Hewlett Packard Enterprise
HPEQ1 2025Derived16% AI
AI Revenue %
16%
AI Fair Value
$5.4B
AI Revenue (Q)
$1.3B
Total Revenue (Q)
$7.9B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2025 (ended January 31, 2025). Total net revenue was $7,854M, up from $6,755M in prior year Q1 (+16.3% YoY). Product revenue surged to $4,970M from $3,956M (+25.6% YoY). This dramatic product revenue growth was primarily driven by AI server demand. HPE also recorded a $244M gain on sale of a business and $29M in preferred stock dividends (related to Juniper Networks acquisition financing via mandatory convertible preferred stock). Inventory at $8,577M signals continued massive AI server production. Cash and cash equivalents at $13,431M (up from $3,758M a year ago) due to debt raised for the Juniper acquisition. Estimated AI server + Private Cloud AI revenue: ~$1,250M. Math: $1,250M / $7,854M = 15.9%, rounded to 16.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Products $ 4,970 $ 3,956
10-Q Q1 FY2025, Condensed Consolidated Statements of Earnings
Total net revenue 7,854
10-Q Q1 FY2025, Condensed Consolidated Statements of Earnings
Inventory 8,577
10-Q Q1 FY2025, Condensed Consolidated Balance Sheets
AI Products Identified (Ring 1)
HPE Cray EX/XDHPE ProLiant with NVIDIA GPUsHPE Private Cloud AIHPE GreenLake for LLMs
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Server segment (non-AI servers, HPC, NonStop)Hybrid Cloud (non-AI)Intelligent Edge (Aruba)Financial Services
Confidence Tier
DerivedCalculated from reported segments primarily serving AI