Hewlett Packard Enterprise Co

Q2 performance: exceptional results beat outlook - Revenue: $10.7B, +40% YoY (reported) and above the high end of guidance. - EPS (non-GAAP): $0.79, +108% YoY, significantly above the high end of outlook. - Free cash flow (FCF): $915M; strong operating cash flow and improved cash conversion; company highlighted meaningful year-over-year improvement. - Backlog / demand: Orders more than doubled YoY, outpacing revenue and driving a record backlog (demand described as even stronger than revenue growth).

Guidance raised for FY26 (and early framework for FY27) - FY26 EPS (non-GAAP): raised to $3.35–$3.45 at midpoint; CEO framed this as ~2 years ahead of earlier long-term plan and stated at least $3.4 at midpoint with ≥$3.5B FCF target. - FY26 FCF: raised to ≥$3.5B (from ≥$2B prior). - FY26 revenue growth: raised to 29%–33% reported (high teens normalized). - FY26 operating profit growth: raised to 80%–85% reported. - FY26 Q3 outlook: revenue $11.5B–$12.1B; EPS $0.88–$0.93 (non-GAAP). Segment growth expectations include Network +73% to +78% YoY reported and Cloud & AI high-teens.

Networking (incl. Juniper integration): major growth driver + raised “Networks for AI” target - Q2 networking revenue: $2.7B, +double digits on a normalized basis; orders growing significantly faster than revenue. - Integration/synergies: CEO and CFO repeatedly emphasized Juniper integration milestones and synergy delivery are ahead of schedule. - Networks for AI orders target (cumulative): raised to ≥$2B by FY26 year-end. - Product/demand highlights: strong campus/branch modernization (Campus & Branch orders upper-20%), security mid-teens normalized growth; data center switching orders nearly +20% normalized.