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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
FISCAL 2025 SEGMENT INFORMATION
(Unaudited)
Segment Realignment
REVISED AMOUNTSAMOUNTS AS PREVIOUSLY REPORTEDVARIANCE
Three months endedNine months endedThree months endedNine months endedThree months endedNine months ended
In millionsJan. 31, 2025Apr. 30, 2025July 31, 2025July 31, 2025Jan. 31, 2025Apr. 30, 2025July 31, 2025July 31, 2025Jan. 31, 2025Apr. 30, 2025July 31, 2025July 31, 2025
Net Revenue:(a)
Cloud & AI$6,511 $6,271 $7,212 $19,994 $— $— $— $— $6,511 $6,271 $7,212 $19,994 
Server— — — — 4,290 4,058 4,940 13,288 (4,290)(4,058)(4,940)(13,288)
Hybrid Cloud— — — — 1,405 1,453 1,484 4,342 (1,405)(1,453)(1,484)(4,342)
Financial Services— — — — 873 856 886 2,615 (873)(856)(886)(2,615)
Networking1,076 1,084 1,654 3,814 1,146 1,162 1,730 4,038 (70)(78)(76)(224)
Corporate Investments and Other267 272 270 809 197 194 194 585 70 78 76 224 
Total Segments7,854 7,627 9,136 24,617 7,911 7,723 9,234 24,868 (57)(96)(98)(251)
Elimination of intersegment net revenue— — — — (57)(96)(98)(251)57 96 98 251 
Total HPE consolidated net revenue$7,854 $7,627 $9,136 $24,617 $7,854 $7,627 $9,136 $24,617 $— $— $— $— 
Earnings Before Taxes: (a)
Cloud & AI$547 $414 $504 $1,465 $— $— $— $— $547 $414 $504 $1,465 
Server— — — — 348 241 317 906 (348)(241)(317)(906)
Hybrid Cloud— — — — 99 78 87 264 (99)(78)(87)(264)
Financial Services— — — — 82 89 88 259 (82)(89)(88)(259)
Networking320 271 365 956 314 274 360 948 6 (3)5 8 
Corporate Investments and Other(8)(7)(19)(34)(2)(10)(14)(26)(6)3 (5)(8)
Total segment earnings from operations859 678 850 2,387 841 672 838 2,351 18 6 12 36 
Unallocated corporate costs and eliminations (79)(65)(73)(217)(61)(59)(61)(181)(18)(6)(12)(36)
Stock-based compensation expense(154)(116)(177)(447)(154)(116)(177)(447)— — — — 
Amortization of intangible assets(38)(37)(126)(201)(38)(37)(126)(201)— — — — 
Impairment of goodwill— (1,361)— (1,361)— (1,361)— (1,361)— — — — 
Transformation (costs) credit (15)13 — (2)(15)13 — (2)— — — — 
Acquisition, disposition and other charges
(63)(55)(225)(343)(63)(55)(225)(343)— — — — 
H3C divestiture related severance costs(77)(20)— (97)(77)(20)— (97)— — — — 
Cost reduction program— (146)(2)(148)— (146)(2)(148)— — — — 
Gain on sale of a business244 — 1 245 244 — 1 245 — — — — 
Interest and other, net39 39 8 86 39 39 8 86 — — — — 
Earnings from equity interests17 25 32 74 17 25 32 74 — — — — 
Total HPE consolidated earnings (loss) before taxes$733 $(1,045)$288 $(24)$733 $(1,045)$288 $(24)$— $— $— $— 


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
FISCAL 2025 SEGMENT INFORMATION
(Unaudited)
REVISED AMOUNTSAMOUNTS AS PREVIOUSLY REPORTEDVARIANCE
Three months endedNine months endedThree months endedNine months endedThree months endedNine months ended
Jan. 31, 2025Apr. 30, 2025July 31, 2025July 31, 2025Jan. 31, 2025Apr. 30, 2025July 31, 2025July 31, 2025Jan. 31, 2025Apr. 30, 2025July 31, 2025July 31, 2025
Segment Operating Margin:(a)
Cloud & AI8.4 %6.6 %7.0 %7.3 %— %— %— %— %8.4pts6.6pts7.0pts7.3pts
Server— %— %— %— %8.1 %5.9 %6.4 %6.8 %(8.1pts)(5.9pts)(6.4pts)(6.8pts)
Hybrid Cloud— %— %— %— %7.0 %5.4 %5.9 %6.1 %(7.0pts)(5.4pts)(5.9pts)(6.1pts)
Financial Services— %— %— %— %9.4 %10.4 %9.9 %9.9 %(9.4pts)(10.4pts)(9.9pts)(9.9pts)
Networking29.7 %25.0 %22.1 %25.1 %27.4 %23.6 %20.8 %23.5 %2.3pts1.4pts1.3pts1.6pts
Corporate Investments and Other(3.0)%(2.6)%(7.0)%(4.2)%(1.0)%(5.2)%(7.2)%(4.4)%(2.0pts)2.6pts0.2pts0.2pts
Total segment operating margin10.9 %8.9 %9.3 %9.7 %10.6 %8.7 %9.1 %9.5 %0.3pts0.2pts0.2pts0.2pts






HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
FISCAL 2024 SEGMENT INFORMATION
(Unaudited)

REVISED AMOUNTSAMOUNTS AS PREVIOUSLY REPORTED VARIANCE
Three months endedTwelve months endedThree months endedTwelve months endedThree months endedTwelve months ended
In millionsJan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024Jan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024Jan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024
Net Revenue: (a)
Cloud & AI$5,316 $5,866 $6,327 $7,072 $24,581 $— $— $— $— $— $5,316 $5,866 $6,327 $7,072 $24,581 
Server— — — — — 3,327 3,841 4,255 4,681 16,104 (3,327)(3,841)(4,255)(4,681)(16,104)
Hybrid Cloud— — — — — 1,273 1,282 1,325 1,607 5,487 (1,273)(1,282)(1,325)(1,607)(5,487)
Financial Services— — — — — 873 867 879 893 3,512 (873)(867)(879)(893)(3,512)
Networking1,130 1,014 1,052 1,050 4,246 1,201 1,086 1,121 1,124 4,532 (71)(72)(69)(74)(286)
Corporate Investments and Other309 324 331 336 1,300 238 252 262 262 1,014 71 72 69 74 286 
Total segments6,755 7,204 7,710 8,458 30,127 6,912 7,328 7,842 8,567 30,649 (157)(124)(132)(109)(522)
Elimination of intersegment net revenue — — — — — (157)(124)(132)(109)(522)157 124 132 109 522 
Total HPE consolidated net revenue$6,755 $7,204 $7,710 $8,458 $30,127 $6,755 $7,204 $7,710 $8,458 $30,127 $— $— $— $— $— 
Earnings Before Taxes: (a)
Cloud & AI$508 $525 $612 $756 $2,401 $— $— $— $— $— $508 $525 $612 $756 $2,401 
Server— — — — — 379 423 461 541 1,804 (379)(423)(461)(541)(1,804)
Hybrid Cloud— — — — — 51 13 69 126 259 (51)(13)(69)(126)(259)
Financial Services— — — — — 74 81 79 82 316 (74)(81)(79)(82)(316)
Networking357 240 259 278 1,134 353 237 251 274 1,115 4 3 8 4 19 
Corporate Investments and Other(14)(12)(12)(6)(44)(10)(9)(4)(2)(25)(4)(3)(8)(4)(19)
Total segment earnings from operations851 753 859 1,028 3,491 847 745 856 1,021 3,469 4 8 3 7 22 
Unallocated corporate costs and eliminations(76)(69)(88)(90)(323)(72)(61)(85)(83)(301)(4)(8)(3)(7)(22)
Stock-based compensation expense(141)(120)(80)(89)(430)(141)(120)(80)(89)(430)— — — — — 
Amortization of intangible assets(71)(67)(60)(69)(267)(71)(67)(60)(69)(267)— — — — — 
Transformation costs(20)(33)(14)(26)(93)(20)(33)(14)(26)(93)— — — — — 
Acquisition, disposition and other charges
(18)(39)(70)(61)(188)(18)(39)(70)(61)(188)— — — — — 
Gain on sale of equity interest— — — 733 733 — — — 733 733 — — — — — 
Interest and other, net(88)(22)(12)5 (117)(88)(22)(12)5 (117)— — — — — 
Earnings (loss) from equity interests46 42 73 (14)147 46 42 73 (14)147 — — — — — 
Total HPE consolidated earnings before taxes$483 $445 $608 $1,417 $2,953 $483 $445 $608 $1,417 $2,953 $— $— $— $— $— 


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
FISCAL 2024 SEGMENT INFORMATION
(Unaudited)
REVISED AMOUNTSAMOUNTS AS PREVIOUSLY REPORTED VARIANCE
Three months endedTwelve months endedThree months endedTwelve months endedThree months endedTwelve months ended
Jan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024Jan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024Jan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024
Segment Operating Margin:(a)
Cloud & AI9.6 %8.9 %9.7 %10.7 %9.8 %— %— %— %— %— %9.6pts8.9pts9.7pts10.7pts9.8pts
Server— %— %— %— %— %11.4 %11.0 %10.8 %11.6 %11.2 %(11.4pts)(11.0pts)(10.8pts)(11.6pts)(11.2pts)
Hybrid Cloud— %— %— %— %— %4.0 %1.0 %5.2 %7.8 %4.7 %(4.0pts)(1.0pts)(5.2pts)(7.8pts)(4.7pts)
Financial Services— %— %— %— %— %8.5 %9.3 %9.0 %9.2 %9.0 %(8.5pts)(9.3pts)(9.0pts)(9.2pts)(9.0pts)
Networking31.6 %23.7 %24.6 %26.5 %26.7 %29.4 %21.8 %22.4 %24.4 %24.6 %2.2pts1.9pts2.2pts2.1pts2.1pts
Corporate Investments and Other(4.5)%(3.7)%(3.6)%(1.8)%(3.4)%(4.2)%(3.6)%(1.5)%(0.8)%(2.5)%(0.3pts)(0.1pts)(2.1pts)(1.0pts)(0.9pts)
Total segment operating margin12.6 %10.5 %11.1 %12.2 %11.6 %12.3 %10.2 %10.9 %11.9 %11.3 %0.3pts0.3pts0.2pts0.3pts0.3pts



HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
FISCAL 2025 COMBINED COMPANY INFORMATION
(Unaudited)
(In millions)

Combined Company Financial Information
HPE Recast Segment ResultsJuniper Networks
Combined Company (b)
Three months endedNine months endedThree months endedNine months endedThree months endedNine months ended
Jan. 31, 2025Apr. 30, 2025
July 31, 2025 (c)
July 31, 2025 (c)
Dec. 31, 2024Mar 31, 2025 June 30, 2025June 30, 2025Jan. 31, 2025Apr. 30, 2025
July 31, 2025 (c)
Jul. 31, 2025 (c)
Net Revenue:
Cloud & AI$6,511 $6,271 $7,212 $19,994 $— $— $— $— $6,511 $6,271 $7,212 $19,994 
Networking1,076 1,084 1,654 3,814 1,404 1,280 1,434 4,118 2,480 2,364 3,088 7,932 
Corporate Investments and Other267 272 270 809 — — — — 267 272 270 809 
Total segments$7,854 $7,627 $9,136 $24,617 $1,404 $1,280 $1,434 $4,118 $9,258 $8,907 $10,570 $28,735 
Earnings Before Taxes: (d)
Cloud & AI$583 $451 $543 $1,577 $— $— $— $— $583 $451 $543 $1,577 
Networking286 236 328 850 269 183 212 664 555 419 540 1,514 
Corporate Investments and Other(10)(9)(21)(40)— — — — (10)(9)(21)(40)
Total segment earnings from operations859 678 850 2,387 269 183 212 664 1,128 861 1,062 3,051 
Unallocated corporate costs and eliminations (79)(65)(73)(217)— — — — (79)(65)(73)(217)
Stock-based compensation expense(154)(116)(177)(447)(80)(65)(52)(197)(234)(181)(229)(644)
Amortization of intangible assets(38)(37)(126)(201)(10)(10)(11)(31)(48)(47)(137)(232)
Impairment of goodwill— (1,361)— (1,361)— — — — — (1,361)— (1,361)
Transformation (costs) credit(15)13 — (2)— (11)(17)(28)(15)2 (17)(30)
Acquisition, disposition and other charges
(63)(55)(225)(343)(11)(10)(48)(69)(74)(65)(273)(412)
H3C divestiture related severance costs(77)(20)— (97)— — — — (77)(20)— (97)
Cost reduction program— (146)(2)(148)— — — — — (146)(2)(148)
Gain on sale of a business244 — 1 245 — — — — 244 — 1 245 
Interest and other, net39 39 8 86 13 (5)1 9 52 34 9 95 
Earnings from equity interests17 25 32 74 — — — — 17 25 32 74 
Total combined earnings (loss) before taxes$733 $(1,045)$288 $(24)$181 $82 $85 $348 $914 $(963)$373 $324 









HPE Recast Segment ResultsJuniper Networks
Combined Company (b)
Three months endedNine months endedThree months endedNine months endedThree months endedNine months ended
Jan. 31, 2025Apr. 30, 2025
July 31, 2025 (c)
July 31, 2025 (c)
Dec. 31, 2024Mar 31, 2025June 30, 2025Jun 30, 2025Jan. 31, 2025Apr. 30, 2025
July 31, 2025 (c)
July 31, 2025 (c)
Segment Operating Margin: (d)
Cloud & AI9.0 %7.2 %7.5 %7.9 %— %— %— %— %9.0 %7.2 %7.5 %7.9 %
Networking26.6 %21.8 %19.8 %22.3 %19.2 %14.3 %14.8 %16.1 %22.4 %17.7 %17.5 %19.1 %
Corporate Investments and Other(3.7)%(3.3)%(7.8)%(4.9)%— %— %— %— %(3.7)%(3.3)%(7.8)%(4.9)%
Total segment operating margin10.9 %8.9 %9.3 %9.7 %19.2 %14.3 %14.8 %16.1 %12.2 %9.7 %10.0 %10.6 %


HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES
FISCAL 2024 COMBINED COMPANY INFORMATION
(Unaudited)
(In millions)

HPE Recast Segment ResultsJuniper Networks
Combined Company (b)
Three months endedTwelve months endedThree months endedTwelve months endedThree months endedTwelve months ended
Jan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024Dec. 30, 2023Mar 31, 2024June 30, 2024Sep. 30, 2024Sep. 30, 2024Jan 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024
Net Revenue:
Cloud & AI$5,316 $5,866 $6,327 $7,072 $24,581 $— $— $— $— $— $5,316 $5,866 $6,327 $7,072 $24,581 
Networking1,130 1,014 1,052 1,050 4,246 1,365 1,149 1,189 1,331 5,034 2,495 2,163 2,241 2,381 9,280 
Corporate Investments and Other309 324 331 336 1,300 — — — — — 309 324 331 336 1,300 
Total segments$6,755 $7,204 $7,710 $8,458 $30,127 $1,365 $1,149 $1,189 $1,331 $5,034 $8,120 $8,353 $8,899 $9,789 $35,161 
Earnings Before Taxes: (d)
Cloud & AI$546 $561 $648 $790 $2,545 $— $— $— $— $— $546 $561 $648 $790 $2,545 
Networking320 206 225 246 997 250 121 130 200 701 570 327 355 446 1,698 
Corporate Investments and Other(15)(14)(14)(8)(51)— — — — — (15)(14)(14)(8)(51)
Total segment earnings from operations851 753 859 1,028 3,491 250 121 130 200 701 1,101 874 989 1,228 4,192 
Unallocated corporate costs and eliminations(76)(69)(88)(90)(323)— — — — — (76)(69)(88)(90)(323)
Stock-based compensation expense(141)(120)(80)(89)(430)(83)(83)(62)(75)(303)(224)(203)(142)(164)(733)
Amortization of intangible assets(71)(67)(60)(69)(267)(17)(17)(11)(11)(56)(88)(84)(71)(80)(323)
Transformation costs(20)(33)(14)(26)(93)(20)(4)(2)(5)(31)(40)(37)(16)(31)(124)
Acquisition, disposition and other charges
(18)(39)(70)(61)(188)— (28)(9)(14)(51)(18)(67)(79)(75)(239)
Gain on sale of equity interest— — — 733 733 — — — — — — — — 733 733 
Interest and other, net(88)(22)(12)5 (117)(13)(15)1 2 (25)(101)(37)(11)7 (142)
Earnings from equity interests46 42 73 (14)147 — — — — — 46 42 73 (14)147 
Total combined earnings (loss) before taxes$483 $445 $608 $1,417 $2,953 $117 $(26)$47 $97 $235 $600 $419 $655 $1,514 $3,188 










HPE Recast Segment ResultsJuniper Networks
Combined Company (b)
Three months endedTwelve months endedThree months endedTwelve months endedThree months endedTwelve months ended
Jan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024Dec. 30, 2023Mar 31, 2024June 30, 2024Sep. 30, 2024Sep. 30, 2024Jan. 31, 2024Apr. 30, 2024July 31, 2024Oct. 31, 2024Oct. 31, 2024
Segment Operating Margin: (d)
Cloud & AI10.3 %9.6 %10.2 %11.2 %10.4 %— %— %— %— %— %10.3 %9.6 %10.2 %11.2 %10.4 %
Networking28.3 %20.3 %21.4 %23.4 %23.5 %18.3 %10.5 %10.9 %15.0 %13.9 %22.8 %15.1 %15.8 %18.7 %18.3 %
Corporate Investments and Other(4.9)%(4.3)%(4.2)%(2.4)%(3.9)%— %— %— %— %— %(4.9)%(4.3)%(4.2)%(2.4)%(3.9)%
Total segment operating margin12.6 %10.5 %11.1 %12.2 %11.6 %18.3 %10.5 %10.9 %15.0 %13.9 %13.6 %10.5 %11.1 %12.5 %11.9 %

(a) Effective at the beginning of the first quarter of fiscal 2026, Hewlett Packard Enterprise Company ("Hewlett Packard Enterprise," "HPE," or the "Company") plans to implement 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 for the three completed fiscal quarters of 2025 and the quarterly and full year fiscal 2024 financial results, 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 Hewlett Packard Enterprise’s previously reported consolidated net revenue, net earnings, net earnings per share or total assets.
(b) The summary combined company financial information includes certain combined company financial information that is based on historical financial information reported by HPE and Juniper Networks. This combined company financial information represents the summation of the standalone financial information reported by HPE and the standalone financial information reported by Juniper Networks. This combined company financial information has not been prepared in accordance with Article 11 of Regulation S-X and does not give effect to the pro forma adjustments that might be required in connection with the preparation of pro forma financial information in accordance with Article 11 of Regulation S-X, and is not indicative of what the combined company’s performance would have been had HPE and Juniper Networks been a combined company for the periods presented. As a result, the combined company financial information could materially differ from financial information determined in accordance with Article 11 of Regulation S-X. HPE and Juniper Networks have different fiscal years: HPE’s fiscal year ends on October 31, and Juniper Networks’ fiscal year ended on December 31. This combined company financial information is based on available quarterly financial information of HPE and Juniper Networks according to their respective quarterly periods, and no calculations or adjustments have been performed to reconcile the differences in the differing quarterly reporting periods.
(c) Following HPE's acquisition of Juniper Networks in July 2025, HPE historical and Combined Company financial information for the three and nine months ended July 31, 2025 include Juniper Networks revenue and operating profit for the month of July, of $480 million and $76 million, respectively.
(d) Following the acquisition of Juniper and effective beginning in the first quarter of fiscal 2026 on a prospective basis, certain shared expenses will be realigned between the segments. For purposes of the combined company financial information, this change has been applied retroactively.