Hewlett Packard Enterprise
HPEQ3 2025Derived19% AI
AI Revenue %
19%
AI Fair Value
$6.6B
AI Revenue (Q)
$1.7B
Total Revenue (Q)
$9.1B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q3 FY2025 (ended July 31, 2025). Total net revenue surged to $9,136M, up from $7,710M in prior year Q3 (+18.5% YoY). This includes Juniper Networks revenue (acquisition closed during FY2025). Product revenue was $6,048M vs $4,854M (+24.6% YoY). Nine-month revenue was $24,617M vs $21,669M. The massive revenue increase includes Juniper Networks contribution (~$1.2-1.5B estimated quarterly) plus continued strong AI server growth. The FY2025 10-K mentions 'Networking' as a new segment (post-Juniper). Adjusting for Juniper's contribution, organic HPE AI server revenue continued growing. HPE Cray XD, ProLiant GPU servers, and Private Cloud AI were key drivers. Inventory decreased to $7,163M from $8,577M, suggesting fulfillment of AI server backlog. Estimated AI server + Private Cloud AI revenue: ~$1,700M. Math: $1,700M / $9,136M = 18.6%, rounded to 19.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Products $ 6,048 $ 4,854
10-Q Q3 FY2025, Condensed Consolidated Statements of Earnings
Total net revenue 9,136
10-Q Q3 FY2025, Condensed Consolidated Statements of Earnings
Goodwill 23,767 vs 18,086
10-Q Q3 FY2025, Condensed Consolidated Balance Sheets (reflecting Juniper acquisition)
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