HP (HPQ) financial statements
HP reported revenue of $55.3B in fiscal 2025, up 1.5% a year over 9 years.
Net income was $2.5B and the operating margin 5.7%, against 7.4% in 2016.
Free cash flow was $2.8B, and the company returned $1.1B in dividends and $850M in net buybacks.
The diluted share count fell 45% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from HP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.2B | $52.1B | $58.5B | $58.8B | $56.6B | $63.5B | $62.9B | $53.7B | $53.6B | $55.3B |
| Cost of revenue | $39.2B | $42.5B | $47.8B | $47.6B | $46.2B | $50.1B | $50.6B | $42.2B | $41.7B | $43.9B |
| 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 |
| Selling, general and admin | $3.8B | $4.5B | $5.1B | $5.4B | $4.9B | $5.7B | $5.3B | $5.4B | $5.7B | $5.8B |
| 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 |
| Pre-tax 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 |
| EPS (diluted) | $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 | 989M | 953M |
| Gross margin | 18.7% | 18.4% | 18.2% | 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% | 7.2% | 6.4% | 7.1% | 5.7% |
| Net margin | 5.2% | 4.9% | 9.1% | 5.4% | 5.0% | 10.3% | 5.0% | 6.1% | 5.2% | 4.6% |
Balance sheet
Fiscal years, from HP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Receivables | $4.1B | $4.4B | $5.1B | $6.0B | $5.4B | $5.5B | $4.5B | $4.2B | $5.1B | $5.7B |
| Inventory | $4.5B | $5.8B | $6.1B | $5.7B | $6.0B | $7.9B | $7.6B | $6.9B | $7.7B | $8.5B |
| Total current assets | $18.5B | $22.3B | $21.4B | $20.2B | $20.6B | $22.2B | $19.7B | $18.0B | $20.8B | $22.5B |
| Property, plant and equipment | $1.7B | $1.9B | $2.2B | $2.8B | $2.6B | $2.5B | $2.8B | $2.8B | $2.9B | $3.0B |
| Goodwill | $5.6B | $5.6B | $6.0B | $6.4B | $6.4B | $6.8B | $8.5B | $8.6B | $8.6B | $8.7B |
| Total assets | $29.0B | $32.9B | $34.6B | $33.5B | $34.7B | $38.6B | $38.5B | $37.0B | $39.9B | $41.8B |
| Total current liabilities | $18.8B | $22.4B | $25.1B | $25.3B | $26.2B | $29.1B | $26.2B | $24.5B | $28.7B | $29.3B |
| Long-term debt | $6.7B | $6.7B | $4.5B | $4.8B | $5.5B | $6.4B | $10.8B | $9.3B | $8.3B | $8.8B |
| Total liabilities | $32.9B | $36.3B | $35.3B | $34.7B | $36.9B | $40.3B | $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 |
| Net debt | $525M | $822M | $821M | $600M | $1.4B | $3.2B | $7.9B | $6.4B | $6.4B | $6.0B |
Cash flow
Fiscal years, from HP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.3B | $3.7B | $4.5B | $4.7B | $4.3B | $6.4B | $4.5B | $3.6B | $3.7B | $3.7B |
| Capital spending | $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 |
| Stock-based compensation | $182M | $224M | $268M | $297M | $278M | $330M | $343M | $438M | $452M | $522M |
| Dividends paid | $858M | $894M | $899M | $970M | $997M | $938M | $1.0B | $1.0B | $1.1B | $1.1B |
| Share buybacks (net) | -$1.2B | -$1.4B | -$2.6B | -$2.4B | -$3.1B | -$6.2B | -$4.3B | -$100M | -$2.1B | -$850M |
| Net borrowing | $4M | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 5.8% | 6.3% | 6.8% | 6.8% | 6.6% | 9.2% | 5.9% | 5.5% | 5.9% | 5.1% |
| Dividends per share | $0.49 | $0.53 | $0.55 | $0.64 | $0.70 | $0.77 | $0.99 | $1.04 | $1.09 | $1.14 |
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Open HPQ in InvestinglyQuestions
What was HP's revenue in 2025?
$55.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does HP generate?
$2.8B in fiscal 2025 (operating cash flow minus capital spending).
From HP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.