HP
HPQ NYSE Technology Hardware, Storage & Peripherals Financials FY2016–FY2025
HP's revenue rose 3.2% to $55.3 billion in fiscal 2025. Its operating margin was 5.7%, down from 7.1% a year earlier. Free cash flow was $2.8 billion, down 11.3%. It paid out $1.9 billion in dividends and buybacks, 69% of free cash flow. The diluted share count fell 3.6%.
What HP does
HP makes personal computers and printers, and sells the ink, toner and services that go with them. Its products include business and home laptops and desktops, workstations, gaming PCs, displays, office and home printers, large-format and industrial printing presses, and 3D printers. It sells to consumers, small businesses, large companies and public bodies in more than 170 countries, mostly through retailers, resellers and distributors.
HP reports three segments. Personal Systems covers PCs and related services. Printing covers printer hardware and supplies, the cartridges and other materials customers buy again and again. Corporate Investments holds early-stage projects. One distributor, TD Synnex, accounted for 12% of net revenue in fiscal 2025, the year ended October 31, 2025, and about 65% came from outside the United States. HP names Apple, Dell, Lenovo, Acer, ASUSTeK and Microsoft among its PC rivals, and Canon, Epson, Brother, Ricoh and Xerox among its printer rivals. It also competes with sellers of cheaper non-HP ink and toner.
HP has about 55,000 employees and uses outside manufacturers around the world to build many of its products. In November 2025 its board approved a restructuring plan, running through fiscal 2028, that aims to use artificial intelligence more widely; HP expects it to cut about 4,000 to 6,000 jobs.
- Legal name
- HP INC.
- Fiscal year ends
- October 31, 2025
- Latest annual report
- 10-K · Dec 10, 2025
- Accession · CIK
- 0000047217-25-000071
0000047217
Revenue and margins
HP had $55.3B of revenue in fiscal 2025, up 3.2% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 7.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $2.8B in fiscal 2025, 5.1% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
HP returned $1.9B to shareholders in fiscal 2025, 69% of free cash flow. The diluted share count fell 3.6%.
Value HP yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$6.0B and divides by 953.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 12.9x · peers 21.7x · sector 33.5x.
Balance sheet
Cash, debt and the ratios that show how comfortably HP can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $4.3B | $3.1B | $3.1B | $3.2B | $3.7B |
| Debt incl. finance leases | $7.6B | $11.2B | $9.6B | $9.7B | $9.7B |
| Net debt / EBITDA | 0.5x | 1.5x | 1.5x | 1.4x | 1.5x |
| Interest coverage | 21.1x | 12.7x | 6.3x | 8.5x | 7.4x |
| Current ratio | 0.8x | 0.8x | 0.7x | 0.7x | 0.8x |
| Quick ratio | 0.5x | 0.5x | 0.5x | 0.5x | 0.5x |
| Total assets | $38.6B | $38.5B | $37.0B | $39.9B | $41.8B |
| Total liabilities | $40.2B | $41.5B | $38.1B | $41.2B | $42.1B |
| Shareholders' equity | −$1.6B | −$3.0B | −$1.1B | −$1.3B | −$346M |
| Net debt (− = net cash) | $3.3B | $8.0B | $6.5B | $6.5B | $6.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$6.4M
5 insiders
Of sales under plans
75%
$4.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 2, 2026 | David P. McQuarrieChief Commercial Officer | Sold plan | 31,572 | $32.12 | $1.0M | Form 4 |
| Aug 7, 2026 | David P. McQuarrieChief Commercial Officer | Sold plan | 21,048 | $29.98 | $0.6M | Form 4 |
| Aug 4, 2026 | David P. McQuarrieChief Commercial Officer | Sold plan | 10,524 | $27.98 | $0.3M | Form 4 |
| Aug 3, 2026 | David P. McQuarrieChief Commercial Officer | Sold plan | 10,524 | $27.88 | $0.3M | Form 4 |
| Jul 28, 2026 | David P. McQuarrieChief Commercial Officer | Sold plan | 10,524 | $27.98 | $0.3M | Form 4 |
| Jun 12, 2026 | David P. McQuarrieChief Commercial Officer | Sold plan | 10,524 | $24.68 | $0.3M | Form 4 |
| Mar 11, 2026 | Mary Anne CitrinoDirector | Sold | 45,172 | $18.47 | $0.8M | Form 4 |
| Dec 26, 2025 | Ketan M PatelPresident, Personal Systems | Sold | 33,321 | $23.19 | $0.8M | Form 4 |
| Dec 9, 2025 | Anneliese OlsonPres Imaging Prtng & Solutions | Sold plan | 16,726 | $24.83 | $0.4M | Form 4 |
| Dec 5, 2025 | Enrique LoresPresident and CEO, Director | Sold plan | 41,922 | $26.01 | $1.1M | Form 4 |
| Oct 29, 2025 | Anneliese OlsonPres Imaging Prtng & Solutions | Sold plan | 18,154 | $27.88 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✕ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 7 / 9 | 7 / 9 | 6 / 9 |
| Accruals ratio | −0.8% | −2.5% | −2.9% |
| Altman Z'' | −0.76 | −0.91 | −0.72 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| HP HPQ | $31.2B | 3.2% | 5.7% | 5.1% | 55.3% | 12.9x | 6 | |
| Supermicro SMCI | $23.0B | 77.8% | 7.1% | −17.9% | — | 10.1x | — | Compare → |
| Hewlett Packard Enterprise HPE | $82.1B | 13.8% | −1.3% | 1.8% | −0.9% | 29.4x | 4 | Compare → |
| Dell Technologies DELL | $297.6B | 18.8% | 7.2% | 7.5% | 36.0% | 26.5x | 7 | Compare → |
| Sandisk SNDK | $191.9B | 175.3% | 61.2% | 56.8% | 105.9% | 16.8x | 7 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $48.2B | $52.1B | $58.5B | $58.8B | $56.6B | $63.5B | $62.9B | $53.7B | $53.6B | $55.3B |
| Gross profit | $9.0B | $9.6B | $10.7B | $11.2B | $10.4B | $13.4B | $12.3B | $11.5B | $11.8B | $11.4B |
| Research and development | $1.2B | $1.2B | $1.4B | $1.5B | $1.5B | $1.8B | $1.7B | $1.6B | $1.6B | $1.6B |
| Operating income | $3.5B | $3.4B | $3.8B | $3.9B | $3.4B | $5.4B | $4.6B | $3.5B | $3.8B | $3.2B |
| Interest expense | $273M | $309M | $312M | $242M | $239M | $254M | $359M | $548M | $452M | $430M |
| Pretax income | $3.8B | $3.3B | $3.0B | $2.5B | $3.2B | $7.6B | $4.3B | $2.9B | $3.3B | $2.7B |
| Income tax | $1.1B | $750M | −$2.3B | −$629M | $396M | $1.0B | $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 |
| Diluted EPS | $1.43 | $1.48 | $3.26 | $2.07 | $1.98 | $5.36 | $2.98 | $3.26 | $2.81 | $2.65 |
| Diluted shares | 1.74B | 1.70B | 1.63B | 1.52B | 1.42B | 1.22B | 1.05B | 1.00B | 0.99B | 0.95B |
| Cash flow | ||||||||||
| Cash from operations | $3.3B | $3.7B | $4.5B | $4.7B | $4.3B | $6.4B | $4.5B | $3.6B | $3.7B | $3.7B |
| Capital expenditure | $433M | $402M | $546M | $671M | $580M | $582M | $765M | $593M | $592M | $897M |
| Free cash flow | $2.8B | $3.3B | $4.0B | $4.0B | $3.7B | $5.8B | $3.7B | $3.0B | $3.2B | $2.8B |
| Depreciation and amortization | $332M | $354M | $528M | $744M | $789M | $785M | $780M | $850M | $830M | $916M |
| Stock-based compensation | $182M | $224M | $268M | $297M | $278M | $330M | $343M | $438M | $452M | $522M |
| Acquisitions | $7.0M | $0.0M | $1.0B | $458M | $0.0M | $854M | $2.8B | $7.0M | $58.0M | $116M |
| Share buybacks | $1.2B | $1.4B | $2.6B | $2.4B | $3.1B | $6.2B | $4.3B | $100M | $2.1B | $850M |
| Dividends paid | $858M | $894M | $899M | $970M | $997M | $938M | $1.0B | $1.0B | $1.1B | $1.1B |
| Dividends and buybacks | $2.0B | $2.3B | $3.5B | $3.4B | $4.1B | $7.2B | $5.3B | $1.1B | $3.2B | $1.9B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $6.3B | $8.1B | $5.9B | $4.5B | $5.1B | $4.3B | $3.1B | $3.1B | $3.2B | $3.7B |
| Total debt | $6.8B | $7.8B | $6.0B | $5.2B | $6.3B | $7.6B | $11.2B | $9.6B | $9.7B | $9.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $18.5B | $22.3B | $21.4B | $20.2B | $20.6B | $22.2B | $19.7B | $18.0B | $20.8B | $22.5B |
| Current liabilities | $18.8B | $22.4B | $25.1B | $25.3B | $26.2B | $29.1B | $26.2B | $24.5B | $28.7B | $29.3B |
| Inventory | $4.5B | $5.8B | $6.1B | $5.7B | $6.0B | $7.9B | $7.6B | $6.9B | $7.7B | $8.5B |
| Property and equipment, net | $1.7B | $1.9B | $2.2B | $2.8B | $2.6B | $2.5B | $2.8B | $2.8B | $2.9B | $3.0B |
| Total assets | $29.0B | $32.9B | $34.6B | $33.5B | $34.7B | $38.6B | $38.5B | $37.0B | $39.9B | $41.8B |
| Total liabilities | $32.9B | $36.3B | $35.3B | $34.7B | $37.0B | $40.2B | $41.5B | $38.1B | $41.2B | $42.1B |
| Shareholders' equity | −$3.9B | −$3.4B | −$639M | −$1.2B | −$2.3B | −$1.6B | −$3.0B | −$1.1B | −$1.3B | −$346M |
| Margins | ||||||||||
| Gross margin | 18.7% | 18.4% | 18.3% | 19.0% | 18.4% | 21.1% | 19.5% | 21.4% | 22.1% | 20.6% |
| Operating margin | 7.4% | 6.5% | 6.6% | 6.6% | 6.1% | 8.4% | 7.3% | 6.4% | 7.1% | 5.7% |
| EBITDA margin | 8.1% | 7.2% | 7.5% | 7.9% | 7.5% | 9.7% | 8.5% | 8.0% | 8.7% | 7.4% |
| Net margin | 5.2% | 4.9% | 9.1% | 5.4% | 5.0% | 10.3% | 5.0% | 6.1% | 5.2% | 4.6% |
| FCF margin | 5.8% | 6.3% | 6.8% | 6.8% | 6.6% | 9.2% | 5.9% | 5.5% | 5.9% | 5.1% |
| Returns | ||||||||||
| Return on capital | 31.2% | — | — | — | — | — | — | 66.1% | 60.8% | 55.3% |
| Return on capital employed | 9.5% | 32.6% | 38.3% | 43.9% | 41.4% | 59.5% | 41.7% | 27.9% | 32.2% | 26.8% |
| Return on equity | 20.9% | — | — | — | — | — | — | — | — | — |
| Return on assets | 3.7% | 8.2% | 15.8% | 9.3% | 8.3% | 17.9% | 8.1% | 8.6% | 7.2% | 6.2% |
| Growth | ||||||||||
| Revenue growth | −6.3% | 7.9% | 12.3% | 0.5% | −3.6% | 12.0% | −0.9% | −14.6% | −0.3% | 3.2% |
| Net income growth | −45.2% | 1.2% | 110.9% | −40.8% | −10.7% | 132.4% | −52.1% | 4.2% | −15.0% | −8.9% |
| EPS growth | −42.3% | 3.5% | 120.3% | −36.5% | −4.4% | 170.7% | −44.4% | 9.4% | −13.8% | −5.7% |
| FCF growth | −17.7% | 16.2% | 21.6% | 0.0% | −6.2% | 56.0% | −36.5% | −19.5% | 6.0% | −11.3% |
| Share count change | −5.1% | −2.4% | −4.0% | −6.7% | −6.8% | −14.1% | −13.9% | −4.8% | −1.1% | −3.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.1x | −0.1x | 0.0x | 0.1x | 0.3x | 0.5x | 1.5x | 1.5x | 1.4x | 1.5x |
| Interest coverage | 13.0x | 10.9x | 12.3x | 16.0x | 14.4x | 21.1x | 12.7x | 6.3x | 8.5x | 7.4x |
| Current ratio | 1.0x | 1.0x | 0.9x | 0.8x | 0.8x | 0.8x | 0.8x | 0.7x | 0.7x | 0.8x |
| Quick ratio | 0.7x | 0.7x | 0.6x | 0.6x | 0.6x | 0.5x | 0.5x | 0.5x | 0.5x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.9% | 0.8% | 0.9% | 1.1% | 1.0% | 0.9% | 1.2% | 1.1% | 1.1% | 1.6% |
| Stock comp / revenue | 0.4% | 0.4% | 0.5% | 0.5% | 0.5% | 0.5% | 0.6% | 0.8% | 0.8% | 0.9% |
| Payouts / FCF | 71.6% | 70.4% | 86.8% | 84.7% | 109.9% | 123.3% | 144.2% | 38.2% | 100.6% | 69.2% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 7.0 | 5.0 | 6.0 | 4.0 | 6.0 | 4.0 | 7.0 | 7.0 | 6.0 |
| Altman Z'' | 0.2 | 0.3 | −0.0 | −0.3 | −0.6 | −0.5 | −0.8 | −0.8 | −0.9 | −0.7 |
| Accruals ratio | −1.1% | −3.7% | 2.4% | −4.4% | −4.4% | 0.4% | −3.5% | −0.8% | −2.5% | −2.9% |
Source: SEC EDGAR XBRL filings (CIK 0000047217). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.