<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 DECEMBER 31, 2000

                                       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)


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


                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 February 12, 2001 there were 32,038,641 shares of the Registrant's
     common stock, $.001 par value, outstanding.

--------------------------------------------------------------------------------



<PAGE>   2


                         Hyperion Solutions Corporation

                                    Form 10-Q


                                    CONTENTS

<TABLE>
<CAPTION>
                                                                                                   PAGE
<S>                                                                                                <C>
PART I.  FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)

  Condensed Consolidated Balance Sheet-- December 31, 2000 and June 30, 2000 ...............        2

  Condensed Consolidated Statement of Income and Comprehensive Income-- Three
   Months Ended December 31, 2000 and 1999; Six Months Ended December 31, 2000 and 1999 ....        3

  Condensed Consolidated Statement of Cash Flows-- Six Months Ended
    December 31, 2000 and 1999 .............................................................        5

  Notes to Condensed Consolidated Financial Statements-- December 31, 2000 .................        6

Item 2. Management's Discussion and Analysis of Financial Condition
    and Results of Operations ..............................................................       11

PART II.  OTHER INFORMATION

Item 1. Legal Proceedings ..................................................................       18

Item 4. Submission of Matters to a Vote of Security Holders ................................       18

Item 5. Other Information ..................................................................       18

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

SIGNATURES .................................................................................       20

                                    Ex. 10.1 Other Doc
Ex 10.1 ....................................................................................       21
</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 Activity Based
 Management, 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>
                                                                          DECEMBER 31,       JUNE 30,
                                                                             2000              2000
<S>                                                                        <C>              <C>
ASSETS                                                                    (Unaudited)         (Note)
Current assets:
   Cash and cash equivalents                                               $ 244,979        $ 262,408
   Short-term investments                                                     24,563           32,751
   Accounts receivable -- net of allowances of $22,428 and $16,250           157,139          161,883
   Prepaid expenses and other current assets                                  10,635            8,349
   Deferred income taxes                                                      12,487            9,866
                                                                           ---------        ---------
TOTAL CURRENT ASSETS                                                         449,803          475,257

Property and equipment -- at cost, less accumulated
   depreciation and amortization of $91,064 and $78,694                       86,830           71,669
Acquired technologies, goodwill and other intangible assets --
   at cost, less accumulated amortization of $29,276 and $24,434              23,207           25,942
Other assets                                                                  19,427           17,023
                                                                           ---------        ---------
TOTAL ASSETS                                                               $ 579,267        $ 589,891
                                                                           =========        =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
   Accounts payable and accrued expenses                                   $  59,694        $  49,933
   Accrued employee compensation and benefits                                 31,449           32,572
   Income taxes payable                                                        5,791            6,179
   Deferred revenue                                                           82,708           88,828
                                                                           ---------        ---------
TOTAL CURRENT LIABILITIES                                                    179,642          177,512

LONG-TERM DEBT                                                                91,174          102,518

Stockholders' equity:
   Preferred stock -- $.001 par value; 5,000 shares authorized;
     none issued                                                                  --               --
   Common stock -- $.001 par value; 300,000 shares authorized;
      32,605 and 32,616 shares issued and outstanding                             33               33
   Additional paid-in capital                                                205,894          197,376
   Less treasury stock, at cost: 578 and 0 common shares                      (8,631)              --
   Retained earnings                                                         117,913          119,736
   Currency translation adjustments                                           (6,758)          (7,284)
                                                                           ---------        ---------
TOTAL STOCKHOLDERS' EQUITY                                                   308,451          309,861
                                                                           ---------        ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                 $ 579,267        $ 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                 SIX MONTHS ENDED
                                                               DECEMBER 31,                      DECEMBER 31,
                                                         2000             1999             2000             1999
                                                       --------------------------        --------------------------
<S>                                                    <C>              <C>              <C>              <C>
REVENUES
        Software licenses                              $  64,330        $  55,740        $ 109,353        $ 102,141
        Maintenance and services                          70,128           60,053          140,159          120,902
                                                       --------------------------        --------------------------
TOTAL REVENUES                                           134,458          115,793          249,512          223,043

COSTS AND EXPENSES
Cost of Revenues:
        Software licenses                                  5,178            1,703            8,969            3,001
        Maintenance and services                          34,885           32,561           70,581           62,124
Sales and marketing                                       52,763           45,483          101,303           86,917
Research and development                                  22,865           16,670           42,291           32,962
General and administrative                                19,972           10,334           36,578           20,760
Merger costs (credits)                                        --             (305)              --             (305)
                                                       --------------------------        --------------------------
TOTAL COSTS AND EXPENSES                                 135,663          106,446          259,722          205,459
                                                       --------------------------        --------------------------
OPERATING INCOME (LOSS)                                   (1,205)           9,347          (10,210)          17,584

Interest income                                            3,807            3,186            7,563            5,981
Interest expense                                          (1,303)          (1,260)          (2,656)          (2,667)
                                                       --------------------------        --------------------------
INCOME (LOSS) BEFORE INCOME TAXES                          1,299           11,273           (5,303)          20,898

Provision for (benefit from) income taxes                    493            4,200           (2,016)           7,800
                                                       --------------------------        --------------------------

Income (loss) before extraordinary item                      806            7,073           (3,287)          13,098

Extraordinary item - gain on redemption of debt,
   net of income tax of $898                               1,464               --            1,464               --
                                                       --------------------------        --------------------------
NET INCOME (LOSS)                                      $   2,270        $   7,073        $  (1,823)       $  13,098
                                                       ==========================        ==========================

Currency translation adjustments                             813           (1,613)             526             (492)

COMPREHENSIVE INCOME (LOSS)                            $   3,083        $   5,460        $  (1,297)       $  12,606
                                                       ==========================        ==========================
</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                 SIX MONTHS ENDED
                                                               DECEMBER 31,                      DECEMBER 31,
                                                          2000             1999              2000            1999
                                                          -----------------------          ------------------------
<S>                                                       <C>              <C>             <C>               <C>
EARNINGS (LOSS) PER SHARE

        Basic
          Earnings (loss) from continuing
            operations before extraordinary
            item                                          $ 0.02           $ 0.23          $ (0.10)          $ 0.42
          Extraordinary gain                                0.05               --             0.04               --
                                                          ------           ------          --------          ------
          Basic earnings (loss) per share                 $ 0.07           $ 0.23          $ (0.06)          $ 0.42
                                                          ======           ======          ========          ======

        Diluted
          Earnings (loss) from continuing
            operations before extraordinary
            item                                          $ 0.02           $ 0.22          $ (0.10)          $ 0.41
          Extraordinary gain                                0.05               --             0.04              --
                                                          ------           ------          --------          ------
          Diluted earnings (loss) per share               $ 0.07           $ 0.22          $ (0.06)          $ 0.41
                                                          ======           ======          ========          ======

AVERAGE NUMBER OF SHARES OUTSTANDING

        Basic                                             33,107           31,086            32,960          30,979
        Diluted                                           33,237           32,477            32,960          32,016
</TABLE>


  See accompanying notes.


                                       4
<PAGE>   6
                         Hyperion Solutions Corporation

                 Condensed Consolidated Statement of Cash Flows
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>
                                                                                        SIX MONTHS ENDED
                                                                                          DECEMBER 31,
                                                                                     2000             1999
                                                                                   ---------        ---------
<S>                                                                                <C>              <C>
OPERATING ACTIVITIES
Net income (loss)                                                                  $  (1,823)       $  13,098
Adjustments to reconcile net income (loss) to net cash provided by
operating activities:
    Gain on redemption of debt                                                        (2,362)              --
    Depreciation and amortization                                                     18,751           16,606
    Accounts receivable allowance provisions                                          12,991            3,541
Changes in operating assets and liabilities:
    Accounts receivable                                                               (8,246)          (6,544)
    Prepaid expenses and other assets                                                 (1,924)             180
    Deferred income taxes                                                             (2,621)            (618)
    Accounts payable and accrued expenses                                              8,638          (14,999)
    Income taxes payable                                                                 699              597
    Deferred revenue                                                                  (6,120)           1,696
                                                                                   ---------        ---------
CASH PROVIDED BY OPERATING ACTIVITIES                                                 17,983           13,557

INVESTING ACTIVITIES
Purchases/sales of short-term investments, net                                         5,186              244
Proceeds from sales of property and equipment                                            258               --
Purchases of property and equipment                                                  (29,227)          (5,726)
Purchases of intangible and other assets                                              (2,209)          (2,663)
                                                                                   ---------        ---------
CASH USED IN INVESTING ACTIVITIES                                                    (25,992)          (8,145)

FINANCING ACTIVITIES
Principal payments on notes payable                                                      (94)            (297)
Redemption of debt                                                                    (8,652)              --
Treasury stock acquired, net                                                          (8,631)              --
Proceeds from exercise of stock options and employee stock purchase plan               7,431            7,385
                                                                                   ---------        ---------
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                       (9,946)           7,088

Effect of exchange rate change on cash                                                   526             (492)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                     (17,429)          12,008
Cash and cash equivalents at beginning of period                                     262,408          233,515
                                                                                   ---------        ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                         $ 244,979        $ 245,523
                                                                                   =========        =========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
CASH PAID DURING THE PERIOD FOR:
    Income taxes                                                                       1,109            7,823
    Interest                                                                           2,483            2,361
 NON-CASH OPERATING AND FINANCING ACTIVITY:
    Income tax benefit from exercise of stock options                                  1,087            1,417
</TABLE>


See accompanying notes.


                                       5
<PAGE>   7
                         Hyperion Solutions Corporation

        Notes to Condensed Consolidated Financial Statements (Unaudited)

                                December 31, 2000


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 six month periods ended December
31, 2000 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. TREASURY STOCK

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. During the quarter ended December 31, 2000, the Company
repurchased 577,500 shares at a cost of approximately $8.6 million under this
program.

C. REDEMPTION OF DEBT

During the quarter ended December 31, 2000, 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 $.05 per share.

D. 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              Six Months Ended
                                                                   December 31,                    December 31,
                                                                2000          1999             2000           1999
                                                             ----------       -------       ----------        -------
<S>                                                          <C>              <C>           <C>               <C>
Numerator:
 Income (loss) before extraordinary item                     $      806       $ 7,073       $   (3,287)       $13,098
 Extraordinary item - gain on redemption
  of debt, net of income tax of $898                              1,464            --            1,464             --
                                                             ----------       -------       ----------        -------

 Net income (loss)                                           $    2,270       $ 7,073       $   (1,823)       $13,098
                                                             ==========       =======       ==========        =======

Denominator for basic EPS - weighted-average shares              33,107        31,086           32,960         30,979
Effect of dilutive securities:
   Stock option rights                                              130         1,391               --          1,037
                                                             ----------       -------       ----------        -------
Denominator for diluted EPS - adjusted
  weighted-average shares and assumed conversions                33,237        32,477           32,960         32,016
                                                             ==========       =======       ==========        =======

Basic
 Earnings (loss) from continuing operations before
  extraordinary item                                            $  0.02       $  0.23         $  (0.10)       $  0.42
 Extraordinary gain                                                0.05            --             0.04             --
                                                                -------       -------         --------        -------
 Basic earnings (loss) per share                                $  0.07       $  0.23         $  (0.06)       $  0.42
                                                                =======       =======         ========        =======

Diluted
 Earnings (loss) from continuing operations before
  extraordinary item                                            $  0.02       $  0.22         $  (0.10)       $  0.41
 Extraordinary gain                                                0.05            --             0.04             --
                                                                -------       -------         --------        -------
 Diluted earnings (loss) per share                              $  0.07       $  0.22         $  (0.06)       $  0.41
                                                                =======       =======         ========        =======
</TABLE>


Certain stock option rights for 6.8 million and 1.4 million common shares were
excluded from the diluted EPS calculation, respectively, for the three month
period ended December 31, 2000 and 1999, because their effect would be
antidilutive. For the six month period ended December 31, 2000, all stock option
rights totaling 7.9 million were excluded from the diluted EPS calculation due
to the antidilutive effect on net loss. For the six month period ended December
31, 1999, certain stock option rights of 2.1 million common shares were excluded
from the diluted EPS calculation because their effect would be antidilutive. For
the same reason, in each of the periods stated, shares of common stock issuable
upon conversion of the convertible subordinated notes due 2005 have been
excluded from the diluted EPS calculation.

E. 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


F. RECENT ACCOUNTING PRONOUNCEMENTS

In June 1998, the Financial Accounting Standards Board issued SFAS No. 133,
"Accounting for Derivative Instruments and Hedging Activities" ("SFAS 133").
SFAS 133 establishes accounting and reporting standards for derivative
instruments, including certain derivative instruments embedded in other
contracts, and for hedging activities. The Company adopted SFAS 133, as amended,
effective July 1, 2000. The statement did not have a material impact on our
financial position or results of operations.

The Company operates internationally, giving rise to exposure to market risks
from changes in foreign exchange rates. From time to time the Company utilizes
forward foreign currency exchange contracts to minimize the impact of currency
movements, principally on sales denominated in currencies other than their
functional currency. The terms of these contracts are generally less than one
year.

Gains and losses related to changes in the fair value of these instruments are
included in the carrying amounts of those assets or liabilities and are
recognized in income with each financial reporting period. Realized gains and
losses related to the agreements are recorded when the related transaction
occurs.

In December 1999, the staff of the Securities and Exchange Commission issued its
Staff Accounting Bulletin ("SAB") No. 101, "Revenue Recognition." SAB No. 101
provides guidance on the measurement and timing of revenue recognition in
financial statements of public companies. Changes in accounting policies to
apply the guidance of SAB No. 101, as amended, must be adopted by recording the
cumulative effect of the change in the fiscal quarter ending March 31, 2001. The
Company believes that the impact of SAB No. 101 will not have a material effect
on its financial statements.

G. SEGMENT AND GEOGRAPHICAL INFORMATION

The Company has identified two reportable operating segments based on the
criteria of Statement of Financial Accounting Standards No. 131, "Disclosures
about Segments of an Enterprise and Related Information" ("SFAS 131"): software
licensing and maintenance and services. Software license fees of $64.3 million
and $109.4 million for the three and six months ended December 31, 2000 and
$55.7 million and $102.1 million for the three and six months ended December 31,
1999 are derived from the sale of software product licenses. Maintenance and
services revenues of $70.1 million and $140.2 million for the three and six
months ended December 31, 2000 and $60.1 million and $120.9 million for the
three and six months ended December 31, 1999, respectively, result from
providing product installation, support and training services.

The Company's Chief Executive Officer evaluates performance based on measures of
segment revenues, gross profit and company-wide operating results. Employee
headcount and operating costs and expenses are managed by functional areas,
rather than by revenue segments. Moreover, the Company does not account for or
report to the CEO its assets or capital expenditures by segments. 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.


                                       8
<PAGE>   10
The accompanying statement of income discloses the financial information of the
Company's reportable segments in accordance with SFAS 131 for the three and six
month periods ended December 31, 2000 and 1999 (in thousands):

<TABLE>
                                                            United           Other
                                         United States      Kingdom      International
                                            (U.S.)           (U.K.)        Operations      Eliminations    Consolidated
                                         -------------     ---------     -------------     ------------    ------------
<S>                                      <C>               <C>           <C>               <C>             <C>
THREE MONTHS ENDED DECEMBER 31, 2000
Revenues:
  Customers                                $ 113,189       $   7,269        $  14,000        $     --       $ 134,458
  Intercompany                                 3,214           2,489            3,924          (9,627)             --
                                           ---------       ---------        ---------        --------       ---------
      Total                                  116,403           9,758           17,924          (9,627)        134,458
                                           =========       =========        =========        ========       =========
Operating income (loss)                        9,482           1,080          (11,767)             --          (1,205)
                                           =========       =========        =========        ========       =========
Identifiable assets                        $ 537,275       $  19,346        $  22,646        $     --       $ 579,267
                                           =========       =========        =========        ========       =========

THREE MONTHS ENDED DECEMBER 31, 1999
Revenues:
  Customers                                $  98,228       $   9,019        $   8,546        $     --       $ 115,793
  Intercompany                                 3,861              --            7,061         (10,922)             --
                                           ---------       ---------        ---------        --------       ---------
      Total                                  102,089           9,019           15,607         (10,922)        115,793
                                           =========       =========        =========        ========       =========
Operating income (loss)                       17,387           1,594           (9,634)             --           9,347
                                           =========       =========        =========        ========       =========
Identifiable assets                        $ 437,132       $  15,239        $  68,144             $--       $ 520,515
                                           =========       =========        =========        ========       =========

SIX MONTHS ENDED DECEMBER 31, 2000
Revenues:
  Customers                                $ 211,043       $  13,412        $  25,057        $     --       $ 249,512
  Intercompany                                 7,273           2,489            7,715         (17,477)             --
                                           ---------       ---------        ---------        --------       ---------
      Total                                  218,316          15,901           32,772         (17,477)        249,512
                                           =========       =========        =========        ========       =========
Operating income (loss)                        8,023            (439)         (17,794)             --         (10,210)
                                           =========       =========        =========        ========       =========
Identifiable assets                        $ 537,275       $  19,346        $  22,646        $     --       $ 579,267
                                           =========       =========        =========        ========       =========

SIX MONTHS ENDED DECEMBER 31, 1999
Revenues:
  Customers                                $ 191,392       $  15,497        $  16,154        $     --       $ 223,043
  Intercompany                                 7,095              --           13,130         (20,225)             --
                                           ---------       ---------        ---------        --------       ---------
      Total                                  198,487          15,497           29,284         (20,225)        223,043
                                           =========       =========        =========        ========       =========
Operating income (loss)                       37,254          (1,698)         (17,972)             --          17,584
                                           =========       =========        =========        ========       =========
Identifiable assets                        $ 437,132       $  15,239        $  68,144             $--       $ 520,515
                                           =========       =========        =========        ========       =========
</TABLE>

"Other International Operations" relate to subsidiaries in Austria, Belgium,
Canada, Denmark, Finland, France, Germany, Italy, Hong Kong, Japan, the
Netherlands, Norway, Singapore, Spain, Sweden and Switzerland. Operating income
from operations outside the United States approximates income before income
taxes of such operations. Intercompany revenues between geographic areas are
accounted for at prices representative of arms length transactions of a similar
nature.


                                       9
<PAGE>   11
Revenues from markets outside the United States were as follows (in thousands):

<TABLE>
<CAPTION>
                                       Three Months Ended              Six Months Ended
                                         December 31,                   December 31,
                                      2000           1999           2000           1999
                                     -------        -------        -------        -------
<S>                                  <C>            <C>            <C>            <C>
U.K. operations                      $ 7,269        $ 9,019        $13,412        $15,497
Other international operations        14,000          8,546         25,057         16,154
Export                                22,890         23,894         45,776         46,755
                                     -------        -------        -------        -------
                                     $44,159        $41,459        $84,245        $78,406
                                     =======        =======        =======        =======
Percentage of total revenues            32.8%          35.8%          33.8%          35.2%
                                     =======        =======        =======        =======
</TABLE>

     The majority of "Export" revenues, some of which are generated through
     independent distributors and agents, results from product licenses and
     services sold to customers throughout Europe.


                                       10
<PAGE>   12
                         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.

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, activity-based management, performance management, campaign
management analysis, promotional analysis, sales forecasting, demand planning,
e-business analysis and industry-specific solutions. The Company's solutions are
used by organizations worldwide.

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-six countries, Hyperion licenses its products
throughout the world primarily through a direct sales force. Products also are
licensed through independent distributors and


                                       11
<PAGE>   13

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                   Six Months Ended
                                           December 31,                        December 31,
                                    2000      Change      1999         2000       Change       1999
                                  ------------------------------    ---------------------------------
<S>                               <C>          <C>      <C>         <C>            <C>      <C>
Software licenses                 $ 64,330     15.4%    $ 55,740    $ 109,353       7.1%    $ 102,141
Percentage of total revenues          47.8%                 48.1%        43.8%                   45.8%
                                  ------------------------------    ---------------------------------
Maintenance and services          $ 70,128     16.8%    $ 60,053    $ 140,159      15.9%    $ 120,902
Percentage of total revenues          52.2%                 51.9%        56.2%                   54.2%
                                  ------------------------------    ---------------------------------
</TABLE>

Software license revenues increased for the second quarter of fiscal 2001 versus
the second quarter of fiscal 2000 as a result of an increase in the number of
licenses sold (unit volume) versus, for example, price increases. The growth in
license revenues was primarily due to an increased demand for OLAP technology,
packaged analytical applications and tools. However, software license revenues
increased only slightly for the six-month period ended December 31, 2000
compared to December 31, 1999, because of lower software license revenues for
the three months ended September 30, 2000 compared to September 30, 1999.

The increase in maintenance and services revenue is mainly attributable to the
year-to-year growth of the Company's installed customer base.

Revenues generated from markets outside the United States, including export
sales, for the three and six months ended December 31, 2000 and 1999 were $44.2
million and $41.5 million, or 32.8% and 35.8% of total revenues and $84.2
million and $78.4 million, or 33.8% and 35.2% of total revenues, respectively.
The increases were due primarily to revenue growth in France and Germany offset
to some degree by decreases in Norway and the UK.

Revenues derived from channel partners for the three months ended December 31,
2000 and 1999 were 9.1% and 14.1% of total revenues, respectively. For the six
months ended December 31, 2000 and 1999, partner revenues were 10.2% and 14.5%
of total revenues.

COST OF REVENUES
<TABLE>
<CAPTION>
                                       Three Months Ended                     Six Months Ended
                                          December 31,                          December 31,
                                   2000       Change      1999          2000       Change      1999
                                  ------------------------------    ---------------------------------
<S>                               <C>         <C>        <C>          <C>          <C>       <C>
Software licenses                 $ 5,178     204.1%     $ 1,703       $ 8,969     198.9%     $ 3,001
Gross profit percentage              92.0%                  96.9%         91.8%                  97.1%
                                  ------------------------------    ---------------------------------
Maintenance and services          $34,885       7.1%    $ 32,561      $ 70,581      13.6%    $ 62,124
Gross profit percentage              50.3%                  45.8%         49.6%                  48.6%
                                  ------------------------------    ---------------------------------
</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.


                                       12
<PAGE>   14

The increase in the cost of software license revenues for the three and six
month periods ended December 31, 2000 and 1999, principally reflects an increase
in royalty payments to third parties for software supplied by them and
distributed by the Company.

In each of the six month periods ended December 31, 2000 and 1999, the Company
capitalized $1.0 million and $1.0 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.

The increase in the cost of maintenance and services revenues for the three and
six month periods ended December 31, 2000 and 1999 was due primarily to an
increase in salaries and related expenditures.

OPERATING EXPENSES

The Company is undertaking several initiatives to improve its operating margin.
The Company is focused on 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.

<TABLE>
<CAPTION>
                                         Three Months Ended                    Six Months Ended
                                            December 31,                         December 31,
                                    2000       Change       1999         2000       Change      1999
                                  --------------------------------    ---------------------------------
<S>                               <C>           <C>       <C>         <C>            <C>      <C>
Sales and marketing               $ 52,763      16.0%     $ 45,483    $ 101,303      16.6%    $ 86,917
Percentage of total revenues          39.2%                   39.3%        40.6%                  39.0%
                                  --------------------------------    ---------------------------------
Research and development          $ 22,865      37.2%     $ 16,670     $ 42,291      28.3%    $ 32,962
Percentage of total revenues          17.0%                   14.4%        16.9%                  14.8%
                                  --------------------------------    ---------------------------------
General and administrative        $ 19,972      93.3%     $ 10,334     $ 36,578      76.2%    $ 20,760
Percentage of total revenues          14.9%                    8.9%        14.7%                   9.3%
                                  --------------------------------    ---------------------------------
</TABLE>

The increase in sales and marketing expenses for the three and six month periods
ended December 31, 2000 and 1999, was primarily attributable to an increase in
personnel costs and related expenditures, commissions, a focused marketing
campaign in fiscal year 2001, and planned marketing related activities.

The increase in research and development expenses for the three and six months
ended December 31, 2000 and 1999, reflects additional personnel and independent
contractor costs related to the planned increase of the Company's product
development efforts.

The increase in general and administrative expenses for the three and six months
ended December 31, 2000 and 1999, primarily resulted from an increase in
professional services, an increase in independent contractors, and an increase
in the allowance for doubtful accounts.

Looking forward to fiscal 2002, the Company expects to approach industry norms
in its general and administrative expenses as the ERP implementation and
accounting transition are completed. There can be no assurance that these
efforts will succeed or that the Company will be able to materially increase its
operating margin.


                                       13
<PAGE>   15

PROVISION FOR INCOME TAXES

The Company's effective income tax rate was 38% for the first and second quarter
ended December 31, 2000 as compared to 37% for the first and second quarter
ended December 31, 1999. 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 quarter ended December 31, 2000, 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 $.05 per share.

NET INCOME (LOSS)

As a result of the above factors, the Company had net income of $2.3 million for
the three month period ended December 31, 2000, compared to net income of $7.1
million for the corresponding period of 1999. For the six month period ended
December 31, 2000 and 1999, the Company had a net loss of $1.8 million and net
income of $13.1 million.

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.


LIQUIDITY AND CAPITAL RESOURCES

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.

Net cash provided by operating activities amounted to $18.0 million for the six
months ended December 31, 2000 and $13.6 million for the six months ended
December 31, 1999. The increase is primarily attributed to an increase in
accounts payable, offset by a decrease in deferred revenue.

Cash used by investing activities amounted to $26.0 million for the six months
ended December 31, 2000, and $8.1 million for the six months ended December 31,
1999. The increase primarily results from an increase in the purchase of
computers, software, and leasehold improvements and a decrease in short-term
investments.

Financing activities in the six months ended December 31, 2000, used cash of
$9.9 million, as compared to cash generated of $7.1 million for the six months
ended December 31, 1999. In connection with the stock options exercised by
certain of its employees (for a total of 224,670 common shares for the first
half of fiscal 2001 and 620,000 common shares for the first half of fiscal
2000), the Company recognized (as a credit to additional paid-in capital) an
income tax benefit of $1.1 million for the six months ended December 31, 2000,
and $1.4 million for the six months ended December 31, 1999. The Company used
cash of $8.6 million for the six months ended December 31, 2000 to repurchase
577,500 common shares. The employee stock purchase plan generated cash of $4.1
million for the first half of fiscal 2001, and the redemption of debt used cash
of $8.7 million for the same period.

As of December 31, 2000 and 1999, respectively, the Company had cash, cash
equivalents and short-term investments of $269.5 million and $283.6 million,
working capital of $270.2 million and $255.5 million, and long-term debt of
$91.1 million and $102.5 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
anticipates capital expenditures of approximately $35 million for its 2001
fiscal year compared to capital expenditures of approximately $30 million for
fiscal 2000. The Company intends to continue to review potential acquisitions
and business alliances.


                                       14
<PAGE>   16

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. 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 in
significant part 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 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.


                                       15
<PAGE>   17
 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. A
significant portion of the Company's quarterly software licensing agreements is
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
competitors 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 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.


                                       16
<PAGE>   18



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.

CONVERSION OF INTERNAL FINANCIAL SYSTEMS. The Company is in 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. The Company currently
anticipates that the transition of remaining identified activities will be
completed by the end of fiscal 2001. There can be no assurance, however, that
such migration will be completed on schedule or will not cause a disruption to
the Company's operations or any resulting disruption will not have an adverse
impact on 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 and revenue growth rates 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.


                                       17
<PAGE>   19

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.

MARKET RISKS. At December 31, 2000 and 1999, respectively, the Company's
investment portfolio consisted of investment-grade debt securities, excluding
those classified as cash equivalents, of $24.6 million and $38.1 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 December 31,
2000, 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.



                         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 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

At the Company's Annual Meeting of Stockholders held on November 15, 2000, and
reconvened on November 27, 2000, the following proposals were adopted by the
margins indicated:

1. To elect a member of the Board of Directors to serve a three-year term as a
   Class II director.

<TABLE>
<CAPTION>
                                                  Number of Shares
                                                For           Withheld
                                            ----------      ------------
<S>                                         <C>             <C>
Jeffrey R. Rodek                            24,159,784      2,819,580
Aldo Papone                                 26,344,813        634,551
</TABLE>

2. To approve an amendment to the Option Plan to increase the number of options
   granted to non-employee members of the Board of Directors under the Automatic
   Option Grant Program of the Option Plan.




<TABLE>
                             <S>                    <C>
                             For                    10,566,347
                             Against                10,063,894
                             Abstain                   435,328
</TABLE>

3. To approve an amendment to the Company's 1995 Employee Stock Purchase Plan to
   increase the number of shares of the Company's common stock reserved for
   issuance thereunder by 700,000 shares.


<TABLE>
                             <S>                    <C>
                             For                    19,839,413
                             Against                 1,203,646
                             Abstain                    22,510
</TABLE>

4. To ratify the Company's appointment of PricewaterhouseCoopers LLP as
   independent accountants of the Company for the fiscal year ending June 30,
   2001.


<TABLE>
                             <S>                    <C>
                             For                    26,912,407
                             Against                    51,373
                             Abstain                    15,584
</TABLE>

5. To approve an amendment to the Company's 1995 Stock Option/Stock Issuance
   Plan (the "Option Plan") to increase the number of shares of the Company's
   common stock reserved for issuance thereunder by 1,600,000.

<TABLE>
                             <S>                    <C>
                             For                    11,966,109
                             Against                10,424,548
                             Abstain                   433,075
</TABLE>

ITEM 5. OTHER INFORMATION

Amendment of Stock Option Plan

In November 2000 the Company amended Article VI, Section IV of its 1995 Employee
Stock Option Plan (the "Plan") to prohibit repricing of options by lowering the
exercise price of a previously granted award, by canceling outstanding options
and issuing replacements, or by otherwise replacing existing options with
substitute options with a lower exercise price.


                                       18
<PAGE>   20
ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

    10.1 - 1995 Employee Stock Option Plan

(b) Reports on Form 8-K

    The Company did not file any reports on Form 8-K during the three months
    ended December 31, 2000.
                                       19
<PAGE>   21
                  Hyperion Solutions Corporation Form 10-Q for
                 the three month period ended December 31, 2000



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                        2/14/01
                             -------------------------------------------------
                             David W. Odell                               Date
                             Chief Financial Officer


                             /s/ NOLENE P. FABRE                       2/14/01
                             -------------------------------------------------
                             Nolene P. Fabre                              Date
                             Vice President and Global Controller


                                       20