# HP Inc. (HPQ) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/HPQ/thesis · /stocks/HPQ/memo

## Financial Snapshot

---
ticker: HPQ
step: 04
generated: 2026-05-12
source: quick-research
---

### HP Inc. (HPQ) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $62.91B | $53.72B | $53.56B | -0.3% |
| Gross Margin | ~22% | ~21% | ~22% | +~100bp |
| Operating Margin | ~8% | ~8% | ~8% | flat |
| Net Income | ~$3.1B | ~$3.0B | $3.78B | +26% |
| EPS (diluted, GAAP) | ~$3.05 | $3.26 | ~$3.94 | +21% |

*FY ends October 31. FY2022 peak reflects post-COVID PC demand surge; FY2023 declined sharply (-14.6%) as PC demand normalized post-cycle. FY2025 (actual): revenue $55.3B (+3.2%), FCF $2.9B.*

#### Cash Flow & Balance Sheet (FY2024/FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$3.5B |
| Free Cash Flow | ~$2.9B (FY2025) |
| Shareholder Returns (FY2025) | ~$1.9B (buybacks + dividends) |
| Cash & Equivalents | ~$3.3B |
| Total Debt | ~$9.5B |

#### Key Ratios (approximate)
- P/E: ~8x | P/Sales: ~0.35x | Dividend Yield: ~4%
- Revenue Growth (FY2025): +3.2% | FCF Margin: ~5%
- Dividend growth CAGR (3–5yr): >5%; 22+ consecutive years of dividend payments

#### Growth Profile
HP's revenues contracted sharply from a COVID-driven PC boom peak of $62.9B in FY2022 to $53.6B in FY2024 as the PC upgrade cycle normalized. Recovery is underway: FY2025 revenue reached $55.3B (+3.2%) driven by commercial PC demand recovery, AI PC mix shift (premium pricing), and resilient services/supplies. HP's "Future Ready" structural cost plan targeted $1.9B in savings by FY2025 end, supporting margin resilience despite top-line pressure. The Windows 10 end-of-life refresh cycle (40% of enterprise installed base still on Windows 10) is expected to extend commercial tailwinds into FY2026.

#### Forward Estimates
- FY2026: AI PCs targeting 40–50% of shipments (vs. 30% in Q4 FY2025); premium ASPs expected to drive revenue growth
- Memory cost inflation: $0.30/share headwind estimated in FY2026 H2 — key near-term risk to margins
- Q1 FY2026: Strong revenue growth reported, driven by Personal Systems and AI PC adoption
- Analyst consensus: ~$29–30 price target (17 analysts); range $25–39; JPMorgan, HSBC, Bernstein coverage

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/HPQ/fundamental

## Navigation

- Overview: /stocks/HPQ
- Financials (this page): /stocks/HPQ/financials
- Thesis: /stocks/HPQ/thesis
- Investment Memo: /stocks/HPQ/memo
- Coverage universe: /stocks