Hewlett Packard Enterprise Company (HPE) Cash Flow Statement
Where HPE’s cash came from and went, FY2025
October 31, 2025 · U.S. dollars- Cash from operations
- $2.92B −32.8% vs FY2024
- Capital expenditures
- $2.29B 6.7% of revenue
- Free cash flow
- $627.0M 1.8% margin
- Returned to shareholders
- $998.0M 159% of free cash flow
- Change in cash
- −$9.25B cash at year-end $5.86B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HPE operating cash flow, capex and free cash flow
HPE cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.96BFY2016 | $2.92BFY2025 | −5.7%/yr | |
| Capital expenditures | $3.28BFY2016 | $2.29BFY2025 | −3.9%/yr | |
| Free cash flow | $1.68BFY2016 | $627.0MFY2025 | −10.4%/yr | |
| Free cash flow margin | 5.5%FY2016 | 1.8%FY2025 | −3.7 pts | |
| Operating cash flow / net income | 1.57FY2016 | 51.21FY2025 | +49.64 | |
| Stock-based compensation | $558.0MFY2016 | $643.0MFY2025 | +1.6%/yr | |
| Dividends paid | $373.0MFY2016 | $796.0MFY2025 | +8.8%/yr | |
| Share buybacks (net) | $2.66BFY2016 | $202.0MFY2025 | −24.9%/yr | |
| Capex / revenue | 10.8%FY2016 | 6.7%FY2025 | −4.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HPE cash flow by activity
HPE net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HPE cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $57.0M | $2.58B | $2.02B | $868.0M | $3.43B | −$322.0M | $1.05B | $1.91B | $344.0M | $3.16B |
| Depreciation & amortization | $2.74B | $2.56B | $2.62B | $2.48B | $2.60B | $2.62B | $2.54B | $2.58B | $3.05B | $3.77B |
| Stock-based compensation | $643.0M | $430.0M | $428.0M | $391.0M | $382.0M | $274.0M | $268.0M | $286.0M | $428.0M | $558.0M |
| Change in working capital | −$2.71B | −$688.0M | −$1.03B | −$570.0M | −$1.37B | −$2.25B | −$1.74B | −$4.84B | −$3.43B | −$490.0M |
| Other non-cash items | $2.19B | −$544.0M | $391.0M | $1.42B | $835.0M | $1.91B | $1.88B | $3.03B | $492.0M | −$2.05B |
| Cash from operating activities | $2.92B | $4.34B | $4.43B | $4.59B | $5.87B | $2.24B | $4.00B | $2.96B | $889.0M | $4.96B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.29B | −$2.37B | −$2.83B | −$3.12B | −$2.50B | −$2.38B | −$2.86B | −$2.96B | −$3.14B | −$3.28B |
| Investments (net) | $973.0M | −$53.0M | −$3.28B | −$2.09B | −$45.0M | −$53.0M | −$13.0M | −$2.07B | −$4.91B | $419.0M |
| Acquisitions & other investing | −$11.87B | $2.37B | $2.83B | $3.12B | −$249.0M | −$142.0M | −$588.0M | $2.96B | $3.14B | $3.28B |
| Cash from investing activities | −$13.19B | −$53.0M | −$3.28B | −$2.09B | −$2.80B | −$2.58B | −$3.46B | −$2.07B | −$4.91B | $419.0M |
| Financing activities | ||||||||||
| Dividends paid | −$796.0M | −$676.0M | −$619.0M | −$621.0M | −$625.0M | −$618.0M | −$608.0M | −$570.0M | −$428.0M | −$373.0M |
| Share repurchases & issuance (net) | −$202.0M | −$150.0M | −$421.0M | −$512.0M | −$213.0M | −$355.0M | −$2.25B | −$3.57B | −$2.56B | −$2.66B |
| Net borrowing (repayment) | $2.34B | $5.74B | −$209.0M | −$596.0M | −$2.48B | $1.90B | $1.26B | −$1.68B | −$1.51B | $170.0M |
| Shares issued | $0 | $1.46B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$299.0M | −$92.0M | −$113.0M | −$67.0M | −$47.0M | −$43.0M | $48.0M | $222.0M | $5.10B | $535.0M |
| Cash from financing activities | $1.05B | $6.28B | −$1.36B | −$1.80B | −$3.36B | $883.0M | −$1.55B | −$5.59B | $610.0M | −$2.33B |
| Summary | ||||||||||
| Net change in cash | −$9.25B | $10.52B | −$182.0M | $431.0M | −$289.0M | $545.0M | −$1.01B | −$4.70B | −$3.41B | $3.15B |
| Cash at end of period | $5.86B | $15.11B | $4.58B | $4.76B | $4.33B | $4.62B | $4.08B | $4.88B | $9.58B | $12.99B |
| Free cash flow | $627.0M | $1.97B | $1.60B | $1.47B | $3.37B | −$143.0M | $1.14B | $8.0M | −$2.25B | $1.68B |
| Free cash flow margin | 1.8% | 6.6% | 5.5% | 5.2% | 12.1% | −0.5% | 3.9% | 0.0% | −7.8% | 5.5% |
| Capex / revenue | 6.7% | 7.9% | 9.7% | 11.1% | 9.0% | 8.8% | 9.9% | 9.6% | 10.8% | 10.8% |
| Operating cash flow / net income | 51.21 | 1.68 | 2.19 | 5.29 | 1.71 | — | 3.81 | 1.55 | 2.58 | 1.57 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $1.54B | $624.0M | $452.0M | $175.0M | $305.0M | −$1.05B | $627.0M | $1.37B | $512.0M | $314.0M | $387.0M | $642.0M |
| Depreciation & amortization | $864.0M | $877.0M | $903.0M | $877.0M | $687.0M | $574.0M | $599.0M | $640.0M | $625.0M | $642.0M | $657.0M | $655.0M |
| Stock-based compensation | $165.0M | $218.0M | $216.0M | $196.0M | $177.0M | $116.0M | $154.0M | $89.0M | $80.0M | $120.0M | $141.0M | $71.0M |
| Change in working capital | $249.0M | −$545.0M | −$383.0M | $723.0M | −$66.0M | −$1.65B | −$1.71B | $682.0M | −$95.0M | −$111.0M | −$1.16B | $1.25B |
| Other non-cash items | −$1.18B | $236.0M | −$10.0M | $494.0M | $202.0M | $1.55B | −$59.0M | −$747.0M | $32.0M | $128.0M | $43.0M | $224.0M |
| Cash from operating activities | $1.64B | $1.41B | $1.18B | $2.46B | $1.30B | −$461.0M | −$390.0M | $2.03B | $1.15B | $1.09B | $64.0M | $2.84B |
| Investing activities | ||||||||||||
| Capital expenditures | −$745.0M | −$583.0M | −$569.0M | −$641.0M | −$576.0M | −$547.0M | −$528.0M | −$608.0M | −$543.0M | −$560.0M | −$656.0M | −$675.0M |
| Investments (net) | $4.0M | $3.0M | −$2.0M | $885.0M | −$12.60B | −$989.0M | −$23.0M | $1.53B | −$473.0M | −$367.0M | −$740.0M | −$98.0M |
| Acquisitions & other investing | $1.54B | $380.0M | −$222.0M | $180.0M | $576.0M | $547.0M | $528.0M | $608.0M | $543.0M | $560.0M | $656.0M | $675.0M |
| Cash from investing activities | $798.0M | −$200.0M | −$793.0M | $424.0M | −$12.60B | −$989.0M | −$23.0M | $1.53B | −$473.0M | −$367.0M | −$740.0M | −$98.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$218.0M | −$218.0M | −$219.0M | −$200.0M | −$200.0M | −$200.0M | −$196.0M | −$169.0M | −$169.0M | −$169.0M | −$169.0M | −$154.0M |
| Share repurchases & issuance (net) | −$135.0M | −$154.0M | −$158.0M | −$100.0M | −$331.0M | −$50.0M | −$52.0M | −$50.0M | −$52.0M | −$45.0M | −$3.0M | −$55.0M |
| Net borrowing (repayment) | −$977.0M | −$357.0M | −$794.0M | −$1.33B | $4.49B | −$443.0M | −$372.0M | $6.43B | $500.0M | — | — | −$979.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$155.0M | −$10.0M | −$181.0M | −$62.0M | $273.0M | −$2.0M | −$177.0M | $1.45B | $25.0M | −$1.51B | $225.0M | −$6.0M |
| Cash from financing activities | −$1.49B | −$739.0M | −$1.35B | −$1.70B | $4.24B | −$695.0M | −$797.0M | $7.66B | $304.0M | −$1.73B | $53.0M | −$1.19B |
| Summary | ||||||||||||
| Net change in cash | $924.0M | $429.0M | −$934.0M | $2.02B | −$7.09B | −$2.06B | −$1.25B | $11.20B | $981.0M | −$1.05B | −$609.0M | $1.45B |
| Cash at end of period | $6.28B | $5.35B | $4.92B | $5.77B | $4.70B | $11.79B | $13.85B | $15.11B | $3.90B | $2.92B | $3.97B | $4.58B |
| Free cash flow | $896.0M | $827.0M | $609.0M | $1.82B | $729.0M | −$1.01B | −$918.0M | $1.42B | $611.0M | $533.0M | −$592.0M | $2.17B |
| Free cash flow margin | 7.3% | 7.7% | 6.5% | 18.8% | 7.9% | −13.3% | −11.8% | 16.8% | 8.0% | 7.4% | −8.8% | 29.6% |
| Capex / revenue | 6.1% | 5.5% | 6.1% | 6.6% | 6.3% | 7.2% | 6.8% | 7.2% | 7.1% | 7.8% | 9.7% | 9.2% |
| Operating cash flow / net income | 1.07 | 2.26 | 2.61 | 14.09 | 4.28 | — | −0.62 | 1.49 | 2.25 | 3.48 | 0.17 | 4.43 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HPE cash generation
In fiscal 2025 (ended October 31, 2025), Hewlett Packard Enterprise generated $2.9 billion of cash from operations (down 32.8%) and spent $2.3 billion on capital expenditures, leaving free cash flow of $627.0 million, 1.8% of revenue. It returned $998.0 million to shareholders through dividends ($796.0 million) and net share buybacks ($202.0 million). Cash and equivalents fell by $9.2 billion over the year.
Related: HPE income statement, HPE balance sheet, HPE dividend history. See the HPE stock overview for the latest quote and news.
HPE cash flow FAQ
What is Hewlett Packard Enterprise's free cash flow?
Hewlett Packard Enterprise's free cash flow was $627.0 million in fiscal 2025: $2.9 billion of operating cash flow minus $2.3 billion of capital expenditures It was $2.0 billion a year earlier..
How much cash does Hewlett Packard Enterprise generate from operations?
Hewlett Packard Enterprise generated $2.9 billion of cash from operating activities in fiscal 2025, 51.21 times its net income of $57.0 million.
How much does Hewlett Packard Enterprise spend on capital expenditures?
Hewlett Packard Enterprise spent $2.3 billion on capital expenditures in fiscal 2025, 6.7% of revenue, compared with $2.4 billion the year before.
How much stock does Hewlett Packard Enterprise buy back?
Hewlett Packard Enterprise spent $202.0 million on net share repurchases in fiscal 2025.
How much does Hewlett Packard Enterprise pay in dividends?
Hewlett Packard Enterprise paid $796.0 million in dividends in fiscal 2025, 127.0% of free cash flow.