Hewlett Packard Enterprise
HPEQ2 2025Derived16% AI
AI Revenue %
16%
AI Fair Value
$5.5B
AI Revenue (Q)
$1.2B
Total Revenue (Q)
$7.6B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2025 (ended April 30, 2025). Total net revenue was $7,627M, down from $7,204M year-ago Q2 at first glance, but product revenue was $4,769M vs $4,324M (+10.3% YoY). Notable: HPE recorded a $1,361M goodwill impairment charge this quarter, resulting in a net loss of $1,050M. This impairment appears related to the Intelligent Edge/Networking segment (Juniper Networks acquisition goodwill adjustment). Six-month revenue was $15,481M. AI server demand remained robust. Inventory at $8,096M. Estimated AI server + Private Cloud AI revenue: ~$1,200M. Math: $1,200M / $7,627M = 15.7%, rounded to 16.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Products $ 4,769 $ 4,324
10-Q Q2 FY2025, Condensed Consolidated Statements of Earnings
Total net revenue 7,627
10-Q Q2 FY2025, Condensed Consolidated Statements of Earnings
Impairment of goodwill 1,361
10-Q Q2 FY2025, Condensed Consolidated Statements of Earnings
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)Networking (Aruba/Juniper)Financial Services
Confidence Tier
DerivedCalculated from reported segments primarily serving AI