HP
HPQ · NYSEComputer & office Equipment · Fiscal year ends Oct 31
HP reported revenue of $55.3B in the fiscal year ended Oct 2025, up 3.2% from the year before. Operating income was $3.2B, an operating margin of 5.7%, and net income was $2.5B. Operating cash flow of $3.7B less capital expenditure of $897M left free cash flow of $2.8B. Net debt was $5.9B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $63.5B | $62.9B | $53.7B | $53.6B | $55.3B |
| Cost of revenue | $50.1B | $50.6B | $42.2B | $41.7B | $43.9B |
| Gross profit | $13.4B | $12.3B | $11.5B | $11.8B | $11.4B |
| Research & development | $1.8B | $1.7B | $1.6B | $1.6B | $1.6B |
| Selling, general & admin | $5.7B | $5.3B | $5.4B | $5.7B | $5.8B |
| Operating income | $5.4B | $4.6B | $3.5B | $3.8B | $3.2B |
| Interest expense | $254M | $359M | $548M | $452M | $430M |
| Pre-tax income | $7.6B | $4.3B | $2.9B | $3.3B | $2.7B |
| Income tax | $1B | $1.2B | −$326M | $504M | $139M |
| Net income | $6.5B | $3.1B | $3.3B | $2.8B | $2.5B |
| Diluted EPS | 5.36 | 2.98 | 3.26 | 2.81 | 2.65 |
| Diluted shares | 1,220M | 1,050M | 1,000M | 989M | 953M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $4.3B | $3.1B | $3.1B | $3.2B | $3.7B |
| Receivables | $5.5B | $4.5B | $4.2B | $5.1B | $5.7B |
| Inventory | $7.9B | $7.6B | $6.9B | $7.7B | $8.5B |
| Current assets | $22.2B | $19.7B | $18B | $20.8B | $22.5B |
| Net PP&E | $2.5B | $2.8B | $2.8B | $2.9B | $3B |
| Goodwill | $6.8B | $8.5B | $8.6B | $8.6B | $8.7B |
| Total assets | $38.6B | $38.5B | $37B | $39.9B | $41.8B |
| Payables | $16.1B | $15.3B | $14B | $16.9B | $18.1B |
| Deferred revenue | $1.3B | $1.4B | $1.4B | $1.4B | $1.6B |
| Current liabilities | $29.1B | $26.2B | $24.5B | $28.7B | $29.3B |
| Short-term debt | $672M | $165M | $179M | $1.4B | $788M |
| Long-term debt | $6.4B | $10.8B | $9.3B | $8.3B | $8.8B |
| Shareholders' equity | −$1.6B | −$3B | −$1.1B | −$1.3B | −$346M |
| Backlog (remaining obligations) | $3.7B | $3.6B | $3.7B | $3.9B | $4.3B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6.4B | $4.5B | $3.6B | $3.7B | $3.7B |
| Capital expenditure | $582M | $765M | $593M | $592M | $897M |
| Free cash flow | $5.8B | $3.7B | $3B | $3.2B | $2.8B |
| Depreciation & amortisation | $785M | $780M | $850M | $830M | $916M |
| Stock-based compensation | $330M | $343M | $438M | $452M | $522M |
| Acquisitions | $854M | $2.8B | $7M | $58M | $116M |
| Share buybacks | $6.2B | $4.3B | $100M | $2.1B | $850M |
| Dividends paid | $938M | $1B | $1B | $1.1B | $1.1B |
| Dividend per share | 0.78 | 1.00 | 1.05 | 1.10 | 1.16 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.9% | −14.6% | −0.3% | 3.2% |
| Operating income growth (YoY) | – | −14.9% | −24.2% | 10.5% | −16.9% |
| EPS growth (YoY) | – | −44.4% | 9.4% | −13.8% | −5.7% |
| Gross margin | 21.1% | 19.5% | 21.4% | 22.1% | 20.6% |
| Operating margin | 8.4% | 7.2% | 6.4% | 7.1% | 5.7% |
| Net margin | 10.3% | 5.0% | 6.1% | 5.2% | 4.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 56.2% | 37.0% | 27.6% | 34.0% | 25.4% |
| Free cash flow margin | 9.2% | 5.9% | 5.5% | 5.9% | 5.1% |
| Cash conversion (CFO ÷ net income) | 0.98x | 1.42x | 1.09x | 1.35x | 1.46x |
| Receivable days | 32 | 26 | 29 | 35 | 38 |
| Inventory days | 58 | 55 | 59 | 68 | 71 |
| Payable days | 117 | 110 | 121 | 148 | 150 |
| Interest cover | 21.1x | 12.7x | 6.31x | 8.45x | 7.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.8B | $7.8B | $6.3B | $6.4B | $5.9B |
| Current ratio | 0.76x | 0.75x | 0.73x | 0.72x | 0.77x |
Recent filings
More in Computer & Office Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.