HP (HPQ) Company Report

FY25 revenue grew 4% company-wide and 8% in personal systems, with $2.9 billion free cash flow and $1.9 billion returned to shareholders, plus a 10th consecutive dividend increase
Closed the three-year Future Ready cost program, delivering $2.2 billion in annualized run-rate savings, exceeding the original $1.4 billion commitment
FY26 guidance includes a $0.30 EPS memory cost headwind in H2 (≈90 bp personal systems margin impact) and projects $2.8–3.0 billion in free cash flow
AI-capable PCs represent ~30% of shipments, expected to reach 40–50% in FY26 and >70% by FY28, supporting richer configurations and pricing
Print segment achieved its 9th consecutive quarter of industrial print growth to $1.8 billion, and surpassed 1 million subscribers on all-in subscriptions, despite softness in office and consumer markets

1 day ago

Transcript

HP discusses FY25 performance and FY26 guidance at UBS conference

HPQ

Guidance Update

Dividends

Share Buyback

Delivered 4% full‐year growth and 8% Personal Systems growth in FY25 Q4; generated $2.9 B free cash flow, returned $1.9 B to shareholders, announced 10th consecutive annual dividend increase, and realized $2.2 B in gross savings under Future Ready (vs. $1.4 B target).
Provided FY26 outlook including a $0.30 EPS headwind from higher DRAM/NAND costs in the back half (≈90 bps impact to PS margins); full‐year PSG margins expected at the low end of the target range, supported by a new $1 B cost‐savings program (≈$300 M in FY26).
Anticipates PC demand driven by a 40% remaining Win 11 refresh and AI‐ready PCs now >30% of shipments; forecasts AI PC penetration of 40–50% in FY26 and >70% by FY28, with higher ASPs on premium configurations.
Sees resilient print performance: industrial print up for the ninth straight quarter to $1.8 B revenue, big tank printers and all-in subscriptions (>1 M subscribers) fueling recurring revenue and share gains amid market decline.
Maintains capital allocation discipline: targeting return of 100% free cash flow to shareholders, gross leverage <2×, prioritizing share buybacks for top ROI while remaining open to strategic M&A.

1 day ago

Transcript

HP Inc. discusses FY 2025 results and outlook at UBS Global Technology and AI Conference

HPQ

Earnings

Guidance Update

Dividends

HP Inc. finished FY 2025 with 4% total company growth and 8% growth in personal systems, driven by office and consumer premium demand; free cash flow was $2.9 billion and $1.9 billion was returned to shareholders, including a 10th consecutive annual dividend increase.
The company closed its three-year Future Ready cost savings program, delivering $2.2 billion in gross annualized run-rate savings, exceeding its initial $1.4 billion target.
For FY 2026, HP expects headwinds from increased memory costs, with a $0.30 EPS impact in the back half of the year and a 90 basis point impact to PS margins, but anticipates offsetting some of this through an additional $1 billion cost savings program over three years.
AI PCs now represent over 30% of HP’s shipments, with penetration expected to reach 40-50% in FY 2026 and over 70% by FY 2028, supporting higher pricing and future growth.
HP guided FY 2026 free cash flow to $2.8-$3.0 billion, with capital allocation priorities remaining focused on returning 100% of free cash flow to shareholders, provided leverage stays below two times.

1 day ago

Transcript

HP Reports Fiscal 2025 Q4 Results, Plans Workforce Reductions

HPQ

Earnings

Layoffs

Guidance Update

HP posted 4% year-over-year revenue growth in fiscal Q4 to $14.6 billion.
Personal Systems revenue rose 8% to $10.4 billion, with 30% of PCs sold now classified as AI PCs.
Printing segment revenue declined 4%, with an 18.9% operating margin and a 12% drop in hardware unit sales.
The company will cut 4,000 to 6,000 jobs by fiscal 2028, incurring a $650 million restructuring charge to save over $1 billion annually.
Fiscal 2026 guidance projects EPS of $2.90–$3.20 and free cash flow of $2.8–$3.0 billion, below analyst expectations.

Nov 25, 2025, 10:39 PM

Bloomberg

HP reports Q4 2025 results

HPQ

Earnings

Guidance Update

Dividends

Personal Systems revenue grew 6% in FY25; Print revenue declined 4%, while AI-enabled PCs represented over 30% of Q4 unit shipments.
Generated $1.6 billion in operating cash and $1.5 billion in free cash flow in Q4 (FY 2025 free cash flow of $2.9 billion); returned $800 million to shareholders in the quarter.
Launched a $1 billion gross run-rate cost savings program by FY 2028, including 4,000–6,000 workforce reductions and $250 million of restructuring charges in FY 2026.
Provided FY 2026 guidance of non-GAAP EPS $2.90–$3.20 (reflecting a $0.30 per-share memory cost headwind); expects low-single-digit revenue growth in Personal Systems and slight decline in Print.
Raised the quarterly dividend to $0.30 per share, marking the 10th consecutive annual increase.

Nov 25, 2025, 10:00 PM

Transcript

HP Inc reports Q4 2025 results and FY2026 outlook

HPQ

Earnings

Guidance Update

Revenue up 4% YoY in Q4, marking sixth consecutive quarter of growth, driven by Personal Systems; non-GAAP EPS $0.93, above midpoint of guidance
Personal Systems revenue +8% YoY, led by 7% unit growth and higher ASPs; AI PCs >30% of shipments and Windows 11 refresh to support momentum
Print revenue –4% YoY; supplies down 3%, while consumer subscriptions approach $1 billion annualized, industrial graphics exceed $1.8 billion, and workforce solutions grow double-digit
FY 2026 guidance: non-GAAP EPS $2.90–$3.20, GAAP EPS $2.47–$2.77, memory cost headwind of ~$0.30, free cash flow of $2.8 billion–$3.0 billion

Nov 25, 2025, 10:00 PM

Transcript

HP Inc reports Q4 2025 results

HPQ

Earnings

Guidance Update

Dividends

HP delivered its sixth consecutive quarter of revenue growth, with Q4 revenue up 4% year-over-year, driven by an 8% increase in personal systems while print revenue declined 4%.
Q4 non-GAAP EPS was $0.93, a 24% sequential increase, with a non-GAAP operating margin of 8%, up nearly one point quarter-over-quarter.
For FY25, HP reported 3% revenue growth, with personal systems up 6% and print down 4%, generated $2.9 billion in free cash flow, and returned $1.9 billion to shareholders.
FY26 guidance includes non-GAAP EPS of $2.90–$3.20, GAAP EPS of $2.47–$2.77, Q1 non-GAAP EPS of $0.73–$0.81, and $2.8–$3.0 billion in free cash flow, reflecting an estimated $0.30 memory cost headwind.
HP raised its quarterly dividend to $0.30 per share, marking the 10th consecutive annual increase since its 2015 separation.

Nov 25, 2025, 10:00 PM

Transcript

HP Inc. reports fiscal 2025 earnings and Q4 results

HPQ

Earnings

Dividends

Share Buyback

HP reported FY25 GAAP EPS of $2.65 (down 5.7%) and net revenue of $55.3 B (up 3.2%).
In Q4 FY25, HP delivered GAAP EPS of $0.84 (down 9.7%) and revenue of $14.6 B (up 4.2%).
The company generated $3.7 B of operating cash flow, $2.9 B of free cash flow, and returned $1.9 B to shareholders via dividends and buybacks in FY25.
For FY26, HP guides GAAP EPS of $2.47–$2.77, non-GAAP EPS of $2.90–$3.20, and free cash flow of $2.8–$3.0 B.

Nov 25, 2025, 9:17 PM

8-K

HPQ Silicon confirms pilot-scale production of commercial-grade fumed silica

HPQ

New Projects/Investments

Independent lab tests of HPQ’s Test #7 pilot run achieved 168.44–191.17 m²/g specific surface area and 99.74–99.83% purity, surpassing Test #6 and meeting upper-end commercial specs.
The proprietary plasma-based Fumed Silica Reactor, scaled 20× from lab, uses quartz feedstock without chlorosilanes, generates no HCl by-products, and cuts energy use by 87% and CO₂ emissions by 84% versus conventional methods.
HPQ and PyroGenesis will optimize the pilot for 50 tpy output at ~200 m²/g and distribute samples under NDAs to coatings, polymers, and advanced materials partners.
The global fumed-silica market is projected to exceed US$2.57 billion by 2034, positioning HPQ to capture share with its sustainable, high-performance process.

Nov 12, 2025, 12:00 PM

Press Release

HPQ Silicon commends Canada’s 2025 Budget for clean-tech support

HPQ

New Projects/Investments

Canada’s 2025 Federal Budget allocates $141 billion toward domestic industrial capacity, clean-energy infrastructure, and next-generation technology commercialization
Measures like accelerated write-offs and clean-power incentives align with HPQ’s Fumed Silica, ENDURA+ Batteries, and METAGENE™ Hydrogen platforms
The Defence Industrial Strategy and Buy Canadian procurement boost demand for ENDURA+ silicon-anode lithium-ion cells, while the Climate Competitiveness Strategy underpins METAGENE™ hydrogen deployment
HPQ holds exclusive North American rights to METAGENE™ from Novacium SAS, positioning it to scale on-demand clean hydrogen production in Canada

Nov 6, 2025, 1:00 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for HP.

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