Hewlett Packard Enterprise
ConvictionModerate
Enterprise infrastructure vendor: sells AI/general-purpose servers, storage and hybrid-cloud platforms (GreenLake as-a-service), and networking (Aruba + Juniper) hardware/software/subscriptions, plus a captive HPE Financial Services leasing arm. Mix of one-time hardware, growing recurring ARR (GreenLake/subscriptions), and financing income.
Revenue
$10.68BQ2 FY2026, +40% YoY); FY2026 guided to 29-33% reported revenue growthRev growth
+40% YoY reported Q2 FY2026high-teens normalized ex-Juniper); FY2026 guide 29-33% reportedGross margin
~36.5% GAAP / 36.9% non-GAAPQ2 FY2026), non-GAAP up ~750 bps YoY as Juniper networking mix lifts blended marginOp margin
13.3% non-GAAPQ2 FY2026, up from 8.0% YoY); GAAP far lower due to Juniper amortization/goodwill and stock compCapex intensity
ModerateHPE is contract-manufactured (asset-light on fabs) but carries equipment-for-lease capex via HPE Financial ServicesMarket cap
~$54.6BNYSE: HPE, early Jul 2026The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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- Supplier–customer ecosystem graph
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Not investment advice — analyst work product for a qualified professional.· intel vintage Fiscal Q2 2026 (quarter ended Apr 30, 2026; reported Jun 1, 2026); market data early Jul 2026; FY2026 guidance as raised Jun 1, 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence