Analyst Consensus ?
ConsensusHold40 ratings
Bullish1845.0%
Neutral2152.5%
Bearish12.5%
Hewlett Packard Enterprise Company · HPE · FY2026 Q2 · Calendar Q2 2026
HPE Q2 FY26: Revenue Up 40% as AI Orders Double, Guidance Raised Sharply
HPE delivered a record Q2 FY26, with revenue of $10.7 billion (+40% YoY) and non-GAAP EPS of $0.79 (+108%), beating consensus EPS estimates of $0.535 by roughly 48% and revenue estimates of $9.78 billion by over 9%. The quarter was powered by AI systems orders of $1.8 billion, total orders that more than doubled year-over-year, and a record company backlog. Juniper Networks integration is running ahead of schedule, contributing synergies and cross-portfolio sales momentum. Management raised FY26 EPS guidance to $3.35 to $3.45 and the free cash flow target to at least $3.5 billion, two years ahead of the original plan, while introducing an early FY27 framework. The stock surged roughly 19% on the print but has since given back about 22% of that move, trading at $44.43 versus an analyst consensus target of $69.27. The pullback reflects concerns over supply-chain constraints, DRAM and…
Reported After market closeNYSETechnology
$60.37B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.79
Consensus $0.54
EPS surprise
+47.7%
Reported versus consensus
Reported revenue
$10.68B
Consensus $9.78B
Revenue surprise
+9.2%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+19.5%
Event window
SPY move
+0.1%
Same window
Abnormal move
+19.3%
Stock minus SPY
Volume
6.0×
Versus trailing sessions
Subsequent drift
-21.7%
Up to 20 sessions
HPESPY benchmark
Ask FN2 about HPE FY2026 Q2
Transcript, numbers and history already loaded
Why did HPE rise 19.5% after beating EPS estimates in FY2026 Q2?What changed in HPE's guidance and outlook in FY2026 Q2?Give me the bull and bear case for HPE after FY2026 Q2 earnings.
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Transcript intelligence
What changed
Revenue accelerated from +18% YoY in Q1 to +40% YoY in Q2, reaching $10.7 billion. EPS jumped from $0.65 in Q1 to $0.79, up 108% year-over-year. Cloud and AI revenue rose 23% with AI systems orders of $1.8 billion. Orders more than doubled YoY, building a record backlog. Juniper integration moved from Phase 1 completion in Q1 to ahead-of-schedule synergies in Q2. The company launched autonomous agents powered by Agentic AI, with the UK Ministry of Justice reporting a 75% reduction in network incidents. New product introductions include a Tomahawk 6 liquid-cooled switch and a scale-up Ethernet switch for AMD Helios architecture targeting a Fall 2026 launch. FY26 EPS guidance was raised by over 40% from prior expectations, and the $3.5 billion free cash flow target was pulled in by two years.
Guidance delta
FY26 non-GAAP EPS guidance raised to $3.35 to $3.45, up over 40% from the prior outlook. Free cash flow target increased to at least $3.5 billion, achieved two years ahead of the original long-term plan. An early FY27 framework was provided, signaling management confidence in continued momentum. Networking growth and Cloud and AI revenue trajectory remain key drivers of the raised outlook.
Key takeaways
- Revenue of $10.7 billion (+40% YoY) and EPS of $0.79 (+108%) far exceeded prior outlooks and consensus estimates.
- Orders more than doubled year-over-year, creating a record company backlog.
- AI systems orders reached $1.8 billion; Cloud and AI revenue rose 23%.
- Juniper integration is ahead of schedule, delivering synergies and cross-portfolio sales benefits.
- FY26 EPS guidance raised to $3.35 to $3.45; free cash flow target of $3.5B pulled in two years early.
Management priorities
- Scale AI inferencing and Agentic AI deployments across enterprise customers.
- Complete Juniper integration and realize full cross-portfolio synergy benefits.
- Launch scale-up Ethernet switch for AMD Helios AI rack architecture in Fall 2026.
- Expand GreenLake services and VM Essentials offerings.
- Execute Catalyst cost-saving program to expand margins.
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Analyst 52W Price Targets
$60.84Current
$13Low
$51.12Average
$86High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 28, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Equal Weight | Overweight | Downgrade | Oct 14, 2026 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Oct 2, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Oct 1, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 1, 2026 |
| Truist Securities | Buy | Buy | Maintain | Oct 1, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 1, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Oct 1, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 1, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 4, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Sep 3, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Sep 3, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Sep 1, 2026 |
| B of A Securities | Buy | Buy | Maintain | Aug 31, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 3, 2026 |
| Susquehanna | Neutral | Neutral | Maintain | Jun 2, 2026 |
| Loop Capital | Buy | Hold | Upgrade | Jun 2, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jun 2, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Jun 2, 2026 |
| BWG Global | Positive | Mixed | Upgrade | Nov 24, 2025 |
| Stifel | Buy | Buy | Maintain | Dec 6, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 30, 2023 |
| Jefferies | Buy | Buy | Maintain | Apr 20, 2021 |
| Oppenheimer | Outperform | Outperform | Maintain | May 22, 2020 |
| RBC Capital | Perform | Sector Perform | Maintain | Apr 22, 2020 |
| Nomura | Neutral | Neutral | Maintain | Mar 23, 2020 |
| CFRA | Hold | Hold | Maintain | Mar 4, 2020 |
| Bank of America | Buy | Underperform | Upgrade | Oct 21, 2019 |
| Longbow Research | Neutral | Neutral | Maintain | Jun 21, 2019 |
| Maxim Group | Hold | Hold | Maintain | Dec 6, 2018 |
| BMO Capital | Market Perform | Market Perform | Maintain | Aug 29, 2018 |
| Pivotal Research | Hold | Hold | Maintain | Oct 17, 2017 |
| Tigress Financial | Neutral | Neutral | Maintain | Apr 17, 2017 |
| Berenberg | Hold | Hold | Maintain | Apr 4, 2017 |
| Argus | Hold | Hold | Maintain | Feb 28, 2017 |
| Guggenheim | Neutral | Neutral | Maintain | Jan 4, 2017 |
| CLSA | Underperform | Underperform | Maintain | Oct 14, 2016 |
| Macquarie | Outperform | Neutral | Upgrade | Mar 21, 2016 |
| Baird | Neutral | Neutral | Maintain | Nov 20, 2015 |
| Brean Capital | Hold | Hold | Maintain | Nov 6, 2015 |
| Mizuho | Neutral | Neutral | Maintain | Nov 3, 2015 |
Named analyst price targets
Upside is calculated against the persisted current price $60.84. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Tim Long | $77 | $68.8 | +26.6% | Oct 14, 2026 |
| Susquehanna | Analyst unavailable | $70 | $68.57 | +15.1% | Oct 2, 2026 |
| Daiwa | Analyst unavailable | $75 | $64.62 | +23.3% | Oct 1, 2026 |
| Truist Financial | Analyst unavailable | $75 | $61.82 | +23.3% | Oct 1, 2026 |
| UBS | Analyst unavailable | $66 | $61.93 | +8.5% | Oct 1, 2026 |
| Morgan Stanley | Erik Woodring | $72 | $61.93 | +18.3% | Oct 1, 2026 |
| Evercore ISI | Analyst unavailable | $67 | $63.89 | +10.1% | Oct 1, 2026 |
| Barclays | Analyst unavailable | $83 | $63.89 | +36.4% | Oct 1, 2026 |
| Wells Fargo | Aaron Rakers | $63 | $63.89 | +3.6% | Sep 30, 2026 |
| Truist Financial | Analyst unavailable | $70 | $48.4 | +15.1% | Sep 3, 2026 |
| Morgan Stanley | Analyst unavailable | $67 | $48.59 | +10.1% | Sep 3, 2026 |
| Evercore ISI | Analyst unavailable | $65 | $49.12 | +6.8% | Sep 3, 2026 |
| UBS | David Vogt | $59 | $51.86 | -3.0% | Sep 3, 2026 |
| Piper Sandler | James Fish | $57 | $51.86 | -6.3% | Sep 3, 2026 |
| Barclays | Tim Long | $79 | $51.86 | +29.8% | Sep 3, 2026 |
| Wells Fargo | Aaron Rakers | $54 | $51.86 | -11.2% | Sep 3, 2026 |
| Raymond James | Simon Leopold | $86 | $51.86 | +41.4% | Sep 3, 2026 |
| Goldman Sachs | Katherine Murphy | $75 | $51.86 | +23.3% | Sep 3, 2026 |
| Deutsche Bank | Gianmarco Conti | $68 | $51.86 | +11.8% | Sep 3, 2026 |
| Deutsche Bank | Analyst unavailable | $62 | $52.25 | +1.9% | Aug 31, 2026 |
| Morgan Stanley | Analyst unavailable | $69 | $53.22 | +13.4% | Aug 10, 2026 |
| Argus Research | Jim Kelleher | $70 | $53.29 | +15.1% | Jun 3, 2026 |
| Goldman Sachs | Analyst unavailable | $79 | $56.14 | +29.8% | Jun 3, 2026 |
| Bernstein | Analyst unavailable | $62 | $59.23 | +1.9% | Jun 2, 2026 |
| UBS | David Vogt | $65 | $59.3 | +6.8% | Jun 2, 2026 |
| Susquehanna | Analyst unavailable | $65 | $58.45 | +6.8% | Jun 2, 2026 |
| KeyBanc | Analyst unavailable | $62 | $58.34 | +1.9% | Jun 2, 2026 |
| Piper Sandler | Analyst unavailable | $63 | $47.06 | +3.6% | Jun 2, 2026 |
| Wells Fargo | Analyst unavailable | $67 | $47.06 | +10.1% | Jun 2, 2026 |
| Barclays | Tim Long | $67 | $47.06 | +10.1% | Jun 2, 2026 |
| Loop Capital Markets | Ananda Baruah | $75 | $47.06 | +23.3% | Jun 2, 2026 |
| RBC Capital | Analyst unavailable | $70 | $47.06 | +15.1% | Jun 2, 2026 |
| Morgan Stanley | Erik Woodring | $71 | $47.06 | +16.7% | Jun 2, 2026 |
| Raymond James | Simon Leopold | $74 | $47.06 | +21.6% | Jun 2, 2026 |
| Truist Financial | Matthew Niknam | $69 | $47.06 | +13.4% | Jun 2, 2026 |
| Evercore ISI | Analyst unavailable | $80 | $47.06 | +31.5% | Jun 2, 2026 |
| Morgan Stanley | Erik Woodring | $33 | $33.8 | -45.8% | May 21, 2026 |
| Bernstein | Analyst unavailable | $35 | $32.62 | -42.5% | May 20, 2026 |
| Evercore ISI | Analyst unavailable | $40 | $33.83 | -34.3% | May 14, 2026 |
| Evercore ISI | Analyst unavailable | $30 | $25.07 | -50.7% | Mar 26, 2026 |
| Morgan Stanley | Erik Woodring | $23 | $21.68 | -62.2% | Feb 18, 2026 |
| Goldman Sachs | Analyst unavailable | $31 | $22.11 | -49.0% | Jan 13, 2026 |
| Argus Research | Analyst unavailable | $30 | $24.59 | -50.7% | Dec 10, 2025 |
| Barclays | Tim Long | $28 | $22.9 | -54.0% | Dec 5, 2025 |
| Raymond James | Simon Leopold | $31 | $22.9 | -49.0% | Dec 5, 2025 |
| Truist Financial | Analyst unavailable | $28 | $21.9 | -54.0% | Dec 1, 2025 |
| Piper Sandler | Analyst unavailable | $24 | $23.27 | -60.6% | Oct 21, 2025 |
| UBS | Analyst unavailable | $25 | $25.04 | -58.9% | Oct 16, 2025 |
| Goldman Sachs | Analyst unavailable | $27 | $24.93 | -55.6% | Oct 1, 2025 |
| Susquehanna | Mehdi Hosseini | $21 | $23.16 | -65.5% | Sep 4, 2025 |
| Raymond James | Analyst unavailable | $23 | $15.81 | -62.2% | Mar 7, 2025 |
| Morgan Stanley | Analyst unavailable | $24 | $15.81 | -60.6% | Mar 7, 2025 |
| Wells Fargo | Analyst unavailable | $17 | $15.81 | -72.1% | Mar 7, 2025 |
| Deutsche Bank | Matt Niknam | $25 | $21.92 | -58.9% | Dec 19, 2024 |
| Loop Capital Markets | Ananda Baruah | $24 | $23.64 | -60.6% | Dec 9, 2024 |
| Raymond James | Simon Leopold | $29 | $17.34 | -52.3% | Nov 18, 2024 |
| Deutsche Bank | Matt Niknam | $22 | $20.97 | -63.8% | Oct 9, 2024 |
| Barclays | Tim Long | $24 | $18.88 | -60.6% | Sep 25, 2024 |
| Citigroup | Asiya Merchant | $20 | $18.83 | -67.1% | Sep 23, 2024 |
| Bank of America Securities | Wamsi Mohan | $24 | $17.23 | -60.6% | Sep 17, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $22 | $17.8 | -63.8% | Sep 5, 2024 |
| Argus Research | Jim Kelleher | $26 | $19.59 | -57.3% | Jun 7, 2024 |
| UBS | David Vogt | $17 | $19.48 | -72.1% | Jun 5, 2024 |
| Susquehanna | Mehdi Hosseini | $20 | $20.11 | -67.1% | Jun 5, 2024 |
| Wells Fargo | Aaron Rakers | $22 | $17.6 | -63.8% | Jun 5, 2024 |
| Evercore ISI | Amit Daryanani | $22 | $17.6 | -63.8% | Jun 5, 2024 |
| Wells Fargo | Aaron Rakers | $19 | $17.14 | -68.8% | Apr 17, 2024 |
| Morgan Stanley | Meta Marshall | $16 | $15.26 | -73.7% | Feb 16, 2024 |
| Citigroup | Asiya Merchant | $18 | $15.76 | -70.4% | Nov 27, 2023 |
| Susquehanna | Mehdi Hosseini | $16 | $14.52 | -73.7% | May 31, 2023 |
| J.P. Morgan | Analyst unavailable | $20 | $15.58 | -67.1% | Dec 20, 2022 |
| Citigroup | Analyst unavailable | $13 | $16.7 | -78.6% | Dec 1, 2022 |
| Morgan Stanley | Analyst unavailable | $13 | $15.74 | -78.6% | Nov 30, 2022 |
| Barclays | Analyst unavailable | $18 | $15.46 | -70.4% | Nov 30, 2022 |
| Deutsche Bank | Analyst unavailable | $15 | $13.66 | -75.3% | Aug 31, 2022 |
| Morgan Stanley | Analyst unavailable | $14 | $13.66 | -77.0% | Aug 31, 2022 |
| J.P. Morgan | Analyst unavailable | $16 | $12.82 | -73.7% | Jul 14, 2022 |
| Evercore ISI | Analyst unavailable | $18 | $13.79 | -70.4% | Jun 28, 2022 |
| Raymond James | Simon Leopold | $19 | $13.42 | -68.8% | Jun 21, 2022 |
| Deutsche Bank | Sidney Ho | $16 | $13.72 | -73.7% | Jun 14, 2022 |
| Citigroup | Analyst unavailable | $13.5 | $14.58 | -77.8% | Jun 2, 2022 |
| Raymond James | Analyst unavailable | $20 | $15.78 | -67.1% | Jun 2, 2022 |
| Barclays | Analyst unavailable | $19 | $15.78 | -68.8% | Jun 2, 2022 |
| J.P. Morgan | Analyst unavailable | $18 | $14.91 | -70.4% | May 25, 2022 |
| Jefferies | Kyle McNealy | $20 | $15.52 | -67.1% | Apr 18, 2022 |
| Morgan Stanley | Meta Marshall | $15 | $15.38 | -75.3% | Apr 16, 2022 |
| Loop Capital Markets | Ananda Baruah | $16 | $16.55 | -73.7% | Mar 13, 2022 |
| Bernstein | Toni Sacconaghi | $20 | $16.99 | -67.1% | Mar 2, 2022 |
| Barclays | Tim Long | $20 | $16.83 | -67.1% | Jan 4, 2022 |
| Bank of America Securities | Wamsi Mohan | $19 | $14 | -68.8% | Dec 1, 2021 |
| Raymond James | Simon Leopold | $21 | $14 | -65.5% | Dec 1, 2021 |
| Goldman Sachs | Rod Hall | $14 | $15.7 | -77.0% | Nov 11, 2021 |
| Wells Fargo | Aaron Rakers | $20 | $15.12 | -67.1% | Sep 3, 2021 |
| Deutsche Bank | Sidney Ho | $18 | $15.04 | -70.4% | Sep 2, 2021 |
| Stifel Nicolaus | Matthew Sheerin | $20 | $15.58 | -67.1% | Jun 2, 2021 |
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Start freeCompany context
Snapshot as of publicationHewlett Packard Enterprise (HPE) is a global technology firm that provides comprehensive solutions, empowering clients across the Americas, Europe, the Middle East, Africa, Asia Pacific, and Japan to efficiently capture, analyze, and utilize their data. The company's diverse product range features adaptable servers for various computing demands, including general-purpose, workload-optimized, and specific lines like HPE ProLiant rack and tower servers, HPE BladeSystem, and HPE Synergy. HPE also offers a full suite of storage solutions, from traditional tape and storage networking to advanced disk products such as HPE Modular Storage Arrays and HPE XP. Additionally, its portfolio includes specialized high-performance computing (HPC) offerings like HPE Apollo and Cray, alongside critical infrastructure platforms such as HPE Superdome Flex, HPE Nonstop, HPE Integrity, and HPE Edgeline.…
Historical context
All HPE earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| NXPI NXP Semiconductors N.V. | FY2026 Q3 · Calendar Q4 2026 | — | +3.1% | NXP posts strong Q3 as SDV and AI demand drive growth |
| MANH Manhattan Associates, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -1.0% | Manhattan Associates: Cloud Growth and RPO Momentum Continue |
| FFIV F5, Inc. | FY2026 Q4 · Calendar Q4 2026 | — | -0.5% | F5 pairs AI-security investment with 8%-9% FY27 growth outlook |
| CLS Celestica Inc. | FY2026 Q3 · Calendar Q4 2026 | +12.6% | +12.1% | Celestica raises outlook as AI networking demand accelerates |
| GLW Corning Inc | FY2026 Q3 · Calendar Q4 2026 | — | -0.4% | Corning’s optical growth accelerates, while solar remains a drag |
| CDNS Cadence Design Systems, Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.9% | +1.8% | Cadence raises 2026 outlook as AI tools and verification demand accelerate |
Latest beats and misses
Who reports nextBeat on EPS
- HIGFY2026 Q3 · October 26, 2026+10.4% EPS-1.8% move
- CLSFY2026 Q3 · October 26, 2026+12.6% EPS+12.1% move
- CINFFY2026 Q3 · October 26, 2026+39.5% EPS+2.3% move
- VZFY2026 Q3 · October 26, 2026+3.1% EPS-3.5% move
- CXFY2026 Q3 · October 26, 2026+12.0% EPS-0.1% move
- CDNSFY2026 Q3 · October 26, 2026+2.9% EPS+1.8% move
Missed on EPS
- BROFY2026 Q3 · October 26, 2026-1.8% EPS-5.0% move
- PSA-PLFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PNFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-POFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PKFY2026 Q3 · October 26, 2026-32.1% EPS— move
- PSA-PGFY2026 Q3 · October 26, 2026-32.1% EPS— move
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Sources
- Earnings call transcript and parsed analysis · 2026-06-02T00:23:51.035782+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T16:13:02.583497+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T16:13:02.581042+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-07-29. For educational purposes only; not investment advice.