HP Inc.

HPQ · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$25,863	$34,220	$26,021	$27,784	$32,839	$24,668	$25,741	$38,199	$35,994	$24,791	$48,480	–	–	–	–	–	–	–	–	–	–	–	–	$17,918	$14,791	$41,777	$26,658	$22,066	$22,387	$16,432	$17,253	$9,021	$6,720	$5,057	$4,431	$2,179	$3,975	$4,352	$4,468	$3,433	$2,730
Enterprise value	$33,040	$41,866	$33,528	$36,933	$37,313	$26,926	$26,341	$38,309	$35,667	$25,316	$40,301	–	–	–	–	–	–	–	–	–	–	–	–	$14,317	$15,906	$42,727	$25,937	$21,307	$22,202	$17,809	$18,514	$9,559	$7,933	$6,225	$5,195	$3,137	$4,884	$4,002	$2,890	$2,400	$2,072
P/E (TTM) at period end	10.23×	12.33×	7.97×	8.87×	5.02×	8.76×	8.17×	7.17×	14.25×	9.93×	10.65×	–	–	–	–	–	–	–	–	–	–	–	–	–	23.70×	11.30×	7.64×	7.49×	7.18×	6.35×	7.09×	5.64×	5.71×	5.74×	5.87×	2.95×	4.80×	5.33×	6.94×	6.65×	5.58×
P/S (TTM) at period end	0.47×	0.64×	0.48×	0.44×	0.52×	0.44×	0.44×	0.65×	0.69×	0.51×	0.94×	–	–	–	–	–	–	–	–	–	–	–	–	0.32×	0.33×	0.85×	0.63×	0.56×	0.63×	0.43×	0.55×	0.36×	0.33×	0.31×	0.31×	0.16×	0.33×	0.44×	0.55×	0.48×	0.42×
P/B at period end	–	–	–	–	–	–	–	–	–	–	1.75×	–	–	–	–	–	–	–	–	–	–	–	–	0.49×	1.06×	2.94×	1.46×	1.30×	1.39×	1.22×	1.46×	0.91×	0.79×	0.67×	0.61×	0.34×	0.73×	0.96×	0.89×	0.78×	0.69×
EV / EBITDA (TTM)	8.08×	9.01×	7.79×	6.92×	6.07×	6.36×	5.70×	8.79×	9.58×	6.52×	5.05×	–	–	–	–	–	–	–	–	–	–	–	–	12.93×	5.66×	8.11×	5.18×	4.46×	4.88×	3.55×	3.93×	2.69×	2.91×	3.00×	2.83×	1.82×	2.92×	–	–	–	–
EV / Sales (TTM)	0.60×	0.78×	0.62×	0.59×	0.59×	0.48×	0.45×	0.66×	0.69×	0.52×	0.78×	–	–	–	–	–	–	–	–	–	–	–	–	0.25×	0.35×	0.87×	0.61×	0.54×	0.63×	0.46×	0.59×	0.38×	0.39×	0.38×	0.36×	0.24×	0.41×	0.41×	0.36×	0.34×	0.32×
Returns
Return on equity	–	–	–	–	–	–	–	–	–	–	16.4%	18.8%	18.8%	(56.4%)	18.3%	21.7%	18.9%	21.4%	18.9%	16.2%	6.5%	9.3%	6.7%	(2.5%)	4.5%	26.0%	19.1%	17.4%	19.3%	19.2%	20.6%	16.1%	13.8%	11.7%	10.4%	11.6%	15.2%	18.0%	12.8%	11.8%	12.3%
Return on invested capital	44.0%	51.1%	53.7%	53.9%	163.4%	1174.1%	–	2104.9%	–	–	20.0%	10.2%	7.4%	(27.7%)	12.4%	17.6%	19.0%	17.8%	19.5%	21.0%	8.3%	11.0%	8.2%	(2.7%)	8.4%	19.7%	15.4%	15.2%	13.7%	17.1%	17.4%	14.5%	11.8%	10.8%	10.1%	11.1%	13.7%	19.5%	18.7%	15.4%	14.7%
Dividend yield	4.2%	3.1%	4.0%	3.7%	2.9%	4.0%	3.8%	2.4%	2.5%	3.5%	2.6%	–	–	–	–	–	–	–	–	–	–	–	–	4.5%	4.2%	1.5%	2.4%	2.8%	2.4%	2.7%	2.1%	3.1%	3.4%	3.6%	2.7%	4.7%	2.1%	–	–	–	–
Financial health
Current ratio	0.77×	0.72×	0.73×	0.75×	0.76×	0.79×	0.80×	0.85×	1.00×	0.98×	1.23×	1.15×	1.11×	1.09×	1.01×	1.10×	1.22×	0.98×	1.21×	1.35×	1.38×	1.50×	1.54×	1.48×	1.53×	1.53×	1.51×	1.37×	1.87×	1.69×	1.48×	1.52×	1.49×	1.51×	1.65×	1.47×	1.53×	1.72×	2.01×	2.51×	2.43×
Debt / equity	(27.94×)	(7.31×)	(8.87×)	(3.64×)	(4.56×)	(2.73×)	(4.24×)	(9.37×)	(2.29×)	(1.75×)	0.32×	0.68×	0.83×	1.27×	0.79×	0.55×	0.39×	0.46×	0.21×	0.14×	0.14×	0.19×	0.20×	0.22×	0.39×	0.35×	0.27×	0.20×	0.27×	0.35×	0.33×	0.30×	0.34×	0.24×	0.19×	0.32×	0.33×	0.13×	0.21×	0.08×	0.09×
Effective tax rate	5.2%	15.4%	(11.1%)	27.6%	13.6%	12.3%	(24.9%)	(76.8%)	22.9%	29.1%	(5.3%)	24.3%	19.5%	(6.0%)	21.2%	20.2%	18.6%	20.5%	20.8%	13.8%	32.3%	16.7%	12.1%	12.3%	11.1%	23.0%	26.0%	27.5%	29.5%	30.0%	33.0%	34.0%	34.0%	33.5%	33.0%	30.0%	28.0%	28.5%	33.1%	33.8%	35.5%
Share count
Diluted shares outstanding	953	989	1,000	1,050	1,220	1,420	1,524	1,634	1,702	1,743	1,836	1,912	1,950	1,974	2,128	2,372	2,437	2,567	2,716	2,852	2,909	3,055	3,063	2,499	1,974	2,077	2,105	2,144	2,114	2,104	2,104	2,083	2,024	2,007	1,987	1,895	1,884	1,943	2,012	1,985	2,038

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$59,162	$55,295	$53,559	$53,718	$62,910	$63,460	$56,638	$58,756	$58,472	$52,056	$48,238	$51,463	$56,651	$55,273	$120,357	$127,245	$126,033	$114,552	$118,364	$104,286	$91,658	$86,696	$79,905	$73,061	$56,588	$45,226	$48,870	$42,370	$39,419	$35,465	$38,420	$31,519	$24,991	$20,317	$16,410	$14,494	$13,233	$11,899	$9,831	$8,090	$7,102	$6,505
Cost of revenue	($47,404)	($43,903)	($41,741)	($42,210)	($50,647)	($50,053)	($46,217)	($47,586)	($47,803)	($42,478)	($39,240)	($41,524)	($56,469)	($55,632)	($59,468)	($65,167)	($65,064)	($56,503)	($69,342)	($63,435)	($69,427)	($66,440)	($60,811)	($53,858)	($41,579)	($33,259)	($34,813)	($29,720)	($27,790)	($24,524)	($25,499)	($20,014)	($15,490)	($12,123)	($9,158)	($7,234)	($6,427)	($5,629)	($4,359)	($3,443)	($3,032)	($2,867)
Gross profit	$11,758	$11,392	$11,818	$11,508	$12,263	$13,407	$10,421	$11,170	$10,669	$9,578	$8,998	$9,939	$182	($359)	$60,889	$62,078	$60,969	$58,049	$49,022	$40,851	$22,231	$20,256	$19,094	$19,203	$15,009	$11,967	$14,057	$12,650	$11,629	$10,941	$12,921	$11,505	$9,501	$8,194	$7,252	$7,260	$6,806	$6,270	$5,472	$4,647	$4,070	$3,638
Operating expenses
Research and development	($1,611)	($1,602)	($1,640)	($1,578)	($1,653)	($1,848)	($1,477)	($1,499)	($1,404)	($1,190)	($1,209)	($1,191)	($1,298)	($1,209)	($3,399)	($3,254)	($2,959)	($2,819)	($3,543)	($3,611)	($3,591)	($3,490)	($3,563)	($3,652)	($3,312)	($2,724)	($2,627)	($2,440)	($2,380)	($2,191)	($2,718)	($2,302)	($2,027)	($1,761)	($1,620)	–	–	–	–	–	–	–
Selling, general and administrative	($5,985)	($5,821)	($5,658)	($5,357)	($5,264)	($5,727)	($4,901)	($5,368)	($5,099)	($4,532)	($3,833)	($4,719)	($5,361)	($5,428)	($13,500)	($13,577)	($12,822)	($11,648)	($13,326)	($12,430)	($11,266)	($11,184)	($10,496)	($11,012)	($9,033)	($7,186)	($7,217)	($6,522)	($5,850)	($5,345)	($6,477)	($5,635)	($4,925)	($4,554)	($4,228)	($5,426)	($5,078)	($4,596)	($3,957)	($3,343)	($2,969)	($2,581)
Total operating expenses	($8,536)	($8,218)	($8,000)	($8,052)	($7,704)	($8,048)	($6,979)	($7,293)	($6,838)	($6,210)	($5,449)	($6,019)	$4,074	$3,875	($71,946)	($52,401)	($49,490)	($47,913)	($38,549)	($32,132)	($15,671)	($16,783)	($14,867)	($16,307)	($16,021)	($10,528)	($10,032)	($8,962)	($8,230)	($7,536)	($9,195)	($7,937)	($6,952)	($6,315)	($5,848)	($6,050)	($5,644)	($5,058)	($4,330)	($3,685)	($3,290)	($2,880)
Total costs and expenses	($55,940)	($52,121)	($49,741)	($50,262)	($58,351)	($58,101)	($53,196)	($54,879)	($54,641)	($48,688)	($44,689)	($47,543)	($52,395)	($51,757)	($131,414)	($117,568)	($114,554)	($104,416)	($107,891)	($95,567)	($85,098)	($83,223)	($75,678)	($70,165)	($57,600)	($43,787)	($44,845)	($38,682)	($36,020)	($32,060)	($34,694)	($27,951)	($22,442)	($18,438)	($15,006)	($13,284)	($12,071)	($10,687)	($8,689)	($7,128)	($6,322)	($5,747)
Operating income	$3,222	$3,174	$3,818	$3,456	$4,559	$5,359	$3,442	$3,877	$3,831	$3,368	$3,549	$3,920	$4,256	$3,516	($11,057)	$9,677	$11,479	$10,136	$10,473	$8,719	$6,560	$3,473	$4,227	$2,896	($1,012)	$1,439	$4,025	$3,688	$3,399	$3,405	$3,726	$3,568	$2,549	$1,879	$1,404	$1,210	$1,162	$1,212	$1,142	$962	$780	$758
Earnings
EBITDA	$4,152	$4,090	$4,648	$4,306	$5,339	$6,144	$4,231	$4,621	$4,359	$3,722	$3,881	$7,981	$8,590	$8,127	($5,962)	$14,661	$16,299	$14,916	$13,874	$11,424	$8,913	$5,817	$6,622	$5,423	$1,107	$2,808	$5,266	$5,004	$4,776	$4,549	$5,023	$4,707	$3,555	$2,725	$2,077	$1,834	$1,728	$1,674	–	–	–	–
Interest income	–	$89	$78	$67	$46	$31	$40	$80	$116	$66	$24	$75	$72	$76	$155	$167	$111	$119	$401	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($394)	($430)	($452)	($548)	($359)	($254)	($239)	($242)	($312)	($309)	($273)	($567)	($621)	($738)	($831)	($522)	($417)	($597)	($467)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,796	$2,668	$3,279	$2,937	$4,324	$7,568	$3,211	$2,523	$3,013	$3,276	$3,761	$3,532	$3,863	$3,055	($11,933)	$8,982	$10,974	$9,415	$10,473	$9,177	$7,191	$3,543	$4,196	$2,888	($1,052)	$702	$4,625	$4,194	$3,694	$3,568	$3,694	$3,632	$2,423	$1,783	$1,325	$1,127	$1,056	$1,151	$1,142	$962	$780	$758
Income tax expense	($345)	($139)	($504)	$326	($1,192)	($1,027)	($396)	$629	$2,314	($750)	($1,095)	$186	($939)	($595)	($717)	($1,908)	($2,213)	($1,755)	($2,144)	($1,913)	($993)	($1,145)	($699)	($349)	$129	($78)	($1,064)	($1,090)	($1,016)	($1,053)	($1,108)	($1,199)	($824)	($606)	($444)	($372)	($317)	($322)	($326)	($318)	($264)	($269)
Net income	$2,451	$2,529	$2,775	$3,263	$3,132	$6,541	$2,815	$3,152	$5,327	$2,526	$2,496	$4,554	$5,013	$5,113	($12,650)	$7,074	$8,761	$7,660	$8,329	$7,264	$6,198	$2,398	$3,497	$2,539	($923)	$624	$3,697	$3,491	$2,945	$3,119	$2,586	$2,433	$1,599	$1,177	$881	$755	$739	$829	$816	$644	$516	$489
Per share
Diluted EPS (GAAP)	$2.62	$2.65	$2.81	$3.26	$2.98	$5.36	$1.98	$2.07	$3.26	$1.48	$1.43	$2.48	$2.62	$2.62	($6.41)	$3.32	$3.69	$3.14	$3.25	$2.68	$2.18	$0.82	$1.15	$0.83	($0.37)	$0.32	$1.80	$1.67	$1.39	$1.48	$1.23	$1.16	$0.77	$0.59	$0.44	$0.38	$0.39	$0.44	$0.42	$0.32	$0.26	$0.24
Basic EPS (GAAP)	$2.65	$2.67	$2.83	$3.29	$3.02	$5.41	$1.99	$2.08	$3.30	$1.50	$1.44	$2.51	$2.66	$2.64	($6.41)	$3.38	$3.78	$3.21	$3.35	$2.76	$2.23	$0.83	$1.16	$0.83	($0.37)	$0.32	$1.87	$1.73	$1.43	$1.53	$1.27	$1.16	$0.77	$0.59	$0.44	$0.38	$0.39	$0.44	$0.42	$0.32	$0.26	$0.24
Basic shares outstanding	926	946	979	992	1,038	1,208	1,413	1,515	1,615	1,688	1,730	1,814	1,882	1,934	1,974	2,094	2,319	2,388	2,483	2,630	2,782	2,879	3,024	3,047	2,499	1,936	1,979	2,018	2,068	2,052	2,104	2,104	2,083	2,024	2,007	1,987	1,895	1,884	1,943	2,012	1,985	2,038
Margins
Gross margin	19.9%	20.6%	22.1%	21.4%	19.5%	21.1%	18.4%	19.0%	18.2%	18.4%	18.7%	19.3%	0.3%	(0.6%)	50.6%	48.8%	48.4%	50.7%	41.4%	39.2%	24.3%	23.4%	23.9%	26.3%	26.5%	26.5%	28.8%	29.9%	29.5%	30.9%	33.6%	36.5%	38.0%	40.3%	44.2%	50.1%	51.4%	52.7%	55.7%	57.4%	57.3%	55.9%
Operating margin	5.4%	5.7%	7.1%	6.4%	7.2%	8.4%	6.1%	6.6%	6.6%	6.5%	7.4%	7.6%	7.5%	6.4%	(9.2%)	7.6%	9.1%	8.8%	8.8%	8.4%	7.2%	4.0%	5.3%	4.0%	(1.8%)	3.2%	8.2%	8.7%	8.6%	9.6%	9.7%	11.3%	10.2%	9.2%	8.6%	8.3%	8.8%	10.2%	11.6%	11.9%	11.0%	11.7%
Net margin	4.1%	4.6%	5.2%	6.1%	5.0%	10.3%	5.0%	5.4%	9.1%	4.9%	5.2%	8.8%	8.8%	9.3%	(10.5%)	5.6%	7.0%	6.7%	7.0%	7.0%	6.8%	2.8%	4.4%	3.5%	(1.6%)	1.4%	7.6%	8.2%	7.5%	8.8%	6.7%	7.7%	6.4%	5.8%	5.4%	5.2%	5.6%	7.0%	8.3%	8.0%	7.3%	7.5%

Analyst consensus

Hold52 analysts

Bearish · 8 · Hold · 28 · Bullish · 16

Earnings history

	EPS	Estimate
Q4 2024	$0.93	$0.93	Match
Q1 2025	$0.74	$0.75	Miss
Q2 2025	$0.71	$0.78	Miss
Q3 2025	$0.75	$0.74	Beat
Q4 2025	$0.93	$0.92	Beat
Q1 2026	$0.81	$0.77	Beat
Q2 2026	$0.86	$0.71	Beat
Q3 2026	$0.83	$0.66	Beat

Peers

Company overview

IPO dateNov 6, 1957

CEOBruce Dale Broussard

Employees55,000

SectorTechnology

IndustryComputer Hardware

CountryUS

ExchangeNew York Stock Exchange

Websitewww-redirect.ext.hp.com

HP Inc. is a global technology company specializing in personal computing devices, imaging and printing solutions, and a variety of related technologies, software, and support services, serving clients both in the United States and worldwide. Its operations are structured into three main divisions: Personal Systems, Printing, and Corporate Investments. The Personal Systems segment offers a broad array of computing hardware, including desktop and laptop personal computers for both business and individual consumers, along with specialized workstations, thin clients, commercial mobile devices, retail point-of-sale systems, displays, and various peripherals. This division also encompasses essential software, support, and associated services. The Printing division focuses on delivering printer hardware for both general consumers and commercial clients, alongside a full suite of supplies, comprehensive print solutions, and related services. Finally, the Corporate Investments segment is dedicated to fostering innovation through HP Labs, incubating new business ventures, and managing various investment projects. HP's extensive client base spans individual end-users, small and medium-sized enterprises (SMEs), and major corporations, reaching diverse sectors such as government, healthcare, and education. Established in 1939, the company initially operated as Hewlett-Packard Company before rebranding to HP Inc. in October 2015. Its corporate headquarters are located in Palo Alto, California.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.