<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

               X    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
             ----         OF THE SECURITIES EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001

                                       OR

                TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
             ---     OF THE SECURITIES EXCHANGE ACT OF 1934

          For the transition period from ____________ to _____________.



                         COMMISSION FILE NUMBER 0-26934

                         HYPERION SOLUTIONS CORPORATION
             (Exact name of registrant as specified in its charter)


               DELAWARE                                           77-0277772
    (State or other jurisdiction of                            (I.R.S. Employer
     incorporation or organization)                          Identification No.)


                1344 CROSSMAN AVENUE, SUNNYVALE, CALIFORNIA 94089
          (Address of principal executive offices, including zip code)

                                 (408) 744-9500
              (Registrant's telephone number, including area code)


         Indicate by check mark whether the registrant (1) has filed all reports
         required to be filed by Section 13 or 15(d) of the Securities Exchange
         Act of 1934 during the preceding 12 months (or for such shorter period
         that the registrant was required to file such reports), and (2) has
         been subject to such filing requirements for the past 90 days.
         YES__X___   NO _____

         As of May 10, 2001 there were 32,325,944 shares of the Registrant's
         common stock, $.001 par value, outstanding.
<PAGE>   2
                         Hyperion Solutions Corporation

                                    Form 10-Q


                                    CONTENTS

<TABLE>
<CAPTION>
PART I.  FINANCIAL INFORMATION                                                                                         PAGE

Item 1. Financial Statements (Unaudited)

<S>                                                                                                                     <C>
   Condensed Consolidated Balance Sheet -- March 31, 2001 and June 30, 2000..............................................2

   Condensed Consolidated Statement of Income and Comprehensive Income -- Three Months Ended
     March 31, 2001 and 2000; Nine months ended March 31, 2001 and 2000 .................................................3

   Condensed Consolidated Statement of Cash Flows -- Nine Months Ended
     March 31, 2001 and 2000.............................................................................................5

   Notes to Condensed Consolidated Financial Statements -- March 31, 2001................................................6

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations..........................10

PART II.  OTHER INFORMATION

Item 1. Legal Proceedings...............................................................................................19

Item 6. Exhibits and Reports on Form 8-K................................................................................19

SIGNATURES..............................................................................................................20
</TABLE>



   Hyperion, Essbase, Hyperion Pillar and Hyperion Enterprise are registered
 trademarks of Hyperion Solutions Corporation. Hyperion Solutions, the Hyperion
 "H" logo, What's Going On, Essbase-Ready, Hyperion Essbase OLAP Server,
 Hyperion Web Site Analysis Suite, Hyperion Customer Interaction Center,
 Hyperion Planning, Hyperion Financial Management, Hyperion Application Link,
 Hyperion Allocations Manager, Hyperion Performance Scorecard, Hyperion Business
 Modeling, Hyperion Enterprise Reporting, Hyperion Reports, Hyperion Analyzer,
 Hyperion Integration Server, Hyperion Application Builder, Hyperion Essbase
 API, Hyperion Essbase Application Manager, Hyperion Essbase Currency
 Conversion, Hyperion Essbase Partitioning Option, Hyperion Objects, Hyperion
 Essbase SQL Interface, Hyperion Field Services Analysis, Hyperion Product
 Quality Analysis, Hyperion Essbase Spreadsheet Add-in, Hyperion Essbase
 Spreadsheet Toolkit, Hyperion Web Gateway and HyperionReady are trademarks of
 Hyperion Solutions Corporation. All other trademarks and company names
 mentioned are the property of their respective owners. All rights reserved.

      For further information, refer to the Hyperion Solutions Corporation
          annual report on Form 10-K for the year ended June 30, 2000.

                                       1
<PAGE>   3
                         Hyperion Solutions Corporation

                      Condensed Consolidated Balance Sheet
                                 (in thousands)
<TABLE>
<CAPTION>
                                                                                          MARCH 31,         JUNE 30,
                                                                                            2001             2000
                                                                                        -----------         ------
ASSETS                                                                                  (Unaudited)         (Note)
Current assets:
<S>                                                                             <C>                  <C>
   Cash and cash equivalents                                                    $         222,322    $      262,408
   Short-term investments                                                                  23,940            32,751
   Accounts receivable -- net of allowances of
   $18,998 and $16,250                                                                    155,363           161,883
   Prepaid expenses and other current assets                                               18,427             8,349
   Deferred income taxes                                                                   11,650             9,866
                                                                                         --------          --------
TOTAL CURRENT ASSETS                                                                      431,702           475,257

Property and equipment -- at cost, less accumulated
   depreciation and amortization of $96,677 and $78,694                                    87,521            71,669
Acquired technologies, goodwill and other intangible assets
   -- at cost, less accumulated amortization of $31,796 and $24,434                        21,663            25,942
Other assets                                                                               16,211            17,023
                                                                                         --------          --------
TOTAL ASSETS                                                                             $557,097          $589,891
                                                                                         ========          ========


LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
   Accounts payable and accrued expenses                                                  $52,912           $49,933
   Accrued employee compensation and benefits                                              28,068            32,572
   Income taxes payable                                                                       589             6,179
   Deferred revenue                                                                        94,373            88,828
                                                                                         --------          --------
TOTAL CURRENT LIABILITIES                                                                 175,942           177,512

LONG-TERM DEBT                                                                             91,116           102,518

Stockholders' equity:
   Preferred stock -- $.001 par value; 5,000 shares
   authorized; none issued                                                                    --                --
   Common stock -- $.001 par value; 300,000 shares authorized;
   32,677 and 32,616 shares issued and outstanding                                             33                33
   Additional paid-in capital                                                             207,224           197,376
   Less treasury stock, at cost:  1,389 and 0 common shares                               (23,764)               --
   Retained earnings                                                                      116,592           119,736
   Currency translation adjustments                                                       (10,046)           (7,284)
                                                                                         --------          --------
TOTAL STOCKHOLDERS' EQUITY                                                                290,039           309,861
                                                                                         --------          --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                      $         557,097     $     589,891
                                                                                         ========          ========
</TABLE>

Note: The balance sheet at June 30, 2000 has been derived from the audited
financial statements at that date.

See accompanying notes.

                                       2
<PAGE>   4
                         Hyperion Solutions Corporation

       Condensed Consolidated Statement of Income and Comprehensive Income
                                   (Unaudited)
                      (in thousands, except per share data)

<TABLE>
<CAPTION>
                                                                  THREE MONTHS ENDED                        NINE MONTHS ENDED
                                                                     MARCH 31,                                 MARCH 31,
                                                           2001                     2000             2001               2000
                                                     -------------------------------------------------------------------------------
REVENUES
<S>                                                     <C>                                        <C>           <C>
         Software licenses                              $  55,092                $  62,192         $ 164,445         $ 164,333
         Maintenance and services                          75,135                   63,606           215,294           184,508
                                                          -------                  -------           -------           -------
TOTAL REVENUES                                            130,227                  125,798           379,739           348,841


COSTS AND EXPENSES
     Cost of Revenues:
         Software licenses                                  4,441                    1,760            13,410             4,761
         Maintenance and services                          39,845                   34,772           110,426            96,896
Sales and marketing                                        52,855                   49,851           154,158           136,768
Research and development                                   18,907                   17,912            61,198            50,874
General and administrative                                 17,837                   10,959            54,415            31,719
Merger costs (credits)                                         --                       --                --              (305)
Restructuring charge                                           --                    2,066                --             2,066
                                                          -------                  -------           -------           -------
TOTAL COSTS AND EXPENSES                                  133,885                  117,320           393,607           322,779
                                                          -------                  -------           -------           -------

OPERATING INCOME (LOSS)                                    (3,658)                   8,478           (13,868)           26,062
Interest income                                             2,915                    3,365            10,478             9,346
Interest expense                                           (1,387)                  (1,430)           (4,043)           (4,097)
                                                          -------                  -------           -------           -------

INCOME (LOSS) BEFORE INCOME TAXES                          (2,130)                  10,413            (7,433)           31,311

Provision for (benefit from) income taxes                    (809)                   3,800            (2,825)           11,600
                                                          -------                  -------           -------           -------

Income (loss) before extraordinary item                    (1,321)                   6,613            (4,608)           19,711

Extraordinary item - gain on redemption of debt,
   net of income tax of $898                                   --                       --             1,464                --
                                                          -------                  -------           -------           -------
NET INCOME (LOSS)                                       $  (1,321)               $   6,613         $  (3,144)        $  19,711
                                                          =======                  =======           =======           =======
Currency translation adjustments                           (3,288)                  (1,072)           (2,762)           (1,564)

COMPREHENSIVE INCOME (LOSS)                             $  (4,609)                  $ 5,541         $ (5,906)        $  18,147
                                                          =======                  =======           =======           =======

</TABLE>


 See accompanying notes.

                                       3
<PAGE>   5
                         Hyperion Solutions Corporation
       Condensed Consolidated Statement of Income and Comprehensive Income
                                   (Unaudited)

                      (in thousands, except per share data)
<TABLE>
<CAPTION>
                                                                   THREE MONTHS ENDED                  NINE MONTHS ENDED
                                                                        MARCH 31,                          MARCH 31,
                                                               2001                 2000             2001             2000
                                                           ---------------------------------    ------------------------------------
EARNINGS (LOSS) PER SHARE

            Basic
<S>                                                         <C>            <C>               <C>                <C>
              Earnings (loss) from continuing
                operations before extraordinary item        $   (0.04)     $        0.21     $       (0.14)     $        0.63
              Extraordinary gain                                --                 --                 0.04              --
                                                            ----------         ----------        ----------         ----------
              Basic earnings (loss) per share               $   (0.04)     $        0.21     $       (0.10)     $        0.63
                                                            ==========         ==========        ==========         ==========

            Diluted
              Earnings (loss) from continuing
                operations before extraordinary item        $   (0.04)     $        0.19     $       (0.14)     $        0.62
              Extraordinary gain                                --                 --                 0.04              --
                                                            ----------         ----------        ----------         ----------
              Diluted earnings (loss) per share             $   (0.04)     $        0.19     $       (0.10)     $        0.62
                                                            ==========         ==========        ==========         ==========

AVERAGE NUMBER OF SHARES OUTSTANDING

            Basic                                               32,154             32,042            32,695             31,384
            Diluted                                             32,154             34,558            32,695             32,016
</TABLE>





  See accompanying notes.

                                       4
<PAGE>   6
                         Hyperion Solutions Corporation

                 Condensed Consolidated Statement of Cash Flows
                                   (Unaudited)
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                                          NINE MONTHS ENDED
                                                                                              MARCH 31,
                                                                                       2001              2000
                                                                                    ---------         ---------
OPERATING ACTIVITIES
<S>                                                                              <C>                  <C>
Net income (loss)                                                                $     (3,144)        $  19,711
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
    Gain on redemption of debt                                                         (2,362)               --
    Depreciation and amortization                                                      29,260            25,073
    Provision for accounts receivable allowance and returns, net                       16,671             4,709
    Deferred income taxes                                                              (1,784)            1,024
Changes in assets and liabilities:
    Accounts receivable                                                               (10,151)          (32,041)
    Prepaid expenses and other current assets                                         (10,078)           (9,767)
    Other assets                                                                          207            (1,418)
    Accounts payable and accrued expenses                                               2,979           (10,713)
    Accrued employee compensation and benefits                                         (4,504)           (2,318)
    Income taxes payable                                                               (4,315)            5,577
    Deferred revenue                                                                    5,545             9,045
                                                                                    ---------         ---------
CASH PROVIDED BY OPERATING ACTIVITIES                                                  18,324             8,882

INVESTING ACTIVITIES
Proceeds from maturity of short-term investments, net                                   8,811               731
Purchases of property and equipment, net                                              (36,931)          (12,003)
Purchases of intangible assets, net                                                    (3,534)           (5,025)
                                                                                    ---------         ---------
CASH USED IN INVESTING ACTIVITIES                                                     (31,654)          (16,297)

FINANCING ACTIVITIES
Principal payments on notes payable                                                      (152)           (4,484)
Redemption of debt                                                                     (8,652)               --
Treasury stock acquired, net                                                          (23,764)               --
Proceeds from exercise of stock options and employee stock purchase plan                8,574            30,329
                                                                                    ---------         ---------
CASH (USED IN)  PROVIDED BY FINANCING ACTIVITIES                                      (23,994)           25,845

Effect of exchange rate change on cash                                                 (2,762)           (1,564)
                                                                                    ---------         ---------

(DECREASE) INCREASE  IN CASH AND CASH EQUIVALENTS                                     (40,086)           16,866
Cash and cash equivalents at beginning of period                                      262,408           233,515
                                                                                    ---------         ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                          $ 222,322         $ 250,381
                                                                                    =========         =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
  CASH PAID DURING THE PERIOD FOR:
    Income taxes                                                                        3,716            14,551
    Interest                                                                            4,520             4,670
  NON-CASH OPERATING AND FINANCING ACTIVITY:
    Income tax benefit from exercise of stock options                                   1,274             7,922
</TABLE>

See accompanying notes.

                                       5


<PAGE>   7

                         Hyperion Solutions Corporation

        Notes to Condensed Consolidated Financial Statements (Unaudited)

                                 March 31, 2001


A. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with accounting principles generally accepted in the U.S.
for interim financial information and with the instructions to Form 10-Q and
Article 10 of Regulation S-X. Accordingly, they do not include all of the
information and notes required by generally accepted accounting principles for
complete financial statements. In the opinion of management, all adjustments,
consisting only of normal recurring accruals, considered necessary for a fair
presentation have been included in the accompanying unaudited financial
statements. Operating results for the three and nine month periods ended March
31, 2001 are not necessarily indicative of the results that may be expected for
the full year ending June 30, 2001. For further information, refer to the
consolidated financial statements and accompanying notes for the year ended June
30, 2000 included in the Hyperion Solutions Corporation (the "Company" or
"Hyperion") report on Form 10-K filed on September 28, 2000.

B. STOCK REPURCHASE PROGRAM

In November 2000, the Board of Directors authorized the repurchase of up to $100
million of the Company's outstanding common stock at market prices over the next
twelve months. During the three and nine months ended March 31, 2001, the
Company repurchased 811,500 and 1,389,000 shares at a cost of approximately
$15.1 and $23.8 million, respectively, under this program. These repurchased
shares are reflected as treasury shares on the balance sheet.

C. EARNINGS PER SHARE

Shares used in computing basic and diluted earnings per share are based on the
weighted average shares outstanding in each period. Basic earnings (loss) per
share excludes the effects of stock options, warrants and convertible
securities. Diluted earnings (loss) per share includes the dilutive effect of
the assumed exercise of stock option, warrant and/or convertible security rights
using the treasury stock method.



                                       6
<PAGE>   8

The following table sets forth the computation of basic and diluted earnings
(loss) per share ("EPS") (in thousands, except per share data):

<TABLE>
<CAPTION>

                                                              Three Months Ended                Nine Months Ended
                                                                   March 31,                        March 31,
                                                             2001             2000           2001              2000
                                                          ----------        -------       ----------        -------
<S>                                                       <C>               <C>           <C>               <C>
Numerator:
  Income (loss) before extraordinary item                 $   (1,321)       $ 6,613       $   (4,608)       $19,711
  Extraordinary item - gain on redemption
   of debt, net of income tax of $898                           --             --              1,464           --
                                                          ----------        -------       ----------        -------

  Net income (loss)                                       $   (1,321)       $ 6,613       $   (3,144)       $19,711
                                                          ===========       =======       ===========       =======
Denominator for basic EPS - weighted-average shares           32,154         32,042           32,695         31,384
Effect of dilutive securities:
      Stock option rights                                       --            2,516             --              632
                                                          ----------        -------       ----------        -------
Denominator for diluted EPS - adjusted
   weighted-average shares and assumed conversions            32,154         34,558           32,695         32,016
                                                          ==========        =======       ==========        =======
Basic
 Earnings (loss) from continuing operations before
    extraordinary item                                    $    (0.04)       $  0.21       $    (0.14)       $  0.63
  Extraordinary gain                                            --             --               0.04           --
                                                          ----------        -------       ----------        -------
  Basic earnings (loss) per share                         $    (0.04)       $  0.21       $    (0.10)       $  0.63
                                                          ==========        =======       ==========        =======

Diluted
  Earnings (loss) from continuing operations before
     extraordinary item                                   $    (0.04)       $  0.19       $    (0.14)       $  0.62
  Extraordinary gain                                            --             --               0.04           --
                                                          ----------        -------       ----------        -------
  Diluted earnings (loss) per share                       $    (0.04)       $  0.19       $    (0.10)       $  0.62
                                                          ==========        =======       ==========        =======
</TABLE>

For the three and nine months ended March 31, 2001, all stock option rights
totaling 9.5 million were excluded from the diluted EPS calculation due to the
antidilutive effect on net loss. For the three and nine month periods ending
March 31, 2000, certain stock option rights of 0.2 million and 1.4 million
common shares were excluded from the diluted EPS calculation, respectively,
because their effect would be antidilutive. For the same reasons, in each of the
periods stated above, shares of common stock issuable upon conversion of the
convertible subordinated notes due 2005 have been excluded from the diluted EPS
calculation.

D. CONTINGENCIES

From time to time, in the normal course of business, various claims are made
against the Company. At this time, in the opinion of management, there are no
pending claims which are expected to result in a material adverse effect on the
financial position of the Company.


                                       7
<PAGE>   9



E. SEGMENT AND GEOGRAPHICAL INFORMATION

Statement of Financial Accounting Standards ("SFAS") No. 131, "Disclosures about
Segments of an Enterprise and Related Information" established standards for
reporting information about operating segments in the Company's financial
statements. Operating segments are defined as components of an enterprise about
which separate financial information is available that is evaluated regularly by
the chief operating decision maker, or decision making group, in deciding how to
allocate resources and in assessing performance. The Company has identified four
reportable operating segments based on the criteria of SFAS 131: North America,
Europe, Asia Pacific, and other. These operating segments are organized
geographically and operate in one industry segment: the development and
marketing of enterprise analytic application software and related services. The
Company's products are marketed internationally through the Company's direct
sales force, independent distributors, and application resellers.

The significant accounting policies of the reportable segments are the same as
those summarized in the Company's annual report on Form 10-K filed on September
28, 2000.

The accompanying statements disclose the financial information of the Company's
reportable segments in accordance with SFAS 131 for the three and nine month
periods ended March 31, 2001 and 2000 (in thousands): (1)

<TABLE>
<CAPTION>

                                           North                          Asia
                                          America        Europe         Pacific        Other      Eliminations         Total
                                        ---------        --------       --------        ------    ------------        ---------
<S>                                     <C>              <C>            <C>             <C>       <C>               <C>
Three Months Ended March 31, 2001
Revenues:
    Customers                           $  96,501        $ 24,176       $  8,184        $1,366       $   --          $ 130,227
    Transfers between segments            (11,585)         11,661            (76)         --             --               --
                                        ---------        --------       --------        ------       --------        ---------
            Total                       $  84,916        $ 35,837       $  8,108        $1,366       $   --          $ 130,227
                                        =========        ========       ========        ======       ========        =========
Operating income (loss)                   (20,083)         10,992          4,283         1,150           --             (3,658)
                                        =========        ========       ========        ======       ========        =========
Identifiable assets                     $ 453,227        $110,332       $ 23,969        $2,683       $(33,114)       $ 557,097
                                        =========        ========       ========        ======       ========        =========
Three Months Ended March 31, 2000
Revenues:
    Customers                           $  86,923        $ 27,917       $  9,777        $1,181       $   --          $ 125,798
    Transfers between segments             (4,030)          4,497           (467)         --             --                 --
                                        ---------        --------       --------        ------       --------        ---------
            Total                       $  82,893        $ 32,414       $  9,310        $1,181       $   --          $ 125,798
                                        =========        ========       ========        ======       ========        =========
Operating income (loss)                    (8,243)         10,251          5,496           974           --              8,478
                                        =========        ========       ========        ======       ========        =========
Identifiable assets                     $ 340,049        $203,210       $ 47,546        $5,563       $(37,309)       $ 559,059
                                        =========        ========       ========        ======       ========        =========
</TABLE>



                                       8
<PAGE>   10

<TABLE>
<CAPTION>
                                         North                           Asia
                                       America          Europe          Pacific        Other      Eliminations        Total
                                       ---------        --------       --------        ------     ------------      ---------
<S>                                    <C>              <C>            <C>             <C>          <C>             <C>
Nine Months Ended March 31, 2001
Revenues:
    Customers                          $ 283,972        $ 68,922       $ 23,488        $3,357       $   --          $ 379,739
    Transfers between segments           (27,166)         27,576           (410)         --         $   --               --
                                       ---------        --------       --------        ------       --------        ---------
            Total                      $ 256,806        $ 96,498       $ 23,078        $3,357       $   --          $ 379,739
                                       =========        ========       ========        ======       ========        =========
Operating income (loss)                  (55,363)         28,939         10,204         2,352           --            (13,868)
                                       =========        ========       ========        ======       ========        =========
Identifiable assets                    $ 453,227        $110,332       $ 23,969        $2,683       $(33,114)       $ 557,097
                                       =========        ========       ========        ======       ========        =========
Nine Months Ended March 31, 2000
Revenues:
    Customers                          $ 245,562        $ 79,814       $ 21,350        $2,115       $   --          $ 348,841
    Transfers between segments           (12,734)         14,008         (1,274)         --             --               --
                                       ---------        --------       --------        ------       --------        ---------
            Total                      $ 232,828        $ 93,822       $ 20,076        $2,115       $   --          $ 348,841
                                       =========        ========       ========        ======       ========        =========
Operating income (loss)                   (8,633)         23,303          9,842         1,550           --             26,062
                                       =========        ========       ========        ======       ========        =========
Identifiable assets                    $ 340,049        $203,210       $ 47,546        $5,563       $(37,309)       $ 559,059
                                       =========        ========       ========        ======       ========        =========
</TABLE>


(1)      Although not materially different, certain segment data related to
         prior periods has been reclassified to conform to the current year
         presentation.


                                       9


<PAGE>   11
                         Hyperion Solutions Corporation

                     Management's Discussion and Analysis of
                  Financial Condition and Results of Operations



FORWARD-LOOKING STATEMENTS

Certain information contained in this Quarterly Report on Form 10-Q is
forward-looking in nature. All statements included in this Quarterly Report on
Form 10-Q or made by management of Hyperion Solutions Corporation and its
subsidiaries (Hyperion), other than statements of historical fact, are
forward-looking statements. Examples of forward-looking statements include
statements regarding Hyperion's future financial results, operating results,
business strategies, projected costs, products, competitive positions and plans
and objectives of management for future operations. In some cases,
forward-looking statements can be identified by terminology such as "may,"
"will," "should," "would," "expects," "plans," "anticipates," "intends,"
"believes," "estimates," "predicts," "potential," "continue," or the negative of
these terms or other comparable terminology. Any expectations based on these
forward-looking statements are subject to risks and uncertainties and other
important factors, including those discussed in the section below entitled "Risk
Factors". Other risks and uncertainties are disclosed in Hyperion's prior SEC
filings, including its Annual Report on Form 10-K for the fiscal year ended June
30, 2000. These and many other factors could affect Hyperion's future financial
and operating results, and could cause actual results to differ materially from
expectations based on forward-looking statements made in this document or
elsewhere by Hyperion or on its behalf. Hyperion does not undertake an
obligation to update its forward-looking statements to reflect future events or
circumstances.

RESULTS OF OPERATIONS

OVERVIEW

Hyperion develops, markets, licenses, installs and supports enterprise analytic
application software that helps companies better understand, optimize and
operate their businesses. Hyperion's products complement software that companies
use to capture and organize data. Hyperion's products integrate with, extend and
enhance transaction-processing applications, enterprise resource planning (ERP)
and customer relationship management packaged applications, and data warehouses.
The Company's offerings are based on Hyperion's enterprise-class analytic
platform and include packaged analytic applications, OLAP (on-line analytical
processing) server technology, data and application integration technologies,
and a family of robust tools for client-server and web-enabled reporting,
analysis, presentation and application development. Hyperion and its partners
deliver client/server and web-based products for a broad range of analytic
applications including budgeting and planning, financial consolidation and
reporting, business modeling, performance management, campaign management
analysis, promotional analysis, sales forecasting, demand planning, e-business
analysis and industry-

                                       10
<PAGE>   12
specific solutions. The Company's solutions are used by more than 6,000
organizations worldwide, including more than 60 of the Fortune 100, 63 of the
Nikkei Top 100 and more than 40 of the Financial Times European Top 100.

Hyperion derives revenues from licensing its software products and providing
related product installation, support and training services. Customers are
billed an initial fee for the software upon delivery. A maintenance fee
entitling customers to routine support and product updates is billed annually.
With operations in twenty-two countries, Hyperion licenses its products
throughout the world primarily through a direct sales force. Products also are
licensed through independent distributors and sales agents, including other
technology and application software companies, and major accounting and
consulting firms ("channel partners"). The Company includes in revenues its net
share of revenues generated by distributors. In the event that an agent has
facilitated the sale and Hyperion is the licensor, the license revenue is
reported gross and a commission charge is reflected.

REVENUES

<TABLE>
<CAPTION>
                                        Three Months Ended                                 Nine Months Ended
                       -----------------------------------------------      -----------------------------------------------
                       March 31,      % of        March 31,     % of        March 31,      % of       March 31,     % of
(in thousands)           2001       revenues        2000      revenues        2001       revenues       2000      revenues
--------------         -----------------------------------------------      -----------------------------------------------
<S>                    <C>          <C>          <C>          <C>           <C>          <C>          <C>         <C>
Software licenses      $ 55,092       42.3%      $ 62,192       49.4%        $164,445       43.3%      $164,333       47.1%
Maintenance
 and services            75,135       57.7%        63,606       50.6%         215,294       56.7%       184,508       52.9%
                       ----------------------------------------------        ----------------------------------------------
Total Revenues         $130,227      100.0%      $125,798      100.0%        $379,739      100.0%      $348,841      100.0%
                       ==============================================        ==============================================
</TABLE>

Total revenues increased 3.5% and 8.9% in the third quarter and first nine
months of fiscal 2001 over the corresponding prior year periods.

The 11.4% decline in software license revenues for the three months ended March
31, 2001 versus the three months ended March 31, 2000 was primarily due to
longer sales cycles caused by the continuing economic weakness in North American
sales. Software license revenues were flat for the nine month period ended March
31, 2001 compared to March 31, 2000. The Company cannot predict the length or
severity of this ongoing reduction in overall software purchasing activity, but
it is possible that continuing weakness will have a material adverse effect on
future results. Twelve contracts valued at more than $500,000 were closed during
the quarter ended March 31, 2001, versus eight in the quarter ended March 31,
2000. Overall, the average contract size for the quarter was approximately
$110,000. For the quarter ended March 31, 2001, 43% of the software license
revenue was generated from the 215 new customers signed during the quarter. For
the quarter ended March 21, 2000, 275 new customers were signed.

The 18.1% increase in maintenance and services revenue for the three months
ended March 31, 2001 compared to the three month period ended March 31, 2000 is
mainly attributable to the year-to-year growth of the Company's installed
customer base. The $75.1 million in maintenance and service revenue for the
third quarter of 2001 is comprised of $45.4 million in maintenance revenue, a
12.4% increase from $40.4 million for the three months ended March 31, 2000, and
$29.7 million in consulting and training services for the three months ended
March 31, 2001 as compared to $23.2 million for the three months ended March 31,
2000, which is a 28.0% increase. For the nine months ended March 31, 2001 and
2000, maintenance revenue increased 9.0% to $124.8 from $114.5 million, while
consulting revenue grew 29.3% to $90.5 million from $70.0 million.

                                       11
<PAGE>   13
Revenues derived from channel partners for the three months ended March 31, 2001
and 2000 were 19.1% and 38.0% of software license revenues, respectively. For
the nine months ended March 31, 2001 and 2000, partner revenues were 21.9% and
28.8% of software license revenues. This change reflects the evolving nature and
contractual terms with our partners, particularly the trend toward direct
billing through Hyperion in order to improve the efficiency of the distribution
process. No single partner represented more than 10% of total revenue during the
quarter, which is consistent with the second quarter of fiscal 2001.

As a percentage of revenues, software license revenue declined 7.1% and 3.8% for
the three and nine months ended March 31, 2001 as compared to the corresponding
period in the prior year. This shift in revenue mix from software revenue to
maintenance and services revenues was primarily a result of an increase in the
overall installed customer base, as well as the lower software license growth
resulting from a deceleration of the U.S. economy, which has led to a
significant slowdown in information technology spending.


COST OF REVENUES

<TABLE>
<CAPTION>
                                         Three Months Ended                                  Nine Months Ended
                         ------------------------------------------------     ------------------------------------------------
                                       Gross                     Gross                       Gross                    Gross
                         March 31,     Profit     March 31,      Profit        March 31,     Profit     March 31,     Profit
(in thousands)             2001      Percentage     2000       Percentage        2001      Percentage     2000      Percentage
--------------           ------------------------------------------------     ------------------------------------------------
<S>                      <C>         <C>          <C>          <C>            <C>          <C>          <C>         <C>
Software licenses        $ 4,441       91.9%      $ 1,760       97.2%         $ 13,410       91.8%      $ 4,761       97.1%
Maintenance
and services              39,845       47.0%       34,772       45.3%          110,426       48.7%       96,896       47.5%
</TABLE>


Cost of software license revenues consists primarily of royalty expenses,
amortization of capitalized software costs, and amortization of certain
intangible assets related to business acquisitions. The amortization of
capitalized software costs begins upon the general release of the software to
customers. The increase in the cost of software license revenues for the three
and nine month periods ended March 31, 2001 and 2000, principally reflects an
increase in royalty payments to third parties for software supplied by them and
distributed by the Company. The cost as a percent of software revenues was 8.1%
which is consistent with the prior two quarters.

In the nine month periods ended March 31, 2001 and 2000, the Company capitalized
$1.4 million and $2.1 million of software development costs, respectively, in
accordance with Statement of Financial Accounting Standards No. 86, "Accounting
for the Costs of Computer Software to be Sold, Leased or Otherwise Marketed."
The amounts capitalized relate to the Company's development and localization of
its OLAP server technology, tools, and packaged analytic application solutions.
Capitalized software costs are amortized over the estimated economic life of the
product, but generally not more than three years.


                                      12
<PAGE>   14
OPERATING EXPENSES

<TABLE>
<CAPTION>
                                                Three Months Ended                             Nine Months Ended
                            ------------------------------------------------     -------------------------------------------------
                            March 31,    Percent of   March 31,   Percent of     March 31,   Percent of     March 31,   Percent of
(in thousands)                 2001       Revenues       2000      revenues        2001       Revenues        2000       revenues
--------------              ------------------------------------------------     -------------------------------------------------
<S>                         <C>          <C>          <C>         <C>            <C>         <C>            <C>         <C>
Sales and marketing          $52,855       40.6%       $49,851       39.6%       $154,158       40.6%       $136,768       39.2%
Research
    and development           18,907       14.5%        17,912       14.2%         61,198       16.1%         50,874       14.6%
General
    and administrative        17,837       13.7%        10,959        8.7%         54,415       14.3%         31,719        9.1%
</TABLE>


During fiscal 2001, management has made conscious decisions to accelerate
product development, reinvigorate the sales force, expand market awareness and
upgrade the operating infrastructure. These investments have increased overall
operating costs, and adversely affected operating margins.

The 6.0% and 12.7% increases in sales and marketing expenses for the three and
nine month periods ended March 31, 2001 over the corresponding periods in fiscal
2000, were primarily attributable to increased sales headcount and travel
related costs.

Research and development expenses increased 5.6% and 20.3% for the three and
nine months ended March 31, 2001 over the corresponding prior year periods. The
increase in research and development expenses for the three and nine months
ended March 31, 2001 was due to an increase in compensation expense related to
the release of new products, enhanced versions of existing products, and new
localizations of existing products.

The increase in general and administrative expenses for the three and nine
months ended March 31, 2001 and 2000 of 62.8% and 71.6%, respectively, resulted
from an increase in professional services, an increase in independent
contractors, and an increase in the allowance for doubtful accounts.

The Company has substantially completed the process of migrating its internal
financial systems to an Enterprise Resource Planning ("ERP") solution provided
through an outside firm, which began performing certain accounting functions for
the Company in July 2000.

In the third quarter of fiscal 2000, the Company recorded a $2.1 million
restructuring charge, $1.3 million after taxes, associated with restructuring
its European operations and costs associated with outsourcing its North America
based accounting department. There was no such comparable charge this year.

PROVISION FOR INCOME TAXES

The Company's effective income tax rate was 38% for the three and nine months
ended March 31, 2001 as compared to 37% for the three and nine months ended
March 31, 2000. The increase in the effective income tax rate is attributable to
a decrease in state tax credits available to the Company and a slight increase
in taxable income in foreign jurisdictions with statutory rates higher than the
U.S. The Company's expected effective rate for the remainder of fiscal 2001 is
38%.

EXTRAORDINARY GAIN

During the nine months ended March 31, 2001, the Company repurchased convertible
long-term notes with a face value of $11.3 million at a total cost of $8.7
million resulting in an extraordinary gain of approximately $1.5 million, after
income taxes, or approximately $.04 per share.

                                       13
<PAGE>   15
NET INCOME (LOSS)

As a result of the above factors, the Company had a net loss of $1.3 million or
4 cents per basic and diluted share for the three month period ended March 31,
2001, compared to net income of $6.6 million or 19 cents per diluted share for
the corresponding period ended March 31, 2000. For the nine month period ended
March 31, 2001 and 2000, the Company had a net loss of $3.1 million or 10 cents
per basic and diluted share and net income of $19.7 million or 62 cents per
diluted share, respectively.

To date, the overall impact of inflation on the Company has not been material,
although the Company is experiencing increases in employee compensation due to a
competitive labor market.

Going forward, the Company is focused on several key areas which are essential
to its long-term success, including actively assessing the overall business
model, product mix, distribution strategies, and productivity levels. The
Company continues to emphasize expense control efforts through managing
head-count, discretionary spending, and infrastructure costs. There can be no
assurance that these efforts will succeed or that the Company will be able to
materially increase its operating margin. These expense control efforts could
adversely affect the Company's ability to develop new products and market its
products effectively.

LIQUIDITY AND CAPITAL RESOURCES

<TABLE>
<CAPTION>
                                                                        Nine Months Ended
                                                            March 31,        March 31,       Percent
(in thousands)                                                2001             2000           Change
--------------------------------------------------        ------------------------------------------
<S>                                                       <C>               <C>              <C>
Working capital                                           $ 255,760         $ 292,163         -12.5%
Cash, cash equivalents, and short-term investments          246,262           287,991         -14.5%
Cash provided by operating activities                        18,324             8,882         106.3%
Cash used in investing activities                           (31,654)          (16,297)         94.2%
Cash provided by (used in) financing activities             (23,994)           25,845        -192.8%
</TABLE>


Working capital as of March 31, 2001 was 12.5% lower than at the end of the
corresponding prior year period, primarily attributable to lower cash and
short-term investment balances. This decrease resulted largely from stock
repurchases since November 2000.

To date, the Company has financed its business through positive cash flow from
operations and, to a lesser extent, through the issuance of its capital stock
and convertible subordinated notes.

Positive cash flows provided by operating activities amounted to $18.3 million
for the nine months ended March 31, 2001 and $8.9 million for the nine months
ended March 31, 2000. This increase of 106.3% is attributed to the slower growth
in the accounts receivable outstanding at March 31, 2001 and an increase in
accounts payable and accrued expenses compared to a decline in the same balances
a year earlier.

Cash used in investing activities amounted to $31.7 million for the nine months
ended March 31, 2001, and $16.3 million for the nine months ended March 31,
2000. The increase primarily results from an increase in the purchase of
computers, software, and leasehold improvements, offset by proceeds from
maturity of short-term investments.

Financing activities in the nine months ended March 31, 2001, used cash of $24.0
million, as compared to cash generated of $25.8 million for the nine months
ended March 31, 2000. This negative cash flow

                                       14
<PAGE>   16
primarily resulted from the common stock repurchases during this period and the
redemption of debt. In November 2000, the Board of Directors authorized the
Company to repurchase up to $100 million of its outstanding common stock at
market prices over the next twelve months. Pursuant to this repurchase program,
the Company repurchased 1,389,000 shares during the nine months ended March 31,
2001, at a cost of approximately $23.8 million. During the quarter ended
December 31, 2000, the Company repurchased $11.3 million of convertible
long-term notes at a total cost of $8.7 million. This was offset by the proceeds
from the exercise of stock options and the employee stock purchase plan that
provided cash of $8.6 million and $30.3 million for the nine months ended March
31, 2001 and 2000, respectively.

In connection with the stock options exercised by certain of its employees (for
a total of 72,000 common shares for the nine months ended March 31, 2001 and 1.5
million for the nine months ended March 31, 2000), the Company recognized (as a
credit to additional paid-in capital) an income tax benefit of $1.3 million for
the nine months ended March 31, 2001, and $7.9 million for the nine months ended
March 31, 2000.

As of March 31, 2001 and 2000, respectively, the Company had cash, cash
equivalents and short-term investments of $246.3 million and $288.0 million,
working capital of $255.8 million and $292.2 million, and long-term debt of
$91.1 million and $102.6 million. Cash equivalents are comprised primarily of
investment-grade commercial paper, and U.S. federal, state and political
subdivision obligations with varying terms of three months or less.

The Company believes that its current cash and short-term investment balances
and the funds generated from its operations will be sufficient to finance the
Company's business for at least the next year.

RISK FACTORS

The Company operates in a very competitive and rapidly changing environment that
involves numerous risks, some of which are beyond the Company's control. The
following discussion highlights some of these risks.

PRODUCT ENHANCEMENT AND NEW PRODUCT INTRODUCTIONS. The Company competes in a
market characterized by rapid technological advances in hardware and software
development, evolving standards in computer hardware and software technology and
frequent new product introductions and enhancements. The Company has recently
expanded and refreshed its product offerings to include newer features or
products in market segments it believes have high and/or growing rates of
customer demand, such as customer relationship management, web analysis, and
performance measurement. Entry into new markets has inherent risks, including,
but not limited to, educating the Company's sales, marketing, and consulting
personnel to work with the new products, competition from earlier and more
established entrants, general economic conditions, market acceptance of initial
product releases, marketing effectiveness and the accuracy of assumptions about
the nature of customer demand. The Company's failure to successfully introduce,
market and sell new products or enhance and improve its existing products in a
timely manner, and position and/or price its products, undetected errors or
delays in new products or new versions of a product and/or the failure of
anticipated market growth could have a material adverse effect on the Company's
business, results of operations or financial position.

HIRING AND RETENTION OF EMPLOYEES. Hyperion's future operating results depend
significantly upon the retention and hiring of technical and management
personnel. Competition for such personnel is intense, and there can be no
assurance that the Company will retain its key managerial or technical personnel
or attract such personnel in the future. The Company, either directly or through
personnel search firms, actively recruits qualified research and development,
financial and sales and marketing personnel. Hyperion has at times experienced
and continues to experience difficulty in

                                       15
<PAGE>   17
recruiting or retaining qualified personnel and there can be no assurance that
the Company will not experience such difficulties in the future, which could
have a material adverse effect on the Company's business, operating results, and
financial condition.

COMPETITIVE ENVIRONMENT. The markets in which Hyperion competes are intensely
competitive, highly fragmented and characterized by rapidly changing technology
and evolving standards. Hyperion has experienced, and expects that it will
continue to experience, increased competition from current and potential
competitors, some of whom may have significantly greater financial, technical,
marketing and other resources than the Company. Hyperion expects additional
competition as other established and emerging companies enter into the
enterprise business analysis software market and new products and technologies
are introduced. Increased competition could result in price reductions, fewer
customer orders, reduced gross margins and loss of market share, any of which
would materially adversely affect the Company's business, operating results and
financial condition.

BACK-ENDED QUARTERS. Quarterly revenues and operating results are highly
dependent on the volume and timing of the signing of licensing agreements and
product deliveries during the quarter, which are difficult to forecast.
Significant portions of the Company's quarterly software licensing agreements
are concluded in the last month of the fiscal quarter, generally with a
concentration of such revenues earned in the final ten business days of that
month. Due to the relatively fixed nature of certain costs, including personnel
and facilities expenses, a decline or shortfall in quarterly and/or annual
revenues typically results in lower profitability or may result in losses. Prior
to the very end of any quarter, the Company must rely on its forecasts of
revenue for planning, modeling and other purposes. Forecasts are only estimates
and may not correlate to revenues in a particular quarter or over a longer
period of time. A significant discrepancy between actual results and sales
forecasts could cause the Company to improperly plan or budget and thereby
adversely affect its business or results of operations. Any publicly stated
revenue or earnings projections by the Company are subject to these risks and
uncertainties.

INTERNATIONAL OPERATIONS. A substantial portion of the Company's revenues is
derived from international sales and is therefore subject to the related risks,
including the general economic conditions in each country, the overlap of
different tax structures, the difficulty of managing an organization spread over
various countries, changes in regulatory requirements, compliance with a variety
of foreign laws and regulations, longer payment cycles and volatilities of
exchange rates in certain countries. There can be no assurances that the Company
will be able to successfully address each of these challenges in the near term.
Other risks associated with international operations include import and export
licensing requirements, trade restrictions and changes in tariff rates.

A significant portion of the Company's business is conducted in currencies other
than the U.S. dollar. Changes in the value of major foreign currencies relative
to the value of the U.S. dollar could have a material adverse effect on the
Company's business, operating results and financial condition.

PRICING. Intense competition in the various markets in which the Company
competes may put pressure on the Company to reduce prices on certain products,
particularly in the markets where certain vendors offer deep discounts in an
effort to recapture or gain market share or to sell other software or hardware
products. Moreover, any broadly based changes to the Company's or its
competitor's pricing, packaging or distribution models could lead to a decline
or delay in sales as the Company's sales force and its customers adjust to the
new models. Any such price reductions and resulting lower license revenues could
have a material adverse effect on the Company's business, results of operations
or financial

                                       16
<PAGE>   18
position if the Company cannot offset these price reductions with a
corresponding increase in sales volumes or lower spending.

ORGANIZATIONAL AND PRODUCT INTEGRATION RELATED TO BUSINESS COMBINATIONS. The
Company has made and expects to continue to make acquisitions of, mergers with,
or significant investments in, businesses that offer complementary products,
services and technologies. There are risks involved in business combinations,
including but not limited to: the possibility that the Company pays more than
the value it derives from the acquisition; the difficulty of integrating the
operations and personnel of the acquired businesses; the possibility that all
aspects of the integration are not completed or that all of the anticipated
synergies of the acquisition are not realized; the potential product liability
associated with selling the acquired company's products; the potential
disruption of the Company's ongoing business and the distraction of management
from the Company's business. These factors could have a material adverse effect
on the Company's business, results of operations or financial position,
especially in the case of a large acquisition.

PARTNER SUPPORT OF HYPERION ESSBASE API. Hyperion's future success will depend
in part upon the availability of third party tools and applications that address
customer requirements and work with Hyperion's business analysis platform and
Hyperion Essbase through the Hyperion Essbase Application Programming Interface
("API"). Failure by third parties to support the Company's API, or failure by
the Company to maintain, develop and market competitive business analysis
applications or to adopt industry standard APIs, if and when they emerge, could
materially adversely affect the Company's business, operating results and
financial condition.

SALES FORCE TRANSITION. The Company has restructured or made other adjustments
to its sales force operations in the past and may do so in the future. These
changes have historically resulted in temporary sales productivity issues in the
short term.

ENFORCEMENT OF THE COMPANY'S INTELLECTUAL PROPERTY RIGHTS. The Company relies
primarily on a combination of patent, copyright and trademark laws, trade
secrets, confidentiality procedures and contractual provisions to protect its
proprietary rights. There can be no assurance that the Company's means of
protecting its proprietary rights in the United States or abroad will be
adequate or that competitors will not independently develop similar technology.

POSSIBILITY OF INFRINGEMENT CLAIMS. The Company expects that software product
developers will increasingly be subject to infringement claims as the number of
products and competitors in the Company's industry segment grows and the
functionality of products in different industry segments overlaps. Any such
claims, with or without merit, could be time consuming to defend, result in
costly litigation, divert management's attention and resources, cause product
shipment delays or require the Company to enter into royalty or licensing
agreements. Such royalty or licensing agreements, if required, may not be
available on terms acceptable to the Company, if at all. In the event of a
successful claim of product infringement against the Company and failure or
inability of the Company to license the infringed or similar technology, the
Company's business, operating results and financial condition would be
materially adversely affected.

POSSIBLE VOLATILITY OF STOCK PRICE. The market price of the Company's Common
Stock has experienced significant fluctuations and may continue to fluctuate
significantly. The market price of the Common Stock may be significantly
affected by factors, including but not limited to, the announcement of new
products, product enhancements or technological innovation by the Company or its
competitors, changes in the Company's or its competitors' results of operations,
changes in revenue, revenue growth

                                       17
<PAGE>   19
rates and revenue mix for the Company as a whole or for specific geographic
areas or business units, changes in earnings estimates by market analysts, and
general market conditions or market conditions specific to particular
industries. Technology stocks have experienced wide fluctuations in prices,
which sometimes have been unrelated to their operating performance. The market
price of the Company's Common Stock could be adversely affected by such
fluctuations.

GENERAL ECONOMIC CONDITIONS. The revenue growth and profitability of the Company
depends on the overall demand for computer software and services, which in turn
depends on general economic and business conditions. A softening of demand for
computer software caused by weakening of the economy may result in decreased
revenues or lower growth rates. There can be no assurance that the Company will
be able to effectively promote revenue growth rates in all economic conditions.

California has recently experienced ongoing power system shortages which have
resulted in "rolling blackouts," and the recent bankruptcy filing by one of the
major California public utilities may increase the number and severity of these
blackouts. These blackouts, blackouts in other regions or procedures implemented
to avert blackouts could cause disruptions to the Company's operations and the
operations of the Company's customers. Such disruptions, particularly at the end
of a quarter, could adversely affect quarterly revenues and net income by
delaying the closing of licensing transactions.


MARKET RISKS. At March 31, 2001 and 2000, respectively, the Company's investment
portfolio consisted of investment-grade debt securities, excluding those
classified as cash equivalents, of $23.9 million and $37.6 million that are
classified as available-for-sale. The portfolio is invested predominantly in
short-term securities to minimize interest rate risk and for liquidity purposes
in the event of immediate cash needs. Accordingly, if market interest rates were
to increase immediately and uniformly by 10% from levels as of March 31, 2001,
the decline in the fair value of the portfolio would not be material.

The Company's long-term debt bears interest at a fixed rate and, therefore,
relative to its long-term debt, an immediate 10% change in market interest rates
would not materially impact the Company's financial statements.


                                       18
<PAGE>   20
                         Hyperion Solutions Corporation
                           Part II. Other Information


ITEM 1. LEGAL PROCEEDINGS

On June 30, 2000, Hyperion Software (UK) plc was named as a defendant in a
lawsuit in the Technology & Construction Court in England for damages of
approximately 1.1 million pounds sterling (UK) in connection with an OLAP and
Hyperion Enterprise implementation that the claimants claim fails to meet its
requirements. Currently, discovery is stayed and the parties are considering
mediation of the dispute. A tentative trial date of October 2001 has been set.
The Company believes it has meritorious defenses and counterclaims.

On July 11, 1997, Gentia Software filed a request for reexamination of
Hyperion's U.S. Patent No. 5,359,724 (the "'724 patent") with the United States
Patent and Trademark Office (the "PTO") arguing that the '724 patent was
anticipated and obvious in light of certain prior art references. On September
11, 1997, the PTO granted the request for reexamination. On February 27, 1998,
Gentia Software filed a request for a second reexamination of the '724 patent
with the PTO based on additional prior art references. On May 22, 1998, the PTO
granted that request for reexamination which was later consolidated with the
first reexamination. On March 31, 1999, the PTO issued a non-final office action
rejecting the claims of the '724 patent. Hyperion filed its response to the
office action on May 31, 1999. No final office action has been issued by the
Patent Office.

From time to time, in the normal course of business, various claims are made
against the Company. At this time, in the opinion of management, there are no
pending claims which are expected to result in a material adverse effect on the
financial position of the Company.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

        None

(b) Reports on Form 8-K

        None


                                       19
<PAGE>   21
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                        Hyperion Solutions Corporation


                        /s/ DAVID W. ODELL                             5/11/01
                        ------------------------------------------------------
                        David W. Odell                                    Date
                        Chief Financial Officer


                        /s/ NOLENE P. FABRE                            5/11/01
                        ------------------------------------------------------
                        Nolene P. Fabre                                   Date
                        Vice President and Global Controller


                                       20