Hewlett Packard Enterprise (HPE) 10-K risk factor changes: FY2025 vs FY2024

*You should carefully consider the following risks and other information in this [added: Annual Report on] Form 10-K in evaluating Hewlett Packard Enterprise.

The following risk factors should be read in conjunction with Part II, Item 7, “Management's Discussion and Analysis of Financial Condition and Results of [removed: Operation”] [added: Operation,”] and the Consolidated Financial Statements and related notes in Part II, Item 8, “Financial Statements and Supplementary Data” of this [added: Annual Report] Form 10-K.*

- We depend on third-party suppliers, [added: contract manufacturers (including original equipment] and [added: original design manufacturers), as well as single-source and limited source suppliers, and] our financial results could suffer if we fail to manage [removed: our supplier] [added: these third party] relationships [removed: properly.][added: effectively.]

- Any failure by us to identify, manage, and complete acquisitions and subsequent [removed: integrations,] [added: integrations (including the integration of Juniper Networks following the Merger),] divestitures, and other significant transactions successfully could harm our financial results, [removed: business] [added: business, prospects,] and [removed: prospects.][added: stock price.]

- If we [added: experience or] fail to [added: properly] manage [added: disruption in] the distribution of our products and services properly, our business and financial performance could suffer.

- Issues in the development and use of artificial intelligence may result in reputational harm, [removed: liability] [added: liability,] or impact to our results of operations.

- [removed: Failure to meet responsible and] [added: Our] sustainable [added: and responsible] business expectations [removed: or standards or achieve] [added: and actions towards achieving] our Living Progress [removed: goals] [added: objectives may expose us to operational, legal, or reputational risks and] could adversely affect our business, results of operations, financial condition, or stock price.

- We operate in an intensely competitive industry, and competitive pressures could harm our business and financial [removed: performance.][added: performance]

- Due to the international nature of our business, political or economic changes and the laws and regulatory regimes applying to international transactions or other factors could harm our future revenue, costs and expenses, [removed: and] financial [removed: condition.][added: condition, and results of operations.]

[removed: Regulatory] [added: Legal, Regulatory,] and [removed: Government] [added: Compliance] Risks

- Our business is subject to various federal, state, [removed: local] [added: local,] and foreign laws and regulations that could result in costs or other sanctions that adversely affect our business and results of operations.

- Unanticipated changes in our tax provisions, the adoption of new tax [removed: legislation] [added: legislation,] or exposure to additional tax liabilities could affect our financial performance.

Risks Related to [added: Our] Prior Separations

Our long-term [added: go-to-market] strategy is focused on leveraging our portfolio [added: composed] of hardware, software, and services as we deliver global edge-to-cloud platform [removed: as-a-service] [added: as-a-Service (“aaS”)] to help customers accelerate outcomes by unlocking value from [removed: all of] their data, everywhere.

We [removed: provide] [added: offer a substantial portion of] our [removed: entire] portfolio through a range of subscription and [removed: consumption-based, pay-per-use, and aaS] [added: consumption-based] offerings.

We will also continue to provide our hardware and software in [removed: a] capital expenditure and license-based [removed: model, giving] [added: models, to give] our customers choices in consuming HPE products and services.

[removed: Furthermore, subject to our anticipated consummation of] [added: Following] the acquisition of Juniper [removed: Networks, Inc. (“Juniper Networks”)] [added: Networks on July 2, 2025] (the “Merger”), we [removed: will] seek to [removed: offer] [added: enhance our networking solutions by offering] secure, unified [removed: cloud-] [added: cloud] and AI-native networking to enhance innovation across edge to cloud.

To successfully execute [removed: on these strategic pillars,] [added: our strategy in a rapidly evolving market,] we must [added: maintain effective planning, forecasting, and management processes to enable us to] continue to improve cost structures, align sales coverage with strategic goals, improve channel execution, and strengthen our capabilities in our areas of strategic focus, while continuing to pursue new product innovation [removed: that builds on our strategic][added: in areas such as edge computing, hybrid cloud, AI, high performance computing, and networking.]

We must [added: also] make sufficient long-term investments in strategic growth [removed: areas, such as developing, obtaining,] [added: areas to develop, obtain,] and [removed: protecting appropriate] [added: protect our] intellectual property, and commit [removed: or] [added: to] transition significant [removed: R&D] [added: research] and [added: development (“R&D”) and] other resources before knowing whether our projections will [removed: reasonably reflect] [added: align with] customer demand for our solutions.

[removed: Should] [added: Further, should] such efforts fail to produce actionable insights, or our offerings not perform as designed or promised, our business results and financial condition may be adversely affected.

[removed: Furthermore, such] [added: This] incremental capital [removed: requirements] [added: investment approach] may [added: require additional sales, marketing, or other expenses that] negatively impact cash flows in the near [removed: term and may require us to dedicate additional resources, including sales and marketing costs.][added: term.]

[removed: The] [added: Our ongoing] process of improving [removed: our] HPE [removed: GreenLake cloud offerings,] [added: GreenLake; expanding our offerings across all our businesses (including cloud, AI, and networking offerings);] enhancing existing hardware, software, and cloud-based [removed: solutions,] [added: solutions;] and developing and improving the systems necessary for new and evolving data-intensive [removed: artificial intelligence-based] [added: AI-based] workloads are all complex, costly, and uncertain, and any failure by us to anticipate customers’ changing needs and emerging technological trends accurately, to invest sufficiently in strategic growth areas, or to otherwise successfully execute this strategy could significantly harm our market share, results of operations, and financial performance.

Having developed a cloud platform product in HPE GreenLake and the hardware capabilities to support [removed: artificial intelligence] [added: AI] computing, we must be able to continue integrating new features that are relevant to our customers and to scale quickly, while also managing costs and preserving margins, which means accurately forecasting volumes, mixes of products, and configurations that meet customer [removed: requirements, which we may not succeed at doing.][added: requirements.]

These offerings face competition from peer [removed: companies with their own cloud platform and artificial intelligence computing offerings,] [added: companies,] and any delay in [removed: the] [added: our] development, production, or marketing of a new product, service, or solution could result in our offerings being late to reach the market, which could harm our competitive position.

[removed: In addition, should we successfully consummate the Merger, the] [added: The] process of integrating and streamlining our offerings (including integrating Juniper Networks’ offerings with ours) or developing new solutions based on our respective technological portfolios may be complex, costly, time-consuming, and uncertain, and failure by us to successfully do so could adversely impact our future results of operations and financial performance.

[removed: Furthermore, we] [added: We] anticipate [removed: needing to adapt] [added: adapting] our go-to-market structure from [removed: time to time] [added: time-to-time] with new [added: approaches to] sales and [removed: marketing approaches,] [added: marketing,] to better align with aaS business models and to capture unique market opportunities, such as in hybrid [removed: cloud] [added: cloud, AI,] and [removed: artificial intelligence.][added: AI-native networking.]

[removed: Changing] [added: In addition, changes to] our go-to-market structure may affect employee compensation models and ultimately our ability to retain employees.

Our HPE GreenLake [added: and networking] solutions generally are multiyear agreements, which result in recurring revenue streams over the term of the arrangement.

As customer demand for our aaS offerings increases, we have experienced, and will continue to experience, differences in the timing of revenue recognition between our traditional offerings (for which revenue is generally recognized at the time of delivery) and our aaS offerings (for which revenue is generally recognized ratably over the term of the [removed: arrangement).][added: contract).]

Additionally, implementing this business model [removed: also] means that our historical results, especially those from before the [removed: transition,] [added: Merger,] may not be indicative of future results, which may adversely affect our ability to accurately forecast our future operating results.

We depend on third-party suppliers, [added: contract manufacturers (including original equipment] and [added: original design manufacturers), as well as single-source and limited source suppliers, and] our financial results could suffer if we fail to manage [removed: our supplier] [added: these third party] relationships [removed: properly.][added: effectively.]

Our operations depend on our ability to anticipate our needs for components, products, and services, as well as [added: the ability of] our [removed: suppliers’ abilities] [added: manufacturers (including original equipment manufacturers, original and outsourced design manufacturers, and contract manufacturers), and suppliers] to deliver sufficient quantities of quality components, products, and services at reasonable prices and in time for us to meet critical schedules for the delivery of our own products and services.

Given the wide variety of solutions that we [removed: offer,] [added: offer;] the large and diverse distribution of our suppliers and contract [removed: manufacturers,] [added: manufacturers;] and the long lead times required to manufacture, assemble, and deliver certain [added: products and] solutions, problems [removed: have, from time to time] in [removed: the past, arisen, and could in the future arise, in] production, planning, and inventory management [removed: that could harm] [added: have harmed] our [removed: business.][added: business at times, and may do so again in the future.]

[removed: In addition, our] [added: Our] ongoing efforts to [added: geographically diversify and] optimize the efficiency of our supply chain could cause supply disruptions and be more expensive, time-consuming, and resource-intensive than [removed: expected.][added: expected, and such impacts may be more pronounced as a result of increased tariffs between the U.S. and its trading partners.]

[removed: Other supplier] [added: Manufacturing and supply] problems that we have faced, and could [removed: again] face in the future, [removed: include component shortages, excess supply, and contractual, relational, and labor risks, each of which is] [added: are] described below.

We have [removed: in the past] experienced, and may experience again in the future, delays and shortages of certain components as a result of strong demand, supplier transitions, raw material or capacity constraints, and other problems experienced by suppliers in certain geographies and markets, resulting in insufficient [removed: supply to meet total market demand.]

[removed: In the past, we] [added: We] have experienced shortages or delays, which led to higher prices of certain components and exposure to quality issues and delivery delays, [removed: which] [added: and] may [removed: occur again] [added: experience such delays and associated impacts] in the future.

Accordingly, our business and financial performance could suffer from a loss of time-sensitive sales, additional freight costs incurred, or the inability to pass [added: on price increases to our customers.]

[added: *•Excess Supply.*] In order to secure components for our products or services, at times we [removed: may make] [added: have made] advance payments to suppliers or [removed: enter] [added: entered] into long term agreements, non-cancellable commitments, or other inventory management arrangements with vendors.

In addition, we [removed: may purchase] [added: have also, at times, purchased] components strategically in advance of demand to take advantage of favorable [removed: pricing or] [added: pricing,] to address concerns about the availability of future [removed: components.][added: components, or to prepare to fulfill large orders.]

Some of the factors, events, and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events, or contingencies that could materially and adversely affect us in the future.

Risks Related to Our Business Strategy and Industry

- Our success depends on our ability to successfully execute our go-to-market strategy, including offering solutions as-a-Service, effectively planning and managing our resources, and continuing to develop and manage our offerings to integrate new features and solutions.

- Uncertainty and fluctuations in geopolitical and macroeconomic conditions may adversely impact our business, financial condition, and operating results.

- Long sales and implementation cycles for our offerings and dynamics related to large orders may cause our revenues and operating results to vary significantly from quarter-to-quarter.

- Our ability to achieve our strategy could be harmed if we are unable to attract, retain, train, motivate, develop, and transition key personnel.

Risks Related to Our Technology and Business Operations

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- We may not achieve some or all of the expected benefits of our cost reduction actions, some or all of which may be disruptive to our business.

- We rely on the performance of our business systems and processes, as well as those of third-parties with whom we do business.

- Our revenue, profitability, and margins have historically varied, and we expect them to continue to vary over time.

- Unfavorable results of legal proceedings, investigations, and other disputes could harm our business and result in substantial costs.

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Risks Related to Our Business Strategy and Industry

Our success depends on our ability to successfully execute our go-to-market strategy, including offering solutions as-a-Service, effectively planning and managing our resources, and continuing to develop and manage our offerings to integrate new features and solutions.

In addition, through HPE Networking we now offer a full networking IP stack: from silicon, to infrastructure, to the operating system, to security, to software and services, in a cloud-native and AI-driven approach following the Merger.

These offerings also depend on the continued growth of demand for secure network and internet protocol (“IP”) infrastructure from customers that are able to build their network capacity, grow their IP services, and choose to deploy our products in their networks and IP infrastructures.

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Any delay in our ability to produce and deliver our products could cause our customers to purchase alternative products from our competitors.

*•Manufacturing Issues.* We may experience supply shortfalls or delays in shipping products to our customers if our manufacturers experience delays, disruptions, or quality control problems in their manufacturing operations, or if we have to change or add manufacturers or contract manufacturing locations.

We have contracts with our manufacturers that include terms to protect us in the event of an early termination or breach, yet we may not have adequate time to transition all of our manufacturing needs to an alternative manufacturer under comparable commercial terms.

We have experienced in the past, and may experience in the future, an increase in the expected time required to manufacture our products or ship products.

Moreover, a significant portion of our manufacturing is performed in foreign countries.

These operations are therefore subject to risks associated with doing business outside of the U.S., including trade restrictions and related costs, government sanctions, disruptions to our supply chain, cyberattacks, cyberwarfare, pandemics, regional health emergencies, regional climate-related events, or regional conflicts.

*•Supply Chain Disruption.* Any disruptions to our supply chain, significant increase in component costs or logistics costs, or shortages of critical components, could decrease our sales, earnings, and liquidity or otherwise adversely affect our business and result in increased costs.

Disruptions could occur as a result of any number of events, including, but not limited to: an extended closure of, or any slowdown at our suppliers' plants or shipping delays; market shortages due to the surge in demand from other purchasers for critical components; increases in prices (including fuel prices and increases in prices due to inflation); the imposition of regulations, quotas, embargoes, or tariffs on components; labor stoppages; transportation delays, including due to labor strikes; third-party interference in the integrity of the products sourced through the supply chain; cyberattacks; the unavailability of raw materials; severe weather conditions and adverse effects of climate change, or natural disasters; geopolitical developments, war or terrorism; and disruptions in utilities and other services, some of which we have experienced.

In addition, the development, licensing, or acquisition of new products in the future may increase the complexity of supply chain management.

Failure to effectively manage the supply of components and products would adversely affect our business.

In this environment of heightened trade restrictions, we have experienced, and may continue to experience, cost increases from certain of our suppliers that result in price increases for some of our offerings and could subsequently limit demand for such offerings.

If we are unable to pass on all or some of such cost increases to our customers, such increased prices may reduce our current margins and future margins.

Furthermore, certain of our suppliers have discontinued conducting business with us or failed to perform under their contracts with us.

*•Component Supply Shortages*.

We provide demand forecasts for our products to our manufacturers, who order components and plan capacity based on these forecasts.

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supply to meet total market demand.

If our manufacturers assess charges, we have liabilities for excess inventory or raw materials (each of which could negatively affect our gross margins), we fail to adequately anticipate customer demand and overestimate our requirements, continue to take actions to make strategic purchases in advance of demand, or these dynamics are exacerbated due to order delays or cancellations, a temporary oversupply may result in excess or obsolete components, which may result in additional charges from our manufacturers, or we may have liabilities for excess inventory or raw materials, each of which could negatively affect our gross margins.

We have experienced adverse impacts to our business and financial performance due to excess supply and could do so again in the future.

*•Contractual Terms*.

*•Alternative Sources of Supply*.

The development of alternate sources for components is time-consuming, complex, and costly.

Business and Operational Risks

- If we cannot successfully execute our go-to-market strategy, including offering our entire portfolio as-a-Service, our business, operating results, and financial performance may suffer.

- Failure to complete the Merger with Juniper Networks may adversely affect our business and our stock price.

- Failure to realize the benefits expected from the Merger with Juniper Networks could adversely affect our business or our stock price.

- In order to be successful, we must attract, retain, train, motivate, develop, and transition key employees, and failure to do so could seriously harm us.

- Changes in the macroeconomic environment have, at times, impacted and may in the future negatively impact our results of operations.

Industry Risks

International Risks

Intellectual Property Risks

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- The revenue and profitability of our operations have historically varied, which makes our future financial results less predictable.

- The stock distribution in either or both of the completed separations of our former Enterprise Services business and our former Software segment could result in significant tax liability, and DXC Technology Company or Micro Focus International plc (as applicable) may in certain cases be obligated to indemnify us for any such tax liability imposed on us.

If we cannot successfully execute our go-to-market strategy, including offering our entire portfolio as-a-Service, our business, operating results, and financial performance may suffer.

capabilities in areas such as edge computing, hybrid cloud, artificial intelligence, data center networking, network security, and high-performance compute.

Furthermore, certain of our suppliers have at times decided, and may in the future decide, to discontinue conducting business with us.

- Component shortages.

on price increases to our customers.

- Excess supply.

If we fail to anticipate customer demand properly, a temporary oversupply can result in excess or obsolete components (which has happened at times in the past), which has at times adversely impacted and could in the future adversely impact our business and financial performance.

- Contractual terms.

- Contingent workers.

- Single-source suppliers.

As a leading technology firm, we are exposed to attacks from criminals, nation state actors, malicious insiders, and activist hackers (collectively, “malicious parties”) who have at times been able to circumvent or bypass our cyber security measures.

For example, as previously disclosed in our Form 8-K filed with the Securities and Exchange Commission on January 24, 2024, we learned in December 2023 that, beginning in May 2023, a nation-state-

associated threat actor gained unauthorized access to and exfiltrated data from HPE’s cloud-based email and SharePoint environments.

While this incident has been investigated and remediated with no material impact experienced by HPE to date, this may have nevertheless resulted in harm to our reputation and customer relationships (and may do so in the future, as well), and there can be no assurance that the threat actor will not utilize the information accessed to adversely affect our business or results of operations.

Given our broad and diverse network environment, resource limitations, and operational constraints, we have in the past failed, and may in the future fail, to patch certain security vulnerabilities in time to prevent successful disruptions of our infrastructure or exposure of information.

Malicious parties may compromise our manufacturing supply chain and the systems or networks of other third parties on whom we rely, and as such, may embed malicious software or hardware in our products, thereby compromising our customers.

Further, it may be difficult to determine the best way to investigate, mitigate, contain, and remediate any harm caused by a cybersecurity incident.

Such efforts may not be successful, and we may make errors or fail to take necessary actions.

These factors may inhibit our ability to provide prompt, full, and reliable information about the incident to our customers, partners, regulators, and the public.

We manage and store various proprietary information, intellectual property, and sensitive or confidential data relating to our business.

In addition, our business may process, store, and transmit customer data, including commercially sensitive, government-related, and/or personal data, subject to the European General Data Protection Regulation, United Kingdom General Data Protection Regulation, and various U.S. state and foreign data security and privacy laws, which give new data privacy rights to their residents and impose significant obligations related to the handling of personal data.

Compliance with data security and privacy laws is complex and costly.

Additionally, we have at times experienced, and may experience, other security issues that are not the results of any action or attack from malicious parties, whether due to employee or insider error or malfeasance, system errors or vulnerabilities in our or other parties’ systems.

disrupted by a variety of factors, including but not limited to the effects of climate change.

While we seek to identify and remediate vulnerabilities in our products, services, IT systems, controls, and software that could be exploited by any malicious parties, we may not be aware of all such vulnerabilities, and we have at times failed, and may fail, to anticipate, detect, identify, and/or remediate such vulnerabilities before they are exploited or such vulnerabilities may persist after issuing security patches because system software updates may occur asynchronously across our customer base.

Public health crises, such as the COVID-19 pandemic, and the measures taken in response to such events have in the past negatively impacted, and may again in the future negatively impact, our operations and workforce, as well as those of our partners, customers and suppliers.

Additionally, concerns over the economic impact of such events have, from time to time, caused increased volatility in financial and other capital markets, adversely impacting our stock price, our ability to access the capital markets, and our ability to fund liquidity needs, and may do so again in the future.

The negative impacts of any such events on business operations and demand for our offerings will depend on future developments and actions taken in response to such events, which may be outside our control, highly uncertain, and cannot be predicted at this time.

This section of this Form 10-K generally discusses fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023] [added: 2024] items and year-to-year comparisons between fiscal [removed: 2024] [added: 2025] and fiscal [removed: 2023.][added: 2024.]

Discussions of fiscal [removed: 2022] [added: 2023] items and year-to-year comparisons between fiscal [removed: 2023] [added: 2024] and fiscal [removed: 2022] [added: 2023] that are not included in this Form 10-K can be found in “Part II, Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations” of the Company's Annual Report on Form 10-K for the fiscal year October 31, [removed: 2023,] [added: 2024,] as filed with the SEC on December [removed: 22, 2023,] [added: 19, 2024,] which is available on the SEC's website at www.sec.gov.

*•Trends and Uncertainties.* A discussion of material events and uncertainties known to management, such as the mixed macroeconomic environment [removed: of supply chain constraints (though easing),] [added: and heightening global trade restrictions,] uneven demand across our portfolio, increased demand for and adoption of new technologies, [added: increased inventory levels,] conservative [removed: (though recovering)] customer spending [removed: environment,] [added: environment (though recovering),] persistent inflation, foreign exchange pressures, recent tax developments, and [removed: pending merger with Juniper Networks, Inc. (“Juniper Networks”).][added: competitive pricing pressures.]

During fiscal [removed: 2024,] [added: 2025,] the effects of the evolving macroeconomic environment on demand persisted and certain significant developments impacted our operations as follows:

*Technological Advancements:* We have observed market trends and demand (of customers of various segments and sizes) gravitating towards [removed: artificial intelligence (“AI”),] [added: AI,] hybrid cloud, edge computing, data security capabilities, and related offerings.

[removed: Our] [added: While we believe our recent acquisition of Juniper Networks positions us to capitalize on the growing market opportunities across AI-accelerated computing, data, cloud and networking, our] major competitors and emerging competitors are expanding their product and service offerings with integrated products and solutions and exerting increased competitive pressure.

*Macroeconomic Uncertainty:* The [removed: effect of the] evolving macroeconomic environment has [removed: been impacting] [added: impacted] industry-wide demand, as customers [removed: take] [added: have been taking] longer to work through prior orders [removed: and] [added: and, to this day,] have been adopting a more [removed: conservative] [added: strategic] approach to discretionary IT spending.

[removed: This] [added: While this dynamic] has [added: been easing, this has] resulted in uneven demand across our portfolio and geographies, particularly for certain of our hardware offerings, as customers have focused investments on modernizing infrastructure, such as migrating to cloud-based [added: offerings, including our own.]

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[removed: We] [added: While we have sought to mitigate these adverse impacts by relying on our global supply chain and implementing pricing measures, we] expect such [added: a] mixed macroeconomic environment to largely continue [removed: (though ease slightly)] and possibly limit revenue [added: and margin] growth in the near term.

*Supply Chain:* [removed: During fiscal 2024, we] [added: We] experienced supply chain constraints for certain components, including graphics processing units (“GPUs”) and accelerated processing [removed: units, but they have since eased, in part due to increased availability of supply and lower material and logistics costs.][added: units.]

We [removed: have, in fact,] [added: have] been experiencing higher-than-normal inventory levels, primarily due to [added: frequent component part updates,] customers transitioning to the next generation of GPUs, our securing supply ahead of demand, and longer customer acceptance timelines on AI-related [removed: orders; we expect this trend to continue in the medium term.][added: orders.]

We have experienced, and expect to continue experiencing, rising input component costs [added: due to various factors, including but not limited to the global trade uncertainties referenced above] and a competitive pricing environment, [added: all of] which may impact our financial results.

We plan to mitigate the impact of these dynamics through continued disciplined cost and pricing [removed: management.][added: management and supply chain diversification; however, such actions may not be successful.]

[removed: *Recent Tax Developments:* The] [added: Further, the] Organisation for Economic Co-operation and Development (“OECD”), an international association of 38 countries including the United States, has proposed changes to numerous long-standing tax principles, namely, its Pillar Two framework, which imposes a global minimum corporate tax rate of 15%.

To date, [removed: 43] [added: 60] countries have enacted portions, or all, of the OECD [removed: proposal and a further 22 countries have drafted, or have announced an intent to draft, legislation enacting the proposed rules.][added: proposal.]

Where enacted, the rules [removed: begin to be] [added: are] effective for us in fiscal 2025.

The Internal Revenue Service (“IRS”) is conducting audits of our fiscal [removed: 2017] [added: 2020] through 2022 U.S. federal income tax returns.

*Other Trends and Uncertainties:* The impacts of [removed: trade protection measures, including increases in tariffs and trade barriers, changes in government policies and international trade arrangements,] geopolitical volatility (including the [removed: ongoing conflict] [added: continued instability] in the Middle [removed: East),] [added: East, the ongoing conflict in Ukraine,] and [removed: global macroeconomic challenges (including] the relationship between China and the [removed: U.S.),] [added: U.S.)] may impact our operations, financial performance, and ability to conduct business in some non-U.S. markets.

We [removed: monitor] [added: have been monitoring] and [removed: seek] [added: seeking] to mitigate these risks with adjustments to our manufacturing, supply chain, and distribution [removed: networks.][added: networks, as well as our pricing and discounting practices.]

For further information [removed: about the Merger,] see Note 10, “Acquisitions and [removed: Dispositions”] [added: Dispositions,”] to the Consolidated Financial Statements in Item 8 of Part [removed: II, and for further discussion about the risks related to the Merger, see the section titled “Risk Factors” in Item 1A of Part I of this Annual Report on Form 10-K.][added: II.]

The following [removed: Executive Overview, Results] [added: “Executive Overview,” “Results] of [removed: Operations] [added: Operations,”] and [removed: Liquidity] [added: “Liquidity”] discussions and analysis compare fiscal [removed: 2024] [added: 2025] to fiscal [removed: 2023,] [added: 2024,] unless otherwise noted.

The [removed: Capital Resources and, Cash] [added: “Capital Resources” and “Cash] Requirements and [removed: Commitments] [added: Commitments”] sections present information as of October 31, [removed: 2024,] [added: 2025,] unless otherwise noted.

Net revenue of [removed: $30.1] [added: $34.3] billion represented an increase of [removed: 3.4% (increased 3.3% on a constant currency basis)] [added: 13.8%,] primarily due to higher [added: revenue in the Networking segment from the Merger and higher] average unit prices (“AUPs”) in the Server [removed: segment, moderated by lower volume and product mix effect in the Intelligent Edge] segment.

The gross profit margin of [removed: 32.8%] [added: 30.3%] (or [removed: $9.9] [added: $10.4] billion) represents a decrease of [removed: 2.3] [added: 2.5] percentage points from the prior-year [removed: period] [added: period, primarily] due to [removed: decline in revenue] [added: an increase] in [removed: the Intelligent Edge segment and higher mix] [added: cost] of [removed: lower margin products] [added: sales] in the [removed: Server segment.][added: Server, Networking, and Hybrid Cloud segments.]

| | | | [removed: 2024 | | | | | | 2023] [added: 2025] | | | | | | [removed: Change] [added: 2024] | | | | | | [added: 2023] | | | | | | [added: 2025 vs 2024 % Change] | | | | | | | | |

| Net revenue | | | $ | [removed: 30,127] [added: 34,296] | | | | | [removed: $] [added: 100.0] | [removed: 29,135] | [added: %] | | | | [removed: 3.4%] [added: $] | [added: 30,127] | | | | | [added: 100.0] | | [added: %] | | | | [added: $] | [added: 29,135] | | | | | [added: 100.0] | | [added: %] |

| Gross profit | | | [removed: $] [added: 10,377] | [removed: 9,878] | | | | | [removed: $] [added: 30.3] | [removed: 10,239] | | | | | [removed: (3.5)%] [added: 9,878] | | | | | | [added: 32.8] | | | | | | [added: 10,239] | | | | | | [added: 35.1] | | |

| Gross profit margin | | | [removed: 32.8] [added: 30.3] | | % | | | | [removed: 35.1] [added: 32.8] | | % | | | | [removed: (2.3)pts] [added: (2.5)pts] | | | | | | | | | | | | | | | | | | | | |

| [removed: Earnings] [added: (Loss) earnings] from operations | | | [removed: $] [added: (437)] | [removed: 2,190] | | | | | [removed: $] [added: (1.3)] | [removed: 2,089] | | | | | [removed: 4.8%] [added: 2,190] | | | | | | [added: 7.3] | | | | | | [added: 2,089] | | | | | | [added: 7.2] | | |

| Operating profit margin | | | [removed: 7.3] [added: (1.3)] | | % | | | | [removed: 7.2] [added: 7.3] | | % | | | | [removed: 0.1pts] [added: (8.6)pts] | | | | | | | | | | | | | | | | | | | | |

| Net earnings attributable to HPE | | | $ | [removed: 2,579] [added: 57] | | | | | $ | [removed: 2,025] [added: 2,579] | | | | | [removed: 27.4%] [added: (97.8)%] | | | | | | | | | | | | | | | | | | | | |

| Net [added: (loss)] earnings attributable to common stockholders | | | [removed: 2,554] [added: $] | [added: (59)] | | | | | [removed: 2,025] [added: $] | [added: 2,554] | | | | | [removed: 26.1%] [added: (102.3)%] | | | | | | | | | | | | | | | | | | | | |

| Diluted net [added: (loss)] earnings per share attributable to common stockholders(1) | | | [removed: 1.93] [added: $] | [added: (0.04)] | | | | | [removed: 1.54] [added: $] | [added: 1.93] | | | | | [removed: $0.39] [added: $(1.97)] | | | | | | | | | | | | | | | | | | | | |

| Cash flow [removed: from] [added: provided by] operations | | | $ | [removed: 4,341] [added: 2,919] | | | | | $ | [removed: 4,428] [added: 4,341] | | | | | [removed: $(87)] [added: $(1,422)] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP gross profit | | | $ | [removed: 9,893] [added: 10,805] | | | | | $ | [removed: 10,273] [added: 9,893] | | | | | [removed: (3.7)%] [added: 9.2%] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP gross profit margin | | | [removed: 32.8] [added: 31.5] | | % | | | | [removed: 35.3] [added: 32.8] | | % | | | | [removed: (2.5)pts] [added: (1.3)pts] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP earnings from operations | | | $ | [removed: 3,168] [added: 3,353] | | | | | $ | [removed: 3,145] [added: 3,168] | | | | | [removed: 0.7%] [added: 5.8%] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP operating profit margin | | | [removed: 10.5] [added: 9.8] | | % | | | | [removed: 10.8] [added: 10.5] | | % | | | | [removed: (0.3)pts] [added: (0.7)pts] | | | | | | | | | | | | | | | | | | | | |

| Non-GAAP net earnings attributable to HPE | | | $ | [removed: 2,655] [added: 2,753] | | | | | $ | [removed: 2,832] [added: 2,655] | | | | | [removed: (6.3)%] [added: 3.7%] | | | | | | | | | | | | | | | | | | | | |

Secure networking that is purpose-built for AI workloads is the foundation that enables users to seamlessly connect and apply AI learnings to such data that lives in various ecosystems.

Additionally, there continues to be significant uncertainty surrounding the tariff environment and import/export regulations due to numerous factors, including but not limited to tariff imposition delays, changes to tariff rates and policies, and enactment of reciprocally restrictive trade policies and measures around the world.

These have enhanced global trade uncertainty and contributed to higher prices of components and end products and services.

Though they have eased at times during the fiscal year, we are once again experiencing such constraints and expect such dynamics to continue in the medium term.

The future remains uncertain due to the macroeconomic dynamics discussed above, which have thus far impacted our ability to import and export components and finished products and the costs of doing so.

Additionally, logistics costs have been, and may continue to remain, high with such changes in trade policies.

While we have been working to reduce inventory, any or all of the aforementioned factors could contribute to sustained higher-than-normal levels and further uncertainty.

*Public Sector*: We have a number of engagements with various public sector entities, including the U.S. federal government and its agencies, as direct or indirect customers of our IT services and hardware.

Significant staffing and resource reductions at certain public sector entities create an uncertain environment and as a result, our financial results have been, and may continue to be, impacted in the near term.

*Recent Tax Developments:* Proposals to reform U.S. and foreign tax laws could significantly impact how U.S. multinational corporations are taxed on foreign earnings and could increase the U.S. corporate tax rate.

Several of the proposals currently being considered, if enacted into law, could have an adverse impact on our effective tax rate, income tax expense, and cash flows.

Our future effective tax rate may also be impacted by judicial decisions, changes in interpretation of regulations, as well as additional legislation and guidance.

There was not a material impact to our fiscal 2025 results from Pillar Two legislation.

While we do not anticipate a material adverse impact to our financial position in fiscal 2026, additional changes to global tax laws are likely to occur.

For instance, some countries have enacted, and others have proposed, taxes based on gross receipts applicable to digital services, regardless of profitability.

Such changes may adversely affect our tax liability.

In the second quarter of fiscal 2025, the IRS issued a Revenue Agent Report (“RAR”) regarding the audit of our fiscal

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2017 through 2019 U.S. federal income tax returns, with which we agreed.

The audit cycle for fiscal 2017 through 2019 is now considered effectively settled, resulting in a reduction of existing unrecognized tax benefits of approximately $340 million, which did not result in a material impact to our Consolidated Statement of Earnings and our Consolidated Balance Sheet.

The resolution of the audit resulted in the release of tax reserves that were predominantly related either to adjustments to foreign tax credits that carried a full valuation allowance or to the timing of intercompany royalty revenue recognition, neither of which affected our effective tax rate.

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill Act (“OB3”) into law.

OB3 introduces several changes to tax regulations, including the permanent restoration of 100% depreciation and the permanent restoration of immediate deductibility of costs associated with research and development activities performed in the United States.

There was not a material impact of OB3 to our fiscal 2025 results, and we do not expect a material impact in fiscal 2026, but we will continue to evaluate the full impact of these changes on our future results.

We have, in the past, entered into contracts for the sale of certain products and services that reflect heavier-than-normal discounting due to competitive pressures, which have resulted in lower margins than expected, and we expect will continue to negatively impact our margins in the near term.

We remain focused on executing our key strategic priorities, building long-term value creation for our stakeholders, and addressing our customers’ needs while continuing to make prudent decisions in response to the environment.

*Acquisition of Juniper Networks*

On July 2, 2025, we completed the Juniper Networks merger (the “Merger”).

Under the terms of the Agreement and Plan of Merger, dated January 9, 2024, by and among Juniper Networks, HPE and Jasmine Acquisition Sub, Inc., a Delaware corporation and a wholly owned subsidiary of HPE (the “Merger Agreement”), HPE agreed to pay $40.00 per share of Juniper Networks common stock, issued and outstanding as of July 2, 2025, representing cash consideration of approximately $13.4 billion.

The results of operations of Juniper Networks are included in the Consolidated Financial Statements commencing on July 2, 2025.

See Note 10, “Acquisitions and Dispositions,” to the Consolidated Financial Statements for additional information.

*Pending Divestiture of H3C Technologies Co., Limited Shares*

On November 17, 2025, our subsidiary, H3C Holdings Limited (“H3C Holdings”), entered into (i) share purchase agreements with five counterparties, including Unisplendour International Technology Limited (“UNIS”), whereby such counterparties, in the aggregate, agreed to purchase 10% of the total issued share capital of H3C Technologies Co., Limited (“H3C”) for cash consideration of approximately $714 million and (ii) a side letter with UNIS, amending the Agreement on Subsequent Arrangements that was previously entered into on May 24, 2024, whereby, among other things, H3C Holdings and UNIS shall retain their put option and call option, respectively, relating to the remaining issued share capital of H3C held by H3C Holdings and have the right to exercise their respective option rights in respect of such shares up to three times, subject to the timing and terms as set forth therein.

The agreement referenced in clause (ii) above revises the arrangements governing the sale of all of the remaining issued share capital of H3C held by us through H3C Holdings.

On November 28, 2025, H3C Holdings entered into three additional share purchase agreements, including one with UNIS, whereby such counterparties, in the aggregate, agreed to purchase the remaining 9% of the total issued share capital of H3C for cash consideration of approximately $643 million.

Such transactions and the transactions referenced in clause (i) remain subject to regulatory approvals.

*Cost Savings Actions*

On March 6, 2025, the Board of Directors approved a cost reduction program (the "Program") intended to reduce structural operating costs and continue advancing our ongoing commitment to profitable growth.

The Program is expected to be

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offerings, including our own.

Logistics costs decreased from previously elevated levels as a result of declines in both expedited shipments and overall rate costs in the freight network.

Under US GAAP, the OECD Pillar Two rules are considered an alternative minimum tax and therefore deferred taxes would not be recognized or adjusted for the estimated effects of the future minimum tax.

As a result, there was no impact to our fiscal 2024 results.

We currently do not expect a material impact to our fiscal 2025 results.

During fiscal 2023, the IRS issued notices of proposed adjustments (“NOPAs”) for 2017, 2018, and 2019 relating to our intercompany transfer pricing.

During the first quarter of fiscal 2024, the IRS issued a Revenue Agent Report finalizing their position on the NOPAs for the same issues and same fiscal years.

However, we disagreed with the IRS’ adjustments and believe the positions taken on our tax returns are more likely than not to prevail on technical merits and have continued with settlement discussions with the IRS.

During the third quarter of fiscal 2024, we submitted a formal settlement offer to the IRS to facilitate the closing of the audit and recorded increased reserves for unrecognized tax benefits of $122 million.

The impact of the increase in reserves is almost entirely offset with a valuation allowance release, and the net impact to income tax expense for fiscal 2024 was not material.

It is reasonably possible that the IRS audit for fiscal 2017 through 2019 may be concluded in the next 12 months, and it is reasonably possible that existing unrecognized tax benefits related to these years may be reduced by an amount up to $358 million within the next 12 months, the majority of which relates to adjustments to foreign tax credits that carry a full valuation allowance or to the timing of intercompany royalty revenue recognition, neither of which affects the Company’s effective tax rate.

*Pending Merger with Juniper Networks, Inc:* On January 9, 2024, we entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) under which we will acquire Juniper Networks in an all-cash transaction for $40.00 per share (the “Merger”), representing an equity value of approximately $14 billion.

On April 2, 2024, Juniper Networks shareholders approved the transaction.

The transaction is expected to be funded based on senior unsecured delayed draw term loans from a syndicate of banks, the post-tax proceeds from our sale to Unisplendour International Technology Limited (“UNIS”) of 30% of the total issued share capital of H3C Technologies Co., Limited (“H3C”), the net proceeds (including after repayments of maturing debt) of our September 2024 issuances of senior unsecured notes and the Preferred Stock (as further described in Note 15, “Stockholders’ Equity” to the Consolidated Financial Statements in Item 8 of Part II), and cash on the balance sheet.

The closing of the transaction remains subject to receipt of regulatory approvals and satisfaction of other customary closing conditions.

The foregoing summary of the Merger, the adoption of the Merger Agreement, and the transactions contemplated thereby does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Merger Agreement, which is filed as Exhibit 2.1 to our Current Report on Form 8-K filed with the Securities and Exchange Commission on January 10, 2024.

The operating profit margin of 7.3% was relatively flat as compared to the prior-year period.

| Net revenue in constant currency | | | $ | 30,107 | | | | | $ | 29,135 | | | | | 3.3% | | | | | | | | | | | | | | | | | | | | |

Our pivot to aaS continues its strong momentum with the addition of HPE GreenLake cloud services.

Our mix of ARR is becoming more software-rich as we build our HPE GreenLake cloud, which is improving our margin profile.

We will continue to invest aggressively in HPE GreenLake cloud services to provide a true cloud experience and operating model, whether at the edge, on-premises or across multiple clouds.

We calculate our current and deferred tax provisions based on estimates and assumptions that could differ from the final positions reflected in our income tax returns.

We adjust our current and deferred tax provisions based on our tax returns which are generally filed in the third or fourth quarters of the subsequent fiscal year.

We recognize deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts using enacted tax rates in effect for the year in which we expect the differences to reverse.

Our effective tax rate includes the impact of certain undistributed foreign earnings and basis differences for which we have not provided for U.S. federal taxes because we plan to reinvest such earnings and basis differences indefinitely outside the U.S. We will remit non-indefinitely reinvested earnings of our non-U.S. subsidiaries for which deferred U.S. state income and foreign withholding taxes have been provided where excess cash has accumulated and when we determine that it is advantageous for business operations, tax, or cash management reasons.

*Annual Goodwill Impairment Review*

Our annual goodwill impairment analysis, which we performed as of the first day of the fourth quarter of fiscal 2024, did not result in any impairment charges.

With the growth of AI in enterprise and sovereign customer segments and key strategic differentiators, such as direct liquid cooling, we believe that there is a potential for continued growth over time.

The equity investment in H3C primarily benefits the Compute and Hybrid Cloud reporting units.

Subsequent to the sale, on September 30, 2024, we performed an interim goodwill impairment analysis for Compute and Hybrid Cloud reporting units.

The excess of fair value over carrying amount for these reporting units was 6% for Compute and 5% for Hybrid Cloud.

We also applied a hypothetical 10% decrease to the fair value of Compute and Hybrid Cloud, noting that neither had an excess of fair value over carrying amount.

The Compute reporting unit has goodwill of $8.2 billion as of October 31, 2024, and excess of fair value over carrying value of 6% as of the September 30, 2024 interim test date.

The Compute business is cyclical in nature.

Over the last several years, digital transformation drove increased investment to modernize infrastructure.

The Hybrid Cloud reporting unit has goodwill of $4.8 billion as of October 31, 2024, and excess of fair value over carrying value of 5% as of the September 30, 2024 interim test date.

Although the Hybrid Cloud business is on a positive trajectory, we are managing both a sales model transition and product transition within this business.

Revenue from our international operations has historically represented, and we expect will continue to represent, a majority of our overall net revenue.

As a result, our revenue growth has been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates.

In order to provide a framework for assessing performance excluding the impact of foreign currency fluctuations, we present the year-over-year percentage change in revenue on a constant currency basis, which assumes no change in foreign currency exchange rates from the prior-year period and does not adjust for any repricing or demand impacts from changes in foreign currency exchange rates.

We transact business in approximately 40 currencies worldwide, of which the most significant foreign currencies to our operations for fiscal [removed: 2024] [added: 2025] were the euro, Japanese yen, and [removed: Indian rupee.][added: British pound.]

We have performed sensitivity analyses as of October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant.

The foreign currency exchange rates we used in performing the sensitivity analysis were based on market rates in effect at October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates would result in a foreign exchange fair value loss of [removed: $44] [added: $53] million and [removed: $48] [added: $44] million at October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

We have performed sensitivity analyses as of October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of interest rates across the entire yield curve, with all other variables held constant.

The discount rates used were based on the market interest rates in effect at October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

The sensitivity analyses indicated that a hypothetical 10% adverse movement in interest rates would result in a loss in the fair values of our debt, debt investments and net portfolio assets, net of interest rate swaps, of [removed: $233] [added: $261] million and [removed: $41] [added: $233] million at October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

For more information about our debt, use of derivative instruments, forward contracts and investments, Refer to Note 1, “Overview and Summary of Significant Accounting [removed: Policies”,] [added: Policies,”] Note 13, “Financial [removed: Instruments”,] [added: Instruments,”] and Note 14, [removed: “Borrowings”,] [added: “Borrowings,”] of the Notes to the Consolidated Financial Statements section included in this report.

[removed: We are] [added: Hewlett Packard Enterprise is] a global technology leader focused on developing intelligent solutions that allow customers to capture, analyze and act upon data seamlessly from edge to cloud.

We enable [added: our] customers to accelerate business outcomes by driving new business models, creating new customer and employee experiences, and increasing operational efficiency today and into the future.

Over the last several years, [removed: new] [added: HPE has observed] megatrends around [removed: edge,] [added: networking,] cloud, data, and artificial intelligence (“AI”) [removed: have emerged] [added: emerging] to shape customer expectations for enterprise technology.

The megatrends are ushering in long-lasting changes to [removed: IT,] [added: how enterprises are consuming technology and setting up their IT infrastructures,] including accelerating [added: implementation of AI and] hybrid multi-cloud adoption.

[removed: Customers] [added: As such, customers] across industry verticals are interested in [added: incorporating AI into their operations and] unifying all [removed: the] [added: of their] applications and data with a consistent cloud [removed: experience.][added: experience, both of which require a secure, reliable, and intelligent network infrastructure.]

[removed: HPE has] [added: We have] deployed [removed: an edge-to-cloud] [added: a] strategy that [removed: capitalizes] [added: seeks to capitalize] on [added: these] emergent megatrends and [removed: delivers] [added: deliver] a data-first modernization approach for customers.

[removed: We] [added: Our innovative solutions are deployed across networking, cloud, and AI use cases, and] have shifted our mix of products and [removed: services,] [added: services] and [removed: how] [added: the way] we deliver that mix to customers.

[removed: HPE has] [added: We have also] evolved [added: our business] to a platform-based model, fueled by a portfolio [added: that is] richer in software and services.

[removed: In hybrid cloud, we have redefined the cloud space by delivering an experience that is hybrid by design with our HPE GreenLake cloud as the] [added: As a] centerpiece of our [removed: strategy;] [added: strategy,] it accelerates multi-generation IT transformation through a unified cloud-native and AI-driven experience that empowers customers to access, analyze, and extract value from their data across public clouds, data centers, colocation facilities, and at the edge.

The AI market requires a modern and high-performing networking fabric as a core foundation to deliver a more efficient data-center cloud, which we offer through our [removed: AI-driven] [added: AI-native] portfolio of networking solutions.

[removed: Our server business supports both traditional servers and those meant to enable AI workloads with] [added: With] decades of large-scale infrastructure [removed: expertise,] [added: expertise defining our offerings,] including technologies like [added: fanless] direct liquid cooling that [removed: are powering some of] [added: power] our largest AI [removed: systems.][added: systems, HPE’s server business supports both traditional servers and those that enable AI workloads.]

[removed: Our Financial Services (“FS”)] [added: Finally, our financial services] business complements our solution offerings by helping customers unlock financial capacity.

We recognize [added: that] the AI market will be driven by computational capability, data-intensive workloads, and the need for specialized [removed: architecture; thus, we have been targeting, and continue to target three areas: supercomputing, AI infrastructure, and AI platform software.][added: architecture.]

We believe that we are differentiated from our competition by [removed: our] [added: a] unique and compelling value [removed: proposition, which positions us to capture significant value from] [added: proposition in] the growing AI market through our intellectual property portfolio, trusted expertise, and long-term sustained market leadership in supercomputing.

Our operations are organized into five reportable business segments: Server, Hybrid Cloud, [removed: Intelligent Edge,] [added: Networking,] Financial Services, and Corporate Investments and Other.

The [removed: class] [added: classes] of similar product categories within each segment which accounted for more than 10% of our consolidated net revenue in each of the past three years [removed: was] [added: were] as follows:

- Fiscal 2024 - Server products, Server services, [removed: Intelligent Edge] [added: Networking] products, Hybrid Cloud products

- Fiscal 2023 - Server products, [removed: Intelligent Edge] [added: Networking] products, Server services, Hybrid Cloud products

The Company had [removed: two distributors] [added: one distributor] which represented approximately [removed: 14% and 11%] [added: 10%] of the Company's total net revenue in fiscal [removed: 2024,] [added: 2025,] primarily within the [removed: Intelligent Edge and] Server [added: and Networking] segments.

[removed: Our] [added: The] Server segment [removed: offerings consist] [added: consists] of general-purpose servers for multi-workload [removed: computing and] [added: computing,] workload-optimized servers to deliver the [removed: high] [added: best] performance and value for demanding applications, and integrated systems comprised of software and hardware designed to address [removed: high-performance computing] [added: High-Performance Computing] and [removed: supercomputing] [added: Supercomputing] (including exascale applications), [removed: artificial intelligence, data analytics,] [added: AI, Data Analytics,] and [removed: transaction processing] [added: Transaction Processing] workloads for government and commercial customers globally.

This portfolio of products includes [removed: our] [added: the] secure and versatile HPE ProLiant Rack and Tower servers; HPE Synergy, a composable infrastructure for traditional and cloud-native applications; HPE Scale Up Servers product lines for critical applications, including large enterprise software applications and data analytics platforms; HPE Edgeline servers; HPE Cray EX; HPE Cray XD (formerly known as HPE Apollo); and HPE NonStop.

[added: The] Server [added: segments’] offerings also include operational and support services sold with systems and as standalone services.

The Hybrid Cloud segment offers a wide variety of cloud-native and hybrid solutions across storage, private [removed: cloud] [added: cloud,] and the infrastructure software-as-a-service (“SaaS”) space.

It also includes [removed: AIOps-driven] [added: AI-native, networking operations (“AIOps”)-driven] intelligence with HPE InfoSight and HPE CloudPhysics.

In private cloud, [removed: our Private Cloud Enterprise] [added: the HPE GreenLake] offerings include new cloud-native offerings and capabilities for virtual machines, containers, and bare metal; a full suite of private cloud offerings that enable customers to self-manage or choose a fully managed [removed: experience.][added: experience: and a portfolio of world-class Private Cloud AI infrastructure delivered as-a-service (“aaS”).]

This segment also provides self-service private cloud on-demand with HPE GreenLake for Private Cloud Business [removed: Edition.][added: Edition, which includes an integrated VM Essentials virtualization software.]

Infrastructure software includes monitoring and observability for day two operations and beyond through our acquisition of OpsRamp and unified data access through [removed: our] HPE Ezmeral Data Fabric and analytics suite, which helps move and transform data for use in AI and other applications.

[added: The] Hybrid Cloud segment also includes data lifecycle management and protection through our suite of offerings, including Zerto Disaster Recovery.

[removed: The] [added: Additionally,] HPE [removed: Aruba Networking] [added: provides] software [added: products, such as Mist] and [removed: services portfolio includes] [added: Aruba Central for] cloud-based [removed: management, network] [added: and on-premise] management, network access control, software-defined [removed: wide-area] [added: wide area] networking, network security, analytics and assurance, [removed: location services software, private] and [removed: public] [added: private] cellular core [removed: software, and professional and support services, as well as aaS and consumption models through the HPE GreenLake cloud for the Intelligent Edge portfolio of products.][added: software.]

[added: The] Financial Services (“FS”) [added: segment] provides flexible investment solutions, such as leasing, financing, IT consumption, utility programs, and asset management services for customers that facilitate unique technology deployment models and the acquisition of complete IT solutions, including hardware, software, and services from Hewlett Packard Enterprise and others.

[added: The] FS [added: segment] also supports financial solutions for on-premise flexible consumption models, such as the HPE GreenLake cloud.

[added: The] Corporate Investments and Other [added: segment] includes the Advisory and Professional Services business, which primarily offers consultative-led services, HPE and partner technology expertise and advice, implementation services as well as complex solution engagement [removed: capabilities; the Communications and Media Solutions business, which primarily offers software and related services to the telecommunications industry;] [added: capabilities,] and Hewlett Packard Labs, which is responsible for research and [removed: development.][added: development (“R&D”).]

- *Differentiated consumption-based IT [removed: solutions for a growing opportunity.*] [added: solutions.*] Enterprises of [removed: all] [added: various] sizes are looking to digitally transform in order to develop next-generation cloud-native applications, create actionable insights from their data, and drive business growth, but they face many challenges including lack of in-house IT skills, limited budgets and options for financing, and lack of flexibility to choose the technology foundation that best meets their needs.

Our vast intellectual property portfolio and global research and development capabilities are part of a broader innovation roadmap designed to help organizations take advantage of the expanding amount of data available and leverage the latest technology [removed: developments] [added: developments,] such as cloud, artificial intelligence, supercomputing, and cybersecurity to drive business transformations now and in the future.

- *Global distribution and partner ecosystem.* We [removed: are experts] [added: have extensive experience] in delivering innovative technological solutions to our customers in complex multi-country, multi-vendor, and/or multi-language environments.

- *Custom financial solutions.* Through our FS [removed: segment,] [added: business,] we help customers create investment capacity to accelerate their transformations by helping them free up capital, capture value from older assets, achieve sustainability goals, invest in new technologies aaS, and weather financial volatility.

[removed: FS] [added: This business] is also an enabler of our consumption-based IT [removed: models by helping] [added: models, in that it helps] spread our upfront solution costs over the duration of the customer contract.

Through [removed: FS’] [added: our] Technology Renewal Centers, we are helping customers achieve their own sustainability goals by refurbishing technology assets for reuse.

- *Experienced leadership team.* Our management team has an extensive track record of performance and [removed: execution.][added: execution in the IT industry.]

Mr. Neri's experience includes [removed: more than 25] [added: nearly 30] years combined at HPE and Hewlett-Packard Company (“HP Co.”) in various leadership positions.

Data at the edge is increasing exponentially, and in this data disaggregated environment, enterprises need a holistic and integrated cloud experience to manage their distributed data and workloads.

AI has emerged as a powerful tool to more intelligently and quickly deliver meaningful business insights and opportunities.

Networking has become truly mission critical, not just for connecting infrastructure, data and users, but also for powering the next wave of AI-driven innovation across a variety of every industries.

We intend to drive innovation through “AI for Networks”— which we define as using AI to make networks smarter — and “Networks for AI”— which builds the foundational infrastructure for next-generation AI applications.

Our acquisition of Juniper Networks, Inc. ("Juniper Networks") advances this strategy giving HPE a full networking technology stack and enabling us to deliver secure, AI-driven networking solutions.

In cloud, we have redefined this portion of the market by delivering an experience that is hybrid by design with our HPE GreenLake cloud.

The HPE GreenLake cloud is designed to deliver a seamless hybrid experience with true pay-per-use consumption and automated scalability.

We continue to evaluate and expand upon HPE GreenLake’s capabilities with new software offerings and virtualization solutions to accelerate higher-margin growth.

In addition, HPE is driving a transition to proprietary HPE-developed storage solutions that enhance profitability and reduce reliance on third-party products.

In AI infrastructure, HPE is focused on sovereign and enterprise customers, leveraging our supercomputing heritage and turnkey AI factory solutions, including HPE Private Cloud AI and scalable AI servers.

We complement this expertise with our market-leading supercomputing portfolio of HPE Cray EX solutions and systems.

HPE ProLiant servers and rack scale solutions deliver sustainable accelerated computing for training and inferencing deployed at scale across the market.

An additional point of differentiation for HPE is our global manufacturing services footprint, which allows us to compete around the world.

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

This business offers customers the ability to accelerate adoption of AI through financing options from us as well as through IT life cycle services.

- Fiscal 2025 - Server products, Networking products

Networking

The Networking segment develops and sells high-performance networking and security products and services that empower customers of all sizes to build scalable, reliable, secure, agile, and efficient automated networks.

Our platforms are purpose-built using AI to deliver secure and sustainable user experiences from the edge to the data center and cloud.

Our solutions include hardware products, such as Wi-Fi and private cellular access points; QFX, EX, and CX switches; MX and PTX routers; and gateways.

We also offer a variety of services, including professional, maintenance, and support services; management software; and education and training programs, as well as aaS and flexible consumption models through the HPE GreenLake platform.

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

Segment Realignments

Effective at the beginning of the first quarter of fiscal 2026, HPE implemented an organizational change by (i) merging the Server, Hybrid Cloud, and Financial Services business segments into a new segment named Cloud & AI and (ii) transferring the Telco and Instant On businesses from the Networking segment to the Corporate Investments and Other segment.

As a result, the Company’s organizational structure beginning in fiscal 2026 consists of the following segments: (i) Networking; (ii) Cloud & AI; and (iii) Corporate Investments and Other, and the Company will begin reporting under this re-aligned segment structure beginning with the results of the first quarter of fiscal 2026.

- *Strategic, comprehensive portfolio.* HPE concentrates its portfolio around the megatrends of networking, cloud, and AI, as we believe that these three strategic IT markets each serve as an essential building block for modern IT infrastructures and strategies.

HPE’s portfolio of solutions is designed to help customers accelerate digital transformation and unlock AI-driven business outcomes.

Our ability to combine our software-defined infrastructure, proprietary storage innovations like Alletra MP, and turnkey AI solutions, such as HPE Private Cloud AI, with high-value consulting and support services, is one of our principal differentiators.

- *AI-native networking leadership.* With the acquisition of Juniper Networks, HPE now has a full-stack portfolio spanning campus and branch, data center switches, wide-area routing, and secure access services edge (“SASE”) solutions.

HPE’s networking offerings are designed both with AI (leveraging AIOps) and for AI (delivering high-performance networks that maximize GPU utilization and minimize AI job completion times).

With this positioning, we aim to capture business in AI data center networking and hybrid cloud environments.

We expect the integration of Juniper Networks will also bring expanded R&D scale and go-to-market reach, enabling faster innovation across networking, silicon, systems, and software.

- *Unified, open platform.* As enterprises become increasingly distributed and data-intensive, our unified platform enables customers to more securely access, control, and extract value from their workloads across networking, data center, colocation, and cloud environments.

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

- *Multi-year innovation roadmap.* We have been in the technology and innovation business for more than 80 years, during which time we have continued to evolve and innovate to meet customers’ changing IT needs.

- *Strong balance sheet:* We have also historically had a strong balance sheet and liquidity profile that is underpinned by a disciplined capital allocation framework and robust governance.

While we are currently carrying larger-than-normal debt balance due to the acquisition of Juniper Networks, we are prioritizing de-leveraging and remain committed to retaining our investment-grade credit rating.

- for select countries, master area partners who manage our local market presence and operate all aspects of in-country business, including all local customer and partner relationships, on our behalf;

The account manager is supported by a team of specialists with product and services expertise that drives share of wallet expansion across our portfolio, pursue new customer acquisitions and strengthen our position against pure play providers.

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

First, data at the edge is increasing exponentially, driven by the proliferation of devices that require secure connectivity to enable reliable digital experiences.

Second, enterprises need a cloud experience everywhere to manage data and workloads wherever they live across a distributed enterprise.

Third, data growth is creating countless new opportunities to generate meaningful business insights.

Finally, HPE is seeing a significant technology shift as customers realize the fundamental potential of AI technology to deliver business transformation.

In concert with these trends, enterprises are consuming their technology differently.

Increasingly, customers want to digitally transform while preserving capital and eliminating operating expense by paying only for the information technology (“IT”) they use.

Customers also want to better extract value from their growing stores of rapidly evolving data, knowing that actionable insights from data are critical to deliver business transformations.

Data is becoming more unstructured, more time-sensitive, and more distributed.

Frequently, data is siloed and spread across different multi-generational IT systems, often trapped in critical legacy architecture.

Many organizations cannot adequately gain insights from their data at the edge or face cloud migration challenges because of their legacy applications.

Customers need a data-first modernization approach across edge to data center to cloud.

Our vision to be the edge-to-cloud company has led us to innovate our solutions across networking connectivity, cloud, and data, delivered as-a-service (“aaS”) through the HPE GreenLake cloud.

We seek to seize this AI market opportunity by innovating in networking, hybrid cloud and AI – which are all essential building blocks to deliver a unified technology experience.

The pending acquisition of Juniper Networks, Inc. ("Juniper Networks") further supports the aforementioned strategies and enables us to execute on them.

We believe this acquisition will accelerate our edge-to-cloud vision with a full networking IP stack: from silicon, to infrastructure, to the operating system, to security, to software and services, in a cloud-native and AI-

[Table of Conte](#if5e4874f28bf435fa75824a0075aa6e9_7)[n](#if5e4874f28bf435fa75824a0075aa6e9_7)[t](#if5e4874f28bf435fa75824a0075aa6e9_7)

driven approach.

Furthermore, through this strategic acquisition, we seek to deliver secure, AI-driven networking solutions, which will be foundational to delivering fully integrated hybrid cloud and AI solutions.

- Fiscal 2022 - Server products, Server services, Hybrid Cloud products, Intelligent Edge products

In fiscal 2024, we launched a new offering, Private Cloud AI, that captures the emerging enterprise model fine-tuning, retrieval augmented generation and inference markets for AI solutions.

Private Cloud AI is fully integrated, standardized offer that has been co-developed with AI market leader Nvidia, with the goal to provide an out of the box solution for enterprise AI.

Intelligent Edge

The Intelligent Edge segment offers wired and wireless local area networks, campus, branch, and data center switching, software-defined wide-area-networks, private and public cellular network software, network security, and associated services that enable secure connectivity for businesses of any size.

The HPE Aruba Networking product portfolio includes hardware products such as Wi-Fi access points, switches, and gateways.

Intelligent Edge offerings are consolidated in the edge service platform, which takes a cloud-native approach that provides customers with a unified framework to meet their connectivity, security, and financial needs across campus, branch, data center, and remote worker environments.

Upon closing of the pending acquisition of Juniper Networks, we expect to offer an even more comprehensive portfolio of networking solutions.

- *Edge-to-cloud strategy and solutions uniquely solve customer challenges.* As data grows and evolves, enterprises become increasingly distributed, and customers realize the potential in AI technology, HPE’s edge-to-cloud strategy is uniquely designed to enable customers to securely access, control, and maximize the value of all their workloads and data assets to accelerate business outcomes.

The HPE GreenLake cloud is an open, secure, fully integrated platform that brings a unified experience across the edge, data center, colocation, and cloud.

It is automated and easy to consume with capacity available to scale up and down on demand.

It offers true pay per use consumption so customers only pay for what they use, and they can have the entire hybrid cloud experience managed for them through our HPE Managed Services offerings.

- *Comprehensive portfolio.* We have a distinctive and industry leading portfolio of edge-to-cloud solutions and capabilities to help accelerate our customers' digital transformations and help them capture the opportunity that AI presents for their businesses.

We combine our software-defined infrastructure and services capabilities to provide what we believe is the strongest portfolio of enterprise solutions in the IT industry.

Our ability to deliver a comprehensive IT strategy and connect our customers' data from edge to cloud, through our high-quality products and high-value consulting and support services in a single package, is one of our principal differentiators.

HPE is distinctly differentiated in delivering a true consumption-based IT experience.

- *Open platforms.* The world is shifting from centralized and closed approaches in large data centers to a future of centers of data everywhere, which are highly decentralized and distributed.

- *Multi-year innovation roadmap and strong balance sheet.* We have been in the technology and innovation business for over 80 years.

We also have a strong balance sheet and liquidity profile that provide the financial flexibility and speed to take advantage of acquisition opportunities.

In those countries where we have a direct sales presence, we follow a bifurcated sales operational model with separate go-to-market routes for high-velocity, transactional hardware sales, on the one hand and for services and solutions, on the other hand.

The account manager is supported by a team of specialists with product and services expertise.

The adverse impact of the global pandemic on the supply chain has moderated, resulting in a more balanced supply-and-demand environment and improved component availability.

For the fiscal year ended October 31, [removed: 2024][added: 2025]

The aggregate market value of the registrant's common stock held by non-affiliates was [removed: $21,985] [added: $21,184] million based on the last sale price of common stock on April 30, [removed: 2024.][added: 2025.]

The number of shares of Hewlett Packard Enterprise Company common stock outstanding as of December [removed: 9, 2024] [added: 10, 2025] was [removed: 1,315,333,942] [added: 1,334,533,171] shares.

| Portions of the Registrant's proxy statement related to its [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days after Registrant's fiscal year end of October 31, [removed: 2024] [added: 2025] are incorporated by reference into Part III of this Report. | | | | | | III | | |

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| [Item [removed: 16.](#if5e4874f28bf435fa75824a0075aa6e9_229)] [added: 16.](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_229)] | | | [Form 10-K [removed: Summary](#if5e4874f28bf435fa75824a0075aa6e9_229)] [added: Summary](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_229)] | | | [removed: [149](#if5e4874f28bf435fa75824a0075aa6e9_229)] [added: [163](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_229)] | | |

The words “believe,” “expect,” “anticipate,” [added: ”guide,” “optimistic,”] “intend,” [added: “aim,”] “will,” “estimates,” “may,” “likely,” “could,” “should” and similar expressions are intended to identify such forward-looking statements.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any [added: statements related to any] anticipated financial or operational benefits associated with the segment realignment that became effective as of the beginning of the first quarter of fiscal [removed: 2024;] [added: 2026;] any [added: statements regarding the ongoing integration of Juniper Networks, Inc., and any] projections, [added: estimates, or expectations of savings or synergy realizations in connection therewith; any projections,] estimations or expectations of addressable markets and their sizes, revenue (including annualized revenue run-rate), margins, expenses (including stock-based compensation expenses), investments, effective tax rates, interest rates, the impact of tax law changes and related guidance and [removed: regulations,] [added: regulations,* *the impact of changes in trade policies and restrictions and the uncertainty created thereby, commodity costs,] net earnings, net earnings per share, cash flows, liquidity and capital resources, inventory, goodwill, impairment charges, hedges and derivatives and related offsets, order backlog, benefit plan funding, deferred tax assets, share repurchases, currency exchange rates, repayments of debts including our asset-backed debt securities, or other financial items; recent amendments to accounting guidance and any potential impacts on our financial reporting therefrom; any projections or estimations of [removed: orders, including as-a-service] orders; any [added: projections of the amount, timing, or impact of cost saving actions and anticipated benefits to be realized, if any; any] statements of the plans, strategies, and objectives of management for future operations, as well as the execution and consummation of corporate transactions or contemplated acquisitions [removed: (including but not limited to our proposed acquisition of Juniper Networks, Inc.)] and dispositions (including disposition of [removed: our H3C] shares [added: of H3C Technologies Com., Limited (“H3C”)] and the receipt of proceeds therefrom), research and development expenditures, and any resulting benefits, cost savings, charges, or revenue or profitability improvements; any statements concerning the expected development, performance, market share, or competitive performance relating to products or services; any statements concerning technological and market trends, the pace of technological innovation, and adoption of new technologies, including artificial intelligence-related and other products and services offered by Hewlett Packard Enterprise; any statements regarding current or future macroeconomic trends or events and the [removed: impact] [added: impacts] of those trends and events on Hewlett Packard Enterprise and our financial performance, including but not limited to supply chain dynamics, [added: uncertain global trade policies and/or restrictions, and] demand for our products and services, and [removed: access to liquidity, and] our actions to mitigate such impacts to our business; the scope and duration of [removed: outbreaks, epidemics, pandemics, public health crises,] [added: geopolitical tensions, including but not limited to] the ongoing [removed: conflicts] [added: conflict] between Russia and [removed: Ukraine and] [added: Ukraine, continuous instability] in the Middle [removed: East] [added: East,] and the relationship between China and the U.S., and our actions in response thereto, and their impacts on our business, operations, liquidity and capital resources, employees, customers, partners, supply chain, financial results, and the world economy; any statements regarding future regulatory trends and the resulting legal and reputational exposure, including but not limited to those relating to environmental, social, governance, cybersecurity, data privacy, and artificial intelligence [removed: issues;] [added: issues, among others;] any statements regarding pending litigation, investigations, claims, or [removed: disputes;] [added: disputes, including but not limited to the legal proceedings relating to the acquisition of Juniper Networks;] any statements of expectation or [removed: belief;] [added: belief, including those relating to future guidance] and [added: the financial performance of Hewlett Packard Enterprise; and] any statements of assumptions underlying any of the [removed: foregoing.][added: foregoing.*]

[removed: Risks,] [added: *Risks,] uncertainties, and assumptions include the need to address the many challenges facing Hewlett Packard Enterprise's businesses; the competitive pressures faced by Hewlett Packard Enterprise's businesses; risks associated with executing Hewlett Packard Enterprise's strategy; the impact of macroeconomic and geopolitical trends and events, including but not limited to [removed: heightened global trade restrictions, the use and development of artificial intelligence and the events described] [added: those referenced] above; the need to effectively manage third-party suppliers and distribute Hewlett Packard Enterprise's products and services; the protection of Hewlett Packard Enterprise's intellectual property assets, including intellectual property licensed from third parties and intellectual property shared with its former parent; risks associated with Hewlett Packard Enterprise's international operations (including from [removed: public health crises, such as pandemics or epidemics, and] geopolitical [removed: events, such as, but not limited to, those mentioned above);] [added: events and macroeconomic uncertainties);] the development of and transition to new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution of Hewlett Packard Enterprise’s ongoing transformation and mix shift of its portfolio of offerings; the execution and performance of contracts by Hewlett Packard Enterprise and its suppliers, customers, clients, and partners, including any impact thereon resulting from macroeconomic or geopolitical events, [removed: such as, but not limited to, those mentioned above;] [added: including inflation and rising commodity costs;] the prospect of a shutdown of the U.S. federal government; the hiring and retention of key employees; the execution, integration, consummation, and other risks associated with business combination, disposition, and investment transactions, including but not limited to the risks associated with the disposition of H3C shares and the receipt of proceeds therefrom and [removed: completion of our proposed acquisition] [added: successful integration] of Juniper Networks, [removed: Inc. and] [added: Inc., including] our ability to integrate and implement our [removed: plans, forecasts,] [added: plans] and [removed: other expectations] [added: forecasts and realize our anticipated financial and operational benefits] with respect to the consolidated business; the [removed: impact of changes to privacy, cybersecurity, environmental, global trade,] [added: execution, timing,] and [removed: other governmental regulations; changes in our product, lease, intellectual property, or real estate portfolio; the payment or non-payment] [added: results] of [removed: a dividend for] any [removed: period; the efficacy of using non-GAAP, rather than GAAP, financial measures in business projections and planning; the judgments required in connection with determining certain financial metrics; utility of segment realignments; allowances for recovery of receivables and warranty obligations; provisions for, and resolution of, pending litigation, investigations, claims, and disputes; the impacts of tax law changes and related guidance or regulations; and other risks that are described herein,] [added: cost reduction actions,] including [removed: but not limited to the items discussed in “Risk Factors” in Item 1A of Part I of this report and that are otherwise described or updated from time to time in Hewlett Packard Enterprise's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and in other filings made with the Securities] [added: estimates] and [removed: Exchange Commission.][added: assumptions*]

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

For the Fiscal Year ended October 31, 2025

| | | | [PART I](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_13) | | | | | |

| | | | [PART II](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_37) | | | | | |

| | | | [Signatures](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_232) | | | [164](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_232) | | |

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

*related to the costs and anticipated benefits of implementing such actions; the impact of changes to privacy, cybersecurity, environmental, global trade, and other governmental regulations; changes in our product, lease, intellectual property, or real estate portfolio; the payment or non-payment of a dividend for any period; the efficacy of using non-GAAP, rather than GAAP, financial measures in business projections and planning; the judgments required in connection with determining certain financial metrics; utility of segment realignments; allowances for recovery of receivables and warranty obligations; provisions for, and resolution of, pending litigation, investigations, claims, and disputes; the impacts of tax law changes and related guidance or regulations; and other risks that are described herein, including but not limited to the items discussed in “Risk Factors” in Item 1A of Part I of this report and that are otherwise described or updated from time to time in Hewlett Packard Enterprise's Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and in other filings made with the Securities and Exchange Commission.

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

[Table of Conte](#if5e4874f28bf435fa75824a0075aa6e9_7)[n](#if5e4874f28bf435fa75824a0075aa6e9_7)[t](#if5e4874f28bf435fa75824a0075aa6e9_7)

| | | | [PART I](#if5e4874f28bf435fa75824a0075aa6e9_13) | | | | | |

| | | | [PART II](#if5e4874f28bf435fa75824a0075aa6e9_37) | | | | | |

| | | | [Signatures](#if5e4874f28bf435fa75824a0075aa6e9_232) | | | [150](#if5e4874f28bf435fa75824a0075aa6e9_232) | | |

Our Cybersecurity and Digital Risk Management (“CDRM”) organization, under the leadership of a Global Chief Information Security Officer (“Global CISO”), operates a cybersecurity program that is designed to help us [removed: assess,] identify, [added: assess,] manage, and mitigate risks relating to cybersecurity threats and incidents.

We design our cybersecurity standards, policies, processes and controls to operate in an integrated manner, leveraging applicable industry standards and security frameworks, including the NIST Cybersecurity Framework, as [removed: guides] [added: guidance] in supporting our ability to perform such functions.

CDRM manages our cybersecurity program, including by fostering collaboration with partners across business units and [removed: functional areas] [added: global functions] to identify and assess material cybersecurity threats, evaluate their severity, and [removed: explore ways] [added: establish actions] to mitigate and manage such risks.

Business units and [removed: functional areas] [added: global functions] are responsible for [removed: managing] [added: addressing] risks and implementing our policies and standards within the respective business unit or function.

Compliance with our policies and standards is assessed by [removed: CDRM in conjunction with] our internal audit [removed: function,] [added: organization,] through periodic cybersecurity audits.

[removed: We utilize] [added: As part of our cybersecurity program, we also evaluate] data [added: collected] from [added: our] attack surface management tools [added: using a framework that quantifies the likelihood and severity of risks] to produce a prioritized set of vulnerabilities for remediation.

If we experience a cybersecurity incident, the CDC activates [removed: an] [added: our] incident response plan, which includes processes to enable us to triage, assess severity of, escalate, contain, investigate, and remediate the incident, as well as to comply with applicable legal obligations and mitigate brand and reputational harm.

Additionally, we have established a Cyber Crisis Management Team, [added: which is] responsible for addressing and responding to the most severe cyber incidents.

From time to time, we conduct third-party-administered, as well as internally administered, tabletop [removed: exercises, which] [added: exercises that] simulate cybersecurity threats, to assess our existing cybersecurity infrastructure and incident response processes.

In addition to monitoring risks from threats to our own assets, we [removed: administer] [added: apply] third-party risk management practices that endeavor to help identify and manage supply chain and vendor risk arising from [removed: some of] our [removed: key] [added: critical] suppliers and other service provider organizations.

We do so in a variety of ways, such as gathering information on third parties’ cybersecurity programs and controls, performing due diligence, undertaking cybersecurity reviews and/or audits, and/or mandating certain contractual requirements, such as notification of cybersecurity [removed: incidents.][added: incidents and return or destruction of all HPE data upon termination of the relationship.]

Our Global CISO is supported by [removed: the CISO of] [added: a leadership team managing] Cyber [removed: Defense] [added: Defense; Governance, Risk,] and [removed: the CISO of Cyber Governance – both] [added: Compliance; Security Strategy; Cybersecurity Architecture and Engineering; and Identity and Access Management, all] of whom have extensive experience in private sector cybersecurity [removed: roles – and a team of cybersecurity professionals with relevant educational and industry experience.][added: roles.]

The Global CISO periodically meets with the Cyber Governance and Incident Disclosure Committee, our enterprise risk management [removed: function] [added: function,] and chief-level [removed: executives] [added: executives, as well as the Audit Committee of our Board of Directors,] to discuss cybersecurity risks, as well as related mitigation and remediation activities.

The CDC monitors the [removed: prevention,] detection, investigation, mitigation, response to, and remediation of cybersecurity incidents, and regularly reports to our [removed: CISO of Cyber Defense, who then subsequently reports to the] Global [removed: CISO.][added: CISO, engaging with the Executive Committee and the Cyber Crisis Management Team, as appropriate.]

Such presentations to the Audit Committee and Board of Directors, as applicable, are made by our COLO and Global [removed: CISO] [added: CISO, utilizing performance metrics established by CDRM] and [added: reported through the ERM framework, and] address topics such as cybersecurity threats, incidents, risks, results from internal and third-party assessments, progress towards risk-mitigation goals, the functioning of our incident response program, and regulatory developments.

HPE, like all organizations operating in the technology landscape, faces significant and persistent cybersecurity [removed: risks.][added: risks, which influence business strategy and operations.]

[removed: We have identified a successor, who will join HPE in January 2025, previously served in relevant leadership positions at other public and private companies, and will bring] [added: He brings] over two decades of technology experience spanning information [removed: security] and [removed: IT,] [added: cyber security,] including serving as CISO at other large companies.

The results of these audits, together with our learnings from internal and external threats, drive periodic reassessment of and structured updates to our cybersecurity framework, as deemed necessary or appropriate.

Our Global CISO joined HPE in January 2025, and previously held relevant leadership positions at other

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

public and private companies.

Supporting these leaders is a team of cybersecurity professionals with relevant educational and industry experience.

As part of our cybersecurity program, we maintain a Cyber Risk Management Program that seeks to address key risk management concepts, including mission and vision, escalation path for risk mitigation, risk assessments, and risk treatment.

We do so by conducting a variety of planning and preparedness activities, including employing monitoring tools to identify suspicious or anomalous activity, vulnerabilities, or signs of compromise across our networks, systems, and data.

Based on initial investigation into such incident’s impact to the Company, the actor(s) involved, and other factors, the CDC assigns a severity level to an incident, which dictates the escalation path for a given incident.

For incidents rising to higher levels of severity, the Cyber Governance and Incident Disclosure Committee, a cross-functional committee spanning cybersecurity, IT, legal, finance, enterprise risk management, and compliance teams, assesses the severity and potential materiality of such incidents and, as appropriate, escalates to designated members of our senior management for further assessment, response, and remediation.

[Table of Conte](#if5e4874f28bf435fa75824a0075aa6e9_7)[n](#if5e4874f28bf435fa75824a0075aa6e9_7)[t](#if5e4874f28bf435fa75824a0075aa6e9_7)

Our prior Global CISO departed HPE at the end of October 2024.

In the interim, our CDRM organization has been and will be led by our CISO of Cyber Defense and CISO of Cyber Governance, both reporting directly to our COLO.

As of October 31, [removed: 2024,] [added: 2025,] we owned or leased approximately [removed: 11] [added: 13] million square feet of space worldwide, which included 3 million square feet of vacated space.

| Administration and support | | | [removed: 2] [added: 1] | | | | | | [removed: 4] [added: 5] | | | | | | 6 | | |

| (Percentage) | | | [removed: 33] [added: 17] | | % | | | | [removed: 67] [added: 83] | | % | | | | 100 | | % |

| Core data centers, manufacturing plants, research and development facilities, and warehouse operations | | | [removed: 1] [added: 2] | | | | | | [removed: 1] [added: 2] | | | | | | [removed: 2] [added: 4] | | |

| Total | | | 3 | | | | | | [removed: 5] [added: 7] | | | | | | [removed: 8] [added: 10] | | |

| (Percentage) | | | [removed: 37] [added: 30] | | % | | | | [removed: 63] [added: 70] | | % | | | | 100 | | % |

Substantially all of our properties are utilized in whole or in part by our Server, Hybrid Cloud, and [removed: Intelligent Edge] [added: Networking] segments.

| Americas Puerto Rico—*Aguadilla* United States—*Alpharetta, Andover, Chippewa Falls, Colorado Springs, Fort Collins, [added: Herndon,] Houston, Milpitas, Roseville, [removed: Santa Clara,] [added: San Jose,] Spring, [removed: Sunnyvale*] [added: Sunnyvale, Westford*] | | | | | | Europe, Middle East, Africa [added: Netherlands—Amsterdam] United Kingdom—Erskine | | |

| Asia Pacific [removed: China—Beijing] India—Bangalore [removed: Japan—Tokyo] Singapore*—*Singapore Taiwan*—*Taipei | | | | | | | | |

| | | | As of October 31, 2025 | | | | | | | | | | | | | | |

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

| | | | As of October 31, 2024 | | | | | | | | | | | | | | |

[Table of Conte](#if5e4874f28bf435fa75824a0075aa6e9_7)[n](#if5e4874f28bf435fa75824a0075aa6e9_7)[t](#if5e4874f28bf435fa75824a0075aa6e9_7)

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

[Table of Conte](#if5e4874f28bf435fa75824a0075aa6e9_7)[n](#if5e4874f28bf435fa75824a0075aa6e9_7)[t](#if5e4874f28bf435fa75824a0075aa6e9_7)

As of December [removed: 9, 2024,] [added: 10, 2025,] there were [removed: 43,102] [added: 40,736] stockholders of record of Hewlett Packard Enterprise common stock.

During fiscal [removed: 2024,] [added: 2025,] we paid a quarterly dividend of $0.13 per share of common stock to our holders of common stock.

On December [removed: 5, 2024] [added: 4, 2025] we declared a quarterly dividend of [removed: $0.13] [added: $0.1425] per share of common stock, payable on January 16, [removed: 2025,] [added: 2026,] to stockholders of record as of the close of business on December [removed: 20, 2024.][added: 19, 2025.]

We also declared a cash dividend of [removed: $0.82604167] [added: $0.953125] per share of our 7.625% Series C Mandatory Convertible Preferred Stock (the “Preferred Stock”), which was paid on December 1, [removed: 2024,] [added: 2025,] to holders of record as of the close of business on November 15, [removed: 2024.][added: 2025.]

| Fourth Quarter of Fiscal [removed: 2024] [added: 2025] | | | | | | Total Number of Shares Purchased and Settled | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs | | |

On October 13, 2015, the Company's Board of Directors approved a share repurchase program with a $3.0 billion authorization, which was refreshed with additional share repurchase authorizations of $3.0 billion, $5.0 [added: billion, $2.5] billion and [removed: $2.5] [added: $3.0] billion on May 24, 2016, October 16, [removed: 2017 and] [added: 2017,] February 21, [removed: 2018,] [added: 2018 and October 15, 2025] respectively.

As of October 31, [removed: 2024,] [added: 2025,] the Company had a remaining authorization of approximately [removed: $0.8] [added: $3.6] billion for future share repurchases.

This graph covers the period from October 31, [removed: 2019] [added: 2020] through October 31, [removed: 2024.][added: 2025.]

This graph assumes the investment of $100 in the stock or the index on October 31, [removed: 2019] [added: 2020] (and the reinvestment of dividends thereafter).

[removed: ][added: ]

| | | | [removed: 10/2019] [added: 10/2020] | | | | | | [removed: 10/2020] [added: 10/2021] | | | | | | [removed: 10/2021] [added: 10/2022] | | | | | | [removed: 10/2022] [added: 10/2023] | | | | | | [removed: 10/2023] [added: 10/2024] | | | | | | [removed: 10/2024] [added: 10/2025] | | |

| Month 1 (August 2025) | | | | | | — | | | | | | $ | — | | | | | — | | | | | | $ | 711,642 | |

| Month 2 (September 2025) | | | | | | 1,310 | | | | | | 24.69 | | | | | | 1,310 | | | | | | 679,298 | | |

| Month 3 (October 2025) | | | | | | 2,787 | | | | | | 24.28 | | | | | | 2,787 | | | | | | $ | 3,611,641 | |

| Total | | | | | | 4,097 | | | | | | $ | 24.41 | | | | | 4,097 | | | | | | | | |

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

| Hewlett Packard Enterprise | | | $ | 100.00 | | | | | $ | 175.41 | | | | | $ | 176.48 | | | | | $ | 195.99 | | | | | $ | 255.45 | | | | | $ | 328.65 | |

| S&P 500 Index | | | $ | 100.00 | | | | | $ | 142.89 | | | | | $ | 122.00 | | | | | $ | 134.35 | | | | | $ | 185.38 | | | | | $ | 225.10 | |

| S&P Information Technology Index | | | $ | 100.00 | | | | | $ | 146.93 | | | | | $ | 117.16 | | | | | $ | 153.30 | | | | | $ | 231.83 | | | | | $ | 318.88 | |

| Month 1 (August 2024) | | | | | | 115 | | | | | | $ | 19.84 | | | | | 115 | | | | | | $ | 861,886 | |

| Month 2 (September 2024) | | | | | | — | | | | | | — | | | | | | — | | | | | | 861,886 | | |

| Month 3 (October 2024) | | | | | | 2,363 | | | | | | 20.35 | | | | | | 2,363 | | | | | | $ | 813,792 | |

| Total | | | | | | 2,478 | | | | | | $ | 20.33 | | | | | 2,478 | | | | | | | | |

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| Hewlett Packard Enterprise | | | $ | 100.00 | | | | | $ | 54.88 | | | | | $ | 96.26 | | | | | $ | 96.84 | | | | | $ | 107.55 | | | | | $ | 140.18 | |

| S&P 500 Index | | | $ | 100.00 | | | | | $ | 109.70 | | | | | $ | 156.75 | | | | | $ | 133.82 | | | | | $ | 147.36 | | | | | $ | 203.35 | |

| S&P Information Technology Index | | | $ | 100.00 | | | | | $ | 134.47 | | | | | $ | 197.56 | | | | | $ | 157.53 | | | | | $ | 206.12 | | | | | $ | 311.72 | |

[Table of Content](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_7)

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| [Reports of Independent Registered Public Accounting [removed: Firm](#if5e4874f28bf435fa75824a0075aa6e9_103)] [added: Firm](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_100)] (PCAOB ID: 42) | | | [removed: [68](#if5e4874f28bf435fa75824a0075aa6e9_103)] [added: [74](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_100)] | | |

| [Management's Report on Internal Control Over Financial [removed: Reporting](#if5e4874f28bf435fa75824a0075aa6e9_109)] [added: Reporting](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_106)] | | | [removed: [71](#if5e4874f28bf435fa75824a0075aa6e9_109)] [added: [78](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_106)] | | |

| [Consolidated Statements of [removed: Earnings](#if5e4874f28bf435fa75824a0075aa6e9_112)] [added: Earnings](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_109)] | | | [removed: [72](#if5e4874f28bf435fa75824a0075aa6e9_112)] [added: [79](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_109)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#if5e4874f28bf435fa75824a0075aa6e9_115)] [added: Income](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_112)] | | | [removed: [73](#if5e4874f28bf435fa75824a0075aa6e9_115)] [added: [80](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_112)] | | |

| [Consolidated Balance [removed: Sheets](#if5e4874f28bf435fa75824a0075aa6e9_118)] [added: Sheets](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_115)] | | | [removed: [74](#if5e4874f28bf435fa75824a0075aa6e9_118)] [added: [81](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_115)] | | |

| [Consolidated Statements of Cash [removed: Flows](#if5e4874f28bf435fa75824a0075aa6e9_121)] [added: Flows](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_118)] | | | [removed: [75](#if5e4874f28bf435fa75824a0075aa6e9_121)] [added: [82](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_118)] | | |

| [Consolidated Statements of Stockholders' [removed: Equity](#if5e4874f28bf435fa75824a0075aa6e9_124)] [added: Equity](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_121)] | | | [removed: [76](#if5e4874f28bf435fa75824a0075aa6e9_124)] [added: [83](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_121)] | | |

| [Notes to Consolidated Financial [removed: Statements](#if5e4874f28bf435fa75824a0075aa6e9_127)] [added: Statements](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_124)] | | | [removed: [78](#if5e4874f28bf435fa75824a0075aa6e9_127)] [added: [85](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_124)] | | |

| [Note 1: Overview and Summary of Significant Accounting [removed: Policies](#if5e4874f28bf435fa75824a0075aa6e9_130)] [added: Policies](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_127)] | | | [removed: [78](#if5e4874f28bf435fa75824a0075aa6e9_130)] [added: [85](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_127)] | | |

| [Note 2: Segment [removed: Information](#if5e4874f28bf435fa75824a0075aa6e9_133)] [added: Information](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_130)] | | | [removed: [88](#if5e4874f28bf435fa75824a0075aa6e9_133)] [added: [94](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_130)] | | |

| [Note 3: Transformation [removed: Programs](#if5e4874f28bf435fa75824a0075aa6e9_136)] [added: Programs](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_133)] | | | [removed: [91](#if5e4874f28bf435fa75824a0075aa6e9_136)] [added: [98](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_133)] | | |

| [Note 4: Retirement and Post-Retirement Benefit [removed: Plans](#if5e4874f28bf435fa75824a0075aa6e9_139)] [added: Plans](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_136)] | | | [removed: [92](#if5e4874f28bf435fa75824a0075aa6e9_139)] [added: [99](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_136)] | | |

| [Note 5: Stock-Based [removed: Compensation](#if5e4874f28bf435fa75824a0075aa6e9_142)] [added: Compensation](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_139)] | | | [removed: [99](#if5e4874f28bf435fa75824a0075aa6e9_142)] [added: [106](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_139)] | | |

| [Note 7: Balance Sheet [removed: Details](#if5e4874f28bf435fa75824a0075aa6e9_148)] [added: Details](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_145)] | | | [removed: [106](#if5e4874f28bf435fa75824a0075aa6e9_148)] [added: [112](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_145)] | | |

| [Note 8: Accounting for Leases as a [removed: Lessee](#if5e4874f28bf435fa75824a0075aa6e9_151)] [added: Lessee](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_151)] | | | [removed: [110](#if5e4874f28bf435fa75824a0075aa6e9_151)] [added: [117](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_151)] | | |

| [Note 9: Accounting for Leases as a [removed: Lessor](#if5e4874f28bf435fa75824a0075aa6e9_154)] [added: Lessor](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_154)] | | | [removed: [111](#if5e4874f28bf435fa75824a0075aa6e9_154)] [added: [119](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_154)] | | |

| [Note 10: Acquisitions and [removed: Dispositions](#if5e4874f28bf435fa75824a0075aa6e9_157)] [added: Dispositions](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_157)] | | | [removed: [115](#if5e4874f28bf435fa75824a0075aa6e9_157)] [added: [123](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_157)] | | |

| [Note 11: Goodwill and Intangible [removed: Assets](#if5e4874f28bf435fa75824a0075aa6e9_160)] [added: Assets](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_160)] | | | [removed: [117](#if5e4874f28bf435fa75824a0075aa6e9_160)] [added: [127](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_160)] | | |

| [Note 12: Fair [removed: Value](#if5e4874f28bf435fa75824a0075aa6e9_163)] [added: Value](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_163)] | | | [removed: [119](#if5e4874f28bf435fa75824a0075aa6e9_163)] [added: [130](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_163)] | | |

| [Note 13: Financial [removed: Instruments](#if5e4874f28bf435fa75824a0075aa6e9_166)] [added: Instruments](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_166)] | | | [removed: [122](#if5e4874f28bf435fa75824a0075aa6e9_166)] [added: [133](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_166)] | | |

| [Note 14: [removed: Borrowings](#if5e4874f28bf435fa75824a0075aa6e9_169)] [added: Borrowings](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_169)] | | | [removed: [127](#if5e4874f28bf435fa75824a0075aa6e9_169)] [added: [138](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_169)] | | |

| [Note 15: Stockholders' [removed: Equity](#if5e4874f28bf435fa75824a0075aa6e9_172)] [added: Equity](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_172)] | | | [removed: [130](#if5e4874f28bf435fa75824a0075aa6e9_172)] [added: [141](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_172)] | | |

[removed: | [Note] [added: Note] 16: Net [added: (Loss)] Earnings Per [removed: Share](#if5e4874f28bf435fa75824a0075aa6e9_175) | | | [132](#if5e4874f28bf435fa75824a0075aa6e9_175) | | |][added: Share]

| [Note 17: Litigation, Contingencies, and [removed: Commitments](#if5e4874f28bf435fa75824a0075aa6e9_178)] [added: Commitments](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_178)] | | | [removed: [133](#if5e4874f28bf435fa75824a0075aa6e9_178)] [added: [144](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_178)] | | |

| [Note 18: Guarantees and [removed: Indemnifications](#if5e4874f28bf435fa75824a0075aa6e9_181)] [added: Indemnifications](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_181)] | | | [removed: [135](#if5e4874f28bf435fa75824a0075aa6e9_181)] [added: [147](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_181)] | | |

We have audited the accompanying consolidated balance sheets of Hewlett Packard Enterprise Company and subsidiaries [removed: (“the Company”)] [added: (the Company)] as of October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of earnings, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended October 31, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended October 31, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) [removed: (“PCAOB”),] [added: (PCAOB),] the Company's internal control over financial reporting as of October 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 [removed: framework)] [added: framework),] and our report dated December [removed: 19, 2024] [added: 18, 2025] expressed an unqualified opinion thereon.

| Description of the [removed: matter] [added: Matter] | | | | | | At October 31, [removed: 2024,] [added: 2025,] the Company’s goodwill was [removed: $18] [added: $23.8] billion, of which [removed: $4.8] [added: $3.3] billion [added: and $10.2 billion] related to the Hybrid [removed: Cloud] [added: Cloud, and Server] reporting [removed: unit.] [added: units, respectively.] As discussed in Note 11 to the consolidated financial statements, goodwill is tested for impairment at least annually at the reporting unit level and more frequently when warranted based on indicators of impairment. Auditing management’s goodwill impairment test for the Hybrid Cloud [added: and Server] reporting [removed: unit] [added: units] was complex and highly judgmental due to the significant estimation required to determine the fair value of the reporting [removed: unit.] [added: units.] In particular, the fair value [removed: estimates] [added: estimate] of the Hybrid Cloud [added: and Server] reporting [removed: unit] [added: units] was sensitive to significant assumptions, such as the terminal revenue growth rate and operating margin, which are affected by expectations about future market or economic conditions. | | |

| How [removed: we addressed] [added: We Addressed] the [removed: matter] [added: Matter] in [removed: our audit] [added: Our Audit] | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s goodwill impairment review process, including controls over the significant assumptions described above. To test the estimated fair value of the Company’s Hybrid Cloud [added: and Server] reporting [removed: unit,] [added: units,] we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether changes to the Company’s business model, product mix and other factors would affect the significant assumptions. We assessed the historical accuracy of management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the changes in the fair value of the reporting unit that would result from changes in the assumptions. In addition, we tested management’s reconciliation of the fair value of all the reporting units to the market capitalization of the Company. We involved our valuation professionals to evaluate the application of valuation methodologies in the Company’s annual impairment test. | | |

| Description of the [removed: matter] [added: Matter] | | | | | | As described in Note 1 to the consolidated financial statements, the Company recognizes revenue for sales to its customers after deducting management’s estimates of variable consideration which may include various rebates, volume-based discounts, price protection, and other incentive programs that are offered to customers, partners, and distributors. Estimated variable consideration is presented within other accrued liabilities on the consolidated balance sheet and totaled $1.0 billion at October 31, [removed: 2024.] [added: 2025.] Auditing the estimates of variable consideration [removed: associated with rebates, specifically] [added: for certain rebates] within the [removed: Intelligent Edge segment,] [added: Networking segment included in this amount] was complex and judgmental due to the level of uncertainty involved in management’s estimate of expected usage of these programs. | | |

| How [removed: we addressed] [added: We Addressed] the [removed: matter] [added: Matter] in [removed: our audit] [added: Our Audit] | | | | | | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s process for estimating rebates, including controls over the significant assumptions described [removed: above.] [added: below.] To test the Company’s determination of variable [removed: consideration] [added: consideration,] we performed audit procedures that included, among others, evaluating the methodologies, testing the significant assumptions [removed: discussed above] [added: including revenue eligible for rebates] and [added: expected rebate rates and] testing the completeness and accuracy of the underlying data used by the Company in its analyses. We compared the significant assumptions to historical experience of the Company to develop an expectation of [removed: the] [added: future] rebates [removed: associated with product remaining in the distribution channel at] [added: on eligible revenue as of] October 31, [removed: 2024,] [added: 2025,] which we compared to management’s recorded amount. In addition, we inspected the underlying agreements and compared the incentive rates used in the Company’s analyses with contractual rates. We assessed the historical accuracy of management’s estimates by comparing previous estimates of rebate liabilities to the amount of actual payments in subsequent periods. | | |

We have audited Hewlett Packard Enterprise Company and subsidiaries’ internal control over financial reporting as of October 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, Hewlett Packard Enterprise Company and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of October 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of earnings, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended October 31, [removed: 2024,] [added: 2025,] and the related notes and our report dated December [removed: 19, 2024] [added: 18, 2025] expressed an unqualified opinion thereon.

Hewlett Packard Enterprise's management assessed the effectiveness of Hewlett Packard Enterprise's internal control over financial reporting as of October 31, [removed: 2024,] [added: 2025,] utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013 framework).

Based on the assessment by Hewlett Packard Enterprise's management, we determined that Hewlett Packard Enterprise's internal control over financial reporting was effective as of October 31, [removed: 2024.][added: 2025.]

The effectiveness of Hewlett Packard Enterprise's internal control over financial reporting as of October 31, [removed: 2024] [added: 2025] has been audited by Ernst & Young LLP, Hewlett Packard Enterprise's independent registered public accounting firm, as stated in their report on the preceding pages.

| | | | [added: | | | | | |] For the fiscal years ended October 31, | | | | | | | | | | | | | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| [Note 6: Taxes on Earnings](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_142) | | | [108](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_142) | | |

| [Note 19: Equity Interests](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_184) | | | [148](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_184) | | |

| | | | | | | Acquisition of Juniper Networks – Valuation of customer contracts, customer lists and distribution agreements | | |

| Description of the Matter | | | | | | As disclosed in Notes 1 and 10 to the consolidated financial statements, on July 2, 2025, the Company completed the acquisition of Juniper Networks, Inc. for total consideration of $13.6 billion. The Company allocated the net purchase price to assets acquired and liabilities assumed based on their respective fair values as of the date of acquisition, including intangible assets of $6.2 billion, of which $2.4 billion relate to customer contracts, customer lists and distribution agreements. Auditing the valuation of acquired customer contracts, customer lists and distribution agreements was complex and highly judgmental due to significant judgment and estimation by management when developing the fair value estimate of the customer contracts, customer lists & distribution agreement. Specifically, there was a high degree of auditor judgment, subjectivity and effort in performing procedures and evaluating management’s significant assumptions related to forecasted revenue, and forecasted growth in earnings before interest, taxes, depreciation & amortization, both of which are affected by expectations about future market and operational decisions and the discount rate used in estimating the fair value. | | |

| | | | | | | | | |

| How We Addressed the Matter in Our Audit | | | | | | We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls over the Company’s valuation of acquired intangible assets, including controls over the significant assumptions described above. To test the estimated fair value of the customer contracts, customer lists and distribution agreements intangible asset, we performed audit procedures that included, among others, assessing methodologies and testing the significant assumptions discussed above and the underlying data used by the Company in its analysis. We compared the significant assumptions used by management to current industry and economic trends and evaluated whether and the degree to which changes to the Company’s forecast and other factors would affect the significant assumptions. Our testing also included comparing the significant assumptions used to the current and historical results of the acquired business and to other guideline companies within the same industry. We involved our valuation professionals to evaluate the application of valuation methodologies and test the discount rate used in the determination of the fair value estimate. | | |

| | | | | | | | | |

| | | | | | | | | |

December 18, 2025

As indicated in the accompanying Management’s Report on Internal Control Over Financial Reporting, management’s assessment of and conclusion on the effectiveness of internal control over financial reporting did not include the internal controls of Juniper Networks, Inc., which is included in the 2025 consolidated financial statements of the Company and constituted 5% of total assets, after excluding goodwill and intangible assets acquired, as of October 31, 2025 and 6% of revenues, for the year then ended.

Our audit of internal control over financial reporting of the Company also did not include an evaluation of the internal control over financial reporting of Juniper Networks, Inc.

December 18, 2025

Management's evaluation of internal control over financial reporting excluded the internal control activities of Juniper Networks, Inc. which is included in the 2025 consolidated financial statements of Hewlett Packard Enterprise and constituted 5 percent of total assets excluding goodwill and intangible assets as of October 31, 2025, and 6 percent of net revenues for the year then ended.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| December 18, 2025 | | | | | | December 18, 2025 | | |

| Impairment charges | | | 1,621 | | | | | | — | | | | | | — | | |

| Gain on sale of a business | | | 248 | | | | | | — | | | | | | — | | |

| Losses reclassified into earnings | | | 1 | | | | | | — | | | | | | — | | |

| | | | (2) | | | | | | 8 | | | | | | 1 | | |

| | | | (12) | | | | | | (99) | | | | | | (61) | | |

| | | | 311 | | | | | | 172 | | | | | | 48 | | |

| | | | (44) | | | | | | 9 | | | | | | (32) | | |

| | | | 2025 | | | | | | 2024 | | |

| Other accrued liabilities | | | 4,755 | | | | | | 4,591 | | |

| Net earnings attributable to HPE | | | $ | 57 | | | | | $ | 2,579 | | | | | $ | 2,025 | |

| Impairment charges | | | 1,621 | | | | | | — | | | | | | — | | |

| Cost reduction program | | | 275 | | | | | | — | | | | | | — | | |

| Gain on sale of a business | | | (248) | | | | | | — | | | | | | — | | |

| Amortization of inventory fair value adjustment | | | 244 | | | | | | — | | | | | | — | | |

| Loss on equity investments, net | | | 147 | | | | | | 13 | | | | | | 31 | | |

| Other, net | | | 181 | | | | | | 136 | | | | | | — | | |

| Proceeds from sale of available-for-sale securities and other investments | | | 934 | | | | | | 6 | | | | | | 8 | | |

| Proceeds from maturities and redemptions of available-for-sale securities | | | 48 | | | | | | — | | | | | | — | | |

| Proceeds from sale of equity interest | | | — | | | | | | 2,143 | | | | | | 1 | | |

| Proceeds from sale of a business | | | 210 | | | | | | — | | | | | | — | | |

| Cash dividends paid to preferred stockholders | | | (112) | | | | | | — | | | | | | — | | |

| | | | In millions, except number of shares in thousands | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at October 31, 2024 | | | 1,297,258 | | | | | | $ | 13 | | | | | 30,000 | | | | | | | | | $ | 29,848 | | | | | $ | (2,068) | | | | | $ | (2,977) | | | | | $ | 24,816 | | | | | $ | 64 | | | | | $ | 24,880 | |

| Other comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 229 | | | | | | 229 | | | | | | | | | | | | 229 | | |

| [Note 6: Taxes on Earnings](#if5e4874f28bf435fa75824a0075aa6e9_145) | | | [101](#if5e4874f28bf435fa75824a0075aa6e9_145) | | |

| [Note 19: Equity Interests](#if5e4874f28bf435fa75824a0075aa6e9_187) | | | [137](#if5e4874f28bf435fa75824a0075aa6e9_187) | | |

December 19, 2024

| December 19, 2024 | | | | | | December 19, 2024 | | |

HEWLETT PACKARD ENTERPRISE COMPANY AND SUBSIDIARIES

| | | | 8 | | | | | | 1 | | | | | | (16) | | |

| | | | (99) | | | | | | (61) | | | | | | 47 | | |

| | | | 172 | | | | | | 48 | | | | | | (155) | | |

| | | | 9 | | | | | | (32) | | | | | | (146) | | |

| Accrued restructuring | | | 61 | | | | | | 180 | | |

| Total stockholders' equity | | | 24,880 | | | | | | 21,238 | | |

| Other, net | | | 149 | | | | | | 31 | | | | | | 310 | | |

| Proceeds from maturities and sales of investments | | | 2,149 | | | | | | 9 | | | | | | 262 | | |

| Cash settlement for derivative hedging debt | | | — | | | | | | (7) | | | | | | (8) | | |

| Cash dividends paid to non-controlling interests, net of contributions | | | (8) | | | | | | — | | | | | | (6) | | |

| Balance at October 31, 2021 | | | 1,294,634 | | | | | | $ | 13 | | | | | — | | | | | | | | | $ | 28,470 | | | | | $ | (5,597) | | | | | $ | (2,915) | | | | | $ | 19,971 | | | | | $ | 46 | | | | | $ | 20,017 | |

| Other comprehensive loss | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (183) | | | | | | (183) | | | | | | — | | | | | | (183) | | |

| Comprehensive income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 685 | | | | | | 5 | | | | | | 690 | | |

| Repurchases of common stock | | | (34,943) | | | | | | | | | | | | | | | | | | | | | (505) | | | | | | | | | | | | | | | | | | (505) | | | | | | | | | | | | (505) | | |

| Balance at October 31, 2023 | | | 1,282,630 | | | | | | $ | 13 | | | | | — | | | | | | | | | $ | 28,199 | | | | | $ | (3,946) | | | | | $ | (3,084) | | | | | $ | 21,182 | | | | | $ | 56 | | | | | $ | 21,238 | |

Effective as of the beginning of fiscal 2024, in order to align the segment financial reporting more closely with its business structure, the Company established two new reportable segments, Hybrid Cloud and Server.

Hybrid Cloud includes the historical Storage segment, HPE GreenLake Flex Solutions (which provides flexible as-a-service (“aaS”) IT infrastructure through the HPE GreenLake cloud and was previously reported under the Compute and the High Performance Computing & Artificial Intelligence (“HPC & AI”) segments), Private Cloud, and Software (previously reported under the Corporate Investments and Other segment).

The Server segment combines the previously separately reported Compute and HPC & AI segments, with adjustments for certain product lines that are now reported in Hybrid Cloud.

Additionally, certain products and services previously reported in the financial results for the HPC & AI segment were moved to be reported in the Hybrid Cloud segment, and the Athonet business and certain components of the Communications and Media Solutions (“CMS”) business, both previously reported in the financial results for Corporate Investments and Other, moved to be reported in the Intelligent Edge segment.

As a result, the Company’s organizational structure for fiscal 2024 consisted of the following segments: (i) Server; (ii) Hybrid Cloud; (iii) Intelligent Edge; (iv) Financial Services; and (v) Corporate Investments and Other.

The Company began reporting under this re-aligned segment structure beginning with the results of the first quarter of fiscal 2024 included in the Quarterly Report on Form 10-Q for the fiscal quarter ended January 31, 2024.

These changes had no impact on Hewlett Packard Enterprise’s previously reported consolidated net revenue, net earnings, net earnings per share (“EPS”) or total assets.

Notes to Consolidated Financial Statements (Continued)

*Russia/Ukraine Conflict*

In response to the conflict between Russia and Ukraine and the related sanctions imposed by the U.S., European Union and other countries, the Company determined that it was no longer tenable to maintain its operations in Russia and Belarus and has been proceeding with an orderly, managed exit of its remaining business in these countries.

During fiscal 2022, the Company recorded total pre-tax charges of $161 million primarily related to expected credit losses of financing and trade receivables, employee severance and abandoned assets, $99 million of which was included in Financing cost, $12 million in Cost of services and $50 million in Disaster charges in the Consolidated Statements of Earnings.

The Company recognizes deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts using enacted tax rates in effect for the year the differences are expected to reverse.

and writes down the cost of inventory to its net realizable value if required, for estimated excess or obsolescence.

Interest and other, net, in the Consolidated Statements of Earnings, while the impairment that is not credit related is recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets.

In November 2023, the FASB issued guidance to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses.

The Company will adopt this guidance for its annual period ending October 31, 2025 and all interim periods thereafter.

Hewlett Packard Enterprise's organizational structure is based on a number of factors that the Chief Operating Decision Maker (“CODM”), who is the Chief Executive Officer, uses to evaluate, view and run the Company's business operations, which include, but are not limited to, customer base and homogeneity of products and technology.

Intelligent Edge offers wired and wireless local area networks, campus, branch, and data center switching, software-defined wide-area-networks, private and public cellular network software, network security, and associated services that enable secure connectivity for businesses of any size.

The HPE Aruba Networking product portfolio includes hardware products such as Wi-Fi access points, switches, and gateways.

Intelligent Edge offerings are consolidated in the edge service platform, which takes a cloud-native approach that provides customers with a unified framework to meet their connectivity, security, and financial needs across campus, branch, data center, and remote worker environments.

During the fiscal quarter ended October 31, 2025, the following trading plans were adopted by our directors or officers, as applicable:

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| Name & Title | | | | | | Date of Adoption / Termination | | | | | | Character of Trading Arrangement(1) | | | | | | Aggregate Number of Shares of Common Stock to be Purchased/Sold Pursuant to Trading Arrangement | | | | | | Duration of Plan(2) | | |

| Antonio Neri | | | | | | Adopted September 29, 2025 | | | | | | Rule 10b5-1 Trading Arrangement | | | | | | Up to 440,889 shares to be sold | | | | | | December 29, 2025-June 29, 2026 | | |

| President and Chief Executive Officer | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Marie Myers | | | | | | Adopted September 30, 2025 | | | | | | Rule 10b5-1 Trading Arrangement | | | | | | Up to 93,583 shares to be sold | | | | | | January 21, 2026-December 31, 2026 | | |

| Executive Vice President, Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Neil MacDonald | | | | | | Adopted September 30, 2025 | | | | | | Rule 10b5-1 Trading Arrangement | | | | | | Up to 293,747 shares to be sold | | | | | | December 29, 2025-May 29, 2026 | | |

| Executive Vice President, General Manager, Server | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Kirt Karros | | | | | | Adopted September 24, 2025 | | | | | | Rule 10b5-1 Trading Arrangement | | | | | | Up to 108,989 shares to be sold | | | | | | December 15, 2025-March 31, 2026 | | |

| Senior Vice President, Treasurer, Corporate Development and FP&A | | | | | | | | | | | | | | | | | | | | | | | | | | |

(1)Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), as amended (the “Rule”).

(2)Each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” only permits transactions after the indicated duration start date and, in any case, upon expiration of the applicable mandatory cooling-off period under the Rule, and until the earlier of the indicated duration end date or completion of all sales contemplated in the Rule 10b5-1 Trading Arrangement.

The Company filed a Corrected Certificate of Designations with the Secretary of State of the State of Delaware on December 17, 2024, to correct a scrivener’s error in the Certificate of Designations that was previously filed with the Secretary of State of the State of Delaware on September 12, 2024, governing the powers, preferences and rights of the 7.625% Series C Mandatory Convertible Preferred Stock.

This newly filed Corrected Certificate of Designations is attached hereto as Exhibit 3.8.

During the fiscal quarter ended October 31, 2024, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.

Exchange Act Section 13(r) Disclosure

On March 2, 2021, the U.S. Secretary of State designated the Russian Federal Security Service (“FSB”) as a party subject to the provisions of U.S. Executive Order No. 13382 issued in 2005 (“Executive Order 13382”).

On the same day, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) updated General License 1B (“General License 1B”) which generally authorizes U.S. companies to engage in certain licensing, permitting, certification, notification, and related transactions with the FSB as may be required for the importation, distribution, or use of information technology products in the Russian Federation.

Our local Russian subsidiary (“HPE Russia”) may be required to engage with the FSB as a licensing authority and to file documents.

There are no gross revenues or net profits directly associated with any such dealings by HPE with the FSB and all such dealings are explicitly authorized by General License 1B.

We plan to continue these activities as required to support our orderly and managed wind down of our Russia operations.

On April 15, 2021, the U.S. Government issued an executive order on Blocking Property with Respect to Specified Harmful Foreign Activities of the Government of the Russian Federation (“Executive Order 14024”), implementing additional U.S. sanctions against the Russian government and against Russian actors that threaten U.S. interests, including certain technology companies that support the Russian Intelligence Service.

The U.S. Secretary of the Treasury designated Pozitiv Teknolodzhiz, AO (“Positive Technologies”) under Executive Order 14024 and Executive Order 13382.

HPE Russia had dealings with Positive Technologies prior to its designation.

Following the sanctions designation, HPE Russia immediately initiated procedures to terminate its relationship with Positive Technologies.

HPE does not plan to engage in any further

transactions with this entity, except wind down activities that are authorized by OFAC going forward.

HPE Russia continues to have blocked property associated with Positive Technologies.

No action will be taken unless and until a license is received from OFAC authorizing collection of the property.

There are no identifiable gross revenues or net profits associated with HPE’s activities related to Positive Technologies for this reporting period.

For a summary of our revenue recognition policies, see “Revenue Recognition” described in Note 1, “Overview and Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8 of Part II.

The following information will be included in Hewlett Packard Enterprise's Proxy Statement related to its [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed within 120 days after Hewlett Packard Enterprise's fiscal year end of October 31, [removed: 2024] [added: 2025] (the “Proxy Statement”) and is incorporated herein by reference:

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| [Consolidated Statements of [removed: Earnings](#if5e4874f28bf435fa75824a0075aa6e9_112)] [added: Earnings](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_109)] | | | [removed: [72](#if5e4874f28bf435fa75824a0075aa6e9_112)] [added: [79](#iefa0ba610b554cf4b42a6ebe8e2d2a8d_109)] | | |