Loading
Sentiment · FY2026 Q2
Reporting soon: earnings call Wednesday, Sep 2
A pre-earnings brief is ready for HPE: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
HPE delivered Q1 record non-GAAP EPS of $0.65 on revenue of $9.3 billion, up 18% year-over-year, as Networking achieved 23.7% operating margins with Juniper Phase 1 integration complete. Cloud & AI revenue declined 3% sequentially but maintained strong 10.2% margins, while AI backlog reached a record $5 billion. Management raised full-year EPS by $0.05 to $2.30-$2.50 and FCF to at least $2 billion, though DRAM and NAND supply tightness continued to intensify as an unprecedented cost inflation headwind.
Cloud & AI | Demand | Margin | Revenue Growth | M&A | Competitive Dynamics | Cost Pressure | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 8 | 4 | 2 | 1 | 1 | ||
| 2025Q1 | 6 | 4 | 7 | 2 | 1 | 2 | 1 | 2 |
| 2025Q2 | 6 | 5 | 5 | 3 | 1 | 2 | 1 | |
| 2025Q3 | 4 | 1 | 3 | 1 | 5 | 4 | ||
| 2025Q4 | 3 | 3 | 1 | 3 | 3 | 2 | 2 | |
| 2026Q1 | 3 | 4 | 3 | 2 | 3 | 2 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 6 | 6 | 6 | 4 | 3 | 3 |
| Demand | 8 | 4 | 5 | 1 | 3 | 4 |
| Margin | 4 | 7 | 5 | 3 | 1 | 3 |
| Revenue Growth | 2 | 2 | 3 | 1 | 3 | 2 |
| M&A | 1 | 1 | 5 | 3 | 3 | |
| Competitive Dynamics | 1 | 2 | 2 | 4 | 2 | |
| Cost Pressure | 1 | 1 | 1 | 2 | 2 | |
| Pricing | 2 | 2 | 3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Samik Chatterjee | JPMorgan | 7 (43%) |
| Amit Daryanani | Evercore ISI | 7 (14%) |
| Aaron Rakers | Wells Fargo | 7 (43%) |
| Tim Long | Barclays | 6 (17%) |
| Wamsi Mohan | Bank of America | 5 (40%) |
| Simon Leopold | Raymond James | 5 (0%) |
| Dave Vogt | UBS | 5 (0%) |
| Erik Woodring | Morgan Stanley | 4 (50%) |
| Asiya Merchant | Citigroup | 4 (0%) |
| Matt Niknam | Truist Securities | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Morgan Stanley | 2 | 7 (29%) |
| JPMorgan | 1 | 7 (43%) |
| Wells Fargo | 1 | 7 (43%) |
| Evercore ISI | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $8.48B | +15.7% | $1.00 | +104.1% | 9.7% | 16.1% | $1.42B |
| FY2025 Q1 | $7.81B | +16.0% | $0.42 | +44.8% | 6.0% | 8.0% | $-918M |
| FY2025 Q2 | $7.59B | +5.7% | $-0.82 | -441.7% | 3.4% |
| 7 (14%) |
| Bank of America | 2 | 6 (33%) |
| Barclays | 1 | 6 (17%) |
| Raymond James | 2 | 6 (0%) |
| UBS | 1 | 5 (0%) |
| -13.8% |
| $-1.01B |
| FY2025 Q3 | $9.20B | +19.9% | $0.19 | -50.0% | 5.4% | 3.3% | $729M |
| FY2025 Q4 | $9.70B | +14.3% | $0.11 | -89.0% | 4.4% | 1.8% | $1.82B |
| FY2026 Q1 | $9.30B | +19.1% | $0.31 | -26.2% | 9.7% | 4.5% | $609M |
| FY2026 Q2 | $10.68B | +40.7% | $0.44 | +153.7% | 7.0% | 5.8% | $827M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What HPE and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“we are seeing incremental demand for networking following the acquisition of Juniper.”
HPE's acquisition of Juniper Networks is driving its combined networking segment, now the primary growth and margin driver, with integration synergies tracking to plan.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
HPE Hewlett Packard Enterprise | 8 | +19.1% | |
| CIEN Ciena Corporation | 10 | +33.1% | |
| CSCO Cisco Systems, Inc. | 9 | +9.7% | |
| ECHO EchoStar Corporation | 4 | -5.2% | |
| LITE Lumentum Holdings Inc. | 9 | +90.1% | |
| MSI Motorola Solutions | 7 | +7.4% | |
| ZBRA Zebra Technologies | 8 | +14.3% |