HPE(US:HPE) 智通财经网·2025-12-04 23:53Core Viewpoint - Hewlett Packard Enterprise (HPE) reported its Q4 FY2025 earnings, showing significant gross margin improvement but provided revenue guidance below Wall Street expectations, indicating challenges in AI server sales due to delays in large transactions until 2026 [1][2]. Financial Performance - For Q4 FY2025, HPE's total revenue reached $9.7 billion, a 14% year-over-year increase, but fell short of the analyst consensus of approximately $9.9 billion [2][3]. - Adjusted earnings per share for Q4 were $0.62, exceeding analyst expectations and significantly higher than the previous year's $0.04 [2]. - Free cash flow for the quarter was approximately $1.9 billion, a substantial increase from $420 million in the same period last year [2]. Gross Margin Improvement - HPE's GAAP gross margin was 33.5%, up 270 basis points year-over-year and 430 basis points quarter-over-quarter [3]. - Non-GAAP gross margin was 36.4%, reflecting a 550 basis point increase year-over-year and a 650 basis point increase quarter-over-quarter [3]. Future Outlook - HPE expects Q1 revenue to be between $9 billion and $9.4 billion, which is below the analyst average estimate of $9.88 billion [2]. - The company reaffirmed its revenue guidance for FY2026, projecting a growth range of 17% to 22% [2]. AI Server Demand - Demand for AI servers remains strong, particularly from sovereign government agencies and large cloud computing clients, although order delivery times may extend due to the scale of some orders [3][4]. - HPE's CEO noted that delays in significant transactions, such as a large European deal and a U.S. government collaboration, were primarily due to readiness issues and federal government shutdowns [2][3]. Strategic Partnerships - HPE is collaborating with AMD and Broadcom to enhance its AI server offerings, integrating AMD's "Helios" architecture and a specialized HPE Juniper Networking switch [6][7]. - This partnership aims to provide a cost-effective and efficient alternative to NVIDIA's solutions, catering to major cloud providers and sovereign AI builders [7].