HP Inc. (HPQ) financials

NYSE · Technology · Computer Hardware · 55,000 employees · CEO Bruce Dale Broussard

Price: $28.78 -9.58%
Market cap: $26B
Enterprise value: $32.1B
Last report: Q3 '26 filed 2026-08-27
Next report: 2026-11-24 EPS est. $0.75

Revenue (TTM)$59.2B+8.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)5.6%-0.2 pp vs a year agoOperating income $3.34B

Net income (TTM)$2.45B-7.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.88B+36.5% vs a year agoCapex $787M

Diluted EPS (TTM)$2.62-4.0% vs a year agoSum of the last 4 quarters

Net cash-$6.17B+21.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $26B
Revenue: $59.2B
Revenue growth: +8%
Profit margin: 4.1%
P/E: 10.9×
P/S: 0.4×
EV / EBITDA: 7.7×
Free cash flow: $3.88B
Net income: $2.45B
Revenue estimate: $60B
Earnings: 2026-11-24
Dividend: $1.20

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-26): revenue beat by 8.6%, EPS beat by 25.0%Revenue $15.7B vs $14.4B expected (+8.6%); EPS $0.83 vs $0.66 (+25.0%).
Revenue growth accelerating: 12.5% year on yearQ3 '26 revenue $15.7B, against an average of 5.8% over the four quarters before.
Operating margin 5.6% (TTM), -0.2 pp on a year agoOperating income grew 4.1% while revenue grew 8.1%.
19.4% of pre-tax profit is eaten by non-operating lossesPre-tax income $2.8B vs operating income $3.34B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 1.3% of revenue (a year ago 1.6%)$787M invested in the last 4 quarters (-7.7% on a year earlier). Free cash flow $3.88B = 158.3% of net income.
Returned $2.32B to shareholders = 59.8% of free cash flowBuybacks $1.23B (a year earlier $1.25B), dividends $1.1B, stock-based pay $479M (TTM).
Diluted share count down 2.8% in a year927M diluted shares in Q3 '26, 954M a year earlier.
Net debt $6.17BCash + short-term investments $4.17B, debt incl. leases $10.3B; a year ago net debt $7.9B.

Last quarter: Q3 '26

Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$15.7B	$13.9B	+12.5%
Gross margin	18.8%	20.5%	-1.7 pp
Operating income	$892M	$716M	+24.6%
Operating margin	5.7%	5.1%	+0.6 pp
Net income	$661M	$763M	-13.4%
Diluted EPS	$0.71	$0.80	-11.3%
Operating cash flow	$1.74B	$1.66B	+4.5%
Capex	$187M	$215M	-13.0%
Free cash flow	$1.55B	$1.45B	+7.1%
R&D	$389M	$406M	-4.2%
Stock-based compensation	$95M	$100M	-5.0%

Reported vs consensus

2026-08-26

	Actual	Consensus	vs consensus
Revenue	$15.7B	$14.4B	+8.6%
EPS (as estimated)	$0.83	$0.66	+25.0%

From the report of 2026-08-26 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Personal Systems Group	$11.8B	+18.5%	75.1%	$42.6B	+12.7%
Printing	$3.91B	-1.9%	25.0%	$16.6B	-1.9%
Corporate Investments	–	–	–	–	–
Segment Reconciling Items	-$2M	-100.0%	-0.0%	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Americas	$6.49B	+6.2%	41.4%	$24B	+2.0%
EMEA	$5.18B	+15.1%	33.0%	$20.3B	+11.5%
Asia Pacific	$4.01B	+20.7%	25.6%	$14.8B	+14.7%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Personal Systems	–	–	$537M	-0.7%	–	–	$2.18B
Printing	–	–	$709M	+4.1%	–	–	$3.07B
Corporate Investments	–	–	-$28M	-16.7%	–	–	-$142M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $4.67B
Capex: -$787M
Buybacks: -$1.23B
Dividends: -$1.1B
Acquisitions: $56M
Net debt issued: -$417M
Stock-based compensation: $479M
Free cash flow: $3.88B
Returned to shareholders / FCF: 59.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	10.9×	9.2×	5.8× – 12.6×
EV / EBITDA	7.7×	7.3×	4.9× – 9.0×
EV / Sales	0.5×	0.7×	0.6× – 0.8×
Price / FCF	6.7×	8.7×	6.5× – 11.0×
Price / Book	-287.5×	–	–
FCF yield	15.0%	11.9%	9.1% – 15.4%
Return on invested capital	21.8%	28.7%	24.7% – 42.2%
Return on equity	-727.3%	-349.5%	-730.9% – -103.5%

Analysts

Consensus target $25.75 (-10.5%)
range $19.00 – $33.00 · rating Hold

Strong buy1

Buy15

Hold28

Sell8

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$60B	+8.4%	$3.26	+22.9%	8.8×	10
FY2027	$60.8B	+1.4%	$3.19	-2.1%	9.0×	10
FY2028	$60.2B	-1.0%	$3.39	+6.4%	8.5×	6
FY2029	$68.1B	+13.1%	$4.11	+21.0%	7.0×	2

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 290 figures HP Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$21.4B	$17B	+25.9%	$18.1B	$16.9B	+6.8%
Accounts Receivable, after Allowance for Credit Loss, Current	$7.17B	$5.12B	+39.9%	$5.69B	$5.12B	+11.2%
Accounts Receivable, Allowance for Credit Loss	$57M	$83M	-31.3%	$83M	$83M	0.0%
Accounts Receivable, Allowance for Credit Loss, Current	$57M	$83M	-31.3%	$83M	$83M	0.0%
Accounts Receivable, Credit Loss Expense (Reversal)	$2M	$0	–	-$8M	-$3M	-166.7%
Accrued Marketing Costs, Current	$3.48B	$2.86B	+21.7%	$3.1B	$3.06B	+1.4%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$5.78B	$5.44B	+6.3%	$5.44B	$5.08B	+7.1%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$348M	-$641M	+45.7%	-$457M	-$434M	-5.3%
Additional Paid in Capital, Common Stock	$2.36B	$2.09B	+13.1%	$2.13B	$1.78B	+19.7%
Adjustments to Additional Paid in Capital, Other	–	–	–	$5M2024-10-31	–	–
Advertising Expense	–	–	–	$718M	$628M	+14.3%
Amortization of Intangible Assets	$75M	$159M	-52.8%	$345M	$318M	+8.5%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	12M	14M	-14.3%	8M	1M	+700.0%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$99M	$100M	-1.0%	$522M	$452M	+15.5%
Assets	$45.7B	$39.9B	+14.7%	$41.8B	$39.9B	+4.7%
Assets, Current	$26.7B	$20.6B	+30.0%	$22.5B	$20.8B	+8.2%
Assets, Fair Value Disclosure	$1.74B	–	–	$3.06B2023-10-31	$3.35B	-8.6%
Business Combination, Acquisition Related Costs	$4M	$8M	-50.0%	$45M	$83M	-45.8%
Capitalized Contract Cost, Amortization	–	–	–	$68M	$86M	-20.9%
Cash and Cash Equivalents, at Carrying Value	$4.17B	$2.87B	+45.2%	$3.69B	$3.24B	+14.0%
Cash and Cash Equivalents, Fair Value Disclosure	$1.41B	$2.17B	-35.0%	$1.88B	$1.33B	+41.0%
Cash Equivalents, at Carrying Value	$1.41B	$2.17B	-35.0%	$1.88B	$1.33B	+41.0%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$100M	-$513M	+119.5%	-$41M	$21M	-295.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$4.17B	$2.87B	+45.1%	$3.71B	$3.25B	+13.9%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$4.17B	$2.87B	+45.1%	$3.71B	$3.25B	+14.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$466M	$144M	+223.6%	$460M	$21M	+2,090.5%
Common Stock, Capital Shares Reserved for Future Issuance	140M2025-10-31	181M	-22.9%	140M	181M	-22.9%
Common Stock, Dividends, Per Share, Declared	$0.60	$0.58	+3.4%	$1.16	$1.10	+5.5%
Common Stock, Par or Stated Value Per Share	$0.01	$0.01	0.0%	$0.01	$0.01	0.0%
Common Stock, Shares Authorized	9.6B	9.6B	0.0%	9.6B	9.6B	0.0%
Common Stock, Shares, Issued	903M	939M	-3.8%	921M	939M	-1.9%
Common Stock, Shares, Outstanding	903M	939M	-3.8%	921M	939M	-1.9%
Common Stock, Value, Issued	$9M	$9M	0.0%	$9M	$9M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$814M	$965M	-15.6%	$2.51B	$2.56B	-2.3%
Contract with Customer, Liability	$3.4B	$3.1B	+9.7%	$3.2B	$2.9B	+10.3%
Contract with Customer, Liability, Current	$1.76B	$1.55B	+13.8%	$1.61B	$1.45B	+11.3%
Contract with Customer, Liability, Noncurrent	$1.68B	$1.59B	+5.5%	$1.63B	$1.49B	+9.8%
Contract with Customer, Liability, Revenue Recognized	$500M2026-01-31	$500M	0.0%	$1B	$1.4B	-28.6%
Cost of Revenue	$12.7B	$11.1B	+14.9%	$43.9B	$41.7B	+5.2%
Costs and Expenses	$2.05B	$2.14B	-3.8%	$8.22B	$8B	+2.7%
Current Federal Tax Expense (Benefit)	–	–	–	-$188M	$245M	-176.7%
Current Foreign Tax Expense (Benefit)	–	–	–	$328M	$357M	-8.1%
Current State and Local Tax Expense (Benefit)	–	–	–	-$13M	$33M	-139.4%
Debt and Lease Obligation	$9.2B	$9.6B	-4.2%	$9.7B	$9.7B	0.0%
Debt Instrument, Fair Value Disclosure	$8.9B	$9.5B	-6.3%	$9.6B	$9.4B	+2.1%
Debt Instrument, Unamortized Discount	$10M2025-10-31	$11M	-9.1%	$10M	$11M	-9.1%
Debt Issuance Costs, Net	$37M	$47M	-21.3%	$46M	$47M	-2.1%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$35M	$53M	-34.0%	$49M	$62M	-21.0%
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One	$12M	$17M	-29.4%	$15M	$19M	-21.1%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five	$37M	$53M	-30.2%	$51M	$62M	-17.7%
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One	$12M	$17M	-29.4%	$15M	$19M	-21.1%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost	$47M	$70M	-32.9%	$64M	$81M	-21.0%
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	$49M	$70M	-30.0%	$66M	$81M	-18.5%
Debt, Current	$1.29B	$820M	+57.6%	$845M	$1.41B	-39.9%
Debt, Weighted Average Interest Rate	4.1%	3.3%	+24.2%	3.2%	5.0%	-36.0%
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$42M2025-10-31	$190M	-77.9%	$42M	$190M	-77.9%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$121M	$34M	-455.9%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$95M	-$193M	+149.2%
Deferred Income Tax Assets, Net	$3.32B2025-10-31	$3.31B	+0.2%	$3.32B	$3.31B	+0.2%
Deferred Income Tax Expense (Benefit)	-$42M	$16M	-362.5%	-$6M	-$122M	+95.1%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-Q 2026-01-31, 10-K 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-Q 2025-01-31, 10-K 2024-10-31, 10-Q 2024-07-31

Data as of 2026-11-02