HPE and Dell both sell enterprise infrastructure, including systems used for AI workloads, but their businesses are not structured the same way: Dell also reports a large client-device business, while HPE’s FY26 reporting groups servers, hybrid cloud, and financial services in Cloud & AI. Recent company results show strong infrastructure growth at both, but the periods and segment definitions differ, and the available figures do not establish which stock is cheaper or has performed better.
How HPE and Dell make money
The clearest distinction is business mix. Dell reports two segments: Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG). ISG includes AI-optimized and traditional servers, networking, and storage; CSG covers client devices. HPE’s FY26 reporting structure instead consists of Networking, Cloud & AI, and Corporate Investments and Other.
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| Company | Reported business structure | What it includes |
|---|---|---|
| HPE | Networking; Cloud & AI; Corporate Investments and Other | Cloud & AI reflects a FY26 realignment that combined Server, Hybrid Cloud, and Financial Services. Corporate Investments and Other includes advisory and professional services, Telco, Instant On, and Hewlett Packard Labs. [HPE FY26 Q3 filing] |
| Dell Technologies | Infrastructure Solutions Group (ISG); Client Solutions Group (CSG) | ISG includes AI-optimized servers, traditional servers and networking, and storage; CSG is Dell’s client-device business. [Dell FY2026 Form 10-K] |
That structure makes “two server companies” an incomplete comparison. Dell’s reported results include client-device exposure alongside infrastructure. HPE’s FY26 Cloud & AI category also incorporates hybrid cloud and financial services, so its label is broader than a server business alone.
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HPE’s FY25 reporting separated Server, Hybrid Cloud, Networking, and Financial Services. In FY26, Server, Hybrid Cloud, and Financial Services were merged into Cloud & AI; Telco and Instant On moved from Networking to Corporate Investments and Other. FY25 category figures are therefore a historical baseline, not a like-for-like breakdown against FY26 segment results. [HPE FY2025 Form 10-K] [HPE FY26 Q3 filing]
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What the latest reported results show
The periods below are not synchronized: Dell’s FY26 ended January 30, 2026, while HPE’s fiscal year ends October 31. HPE’s latest cited figures are for a quarter, whereas Dell’s are for a full fiscal year. Read the figures with those differences in mind.
HPE: Cloud & AI and Networking growth
HPE reported $12.213 billion in total segment revenue for the three months ended July 31, 2026. Cloud & AI revenue was $9.042 billion, up 25.4% year over year, including $6.8 billion of server revenue, up 35.3%. Networking revenue was $2.893 billion, up 74.9% year over year. [HPE FY26 Q3 results]
Rank #2
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For context, HPE reported $34.296 billion in consolidated revenue for FY25. Under the structure used that year, revenue was $17.745 billion from Server, $5.754 billion from Hybrid Cloud, $6.850 billion from Networking, and $3.504 billion from Financial Services. These historical categories should not be directly matched to FY26 Cloud & AI and Networking because of the reorganization. [HPE FY2025 Form 10-K]
HPE raised its FY26 revenue growth outlook to 34%–37%. This is management guidance, not realized full-year growth. HPE also said it cannot reconcile certain non-GAAP outlook measures to comparable GAAP measures without unreasonable effort because some elements cannot be predicted. [HPE FY26 Q3 outlook]
Rank #3
- HPE ProLiant DL360 Gen10 1U Rack Server with Rail kit for small business or Enterprise
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Dell: infrastructure expansion and AI-server demand
Dell’s FY26 Form 10-K reports ISG net revenue growth of 40%, driven primarily by AI-optimized servers and, to a lesser extent, traditional servers and networking. AI-optimized server net revenue grew 166%. Dell’s investor-relations FY26 summary reports total revenue of $113.5 billion, up 19%, and adjusted free cash flow of $11.5 billion, up 271%. Adjusted free cash flow is a non-GAAP measure and should not be treated as interchangeable with GAAP cash flow. [Dell FY2026 Form 10-K] [Dell FY26 financial performance]
Dell says AI demand and customer adoption contributed to a substantial increase in backlog. It also cautions that customer readiness and component transitions make demand and shipments nonlinear in timing. The growth rates describe a reported period; they do not establish that the same pace will continue. [Dell FY2026 Form 10-K]
Rank #4
- HPE ProLiant DL380 Gen10 2U Rack Server with Rail kit for Enterprise
- Dual (2) Xeon Gold 6130 16-Core 2.10 GHz, 22MB, Up To 3.70 GHz Turbo
- Memory: 256GB (8 x 32GB) DDR4 PC4-25600 3200MHz Unbuffered Memory
- Storage: 7.68TB (4 x 1.92TB) Enterprise 2.5” SATA III 6Gb/s SSDs for Ultra Fast Storage
- Hard drives and memory upgrades included separately, not installed, installation required.
Growth drivers and risks to weigh
AI infrastructure opportunity
Both companies are exposed to demand for infrastructure supporting AI workloads. Dell specifically describes its AI-optimized servers as serving compute-intensive work such as model training, fine-tuning, and inferencing. HPE’s reported Cloud & AI growth and server revenue provide evidence of expansion in its corresponding business, although the segment also includes hybrid cloud and financial services.
Execution and shipment timing
Dell’s filing identifies the timing of customer readiness, component updates, and subsequent shipments as a source of revenue variability. A larger backlog can reflect demand, but the filing’s warning means it should not be read as a guarantee of immediate or smooth revenue conversion. [Dell FY2026 Form 10-K]
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HPE’s FY26 growth outlook is guidance rather than a completed result, and the company notes uncertainty in components of some non-GAAP outlook measures. That makes the distinction between reported results and forward-looking expectations important when assessing either business. [HPE FY26 Q3 outlook]
What this comparison can—and cannot—say about the stocks
The operating information supports comparing business mix, reported growth, and disclosed risks. It does not provide matched-date share prices, total shareholder returns, market capitalizations, or comparable valuation multiples. It therefore cannot show whether HPE or Dell is currently cheaper, has outperformed, or is the better investment.
A stock comparison needs market data from the same date and consistently defined valuation measures, alongside an investor’s time horizon and risk tolerance. Revenue growth alone is not a valuation measure, and the fiscal-period mismatch here makes headline growth rates especially easy to misread.
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