0001645590-25-000101
SEC filingHPE 完成 Juniper 收购，营收大增但利润率承压，净利下滑。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net Revenue | $9,136M | $7,710M | +18.5% |
| Gross Profit | $2,672M | $2,439M | +9.6% |
| Gross Margin | 29.2% | 31.6% | -240 bps |
| Operating Income | $247M | $547M | -54.8% |
| Operating Margin | 2.7% | 7.1% | -440 bps |
| Net Income | $305M | $512M | -40.4% |
| Diluted EPS | $0.21 | $0.38 | -$0.17 |
| Operating Cash Flow | $1,305M | $1,154M | +$151M |
| Free Cash Flow | $790M | $669M | +$121M |
本季度营收增长 18.5% 至 $9.1B，主要受 Server 部门平均售价提高、Juniper 收购带来的 Networking 收入以及 Hybrid Cloud 销量增长驱动。然而，毛利率下降 2.4 个百分点至 29.2%，主要由于 Server、Networking 和 Hybrid Cloud 部门的销售成本增加。营业利润率下降 4.4 个百分点至 2.7%，主要受收购相关成本影响。
盈利质量方面，GAAP 净利下降 40.4% 至 $305M，主要受收购相关成本、商誉减值及整合费用拖累。Non-GAAP 净利下降 4.5% 至 $631M，Non-GAAP 营业利润率下降 1.5 个百分点至 8.5%。经营现金流同比增长 $151M 至 $1.3B，自由现金流增长 $121M 至 $790M，显示现金流状况良好。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Server | $4,940M | +16.1% | $317M | 6.4% | 平均售价提高，但利润率下降 |
| Hybrid Cloud | $1,484M | +12.0% | $87M | 5.9% | 销量增长，利润率提升 |
| Networking | $1,730M | +54.3% | $360M | 20.8% | Juniper 收购贡献 |
| Financial Services | $886M | +0.8% | $88M | 9.9% | 营收持平，利润率提升 |
| Corporate Investments and Other | $194M | -26.0% | -$14M | -7.2% | CTG 剥离影响 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $4,571M | -$10,275M |
| Total Debt | $23,653M | +$5,407M |
| Inventory | $7,163M | -$647M |
| Operating Cash Flow | $454M | -$1,857M |
| Capex | $1,651M | -$108M |
| Free Cash Flow | -$934M | -$1,731M |