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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:			July 31, 2025

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. ☐

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 August 28, 2025 was 1,319,450,062 shares, par value $0.01.

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Form 10-Q

For the Quarterly Period Ended July 31, 2025

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	45
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73
	Item 4.	Controls and Procedures	73
Part II.	Other Information
	Item 1.	Legal Proceedings	73
	Item 1A.	Risk Factors	73
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	73
	Item 5.	Other Information	74
	Item 6.	Exhibits	75
Exhibit Index			76
Signature			83

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.

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”, “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, 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 savings or restructuring charges; any statements of the plans, strategies, and objectives of management for future operations, as well as the execution and consummation of cost reduction program, 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 of proceeds therefrom), research and development expenditures, and any resulting benefit, cost savings, charges, or revenue or profitability improvements; any statements concerning the expected development, performance, market share, or competitive performance relating to our products or services; any statements concerning technological and market trends, the pace of technological innovation, and adoption of new technologies, including artificial intelligence-related and other 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, uncertain global trade policies and/or restrictions, and demand for our products and services, and our actions to mitigate such impacts on our business; the scope and duration of the ongoing conflicts and geopolitical tensions, including but not limited to those between Russia and Ukraine, in the Middle East, and 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 investigations, claims, or disputes; 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, such as those mentioned above); the development and transition of 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 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, such as those mentioned above; 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 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 program, including estimates and assumptions related to the costs and anticipated benefits of implementing such plan; 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-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 revenue recognition; impact of company policies and related compliance; utility of segment realignments; allowances for recovery of receivables and warranty obligations; provisions for, and resolution of, pending investigations, claims, and disputes; the impacts of legal and regulatory changes and related guidance; and other risks that are described

Table of Content

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, 2024 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.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Index


			Page
Condensed Consolidated Statements of Earnings for the three and nine months ended July 31, 2025 and 2024 (Unaudited)			7

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended July 31, 2025 and 2024 (Unaudited)			8

Condensed Consolidated Balance Sheets as of July 31, 2025 (Unaudited) and October 31, 2024 (Audited)			9

Condensed Consolidated Statements of Cash Flows for the nine months ended July 31, 2025 and 2024 (Unaudited)			10

Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended July 31, 2025 and 2024 (Unaudited)			11

Notes to Condensed Consolidated Financial Statements (Unaudited)			14

Note 1: Overview and Summary of Significant Accounting Policies			14

Note 2: Segment Information			15

Note 3: Transformation Programs			17

Note 4: Retirement Benefit Plans			18

Note 5: Taxes on Earnings			18

Note 6: Balance Sheet Details			20

Note 7: Accounting for Leases as a Lessor			24

Note 8: Acquisitions and Dispositions			27

Note 9: Goodwill			29

Note 10: Fair Value			31

Note 11: Financial Instruments			34

Note 12: Borrowings			38

Note 13: Stockholders' Equity			39

Note 14: Net Earnings (Loss) Per Share			40

Note 15: Litigation, Contingencies, and Commitments			41

Note 16: Subsequent Events			44

Table of Content

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Earnings

(Unaudited)


	For the three months ended July 31,				For the nine months ended July 31,
	2025		2024		2025		2024
	In millions, except per share amounts
Net Revenue:
Products	$	6,048	$	4,854	$	15,787	$	13,134
Services	2,894		2,688		8,262		8,049
Financing income	194		168		568		486
Total net revenue	9,136		7,710		24,617		21,669
Costs and Expenses:
Cost of products (exclusive of amortization shown separately below)	4,510		3,438		11,903		8,998
Cost of services (exclusive of amortization shown separately below)	1,829		1,708		5,201		5,032
Financing cost	125		125		377		367
Research and development	622		547		1,637		1,719
Selling, general and administrative	1,496		1,229		4,062		3,660
Amortization of intangible assets	126		60		201		198

Impairment of goodwill	—		—		1,361		—
Transformation costs	—		14		2		67

Acquisition, disposition and other charges	181		42		302		131

Total costs and expenses	8,889		7,163		25,046		20,172
Earnings (loss) from operations	247		547		(429)		1,497
Interest and other, net	8		(12)		86		(122)


Gain on sale of a business	1		—		245		—


Earnings from equity interests	32		73		74		161
Earnings (loss) before provision for taxes	288		608		(24)		1,536
Benefit (provision) for taxes	17		(96)		(94)		(323)
Net earnings (loss) attributable to HPE	305		512		(118)		1,213
Preferred stock dividends	(29)		—		(87)		—
Net earnings (loss) attributable to common stockholders	$	276	$	512	$	(205)	$	1,213
Net Earnings (Loss) Per Share Attributable to Common Stockholders:
Basic	$	0.21	$	0.39	$	(0.16)	$	0.93
Diluted	$	0.21	$	0.38	$	(0.16)	$	0.92

Weighted-average Shares Used to Compute Net Earnings (Loss) Per Share:
Basic	1,325		1,312		1,321		1,308
Diluted	1,421		1,332		1,321		1,325

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

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)


	For the three months ended July 31,			For the nine months ended July 31,
		2025		2024		2025		2024
		In millions
Net earnings (loss) attributable to HPE		$	305	$	512	$	(118)	$	1,213
Other Comprehensive Income (Loss) Before Taxes
Change in Net Unrealized Gains (Losses) on Available-for-sale Securities:
Net unrealized gains (losses) arising during the period		1		3		(5)		6

		1		3		(5)		6
Change in Net Unrealized Components of Cash Flow Hedges:
Net unrealized gains (losses) arising during the period		6		(34)		(189)		(69)
Net losses reclassified into earnings		56		3		87		2
		62		(31)		(102)		(67)
Change in Unrealized Components of Defined Benefit Plans:
Net unrealized losses arising during the period		10		(1)		(10)		(2)
Amortization of net actuarial loss and prior service benefit		32		34		91		102
Curtailments, settlements and other		4		—		7		1
		46		33		88		101
Change in Cumulative Translation Adjustment:		(16)		(9)		(28)		(17)
Other Comprehensive Income (Loss) Before Taxes		93		(4)		(47)		23
(Provision) Benefit for Taxes		(23)		5		—		4
Other Comprehensive Income (Loss), Net of Taxes		70		1		(47)		27
Comprehensive Income (Loss)		$	375	$	513	$	(165)	$	1,240

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
	July 31, 2025		October 31, 2024
	(Unaudited)		(Audited)
	In millions, except par value and shares
ASSETS
Current Assets:
Cash and cash equivalents	$	4,571	$	14,846
Accounts receivable, net of allowances	5,656		3,550
Financing receivables, net of allowances	3,777		3,870
Inventory	7,163		7,810
Assets held for sale	—		1
Other current assets	4,835		3,380
Total current assets	26,002		33,457
Property, plant and equipment, net	6,118		5,664
Long-term financing receivables and other assets	13,817		12,616
Investments in equity interests	999		929
Goodwill	23,767		18,086
Intangible assets, net	6,637		510
Total assets	$	77,340	$	71,262
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Notes payable and short-term borrowings	$	6,799	$	4,742
Accounts payable	8,662		11,064
Employee compensation and benefits	1,549		1,356
Taxes on earnings	256		284
Deferred revenue	5,311		3,904

Liabilities held for sale	—		32
Other accrued liabilities	4,770		4,591
Total current liabilities	27,347		25,973
Long-term debt	16,854		13,504
Other non-current liabilities	8,672		6,905
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 July 31, 2025 and October 31, 2024, respectively)	—		—
Common stock, $0.01 par value (9,600,000,000 shares authorized; 1,318,814,831 and 1,297,258,235 shares issued and outstanding as of July 31, 2025 and October 31, 2024, respectively)	13		13
Additional paid-in capital	30,199		29,848
Accumulated deficit	(2,786)		(2,068)
Accumulated other comprehensive loss	(3,024)		(2,977)
Total HPE stockholders' equity	24,402		24,816
Non-controlling interests	65		64
Total stockholders' equity	24,467		24,880
Total liabilities and stockholders' equity	$	77,340	$	71,262

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

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (Unaudited)


	For the nine months ended July 31,
	2025		2024
	In millions
Cash Flows from Operating Activities:
Net (loss) earnings attributable to HPE	$	(118)	$	1,213
Adjustments to Reconcile Net (Loss) Earnings Attributable to HPE to Net Cash Provided by Operating Activities:
Depreciation and amortization	1,860		1,924
Impairment of goodwill	1,361		—
Stock-based compensation expense	447		341
Provision for inventory and credit losses	339		125
Restructuring (credit) charges	(13)		20
Cost reduction program	148		—
Deferred taxes on earnings	(74)		16
Earnings from equity interests	(74)		(161)
Gain on sale of a business	(245)		—

Dividends received from equity investees	—		43
H3C divestiture related severance costs	97		—
Other, net	156		160
Changes in Operating Assets and Liabilities, Net of Acquisitions:
Accounts receivable	(1,130)		(383)
Financing receivables	(3)		(311)
Inventory	1,385		(3,195)
Accounts payable	(2,595)		3,002
Taxes on earnings	(105)		108
Restructuring	(46)		(144)

Other assets and liabilities	(936)		(447)
Net cash provided by operating activities	454		2,311
Cash Flows from Investing Activities:
Investment in property, plant and equipment and software assets	(1,651)		(1,759)
Proceeds from sale of property, plant and equipment	254		280
Purchases of equity investments	(7)		(16)
Proceeds from sale of available-for-sale securities	47		5
Proceeds from maturities and redemptions of available-for-sale securities	48		—
Financial collateral posted	(755)		(728)
Financial collateral received	518		638
Payments made in connection with business acquisitions, net of cash acquired	(12,278)		—
Proceeds from sale of a business	210		—
Net cash used in investing activities	(13,614)		(1,580)
Cash Flows from Financing Activities:
Short-term borrowings with original maturities less than 90 days, net	8		(50)
Proceeds from debt, net of issuance costs	5,333		2,156
Payment of debt	(1,663)		(2,794)

Net payments related to stock-based award activities	(229)		(69)

Repurchases of common stock	(102)		(100)
Cash dividends paid to non-controlling interests, net of contributions	(8)		(8)
Cash dividends paid to preferred stockholders	(83)		—
Cash dividends paid to common stockholders	(513)		(507)
Net cash provided by (used in) financing activities	2,743		(1,372)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	9		(35)
Change in cash, cash equivalents and restricted cash	(10,408)		(676)
Cash, cash equivalents and restricted cash at beginning of period	15,105		4,581
Cash, cash equivalents and restricted cash at end of period	$	4,697	$	3,905

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 July 31, 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 April 30, 2025	1,310,532	$	13	30,000	$	29,840	$	(2,892)	$	(3,094)	$	23,867	$	60	$	23,927
Net earnings attributable to HPE							305				305		5		310
Other comprehensive income									70		70				70
Comprehensive income											375		5		380
Stock-based compensation expense					177						177				177
Tax withholding related to vesting of employee stock plans					(77)						(77)				(77)

Consideration for replacement of Juniper Networks Inc.’s equity awards					239						239				239
Issuance of common stock in connection with employee stock plans and other	8,283				20		1				21				21

Dividends on preferred stock accrued/declared ($0.95 per preferred share)							(29)				(29)				(29)
Cash dividends declared ($0.13 per share)							(171)				(171)				(171)

Balance as of July 31, 2025	1,318,815	$	13	30,000	$	30,199	$	(2,786)	$	(3,024)	$	24,402	$	65	$	24,467



	Common Stock			Preferred Stock
For the nine months ended July 31, 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							(118)				(118)		9		(109)
Other comprehensive loss									(47)		(47)				(47)
Comprehensive (loss) income											(165)		9		(156)
Stock-based compensation expense					447						447				447
Tax withholding related to vesting of employee stock plans					(274)						(274)				(274)

Consideration for replacement of Juniper Networks Inc.’s equity awards					239						239				239
Issuance of common stock in connection with employee stock plans and other	27,184				37		2				39				39
Repurchases of common stock	(5,627)				(98)		(2)				(100)				(100)
Dividends on preferred stock accrued/declared ($2.86 per preferred share)							(87)				(87)				(87)
Cash dividends declared ($0.39 per share)							(513)				(513)		(8)		(521)

Balance as of July 31, 2025	1,318,815	$	13	30,000	$	30,199	$	(2,786)	$	(3,024)	$	24,402	$	65	$	24,467

Table of Content


	Common Stock
For the three months ended July 31, 2024	Number of Shares	Par Value		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 April 30, 2024	1,297,931	$	13	$	28,308	$	(3,583)	$	(3,058)	$	21,680	$	54	$	21,734
Net earnings attributable to HPE						512				512		3		515
Other comprehensive income								1		1				1
Comprehensive income										513		3		516
Stock-based compensation expense				80						80				80
Tax withholding related to vesting of employee stock plans				(6)						(6)				(6)

Issuance of common stock in connection with employee stock plans and other	2,846			29						29				29
Repurchases of common stock	(2,421)			(50)						(50)				(50)

Cash dividends declared ($0.13 per share)						(169)				(169)				(169)

Balance as of July 31, 2024	1,298,356	$	13	$	28,361	$	(3,240)	$	(3,057)	$	22,077	$	57	$	22,134



	Common Stock
For the nine months ended July 31, 2024	Number of Shares	Par Value		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, 2023	1,282,630	$	13	$	28,199	$	(3,946)	$	(3,084)	$	21,182	$	56	$	21,238
Net earnings attributable to HPE						1,213				1,213		9		1,222
Other comprehensive income								27		27				27
Comprehensive income										1,240		9		1,249
Stock-based compensation expense				341						341				341
Tax withholding related to vesting of employee stock plans				(132)						(132)				(132)

Issuance of common stock in connection with employee stock plans and other	21,008			53						53				53
Repurchases of common stock	(5,282)			(100)						(100)				(100)

Cash dividends declared ($0.39 per share)						(507)				(507)		(8)		(515)

Balance as of July 31, 2024	1,298,356	$	13	$	28,361	$	(3,240)	$	(3,057)	$	22,077	$	57	$	22,134

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 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's customers range from small- and medium-sized businesses to large global enterprises and governmental entities.

On July 2, 2025, the Company completed the Juniper Networks, Inc. (“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. The results of operations of Juniper Networks are included in the unaudited Condensed Consolidated Financial Statements commencing on July 2, 2025. See Note 8, “Acquisitions and Dispositions” to the Condensed Consolidated Financial Statements for additional information.

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. This interim information should be read in conjunction with the Consolidated Financial Statements for the fiscal year ended October 31, 2024 in HPE’s Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on December 19, 2024. The Condensed Consolidated Balance Sheet for October 31, 2024 was derived from audited financial statements.

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, 2024.

Recently Enacted Accounting Pronouncements

In July 2025, the Financial Accounting Standards Board (“FASB”) issued guidance to provide a practical expedient for measuring expected credit losses on current trade receivables and contract assets by assuming that current conditions remain unchanged over the life of the asset. The amendment is effective for annual and interim periods beginning after December 15, 2025, with early adoption permitted. The Company is currently evaluating the impact of this amendment on its Condensed 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 Condensed 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 Company is required to adopt the guidance in fiscal 2026, though early adoption is permitted. The Company will adopt the guidance prospectively. 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.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

In November 2023, the FASB issued guidance to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The Company will adopt this guidance for its annual period ending October 31, 2025 and all interim periods thereafter. The Company does not expect the adoption of this guidance to have a significant impact on its Condensed Consolidated Financial Statements.

Note 2: Segment Information

Hewlett Packard Enterprise's operations are organized into five segments for financial reporting purposes: Server, Hybrid Cloud, Networking, Financial Services (“FS”), and Corporate Investments and Other. During the third quarter of fiscal 2025, the Intelligent Edge segment was renamed to Networking. The segment name change did not result in any change to the composition of the Company’s segments and therefore no prior information was recast; further, the designation change did not impact the Company’s Condensed Consolidated Financial Statements. The results of operations of Juniper Networks are included in the Networking segment commencing on July 2, 2025. See Note 8, “Acquisitions and Dispositions” to the Condensed Consolidated Financial Statements for additional information.

Hewlett Packard Enterprise's organizational structure is based on a number of factors that the Chief Operating Decision Maker (“CODM”), who is the 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 five segments are based on this organizational structure and information reviewed by Hewlett Packard Enterprise's management to evaluate segment results. A summary of the types of products and services within each segment is as follows:

Server consists of 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), Artificial Intelligence (“AI”), Data Analytics, and Transaction Processing workloads for government and commercial customers globally. This portfolio of products includes the secure and versatile HPE ProLiant Rack and Tower servers; HPE Synergy, a composable infrastructure for traditional and cloud-native applications; HPE Scale Up Servers product lines for critical applications, including large enterprise software applications and data analytics platforms; HPE Edgeline servers; HPE Cray EX; HPE Cray XD (formerly known as HPE Apollo); and HPE NonStop. The Server segment’s offerings also include operational and support services sold with systems and as standalone services.

Hybrid Cloud offers a wide variety of cloud-native and hybrid solutions across storage, private cloud and the infrastructure software-as-a-service (“SaaS”) space. Storage includes data storage and data management offerings with the HPE Alletra Storage portfolio; unstructured data solutions and analytics for AI; data protection and archiving; and storage networking. It also includes AIOps-driven intelligence with HPE InfoSight and HPE CloudPhysics. In private cloud, the HPE GreenLake offerings include new cloud-native offerings and capabilities for virtual machines, containers, and bare metal; a full suite of private cloud offerings that enable customers to self-manage or choose a fully managed experience; and a portfolio of world-class Private Cloud AI infrastructure delivered as-a-service (“aaS”). This segment also provides self-service private cloud on-demand with HPE GreenLake for Private Cloud Business Edition, which includes an integrated VM Essentials virtualization software. Infrastructure software includes monitoring and observability for day two operations and beyond through the Company’s acquisition of OpsRamp and unified data access through HPE Ezmeral Data Fabric and analytics suite, which helps move and transform data for use in AI and other applications. The Hybrid Cloud segment also includes data lifecycle management and protection through its suite of offerings, including Zerto Disaster Recovery.

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. Our platforms are purpose-built using AI to deliver secure and sustainable user experiences from the edge to the data center and cloud. Our 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 aaS and flexible consumption models through the HPE GreenLake platform.

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 Packard Enterprise and others. The FS segment also supports financial solutions for on-premise flexible consumption models, such as the HPE GreenLake cloud.

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

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; and Hewlett Packard Labs, which is responsible for research and development.

Segment Policy

Hewlett 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 associated with the cost reduction program, acquisition, disposition and other charges, and impairment of goodwill. 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:


	Server		Hybrid Cloud		Networking		Financial Services		Corporate Investments and Other		Total
	In millions
Three months ended July 31, 2025:
Net revenue	$	4,903	$	1,422	$	1,732	$	887	$	192	$	9,136
Intersegment net revenue	37		62		(2)		(1)		2		98
Total segment net revenue	$	4,940	$	1,484	$	1,730	$	886	$	194	$	9,234
Segment earnings (loss) from operations	$	317	$	87	$	360	$	88	$	(14)	$	838
Three months ended July 31, 2024:
Net revenue(1)	$	4,192	$	1,269	$	1,110	$	877	$	262	$	7,710
Intersegment net revenue	63		56		11		2		—		132
Total segment net revenue(1)	$	4,255	$	1,325	$	1,121	$	879	$	262	$	7,842
Segment earnings (loss) from operations(1)	$	461	$	69	$	251	$	79	$	(4)	$	856

Nine months ended July 31, 2025:
Net revenue	$	13,202	$	4,182	$	4,035	$	2,616	$	582	$	24,617
Intersegment net revenue	86		160		3		(1)		3		251
Total segment net revenue	$	13,288	$	4,342	$	4,038	$	2,615	$	585	$	24,868
Segment earnings (loss) from operations	$	906	$	264	$	948	$	259	$	(26)	$	2,351
Nine months ended July 31, 2024:
Net revenue(1)	$	11,199	$	3,718	$	3,384	$	2,616	$	752	$	21,669
Intersegment net revenue	224		162		24		3		—		413
Total segment net revenue(1)	$	11,423	$	3,880	$	3,408	$	2,619	$	752	$	22,082
Segment earnings (loss) from operations(1)	$	1,263	$	133	$	841	$	234	$	(23)	$	2,448

(1) Effective at the beginning of the first quarter of fiscal 2025, in order to align its segment financial reporting more closely with its current business structure, HPE implemented an organizational change with the transfer of certain managed services, previously reported within the Server segment, to the Hybrid Cloud segment.

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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 July 31,				For the nine months ended July 31,
	2025		2024		2025		2024
	In millions
Net Revenue:
Total segments	$	9,234	$	7,842	$	24,868	$	22,082
Eliminations of intersegment net revenue	(98)		(132)		(251)		(413)
Total consolidated net revenue	$	9,136	$	7,710	$	24,617	$	21,669
Earnings (Loss) Before Taxes:
Total segment earnings from operations	$	838	$	856	$	2,351	$	2,448
Unallocated corporate costs and eliminations	(61)		(85)		(181)		(218)
Stock-based compensation expense	(177)		(80)		(447)		(341)

Amortization of intangible assets	(126)		(60)		(201)		(198)
Impairment of goodwill	—		—		(1,361)		—
Transformation costs	—		(14)		(2)		(67)
Gain on sale of a business	1		—		245		—

H3C divestiture related severance costs	—		—		(97)		—
Cost reduction program	(2)		—		(148)		—
Acquisition, disposition and other charges(1)	(225)		(70)		(343)		(127)


Interest and other, net(2)	8		(12)		86		(122)


Earnings from equity interests	32		73		74		161
Total earnings (loss) before provision for taxes	$	288	$	608	$	(24)	$	1,536

(1) Includes disaster recovery and divestiture related exit costs. For the three and nine months ended July 31, 2025, Acquisition, disposition and other charges include non-cash amortization of fair value adjustment for inventory in connection with the acquisition of Juniper Networks, which was recorded in cost of sales.

(2) The three and nine months ended July 31, 2025, include a $52 million litigation settlement received in the third quarter of fiscal 2025.

Geographic Information

Net revenue by geographic region was as follows:


	For the three months ended July 31,				For the nine months ended July 31,
	2025		2024		2025		2024
	In millions
Americas:
United States	$	4,278	$	2,882	$	9,535	$	7,760
Americas excluding United States	464		528		1,900		1,595
Total Americas	4,742		3,410		11,435		9,355
Europe, Middle East and Africa	2,740		2,555		8,159		7,443
Asia Pacific and Japan	1,654		1,745		5,023		4,871
Total consolidated net revenue	$	9,136	$	7,710	$	24,617	$	21,669

Note 3: Transformation Programs

Transformation programs are comprised of the Cost Optimization and Prioritization Plan and the HPE Next Plan. The primary elements of both plans were completed by the end of fiscal 2024.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

No transformation charges were recorded for either plan during the three months ended July 31, 2025. For the nine months ended July 31, 2025, the transformation charges relating to both plans were $2 million. For the three and nine months ended July 31, 2024, the transformation charges relating to both plans were $15 million and $70 million, respectively.

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
	Employee Severance		Infrastructure and other		Infrastructure and other
	In millions
Liability as of October 31, 2024	$	67	$	94	$	23
Credits	—		(10)		(3)
Cash payments	(26)		(16)		(4)
Non-cash items	2		(2)		(1)
Liability as of July 31, 2025	$	43	$	66	$	15
Total costs incurred to date, as of July 31, 2025	$	823	$	543	$	265
Total expected costs to be incurred as of July 31, 2025	$	823	$	543	$	265

The current restructuring liability related to the transformation programs reported in Other accrued liabilities in the Condensed Consolidated Balance Sheets was $49 million and $78 million as of July 31, 2025 and October 31, 2024, respectively. The non-current restructuring liability related to the transformation programs, reported in Other non-current liabilities in the Condensed Consolidated Balance Sheets as of July 31, 2025 and October 31, 2024, was $75 million and $106 million, respectively.

Note 4: Retirement Benefit Plans

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


	For the three months ended July 31,				For the nine months ended July 31,
	2025		2024		2025		2024
	In millions
Service cost	$	13	$	12	$	37	$	36
Interest cost(1)	96		101		274		304
Expected return on plan assets(1)	(157)		(136)		(452)		(410)
Amortization and Deferrals(1):
Actuarial loss	34		37		96		111
Prior service benefit	(1)		(2)		(3)		(6)
Net periodic benefit (credit) cost	(15)		12		(48)		35
Settlement loss and special termination benefits(1)	4		1		7		3
Total net benefit (credit) cost	$	(11)	$	13	$	(41)	$	38

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

Note 5: Taxes on Earnings

Benefit (Provision) for Taxes

For the three months ended July 31, 2025 and 2024, the Company recorded income tax benefit of $17 million and income tax expense of $96 million, respectively, which reflects an effective tax rate of (6.5)% and 15.8%, respectively. For the nine months ended July 31, 2025 and 2024, the Company recorded income tax expense of $94 million and $323 million, respectively, which reflects an effective tax rate of (359.9)% and 21.0%, respectively. For the three and nine months ended July 31, 2025 and the three months ended July 31, 2024 the effective tax rate generally differs from the U.S. federal statutory rate of

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

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. The effective tax rate for the nine months ended July 31, 2025 also included the effects of the non-deductible goodwill impairment.

For the three and nine months ended July 31, 2025, the Company recorded $106 million and $217 million of net income tax benefits, respectively, related to various items discrete to the period. For the three months ended July 31, 2025, this amount primarily included $76 million of net income tax benefits related to the release of certain state valuation allowances and $21 million of net income tax benefits related to costs incurred as a result of the Merger, and $4 million of net income tax benefits related to acquisition, disposition and other related charges. For the nine months ended July 31, 2025, this amount primarily included $76 million of net income tax benefits related to the release of certain state valuation allowances, $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, $30 million of net excess tax benefits related to stock-based compensation, $29 million of net income tax benefits related to costs incurred as a result of the Merger, $16 million of net income tax benefits related to the settlement of U.S. tax audit matters, and $9 million of net income tax benefits related to acquisition, disposition and other related charges, partially offset by $22 million of net income tax charges resulting from the gain on the Communications Technology Group (“CTG”) divestiture.

For the three and nine months ended July 31, 2024, the Company recorded immaterial net income tax benefits related to various items discrete to the period.

Uncertain Tax Positions

As of July 31, 2025 and October 31, 2024, the amount of unrecognized tax benefits was $485 million and $724 million, respectively, of which up to $345 million and $344 million, respectively, would affect the Company's effective tax rate if realized as of their respective periods. During the second quarter of fiscal 2025, the Company effectively settled with the U.S. Internal Revenue Service ("IRS") regarding its audit of the Company’s fiscal 2017 through 2019 U.S. federal income tax returns, resulting in a reduction in the Company's unrecognized tax benefits of approximately $340 million; however, the effective settlement did not result in a material impact to the Company’s Condensed Consolidated Statement of Earnings and Condensed Consolidated Balance Sheet. The resolution of the audit resulted in the release of tax reserves that were predominantly related either to adjustments to foreign tax credits that carried a full valuation allowance or to the timing of intercompany royalty revenue recognition, neither of which affected the Company’s effective tax rate. Unrecognized tax benefits increased $111 million due to the Merger.

For tax liabilities pertaining to unrecognized tax benefits, the Company recognizes interest income from favorable settlements and interest expense and penalties in Benefit (provision) for taxes in the Condensed Consolidated Statements of Earnings. The Company recognized $7 million of interest income for the nine months ended July 31, 2025 and the interest expense was not material for the nine months ended July 31, 2024. The increase in interest income resulted from the favorable resolution of non-U.S. tax litigation matters, partially offset with the addition of interest accrued on unrecognized tax benefits due to the Merger. As of July 31, 2025 and October 31, 2024, the Company had accrued $52 million and $58 million, respectively, 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 IRS is conducting audits of the Company's fiscal 2020 through 2022 U.S. federal income tax returns. Tax years of Juniper Networks through 2018 have been audited by the IRS, and Juniper Networks 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. The Company believes it is reasonably possible that its existing unrecognized tax benefits may be reduced by an amount up to $58 million within the next 12 months.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Deferred Tax Assets and Liabilities

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


	As of
	July 31, 2025		October 31, 2024
	In millions
Deferred tax assets	$	2,477	$	2,396
Deferred tax liabilities	(428)		(373)
Deferred tax assets net of deferred tax liabilities	$	2,049	$	2,023

Net deferred tax assets increased $26 million as a result of discrete tax benefits from the release of certain state valuation allowances of $76 million and the settlement of U.S. tax audit matters of $16 million, which were partially offset by a decrease of $65 million due to the Merger.

Note 6: Balance Sheet Details

Cash, Cash Equivalents and Restricted Cash


	As of
	July 31, 2025		October 31, 2024
	In millions
Cash and cash equivalents	$	4,571	$	14,846
Restricted cash(1)	126		259
Total	$	4,697	$	15,105

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

Inventory


	As of
	July 31, 2025		October 31, 2024
	In millions
Purchased parts and fabricated assemblies	$	4,455	$	5,441
Finished goods	2,708		2,369
Total	$	7,163	$	7,810

The Company values inventory at the lower of cost or net realizable value. Cost is computed using standard cost which approximates actual cost on a first-in, first-out basis. At each reporting period, the Company assesses the value of its inventory and writes down the cost of inventory to its net realizable value if required, for estimated excess or obsolescence. Factors influencing these adjustments include changes in future demand forecasts, market conditions, technological changes, product life-cycle and development plans, component cost trends, product pricing, physical deterioration, and quality issues. If in any period the Company anticipates a change in those factors to be less favorable than its previous estimates, additional inventory write-downs may be required and could materially impact gross margin. The write down for excess or obsolescence is charged to the provision for inventory, which is a component of cost of sales in the Condensed Consolidated Statements of Earnings. At the point of the loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. The Company recorded a net provision for excess or obsolete inventory to cost of sales totaling $122 million and $271 million for the three and nine months ended July 31, 2025, respectively. For the fiscal year ended October 31, 2024, the Company recorded a net provision for excess or obsolete inventory to cost of sales totaling $89 million.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Property, Plant and Equipment, net


	As of
	July 31, 2025		October 31, 2024
	In millions
Land	$	306	$	66
Buildings and leasehold improvements	2,088		1,696
Machinery and equipment, including equipment held for lease	10,607		10,392

Gross property, plant and equipment	13,001		12,154
Accumulated depreciation	(6,883)		(6,490)
Property, plant and equipment, net	$	6,118	$	5,664

Supplier Financing Arrangements

The Company enters into supplier financing arrangements with external financial institutions. Under these arrangements, suppliers can 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, are presented within Accounts payable on the Consolidated Balance Sheets, amounted to $435 million, and $466 million as of July 31, 2025 and October 31, 2024, respectively.

Warranties

The Company's aggregate product warranty liabilities and changes for the nine months ended July 31, 2025, and the fiscal year ended October 31, 2024 were as follows:


	As of
	July 31, 2025		October 31, 2024
	In millions
Balance at beginning of period	$	301	$	318
Charges	162		173
Adjustments related to pre-existing warranties	(53)		(5)
Settlements made	(125)		(185)
Balance at end of period(1)	$	285	$	301

(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 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 July 31, 2025, $164 million and $42 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
	July 31, 2025
	In millions
Balance at beginning of period	$	49
Severance charges	256
Cash paid and other	(99)
Balance at end of period	$	206

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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 July 31, 2025		For the nine months ended July 31, 2025

	In millions
Cost of sales	—		$	63
Research and development	—		31
Selling, general and administrative	—		147
Acquisition, disposition and other charges	15		15
Total severance charges	$	15	$	256

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
	July 31, 2025		October 31, 2024
	In millions
Accounts receivable	$	5,260	$	3,236
Unbilled receivables	414		324
Allowances	(18)		(10)
Total	$	5,656	$	3,550

The allowances for credit losses related to accounts receivable and changes for the nine months ended July 31, 2025, and the fiscal year ended October 31, 2024 were as follows:


	As of
	July 31, 2025		October 31, 2024
	In millions
Balance at beginning of period	$	10	$	37
Provision for credit losses	20		41
Adjustments to existing allowances, including write offs	(12)		(68)
Balance at end of period	$	18	$	10

Sale of Trade Receivables

The Company has third-party revolving short-term financing arrangements intended to facilitate the working capital requirements of certain customers. For the three and nine months ended July 31, 2025, the Company sold $1.0 billion and $2.8 billion of trade receivables, respectively. For the fiscal year ended October 31, 2024, the Company sold $3.1 billion of trade receivables. The Company recorded an obligation of $70 million and $62 million within Notes payable and short-term borrowings in its Condensed Consolidated Balance Sheets as of July 31, 2025 and October 31, 2024, 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:

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)


		As of
		July 31, 2025		October 31, 2024
	Location	In millions
Customer deposits	Other accrued liabilities	$	580	$	289
Customer deposits - non-current	Other non-current liabilities	73		7
Total customer deposits		$	653	$	296

Deferred revenue	Deferred revenue	$	5,311	$	3,904
Deferred revenue - non-current	Other non-current liabilities	4,837		3,578
Total deferred revenue		$	10,148	$	7,482

For the nine months ended July 31, 2025, approximately $3.0 billion of revenue was recognized relating to contract liabilities recorded as of October 31, 2024.

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 July 31, 2025, the aggregate amount of deferred revenue, was $10.1 billion. The Company expects to recognize approximately 18% of this balance over fiscal 2025 with the remainder to be recognized 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 July 31, 2025, the aggregate amount of customer deposits was $653 million. The Company expects to recognize $580 million over the next twelve months and the remaining balance thereafter.

Costs to Obtain a Contract

As of July 31, 2025, the current and non-current portions of the capitalized costs to obtain a contract were $122 million and $147 million, respectively. As of October 31, 2024, the current and non-current portions of the capitalized costs to obtain a contract were $88 million and $136 million, respectively. The current and non-current portions of the capitalized costs to 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 nine months ended July 31, 2025, the Company amortized $88 million and $142 million, of capitalized costs to obtain a contract. For the three and nine months ended July 31, 2024 the Company amortized $27 million and $79 million respectively, 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.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 7: 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
	July 31, 2025		October 31, 2024
	In millions
Minimum lease payments receivable	$	10,194	$	10,266
Unguaranteed residual value	680		599
Unearned income	(1,246)		(1,218)
Financing receivables, gross	9,628		9,647
Allowance for credit losses	(206)		(194)
Financing receivables, net	9,422		9,453
Less: current portion	(3,777)		(3,870)
Amounts due after one year, net	$	5,645	$	5,583

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 nine months ended July 31, 2025, the Company sold $17 million and $164 million of financing receivables, respectively. For the fiscal year ended October 31, 2024, the Company sold $93 million of financing receivables.

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.

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


	As of July 31, 2025
	Risk Rating
	Low		Moderate		High
Fiscal Year	In millions
2025	$	1,451	$	746	$	6
2024	2,400		1,020		36
2023	1,371		738		51
2022	733		426		30
2021 and prior	275		261		84
Total	$	6,230	$	3,191	$	207

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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 October 31, 2024, presented on amortized cost basis by year of origination was as follows:


	As of October 31, 2024
	Risk Rating
	Low		Moderate		High
Fiscal Year	In millions
2024	$	2,630	$	1,120	$	19
2023	1,804		948		54
2022	1,128		665		46
2021	440		317		52
2020 and prior	158		193		73
Total	$	6,160	$	3,243	$	244

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 July 31, 2025 and October 31, 2024 and the respective changes for the nine and twelve months then ended were as follows:


	As of
	July 31, 2025		October 31, 2024
	In millions
Balance at beginning of period	$	194	$	243

Provision for credit losses	56		50
Adjustment to the existing allowance	(2)		(4)
Write-offs	(42)		(95)
Balance at end of period	$	206	$	194

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

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
	July 31, 2025		October 31, 2024
	In millions
Billed:(1)
Current 1-30 days	$	318	$	334
Past due 31-60 days	34		29
Past due 61-90 days	13		12
Past due > 90 days	78		79
Unbilled sales-type and direct-financing lease receivables	9,185		9,193
Total gross financing receivables	$	9,628	$	9,647
Gross financing receivables on non-accrual status(2)	$	214	$	214
Gross financing receivables 90 days past due and still accruing interest(2)	$	97	$	82

(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 July 31,				For the nine months ended July 31,
		2025		2024		2025		2024
	Location	In millions

Interest income from sales-type leases and direct financing leases	Financing Income	$	194	$	168	$	568	$	486
Lease income from operating leases	Services	542		578		1,628		1,771
Total lease income		$	736	$	746	$	2,196	$	2,257

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.

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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 July 31, 2025 and October 31, 2024, 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
	July 31, 2025		October 31, 2024
Assets held by VIE:	In millions
Other current assets	$	109	$	189
Financing receivables
Short-term	820		872
Long-term	1,124		1,079
Property, plant and equipment, net	775		1,033
Liabilities held by VIE:
Notes payable and short-term borrowings, net of unamortized debt issuance costs	1,109		1,433
Long-term debt, net of unamortized debt issuance costs	$	1,068	$	965

For the nine months ended July 31, 2025, the financing receivables and leased equipment transferred via securitization through the SPE were $0.7 billion and $0.3 billion, respectively. For the fiscal year ended October 31, 2024, financing receivables and leased equipment transferred via securitization through the SPE were $1.2 billion and $0.6 billion, respectively.

Note 8: Acquisitions and Dispositions

Acquisition of Juniper Networks

On July 2, 2025, the Company completed the Merger. Under the terms of 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.

Juniper Networks is a leader in AI-native networks, and will be reported in the Networking segment. The Company acquired Juniper Networks to advance HPE’s portfolio mix shift toward higher-growth solutions and strengthen its networking business.

Purchase Consideration

The following table summarizes the purchase consideration for the Merger:


	In millions
Cash paid for outstanding Juniper Networks common stock	$	13,386
Consideration for replacement of Juniper Networks equity awards	239


Total purchase consideration	$	13,625

In connection with the Merger, each of the outstanding and unvested equity awards of Juniper Networks which was comprised of restricted stock units, performance stock awards and stock options which had been previously issued to employees, was converted into HPE equity awards utilizing an exchange ratio of approximately 2.1. The exchange ratio was calculated as purchase consideration per share divided by HPE’s 10-day average stock price prior to July 2, 2025. The acquisition date fair value of the replacement equity awards has been determined using the Hull-White I Lattice model for options, and for restricted stock units by adjusting HPE’s Merger date close price for expected dividends as applicable. The fair value of the replacement awards was $927 million, of which $239 million is included in the Merger consideration. At the date of the acquisition, the Company converted Juniper Networks’ equity awards into approximately 46 million HPE equity awards, of which approximately 10 million restricted stock units vested in July 2025. As of July 31, 2025, there was $563 million of unrecognized pre-tax stock-based compensation expense related to unvested restricted stock units, which the Company expects to recognize over the remaining weighted-average vesting period of 1.5 years.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

For the three and nine months ended July 31, 2025, HPE recorded stock-based compensation expense of $87 million related to these assumed awards.

A summary of the preliminary allocation of the total purchase price for the Merger is presented as follows:



	In millions
Cash and cash equivalents	$	1,098

Inventory	1,060
Other current assets	1,827

Goodwill	7,042
Intangible assets	6,211
Long-term financing receivables and other assets	1,786
Total assets acquired	19,024





Other accrued liabilities(1)	2,592
Long-term debt	1,232
Other non-current liabilities	1,575
Total liabilities assumed	5,399
Total purchase consideration	$	13,625

(1)Includes the current portion of long-term debt.

This acquisition has been accounted for as a business combination under FASB Topic Accounting Standards Codification 805 using the acquisition method. Tangible and identifiable intangible assets acquired, and liabilities assumed were recorded at the respective preliminary estimated fair values. The excess of the consideration transferred over the estimated fair value of the net assets received has been recorded as goodwill. The factors that contributed to the recognition of goodwill primarily relate to acceleration of the company’s portfolio mix shift to higher-margin, higher-growth areas. Goodwill also reflects the expectation that the Merger will position the company for long-term profitable growth. Goodwill created as a result of the Merger is not deductible for tax purposes.

The purchase price allocation is preliminary as the final review of intangible assets, certain tangible assets, income tax balances, liabilities assumed, and residual goodwill related to this acquisition is not complete. These amounts are subject to revision as additional information about fair value of assets acquired and liabilities assumed is obtained within the measurement period, which is up to one year from the acquisition date.

Purchased Intangible Assets

The weighted-average useful life for intangible assets acquired was 6.5 years, the following table presents preliminary details of the purchased intangible assets acquired:


	Useful Life (in Years)	In millions
Customer contracts, customer lists and distribution agreements	8	$	3,031
Developed and core technology and patents	5	2,915
Trade name and trademarks	6	265

Total intangible assets(1)		$	6,211

(1)Amortization expense for the three and nine months ended July 31, 2025, was $88 million.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Long-term Debt

The following table presents long-term debt assumed at closing:


	Maturity Date	Par Value		Fair Value
		In millions
1.200% fixed-rate notes	December 2025	$	400	$	394
3.750% fixed-rate notes	August 2029	500		486
2.000% fixed-rate notes	December 2030	400		348
5.950% fixed-rate notes	March 2041	$	400	$	398

Results of Operations and Pro forma Financial Information

The following table presents revenues and net earnings for Juniper Networks since the acquisition date, July 2, 2025 through July 31, 2025:


	In millions
Total revenue	$	480
Earnings from operations(1)	$	76

(1) This amount does not include certain corporate costs which are managed at the corporate level.

The unaudited pro forma results of operations for HPE as if the Merger had occurred on November 1, 2023 are presented in the table below:


	For the three months ended July 31,				For the nine months ended July 31,
	2025		2024		2025		2024
	In millions
Total revenue	$	10,119	$	8,900	$	28,407	$	25,372
Net earnings (loss)	$	280	$	195	$	(271)	$	2

These pro forma results were based on estimates and assumptions, which the Company believes are reasonable. The pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition and the cost of financing the acquisition had taken place at the beginning of fiscal 2024. The unaudited pro forma information includes adjustments to amortization for intangible assets acquired, stock-based compensation expense, interest expense for acquisition financing, and depreciation for property and equipment acquired.

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 nine months ended July 31, 2025, acquisition costs were $159 million and $231 million, respectively. For the three and nine months ended July 31, 2024, acquisition costs were $23 million and $77 million, respectively.

Disposition of Communications Technology Group

On May 23, 2024, HPE announced plans to divest the CTG business to HCL Tech. CTG was included in the Communications and Media Solutions business, which was reported in the Corporate Investments and Other segment. This divestiture includes the platform-based software solutions portions of the CTG portfolio, including systems integration, network applications, data intelligence, and the business support systems groups. On December 1, 2024, the Company completed the disposition of CTG. The Company received net proceeds of $210 million and recognized a gain of $245 million included in Gain on sale of a business in the Condensed Consolidated Statements of Earnings.

Note 9: Goodwill

Goodwill is tested for impairment at the reporting unit level. As of November 1, 2024, the Company reassessed its

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

reporting units and determined that the former Compute and High Performance Computing & Artificial Intelligence reporting units (within the Server segment) met the criteria to qualify as a single Server reporting unit. As of July 31, 2025, the Company's reporting units are consistent with the reportable segments identified in Note 2, “Segment Information”, with the exception of Networking and Corporate Investments and Other segments. The Networking segment contains two reporting units: Intelligent Edge and Juniper Networks. The Corporate Investments and Other segment contains the A & PS reporting unit. The following table represents the carrying value of goodwill, by segment as of July 31, 2025 and October 31, 2024.


	Server		Hybrid Cloud		Networking		Financial Services		Corporate Investments and Other		Total
	In millions
Balance as of October 31, 2024	$	10,194	$	4,839	$	2,909	$	144	$	—	$	18,086
Goodwill acquired during the period	—		—		7,042		—		—		7,042
Goodwill impairment	—		(1,361)		—		—		—		(1,361)

Balance as of July 31, 2025(1)	$	10,194	$	3,478	$	9,951	$	144	$	—	$	23,767

(1) Goodwill is net of accumulated impairment losses of $3.1 billion. Accumulated impairment increased by $1.2 billion from October 31, 2024 due to a $1.4 billion Hybrid Cloud reporting unit impairment, partially offset by a decrease due to the disposition of CTG (the Communications and Media Solutions reporting unit).

Goodwill is tested annually for impairment, as of the first day of the fourth quarter and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company performed interim goodwill impairment tests as of November 1, 2024 and April 30, 2025.

November 1, 2024 Interim Impairment Test

An interim impairment test was performed as of November 1, 2024 based on organizational changes impacting the Hybrid Cloud and Server reporting units. The interim impairment test did not result in an impairment of goodwill.

April 30, 2025 Interim Impairment Test

During the second quarter of fiscal 2025, the macroeconomic environment experienced a rapid deterioration, primarily driven by the announcement and subsequent modifications of international tariffs, an escalation in global trade tensions, and increasing geopolitical uncertainty. These events have contributed to significant movement in inputs used to determine the weighted-average cost of capital. As of April 30, 2025, the Company determined that an indicator of potential impairment existed to require an interim quantitative goodwill impairment test for its reporting units.

Based on the results of the interim quantitative impairment test performed as of April 30, 2025, the fair value of the Hybrid Cloud reporting unit was below the carrying value assigned to Hybrid Cloud. The decline in the fair value of the Hybrid Cloud reporting unit was primarily driven by an increase in the discount rate used in the discounted cash flows analysis, which reflected heightened macroeconomic uncertainty and changes in market conditions. The fair value of the Hybrid Cloud reporting unit was based on a weighting of fair values derived most significantly from the income approach, and to a lesser extent, the market approach. Under the income approach, the Company estimates the fair value of a reporting unit based on the present value of estimated future cash flows which HPE considers to be a level 3 unobservable input in the fair value hierarchy.

Prior to the quantitative goodwill impairment test, the Company tested the recoverability of long-lived assets and other assets of the Hybrid Cloud reporting unit and concluded that such assets were not impaired. The quantitative goodwill impairment test indicated that the carrying value of the Hybrid Cloud reporting unit exceeded its fair value by $1.4 billion. As a result, the Company recorded a goodwill impairment charge of $1.4 billion in the second quarter of fiscal 2025.

Subsequent to the impairment of the Hybrid Cloud reporting unit, the indicated fair values of the reporting units exceeded their respective carrying amounts by a range of 0% to 112%. In order to evaluate the sensitivity of the estimated fair value of the reporting units in the goodwill impairment test, the Company applied a hypothetical 10% decrease to the fair value of each reporting unit. Based on the results of this hypothetical 10% decrease, all of the reporting units had an excess of fair value over carrying amount, except Server and Hybrid Cloud.

The Hybrid Cloud reporting unit has remaining goodwill of $3.5 billion as of July 31, 2025 and an excess of fair value over carrying value of net assets of 0% as of the interim test date. Hybrid Cloud business is transitioning to a more cloud-native,

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

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 excess of fair value over carrying amount for the Server reporting unit was 3%. The fair value of the Server reporting unit was also impacted by an increase in the discount rate used in the discounted cash flow analysis, driven by heightened macroeconomic uncertainty. The Server reporting unit has a goodwill balance of $10.2 billion as of July 31, 2025. In the current macroeconomic and inflationary environment, customers have invested selectively, resulting in moderate unit growth and competitive pricing in the traditional servers business. While the AI servers business is growing at a faster pace, because graphics processing units represent a large portion of the solutions, the pricing is very competitive and margins are limited. The Server business continues to focus on capturing market share in both traditional and AI servers, while maintaining operating margin and leveraging its strong portfolio of products.

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 the Hybrid Cloud and Server reporting units’ ability to successfully address the current challenges may change, which could result in the carrying value of the Hybrid Cloud and Server reporting units exceeding their estimated fair value and potential impairment charges.

Note 10: 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.

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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 July 31, 2025								As of October 31, 2024
	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:
Commercial paper	$	—	$	3	$	—	$	3	$	—	$	—	$	—	$	—


Time deposits	—		945		—		945		—		601		—		601
Money market funds	1,413		—		—		1,413		12,639		—		—		12,639
Total cash equivalents	1,413		948		—		2,361		12,639		601		—		13,240
Available-for-sale Debt Investments:
Asset-backed and mortgage-backed securities	—		134		—		134		—		—		—		—
Certificates of deposit	—		16		—		16		—		—		—		—
Corporate debt securities	—		366		—		366		—		—		—		—
Commercial paper	—		47		—		47		—		—		—		—
U.S. government agency securities	—		38		—		38		—		—		—		—
U.S. government securities	105		32		—		137		—		—		—		—


Foreign bonds	1		107		—		108		—		102		1		103
Other debt securities (1)	—		—		47		47		—		—		14		14
Total available-for-sale debt investments	106		740		47		893		—		102		15		117
Equity Investments:

Mutual funds	—		56		—		56		—		—		—		—
Equity securities in public companies	6		—		—		6		—		—		—		—
Equity securities	—		—		54		54		—		—		88		88
Total equity investments	6		56		54		116		—		—		88		88
Derivatives Instruments:

Foreign currency contracts	—		196		—		196		—		299		—		299
Other derivatives	—		1		—		1		—		—		—		—
Total assets	1,525		1,941		101		3,567		12,639		1,002		103		13,744
Liabilities
Derivatives Instruments:
Interest rate contracts	—		72		—		72		—		58		—		58
Foreign currency contracts	—		302		—		302		—		103		—		103
Other derivatives	—		1		—		1		—		2		—		2
Total liabilities	$	—	$	375	$	—	$	375	$	—	$	163	$	—	$	163

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

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Other Fair Value Disclosures

Short-Term and Long-Term Debt: As of July 31, 2025, the estimated fair value and carrying value of the Company's short-term and long-term debt was $23.6 billion and $23.7 billion, respectively. As of October 31, 2024, the estimated fair value and carrying value of the Company's short-term and long-term debt was $18.3 billion and $18.2 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.

Non-Recurring Fair Value Measurements

Equity Investments without Readily Determinable Fair Value: Equity investments are recorded at cost and measured at fair value when they are deemed to be impaired or when there is an adjustment from observable price changes. For the three months ended July 31, 2025 and 2024, the Company recognized unrealized gains of $1 million and $7 million, respectively, on these investments. For the nine months ended July 31, 2025, the Company recognized a net loss of $1 million primarily resulting from an impairment on these investments. If measured at fair value in the Condensed Consolidated Balance Sheets, these would generally be classified in Level 3 of the fair value hierarchy. For investments still held as of July 31, 2025, the cumulative upward adjustments for observable price changes was $83 million and cumulative downward adjustments for observable price changes and impairments was $89 million. Refer to Note 11 “Financial Instruments,” for further information about equity investments.

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 Hybrid Cloud 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. For more information on the goodwill impairment, see Note 9 “Goodwill”.

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

Note 11: Financial Instruments

Cash Equivalents and Available-for-Sale Debt Investments

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


	As of July 31, 2025				As of October 31, 2024
	Cost		Gross Unrealized Gains (Losses)		Fair Value		Cost		Gross Unrealized Gains (Losses)		Fair Value
	In millions
Cash Equivalents
Commercial paper	$	3	$	—	$	3	$	—	$	—	$	—


Time deposits	945		—		945		601		—		601
Money market funds	1,413		—		1,413		12,639		—		12,639
Total cash equivalents	2,361		—		2,361		13,240		—		13,240
Available-for-sale Investments
Debt Securities:
Asset-backed and mortgage-backed securities	134		—		134		—		—		—
Certificates of deposit	16		—		16		—		—		—
Corporate debt securities	367		(1)		366		—		—		—
Commercial paper	47		—		47		—		—		—
U.S. government agency securities	38		—		38		—		—		—
U.S. government securities	137		—		137		—		—		—


Foreign bonds	107		1		108		101		2		103
Other debt securities	44		3		47		8		6		14
Total debt securities	890		3		893		109		8		117
Equity Securities:

Equity securities in public companies	9		(3)		6		—		—		—
Mutual funds	55		1		56		—		—		—
Total equity securities	64		(2)		62		—		—		—
Total available-for-sale investments	954		1		955		109		8		117
Total cash equivalents and available-for-sale investments	$	3,315	$	1	$	3,316	$	13,349	$	8	$	13,357

As of July 31, 2025 and October 31, 2024, 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 July 31, 2025 and October 31, 2024. 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 July 31, 2025
	Amortized Cost		Fair Value
	In millions
Due in one year	$	322	$	322
Due in one to five years	454		453
Due in more than five years	114		118
Total	$	890	$	893

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

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 either at fair value or under measurement alternative. Measurement alternative equity investments are recorded at cost and measured at fair value when they are deemed to be impaired or when there is an adjustment from observable price changes.

The carrying amount of those non-marketable equity investments accounted for under the fair value option was $54 million and $88 million as of July 31, 2025 and October 31, 2024, respectively. For the nine months ended July 31, 2025, the Company recognized a total gain of $5 million on these investments, of which $4 million was unrealized and $1 million was realized. During the nine months ended July 31, 2025, the Company sold $38 million of these investments. For the three and nine months ended July 31, 2024, the Company recognized an unrealized gain of $7 million and an unrealized loss of $47 million on these investments. This amount is reflected in Interest and other, net in the Condensed Consolidated Statements of Earnings.

The carrying amount of those non-marketable equity investments accounted for under the measurement alternative was $252 million and $200 million as of July 31, 2025 and October 31, 2024, respectively. For the three months ended July 31, 2025 and 2024, the Company recognized unrealized gains of $1 million and $7 million, respectively, on these investments. For the nine months ended July 31, 2025, the Company recognized a loss of $1 million primarily resulting from an impairment on these investments. These amounts are reflected in Interest and other, net in the Condensed Consolidated Statements 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 July 31, 2025										As of October 31, 2024
			Fair Value										Fair Value
	Outstanding Gross Notional		Other Current Assets		Long-Term Financing Receivables and Other Assets		Other Accrued Liabilities		Long-Term Other Liabilities		Outstanding Gross Notional		Other Current Assets		Long-Term Financing Receivables and Other Assets		Other Accrued Liabilities		Long-Term Other Liabilities
	In millions
Derivatives Designated as Hedging Instruments
Fair Value Hedges:
Interest rate contracts	$	3,100	$	—	$	—	$	14	$	58	$	2,500	$	—	$	—	$	58	$	—
Cash Flow Hedges:
Foreign currency contracts	7,601		51		25		142		79		7,809		107		59		31		25

Net Investment Hedges:
Foreign currency contracts	2,015		29		21		22		18		1,986		38		44		12		13
Total derivatives designated as hedging instruments	12,716		80		46		178		155		12,295		145		103		101		38
Derivatives Not Designated as Hedging Instruments
Foreign currency contracts	5,974		68		2		40		1		5,528		46		5		18		4
Other derivatives	141		1		—		1		—		147		—		—		2		—
Total derivatives not designated as hedging instruments	6,115		69		2		41		1		5,675		46		5		20		4
Total derivatives	$	18,831	$	149	$	48	$	219	$	156	$	17,970	$	191	$	108	$	121	$	42

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

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Notes to Condensed Consolidated Financial Statements (Continued)

(Unaudited)

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:


	As of July 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	$	197	$	—	$	197	$	150	$	7	(1)	$	40
Derivative liabilities	$	375	$	—	$	375	$	150	$	181	(2)	$	44


	As of October 31, 2024
	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	$	299	$	—	$	299	$	138	$	90	(1)	$	71
Derivative liabilities	$	163	$	—	$	163	$	138	$	27	(2)	N/A

(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 July 31, 2025, of the $181 million of collateral posted, $174 million was in cash and $7 million was through the re-use of counterparty collateral. As of October 31, 2024, $27 million of collateral posted was entirely 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				As of
	July 31, 2025		October 31, 2024		July 31, 2025		October 31, 2024
	In millions
Notes payable and short-term borrowings	$	(2,486)	$	(2,440)	$	14	$	58
Long-term debt	$	(744)	$	—	$	3	$	—

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HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

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:


	Gains (Losses) Recognized in OCI on Derivatives
	For the three months ended July 31,				For the nine months ended July 31,
	2025		2024		2025		2024
	In millions
Derivatives in Cash Flow Hedging Relationship:
Foreign exchange contracts	$	6	$	(34)	$	(189)	$	(69)


Derivatives in Net Investment Hedging Relationship:
Foreign exchange contracts	(12)		32		(33)		13
Total	$	(6)	$	(2)	$	(222)	$	(56)

As of July 31, 2025, the Company expects to reclassify an estimated net accumulated other comprehensive loss of approximately $63 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:


Gains (Losses) Recognized in Income
For the three months ended July 31,			For the nine months ended July 31,
2025		2024	2025	2024
Net Revenue	Interest and Other, net	Net Revenue

Hewlett Packard Enterprise Co 10-Q