Aslan Research · Hardware & networking
Hewlett Packard Enterprise Co (HPE)
Data as of 2026-09-03 · 28 quarters · filed in USD
The sharpest contrast is between HPE’s $38.8 billion of trailing-year revenue and $36.9 billion of expenses, leaving a narrow spread before financing and other items. Revenue grew 6% per year while expenses grew 7%, and the backlog equals 0.3x one year of revenue.
Earned, collected early, and merely signed
Reports $20B of debt; has promised $20B
Committed money matches reported debt at 1.0x. The $20.5 billion committed total is therefore debt, with no additional committed leases or purchases included in this measure.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $19.0 billion of commitments against only $313 million of future revenue promised for that period. The undated amount after year 5 adds $8.7 billion of commitments outside that near-term wall.
The rates that matter
Expenses as filed vs after cited reconciliation
9 patterns worth a second look
The most notable flag is the Juniper transaction: the FY2025 filing records $13.4 billion of cash consideration after earlier filings described a proposed acquisition and committed financing. Other disclosures include not-yet-commenced operating leases, obligations tied to receivables sold to third parties, and recurring-looking transformation and cost-reduction charges. The filings also describe related-party activity involving H3C and UNIS, SEC staff correspondence, and a contract-liability comparative amount changing from $2.955 billion to $3.000 billion.
off balance sheet · 1
The filings report material not-yet-commenced operating leases and obligations associated with receivables sold to third parties.
one time dressing · 1
The filings report material, recurring-looking transformation and cost-reduction charges alongside operating results.
regulator challenge · 4
A reply to SEC staff was filed on 2020-04-15, answering a staff comment letter dated 2020-04-10; it quotes 1 staff comment.
A reply to SEC staff was filed on 2023-04-06, answering a staff comment letter dated 2023-03-15; it quotes 5 staff comments.
A reply to SEC staff was filed on 2023-05-01, answering a staff comment letter dated 2023-04-20; it quotes 5 staff comments.
+ 1 more
related party exposure · 1
The filings report substantial sales, purchases, dividends and equity-linked consideration involving H3C and UNIS.
subsequent event · 1
The FY2025 filing reports completion of the Juniper merger and $13.4 billion of cash consideration after prior filings described a proposed acquisition and committed financing.
value revision · 1
The contract-liability comparative amount changes from $2.955 billion to $3.000 billion between filings.