| Segment Operating Results from Continuing Operations |
Segment net revenue and operating results were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Server | | | | Hybrid Cloud | | Networking | | Financial
Services | | Corporate
Investments and Other | | Total | | In millions | Three months ended July 31, 2025: | | | | | | | | | | | | | | | Net revenue | $ | 4,903 | | | | | $ | 1,422 | | | $ | 1,732 | | | $ | 887 | | | $ | 192 | | | $ | 9,136 | | | Intersegment net revenue | 37 | | | | | 62 | | | (2) | | | (1) | | | 2 | | | 98 | | | Total segment net revenue | $ | 4,940 | | | | | $ | 1,484 | | | $ | 1,730 | | | $ | 886 | | | $ | 194 | | | $ | 9,234 | | | Segment earnings (loss) from operations | $ | 317 | | | | | $ | 87 | | | $ | 360 | | | $ | 88 | | | $ | (14) | | | $ | 838 | | Three months ended July 31, 2024: | | | | | | | | | | | | | | Net revenue(1) | $ | 4,192 | | | | | $ | 1,269 | | | $ | 1,110 | | | $ | 877 | | | $ | 262 | | | $ | 7,710 | | | Intersegment net revenue | 63 | | | | | 56 | | | 11 | | | 2 | | | — | | | 132 | | Total segment net revenue(1) | $ | 4,255 | | | | | $ | 1,325 | | | $ | 1,121 | | | $ | 879 | | | $ | 262 | | | $ | 7,842 | | Segment earnings (loss) from operations(1) | $ | 461 | | | | | $ | 69 | | | $ | 251 | | | $ | 79 | | | $ | (4) | | | $ | 856 | | | | | | | | | | | | | | | | Nine months ended July 31, 2025: | | | | | | | | | | | | | | | Net revenue | $ | 13,202 | | | | | $ | 4,182 | | | $ | 4,035 | | | $ | 2,616 | | | $ | 582 | | | $ | 24,617 | | | Intersegment net revenue | 86 | | | | | 160 | | | 3 | | | (1) | | | 3 | | | 251 | | | Total segment net revenue | $ | 13,288 | | | | | $ | 4,342 | | | $ | 4,038 | | | $ | 2,615 | | | $ | 585 | | | $ | 24,868 | | | Segment earnings (loss) from operations | $ | 906 | | | | | $ | 264 | | | $ | 948 | | | $ | 259 | | | $ | (26) | | | $ | 2,351 | | Nine months ended July 31, 2024: | | | | | | | | | | | | | | Net revenue(1) | $ | 11,199 | | | | | $ | 3,718 | | | $ | 3,384 | | | $ | 2,616 | | | $ | 752 | | | $ | 21,669 | | | Intersegment net revenue | 224 | | | | | 162 | | | 24 | | | 3 | | | — | | | 413 | | Total segment net revenue(1) | $ | 11,423 | | | | | $ | 3,880 | | | $ | 3,408 | | | $ | 2,619 | | | $ | 752 | | | $ | 22,082 | | Segment earnings (loss) from operations(1) | $ | 1,263 | | | | | $ | 133 | | | $ | 841 | | | $ | 234 | | | $ | (23) | | | $ | 2,448 | |
(1) Effective at the beginning of the first quarter of fiscal 2025, in order to align its segment financial reporting more closely with its current business structure, HPE implemented an organizational change with the transfer of certain managed services, previously reported within the Server segment, to the Hybrid Cloud segment.
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| Reconciliation of Segment Operating Results |
The reconciliation of segment operating results to Condensed Consolidated Statements of Earnings was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended July 31, | | For the nine months ended July 31, | | | 2025 | | 2024 | | 2025 | | 2024 | | | In millions | | Net Revenue: | | | | | | | | | Total segments | $ | 9,234 | | | $ | 7,842 | | | $ | 24,868 | | | $ | 22,082 | | | Eliminations of intersegment net revenue | (98) | | | (132) | | | (251) | | | (413) | | | Total consolidated net revenue | $ | 9,136 | | | $ | 7,710 | | | $ | 24,617 | | | $ | 21,669 | | | Earnings (Loss) Before Taxes: | | | | | | | | | Total segment earnings from operations | $ | 838 | | | $ | 856 | | | $ | 2,351 | | | $ | 2,448 | | | Unallocated corporate costs and eliminations | (61) | | | (85) | | | (181) | | | (218) | | | Stock-based compensation expense | (177) | | | (80) | | | (447) | | | (341) | | | | | | | | | | | Amortization of intangible assets | (126) | | | (60) | | | (201) | | | (198) | | | Impairment of goodwill | — | | | — | | | (1,361) | | | — | | | Transformation costs | — | | | (14) | | | (2) | | | (67) | | | Gain on sale of a business | 1 | | | — | | | 245 | | | — | | | | | | | | | | | H3C divestiture related severance costs | — | | | — | | | (97) | | | — | | | Cost reduction program | (2) | | | — | | | (148) | | | — | | Acquisition, disposition and other charges(1) | (225) | | | (70) | | | (343) | | | (127) | | | | | | | | | | | | | | | | | | Interest and other, net(2) | 8 | | | (12) | | | 86 | | | (122) | | | | | | | | | | | | | | | | | | | Earnings from equity interests | 32 | | | 73 | | | 74 | | | 161 | | | Total earnings (loss) before provision for taxes | $ | 288 | | | $ | 608 | | | $ | (24) | | | $ | 1,536 | |
(1) Includes disaster recovery and divestiture related exit costs. For the three and nine months ended July 31, 2025, Acquisition, disposition and other charges include non-cash amortization of fair value adjustment for inventory in connection with the acquisition of Juniper Networks, which was recorded in cost of sales. (2) The three and nine months ended July 31, 2025, include a $52 million litigation settlement received in the third quarter of fiscal 2025.
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| Net Revenue by Geographic Areas |
Net revenue by geographic region was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended July 31, | | For the nine months ended July 31, | | 2025 | | 2024 | | 2025 | | 2024 | | In millions | | Americas: | | | | | | | | | United States | $ | 4,278 | | | $ | 2,882 | | | $ | 9,535 | | | $ | 7,760 | | | Americas excluding United States | 464 | | | 528 | | | 1,900 | | | 1,595 | | | Total Americas | 4,742 | | | 3,410 | | | 11,435 | | | 9,355 | | | Europe, Middle East and Africa | 2,740 | | | 2,555 | | | 8,159 | | | 7,443 | | | Asia Pacific and Japan | 1,654 | | | 1,745 | | | 5,023 | | | 4,871 | | | Total consolidated net revenue | $ | 9,136 | | | $ | 7,710 | | | $ | 24,617 | | | $ | 21,669 | |
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