%	2,105			817			157.6	%
Gross profit	1,634			662			146.8	%	3,291			1,343			145.0	%
Operating expenses	1,053			391			169.3	%	2,070			752			175.3	%
Earnings from operations	$	581		$	271		114.4	%	$	1,221		$	591		106.6	%
Earnings from operations as a % of net revenue	21.6		%	25.0		%			22.6		%	27.4		%

N/M - Not meaningful

~~Three months ended January 31, 2026 compared with three months ended January 31, 2025~~49

Networking segment net revenue increased by $1,630 million, or 151.5%, primarily due to a $1,031 million, or 130.7%, increase in product revenue, and $599 million, or 208.7%, increase in service revenue. The increase in product revenue was primarily led by revenue attributable to Juniper Networks of $1,061 million, or 134.5%. The increase in service revenue was primarily led by revenue attributable to Juniper Networks of $568 million, or 197.9%.

Networking segment gross profit increased by $976 million, or 143.3%, primarily driven by increased net revenue as mentioned above. The increase was partially offset by higher cost of sales of $654 million, or 165.6%, which was primarily attributable to Juniper Networks.

Networking segment earnings from operations increased by $320 million, or 100.0%, primarily due to higher gross profit, which was partially offset by an increase in operating expenses of $656 million, or 181.7%. The increase in operating expenses was primarily attributable to Juniper Networks.

	For the three months ended January 31,
	2026			2025			% Change
	Dollars in millions
Cloud & AI net revenue:
Server	$	4,232		$	4,348		(2.7)	%
Storage(1)	1,061			1,055			0.6	%
Financial Services	876			873			0.3	%
Other(2)	165			235			(29.8)	%
Total Cloud & AI net revenue	6,334			6,511			(2.7)	%
Cost of sales	4,644			4,944			(6.1)	%
Gross profit	1,690			1,567			7.8	%
Operating expenses	1,045			1,020			2.5	%
Earnings from operations	$	645		$	547		17.9	%
Earnings from operations as a % of net revenue	10.2		%	8.4		%

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

Three months ended April 30, 2026 compared with three months ended April 30, 2025

Networking segment net revenue increased by $1,606 million, or 148.2%, primarily due to a $998 million, or 125.7%, increase in product revenue, and $608 million, or 209.7%, increase in service revenue. The increase in product and service revenue was primarily led by revenue attributable to Juniper Networks.

Networking segment gross profit increased by $972 million, or 146.8%, primarily driven by increased net revenue as mentioned above. The increase was partially offset by higher cost of sales of $634 million, or 150.2%, which was primarily attributable to Juniper Networks.

Networking segment earnings from operations increased by $310 million, or 114.4%, primarily due to higher gross profit, which was partially offset by an increase in operating expenses of $662 million, or 169.3%. The increase in operating expenses was primarily attributable to Juniper Networks and higher variable employee costs.

Six months ended April 30, 2026 compared with six months ended April 30, 2025

Networking segment net revenue increased by $3,236 million, or 149.8%, primarily due to a $2,029 million, or 128.2%, increase in product revenue, and $1,207 million, or 209.2%, increase in service revenue. The increase in product and service revenue was primarily led by revenue attributable to Juniper Networks.

Networking segment gross profit increased by $1,948 million, or 145.0%, primarily driven by increased net revenue as mentioned above. The increase was partially offset by higher cost of sales of $1,288 million, or 157.6%, which was primarily attributable to Juniper Networks.

Networking segment earnings from operations increased by $630 million, or 106.6%, primarily due to higher gross profit, which was partially offset by an increase in operating expenses of $1,318 million, or 175.3%. The increase in operating expenses was primarily attributable to Juniper Networks and higher variable employee costs.

Cloud & AI


	For the three months ended April 30,								For the six months ended April 30,
	2026			2025			% Change		2026			2025			% Change
	Dollars in millions
Cloud & AI net revenue:
Server	$	5,454		$	4,109		32.7	%	$	9,686		$	8,457		14.5	%
Storage(1)	1,175			1,148			2.4	%	2,236			2,203			1.5	%
Financial Services	904			856			5.6	%	1,780			1,729			2.9	%
Other(2)	174			158			10.1	%	339			393			(13.7)	%
Total Cloud & AI net revenue	7,707			6,271			22.9	%	14,041			12,782			9.8	%
Cost of sales	5,468			4,760			14.9	%	10,112			9,704			4.2	%
Gross profit	2,239			1,511			48.2	%	3,929			3,078			27.6	%
Operating expenses	1,285			1,097			17.1	%	2,330			2,117			10.1	%
Earnings from operations	$	954		$	414		130.4	%	$	1,599		$	961		66.4	%
Earnings from operations as a % of net revenue	12.4		%	6.6		%			11.4		%	7.5		%

(1) Storage includes revenue from GreenLake Flex and Software.

(2) Other category includes intersegment revenue eliminations and third-party storage solutions.

Three months ended ~~January~~April 3130, 2026 compared with three months ended ~~January~~April 3130, 2025

Cloud & AI segment net revenue ~~decreased~~increased by $~~177~~1,436 million, or 222.79%, primarily due to aan ~~$150~~increase ~~million, or 3.6%, decrease~~ in ~~product~~Server ~~revenue,~~net ~~and $27 million, or 1.2%, decrease in service~~ revenue. Server net revenue ~~decreased~~increased by $~~116~~1,345 million, or 232.7%, ~~primarily~~predominantly due to ~~lower~~an ~~net~~increase ~~unit~~in ~~volume~~the ofaverage ~~$142~~selling ~~million, or 4~~price.~~0%,~~ ~~and~~The ~~lower~~increase ~~net~~in ~~AUPs~~average ofselling ~~$33~~price ~~million, or 0.9%. This decrease~~ was ~~partially offset by favorable currency fluctuations of $63 million, or 1.8%. Storage net revenue increased by $6 million, or 0.6%,~~ due to acommodity ~~unit~~price ~~volume increase of $73 million~~increases, orespecially ~~6.9%,~~memory ~~led by software~~ and ~~storage products, and favorable currency fluctuations of $19 million, or 1~~SSDs.~~8%. This increase was partially offset by a decrease in AUPs of $86 million, or 8.1%, led by software products and services.~~

Cloud & AI gross profit increased by $~~123~~728 million, or 748.82%, primarily driven by aincreased ~~decrease~~net inrevenue. ~~cost~~This ofincrease ~~sales~~was ~~by $300 million, or 6.1%,~~ due to favorable mix of higher-margin revenues ~~and currency fluctuations~~, partially offset by higher commodity and input costs.

Cloud & AI earnings from operations increased by $98 million, or 17.9%, primarily driven by higher gross profit, partially offset by an increase in operating expenses of $25 million, or 2.5%, due to higher employee costs.50

	For the three months ended January 31,
	2026			2025			% Change
	Dollars in millions
Net revenue	$	261		$	267		(2.2)	%
Cost of sales	204			202			1.0	%
Gross profit	57			65			(12.3)	%
Operating expenses	69			73			(5.5)	%
Loss from operations	$	(12)		$	(8)		(50.0)	%
Loss from operations as a % of net revenue	(4.6)		%	(3.0)		%

Three months ended January 31, 2026 compared with three months ended January 31, 2025

Corporate Investments and Other segment reported immaterial fluctuations in net revenue, gross profit and loss from operations, which had no significant impact on the overall performance of the segment.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our Condensed Consolidated Financial Statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which requires us to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses, and the disclosure of contingent liabilities. An accounting policy is deemed to be critical if the nature of the estimate or assumption it incorporates is subject to a material level of judgment related to matters that are highly uncertain, and changes in those estimates and assumptions are reasonably likely to materially impact our Condensed Consolidated Financial Statements.

Estimates and judgments are based on historical experience, forecasted events, and various other assumptions that we believe to be reasonable under the circumstances. Estimates and judgments may vary under different assumptions or conditions. We evaluate our estimates and judgments on an ongoing basis. Accounting policies that are critical in the portrayal of our financial condition and results of operations and require management’s most difficult, subjective, or complex judgments include revenue recognition, taxes on earnings, impairment assessment of goodwill and intangible assets, and contingencies.

As of January 31, 2026, there have been no significant changes to our critical accounting estimates since our Annual Report on Form 10-K for the fiscal year ended October 31, 2025, except as set forth below.

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

~~Goodwill~~Cloud & AI earnings from operations increased by $540 million, or 130.4%, primarily driven by higher gross profit, partially offset by an increase in operating expenses of $188 million, or 17.1%, due to higher variable employee costs.

~~Goodwill~~Six ismonths ~~tested~~ended ~~for~~April ~~impairment at the reporting unit level. As of November 1~~30, ~~2025,~~2026 wecompared ~~reassessed~~with ~~our~~six ~~reporting~~months ~~units~~ended ~~and~~April ~~determined that the former Server and Hybrid Cloud reporting units met the criteria to qualify as a single Cloud & AI (excluding Financial Services) reporting unit~~30, and Intelligent Edge and Juniper Networks met the criteria to qualify as a single Networking reporting unit. The Cloud & AI segment contains the Cloud & AI (excluding Financial Services) and Financial Services reporting units. The Corporate Investments and Other segment contains the A & PS, Telco and Instant On reporting units.2025

~~Goodwill~~Cloud is& ~~tested~~AI ~~annually~~segment ~~for~~net ~~impairment,~~revenue asincreased ofby ~~the~~$1,259 ~~first day of the fourth quarter~~million, ator ~~the reporting unit level~~9. ~~Additionally~~8%, anprimarily ~~interim~~due ~~impairment~~to ~~test~~an ~~was~~increase ~~performed as of November 1, 2025 based on organizational changes impacting the reporting units. The interim impairment test did not result~~ in ~~any~~Server ~~impairment~~net ~~of goodwill~~revenue. ~~For~~Server ~~all~~net ~~reporting~~revenue ~~units~~increased ~~other~~by ~~than~~$1,229 ~~Cloud & AI (excluding Financial Services)~~million, aor ~~qualitative test was performed and there were no indicators of impairment of goodwill~~14. ~~For the Cloud & AI (excluding Financial Services) reporting unit a quantitative assessment was performed~~5%, ~~and~~predominantly ~~the~~due ~~excess of fair value over carrying amount was 10%. In order~~ to ~~evaluate~~an ~~the~~increase ~~sensitivity~~in of the ~~estimated~~average ~~fair~~selling ~~value~~price. ofThe ~~the~~increase ~~reporting units~~ in ~~the~~average ~~goodwill~~selling ~~impairment~~price ~~test,~~was wedue ~~applied a 10% decrease~~ to ~~the~~commodity ~~fair~~price ~~value of the Cloud & AI~~increases, ~~(excluding~~especially ~~Financial~~memory ~~Services)~~and ~~reporting unit~~SSDs. ~~Based on the results of this hypothetical 10% decrease, this reporting unit did not have an excess of fair value over carrying value.~~

~~The~~ Cloud & AI ~~(excluding~~gross ~~Financial~~profit ~~Services)~~increased ~~reporting~~by ~~unit has goodwill of~~ $~~13.5~~851 ~~billion as of January 31~~million, ~~2026.~~or ~~In the current macroeconomic and inflationary environment, customers are investing selectively~~27. ~~This has resulted in moderate unit growth and competitive pricing in traditional servers offerings. While AI servers is growing at a faster pace~~6%, ~~because~~primarily ~~graphics~~driven ~~processing~~by ~~units~~increased ~~represent~~net ~~a large portion of the solutions, the pricing is very competitive and margins are limited~~revenue. InThis ~~addition,~~increase ~~the~~was ~~business~~due ~~is managing a storage product model transition~~ to afavorable ~~more cloud-native, software-defined platform with HPE Alletra. Translating this growth to revenue and operating income will take time because a greater~~ mix of ~~high~~ higher-margin ~~business~~revenues, ~~such~~partially asoffset ~~ratable~~by ~~software~~higher ~~and~~commodity ~~services, are deferred~~ and ~~recognized~~input ~~in future periods~~costs. The Cloud & AI (excluding Financial Services) reporting unit continues to focus on capturing market share in both traditional and AI servers and storage while maintaining operating margin and leveraging its strong portfolio of products and services. If the global macroeconomic or geopolitical conditions worsen, projected revenue growth rates or operating margins decline, weighted average cost of capital increases, or if we have significant or sustained decline in its stock price, it is possible its estimates about this reporting unit's ability to successfully address the current challenges may change, which could result in the carrying value of the Cloud & AI (excluding Financial Services) reporting unit exceeding its estimated fair value and potential impairment charges.

Cloud & AI earnings from operations increased by $638 million, or 66.4%, primarily driven by higher gross profit, partially offset by an increase in operating expenses of $213 million, or 10.1%, due to higher variable employee costs.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Our Condensed Consolidated Financial Statements are prepared in accordance with U.S. GAAP which requires us to make estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses, and the disclosure of contingent liabilities. An accounting policy is deemed to be critical if the nature of the estimate or assumption it incorporates is subject to a material level of judgment related to matters that are highly uncertain, and changes in those estimates and assumptions are reasonably likely to materially impact our Condensed Consolidated Financial Statements.

As of April 30, 2026, there have been no significant changes to our critical accounting estimates since our Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

LIQUIDITY AND CAPITAL RESOURCES

Current Overview

We use cash generated by operations as our primary source of liquidity. We believe that internally generated cash flows will be generally sufficient to support our operating businesses, capital expenditures, product development initiatives, and disposal activities including legal settlements, restructuring activities, ~~transformation costs,~~ indemnifications, maturing debt, interest payments, and income tax payments, in addition to any future investments, share repurchases, and stockholder dividend payments. We expect to supplement this short-term liquidity, if necessary, by accessing the capital markets, issuing commercial paper, and borrowing under credit facilities made available by various domestic and foreign financial institutions. However, our access to capital markets may be constrained and our cost of borrowing may increase under certain business, market and economic conditions. We anticipate that the funds made available, and cash generated from our operations, along with our access to capital markets, will be sufficient to meet our liquidity requirements for at least the next twelve months and for the foreseeable future thereafter. Our liquidity is subject to various risks including the risks identified in the section entitled “Risk Factors” in Item 1A of Part I of the Annual Report on Form 10-K for the fiscal year ended October 31, 2025, as modified by the risk statements in the section titled “Risk Factors” in Item 1A of Part II subsequent Quarterly Reports, and market risks identified in the section entitled “Quantitative and Qualitative Disclosures about Market Risk” in Item 3 of Part I of this Quarterly Report.

Our cash balances are held in numerous locations throughout the world, with a substantial amount held outside the U.S. as of ~~January~~April 3130, 2026. We utilize a variety of planning and financing strategies in an effort to ensure that our worldwide cash is available when and where it is needed.

Amounts held outside of the U.S. are generally utilized to support our non-U.S. liquidity needs. Repatriations of amounts held outside the U.S. generally will not be taxable from a U.S. federal tax perspective, but may be subject to state income or foreign withholding tax. Where local restrictions prevent an efficient intercompany transfer of funds, our intent is to keep cash balances outside of the U.S. and to meet liquidity needs through ongoing cash flows, external borrowings, or both. We do not

4751

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

foreign withholding tax. Where local restrictions prevent an efficient intercompany transfer of funds, our intent is to keep cash balances outside of the U.S. and to meet liquidity needs through ongoing cash flows, external borrowings, or both. We do not expect restrictions or potential taxes incurred on repatriation of amounts held outside of the U.S. to have a material effect on our overall liquidity, financial condition, or results of operations.

In connection with the share repurchase program previously authorized by our Board of Directors, we repurchased and settled an aggregate amount of $~~158~~312 million, during the first ~~three~~six months of fiscal 2026. As of ~~January~~April 3130, 2026, we had a remaining authorization of approximately $3.43 billion for future share repurchases. For more information on our share repurchase program, refer to the section entitled “Unregistered Sales of Equity Securities and Use of Proceeds” in Item 2 of Part II.

OnIn ~~December~~May 182026, ~~2025,~~we repaid the ~~Company~~entire ~~announced~~$0.75 anbillion ~~agreement~~outstanding tounder ~~divest~~the ~~its~~three-year ~~Telco~~delayed ~~Solutions~~draw-down ~~business~~term toloan ~~HCLTech~~credit facility at par, along with accrued interest.

On ~~November~~December 1718, 2025 ~~and November 28~~, ~~2025,~~ we announced ~~plans~~an agreement to divest our ~~remaining~~Telco ~~investment~~Solutions inbusiness ~~H3C’s issued share capital for approximately $1.4 billion. For more information, see Note 7, “Acquisitions and Dispositions”~~ to ~~the Condensed Consolidated Financial Statements in Item 1 of Part I~~HCLTech.

On November 17, 2025 and November 28, 2025, we announced plans to divest our remaining investment in H3C’s issued share capital for approximately $1.4 billion. On May 13, 2026, we closed on the sale and disposition of 13.8% of the total issued share capital of H3C for approximately $987 million. On May 28, 2026, the Company closed on the sale of the remaining 5.2% of the total issued share capital of H3C for approximately $370 million. For more information, see Note 7, “Acquisitions and Dispositions” to the Condensed Consolidated Financial Statements in Item 1 of Part I.

Liquidity

Our cash, cash equivalents, restricted cash, total debt, and available borrowing resources were as follows:

	As of
	January 31, 2026		October 31, 2025
	April 30, 2026		October 31, 2025
	In millions
Cash, cash equivalents and restricted cash	$	45,~~925~~354	$	5,859
Total debt	21,~~611~~246		22,365
Available borrowing resources	6,~~485~~497		6,122
Commercial paper programs(1)	5,~~046~~113		5,069
Uncommitted lines of credit(2)	$	1,~~439~~384	$	1,053

(1) The maximum borrowing amounts available under the commercial paper programs and revolving credit facility are $5.75 billion and $5.25 billion, respectively, as atof both ~~January~~April 3130, 2026 and October 31, 2025. The combined borrowings between both sources cannot exceed $5.75 billion.

(2) The maximum aggregate capacity under the uncommitted lines of credit is $1.8 billion, of which $0.4 billion was primarily utilized towards issuances of bank guarantees.

The following tables represent the way in which management reviews cash flows:

	For the three months ended January 31,
	For the six months ended April 30,
	2026		2025
	In millions
Net cash provided by (used in) operating activities	$	12,~~178~~588	$	(~~390~~851)
Net cash used in investing activities	(~~793~~993)		(231,012)
Net cash used in financing activities	(12,~~352~~091)		(~~797~~1,492)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	33(9)		~~(43)~~38
Change in cash, cash equivalents and restricted cash	$	(~~934~~505)	$	(13,~~253~~317)
Free cash flow	$	~~708~~1,623	$	(~~877~~1,724)

~~Operating Activities~~52

For the three months ended January 31, 2026, net cash provided by operating activities increased by $1.6 billion, as compared to the corresponding period in fiscal 2025. The increase was primarily due to favorable working capital movements, largely reflecting the timing of vendor payments, lower inventory purchases and higher customer collections, as well as higher net cash generated from operations, as compared to the prior-year period, primarily due to the acquisition of Juniper Networks.

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

	As of			As of
	January 31, 2026	October 31, 2025	Change	January 31, 2025	October 31, 2024	Change	Y/Y Change
Days of sales outstanding in accounts receivable ("DSO")	48	49	(1)	40	38	2	8
Days of supply in inventory ("DOS")	104	89	15	139	120	19	(35)
Days of purchases outstanding in accounts payable ("DPO")	(127)	(108)	(19)	(174)	(170)	(4)	47
Cash conversion cycle	25	30	(5)	5	(12)	17	20

Operating Activities

For the six months ended April 30, 2026, net cash provided by operating activities increased by $3.4 billion, as compared to the corresponding period in fiscal 2025. The increase was primarily due to the timing of vendor payments and higher net cash generated from operations, primarily due to the acquisition of Juniper Networks.

Our working capital metrics and cash conversion impacts were as follows:


	As of			As of
	April 30, 2026	October 31, 2025	Change	April 30, 2025	October 31, 2024	Change	Y/Y Change
Days of sales outstanding in accounts receivable ("DSO")	53	49	4	46	38	8	7
Days of supply in inventory ("DOS")	120	89	31	134	120	14	(14)
Days of purchases outstanding in accounts payable ("DPO")	(150)	(108)	(42)	(154)	(170)	16	4
Cash conversion cycle	23	30	(7)	26	(12)	38	(3)

The cash conversion cycle is the sum of DSO and DOS less DPO. Items which may cause the cash conversion cycle in a particular period to differ include, but are not limited to, changes in business mix, changes in payment terms (including extended payment terms to customers or from suppliers), early or late invoice payments from customers or to suppliers, the extent of receivables factoring, seasonal trends, the timing of the revenue recognition and inventory purchases within the period, the impact of commodity costs, and acquisition activity.

DSO measures the average number of days our receivables are outstanding. DSO is calculated by dividing ending accounts receivable, net of allowance for doubtful accounts, by a 90-day average of net revenue. Compared to the corresponding three-month period in fiscal 2025, the increase in DSO in the current period was primarily due to ~~the~~a ~~impact~~decrease ofin ~~incremental~~early ~~receivables~~payments, asalong awith ~~result~~the impact of the Merger.

DOS measures the average number of days from procurement to sale of our products. DOS is calculated by dividing ending inventory by a 90-day average of cost of goods sold. Compared to the corresponding three-month period in fiscal 2025, the decrease in DOS in the current period was primarily due to higher shipments ~~and lower inventory purchases~~.

DPO measures the average number of days our accounts payable balances are outstanding. DPO is calculated by dividing ending accounts payable by a 90-day average of cost of goods sold. Compared to the corresponding three-month period in fiscal 2025, the decrease in DPO in the current period was primarily due to ~~lower purchases along with~~ higher payments to ~~outsourced~~contract manufacturers.

Investing Activities

For the ~~three~~six months ended ~~January~~April 3130, 2026, there was no material change in net cash used in investing activities ~~increased by $0.8 billion~~, as compared to the corresponding period in fiscal 2025. The increase was primarily due to higher cash utilized in net financial collateral activities in the current period of $0.5 billion and proceeds from the divestiture of our CTG business received in the prior period of $0.2 billion.

Financing Activities

For the ~~three~~six months ended ~~January~~April 3130, 2026, net cash used in financing activities increased by $0.6 billion, as compared to the corresponding period in fiscal 2025. This increase was primarily due to higher repayments of ~~debts~~debt of $02.43 billion, partially offset by higher proceeds from debt, net of issuance costs of $2.0 billion, and higher cash utilized for share repurchases of $0.12 billion, as compared to the prior-year period.

Free Cash Flow

Free cash flow (“FCF”) represents cash flow from operations less net capital expenditures (investments in property, plant and equipment (“PP&E”) and software assets less proceeds from the sale of PP&E), and adjusted for the effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash. For the ~~three~~six months ended ~~January~~April 3130, 2026, FCF increased by $13.63 billion, as compared to the corresponding period in fiscal 2025. This was primarily due to higher cash provided by operating activities, as compared to the prior-year period. For more information on our FCF, refer to the section entitled “GAAP to non-GAAP Reconciliations” included in this MD&A.

For more information on the impact of operating assets and liabilities to our cash flows, see Note 5, “Balance Sheet Details” to the Condensed Consolidated Financial Statements in Item 1 of Part I.53

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

Capital Resources

We maintain debt levels that we establish through consideration of several factors, including cash flow expectations, cash requirements for operations, investment plans (including acquisitions), share repurchase activities, our cost of capital, and targeted capital structure. We maintain a revolving credit facility and two commercial paper programs, “the Parent Programs,” and a wholly-owned subsidiary maintains a third program. There have been no changes to our revolving credit facility and commercial paper programs since October 31, 2025.

In December 2023, we filed a shelf registration statement with the Securities and Exchange Commission that allows us to sell, at any time and from time to time, in one or more offerings, debt securities, preferred stock, common stock, warrants, depository shares, purchase contracts, guarantees or units consisting of any of these securities.

Significant funding and liquidity activities for the ~~three~~six months ended ~~January~~April 3130, 2026 were as follows:

Debt Issuances:

•In March 2026, we issued multiple debt instruments, including: (i) $300 million of floating rate notes due March 23, 2028; (ii) $500 million of 4.5% Senior Notes due March 23, 2028; (iii) $600 million of 4.6% Senior Notes due March 23, 2029; and (iv) $600 million of 5.25% Senior Notes due April 1, 2033.

Debt Repayments:

•In April 2026, we repaid $750 million of 1.75% Senior Notes on their original maturity date.

•In March 2026, we prepaid $1.25 billion of the $2.0 billion outstanding balance under the three-year delayed draw term loan credit facility.

•In December 2025, we repaid $400 million of 1.20% Juniper Global Notes on their original maturity date.

•During the ~~three~~six months ended ~~January~~April 3130, 2026, we repaid $0.47 billion of the outstanding asset-backed debt securities.

Cash Requirements and Commitments

Unconditional purchase obligations

As of ~~January~~April 3130, 2026, unconditional purchase obligations totaled $35.87 billion, of which $13.84 billion is due within fiscal 2026. Our unconditional purchase obligations are related principally to inventory purchases, software maintenance and support services and other items. Unconditional purchase obligations exclude agreements that are cancellable without penalty.

Retirement Benefit Plan Funding

For the remainder of fiscal 2026, we anticipate making contributions of approximately $~~164~~118 million to our non-U.S. pension plans. Our policy is to fund our pension plans so that we meet at least the minimum contribution requirements, as established by various authorities including local government and tax authorities.

Restructuring Plans

As of ~~January~~April 3130, 2026, we expect to make future cash payments of approximately $~~100~~89 million in connection with our approved restructuring plans, which includes $1917 million expected to be paid through the remainder of fiscal 2026 and $8172 million expected to be paid thereafter.

Cost Savings Plans

The Program is expected to be implemented through fiscal year 2026. The estimates of the duration of the Program, the charges and expenditures that we expect to incur in connection therewith, and the timing thereof are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In connection with the integration of Juniper Networks, we expect to incur costs by fiscal year 2028 to achieve synergies, actual costs incurred may differ from estimates. As of ~~January~~April 3130, 2026, we expect to make future cash payments of approximately $~~877~~726 million in connection with the cost savings plans, which includes $~~393~~229 million expected to be paid through the remainder of fiscal 2026 and $~~484~~497 million expected to be paid thereafter.

~~Uncertain Tax Positions~~ 54

As of January 31, 2026, we had approximately $201 million of recorded liabilities and related interest and penalties pertaining to uncertain tax positions. These liabilities and related interest and penalties include $2 million expected to be paid within one year. For the remaining amount, we are unable to make a reasonable estimate as to when cash settlement with the tax authorities might occur due to the uncertainties related to these tax matters. Payments of these obligations would result from settlements with taxing authorities. For more information on our uncertain tax positions, see Note 4, “Taxes on Earnings” to the Condensed Consolidated Financial Statements in Item 1 of Part I.

For further information see “Cash Requirements and Commitments” in Item 7 of Part II of our Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

Uncertain Tax Positions

As of April 30, 2026, we had approximately $233 million of recorded liabilities and related interest and penalties pertaining to uncertain tax positions. These liabilities and related interest and penalties include $10 million expected to be paid within one year. For the remaining amount, we are unable to make a reasonable estimate as to when cash settlement with the tax authorities might occur due to the uncertainties related to these tax matters. Payments of these obligations would result from settlements with taxing authorities. For more information on our uncertain tax positions, see Note 4, “Taxes on Earnings” to the Condensed Consolidated Financial Statements in Item 1 of Part I.

For further information see “Cash Requirements and Commitments” in Item 7 of Part II of our Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Off-Balance Sheet Arrangements

As part of our ongoing business, we have not participated in transactions that generate material relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

We have third-party revolving short-term financing arrangements intended to facilitate the working capital requirements of certain customers. For more information on our third-party revolving short-term financing arrangements, see Note 5, “Balance Sheet Details”, to the Condensed Consolidated Financial Statements in Item 1 of Part I.

GAAP to non-GAAP Reconciliations

The following tables provide a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure for the periods presented:

Reconciliation of GAAP gross profit and gross profit margin to non-GAAP gross profit and gross profit margin.

	For the three months ended January 31,
	For the three months ended April 30,								For the six months ended April 30,
	2026				2025				2026				2025
	Dollars		% ofRevenue(1)		Dollars		% ofRevenue(1)		Dollars		% ofRevenue(1)		Dollars		% ofRevenue(1)
	Dollars in millions
GAAP net revenue	$	910,~~301~~678	100	%	$	7,~~854~~627	100	%	$	19,979	100	%	$	15,481	100	%
GAAP cost of sales	56,~~961~~778		6463.15	%	5,~~559~~458		7071.86	%	12,739		63.8	%	11,017		71.2	%
GAAP gross profit	3,~~340~~900		3536.95	%	2,~~295~~169		2928.24	%	7,240		36.2	%	4,464		28.8	%
Non-GAAP adjustments
Stock-based compensation expense	2423		0.32	%	1713		0.2	%	47		0.2	%	30		0.2	%
Acquisition, disposition and other charges	346		0.41	%	~~(3)~~—		—	%	40		0.2	%	(3)		—	%
Cost reduction program	58		0.1	%	—46		—0.6	%	13		0.1	%	46		0.3	%
H3C divestiture related severance costs	—		—	%	116		—0.2	%	—		—	%	17		0.1	%
Non-GAAP gross profit	$	3,~~403~~937	36.69	%	$	2,~~310~~244	29.4	%	$	7,340	36.7	%	$	4,554	29.4	%

(1)Certain amounts may not add due to use of rounded numbers.

~~Reconciliation of GAAP earnings from operations and operating profit margin to non-GAAP earnings from operations and operating profit margin.~~55

	For the three months ended January 31,
	2026				2025
	Dollars		% ofRevenue(1)		Dollars		% ofRevenue(1)
	Dollars in millions
GAAP earnings from operations	$	470	5.1	%	$	433	5.5	%
Non-GAAP Adjustments:
Amortization of intangible assets	311		3.3	%	38		0.5	%
Transformation costs	—		—	%	15		0.2	%
Stock-based compensation expense	216		2.3	%	154		2.0	%
H3C divestiture related severance costs	—		—	%	77		1.0	%
Cost reduction program	23		0.2	%	—		—	%
Acquisition, disposition and other charges	162		1.7	%	63		0.8	%
Non-GAAP earnings from operations	$	1,182	12.7	%	$	780	9.9	%

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Management's Discussion and Analysis of

Financial Condition and Results of Operations (Continued)

Reconciliation of GAAP earnings (loss) from operations and operating profit margin to non-GAAP earnings from operations and operating profit margin.


For the three months ended April 30,		For the six months ended April 30,
2026	2025

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