Hewlett Packard Enterprise

Q4 FY2025 (ended October 31, 2025). The 10-K filing describes the segment realignment effective FY2026: Server, Hybrid Cloud, and Financial Services merge into 'Cloud & AI' -- underscoring AI's growing importance to HPE's identity. The filing describes the Server segment as including 'AI, Data Analytics, and Transaction Processing workloads.' It also describes HPE Private Cloud AI as providing 'a portfolio of world-class Private Cloud AI infrastructure delivered as-a-service.' The new 'Networking' segment (from Juniper acquisition) is described as 'purpose-built using AI' and designed 'for AI (delivering high-performance networks that maximize GPU utilization and minimize AI job completion times).' AI server demand continued growing with HPE's full product portfolio. Estimated AI-related revenue ~$1,900M (AI servers + Private Cloud AI + some AI networking revenue). Math: $1,900M / ~$9,500M estimated Q4 revenue = 20.0%.