$HPE pulled its FY28 targets forward two years, and the stock is reacting like it, up 30% AH.

-Revenue $10.68B, up 40%: BEAT, ~9% above the $9.77B street. -Non-GAAP EPS $0.79: BEAT, ~49% above the $0.53 consensus. -Gross margin 36.9%, a record: BEAT. -FY26 guidance: BEAT and raised. EPS now $3.35 to $3.45 and free cash flow at least $3.5B, both above the FY28 targets set last October. -Storage, up 2.4%: MEET. -Networking operating margin, 21.6% from 25.0%: MISS.

I'd look past the 148% networking headline, which is Juniper consolidating. The real proof is Cloud and AI operating margin nearly doubling to 12.4% from 6.6%. That is the top-line-to-profit conversion I called on Bloomberg in December.

The Juniper revenue is here. The margin proof is still ahead.