Hewlett Packard Enterprise (HPE): what its 10-K says it depends on

Customers

Unnamed distributor (approximately 10% of revenue)

earns from · approximately 10% of the Company's total net revenue in fiscal 2025

The Company had one distributor which represented approximately 10% of the Company's total net revenue in fiscal 2025, primarily within the Server and Networking segments.Business (Item 1)

U.S. federal government

earns fromnamed as a risk

The current U.S. administration's efforts to reduce federal spending and the size of the federal workforce have resulted in and are likely to continue to result in contract terminations, delays, and cancellations of new procurements, and reductions in price and contract scope.Risk factors (Item 1A)

Also named by ACN, ADSK, AKAM, AMRC, APG, CACI, CBRE, CI and 25 more

AI systems large customers and cloud service providers

concentrated innamed as a risk

While we have seen the customer base for our AI systems offerings expand and expect it to continue expanding, our AI solutions have historically been purchased primarily by a small number of larger customers and cloud service providers.Risk factors (Item 1A)

Suppliers

NVIDIA

depends onnamed as a risk

In some instances, our single-source suppliers (e.g., Intel and AMD as suppliers of certain x86 processors Broadcom and others for industry standard Application-Specific Standard Product, or NVIDIA for Graphics Processing Units) are also the single-source suppliers for the entire market; disruptions with these suppliers would result in industry-wide dislocations and therefore would not disproportionately disadvantage us relative to our competitors.Business (Item 1)

Also named by AMD, ANET, BAM, CDNS, COHR, DOCN, INTC, NOW and 3 more

Broadcom

depends onnamed as a risk

In some instances, our single-source suppliers (e.g., Intel and AMD as suppliers of certain x86 processors Broadcom and others for industry standard Application-Specific Standard Product, or NVIDIA for Graphics Processing Units) are also the single-source suppliers for the entire market; disruptions with these suppliers would result in industry-wide dislocations and therefore would not disproportionately disadvantage us relative to our competitors.Business (Item 1)

Also named by ALAB, ANET, CIEN, FFIV, FTNT, SWKS

Advanced Micro Devices (AMD)

depends onnamed as a risk

In some instances, our single-source suppliers (e.g., Intel and AMD as suppliers of certain x86 processors Broadcom and others for industry standard Application-Specific Standard Product, or NVIDIA for Graphics Processing Units) are also the single-source suppliers for the entire market; disruptions with these suppliers would result in industry-wide dislocations and therefore would not disproportionately disadvantage us relative to our competitors.Business (Item 1)

Also named by DOCN, FTNT, NVDA, SMCI

Intel

depends onnamed as a risk

In some instances, our single-source suppliers (e.g., Intel and AMD as suppliers of certain x86 processors Broadcom and others for industry standard Application-Specific Standard Product, or NVIDIA for Graphics Processing Units) are also the single-source suppliers for the entire market; disruptions with these suppliers would result in industry-wide dislocations and therefore would not disproportionately disadvantage us relative to our competitors.Business (Item 1)

Also named by AMD, FTNT, SMCI

Other companies

Hybrid Cloud goodwill impairment

$1.6 billionnamed as a risk

During fiscal 2025, we recognized an impairment charge of $1.6 billion (which includes the $1.4 billion impairment charge disclosed in our Form 10-Q for the fiscal period ended April 30, 2025) for goodwill related to the Hybrid Cloud reporting unit, which was predominantly driven by an increase in the discount rate used in the analysis, as well as a strategic shift away from Non-IP storage business.Risk factors (Item 1A)

HP Inc.

named as a risk

We may be obligated to fully indemnify HP Inc. for certain liabilities under the Separation agreements or HP Inc. may not be able to fully cover their indemnification obligations to us under the same Separation agreements.Risk factors (Item 1A)

Also named by A, CDW, KEYS, SNX

Juniper Networks

named as a risk

In particular, the integration of Juniper Networks has required significant management attention both before and after the completion of the Merger and will continue to require sustained management attention, diverting the attention of management from other areas of our business and operational issues.Risk factors (Item 1A)

Competitors

Amazon Web Services

competes with

Our primary competitors are other infrastructure and cloud management software technology vendors, such as Broadcom, Cisco Systems Inc., Dell Technologies Inc., IBM, NetApp Inc., Nutanix, and Pure Storage and public cloud vendors like Amazon Web Services, Google Cloud, and Microsoft Azure.Business (Item 1)

Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more

Dell Technologies

competes with

Our primary competitors in data center infrastructure are technology vendors, such as Dell Technologies Inc., Super Micro Computer, Inc., Cisco Systems, Inc., and Lenovo Group Ltd.Business (Item 1)

Also named by AVGO, CDW, CLS, IBM

Cisco Systems

competes with

Our primary competitors are technology vendors, such as Cisco Systems, Inc., Arista Networks Inc, Nokia Corporation, Huawei Technologies Co. Ltd., Ciena Corporation, NVIDIA Corporation, Extreme Networks, Inc., Palo Alto Networks, Fortinet, Inc., Zscaler, Inc., Netskope, Inc., Ruckus Networks, and Ubiquiti and networking-as-a-service vendors such as Nile and Meter.Business (Item 1)

Super Micro Computer

competes with

Our primary competitors in data center infrastructure are technology vendors, such as Dell Technologies Inc., Super Micro Computer, Inc., Cisco Systems, Inc., and Lenovo Group Ltd.Business (Item 1)

Arista Networks

competes with

Our primary competitors are technology vendors, such as Cisco Systems, Inc., Arista Networks Inc, Nokia Corporation, Huawei Technologies Co. Ltd., Ciena Corporation, NVIDIA Corporation, Extreme Networks, Inc., Palo Alto Networks, Fortinet, Inc., Zscaler, Inc., Netskope, Inc., Ruckus Networks, and Ubiquiti and networking-as-a-service vendors such as Nile and Meter.Business (Item 1)

Places

Outside the United States

earns from · approximately 61% of our net revenue in fiscal year 2025named as a risk

Sales outside the United States constituted approximately 61% of our net revenue in fiscal year 2025.Risk factors (Item 1A)

Also named by APD, ARW, BALL, CCK, COO, GGG, GIS, LITE and 10 more

China

operates innamed as a risk

Furthermore, the relationship between China and the U.S., and any subsequent action that may be taken by either country, may significantly vary the results our operations and financial performance from that region.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Asia

depends onnamed as a risk

For example, we rely on suppliers in Asia for product assembly and manufacture, the operations of whom are subject to local labor laws and other requirements.Risk factors (Item 1A)

Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more

Puerto Rico

operates innamed as a risk

Our operations could be adversely affected if manufacturing, logistics, or other operations in these locations are disrupted for any reason or due to natural disasters and public health issues in the United States, Puerto Rico, and China.Risk factors (Item 1A)

Also named by AMGN, BMY, BPOP, CCI, COO, GMED, LLY, PWR and 2 more

Russia and Belarus

operates innamed as a risk

HPE is continuing to execute on the exit of our remaining business in Russia and Belarus as planned; however, we cannot provide any assurance that such exit will be efficient or uninterrupted, which may negatively impact our operational expenses.Risk factors (Item 1A)

Also named by MCHP

Spring, Texas

operates innamed as a risk

Our corporate headquarters is located in Spring, Texas, which suffers from floods, hurricanes, and other extreme weather, and a portion of our research and development activities are located in California, which suffers from drought conditions and catastrophic wildfires, each potentially affecting the health and safety of our employees and our business in these locations.Risk factors (Item 1A)

Hazards

Earthquakes in California and Asia

concentrated innamed as a risk

Other critical business operations and some of our suppliers are located in California and Asia, near major earthquake faults known for seismic activity.Risk factors (Item 1A)

California wildfires and public safety power shutoffs

operates innamed as a risk

In California, to mitigate wildfire risk, electric utilities have periodically deployed, and may in the future, periodically deploy public safety power shutoffs, which affect electricity reliability to our facilities and our communities.Risk factors (Item 1A)

Commodities and inputs

Euro, Japanese yen, British pound

exposed to its price · $53 millionnamed as a risk

We transact business in approximately 40 currencies worldwide, of which the most significant foreign currencies to our operations for fiscal 2025 were the euro, Japanese yen, and British pound.Market risk (Item 7A)

Electricity

exposed to its pricenamed as a risk

We may also confront higher electricity prices, and higher costs for supplies or components that comply with certain environmental regulatory thresholds, potentially impacting our margins or the pricing of our offerings.Risk factors (Item 1A)

Also named by AA, AESI, APD, APLD, ATI, ATO, BA, BMNR and 22 more

Graphics processing units (GPUs)

depends onnamed as a risk

The supply and demand environment for GPUs continues to remain uneven as the market navigates transition to next generation GPUs.Business (Item 1)

Also named by AMZN, MSFT, ORCL, RDDT

Regulators

U.S. Department of Justice

subject tonamed as a risk

Furthermore, recent procedural developments in the court’s Tunney Act review of the settlement reached by HPE and the United States Department of Justice in the litigation relating to the Merger may disrupt or delay our ongoing integration efforts and our ability to realize some or all of the anticipated benefits or synergies from the Merger.Risk factors (Item 1A)

Also named by AAPL, ACN, AMAT, ASO, BEN, BSX, CAH, CDNA and 21 more

Laws and programs

OECD Pillar Two global minimum tax

subject to · 15%named as a risk

Further, the Organisation for Economic Co-operation and Development (“OECD”), an international association of 38 countries including the United States, has proposed changes to numerous long-standing tax principles, namely, its Pillar Two framework, which imposes a global minimum corporate tax rate of 15%.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

EU Artificial Intelligence Act

subject tonamed as a risk

While new AI initiatives, laws, and regulations are emerging and evolving, including in the U.S. from a statewide and federal perspective as well as globally (such as the EU's Artificial Intelligence Act that became effective in August 2024), what they ultimately will look like remains uncertain.Risk factors (Item 1A)

Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more

U.S. tariffs and trade policy

subject tonamed as a risk

Our business and financial performance have been adversely affected by changes in U.S. and international trade policies, export controls, and sanctions, U.S. regulations concerning imports, tariffs, and resultant retaliatory countermeasures from other countries, as well as international laws and regulations relating to global trade and access to global markets.Risk factors (Item 1A)

Also named by ADSK, CTAS, EMR, EXP, FDX, FLR, GWW, ITW and 8 more

U.S. export controls

subject tonamed as a risk

the imposition of government controls (including for critical infrastructure protection) and any related licensing requirements (particularly for certain AI enabling products) that could affect the timing of shipments of our products and/or our ability to sell certain products in other countries;Risk factors (Item 1A)

Also named by ADI, DD, FLS, FTNT, MDB, NVT, PANW, Q and 1 more