HP Inc. (HPQ) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.69	$0.83	+20.3%	—	—	—
Q1 27	$0.72	$0.86	+19.4%	—	—	—
Q4 26	$0.77	$0.81	+5.2%	—	—	—
Q3 26	$0.92	$0.93	+1.1%	—	—	—
Q2 26	$0.75	$0.75	0.0%	—	—	—
Q1 26	$0.8	$0.71	-11.3%	—	—	—
Q4 25	$0.74	$0.74	0.0%	—	—	—
Q3 25	$0.93	$0.93	0.0%	—	—	—
Q2 25	$0.86	$0.83	-3.5%	—	—	—
Q1 25	$0.81	$0.82	+1.2%	—	—	—
Q4 24	$0.81	$0.81	0.0%	—	—	—
Q3 24	$0.9	$0.9	0.0%	—	—	—
Q2 24	$0.86	$0.86	0.0%	—	—	—
Q1 24	$0.76	$0.8	+5.3%	—	—	—
Q4 23	$0.75	$0.75	0.0%	—	—	—
Q3 23	$0.84	$0.85	+1.2%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.67	—	—	$55.3B	—
FY24	—	$2.83	—	—	$53.6B	—
FY23	—	$3.29	—	—	$53.7B	—
FY22	—	$3.09	—	—	$62.9B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$48.2B	$52.1B	$58.5B	$58.8B	$56.6B	$63.5B	$62.9B	$53.7B	$53.6B	$55.3B
YoY change	-6.27%	+7.91%	+12.3%	+0.49%	-3.6%	+12%	-0.87%	-14.6%	-0.3%	+3.24%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	48.2B	52.1B	58.5B	58.8B	56.6B	63.5B	62.9B	53.7B	53.6B	55.3B
Cost of revenue	39.2B	42.5B	47.8B	47.6B	46.2B	50.1B	50.6B	42.2B	41.7B	43.9B
Gross profit	9B	9.6B	10.7B	11.2B	10.4B	13.4B	12.3B	11.5B	11.8B	11.4B
Gross margin	18.7%	18.4%	18.2%	19%	18.4%	21.1%	19.5%	21.4%	22.1%	20.6%
Research & development	1.2B	1.2B	1.4B	1.5B	1.5B	1.8B	1.7B	1.6B	1.6B	1.6B
Selling, general & administrative	3.8B	4.5B	5.1B	5.4B	4.9B	5.7B	5.3B	5.4B	5.7B	5.8B
Operating expenses	5B	5.7B	6.5B	6.9B	6.4B	7.6B	6.9B	6.9B	7.3B	7.4B
Operating income	4.4B	3.9B	3.4B	3B	3.9B	5.7B	5.1B	4.2B	4.2B	3.6B
Operating margin	9.15%	7.5%	5.86%	5.11%	6.94%	8.95%	8.13%	7.86%	7.85%	6.55%
Non-operating income, net	-378M	-317M	-99M	-236M	-481M	2.1B	-434M	-602M	-316M	-401M
Pretax income	3.8B	3.3B	3B	2.5B	3.2B	7.6B	4.3B	2.9B	3.3B	2.7B
Income tax	1.1B	750M	-2.3B	-629M	396M	1B	1.2B	-326M	504M	139M
Net income	2.5B	2.5B	5.3B	3.2B	2.8B	6.5B	3.1B	3.3B	2.8B	2.5B
Net margin	5.17%	4.85%	9.11%	5.36%	4.97%	10.3%	4.98%	6.07%	5.18%	4.57%
EBITDA	4.8B	4.4B	4.2B	3.8B	4.8B	6.6B	6B	5.1B	5.1B	4.5B
EPS	1.44	1.5	3.3	2.08	2.01	5.38	3.09	3.29	2.83	2.67
Diluted EPS	1.43	1.48	3.26	2.07	2	5.33	3.05	3.26	2.81	2.65

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	13.8B	13.2B	12.8B	13.5B	14.1B	13.5B	13.2B	13.9B	14.6B	14.4B	14.4B	15.7B
Cost of revenue	10.8B	10.3B	9.8B	10.6B	11.1B	10.7B	10.5B	11.1B	11.7B	11.6B	11.4B	12.7B
Gross profit	3B	2.9B	3B	2.9B	3B	2.8B	2.7B	2.9B	3B	2.8B	3B	2.9B
Gross margin	21.6%	21.9%	23.6%	21.5%	21.4%	21%	20.7%	20.5%	20.2%	19.6%	20.9%	18.8%
Research & development	411M	399M	436M	413M	392M	397M	401M	406M	398M	392M	432M	389M
Selling, general & administrative	1.3B	1.4B	1.5B	1.4B	1.4B	1.5B	1.5B	1.5B	1.4B	1.5B	1.5B	1.5B
Operating expenses	1.7B	1.8B	1.9B	1.8B	1.8B	1.9B	1.9B	1.9B	1.8B	1.9B	1.9B	1.9B
Operating income	1.2B	1B	1B	1B	1.1B	921M	793M	834M	1.1B	883M	981M	944M
Operating margin	8.4%	7.77%	8.16%	7.46%	8%	6.82%	6%	5.99%	7.35%	6.12%	6.81%	6.02%
Non-operating income, net	-152M	-76M	-86M	-32M	-115M	-76M	-141M	-67M	-117M	-91M	-367M	-34M
Pretax income	852M	793M	797M	827M	862M	704M	506M	624M	834M	671M	493M	798M
Income tax	-122M	171M	190M	187M	-44M	139M	100M	-139M	39M	126M	43M	137M
Net income	974M	622M	607M	640M	906M	565M	406M	763M	795M	545M	450M	661M
Net margin	7.05%	4.72%	4.74%	4.73%	6.45%	4.18%	3.07%	5.48%	5.43%	3.77%	3.12%	4.22%
EBITDA	1.4B	1.2B	1.3B	1.3B	1.4B	1.1B	996M	1.1B	1.3B	1.1B	1.2B	1.2B
EPS	0.98	0.63	0.62	0.65	0.94	0.6	0.43	0.81	0.85	0.59	0.49	0.72
Diluted EPS	0.97	0.62	0.61	0.65	0.93	0.59	0.42	0.8	0.84	0.58	0.49	0.71

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	25.1B	36.4B	39B	26.3B	25.4B	—	—	26.1B	34.8B	26.2B	28.2B
Enterprise value	25.6B	36B	39.1B	26.9B	27.6B	—	—	33.8B	42.4B	33.4B	34.4B
Shares outstanding	1.7B	1.7B	1.6B	1.5B	1.4B	1.2B	1B	992M	979M	946M	946M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	10	14.4	7.32	8.35	9.02	—	—	8	12.5	10.4	12
P/S	0.52	0.7	0.67	0.45	0.45	—	—	0.49	0.65	0.47	0.48
P/B	-6.45	-10.7	-61	-22.1	-11.4	—	—	-24.4	-26.3	-75.7	-312.9
EV/EBITDA	5.38	8.14	9.23	7.05	5.8	—	—	6.58	8.32	7.35	7.42
EV/Sales	0.53	0.69	0.67	0.46	0.49	—	—	0.63	0.79	0.6	0.58
Earnings yield	9.96%	6.94%	13.7%	12%	11.1%	—	—	12.5%	7.98%	9.66%	8.37%
FCF yield	11.2%	9%	10.2%	15.1%	14.7%	—	—	11.4%	9.08%	10.7%	12%
PEG	—	—	—	—	—	—	—	—	—	—	-1.08

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18.7%	18.4%	18.2%	19%	18.4%	21.1%	19.5%	21.4%	22.1%	20.6%	18.8%
Operating margin	9.15%	7.5%	5.86%	5.11%	6.94%	8.95%	8.13%	7.86%	7.85%	6.55%	5.4%
Net margin	5.17%	4.85%	9.11%	5.36%	4.97%	10.3%	4.98%	6.07%	5.18%	4.57%	4.14%
ROE	-64.2%	-74.1%	-833.6%	-264.2%	-126.3%	-397.9%	-103.5%	-305.2%	-209.8%	-730.9%	-730.9%
ROA	8.61%	7.67%	15.4%	9.42%	8.12%	16.9%	8.14%	8.82%	6.95%	6.05%	5.63%
ROIC	-93%	-80.6%	-647.3%	-506.1%	11.5K%	173.4%	60.5%	64.3%	56.1%	50.2%	56%
Return on tangible assets	14.1%	11.7%	24.5%	16.2%	13.5%	27.9%	17.9%	19.6%	13.9%	11.3%	9.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.98	1	0.85	0.8	0.79	0.76	0.75	0.73	0.72	0.77	0.79
Quick ratio	0.74	0.74	0.61	0.57	0.56	0.49	0.46	0.45	0.45	0.48	0.48
Debt / equity	-1.75	-2.29	-9.37	-4.31	-3.32	-5.34	-4.06	-10	-8.24	-31.5	-1.12
Debt / assets	0.24	0.24	0.17	0.15	0.21	0.23	0.32	0.29	0.27	0.26	0.23
Net debt / EBITDA	0.11	-0.07	0.03	0.16	0.47	0.67	1.52	1.49	1.5	1.59	1.27
Interest coverage	14.8	11.6	10.7	11.4	14.4	30.8	13	5.29	6.4	5.81	6.84
Effective tax rate	29.1%	22.9%	0%	0%	12.3%	13.6%	27.6%	0%	15.4%	5.21%	12.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	27.9	30.8	36.2	38.8	40.1	52.5	60.6	54.2	54.7	58.5	63.9
EPS (basic)	1.44	1.5	3.3	2.08	2.01	5.38	3.09	3.29	2.83	2.67	2.67
EPS (diluted)	1.43	1.48	3.26	2.07	2	5.33	3.05	3.26	2.81	2.65	2.62
Book value per share	-2.25	-2.02	-0.4	-0.79	-1.58	-1.36	-2.91	-1.08	-1.35	-0.37	-0.1
FCF per share	1.63	1.94	2.47	2.63	2.64	4.82	3.56	3	3.22	2.96	4.19
Cash per share	3.63	4.83	3.64	2.99	3.64	3.56	3.03	3.13	3.31	3.9	4.62
Capex per share	0.25	0.2	0.23	0.44	0.41	0.48	0.74	0.6	0.6	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.89%	0.64%	0.64%	1.14%	1.02%	0.92%	1.22%	1.1%	1.11%	—	—
Capex / operating cash flow	13.1%	9.06%	8.26%	14.4%	14.6%	9.03%	17.1%	16.6%	15.8%	—	—
Payout ratio	34.4%	35.4%	16.9%	30.8%	35.4%	14.3%	33.1%	31.8%	38.7%	43%	45.4%
Dividend yield	3.42%	2.46%	2.31%	3.69%	3.93%	—	—	3.97%	3.09%	4.16%	3.83%

Yield

3.83%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.30

ex-dividend Sep 9, 2026

Payout ratio

45%

of earnings

Dividend growth

9 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 9, 2026	$0.30
Jun 10, 2026	$0.30
Mar 11, 2026	$0.30

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$13.8B	$13.2B	$12.8B	$13.5B	$14.1B	$13.5B	$13.2B	$13.9B	$14.6B	$14.4B	$14.4B	$15.7B
YoY change	-6.65%	-4.44%	-0.83%	+2.45%	+1.72%	+2.42%	+3.28%	+3.05%	+4.16%	+6.92%	+8.99%	+12.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	6.3B	8.1B	5.9B	4.5B	5.1B	4.3B	3.1B	3.1B	3.2B	3.7B
Receivables	4.1B	4.4B	5.1B	6B	5.4B	5.5B	4.5B	4.2B	5.1B	5.7B
Inventory	4.5B	5.8B	6.1B	5.7B	6B	7.9B	7.6B	6.9B	7.7B	8.5B
Total current assets	18.5B	22.3B	21.4B	20.2B	20.6B	22.2B	19.7B	18B	20.8B	22.5B
Property, plant & equipment	1.7B	1.9B	2.2B	2.8B	3.7B	3.7B	4B	4B	4.1B	4.2B
Goodwill & intangibles	11.2B	11.3B	12.8B	14.1B	13.8B	15.2B	20.9B	20.4B	19.9B	19.4B
Total assets	29B	32.9B	34.6B	33.5B	34.7B	38.6B	38.5B	37B	39.9B	41.8B
Accounts payable	11.1B	13.3B	14.8B	14.8B	14.7B	16.1B	15.3B	14B	16.9B	18.1B
Short-term debt	78M	1.1B	1.5B	357M	949M	1.5B	623M	660M	1.8B	1.2B
Total current liabilities	18.8B	22.4B	25.1B	25.3B	26.2B	29.1B	26.2B	24.5B	28.7B	29.3B
Long-term debt	6.7B	6.7B	4.5B	4.8B	6.4B	7.3B	11.7B	10.1B	9.1B	9.6B
Total liabilities	32.9B	36.3B	35.3B	34.7B	36.9B	40.2B	41.5B	38.1B	41.2B	42.1B
Shareholders' equity	-3.9B	-3.4B	-639M	-1.2B	-2.2B	-1.6B	-3B	-1.1B	-1.3B	-346M
Total debt	6.8B	7.8B	6B	5.1B	7.4B	8.8B	12.3B	10.7B	10.9B	10.9B
Net debt	525M	822M	821M	600M	2.5B	4.5B	9.1B	7.6B	7.7B	7.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	3.1B	2.3B	2.4B	2.8B	3.2B	2.9B	2.7B	2.9B	3.7B	3.2B	3.7B	4.2B
Receivables	4.2B	3.8B	4.3B	4.7B	5.1B	4.2B	4.3B	5.1B	5.7B	5.3B	6.1B	7.2B
Inventory	6.9B	6.9B	7.5B	7.8B	7.7B	8.4B	8.2B	8.4B	8.5B	8.7B	9.2B	10.3B
Total current assets	18B	16.9B	18.6B	19.3B	20.8B	19.8B	19.5B	20.6B	22.5B	22.2B	24B	26.7B
Property, plant & equipment	4B	4B	3.9B	4B	4.1B	4.1B	4.1B	4.1B	4.2B	4.2B	4.2B	4.2B
Goodwill & intangibles	20.4B	20.3B	20.1B	19.9B	19.9B	19.7B	19.9B	19.6B	19.4B	19.4B	19.2B	19.1B
Total assets	37B	35.8B	37.4B	38.1B	39.9B	38.9B	38.8B	39.9B	41.8B	41.5B	42.9B	45.7B
Accounts payable	14B	13.3B	14.4B	15.4B	16.9B	16.5B	15.2B	17B	18.1B	18.2B	19.2B	21.4B
Short-term debt	660M	818M	730M	1.8B	1.8B	1.8B	1.9B	1.2B	1.2B	1.3B	1.2B	1.7B
Total current liabilities	24.5B	23.9B	24.8B	27B	28.7B	27.4B	26.6B	27.9B	29.3B	29.3B	30.2B	34B
Long-term debt	10.1B	10.1B	10.1B	9B	9.1B	9.1B	10.1B	9.5B	9.6B	9.7B	9.6B	8.6B
Total liabilities	38.1B	37.5B	38.3B	39.5B	41.2B	40B	40.1B	40.8B	42.1B	42.3B	43.1B	45.8B
Shareholders' equity	-1.1B	-1.6B	-916M	-1.4B	-1.3B	-1.1B	-1.3B	-901M	-346M	-766M	-144M	-92M
Total debt	10.7B	10.9B	10.8B	10.8B	10.9B	10.9B	11.9B	10.8B	10.9B	10.9B	10.9B	10.3B
Net debt	7.6B	8.7B	8.4B	8B	7.7B	8B	9.2B	7.9B	7.2B	7.8B	7.2B	6.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.5B	2.5B	5.3B	3.2B	2.8B	6.5B	3.1B	3.3B	2.8B	2.5B
Depreciation & amortization	332M	354M	528M	744M	789M	785M	780M	850M	830M	916M
Stock-based compensation	182M	224M	268M	297M	278M	330M	343M	438M	452M	522M
Change in working capital	-327M	-161M	1.6B	-201M	-620M	-1.2B	-907M	-464M	-449M	-785M
Operating cash flow	3.3B	3.7B	4.5B	4.7B	4B	6.4B	4.5B	3.6B	3.7B	3.7B
Capital expenditure	-427M	-333M	-374M	-671M	-577M	-582M	-765M	-593M	-592M	—
Investing cash flow	48M	-1.7B	-716M	-438M	-1B	-1B	-3.5B	-590M	-646M	-280M
Dividends paid	-858M	-894M	-899M	-970M	-997M	-938M	-1B	-1B	-1.1B	-1.1B
Share repurchases	-1.2B	-1.4B	-2.6B	-2.4B	-3.1B	-6.2B	-4.3B	-100M	-2.1B	-850M
Financing cash flow	-14.4B	-1.3B	-7.2B	-5.7B	-2.8B	-5.9B	-2.4B	-2.8B	-3B	-1.9B
Net change in cash	-11.1B	649M	-3.4B	-1.5B	89M	-477M	-1.5B	176M	95M	1.5B
Free cash flow	2.8B	3.3B	4B	4B	3.7B	5.8B	3.7B	3B	3.2B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	974M	622M	607M	640M	906M	565M	406M	763M	795M	545M	450M	661M
Depreciation & amortization	212M	205M	209M	208M	208M	197M	205M	306M	208M	214M	264M	244M
Stock-based compensation	85M	177M	94M	96M	85M	192M	140M	100M	90M	182M	112M	95M
Change in working capital	719M	-859M	-331M	376M	508M	-662M	-812M	335M	354M	-676M	-227M	625M
Operating cash flow	2B	121M	581M	1.4B	1.6B	374M	38M	1.7B	1.6B	383M	926M	1.7B
Capital expenditure	-134M	-158M	-119M	-162M	-153M	-302M	-183M	—	—	—	—	—
Investing cash flow	-138M	-228M	-119M	-177M	-192M	-300M	-293M	235M	133M	-36M	156M	5M
Dividends paid	-260M	-275M	-269M	-268M	-263M	-273M	-273M	-272M	-270M	-277M	-274M	-274M
Share repurchases	0	-500M	-100M	-600M	-900M	-100M	-100M	-150M	-500M	-325M	-100M	-300M
Financing cash flow	-438M	-632M	-428M	-839M	-1.1B	-341M	651M	-1.5B	-708M	-600M	-353M	-1.1B
Net change in cash	1.4B	-739M	34M	408M	322M	-267M	396M	354M	1B	-253M	729M	664M
Free cash flow	1.8B	-37M	462M	1.3B	1.5B	72M	-145M	1.4B	1.4B	150M	756M	1.5B

Date	Ratio
Nov 2, 2015	2202:1000
Oct 30, 2000	2:1
Jul 16, 1996	2:1
Apr 17, 1995	2:1
Aug 26, 1983	2:1
Jul 20, 1981	2:1
Jul 31, 1979	2:1
Mar 20, 1970	2:1

HP Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history