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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

(Mark One) |  |
☒ |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended
October 31, 2025
Or
☐ |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number
1-4423

HP Inc.
(Exact name of registrant as specified in its charter)

Delaware |  | 94-1081436
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. employer identification no.)
1501 Page Mill Road |  | 94304
Palo Alto, California |  | (Zip code)
(Address of principal executive offices) |  |

(650) 857-1501
(Registrant’s telephone number, including area code)
____________________
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common stock, par value $0.01 per share | HPQ | New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:
None

Indicate by check mark if the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act

Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The aggregate market value of the registrant’s common stock held by non-affiliates was $24,121,817,659 based on the last sale price of common stock as of April 30, 2025.
The number of shares of HP Inc. common stock outstanding as of December 1, 2025 was 917,984,523 shares.

DOCUMENTS INCORPORATED BY REFERENCE
DOCUMENT DESCRIPTION |  | 10-K PART
Portions of the Registrant’s definitive proxy statement related to its 2026 Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days after Registrant’s fiscal year end of October 31, 2025 are incorporated by reference into Part III of this Report. |  | III

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HP INC. AND SUBSIDIARIES
Form 10-K
For the Fiscal Year ended October 31, 2025
Table of Contents

|  | Page
| Forward-Looking Statements | 3
| PART I |
Item 1. | Business | 5
Item 1A. | Risk Factors | 11
Item 1B. | Unresolved Staff Comments | 26
Item 1C. | Cybersecurity | 26
Item 2. | Properties | 27
Item 3. | Legal Proceedings | 28
Item 4. | Mine Safety Disclosures | 28
| PART II |
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 29
Item 6. | Reserved | 31
Item 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 32
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk | 45
Item 8. | Financial Statements and Supplementary Data | 46
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 102
Item 9A. | Controls and Procedures | 102
Item 9B. | Other Information | 102
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 102
| PART III |
Item 10. | Directors, Executive Officers and Corporate Governance | 103
Item 11. | Executive Compensation | 103
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 103
Item 13. | Certain Relationships and Related Transactions, and Director Independence | 103
Item 14. | Principal Accounting Fees and Services | 104
| PART IV |
Item 15. | Exhibits and Financial Statement Schedules | 105
Item 16. | Form 10-K Summary | 111

In this report on Form 10-K, for all periods presented, “we”, “us”, “our”, the “company”, the “Company”, “HP” and “HP Inc.” refer to HP Inc. (formerly Hewlett-Packard Company) and its consolidated subsidiaries.
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Forward-Looking Statements
This Annual Report on Form 10-K, including “Business” in Item 1 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7, contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operations of HP Inc. and its consolidated subsidiaries which may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited to projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the Fiscal 2023 Plan and the Fiscal 2026 Plan (as defined herein)), net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events, including global trade policies, and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment transactions; and any statements of assumptions underlying any of the foregoing.
Forward-looking statements can also generally be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “will,” “would,” “could,” “can,” “may,” and similar terms.
Risks, uncertainties and assumptions that could affect our business and results of operations include factors relating to:
•HP’s ability to execute on its strategic plans, including the previously announced initiatives, business model changes and transformation;
•the development and transition of new products and services and the enhancement of existing products and services to meet evolving customer needs and respond to emerging technological trends, including artificial intelligence;
•the use of artificial intelligence;
•the impact of macroeconomic and geopolitical trends, changes and events, including global trade policies, the ongoing military conflict in Ukraine, continued instability in the Middle East or tensions in the Taiwan Strait and South China Sea and the regional and global ramifications of these events;
•volatility in global capital markets and foreign currency, changes in benchmark interest rates, the effects of inflation and instability of financial institutions;
•risks associated with HP’s international operations and the effects of business disruption events, including those resulting from climate change;
•the need to manage (and reliance on) third-party suppliers, including with respect to supply constraints and component shortages, and the need to manage HP’s global, multi-tier distribution network and potential misuse of pricing programs by HP’s channel partners, adapt to new or changing marketplaces and effectively deliver HP’s services;
•the execution and performance of contracts by HP and its suppliers, customers, clients and partners, including logistical challenges with respect to such execution and performance;
•the competitive pressures faced by HP’s businesses;
•the impact of third-party claims of IP infringement;
•successfully innovating, developing and executing HP’s go-to-market strategy, including online, omnichannel and contractual sales, in an evolving distribution, reseller and customer landscape;
•successfully competing and maintaining the value proposition of HP’s products, including supplies and services;
•challenges to HP’s ability to accurately forecast inventories, demand and pricing, which may be due to HP’s multi-tiered channel, sales of HP’s products to unauthorized resellers or unauthorized resale of HP’s products or our uneven sales cycle;
•the hiring and retention of key employees;
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•the results of our restructuring plans (including the Fiscal 2023 Plan and Fiscal 2026 Plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans;
•the protection of HP’s intellectual property assets, including intellectual property licensed from third parties;
•disruptions in operations from system security risks, data protection breaches, or cyberattacks;
•HP’s ability to maintain its credit rating, satisfy its debt obligations and complete any contemplated share repurchases, other capital return programs or other strategic transactions;
•changes in estimates and assumptions HP makes in connection with the preparation of its financial statements;
•the impact of changes to federal, state, local and foreign laws and regulations, including environmental regulations and tax laws;
•integration and other risks associated with business combination and investment transactions;
•our aspirations related to environmental and societal matters;
•potential impacts, liabilities and costs from pending or potential investigations, claims and disputes;
•the effectiveness of our internal control over financial reporting; and
•other risks that are described herein, including but not limited to the items discussed in “Risk Factors” in Item 1A of Part I of this report and that are otherwise described or updated from time to time in HP’s other filings with the Securities and Exchange Commission (the “SEC”).
HP’s Fiscal 2023 Plan included HP's efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures. HP’s Fiscal 2026 Plan includes HP’s efforts to drive customer satisfaction, product innovation and productivity through artificial intelligence adoption and enablement, and cost savings associated with the Fiscal 2026 Plan represent gross reductions in costs from these measures. Structural cost savings represent gross reductions in costs driven by operational efficiency, digital transformation, and portfolio optimization. These initiatives include but are not limited to workforce reductions, platform simplification, programs consolidation and productivity measures undertaken by HP, which HP expects to be sustainable in the longer-term. These structural cost savings are net of any new recurring costs resulting from these initiatives and exclude one-time investments to generate such savings. HP’s expectations on the longer-term sustainability of such structural cost savings are based on its current business operations and market dynamics and could be significantly impacted by various factors, including but not limited to HP’s evolving business models, future investment decisions, market environment and technology landscape.
Forward-looking and other statements in this report may also address our corporate sustainability or responsibility progress, plans, and goals (including environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to HP, investors or other stakeholders or required to be disclosed in HP’s filings, in each case, under U.S. securities or any other laws or requirements that may be applicable to HP. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
The forward-looking statements in this report are made as of the date of this filing and HP assumes no obligation and does not intend to update these forward-looking statements.
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PART I
ITEM 1. Business.
Overview
HP is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most. Operating in more than 170 countries, HP delivers innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and other related technologies.
We believe artificial intelligence (“AI”) is playing a critical role in the transformation of how people live and work, and customers are beginning to recognize the benefits in security, speed and cost. Our high-performing product portfolio includes HP’s new line of AI PCs and workstations built with the computing power to enable local AI processing for enhanced performance and features as well as intelligent print features incorporated into our home, office and graphics solutions.
Our broad range of security capabilities are designed to protect an increasingly distributed user base through security enhanced PCs and printers, hardware-enforced endpoint security software (for both HP and non-HP PCs), and endpoint security services. Our security solutions provide layered resiliency using enhanced features such as containment and isolation technology as well as the use of AI deep-learning to identify and remove malware threats.
We have three reportable segments: Personal Systems, Printing and Corporate Investments.
Personal Systems
Personal Systems offers desktops, notebooks, and workstations (including HP’s portfolio of AI PCs and workstations), thin clients, retail point-of-sale (“POS”) systems, displays, hybrid systems, software, solutions including endpoint security and services. We provide lifecycle services including support and deployment, configurations, and extended warranty services. We support a multi-operating system and multi-architecture strategy, primarily using Microsoft Windows and Google Chrome operating systems. Our platforms incorporate processors from Intel, and AMD, including integrated AI acceleration, as well as NVIDIA GPUs for advanced graphics and compute workloads.
Personal Systems groups its global business capabilities into the following business units when reporting business performance:
•Commercial PS consists of endpoint computing devices and hybrid systems, for use by enterprise, public sector (which includes education), and small- and medium-sized business (“SMB”) customers. These devices include our Pro and Elite commercial PC portfolio, our Z line of workstations, thin clients, retail POS systems, and HP’s Dragonfly and Chromebook PCs. HP offers a range of secure services and solutions to commercial customers to help them manage the lifecycle of their PCs and mobility installed base.
• Consumer PS consists of devices, accessories and services which are designed for consumer usage, focusing on gaming, learning and working remotely, consuming multi-media for entertainment, managing personal life activities, sharing information and staying connected, informed, and secure. These devices include our new Omni consumer PC portfolio, the Omen and Victus gaming lines, and HP’s Spectre, Envy, Pavilion and Chromebook PCs.
Printing
Printing provides consumer and commercial printer hardware, supplies, services and solutions. Printing is also focused on Graphics and 3D Printing and Personalization in the commercial and industrial markets. Our global business capabilities within Printing are described below:
•Office Printing Solutions delivers HP’s security enhanced office printers, supplies, services, and solutions to SMBs, public sector and large enterprises. It also includes Original Equipment Manufacturer (“OEM”) hardware and solutions.
•Home Printing Solution s delivers innovative and security enhanced printing products, supplies, services and solutions for the home, home business and micro business customers.
•Graphics Solutions delivers large-format, commercial and industrial solutions and supplies to print service providers and packaging converters through a wide portfolio of printers and presses.
•3D Printing & Personalization offers a portfolio of additive manufacturing solutions and supplies to help customers succeed in their additive and digital manufacturing journey. HP offers complete solutions in collaboration with an ecosystem of partners.
Printing groups its global business capabilities into the following business units when reporting business performance:
•Commercial Printing consists of office printing solutions, graphics solutions and 3D printing and personalization, excluding supplies;
•Consumer Printing consists of home printing solutions, excluding supplies; and
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•Supplies comprises a set of highly innovative consumable products, ranging from ink and laser cartridges to media, industrial graphics supplies and 3D printing and personalization supplies, for recurring use in consumer and commercial hardware.
Corporate Investments
Corporate Investments includes certain business incubation projects and investments in digital enablement.
Competition
We encounter strong competition in all areas of our business activity. We compete on the basis of technology, innovation, performance, price, quality, reliability, brand, reputation, distribution, range of products and services, ease of use of our products, account relationships, customer training, service, support and solutions including subscription-based offerings and financing, security, availability of application software, and our sustainable impact.
The markets for each of our key business segments are characterized by strong competition among major corporations with long-established positions and a large number of new and rapidly growing firms. Most product life cycles are short, and to remain competitive we must develop new products and services, periodically enhance our existing products and services and compete effectively based on the factors listed above. In addition, we compete with many of our current and potential partners, including OEMs that design, manufacture and often market their products under their own brand names. Our successful management of these competitive partner relationships will be critical to our future success. Moreover, we anticipate that we will have to continue to adjust prices on many of our products and services to stay competitive.
The competitive environment in which each key segment operates is described below:
Personal Systems. The markets in which Personal Systems operates are highly competitive and are characterized by price competition and introduction of new products and solutions. Our primary competitors are Acer Inc., Apple Inc., ASUSTeK Computer Inc., Dell Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A., Microsoft Corporation, Samsung Electronics Co., Ltd., and Toshiba Corporation. In certain geographies, we also experience competition from local companies and from generically-branded or “white box” manufacturers. Our competitive advantages include our broad product portfolio, our innovation, and research and development capabilities including security features, our innovative design work, our brand and procurement leverage, our ability to cross-sell our portfolio of offerings, our extensive service and support offerings, the accessibility of our products and the execution of our broad-based distribution strategy from retail and commercial channels to direct sales.
Printing. The markets for printer hardware and associated supplies are highly competitive. Printing’s key customer segments each face competitive market pressures in pricing and the introduction of new products. Our primary competitors include Brother Industries, Ltd., Canon Inc., Pantum International Limited, Seiko Epson Corporation, The Ricoh Company Ltd., and Xerox Corporation Ltd. In addition, independent suppliers offer non-original supplies (including imitation, refill and remanufactured alternatives), which are often available for lower prices, but which can also offer lower print quality and reliability compared to HP original inkjet and toner supplies. These and other competing products are often sold alongside our products through online or omnichannel resellers, retailers or distributors, or such resellers, retailers and distributors may highlight the availability of lower cost non-original supplies. Our competitive advantages include our comprehensive high-quality solutions for the home, office and publishing environments, our innovation, and research and development capabilities including security features, sustainability, our brand, and the accessibility of our products through a broad-based distribution strategy from retail and commercial channels to direct sales.
Sales, Marketing and Distribution
We manage our business and report our financial results based on the business segments described above. Our customers are organized by consumer and commercial groups, and sales of HP products, solutions and services may be fulfilled directly by HP or indirectly through a variety of partners, utilizing their own physical or internet stores or an omnichannel combination of the two, including:
•retailers that sell our products to the public focusing on consumers and SMBs;
•resellers that sell our products and services, frequently with their own value-added products or services, to targeted customer groups;
•distribution partners that supply our products and solutions to resellers and retailers in certain geographies; and
•system integrators and other business intermediaries that provide various levels of services, including systems integration work and as-a-service solutions, and typically partner with us on client solutions that require our products and services.
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The majority of our overall revenue is made through channel resellers, however, the mix of our revenue generation conducted by direct sales or channel sales differs by business and geographic market. We believe that customer buying patterns and different geographic market conditions require us to tailor our sales, marketing and distribution efforts to the geographic market and sub-geographic specificities for each of our businesses. We are focused on driving the depth and breadth of our market coverage while identifying efficiencies and productivity gains in both our direct and indirect routes to market. Our businesses collaborate to accomplish strategic and process alignment where appropriate. For example, we typically assign an account manager to manage relationships across our business with large enterprise customers. The account manager is supported by a team of specialists with product and services expertise and drives both direct and indirect sales to their assigned customers. For other customers and for consumers, we typically manage both direct online sales as well as channel relationships, whereby retailers mainly target consumers and SMBs and commercial resellers mainly target SMBs, mid-market accounts, public sector and large enterprises.
Manufacturing and Materials
We utilize outsourced manufacturers around the world to manufacture HP-designed products to generate cost efficiencies, reduce time to market, and maintain flexibility in our supply chain and manufacturing processes. We also manufacture finished products from components and sub-assemblies that we acquire from a wide range of vendors.
We utilize two primary methods of fulfilling demand for products: building products to order and configuring products to order. Building products to order maximizes manufacturing and logistics efficiencies by producing high volumes of basic product configurations. Alternatively, configuring products to order enables products to match a customer’s hardware and software customization requirements. Additionally, while most of our products have existing or readily available alternative sources of supply, in some cases, where multiple sources of supply are not available, our components are obtained from a single source or limited number of sources if we believe it is advantageous to do so based on technology, availability, price, quality or other considerations.
Research and Development
Innovation across products, services, business models and processes is a key element of our culture and success. We are focused on developing products, services and solutions that anticipate customers’ changing needs and desires, and emerging technological trends, including accelerating the delivery of AI throughout our product portfolio. We continue to invest in innovation in both the areas where we believe we can make a unique contribution and where strategic partnerships will leverage our cost structure and maximize our customers’ experiences.
Intellectual Property
We seek patent protection for inventions likely to be incorporated into our products and services or where obtaining such proprietary rights will maintain or improve our competitive position. As of October 31, 2025, our worldwide patent portfolio included over 16,000 patents which expire at various dates, generally 20 years from their original filing dates.
We believe that our patents and patent applications are important for maintaining the competitive differentiation of our products and services, enhancing our freedom of action to sell our products and services in markets in which we choose to participate, and maximizing our return on research and development investments. No single patent is essential to HP as a whole or to any of HP’s business segments.
In addition to developing our patent portfolio, we license intellectual property (“IP”) from third parties. We have also granted and continue to grant to others licenses, and other rights, under our patents when we consider these arrangements to be in our interest. These license arrangements include a number of cross-licenses with third parties.
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Seasonality
We experience some seasonal trends in the sale of our products and services. For example, European sales are often weaker in the summer months and consumer sales are often stronger in the fourth calendar quarter. Demand during the spring and early summer months also may be adversely impacted by market anticipation of seasonal trends. Historical seasonal patterns may be impacted by supply constraints, shifts in customer behavior and the evolving impacts of macroeconomic challenges.
Sustainable Impact Activities
At HP, we believe how we do things is just as important as what we do. Our Sustainable Impact strategy focuses on empowering customers, enhancing our value chain, and advancing societal impact. For more information on our sustainability strategy and performance, see our annual Sustainable Impact Report, available on our website (which is not incorporated by reference herein).
Environment
Our operations are subject to regulation under various federal, state, local and foreign laws concerning the environment, including laws addressing the discharge of pollutants into the air and water, the management and disposal of hazardous substances and wastes, and the cleanup of contaminated sites.
We proactively evaluate and at times replace materials in our products and supply chain, taking into account, among other things, published lists of substances of concern, new and upcoming legal requirements, customer preferences and scientific analysis that indicates a potential impact to human health or the environment.
We are committed to complying with all environmental laws applicable to our operations, products and services and to reducing our environmental impact across all aspects of our business. This commitment is reflected and outlined in our Sustainable Impact goals, our comprehensive environmental, health and safety policy, strict environmental management of our operations and worldwide environmental programs and services.
Human Capital
HP employs approximately 55,000 employees worldwide. Together, they power HP’s innovation and perspectives to create breakthrough technologies and transformative solutions that we believe will drive our long-term success. We strive to attract, retain and advance exceptional talent by providing engaging work experiences that help our employees thrive. To deliver on these priorities, HP senior leaders are accountable for meeting management objectives for employee engagement and leadership development.
Employee Engagement
We regularly collect feedback from employees to better understand and improve their workplace experiences and to identify ways to strengthen our culture. We take action to address their ideas, suggestions, and concerns collected through our employee surveys and pulse polls and continue to be certified as a Great Place to Work.
Talent Development
We have a multi-faceted talent, learning, and skill-development strategy. We emphasize different backgrounds, experience, and perspectives in our senior talent pipeline and invest in targeted approaches such as leadership assessments, external education opportunities, coaching, job rotations, and immersive, experiential learning to ensure our executives are equipped to lead HP, both now and in the future. We also support employees through an extensive portfolio of internal and external development programs designed to accelerate career growth and enhance technical and digital capabilities. Additionally, we prepare new people managers with development experiences designed, among other things, to build coaching skills and foster trust and belonging.
In addition to skill development resources, HP also offers formal education assistance through our Degree Assistance Program which provides employees with the opportunity to participate in higher academic education.
Inclusion
Innovation at HP comes from the different perspectives, backgrounds, knowledge, and experiences of our employees that make up our globally connected workforce. We aim for an inclusive workforce that allows us to remain responsive to the marketplace, driving innovation to meet their evolving needs.
Supported by leadership, the company’s global inclusion strategy focuses on locally implemented processes, while maintaining organizational consistency with policies, practices, and services. Programs, strategic partnerships, and Business Resource Groups are key components of our strategy to attract, develop, and retain talent and provide the foundation for a positive culture of inclusion and respect.
Pay Equity
People should be paid equitably for their work, regardless of their gender, race, or other personal characteristics. We benchmark and set pay ranges based on market data and consider factors such as an employee’s role and experience, the location of their job, and
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performance. We also regularly review our compensation practices, both in terms of our overall workforce and individual employees, to help ensure our pay is fair and equitable.
Since 2016, we also have reviewed employees’ compensation with independent third-party experts to support equitable pay practices. We have expanded our annual pay equity assessment to include additional countries representing a majority of our global workforce.
Health, Safety, and Wellness
HP is committed to the health and safety of our employees through robust training programs, clear communication of standards, and leadership engagement. Our environmental, health, and safety leadership team uses our global injury and illness reporting system to assess worldwide and regional trends as a part of quarterly reviews. We focus on reducing and effectively managing risks at HP-owned and partner-owned manufacturing facilities.
The holistic wellbeing of our employees is vital to HP’s success. Our global wellness program is designed to serve the needs of our evolving workforce and culture through opportunities for employees to prioritize wellness across five pillars of well-being: emotional, financial, life balance, physical health, and social and community. Throughout the year, we encourage healthy behaviors across the five pillars of wellness through regular communications, educational sessions, voluntary progress tracking, personal challenges, and other incentives. In addition, we provide specialized programs and campaigns, all with the help of HP-provided mindfulness apps, targeted mental health support, individual assessments, and expanded financial wellbeing programs.
Information about our Executive Officers
The following are our current executive officers:
Manpreet S. Grewal; age 46; Chief Accounting Officer and Global Controller
Mr. Grewal has served as Chief Accounting Officer and Global Controller since July 2025. Previously, he served as Vice President, Controller & Chief Accounting Officer at United States Steel Corporation, a provider of steel products and solutions to various industries, since March 2020. Prior to U.S. Steel, Mr. Grewal served as Vice President, Controller and Chief Accounting Officer at Covanta, a renewable energy and waste management company, from 2017 to March 2020.
Julie Jacobs; age 59; Chief Legal Officer and General Counsel
Ms. Jacobs has served as Chief Legal Officer and General Counsel since October 2022. Previously, Ms. Jacobs served as Senior Executive Vice President, General Counsel and Corporate Secretary of Yahoo, a leading internet, media, and technology company, from September 2021 to October 2022. Prior to Yahoo, Ms. Jacobs served as Executive Vice President and General Counsel of Verizon Media, a global media and technology company, from June 2017 to September 2021. Prior to Verizon Media, Ms. Jacobs spent over 16 years in various senior legal roles at AOL, a global internet, media and technology company, including serving as AOL’s Executive Vice President, General Counsel, and Corporate Secretary from May 2010 to June 2017.
Enrique Lores; age 60; President and Chief Executive Officer
Mr. Lores has served as President and Chief Executive Officer since November 2019. Throughout his over 30-year tenure with the company, Mr. Lores held leadership positions across the organization, serving as President, Printing, Solutions and Services from November 2015 to November 2019, and prior to that role, leading the Separation Management Office for HP Inc. Previously, Mr. Lores was the Senior Vice President and General Manager for Business Personal Systems. Before his Business Personal Systems role, Mr. Lores was Senior Vice President of Customer Support and Services.
David McQuarrie; age 50; Chief Commercial Officer
Mr. McQuarrie has served as Chief Commercial Officer since November 2022. Previously, Mr. McQuarrie served as Senior Vice President & General Manager, Personal Systems Category, from November 2021 to November 2022, Global Head of Customer Support from November 2019 to November 2021, and Global Head of Print Business Management from January 2017 to October 2019. Prior to joining HP, Mr. McQuarrie served in various sales leadership positions at global personal computer and technology companies Lenovo (2008 to 2016) and Dell (1998 to 2007).
Anneliese Olson; age 54; President, Imaging, Printing & Solutions
Ms. Olson has served as President of Imaging, Printing and Solutions since November 2024 and has over 28 years of experience at the Company. Previously, she served as Senior Vice President & Managing Director, North America Market since September 2023, and prior to that as Senior Vice President & Chief Operating Officer, Worldwide Print from November 2019 to April 2022.
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Karen L. Parkhill; age 60; Chief Financial Officer
Ms. Parkhill has served as Chief Financial Officer since August 2024. Previously, she served as Executive Vice President and Chief Financial Officer of Medtronic plc, a healthcare technology company, a position she held since June 2016. Prior to Medtronic, Ms. Parkhill served as Vice Chairman and Chief Financial Officer of Comerica Incorporated, a financial services company, from 2011 to 2016. Ms. Parkhill was a member of Comerica’s Management Executive Committee and the Comerica Bank Board of Directors. Prior to joining Comerica, Ms. Parkhill worked for J.P. Morgan Chase & Co., a financial services company, in various capacities from 1992 to 2011, including serving as Chief Financial Officer of the Commercial Banking business from 2007 to 2011.
Ketan Patel; age 51; President, Personal Systems
Mr. Patel has served as President, Personal Systems since November 2025 and has over 20 years of experience at the Company. Most recently, he served as Senior Vice President and Chief Operating Officer, Global Personal Systems, since November 2022 and prior to that, as SVP and Managing Director of HP’s India Market since August 2020, as well as numerous other leadership positions in the Personal Systems business.
Available Information
Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended, are available free of charge on our website at http://investor.hp.com, as soon as reasonably practicable after HP electronically files such reports with, or furnishes those reports to, the Securities and Exchange Commission. HP’s Corporate Governance Guidelines, Board of Directors’ committee charters (including the charters of the Audit Committee, Finance, Investment and Technology Committee, HR and Compensation Committee, and Nominating, Governance and Social Responsibility Committee) and code of ethics entitled “Integrity at HP” (none of which are incorporated by reference herein) are also available at that same location on our website. If the Board grants any waivers from Integrity at HP to any of our directors or executive officers, or if we amend Integrity at HP, we will, if required, disclose these matters via updates to our website at http://investor.hp.com on a timely basis. We encourage investors to visit our website from time to time, as information is updated and new information is posted. The content of our website is not incorporated by reference into this Annual Report on Form 10-K or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual references only.
Stockholders may request free copies of these documents from:
HP Inc.
Attention: Investor Relations
1501 Page Mill Road,
Palo Alto, CA 94304
http://investor.hp.com/resources/information-request/default.aspx
Additional Information
Microsoft® and Windows® are either registered trademarks or trademarks of Microsoft Corporation in the United States and/or other countries. Intel® is a trademark of Intel Corporation or its subsidiaries in the United States and/or other countries. AMD is a trademark of Advanced Micro Devices, Inc. Google™ and Google Chrome™ are trademarks of Google LLC. NVIDIA is a trademark of NVIDIA Corporation in the United States and/or other countries. All other trademarks are the property of their respective owners.
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ITEM 1A. Risk Factors.
The following discussion of risk factors contains forward-looking statements. These risk factors may be important for understanding any statement in this Form 10-K or elsewhere. The following information should be particularly read in conjunction with Part I, Item I, “Business” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the Consolidated Financial Statements and related notes in Part II, Item 8, “Financial Statements and Supplementary Data” of this Form 10-K. Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events or contingencies that could materially and adversely affect us in the future.
The risks we describe in this Form 10-K or in our other SEC filings or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could, in ways we may not be able to accurately predict, recognize or control, have a material adverse effect on our business, reputation, financial position, results of operations, cash flows and stock price, and they could cause our future results to be materially different than we presently anticipate.
STRATEGIC AND OPERATIONAL RISKS
If we cannot successfully execute our strategy and continue to develop, manufacture and market innovative products, services and solutions, our business and financial performance may suffer.
To execute our strategy, we must, among other things, optimize our cost structure, make long-term investments, develop or acquire and appropriately protect intellectual property, commit significant research and development and other resources, evolve our go-to-market strategy and business model to meet changing market dynamics, forces and demand. In addition, we need to innovate, develop and execute on evolutionary strategies in a rapidly changing and increasingly hybrid environment, seize on disruptive opportunities and effectively respond to secular trends and shifts in customer preferences. Our financial performance will depend in part on our ability to remain competitive in offerings geared towards new or emerging market trends, such as artificial intelligence, hybrid consumption and digital employee experience. For example, in fiscal year 2025 we experienced challenges from changing customer behaviors and we believe we and others in our industry face continuing secular challenges related to, among other things, decreased demand for printing products and solutions as a result of increased digitization, hybrid work, increasing competition from generic alternatives and customer preferences shifting from traditional disposable ink cartridge printers to refillable big tank printers. We also seek to ensure our existing offerings in this space, such as managed services and print software, remain sufficiently differentiated and profitable. Our efforts to mitigate the impact of these challenges, such as by seeking to increase our margin and market share, particularly in big tank printers, and drive demand in software and subscription services or other recurring-revenue based business models, offering higher profitability, may not be successful. While our big tank printers typically have a higher initial margin than our traditional in cartridge printers, they do not result in follow-on sales of high margin traditional ink cartridges and, as a result, may have lower overall device lifetime profitability. Also, shifting to recurring-revenue based business may require us to forego upfront revenue and invest in platforms and systems that enable subscription sales. In addition, we may be unable to successfully execute our strategy, sufficiently invest in, prioritize research and development, market and scale, or accurately project the financial performance of our key growth areas, other strategic growth initiatives and existing offerings, accurately predict technological or business trends or control costs. Moreover, the process of developing new high-technology products, services and solutions and enhancing existing products, services and solutions, including through the introduction of AI capabilities, is complex, costly and uncertain, and we may be unable to anticipate or respond to customers’ changing needs, accurately identify emerging technological trends or accurately project the demand, pricing, or other market dynamics of such trends. Our ability to successfully offer our products, services and solutions in this rapidly evolving market requires an effective planning, forecasting, and management process to enable us to effectively calibrate and adjust our business and business models in response to fluctuating market opportunities and conditions. This effort includes execution of effective go-to-market plans, which may require us to evolve our talent and capabilities, incentive plans (especially for evolution to recurring revenue business), and coverage models. In addition, we may be unable to appropriately prioritize and balance our initiatives or effectively manage change throughout our organization.
Our industry is subject to rapid and substantial innovation, technological change and customer preferences. Even if we successfully develop new products, future products, solutions and technologies, including those created by our competitors, may eventually supplant ours if we are unable to keep pace with technological advances and end-user requirements and preferences and timely enhancement of our existing products and technologies or develop new ones. As a result, we could lose market share and certain of our products, solutions and technologies may be rendered uneconomical or obsolete.
After we develop a product, we must be able to quickly manufacture appropriate volumes while also managing costs and preserving or improving margins. To accomplish this, we must accurately forecast volumes, mixes of products and configurations that meet customer and legal requirements, and we may not succeed in doing so within a given product’s lifecycle or at all. Any delay in the development, production or marketing of a new product, service or solution could result in us not being among the first to market, which could further harm our competitive position. Moreover, new products and services may replace or supersede existing offerings and may not be profitable. Even if they are profitable, the operating margins may not be as high as the historical or anticipated margins.
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We expect the proliferation of AI to have a significant impact on our industry and the markets in which we compete, and the development and use of AI presents competitive, reputational, and liability risks.
We believe the proliferation of AI, especially as it relates to our product and solutions offerings, will continue to have a significant impact on customer preferences and market dynamics in our industry, and our ability to effectively compete in this space will be critical to our financial performance. We also believe that the effective use of AI in our internal operations is important to our long-term success. We are working to incorporate AI capabilities into our consumer and commercial products and solutions, as well as across the company in our own internal operations, and our research into and continued development of such technologies remain ongoing. As with many innovations, AI presents risks, challenges, and unintended consequences that could affect its rate and success of adoption, and therefore our business, and there is no guarantee that our use of AI or incorporation of AI capabilities into our products and solutions will benefit our business operations or result in products and solutions that are preferred by our customers. We have invested, and expect to continue to invest, significant resources to build and support our AI products. If our AI products fail to operate as anticipated or as well as competing products or otherwise do not meet customer needs or if we are unable to bring AI-enabled products and solutions to market as effectively, or with the same speed or in the same volumes, as our competitors, we may fail to recoup our investments in AI or improve our financial performance, our competitive position may be harmed, and our business and reputation may be adversely impacted. For example, the accelerated rate of innovation of components from our suppliers may result in higher defects or failure of our offerings to perform, which could cause us to incur increased warranty costs, inventory provisions or impairments and could impact future sales. Moreover, our actions to drive demand to AI products may result in cannibalization of demand for our traditional, non-AI products, which may result in lower net revenues and/or profit margins.
In addition, AI algorithms may be flawed. Datasets may be insufficient or contain biased information. AI models deployed by us or our partners may lead to unexpected or unintended outcomes that could erode trust in our AI products and solutions and potentially cause harm to individuals or society. These deficiencies and other failures of AI systems, or the use of AI systems, could subject us to competitive harm, regulatory action, legal liability, including under new proposed legislation regulating AI in jurisdictions such as the U.S. and European Union, new applications of existing data protection, privacy, intellectual property, and other laws, and brand or reputational harm. Additionally, our obligations to comply with the evolving legal and regulatory landscape could entail significant costs or limit our ability to incorporate certain AI capabilities into our products and solutions. Proliferating export controls, including controls on certain rare earth elements, designed to limit the diffusion of advanced technology, can impact speed on AI innovation and capabilities by controlling hardware capable of supporting advanced AI technology. Some AI capabilities also present ethical issues, and we may be unsuccessful in identifying or resolving issues before they arise. If we enable or offer AI products or solutions or implement AI capabilities in our internal operations that are controversial because of their impact on human rights, the environment, competition, privacy, employment, or other social, economic, or political issues, we may experience brand or reputational harm or greater employee attrition.
We are heavily dependent on third-party suppliers and supply chain issues have adversely affected, and could adversely affect in the future, our financial results.
We have at times operated in a supply-constrained environment and have faced, and may face in the future, component shortages, logistics challenges and manufacturing disruptions that impact our revenues, profitability and cash flows. We are heavily dependent on third-party suppliers and their ability to deliver sufficient key components, products and services at reasonable prices and in time for us to meet schedules for the delivery of our products and services. In addition, our operations depend on our ability to anticipate and our suppliers’ ability to fulfill, our needs for sufficient key components, products and services (including sourcing matched sets). Given the wide variety of products and services we offer, the large and diverse distribution of our suppliers and contract manufacturers, and the long lead times required to manufacture, assemble and deliver certain components and products, problems have and could continue to arise in production, planning and inventory management. Third-party suppliers may have limited financial resources to withstand challenging business conditions, particularly as a result of increased interest rates, emerging market volatility or changes in global trade policies, or global pandemics or other public health crises, and our business could be negatively impacted if key suppliers are forced to cease or limit their operations. Changes or additions to our supply chain require considerable time and resources and involve significant risks and uncertainties.
We also have experienced, and may experience in the future, gross margin declines in certain businesses, reflecting the effect of competitive pricing pressures and increases in component and manufacturing costs, resulting from market dynamics, especially increasing memory and storage costs and potential supply chain constraints in our Personal Systems business, and higher labor and material costs borne by our manufacturers and suppliers that we are unable to pass on to our customers. Our business may be disrupted if we are unable to obtain equipment, parts or components from our suppliers—and our suppliers from their suppliers—due to the insolvency of key suppliers or the inability of key suppliers to obtain credit, or if any of our distributors lack sufficient financial resources to withstand economic weakness. In addition, our ongoing efforts to optimize the efficiency of our supply chain for cost or redundancy could cause supply disruptions and be more expensive, time-consuming and resource-intensive than expected. Furthermore, certain of our suppliers and OMs may decide to discontinue business with us or limit the allocation of products to us, which could result in our inability to fill our supply needs, jeopardizing our ability to fulfill our contractual obligations, which could in turn, result in a decrease in sales, profitability and cash flows, contract penalties or terminations, and damage to customer relationships.
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In addition, our business is subject to the following specific supply chain related risks:
•Component shortages. We have at times experienced and may in the future experience a shortage of, or a delay in receiving, certain components as a result of strong demand, capacity constraints, supplier financial weaknesses, disputes with suppliers (some of whom are also our customers), disruptions in the operations of component suppliers, supplier ability to demonstrate regulatory compliance, regulatory or other trade restrictions on specific components in certain markets, other problems experienced by suppliers or problems we face during the transition to new suppliers. For example, a market shortage of integrated circuits and panels and other component supply has at times affected, and may affect in the future, lead times, the cost of that supply, and our ability to meet customer demand for our products. Additionally, our Personal Systems business relies heavily upon OMs to manufacture our products and we are therefore dependent upon the continuing operations of those OMs. We represent a substantial portion of the business for certain OMs, and changes to the nature or volume of our business transactions with a particular OM could adversely affect the OM and lead to shortages or delays in receiving component products from that OM. Increased demand for particular components due to industry trends, including components required for the operation of AI, may lead to shortages, delays, and price increases. Our anticipation of these and other supply chain dynamics may result in us purchasing components in greater volumes and on earlier schedules in order to secure an adequate supply, which could adversely affect our working capital and cash flow. If shortages or delays in component products occur, the price of certain components may increase, we may be exposed to quality issues, we may be required to change suppliers or the components may not be available at all. We may not be able to secure enough components at reasonable prices or of acceptable quality to build products or provide services in a timely manner in the quantities needed or according to our specifications. Accordingly, we may lose time-sensitive sales, incur additional freight costs or be unable to pass on price increases to our customers due to such component shortages or delays. If we cannot adequately address a component supply issue, we may have to re-engineer some product or service offerings, which could result in further costs and delays.
•Sourcing inventory planning. In order to secure components for our products or services, we have and may continue to make advance payments to suppliers or enter into non-cancelable commitments with vendors. In addition, we have and may continue to strategically purchase components in advance of demand to take advantage of favorable pricing or to address concerns about future availability, which could adversely affect our working capital and cash flow. If we fail to anticipate customer demand, an oversupply could result in excess or obsolete components.
•Contractual terms. As a result of binding long-term price or purchase commitments with vendors, we may be obligated to purchase components or services at prices that are higher than those available in the current market and may be limited in our ability to respond to changing market conditions. If we commit to purchasing components or services for prices in excess of the then-current market price, we may be at a disadvantage to competitors who have access to components or services at lower prices, our gross margin could suffer, and we could incur additional charges relating to inventory obsolescence. In addition, many of our competitors obtain products or components from the same OMs and suppliers that we utilize. Our competitors may obtain better pricing, more favorable contractual terms and conditions, or more favorable allocations of products and components, and our ability to engage in relationships with certain OMs and suppliers could be limited. The practice employed by our Personal Systems business of purchasing product components and transferring those components to OMs may create large supplier receivables with the OMs that, depending on the financial condition of the OMs, may create collectability risks. In addition, to secure components, we may accept contractual terms and conditions that are less favorable to us.
•Contingent workers. We also rely on third-party suppliers for the provision of contingent workers, and our failure to effectively manage this workforce could adversely affect our financial results. Our ability to manage the costs associated with engaging a contingent workforce may be impacted by evolving local labor laws.
•Working conditions, human rights and materials sourcing. Our brand perception, customer loyalty and legal compliance could be adversely impacted by a supplier’s improper practices or failure to comply with our requirements for responsible practices and sourcing, including sub-tier sourcing.
•Single-source suppliers. We obtain a significant number of components from a single source due to technology, availability, price, quality or other considerations. For example, we rely on Canon for certain laser printer engines and laser toner cartridges and certain key suppliers for application specific integrated circuits (“ASICs”). We also rely on Intel, AMD, and NVIDIA, or other suppliers to provide us with a sufficient supply of processors for the majority of our PCs and workstations. Some of those processors may be customized for our products. New products that we introduce may utilize custom components obtained initially from only one source until we have determined whether there is a need for additional suppliers. Replacing a single-source supplier could delay production of some products as replacement suppliers may be subject to capacity constraints or other output limitations. For some components, alternative sources may not exist or may be unable to produce the quantities of those components necessary to satisfy our production requirements. In certain circumstances, we purchase components from single-source suppliers under short-term agreements that contain favorable pricing and other terms, but that may be unilaterally modified or terminated by the supplier with limited notice and with little or no penalty. The performance of single-source suppliers under those agreements (and the renewal or extension of those agreements upon similar terms) may affect the quality, quantity and price of our components. The loss of, deterioration of our relationship
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with, or limits in allocation by, a single-source supplier, or any unilateral modification to the contractual terms under which we are supplied components by a single-source supplier could adversely affect our business and financial performance. An adverse litigation outcome, including an injunction in an IP litigation, against a single-source supplier, could also significantly impact our ability to make and sell products utilizing that supplier’s components.
•Geographic concentration. Our manufacturing facilities and suppliers have historically been, and continue to be, geographically concentrated in certain regions, which could exacerbate the risks noted above. While we are undertaking initiatives to diversify our manufacturing and supply chain footprint, such initiatives require significant investment and time and have been and can continue to be subject to regulatory, continuity, operational, geopolitical and other hurdles, and there can be no assurance that these initiatives will be successful.
•International trade restrictions. Restrictions on international trade, such as tariffs and other controls on imports or exports of goods, technology or data have and may continue to, materially adversely affect our supply chain. The impact has been particularly significant for the restrictive measures that apply to countries and regions where we have significant supply chain operations. Restrictive measures have and may continue to increase the cost of our products and the components and raw materials that go into them, and can require us to take various actions, including changing suppliers, restructuring business relationships and operations, and ceasing to offer and distribute affected products and services. Changing our business model and supply chain to comply with and seek to offset the impact of new or revised trade restrictions has been, and may continue to be, expensive, time-consuming and disruptive to our business, and may not be successful in offsetting or mitigating these impacts. The impact of changes we make in this regard will not be immediate, and, even if successful, we expect it will take time for any offsetting impacts to take full effect. Moreover, such restrictions can be announced with little or no advance notice, which can create additional uncertainty.
Our business and financial performance could suffer if we do not manage the risks associated with our services businesses properly.
The success of our services business (such as our managed print and device services, lifecycle services, digital services, consumer subscriptions and other services and solutions for both Printing and Personal Systems) depends to a significant degree on attracting, retaining, and maintaining or increasing the level of revenues from our customers. Our standard services agreements are generally renewable at a customer’s option and/or subject to early termination rights. We may not be able to retain or renew services contracts with our customers, or our customers may reduce the scope of the services for which they contract. Factors that may influence contract termination, non-renewal or reduction include business downturns, dissatisfaction with our services or products, our retirement or lack of support for our services, our customers selecting alternative technologies, the cost of our services as compared to our competitors, general market conditions, a lower than investment grade credit rating or other reasons. We may not be able to replace the revenue and earnings from lost customers or reductions in services. While our services agreements may include penalties for early termination, these penalties may not fully cover our investments in these businesses. Our customers could also delay or terminate implementations or use of our services or choose not to invest in additional services from us in the future. In addition, the pricing and other terms of certain services agreements require us to make estimates and assumptions at the time we enter into these contracts that could differ from actual results. Any increased or unexpected costs or unanticipated delays in connection with the performance of these contracts, such as increased costs resulting from new or increased tariffs or other trade restrictions, which may increase as services become more customized, have in the past made, and could in the future make, these agreements less profitable or unprofitable. Certain service-oriented business models, such as the “device as a service” model under which customers are provided with a hardware device for a periodic fee within a managed solution that provides professional services, software, support, monitoring and other services, may not generate net new sales for customers who previously purchased our hardware transactionally. The device as a service model also requires the participation of a third-party financing provider, and we may face challenges in finding such providers who are willing to provide financing on acceptable terms or at all. In addition, from time to time we offer new services for which customer demand and adoption rates are difficult to predict, and we may not be able to scale these services as we expect. As a result, we may not generate the revenues, profits or cash flows we may have anticipated from our services business within the expected timelines, if at all.
We operate in an intensely competitive industry and competitive pressures could harm our business and financial performance.
We encounter aggressive competition in all areas of our business, and our competitors have targeted and are expected to continue targeting our key market segments. We compete on the basis of our technology, innovation, performance, price, quality, reliability, brand, reputation, distribution, range of products and services, ease of use, account relationships, customer training, service and support, security, availability of application software and internet infrastructure offerings, and our sustainability performance. We have faced, and may continue to face, declines in market share for our products. If our products, services, support and cost structure do not enable us to compete successfully, our results of operations, cash flows and business prospects could be affected.
We have a large portfolio of products and must allocate our financial, personnel and other resources across our products while competing with companies that have smaller portfolios or specialize in one or more of our product lines. Because of the size and scope of our portfolio, we may invest a greater percentage of our revenues, including on research and development, than some of our competitors. As a result, we may invest less in certain areas of our business than our competitors, and our competitors may have
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greater financial, technical and marketing resources available for their products and services, compared to the resources allocated to our competing products and services, or greater economies of scale, which could in turn result in our loss of market share. Our actions to mitigate the impact of these dynamics, such as reducing the size of our product portfolio, may not be successful. In addition, if we cannot proportionately decrease our cost structure on a timely basis in response to competitive pricing pressures, our gross margin, profitability and cash flows could be adversely affected.
Our alliance partners in certain areas may be or may become our competitors in others. In addition, these partners also may acquire or form alliances with our competitors, which could reduce their business with us.
We have faced and expect to continue to face aggressive price competition and have lowered and may in the future need to lower the prices of many of our products and services to stay competitive, while at the same time trying to maintain or improve our market share, revenue and gross margin. Competitors who have a greater presence in some of the lower-cost markets in which we compete, or who can obtain better pricing, more favorable contractual terms and conditions, and/or more favorable allocations of products and components, have been able to offer and may continue to be able to offer lower prices than we are able to offer. Price competition often increases during periods of lower demand, including as a result of declining macroeconomic conditions. The sales prices for our products may also decline as a result of discounts, a change in or mix of products and services, anticipation of the introduction of new products and services by us or by our competitors, promotional programs, product and related warranty costs or broader macroeconomic factors. We may also provide pricing discounts to large customers, which may result in lower margins for the period in which the sales occur. In addition, currency fluctuations, particularly weakness in the Japanese Yen, has and may continue to exacerbate pricing competition for our print products and services.
Industry consolidation may also affect competition by creating larger, more homogeneous and potentially stronger competitors in the markets in which we operate. Our competitors may also affect our business by entering into exclusive arrangements with our existing or potential customers or suppliers. Furthermore, non-original supplies (including imitation, refill or remanufactured alternatives), which are often available at lower prices, compete with our Printing Supplies business. We may not be able to prevent the use of imitation print supplies with our printers using technological protection measures, including due to regulatory issues or other legal challenges. In addition, online and omnichannel retailers, resellers and distributors often sell our products alongside competing products, including non-original supplies, or they may highlight the availability of lower cost non-original supplies. We expect this competition will continue.
If we cannot continue to produce high-quality and secure products and services, our reputation, business and financial performance may suffer.
In the course of conducting our business, we must address quality and security issues associated with our products and services, including potential flaws in our engineering, design and manufacturing processes, unsatisfactory performance under service contracts, and unsatisfactory performance or malicious acts by third-parties. Many of our products and services, including those which incorporate AI capabilities, are dependent on third-party software, including from Microsoft and Google, to function as intended, and product issues also sometimes result from the interaction between our products and software and third-party products and software. Our business is also exposed to the risk of defects in third-party components or materials included in our products, including security vulnerabilities. The products and services that we offer are complex, and our regular testing and quality control efforts may not be completely effective in controlling or detecting all quality and security issues or errors, particularly with respect to undiscovered defects or security vulnerabilities in components manufactured by third parties.
If we are unable to determine the cause or find an effective solution to address quality or security issues with our products, we may delay shipment to customers, which would delay revenue recognition and receipt of customer payments. We have and may again in the future write off some or all of the value of non-performing inventory. In addition, after products are delivered, quality and security issues may require us to repair or replace such products. Addressing these issues can be expensive and may result in additional warranty, repair, replacement and other costs. In the event of security vulnerabilities or other issues with third-party components, we may have to rely on third parties to provide mitigation, which may be ineffective. Further, adapting our products and services to meet new regulatory requirements can be costly and cause uncertainties and business disruption. Quality and security issues, including those resulting from defects or security vulnerabilities in third-party components, can impair our relationships with new or existing customers and adversely affect our brand and reputation. The proliferation of social media may increase the likelihood, speed, and magnitude of negative brand and reputation events.
Third-party claims of IP infringement are commonplace in our industry and may limit or disrupt our ability to sell our products and services.
We are subject to third party claims that we or customers indemnified by us are infringing upon IP rights. We have seen an increasing trend of patent assertion entities and operating companies with licensing businesses engaging in claims of infringement and assertion of patents to extract settlements including the assertion of patents related to standardized technologies, such as Wi-Fi or video. The patent litigation environment has also become more challenging due to the increasing use of venues with procedural and substantive rules and practices more favorable for patent asserters, including the availability of preliminary and permanent injunctions for non-competitors. If we cannot or do not license allegedly infringed IP at all or on reasonable terms, or if we are required to substitute technology from another source or disable allegedly IP protected functionality, our operations could be adversely affected.
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Even if we believe that IP claims are without merit, they can be time-consuming and costly to defend and may divert management’s attention and resources away from our business. Claims of IP infringement may require us to redesign affected products, enter into costly settlements or license agreements, pay damage awards, or face an injunction prohibiting us from importing, marketing or selling certain products. Additionally, claims of IP infringement may adversely impact our brand and reputation and imperil new and existing customer relationships.
In certain countries (primarily in Europe), proceedings are ongoing or have been concluded in which groups representing copyright owners seek to impose upon and collect from us levies upon IT equipment (such as PCs and printers). There have also been efforts to introduce, modify or extend existing levy schemes and to increase the amount of the levies that can be collected from us. The total amount of the copyright levies depends on several factors, and could be substantial. The ultimate impact of these copyright levies or similar fees, and our ability to recover such amounts through increased prices, remains uncertain.
The terms of the separation of Hewlett Packard Enterprise and us include licenses and other arrangements to provide for certain ongoing use of intellectual property in the operations of both Hewlett Packard Enterprise and us. For example, through a joint brand holding structure, both Hewlett Packard Enterprise and we retain the ability to make ongoing use of certain variations of the legacy Hewlett-Packard and HP branding, respectively. As a result of this continuing shared use of the legacy branding there is a risk that conduct or events adversely affecting the reputation of Hewlett Packard Enterprise could also adversely affect our reputation.
Our operating results have historically varied and may not be indicative of future results.
Our net revenue, gross margin, profit and cash flow generation vary among our portfolio of products and services, customer groups and geographic markets and therefore will likely vary in future periods. Overall gross margins and profitability in any given period are dependent on the product, service, customer and geographic mix reflected in that period’s net revenue, which in turn depends on the overall demand for our products and services. We have experienced and may in the future experience delays or reductions in spending by our customers or potential customers, which could have a material adverse effect on demand for our products and services and could result in a significant decline in net revenue. For example, we observed a competitive pricing environment, variability in commodity costs, demand softness in Print and demand softness in certain geographic regions in Personal Systems, secular declines in demand for certain products or solutions, including printing products and solutions, inflationary pressures, the imposition of new or increased tariffs and other trade restrictions, and foreign currency fluctuations. We have also observed significant inflationary trends in memory and storage costs. In addition, net revenue declines in some of our businesses may affect net revenue in our other businesses, as we may lose cross-selling opportunities. Our gross margins are also subject to volatility and downward pressure due to a variety of factors, including: continued industry-wide global product pricing pressures and product pricing actions that we may take in response to such pressures; increased competition; our ability to effectively stimulate demand for certain of our products and services; compressed product life cycles; supply shortages; potential increases in the cost of components; our ability to manage product quality and warranty costs effectively; fluctuations in foreign exchange rates; inflation and other macroeconomic pressures; the imposition of new or increased tariffs and other trade restrictions; and the introduction of new products or services, including new products or services with lower profit margins. Moreover, newer geographic markets can be relatively less profitable due to our investments associated with entering those markets and local pricing pressures, as well as difficulty establishing and maintaining the operating infrastructure necessary to support the high growth rate associated with some of those markets. Our efforts to address the challenges facing our business could increase the level of variability in our financial results because the rate at which we are able to realize the benefits from those efforts may vary from period to period. These factors could also make it difficult to accurately forecast revenues and operating results and could negatively affect our ability to provide accurate forecasts to suppliers and manufacturers, manage our relationships and other expenses and to make decisions about future investments.
If we fail to manage the distribution of our products and services properly, our business and financial performance could suffer.
We use a variety of distribution methods to sell our products and services around the world, including third-party resellers and distributors and both direct and indirect sales to enterprise accounts and consumers. Successfully managing our global, multi-tier distribution network including the interaction of our direct sales and indirect channel sales efforts to reach potential customer segments for our products and services is a complex process. Moreover, since each distribution method has distinct risks and gross margins, we may fail to implement the most advantageous balance in the delivery model for our products and services.
Conflicts might arise between our various distribution channels, we may experience the loss or deterioration of an alliance or distribution arrangement or a reduced assortment of our products, we may not be able to limit the potential misuse of pricing programs by our channel partners and we may fail to optimize the use of our pricing programs. Moreover, some of our channel partners and distributors may have insufficient financial resources and may not be able to withstand changes in business conditions, including economic weakness, industry consolidation and market trends. They may also have difficulty selling our products under new business models. Many of our significant distributors operate on narrow margins and have been negatively affected by business and trade pressures in the past. Additionally, in certain regions, we rely on a limited number of distributors, which could exacerbate these risks. Trade receivables that are not covered by collateral or credit insurance are outstanding with our distribution and retail channel partners. Net revenue from indirect sales could suffer, and we could experience disruptions in distribution, if our distributors’ financial conditions, abilities to borrow funds or operations weaken or if our distributors cannot successfully compete in the online or omnichannel marketplace.
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Our inventory management is complex, as we continue to sell a significant mix of products through distributors. We must manage both owned and channel inventory effectively, particularly with respect to sales to distributors, which involves forecasting demand and pricing (and factoring in supply chain challenges and order cancellations). Our forecasts do not always accurately predict demand, and distributors have and may continue to increase orders during periods of product shortages, cancel orders if their inventory is too high or delay orders in anticipation of new products. Distributors also may adjust their orders in response to the supply of our products and the products of our competitors and seasonal fluctuations in end-user demand. Our reliance upon indirect distribution methods, including a multi-tiered channel, may reduce our visibility into inventories, demand and pricing trends. Elevated channel inventory can result in adverse impacts to demand and pricing for our products, the extent and timing of which are difficult to predict with precision or sometimes at all. Accordingly, our distribution model makes forecasting and managing multi-tiered channel inventory more difficult.
If we were to expand direct distribution initiatives, channel and indirect distributors could consider such initiatives in conflict with their business interests and reduce their investment in the distribution and sale of our products, or cease all sales of our products. Sales of our products by channel partners to unauthorized resellers or unauthorized resale of our products has and could continue to make our forecasting and channel inventory management more difficult and impact pricing in the market. For example, in the past we have had channel partners sell products outside of their agreed territory, and misrepresent sales to unauthorized resellers as sales to end-users, frustrating our efforts to estimate channel inventory or maintain consistent pricing, and negatively impacting gross margins. Moreover, our use of indirect distribution channels may limit our willingness or ability to adjust prices quickly and otherwise to respond to pricing changes by competitors. In addition, factors in different markets may cause differential discounting among the geographies where our products are sold, which makes it difficult to achieve global consistency in pricing and creates the opportunity for grey marketing. In addition, our global channel partners may fail to comply with applicable legal and regulatory requirements.
Our uneven sales cycle makes planning and inventory management difficult and future financial results less predictable.
Our quarterly sales often have reflected a pattern in which a disproportionate percentage of each quarter’s total sales occurs towards the end of the quarter. This uneven sales pattern makes predicting net revenue, earnings, cash flow from operations and working capital for each financial period difficult, increases the risk of unanticipated variations in our quarterly results and financial condition, and places pressure on our inventory management and logistics systems. If orders fall short of predicted demand, this results in excess inventory. Alternatively, if orders exceed predicted demand, we may not be able to fulfill all of the orders received in each quarter and such orders may be canceled by the customer. Depending on when they occur in a quarter, developments such as a systems failure, component pricing movements, component shortages, supply disruptions, logistics challenges or declines in demand could adversely impact our inventory levels, our results of operations and cash flows in a manner that is disproportionate to the number of days in the quarter affected.
We experience seasonal trends in the sale of our products that may produce variations in our quarterly results and financial condition. For example, sales to governments (particularly, sales to the U.S. government) are often stronger in the third calendar quarter, and many customers whose fiscal year is the calendar year spend their remaining capital budget authorizations in the fourth calendar quarter. Consumer sales are often higher in the fourth calendar quarter due in part to seasonal holiday demand, and our fourth fiscal quarter ending October 31 has typically been our strongest quarter by revenues. European sales are often weaker during the summer months. Demand during the spring and early summer may also be adversely impacted by market anticipation of seasonal trends. However, historical seasonal patterns may not continue in the future and such patterns have been and may be impacted by supply constraints, macroeconomic conditions, such as an economic slowdown or inflationary pressures, shifts in customer behavior and the impacts of pandemics or other public health crises. Moreover, to the extent that we introduce new products in anticipation of seasonal demand trends, our discounting of existing products may adversely affect our gross margins. Many of the factors that create and affect seasonal trends are beyond our control.
In order to be successful, we must attract, retain, train, motivate, develop and transition key employees, and failure to do so could seriously harm us.
In order to be successful, we must attract, hire, retain, train, motivate, develop, and deploy qualified executives, engineers, technical staff and other key employees. Identifying, developing internally or hiring externally, training and retaining qualified executives, engineers and qualified sales representatives are critical to our future, and competition for experienced employees in the technology industry can be intense. Equity-based compensation is essential for attracting and retaining qualified employees and lack of positive performance in our stock price may adversely affect our ability to attract or retain key employees. In addition, workforce dynamics are constantly evolving and we may not be able to manage changing workforce dynamics successfully. Moreover, changes in immigration policies may impair our ability to recruit and hire technical and professional talent globally. Further, changes in our management team may be disruptive to our business, and we may be unable to successfully transition and assimilate key new hires or promoted employees or successfully execute succession plans.
Our financial performance may suffer if we cannot develop, obtain, license or enforce the intellectual property rights on which our businesses depend.
We rely upon patent, copyright, trademark, trade secret and other IP laws in the United States, similar laws in other countries, and agreements with our employees, customers, suppliers and other parties, to establish and maintain IP rights in the products and
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services we sell, provide or otherwise use in our operations. However, our IP rights could be challenged, invalidated, infringed or circumvented, or such IP rights may not be sufficient to permit us to take advantage of current market trends or to otherwise provide competitive advantages, either of which could result in costly product redesign efforts, discontinuance of certain product offerings or other harm to our competitive position. In addition, we may choose to not apply for patent protection or may fail to apply for patent protection in a timely fashion. Further, the laws of certain countries do not protect proprietary rights to the same extent as the laws of the United States. Therefore, in certain jurisdictions we may be unable to protect our proprietary technology adequately against unauthorized third-party copying or use, which could adversely affect our ability to sell products or services and our competitive position.
In addition, certain of our businesses and products rely on key technologies developed or licensed by third parties. We may not be able to obtain or continue to obtain licenses and technologies from these third parties at all or on reasonable terms, or such third parties may demand cross-licenses to our IP. Third-party components may become obsolete, defective or incompatible with future versions of our products, our relationship with the third party may deteriorate, or our agreements may expire or be terminated. We may face legal or business disputes with licensors that may threaten or lead to the disruption of inbound licensing relationships. In order to remain in compliance with the terms of our licenses, we must monitor and manage our use of third-party components, including both proprietary and open source license terms that may require the licensing or public disclosure of our IP without compensation or on undesirable terms. Some of these licenses may not be available to us in the future on terms that are acceptable or that allow our product offerings to remain competitive. In addition, it is possible that as a consequence of a merger or acquisition, third parties may obtain licenses to some of our IP rights or our business may be subject to certain restrictions that were not in place prior to such transaction. Because the availability and cost of licenses from third parties depends upon the willingness of third parties to deal with us on the terms we request, there is a risk that third parties who license to our competitors will either refuse to license to us or refuse to license to us on terms equally favorable to those granted to our competitors. Consequently, we may lose a competitive advantage with respect to these IP rights or we may be required to enter into costly arrangements in order to terminate or limit these rights. Finally, we may rely on third parties to enforce certain IP rights.
System security risks, data protection breaches, cyberattacks, system outages and systems integration issues could disrupt our internal operations or services provided to customers, and could reduce our revenue, increase our expenses, damage our reputation and adversely affect our cash flows and stock price.
We are exposed to cyberattacks seeking to penetrate our network security and misappropriate or compromise our confidential information or that of third parties, create system disruptions or cause shutdowns. Such attacks may involve the deployment of ransomware and other malicious software programs that attack our products or otherwise exploit security vulnerabilities, or attempt to fraudulently induce our employees, customers, or others to disclose passwords, other sensitive information or provide access to our systems or data. Such risks extend not only to our own products, services, systems and networks, but also to those of customers, suppliers, contractors, business partners, vendors, and other third parties, particularly as all parties increasingly digitize their operations. We engage a significant number of these third parties to assist us with various business functions that require the use, storage, processing and deletion of data. While we make efforts to assess and validate the implementation of cybersecurity requirements and controls by these third parties with respect to the services provided and the data handled on our behalf, there remains a risk of misappropriation, compromise or breach of data outside of our direct control. In addition, hardware and operating system software and applications that we produce or procure from third parties may contain defects or vulnerabilities in design or manufacture, including “bugs” that could unexpectedly interfere with the operation of the product. Breaches of our facilities, network, or data security could disrupt the security of our systems and business applications, impair our ability to provide services to our customers and protect the privacy of their data, result in product development delays, compromise confidential or technical business information, harm our reputation or competitive position, result in theft or misuse of our IP or other assets, require us to allocate more resources to improve technologies, or otherwise adversely affect our business and financial results.
Additionally, the costs to combat cyber or other security threats can be significant, and our efforts to address these problems may not be successful and could result in interruptions, delays, cessation of service and loss of existing or potential customers that may impede our sales, manufacturing, distribution or other critical functions. Media or other reports of perceived vulnerabilities in our network security, regardless of their immediacy or accuracy, could adversely impact our brand and reputation and materially affect our business and financial results.
While we have implemented security measures and internal controls designed to protect against cyber and other security threats, such measures cannot provide absolute security and may not be successful in preventing future security breaches. Moreover, these threats are constantly evolving, thereby making it more difficult to successfully defend against them or to implement adequate preventative measures. Certain vulnerabilities are difficult to detect even using our best efforts, which may allow those vulnerabilities to persist in our systems over long periods of time. In the past, we have experienced data security incidents resulting from unauthorized access to or use of our systems or those of third parties, which to date, have not had a material impact on our operations; however, there remains the possibility of a future data security incident that results in a material impact to the Company. Additionally, it may be difficult to determine the best way to investigate, mitigate, contain, and remediate the harm caused by a data security incident. Such efforts may not be successful, and we may make errors or fail to take necessary actions. It may take considerable time for us to investigate and evaluate the full impact of incidents, particularly for sophisticated attacks. These factors may inhibit our
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ability to provide prompt, full, and reliable information about the incident to our customers, partners, regulators, and the public. Remote work and remote access to our systems has increased significantly, which also increases our cybersecurity attack surface. We have also seen an increase in cyberattack volume, frequency, and sophistication driven by the global enablement of remote workforces. Geopolitical tensions or conflicts may further heighten the risk of cybersecurity attacks. The emergence and maturation of AI capabilities may also lead to new and/or more sophisticated methods of attack, including fraud that relies upon “deep fake” impersonation technology or other forms of generative automation that may scale up the efficiency or effectiveness of cybersecurity attacks. While we carry cyber insurance, we cannot be certain that our coverage will be adequate for liabilities actually incurred, that insurance will continue to be available to us on economically reasonable terms, or at all, or that any insurer will not deny coverage as to any future claim.
Because we process proprietary information and sensitive or confidential data relating to our business (including data relating to employees, independent contractors and other personnel), our customers and third parties, breaches of our security measures or accidental loss, inadvertent disclosure or unapproved dissemination of such data can expose us, our customers, third parties and the individuals affected to a risk of loss, alteration or misuse of such information. A breach could also damage our brand and reputation or otherwise harm our business, and could result in government enforcement actions, litigation, civil monetary penalties or fines and other potential liability for us. We are subject to federal, state, and international laws relating to privacy and data protection, particularly in the U.S., European Union (such as the General Data Protection Regulation (“GDPR”)) and China, and other countries’ legislative and regulatory bodies are increasingly proposing new or more stringent requirements relating to privacy and data protection. These laws and regulations continue to evolve, are increasing in complexity and number and increasingly conflict among the various countries in which we operate, which has resulted in greater compliance risk and cost for us. In addition, the cost and operational consequences of implementing new privacy and data protection measures could be significant.
Portions of our IT infrastructure, including those provided by third parties, have experienced, and may experience in the future, interruptions, outages, delays or cessations of service or may produce errors in connection with systems integrations, migration work or other causes, which could result in business disruptions. The process of remediating these issues could be more expensive, time-consuming, disruptive and resource intensive than planned. Further, such disruptions could adversely impact our ability to fulfill orders and respond to customer requests and interrupt other processes, resulting in delayed sales, lower margins, lost customers or reputational damage.
We may not achieve some or all of the expected benefits of our restructuring and other plans and such plans may adversely affect our business.
We have undertaken and may undertake in the future restructuring and other plans in order to realign our cost structure, drive customer satisfaction, product innovation and productivity through artificial intelligence, and achieve operating efficiencies that we expect to reduce costs, including the Fiscal 2023 Plan and our Fiscal 2026 Plan. Implementation of any such plans may be costly and disruptive to our business, and we may not be able to obtain the anticipated cost savings, operational improvements and estimated workforce reductions within the projected timing or at all. Additionally, as a result of these plans, we may experience a loss of continuity, loss of accumulated knowledge and/or inefficiency, loss of key employees and/or other retention issues during transitional periods. Restructuring and other plans can require a significant amount of time and focus, which may divert attention from operating and growing our business. Moreover, projections of any cost savings or other benefits associated with our restructuring plans are based on current business operations and market dynamics, and could be significantly impacted by various factors, including but not limited to our evolving business models, future investment decisions, market environment and technology landscape. For more information about our restructuring and other plans, see Note 3, “Restructuring and Other Charges” to our Consolidated Financial Statements in Item 8.
We may not be able to execute acquisitions, divestitures and other significant transactions successfully and we may have difficulty or fail to successfully integrate acquired companies.
As part of our business strategy, we may acquire companies or businesses, divest businesses or assets, enter into strategic alliances and joint ventures, and make investments to further our business. Risks associated with these transactions include the following:
•In certain instances we have not, and we may not in the future, fully realize the anticipated benefits of particular transactions in the timeframe we expected or at all, such transactions may be less profitable than anticipated or unprofitable, we may not identify all factors to estimate accurately our costs, timing or other matters, and realizing the benefits of a particular transaction may depend upon competition, market trends, additional costs or investments and the actions of advisors, suppliers or other third parties.
•Certain transactions have resulted, and in the future may result, in significant costs and expenses, including those related to compensation and benefit costs, goodwill and impairment charges, charges from elimination of duplicative facilities and contracts, inventory adjustments, assumed litigation and other liabilities, advisory fees, and payments to executive officers and key employees under retention plans.
•Our due diligence may fail to identify significant issues with the target’s product quality, financial disclosures, accounting
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practices or internal controls, including as a result of being dependent on the veracity and completeness of statements and disclosures made or actions taken by third parties, or the assumptions or judgments we make with respect to our due diligence may be incorrect.
•In order to finance a transaction, we may issue common stock (potentially creating dilution) or take on additional debt, which may adversely impact our credit rating.
•These transactions could adversely impact our effective tax rate.
•An acquisition target may have differing or inadequate cybersecurity and data protection controls.
•These transactions may lead to litigation.
In addition, if we fail to identify, successfully complete and integrate transactions that further our strategic objectives, we may be required to expend resources to develop products, services and technology internally, which may put us at a competitive disadvantage.
In the case of a divestiture, we may have difficulty finding buyers or alternative exit strategies on acceptable terms in a timely manner. We may also dispose of a business at a price or on terms that are less desirable than we had anticipated. In addition, we may experience fewer benefits than expected, and the impact of the divestiture on our financial performance may be larger than projected.
The business combination and investment transactions in which we engage may be large or complex, and we must manage post-closing issues such as the integration of the acquired business. Integrations involve significant challenges and are often time-consuming and expensive and could significantly disrupt our business and the acquired business. These challenges include successfully combining product and service offerings; entering or expanding into markets; retaining key employees; integrating employees, facilities, technology, products, processes, operations (including supply and manufacturing operations), sales and distribution channels, business models and business systems; and retaining customers and distributors.
Our aspirations and disclosures related to environmental and societal matters expose us to risks that could adversely affect our reputation and performance.
We face increasing attention from the investment community, special interest groups, customers, enforcement authorities and other stakeholders, who may have conflicting views, related to our positions, performance, and disclosures relating to environmental and societal related matters and we are subject to legal and regulatory requirements relating to such positions, performance, and disclosures, which continue to broaden and may be conflicting, both in terms of scope and geography. We have environmental and societal goals, which reflect our current plans and aspirations and are not guarantees that we will be able to achieve them. Our failure to adequately update, accomplish or accurately track and report on these goals on a timely basis, or at all, or a decision to amend, retire, or stop reporting on certain goals, or positions we take or do not take on social issues could adversely affect our reputation, financial performance and growth, and expose us to increased scrutiny from the investment community, special interest groups, customers and enforcement authorities. Additionally, a failure to adequately meet regulatory expectations may result in the loss of business and reputational impacts, and we periodically are, and in the future could become the target of litigation, investigations or other proceedings initiated by government authorities or private actors alleging that our activities related to environmental and societal matters are anti-competitive, discriminatory or otherwise unlawful. Moreover, efforts to meet evolving and increasingly divergent stakeholder expectations on environmental and societal and related matters may place a strain on our employees and systems.
Our ability to achieve any environmental and societal objectives is subject to numerous risks, some of which are outside of our control. Examples of such risks include the availability and cost of low- or non-carbon-based energy sources, evolving regulatory requirements affecting product circularity, environmental or societal standards or disclosures, evolving consumer protection laws, the availability of materials and suppliers that can meet our environmental, societal and other related goals and the availability of funds to invest in environmental and societal initiatives in times where we are seeking to reduce costs.
Standards for tracking and reporting environmental and societal matters continue to evolve. Our selection of voluntary disclosure frameworks and standards, and the interpretation or application of those frameworks and standards, may change from time to time or differ from those of others. Methodologies for reporting environmental and societal data may be updated and previously reported data may be adjusted to reflect improvement in availability and quality of third-party data, changing assumptions, changes in the nature and scope of our operations and other changes in circumstances. Our processes and controls for reporting environmental and societal matters across our operations and supply chain are evolving along with multiple disparate standards for identifying, measuring, and reporting environmental and societal metrics, including sustainability-related disclosures that are or may become required by the SEC, European and other regulators (including, but not limited to, the EU Corporate Sustainability Reporting Directive, the EU Corporate Sustainability Due Diligence Directive and the state of California’s climate change disclosure requirements), and such standards may change over time, which could result in revisions to our current goals, reported progress in achieving such goals, or ability to achieve such goals in the future.
Some anti-takeover provisions contained in our certificate of incorporation and bylaws, as well as provisions of Delaware law, could impair a takeover attempt.
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Certain provisions in our certificate of incorporation and bylaws and the Delaware General Corporation Law may discourage, delay or prevent changes of control of HP judged as undesirable by our Board of Directors. These provisions include: authorizing blank check preferred stock, which we could issue with voting, liquidation, dividend and other rights superior to our common stock; limiting the liability of, and providing indemnification to, our directors and officers; specifying that our stockholders may take action only at a duly called annual or special meeting of stockholders and otherwise in accordance with our bylaws and limiting the ability of our stockholders to call special meetings; requiring advance notice of proposals by our stockholders for business to be conducted at stockholder meetings and for nominations of candidates for election to our Board of Directors; and controlling the procedures for our Board of Directors and stockholder meetings, and election, appointment and removal of our directors. These provisions could deter or delay hostile takeovers, proxy contests and changes in control or our management or limit the opportunity for our stockholders to receive a premium for their shares of our stock.
MACROECONOMIC, INDUSTRY AND FINANCIAL RISKS
Due to the international nature of our business, geopolitical or economic changes or events, uncertainty or other factors could harm our business and financial performance.
Approximately 65% of our net revenue for fiscal year 2025 came from outside the United States. In addition, we operate in emerging markets, which can be more volatile. Our future business and financial performance could suffer due to a variety of international factors, including:
•instability in a country’s or region’s economic, regulatory or political conditions, including inflation, recession, interest rate fluctuations, changes or uncertainty in fiscal or monetary policy, actual or anticipated military or political conflicts, health emergencies or pandemics;
•the imposition by governments of additional taxes, tariffs or other restrictions on foreign trade or changes in restrictions on trade between the United States and other countries where HP products are manufactured or sold, including China;
•trade sanctions, embargoes, country localization requirements and import restrictions and other policies and regulations affecting production, shipping, pricing and marketing of products, including policies adopted by any country that may favor domestic companies and technologies over foreign competitors;
•political sentiment impacting global trade, including the willingness of non-U.S. consumers to purchase from U.S. corporations;
•local labor conditions and regulations, including labor issues faced by suppliers and OEMs, or immigration and labor laws which may adversely impact our access to technical and professional talent;
•changes or uncertainty in international, national or local legal environments, including tax, data handling, privacy, artificial intelligence, intellectual property, consumer protection, environmental and antitrust laws;
•import, export or other business licensing requirements or requirements relating to making foreign direct investments, which could increase our cost of doing business, prevent us from shipping products, affect our ability to obtain favorable terms for components, increase our operating costs or lead to penalties or restrictions;
•compliance with the U.S. Foreign Corrupt Practices Act, U.S. export control and trade sanction laws, and similar anti-corruption and international trade laws, and adverse consequences for any failure to comply, including compliance by recently acquired companies, which may have less robust internal compliance procedures; and
•fluctuations in freight costs, limitations on shipping and receiving capacity, and other disruptions in the transportation and shipping infrastructure at important geographic points for our products and shipments.
The factors described above also could disrupt our product and component manufacturing and key suppliers located outside of the United States and our supply chain. For example, we rely on manufacturers in Taiwan to produce notebook computers and other suppliers in Asia for product assembly and manufacture and have manufacturing operations in Israel which support our Industrial Graphics business. The impact of certain geopolitical conflicts (including any escalation or expansion thereof), such as the ongoing military conflicts in Ukraine and the Middle East or tensions in the Taiwan Strait and South China Sea, and any broadening of ancillary geopolitical, economic, and other effects could adversely impact these operations and could heighten the other risks identified in this report.
Since April 2025, new, substantial tariffs have been imposed on imports to the United States. In response, several countries have imposed, or threatened to impose, reciprocal tariffs on imports from the United States and other retaliatory measures. As a result, during fiscal 2025, we experienced higher commodity and tariff costs, which were not fully mitigated by pricing and other actions enacted during the period. Should these or other proposed tariffs, including potential retaliatory actions imposed by other countries, be implemented and sustained for an extended period of time, as proposed, enacted or otherwise, they may have a significant adverse impact to our results of operations and cash flows to the extent our efforts do not fully mitigate the effects of such tariffs. There can be no assurance that we will be able to successfully offset or mitigate these impacts. Additionally, changing our business model and
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supply chain to comply with and offset the impact of new or revised trade restrictions has in the past and could in the future be expensive, time-consuming and disruptive to our business.
Economic weakness and uncertainty is expected to continue to adversely affect demand for our products and services and, as a result, our business and financial performance.
Our business and financial performance depend on worldwide economic conditions and the demand for our products and services. Ongoing economic weakness, including an economic slowdown or recession, uncertainty in markets throughout the world and other adverse economic conditions, including inflation, changes in monetary policy, changes in levels of government spending, increased interest rates, tariffs and other trade restrictions, exchange rates and an evolving global trade environment, have resulted in, and may continue to result in, decreased demand for our products and services and challenges in managing inventory levels and accurately forecasting revenue, gross margin, cash flows and expenses. For example, during fiscal year 2025 we observed continued market uncertainty, cautious commercial spending on information technology hardware, including in China, lower discretionary consumer spending, increasing commodity costs, inflationary pressures, the implementation of tariffs and other trade restrictions, and foreign currency fluctuations. Changes in government spending limits may continue to reduce demand for our products and services from governments or organizations that receive government funding. Moreover, U.S. government contracts are subject to congressional funding, which at times has been and may in the future be unavailable or delayed, which could impact our business.
Prolonged or more severe economic weakness and uncertainty could also cause our expenses to vary materially from our expectations. Financial turmoil affecting the banking system and financial markets or significant financial services institution failures could negatively impact our treasury operations or those of our suppliers, vendors or customers, rapidly and without notice. Poor financial performance of asset markets and the adverse effects of fluctuating exchange rates could lead to higher pension and post-retirement benefit expenses. Interest and other expenses could vary materially from expectations depending on interest rates, borrowing costs, exchange rates, costs of hedging and the fair value of derivative instruments. Economic downturns also may lead to future restructuring actions and associated expenses.
We are exposed to fluctuations in currency exchange rates, which could adversely impact our results.
Currencies other than the U.S. dollar, including the euro, the British pound, Indian rupee, Chinese yuan (renminbi) and the Japanese yen, can have an impact on our results as expressed in U.S. dollars. Global events, trade disputes, economic sanctions, inflation, increasing interest rates and emerging market volatility, and the resulting uncertainty, may cause currencies to fluctuate, which may contribute to variations in our sales in impacted jurisdictions. Because most of our revenues are generated outside the United States, fluctuations in currency exchange rates have adversely affected, and could in the future adversely affect, our net revenue growth. In addition, currency variations can adversely affect margins on sales of our products in countries outside of the United States and products that include components obtained from suppliers located outside of the United States, as well as our ability to increase prices. In addition, currency fluctuations, particularly weakness in the Japanese Yen, has and may continue to exacerbate pricing competition for our print products and services. From time to time, we may use derivative contracts designated as cash flow hedges to protect against foreign currency exchange rate risks. However, our hedging strategies may be ineffective, may not offset any or more than a portion of the adverse financial impact resulting from currency variations, or may result in losses.
Business disruption events could seriously harm our future revenue, cash flows and financial condition and increase our costs and expenses.
Our worldwide operations could be disrupted by natural disasters, telecommunications failures, cybersecurity incidents or other disruptions impacting information technology systems, manufacturing equipment failures, power or water shortages, fires, extreme weather conditions, and other disasters or catastrophic events, for which we are predominantly self-insured. Terrorist acts or armed conflicts, for which we are predominantly uninsured, may also disrupt our operations. Global pandemics or other public health crises may adversely affect, among other things, our supply chain and associated costs; demand for our products and services; our operations and sales, marketing and distribution efforts; our research and development capabilities; our engineering, design, and manufacturing processes; and other important business activities. These events could result in significant losses, adversely affect our competitive position, increase our costs, require substantial expenditures and recovery time, make it difficult or impossible to provide services or deliver products to our customers or to receive components from our suppliers, create delays and inefficiencies in our supply chain and result in the need to impose employee travel restrictions. Our operations and those of our suppliers and distributors could be adversely affected if manufacturing, logistics, or other operations in key locations, are disrupted for any reason, such as those described above or other economic, business, labor, environmental, public health, regulatory or political reasons. In addition, even if our operations are unaffected or recover quickly, if our customers cannot timely resume their own operations, they may reduce or cancel their orders, or these events could otherwise result in a decrease in demand for our products.
Climate change and associated regulatory and market impacts may have an adverse effect on our business.
There are climate-related risks wherever our business is conducted. Global climate change is resulting, and is projected to continue to result, in natural disasters and adverse weather, such as drought, wildfires, storms, sea-level rise, flooding, heat waves, and cold waves, occurring more frequently or with greater intensity. Such extreme climate related events are driving changes in market dynamics, stakeholder expectations, and local, national and international climate change policies and regulations, which could result in
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disruptions to us, our suppliers, vendors, customers and logistics hubs and impact employees’ abilities to live in certain areas, commute or to work from home effectively. These disruptions could make it more difficult and costly for us to deliver our products and services, obtain components or other supplies through our supply chain, maintain or resume operations or perform other critical corporate functions, and could reduce customer demand for our products and services. Furthermore, climate change has reduced the availability and increased the cost of insurance for these negative impacts of natural disasters and adverse weather conditions by contributing to an increase in the incidence and severity of such natural disasters.
The increasing concern over climate change has resulted, and we expect will continue to result, in transition risks such as shifting customer preferences and regulations, including with regard to our products and their environmental impact. These demands have, and we expect will continue to, cause us to incur additional costs and make other changes to our operations. If we fail to manage transition risks effectively, customer demand for our products and services could diminish, and our profitability and cash flow could suffer. Additionally, concerns over climate change have resulted in, and are expected to continue to result in, the adoption of regulatory requirements designed to address climate change, such as imposing a price on carbon emissions, requirements of increased circularity in products, product efficiency and environmental certification requirements and climate-related disclosures. As a result, we have experienced and expect to continue to experience, increased compliance burdens and costs, increased indirect costs resulting from our suppliers passing on compliance costs to us, and certain of our products may be rendered obsolete, financially unviable or face market access issues. Further, conflicting regulations and a lack of harmonization of legal and regulatory environments across the jurisdictions in which we operate may create enhanced compliance risks and costs. The impacts of climate change, whether involving physical risks or transition risks, are expected to be widespread and may materially adversely affect our business and financial results.
Failure to maintain our credit ratings could adversely affect our liquidity, capital position, borrowing costs and access to capital markets, as well as our subscription based and other offerings.
Our credit risk is evaluated by the major independent rating agencies. A downgrade of our current credit rating could increase the cost of borrowing under our credit facilities, reduce access to capital markets and/or market capacity for our commercial paper or require the posting of additional collateral under some of our derivative contracts. In addition, a downgrade of our credit rating could have an adverse impact on our subscription, other recurring revenue business and other offerings and our strategy related to such businesses due to higher borrowing costs and customer preferences when deciding to purchase our subscription based and other offerings. We have in the past, and may from time to time in the future, take actions to manage our capital structure, including reducing our outstanding debt, in order to maintain our credit rating. Such actions may reduce the funds we would otherwise have available for working capital, capital expenditures, dividends, stock repurchases, acquisitions, and other general corporate purposes. We cannot be assured that we will be able to maintain our current credit ratings, and any additional actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are under further review for a downgrade, may impact us in a similar manner and have a negative impact on our liquidity, capital position, access to capital markets and our subscription based and other offerings.
Our debt obligations could adversely affect our business and financial condition.
In addition to our current debt, we may also incur additional indebtedness. Our debt level and related debt service obligations could have the effect, among others, of reducing our flexibility to respond to changing business and economic conditions, and reducing funds available for working capital, capital expenditures, dividends, stock repurchases, acquisitions, and other general corporate purposes. We may also be required to raise additional financing for working capital, capital expenditures, debt service obligations, debt refinancing, future acquisitions or for other general corporate purposes, which will depend on, among other factors, our financial position and performance, as well as prevailing market conditions and other factors beyond our control. Consequently, we may not be able to obtain additional financing or refinancing on terms acceptable to us, or at all, which could adversely impact our ability to service our outstanding indebtedness or to repay our outstanding indebtedness as it becomes due and could adversely impact our business and financial condition. Additionally, further indebtedness may increase the risk of a future downgrade in our credit ratings, which could increase future debt costs, limit the future availability of debt financing and adversely affect our subscription based business.
The amount and frequency of our share repurchases and dividends are affected by a number of factors and may fluctuate.
Although historically we have announced regular cash dividend payments and we have adopted a share repurchase program, we are not obligated to pay cash dividends or to repurchase a specified number or dollar value of shares under our share repurchase program or at all. The declaration and payment of any future dividends is at the discretion of our Board of Directors. The level of dividends and amount, timing, and purchases under our share repurchase program, if any, are influenced by many factors and may fluctuate based on our operating results, cash flows, and priorities for the use of cash, the market price of our common stock, and, with respect to share repurchases, our possession of potentially material nonpublic information. In addition, we cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term shareholder value.
We make estimates and assumptions in connection with the preparation of our financial statements, and any changes to those estimates and assumptions could adversely affect our results of operations, cash flows and financial condition.
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In connection with the preparation of our financial statements, we use certain estimates and assumptions based on historical experience and other factors. Our most critical accounting estimates are described in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 of this report. For example, we make significant estimates and assumptions when accounting for revenue recognition, taxes on earnings and goodwill, and when making decisions related to provisions for legal proceedings and other contingencies. We also estimate sales and marketing program incentives based on a number of factors including historical experience, expected customer behavior and market conditions. These estimates and assumptions are subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to have been incorrect, it could adversely affect our results of operations, cash flows and financial condition.
Ineffective internal controls could impact our business and operating results.
Our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, failure or interruption of information technology systems, the circumvention or overriding of controls, or fraud. Even effective internal controls can provide only reasonable assurance with respect to the preparation and fair presentation of financial statements. If we fail to maintain the adequacy of our internal controls, including any failure to implement required new or improved controls, or if we experience difficulties in their implementation, our business and operating results could be harmed and the company could fail to meet its financial reporting obligations.
LEGAL AND REGULATORY RISKS
Our business is subject to various federal, state, local and foreign laws and regulations that could adversely affect our business and results of operations and cash flows.
We are subject to various, and sometimes conflicting, federal, state, local and foreign laws and regulations. There can be no assurance that such laws and regulations will not be interpreted and changed in ways that will require us to modify our business models and objectives or affect our returns on investments by restricting existing activities and products, subjecting them to escalating costs or increased restrictions or prohibiting them outright. In particular, we face increasing complexity in our product design and procurement operations as we adjust to new and future requirements relating to the composition of our products, their safe use, the energy consumption associated with those products, climate change laws and regulations, and product repairability, reuse, recyclability and take-back legislation. In addition, there is existing and proposed legislation related to human rights, environmental and social responsibility (including tracing requirements related to forced labor prohibitions) for our operations, supply chain partners, and our products and services. Moreover, we are becoming increasingly subject to laws, regulations and international treaties relating to climate change, such as carbon pricing or product energy efficiency requirements or more prescriptive reporting requirements. Additionally, the rapid evolution and increased adoption of AI technologies and our obligations to comply with emerging laws and regulations may require us to develop additional AI-specific governance programs, which could entail significant costs or limit our ability to incorporate certain AI capabilities into our products and solutions.
As new laws, regulations, treaties, executive orders, directives, enforcement priorities and similar initiatives and programs are adopted and implemented, we are required to comply or potentially face market access limitations or restrictions on our products entering certain jurisdictions or our ability to provide services within certain jurisdictions, sanctions or other penalties, including fines. Such burdens or costs have in the past resulted in, and may in the future result in, an adverse effect on our financial condition, results of operations and cash flows. We also face significant compliance and operational burdens and incur significant costs in our efforts to comply with or rectify non-compliance with these laws or regulations. Our potential exposure also includes third-party property damage, personal injury claims and clean-up costs. Further, liability under some environmental laws relating to contaminated sites can be imposed retroactively, on a joint and several basis, and without any finding of noncompliance or fault.
We are subject to risks associated with litigation and regulatory proceedings.
We face legal claims or regulatory matters involving stockholder, consumer, competition, commercial, IP, employment, and other issues on a global basis. There is an increasingly active litigation and regulatory environment, including but not limited to employment and patent-monetization claims in the United States, Germany and Brazil, and litigation and regulatory matters focused on consumer protection, privacy, and competition regulation globally. Patent monetization campaigns have become increasingly aggressive, including those by patent holders for standardized technology, such as Wi-Fi and video and other standardized technology in PCs, who have sued in venues that allow injunctions despite commitments to license patents on fair and reasonable terms. If we are unsuccessful in defending against such claims, we may be exposed to exorbitant licensing demands in order to avoid potential disruptions to our business. As described in Note 14, “Litigation and Contingencies” to the Consolidated Financial Statements in Item 8, we are engaged in a number of litigation and regulatory matters that may have a material adverse impact on our business, financial condition, cash flows or results of operations, if decided adversely to or settled by us. Litigation and regulatory proceedings are inherently uncertain, and adverse rulings and settlements have occurred and may occur, including awards of monetary damages, imposition of fines, issuance of injunctions or cease-and-desist orders directing us to cease engaging in certain business practices, cease manufacturing or selling certain products, requiring the compulsory licensing of patents, or requiring other remedies. In addition, regardless of the outcome, litigation and regulatory proceedings can be costly, time-consuming, disruptive to our operations, distracting to management, and adversely impact our reputation.
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We and Hewlett Packard Enterprise entered into a separation and distribution agreement and various other agreements in connection with the separation of the two businesses. The separation and distribution agreement provides for cross-indemnities between HP and Hewlett Packard Enterprise for liabilities allocated to the respective party pursuant to the terms of such agreement. If Hewlett Packard Enterprise or its successor entities (including spun off businesses to which obligations have been transferred) are unable to satisfy their obligations under these agreements, we could incur operational difficulties or losses.
Failure to comply with our customer and partner contracts or government contracting regulations could adversely affect our business and financial performance.
Our contracts with our customers may include unique and specialized performance requirements. In particular, our contracts with federal, state, provincial and local governmental customers are subject to procurement regulations, contract provisions, executive orders and other specific requirements relating to their formation, administration and performance. In addition, contracts with customers may also include a requirement to comply with customer codes of conduct, which may have terms that conflict with our code of conduct, business policies and strategic objectives. Any failure by us to comply with the specific provisions in our customer contracts or any violation of government contracting regulations or applicable law could result in loss of business or the imposition of civil and criminal penalties, which may include termination of contracts, forfeiture of profits, suspension of payments and, in the case of our government contracts, fines and suspension from future government contracting. Such failures could also cause reputational damage to our business and affect our ability to compete for new contracts. If our customer contracts are terminated, if we are suspended or disbarred from government work, or if our ability to compete for new contracts is adversely affected, our financial performance could suffer. Our partner contracts also contain terms relating to new partner business models and tools creation that could raise issues for which laws or regulations are currently changing or emerging. This could affect us in ways that are not currently fully known or measurable.
Changes in our tax provisions, adverse tax audits, the adoption of new tax legislation, or exposure to additional tax liabilities could have a material impact on our financial performance.
We are subject to income taxes in the United States and approximately 60 other countries, and we are subject to routine corporate income tax audits in many of these jurisdictions. We believe that the positions taken on our tax returns are fully supported, but tax authorities may challenge these positions, and our positions may not be fully sustained on examination by the relevant tax authorities. We regularly assess the likely outcomes of these audits in order to determine the appropriateness of our tax provision, and, we believe we have provided adequate reserves for all tax deficiencies or reductions in tax benefits that could reasonably result from an audit. Our accrual for uncertain tax positions is attributable primarily to uncertainties concerning the tax treatment of our domestic operations, including the allocation of income among different jurisdictions, intercompany transactions, pension and related interest. We adjust our uncertain tax positions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular audit. Determining the appropriate provision for potential deficiencies or reductions in tax benefits that could reasonably result from an audit requires management judgments and estimates, and income tax audits are inherently unpredictable. We may not accurately predict the outcomes of these audits, and the amounts ultimately paid upon resolution of audits could be materially different from the amounts previously included in our income tax provision and, therefore, could have a material impact on our income tax provision, net income and cash flows.
Our effective tax rate in the future could be adversely affected by changes to our operating structure, changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or in their interpretation or enforcement. In addition, changes in tax law and regulation in the U.S. or elsewhere could significantly impact our tax rate, the carrying value of deferred tax assets, or our deferred tax liabilities. In addition, our effective tax rate could also be materially affected by the Organisation for Economic Co-operation and Development’s (the “OECD”), the European Commission’s and other certain major jurisdictions’ heightened interest in and taxation of large multi-national companies. For instance, the OECD has enacted model rules for a new global minimum tax framework (“BEPS Pillar Two”), and various governments around the world have enacted, or are in the process of enacting, legislation on these rules.
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ITEM 1B. Unresolved Staff Comments.
None.
Item 1C. Cybersecurity
HP’s work to defend against cybersecurity threats is occurring against the backdrop of an evolving global threat landscape. Like other Fortune 500 companies, we face a substantial number of cybersecurity threats—ranging from common cyberattacks such as phishing to more evolved threats that incorporate the use of AI. Our products and processes pose an attractive challenge for the most advanced of threat actors—including but not limited to those who are state-sponsored. As a global corporation with a wide range of systems and networks in place, and with customers who threat actors might also wish to target, we could face attacks not only on our own structures, but also on those of our many third-party providers and partners. In response to this threat environment, we have implemented a comprehensive cybersecurity program to assess, identify, and manage risks from cybersecurity threats. Our holistic approach is designed to integrate cybersecurity across the value chain, including in the design, development, and delivery of our products, services, solutions, and operations.
Our Chief Information Security Officer (“CISO”), who has extensive cybersecurity knowledge and skills gained from over 20 years of experience as a CISO at the Company and elsewhere, has responsibility for HP’s global cybersecurity program, including infrastructure and technology platforms, overseeing governance, regulatory and compliance, operations, strategy, and architecture. The CISO reports to our Chief Financial Officer. This role is responsible for building out a cybersecurity organization that is designed to enable robust security coupled with productivity for more than 70,000 global employees, contractors, and partners. The CISO supports HP’s business acceleration and transformation by identifying and managing cybersecurity risks, balancing them with business priorities, and using a contemporary security posture to support HP’s position as an industry leader. As part of this, the CISO receives reports on cybersecurity threats from a number of experienced information security officers responsible for various parts of the business on an ongoing basis and in conjunction with management, regularly reviews risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks.
Our cybersecurity organization collaborates heavily with technology, business and legal stakeholders to enable secure business strategy, maintain, and grow proper security oversight, enhance security monitoring and response, and quantify and reduce risks and compliance gaps. There are six key focus areas within the cybersecurity organization: enterprise security operations, architecture and security engineering, identity access management, IT risk management and compliance, governance, risk and compliance, and strategy and program delivery. Additionally, we aim to incorporate a broad range of industry-standard cybersecurity best practices throughout our cybersecurity organization. These include, among other things:
•an insider threat program that coordinates resources to discourage, identify, and mitigate cybersecurity threats;
•regular audits of HP cybersecurity systems and annual risk assessments of related HP systems and processes, including our information security management systems;
•an incident response plan that sets out a coordinated approach to investigating, containing, documenting and mitigating incidents, including reporting findings and keeping senior management and other key stakeholders informed and involved as appropriate;
•annual and ongoing security awareness training for employees;
•a cybersecurity/information security policy, as well as an acceptable use policy that defines the permitted usage of company-provided technology and contains consequences for noncompliance;
•company-wide privacy policies as well as a physical security program that secures our offices and data center facilities;
•systems and processes designed to oversee, identify, and reduce the potential impact of a security incident at a third-party vendor, service provider or customer or otherwise implicating the third-party technology and systems we use; and
•engagement with industry peers and participation in cybersecurity forums to share knowledge and learn from best practices.
On an annual basis, the cybersecurity organization also enlists the aid of an independent third party to assess our alignment with the National Institute of Standards & Technology’s Cyber Security Framework. The assessment examines our information/cybersecurity program and its associated controls and delivers a report that documents assessment results and provides recommendations for further enhancements. The cybersecurity organization is responsible for presenting an overview of the Cybersecurity Risk Assessment Report to the Board of Directors on at least an annual basis, and the HP executive leadership team is heavily involved in implementing and resolving recommendations. From time to time, we also engage assessors, consultants, auditors, or other third parties to assist with assessing, identifying, and managing cybersecurity risks.
Our cybersecurity risks are evaluated by senior leadership, including as part of our enterprise risk assessments that are reviewed by the Audit Committee and our Board of Directors, and our Internal Audit function, which is an objective, independent assurance and
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advisory organization that helps HP achieve business objectives and conducts regular assessments, audits, and testing of the cybersecurity program and its associated controls.
As of the date of this Form 10-K, risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected us, including our business strategy, results of operations or financial condition. However, there can be no guarantee that we will not experience such an event moving forward and if realized, these risks are reasonably likely to materially affect us. Additional information on cybersecurity risks we face can be found in “Risk Factors” in Item 1A of Part I of this report under the heading “System security risks, data protection breaches, cyberattacks, system outages and systems integration issues could disrupt our internal operations or services provided to customers, and could reduce our revenue, increase our expenses, damage our reputation and adversely affect our cash flows and stock price,” which should be read in conjunction with the foregoing information.
Our Board, in coordination with the Audit Committee, oversees the Company’s enterprise risk management process, including the management of risks arising from cybersecurity threats. Our Board has delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee. The Board and Audit Committee regularly review the measures implemented by the Company to identify and mitigate data protection and cybersecurity risks. As part of such reviews, the Board and Audit Committee regularly receive reports and presentations from management regarding our information and technology security program, including the CISO, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties. We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported promptly to the Board and Audit Committee, as well as ongoing updates regarding any such incident until it has been addressed.
ITEM 2. Properties.
As of October 31, 2025, we owned or leased approximately 16.9 million square feet of space worldwide, a summary of which is provided below.

| Fiscal year ended October 31, 2025
| Owned |  | Leased |  | Total
| (square feet in millions)
Administration and support | 1.9 |  |  | 5.0 |  |  | 6.9 |
(Percentage) | 28 | % |  | 72 | % |  | 100 | %
Manufacturing, research and development facilities and warehouse operations | 2.4 |  |  | 4.9 |  |  | 7.3 |
(Percentage) | 33 | % |  | 67 | % |  | 100 | %
Total(1) | 4.3 |  |  | 9.9 |  |  | 14.2 |
(Percentage) | 30 | % |  | 70 | % |  | 100 | %

(1)Excludes 2.7 million square feet of vacated space, of which 1.9 million square feet is leased to third parties.
We believe that our existing properties are in good condition and are suitable for the conduct of our business. Each of our segments Personal Systems, Printing and Corporate Investments uses each of the properties at least in part, and we retain the flexibility to use each of the properties in whole or in part for each of the segments.
Headquarters
Our global headquarters, including our principal executive offices, are located at 1501 Page Mill Road, Palo Alto, California, United States. The locations of our geographic headquarters are as follows:

Americas |  | Europe, Middle East, Africa |  | Asia Pacific
Palo Alto, United States |  | Geneva, Switzerland |  | Singapore

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Product Development and Manufacturing
The locations of our major product development and manufacturing facilities are as follows:

Americas |  | Europe, Middle East, Africa |  | Asia Pacific
Mexico—Tijuana United States—Boise, Corvallis, Fort Collins, Fountain Valley, Palo Alto, San Diego, Scotts Valley, Spring, Vancouver |  | Israel—Kiryat-Gat, Rehovot, Netanya Spain—Barcelona |  | China— Chongqing, Shanghai India—Bangalore Malaysia—Penang Singapore—Singapore South Korea—Pangyo Taiwan—Taipei

ITEM 3. Legal Proceedings.
Information with respect to this item may be found in Note 14, “Litigation and Contingencies” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
ITEM 4. Mine Safety Disclosures.
Not applicable.
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PART II
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our common stock is traded on the New York Stock Exchange under the symbol HPQ.
For information about dividends, see our Consolidated Statements of Stockholders’ Deficit in Item 8, which is incorporated herein by reference.
As of December 1, 2025, there were approximately 42,937 stockholders of record.
Recent Sales of Unregistered Securities
There were no unregistered sales of equity securities in fiscal year 2025.
Issuer Purchases of Equity Securities

| Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs
Period | In thousands, except per share amounts
August 2025 | 5,721 |  |  | $ | 26.22 |  |  | 5,721 |  |  | $ | 8,761,940 |
September 2025 | 5,779 |  |  | $ | 28.17 |  |  | 5,779 |  |  | $ | 8,599,150 |
October 2025 | 6,830 |  |  | $ | 27.41 |  |  | 6,830 |  |  | $ | 8,411,940 |
Total | 18,330 |  |  |  |  | 18,330 |  |  |

The Company’s share repurchase program, which does not have a specific expiration date, authorizes repurchases in the open market or in private transactions. On August 27, 2024, HP’s Board of Directors increased HP’s total share repurchase authorization to $10.0 billion, inclusive of the amount remaining under previously authorized share repurchases. In the fourth quarter of fiscal year 2025, we returned $0.5 billion to shareholders through the repurchase of 18.3 million shares on the open market.
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Stock Performance Graph and Cumulative Total Return
The graph below shows the cumulative total stockholder return assuming the investment of $100 at the market close on October 31, 2020 (and the reinvestment of dividends thereafter) in each of HP common stock, the S&P 500 Index, and the S&P Information Technology Index. The comparisons in the graph below are based on historical data and are not indicative of, or intended to forecast, future performance of our common stock.

|  | 10/20 |  | 10/21 |  | 10/22 |  | 10/23 |  | 10/24 |  | 10/25
HP Inc. |  | $ | 100.00 |  |  | $ | 173.62 |  |  | $ | 162.80 |  |  | $ | 160.88 |  |  | $ | 224.51 |  |  | $ | 182.07 |
S&P 500 Index |  | $ | 100.00 |  |  | $ | 142.89 |  |  | $ | 122.00 |  |  | $ | 134.35 |  |  | $ | 185.38 |  |  | $ | 225.10 |
S&P Information Technology Index |  | $ | 100.00 |  |  | $ | 146.93 |  |  | $ | 117.16 |  |  | $ | 153.30 |  |  | $ | 231.83 |  |  | $ | 318.88 |

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ITEM 6. [Reserved].
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HP INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The discussion of financial condition and results of our operations that follows provides information that will assist the reader in understanding our Consolidated Financial Statements, the changes in certain key items in those financial statements from year to year, and the primary factors that accounted for those changes, as well as how certain accounting principles, policies and estimates affect our Consolidated Financial Statements. This discussion should be read in conjunction with our Consolidated Financial Statements and the related notes that appear elsewhere in this document. This section generally discusses the results of operations for the fiscal year ended October 31, 2025 compared to the fiscal year ended October 31, 2024. For a discussion of fiscal year ended October 31, 2024 compared to the fiscal year ended October 31, 2023, please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024.
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HP INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
OVERVIEW
HP delivers innovative and sustainable devices, services, and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and other related technologies. We have three reportable segments: Personal Systems, Printing, and Corporate Investments. The Personal Systems segment offers commercial and consumer desktops, notebooks and workstations (including HP’s portfolio of AI PCs and workstations), thin clients, retail POS systems, displays, hybrid systems, software, solutions including endpoint security, and services. The Printing segment provides consumer and commercial printer hardware, supplies, solutions and services. Corporate Investments include certain business incubation and investment projects.
•In Personal Systems, our long-term strategic focus is on:
◦profitable growth through innovation, market segmentation and simplification of our portfolio;
◦enhanced innovation in multi-operating systems, multi-architecture, customer segments and other key attributes;
◦investing in endpoint services and solutions. We are focused on services, including Device-as-a-Service, as the market shifts to subscription-based solutions, and accelerating in attractive adjacencies such as hybrid systems; and
◦driving innovation to enable productivity and collaboration, with AI PCs and workstations playing a critical role in the transformation of how people live and work.
•In Printing, our long-term strategic focus is on:
◦offering innovative, intelligent printing experiences and subscription-based solutions designed to securely serve consumer and SMB customers through our Instant Ink Services and HP All-In Plan, as well as large enterprises through our Managed Print Services solutions;
◦providing digital printing solutions for industrial graphics segments and applications including commercial publishing, labels, packaging, and textiles; and
◦expanding our footprint in 3D printing across digital manufacturing and strategic applications.
We are focused on driving further growth, recurring revenue and investment in strategic areas and believe we are well positioned to lead the future of work with our competitive product lineup and enhanced portfolio of hybrid systems, remote-computing solutions, and intelligent print solutions. We are driving innovation by accelerating the delivery of AI across our product portfolio and focusing on growth opportunities in commercial, solutions, and premium consumer and gaming markets. We have consolidated all our software resources under the Technology and Innovation Organization to evolve from a transactional hardware company to a more experience-led organization, further strengthening our ability to capture these opportunities.
We continue to experience challenges that are representative of the trends and uncertainties that may affect our industry, generally, and our business and financial results, specifically, and we expect these challenges to continue in the short-term. One set of challenges relates to the current macroeconomic environment and the adverse impact on demand for certain of our products. A second set of challenges relates to changes in the competitive landscape. Our primary competitors are exerting competitive pressure in targeted areas and are entering new markets, our emerging competitors are introducing new technologies and business models, and our alliance partners in some businesses are increasingly becoming our competitors in others. A third set of challenges relates to business model changes and our go-to-market execution in an evolving distribution and reseller landscape, with increasing online and omnichannel presence. Specific challenges we face at the segment level are set forth below.
•In Personal Systems, we face challenges with a competitive pricing environment, variability in commodity costs, especially increasing memory and storage costs, and the uncertainty of the market’s ability to absorb price increases.
•In Printing, we face challenges from changing customer behaviors as well as competitors with a favorable foreign currency environment and non-original supplies (which includes imitation, refill, or remanufactured alternatives). We also obtain many Printing components from single source suppliers due to technology, availability, price, quality, or other considerations.
To address these challenges, we continue to pursue innovation with a view towards developing new products and services aligned with generating market demand and meeting the needs of our customers and partners. In addition, we continue to work on improving our operations and adapting our business models, with a particular focus on enhancing our end-to-end processes, analytics, efficiencies and simplification of our product portfolio. We also continue to work on optimizing our sales coverage models, aligning our sales incentives with our strategic goals, improving channel execution and inventory, production and backlog management, strengthening our capabilities in our areas of strategic focus, effective cost management, strengthening our pricing strategy, and developing and capitalizing on market opportunities.
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HP INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
Macroeconomic Environment
Our business and financial performance depend significantly on worldwide economic conditions. We face global macroeconomic challenges such as ongoing geopolitical tensions, uncertainty in the markets, volatility in exchange rates, inflationary trends and evolving dynamics in the global trade environment. We also experience seasonality in the sale of our products and services which may be affected by general economic conditions.
Since April 2025, new, substantial tariffs have been imposed on imports to the United States. We continue to evaluate and implement further mitigating actions, including potential supply chain resiliency movements and cost and pricing measures, as the tariff environment evolves. During fiscal year 2025, we experienced higher commodity and tariff costs, which were not fully mitigated by pricing and other actions enacted during the period. We anticipate commodity cost pressure to continue, including recent inflationary trends in memory and storage costs and potential supply constraints in our Personal Systems business. New or sustained changes to tariffs and commodity costs could result in increased supply chain challenges, cost volatility, and consumer and economic uncertainty which may have a significant adverse impact to our results of operations and cash flows to the extent our efforts do not fully mitigate these effects. We are also exposed to fluctuations in foreign currency exchange rates. We have a large global presence, with approximately 65% of our net revenue from outside the United States. As a result, our financial results can be, and particularly in recent periods have been, negatively impacted by fluctuations in foreign currency exchange rates. For a further discussion of trends, uncertainties and other factors that could impact our operating results, see the section entitled “Risk Factors” in Item 1A of Part I in this Annual Report on Form 10-K.
Transformation Update
In November 2022, we announced our Future Ready Plan (the “Fiscal 2023 Plan” or “Future Ready”) to become a more digitally enabled company, focus investments on key growth opportunities and simplify our operating model. The Fiscal 2023 Plan, as amended in February 2025, ran through the end of fiscal year 2025 and exceeded our overall program savings target. Since announcing our Fiscal 2023 Plan, we have enhanced our digital capabilities in Workforce Solutions and continued to leverage AI to positively impact our products, solutions and operations. Additionally, we reduced portfolio complexity, improved continuity of supply, and increased our forecast accuracy across our business to drive reduction in our cost of sales and operating expenses. We also reduced our structural cost through headcount reductions and achieved our overall headcount reduction goal.
In November 2025, we announced our new plan to drive customer satisfaction, product innovation, and productivity through AI adoption and enablement (the “Fiscal 2026 Plan”). The Fiscal 2026 Plan is expected to run for three years through the end of fiscal year 2028. We expect to invest some of the savings into our growth areas and our people.
See “Risk Factors—Strategic and Operational Risk Factors—We may not achieve some or all of the expected benefits of our restructuring plans and our restructuring may adversely affect our business” in Item 1A, which is incorporated herein by reference. For more information on our Fiscal 2023 Plan and Fiscal 2026 Plan, see Note 3, “Restructuring and Other Charges,” to the Consolidated Financial Statements in Item 8 of Part II of this report, which is incorporated herein by reference.
CRITICAL ACCOUNTING ESTIMATES
General
Our Consolidated Financial Statements are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”), which require management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, net revenue and expenses, and the disclosure of contingent liabilities. Critical accounting estimates are those that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on our financial condition or results of operations. Management bases its estimates on historical experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amount of assets and liabilities. Management believes that the accounting estimates employed and the resulting amounts are reasonable; however, actual results may differ from these estimates.
A summary of our significant accounting policies is included in Note 1, “Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference. Management believes the following accounting policies reflect the critical accounting estimates used in the preparation of our Consolidated Financial Statements.
Revenue Recognition - Variable Consideration
We recognize revenue depicting the transfer of promised goods or services to customers in an amount that may include variable consideration. When the transaction price includes a variable amount, we estimate the amount using either the expected value or most likely amount method. At the time of revenue recognition, we reduce the transaction price by the estimated variable consideration (e.g., customer and distributor programs and incentive offerings, rebates, promotions, and other volume-based incentives). We use
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HP INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
estimates to determine the expected variable consideration for such programs based on historical experience, expected consumer behavior and market conditions.
Taxes on Earnings
As a result of certain employment actions and capital investments we have undertaken, income from manufacturing activities in certain jurisdictions is subject to reduced tax rates and, in some cases, is wholly exempt from taxes for fiscal years through 2029.
We record a valuation allowance to reduce deferred tax assets to the amount that we are more likely than not to realize. In determining the need for a valuation allowance, we consider future market growth, forecasted earnings, future taxable income, the mix of earnings in the jurisdictions in which we operate and prudent and feasible tax planning strategies. In the event we were to determine that it is more likely than not that we will be unable to realize all or part of our deferred tax assets in the future, we would increase the valuation allowance and recognize a corresponding charge to earnings or other comprehensive income in the period in which we make such a determination. Likewise, if we later determine that we are more likely than not to realize the deferred tax assets, we would reverse the applicable portion of the previously recognized valuation allowance. In order for us to realize our deferred tax assets, we must be able to generate sufficient taxable income in the jurisdictions in which the deferred tax assets are located.
We are subject to income taxes in the United States and approximately 60 other countries, and we are subject to routine corporate income tax audits in many of these jurisdictions. We believe that positions taken on our tax returns are fully supported, but tax authorities may challenge these positions, and our positions may not be fully sustained on examination by the relevant tax authorities. Accordingly, our income tax provision includes amounts intended to satisfy assessments that may result from these challenges. Our accrual for uncertain tax positions is attributable primarily to uncertainties concerning the tax treatment of our domestic operations, including the allocation of income among different jurisdictions, intercompany transactions, pension and related interest. We adjust our uncertain tax positions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular audit. Determining the appropriate provision for potential deficiencies or reductions in tax benefits that could reasonably result from an audit requires management judgments and estimates, and income tax audits are inherently unpredictable. We may not accurately predict the outcomes of these audits, and the amounts ultimately paid on resolution of an audit could be materially different from the amounts previously included in our income tax provision and, therefore, could have a material impact on our provision for taxes, net earnings and cash flows. For a further discussion on taxes on earnings, refer to Note 6, “Taxes on Earnings” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
Legal Contingencies
We are involved in various lawsuits, claims, investigations and proceedings including those consisting of IP, commercial, securities, employment, employee benefits and environmental matters that arise in the ordinary course of business. We record a liability when we believe that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. Significant judgment is required to determine both the probability of having incurred a liability and the estimated amount of the liability. We review these matters at least quarterly and adjust these liabilities to reflect the impact of negotiations, settlements, rulings, advice of legal counsel and other updated information and events, pertaining to a particular case. Litigation is inherently unpredictable. However, we believe we have valid defenses with respect to legal matters pending against us. Nevertheless, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies. We believe we have recorded adequate provisions for any such matters and, as of October 31, 2025, it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in our financial statements.
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HP INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
RECENT ACCOUNTING PRONOUNCEMENTS
For a summary of recent accounting pronouncements applicable to our consolidated financial statements see Note 1, “Summary of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
RESULTS OF OPERATIONS
Revenue from our international operations has historically represented, and we expect will continue to represent, a majority of our overall net revenue. As a result, our net revenue growth has been impacted, and we expect it will continue to be impacted, by fluctuations in foreign currency exchange rates. In order to provide a framework for assessing performance excluding the impact of foreign currency fluctuations, we supplement the year-over-year percentage change in net revenue with the year-over-year percentage change in net revenue on a constant currency basis, which excludes the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly exchange rates from the comparative period and excluding any hedging impact recognized in the current period, and without adjusting for any repricing or demand impacts from changes in foreign currency exchange rates. This information is provided so that net revenue can be viewed with and without the effect of fluctuations in foreign currency exchange rates, which is consistent with how management evaluates our net revenue results and trends, as management does not believe that the excluded items are reflective of ongoing operating results. The constant currency measures are provided in addition to, and not as a substitute for, the year-over-year percentage change in net revenue on a GAAP basis. Other companies may calculate and define similarly labeled items differently, which may limit the usefulness of this measure for comparative purposes.
Results of operations in dollars and as a percentage of net revenue were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| Dollars |  | % of Net Revenue |  | Dollars |  | % of Net Revenue |  | Dollars |  | % of Net Revenue
| Dollars in millions
Net revenue: |  |  |  |  |  |  |  |  |  |  |
Products | $ | 52,002 |  |  | 94.0 | % |  | $ | 50,453 |  |  | 94.2 | % |  | $ | 50,660 |  |  | 94.3 | %
Services | 3,293 |  |  | 6.0 | % |  | 3,106 |  |  | 5.8 | % |  | 3,058 |  |  | 5.7 | %
Total net revenue | 55,295 |  |  | 100.0 | % |  | 53,559 |  |  | 100.0 | % |  | 53,718 |  |  | 100.0 | %
Cost of net revenue: |  |  |  |  |  |  |  |  |  |  |
Products(1) | 41,993 |  |  | 80.8 | % |  | 39,952 |  |  | 79.2 | % |  | 40,484 |  |  | 79.9 | %
Services(2) | 1,910 |  |  | 58.0 | % |  | 1,789 |  |  | 57.6 | % |  | 1,726 |  |  | 56.4 | %
Total cost of net revenue | 43,903 |  |  | 79.4 | % |  | 41,741 |  |  | 77.9 | % |  | 42,210 |  |  | 78.6 | %
Gross margin | 11,392 |  |  | 20.6 | % |  | 11,818 |  |  | 22.1 | % |  | 11,508 |  |  | 21.4 | %
Research and development | 1,602 |  |  | 2.9 | % |  | 1,640 |  |  | 3.1 | % |  | 1,578 |  |  | 2.9 | %
Selling, general and administrative | 5,821 |  |  | 10.5 | % |  | 5,658 |  |  | 10.6 | % |  | 5,357 |  |  | 10.0 | %
Restructuring and other charges | 405 |  |  | 0.8 | % |  | 301 |  |  | 0.5 | % |  | 527 |  |  | 1.0 | %
Acquisition and divestiture charges | 45 |  |  | 0.1 | % |  | 83 |  |  | 0.2 | % |  | 240 |  |  | 0.4 | %
Amortization of intangible assets | 345 |  |  | 0.6 | % |  | 318 |  |  | 0.6 | % |  | 350 |  |  | 0.7 | %
Total operating expenses | 8,218 |  |  | 14.9 | % |  | 8,000 |  |  | 15.0 | % |  | 8,052 |  |  | 15.0 | %
Earnings from operations | 3,174 |  |  | 5.7 | % |  | 3,818 |  |  | 7.1 | % |  | 3,456 |  |  | 6.4 | %
Interest and other, net | (506) |  |  | (0.9) | % |  | (539) |  |  | (1.0) | % |  | (519) |  |  | (0.9) | %
Earnings before taxes | 2,668 |  |  | 4.8 | % |  | 3,279 |  |  | 6.1 | % |  | 2,937 |  |  | 5.5 | %
(Provision for) benefit from taxes | (139) |  |  | (0.2) | % |  | (504) |  |  | (0.9) | % |  | 326 |  |  | 0.6 | %
Net earnings | $ | 2,529 |  |  | 4.6 | % |  | $ | 2,775 |  |  | 5.2 | % |  | $ | 3,263 |  |  | 6.1 | %

(1) Products cost of net revenue as a percentage of net revenue is calculated as a percentage of product net revenue.
(2) Services cost of net revenue as a percentage of net revenue is calculated as a percentage of services net revenue.
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Net Revenue
Products net revenue includes revenue from the sale of hardware, supplies, subscriptions and software licenses. Services net revenue includes revenue from our service offerings and support on hardware devices.
In fiscal year 2025, total net revenue increased 3.2% (increased 3.7% on a constant currency basis) as compared to the prior-year period. Net revenue from the United States increased 2.2% to $19.2 billion, and outside of the United States increased 3.8% to $36.1 billion. The increase in net revenue was primarily driven by products net revenue due to increased units in Personal Systems as well as an increase in services net revenue due to support services on hardware devices, partially offset by a decline in Printing net revenue and unfavorable currency impacts.
A detailed discussion of the factors contributing to the changes in segment net revenue is included under “Segment Information” below.
Gross Margin
In fiscal year 2025, gross margin decreased by 1.5 percentage points primarily driven by products gross margin due to higher commodity and tariff costs, mix shifts towards Personal Systems and unfavorable currency impacts, partially offset by disciplined pricing actions and cost savings including Future Ready transformation savings. Services gross margin decreased due to unfavorable mix shifts.
A detailed discussion of the factors contributing to the changes in segment gross margins is included under “Segment Information” below.
Operating Expenses
Research and development (“R&D”)
R&D expense decreased 2.3% in fiscal year 2025, primarily due to disciplined cost savings.
Selling, general and administrative (“SG&A”)
SG&A expense increased 2.9% in fiscal year 2025, primarily due to higher litigation costs, partially offset by lower variable compensation and the receipt of a new government grant in the current period as well as cost savings including Future Ready transformation savings.
Restructuring and other charges
Restructuring and other charges relate primarily to the Fiscal 2023 Plan. For more information, see Note 3, “Restructuring and Other Charges”, to the Consolidated Financial Statements in Item 8 of Part II of this report, which is incorporated herein by reference.
Acquisition and divestiture charges
Acquisition and divestiture charges primarily include direct third-party professional and legal fees, and integration and divestiture-related costs, as well as non-cash adjustments to the fair value of certain acquired assets such as inventory. Acquisition and divestiture charges decreased by $38 million in the fiscal year 2025, primarily due to reduced integration activities.
Amortization of intangible assets
Amortization of intangible assets increased in fiscal year 2025 primarily due to impairment charges of $65 million related to acquired customer contracts, customer lists and distribution agreements within the Printing segment and $27 million of technology and patents within the Corporate Investments segment.
Interest and other, net
Interest and other, net decreased $33 million in the fiscal year 2025 primarily due to a gain from a single litigation matter that does not relate to HP’s ongoing business operations, lower factoring costs and interest expense on debt, partially offset by unfavorable currency impacts.
Provision for taxes
Our effective tax rate was 5.2% in fiscal year 2025. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to decreases in uncertain tax positions.
For a reconciliation of our effective tax rate to the U.S. federal statutory rate of 21% in fiscal year 2025, and further explanation of our provision for income taxes, see Note 6, “Taxes on Earnings” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
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In fiscal year 2025, we recorded $415 million of net income tax benefits related to non-recurring items in the provision for taxes. This amount included $273 million related to changes in uncertain tax positions, $80 million related to restructuring charges, $44 million related to changes in valuation allowances, $28 million related to the filing of tax returns in various jurisdictions, $22 million related to audit settlements in various jurisdictions, and $16 million related to litigation charges. These benefits were partially offset by $69 million of charges related to changes in tax rates.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the United States. This legislation introduces several measures, including the permanent extension of select provisions from the Tax Cuts and Jobs Act, revisions to the international tax framework, and the reinstatement of favorable tax treatment for certain business-related items. The OBBBA contains multiple effective dates, with key provisions beginning in our fiscal year 2026. Based on our assessment, we do not anticipate a material impact on our effective tax and cash tax rates.
Segment Information
A description of the products and services for each segment can be found in Note 2, “Segment Information,” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
Personal Systems

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| Dollars in millions
Net revenue | $ | 38,532 |  | $ | 36,195 |  | $ | 35,684
Earnings from operations | $ | 2,054 |  | $ | 2,253 |  | $ | 2,129
Earnings from operations as a % of net revenue | 5.3% |  | 6.2 | % |  | 6.0%

The components of net revenue and the weighted net revenue change by business unit were as follows:

| For the fiscal years ended October 31
| Net Revenue |  | Weighted Net Revenue Change Percentage Points(1)
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024
| In millions |  |  |  |
Commercial PS | $ | 27,438 |  |  | $ | 25,486 |  |  | $ | 24,712 |  |  | 5.4 |  |  | 2.1 |
Consumer PS | 11,094 |  |  | 10,709 |  |  | 10,972 |  |  | 1.1 |  |  | (0.7) |
Total Personal Systems | $ | 38,532 |  |  | $ | 36,195 |  |  | $ | 35,684 |  |  | 6.5 |  |  | 1.4 |

(1) Weighted Net Revenue Change Percentage Points measures contribution of each business unit towards overall segment revenue growth. It is calculated by dividing the change in revenue of each business unit from the prior-year period by total segment revenue for the prior-year period.
Fiscal year 2025 compared with fiscal year 2024
Personal Systems net revenue increased 6.5% (increased 6.7% on a constant currency basis) in the fiscal year 2025, as compared to the prior-year period. The net revenue increase was primarily due to a 4.3% increase in unit volume driven by the Windows-based PC operating system refresh, and a 3.1% increase in average selling price (“ASPs”). The increase in ASPs is primarily due to favorable mix shift towards Commercial PS and disciplined pricing, partially offset by unfavorable currency impact.
Commercial PS net revenue increased 7.7% primarily due to a 6.4% increase in units due to market expansion and a 2.7% increase in ASPs. The increase in ASPs was driven by favorable mix shifts and disciplined pricing, partially offset by unfavorable currency impacts.
Consumer PS net revenue increased 3.6% primarily due to by a 2.3% increase in ASPs and a 1.2% increase in units. The increase in ASPs was driven by disciplined pricing and favorable mix shifts, partially offset by unfavorable currency impacts.
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Personal Systems earnings from operations as a percentage of net revenue decreased by 0.9 percentage points driven by a decrease in gross margin, partially offset by a decrease in operating expenses as a percentage of revenue. Gross margin decreased primarily due to higher commodity and tariff costs, partially offset by disciplined pricing actions. Operating expenses as a percentage of revenue decreased primarily due to lower variable compensation and litigation charges as well as cost savings including Future Ready transformation savings.
Printing

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| Dollars in millions
Net revenue | $ | 16,702 |  | $ | 17,338 |  | $ | 18,029
Earnings from operations | $ | 3,118 |  | $ | 3,290 |  | $ | 3,399
Earnings from operations as a % of net revenue | 18.7% |  | 19.0% |  | 18.9%

The components of the net revenue and weighted net revenue change by business unit were as follows:

| For the fiscal years ended October 31
| Net Revenue |  | Weighted Net Revenue Change Percentage Points(1)
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024
| In millions |  |  |  |
Supplies | $ | 10,916 |  |  | $ | 11,295 |  |  | $ | 11,452 |  |  | (2.2) |  |  | (0.9) |
Commercial Printing | 4,633 |  |  | 4,841 |  |  | 5,250 |  |  | (1.2) |  |  | (2.2) |
Consumer Printing | 1,153 |  |  | 1,202 |  |  | 1,327 |  |  | (0.3) |  |  | (0.7) |
Total Printing | $ | 16,702 |  |  | $ | 17,338 |  |  | $ | 18,029 |  |  | (3.7) |  |  | (3.8) |

(1) Weighted Net Revenue Change Percentage Points measures the contribution of each business unit towards overall segment revenue growth. It is calculated by dividing the change in revenue of each business unit from the prior period by total segment revenue for the prior-year period.
Fiscal year 2025 compared with fiscal year 2024
Printing net revenue decreased 3.7% (decreased 2.7% on a constant currency basis) for fiscal year 2025 as compared to the prior-year period. The decline in net revenue was driven by Supplies, Commercial Printing and Consumer Printing as well as unfavorable currency impacts. Net revenue for Supplies decreased 3.4% primarily due to decline in the installed base and usage and currency impacts, partially offset by disciplined pricing. Printer unit volume decreased 4.2% due to demand softness and hardware ASPs decreased 1.5%. Printer hardware ASPs decreased primarily due to unfavorable mix shifts towards Consumer Printing and unfavorable currency impacts.
Net revenue for Commercial Printing decreased by 4.3%, primarily due to a 6.2% decrease in printer unit volume, partially offset by a 0.1% increase in ASPs. The increase in ASPs was primarily driven by favorable mix shifts, partially offset by competitive pricing.
Net revenue for Consumer Printing decreased 4.1%, primarily due to a 3.1% decrease in printer unit volume and a 1.4% decrease in ASPs. The decrease in ASPs was primarily driven by unfavorable currency impacts and mix shifts, partially offset by disciplined pricing.
Printing earnings from operations as a percentage of net revenue decreased by 0.3 percentage points driven by a decrease in gross margin, while operating expenses as a percentage of revenue remained flat. Gross margin decreased primarily due to higher tariff costs, partially offset by favorable mix shifts towards Supplies, disciplined pricing, cost savings including Future Ready transformation savings and the receipt of a new government grant in the current period.
Corporate Investments
The loss from operations in Corporate Investments for fiscal year 2025 was primarily due to expenses associated with our incubation projects and investments in digital enablement.
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LIQUIDITY AND CAPITAL RESOURCES
We use cash generated by operations as our primary source of liquidity. We believe that current cash, cash flow from operating activities, new borrowings, available commercial paper authorization and the credit facility will be sufficient to meet HP’s operating cash requirements, planned capital expenditures, interest and principal payments on all borrowings, pension and post-retirement funding requirements, authorized share repurchases and annual dividend payments for the foreseeable future. Additionally, if suitable acquisition opportunities arise, the Company may obtain all or a portion of the required financing through additional borrowings. While our access to capital markets may be constrained and our cost of borrowing may increase under certain business, market and economic conditions, our access to a variety of funding sources to meet our liquidity needs is designed to facilitate continued access to capital resources under all such conditions. Our liquidity is subject to various risks including the risks identified in the section entitled “Risk Factors” in Item 1A and market risks identified in the section entitled “Quantitative and Qualitative Disclosures about Market Risk” in Item 7A, which are incorporated herein by reference.
Amounts held outside of the U.S. are generally utilized to support non-U.S. liquidity needs and may from time to time be distributed to the U.S. Repatriations of amounts held outside the U.S. generally will not be taxable from a U.S. federal tax perspective but may be subject to state income or foreign withholding tax upon repatriation. As we evaluate the future cash needs of our operations, we may revise the amount of foreign earnings considered to be permanently reinvested in our foreign subsidiaries and how to utilize such funds, including reducing our gross debt level, or other uses.
Liquidity
Our cash, cash equivalents and restricted cash and total debt were as follows:

| As of October 31
| 2025 |  | 2024
| In millions
Cash and cash equivalents | $ | 3,690 |  |  | $ | 3,238 |
Restricted cash | $ | 15 |  |  | $ | 15 |
Total debt | $ | 9,666 |  |  | $ | 9,669 |

Our key cash flow metrics were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Net cash provided by operating activities | $ | 3,697 |  |  | $ | 3,749 |  |  | $ | 3,571 |
Net cash used in investing activities | (1,177) |  |  | (646) |  |  | (590) |
Net cash used in financing activities | (2,060) |  |  | (3,082) |  |  | (2,894) |
Net increase in cash, cash equivalents, and restricted cash | $ | 460 |  |  | $ | 21 |  |  | $ | 87 |

Operating activities
Net cash provided by operating activities decreased by $0.1 billion for fiscal year 2025 primarily due to working capital impacts and lower net earnings, partially offset by changes in receivables from contract manufacturers.
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Key working capital metrics
Management utilizes current cash conversion cycle information to manage our working capital level. The table below presents the cash conversion cycle:

| As of October 31
| 2025 |  | 2024 |  | 2023
Days of sales outstanding in accounts receivable (“DSO”) | 35 |  |  | 33 |  |  | 28 |
Days of supply in inventory (“DOS”) | 66 |  |  | 63 |  |  | 57 |
Days of purchases outstanding in accounts payable (“DPO”) | (139) |  |  | (138) |  |  | (117) |
Cash conversion cycle | (38) |  |  | (42) |  |  | (32) |

October 31, 2025 as compared to October 31, 2024
The cash conversion cycle is the sum of days of DSO and DOS less DPO. Items which may cause the cash conversion cycle in a particular period to differ from historical trends include, but are not limited to, changes in business mix, changes in payment terms, timing and extent of receivables factoring, seasonal trends and the timing of revenue recognition and inventory purchases within the period.
DSO measures the average number of days our receivables are outstanding. DSO is calculated by dividing ending accounts receivable, net of allowance for credit losses, by a 90-day average of net revenue. The increase in DSO was primarily due to lower factoring.
DOS measures the average number of days from procurement to sale of our product. DOS is calculated by dividing ending inventory by a 90-day average of cost of goods sold. The increase in DOS was primarily due to higher Personal Systems volume driven by Windows-based PC operating system refresh demand, tariff mitigation and supply chain resiliency actions.
DPO measures the average number of days our accounts payable balances are outstanding. DPO is calculated by dividing ending accounts payable by a 90-day average of cost of goods sold. The increase in DPO was primarily due to higher purchasing volumes.
Investing activities
Net cash used in investing activities increased $0.5 billion for fiscal year 2025 as compared to the prior-year period, primarily due to higher investment in property, plant, equipment and purchased intangible of $0.3 billion, collateral posted for derivative instruments of $0.3 billion.
Financing activities
Net cash used in financing activities decreased by $1.0 billion in fiscal year 2025 compared to the prior-year period, primarily due to a $1.3 billion decrease in share repurchases, partially offset by higher net debt repayment of $0.2 billion.
Share repurchases and dividends
In fiscal year 2025, HP returned $1.9 billion to shareholders in the form of cash dividends of $1.1 billion and share repurchases of $0.8 billion. As of October 31, 2025, HP had approximately $8.4 billion remaining under the share repurchase authorizations approved by HP’s Board of Directors.
For more information on our share repurchases, see Note 12, “Stockholders’ Deficit”, to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
Capital resources
Debt Levels

| As of October 31
| 2025 |  | 2024 |  |
| Dollars in millions
Short-term debt | $ | 845 |  | $ | 1,406 |  |
Long-term debt | $ | 8,821 |  | $ | 8,263 |  |
Weighted-average interest rate | 4.6 | % |  | 4.5 | % |  |

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We maintain debt levels that we establish through consideration of a number of factors, including cash flow expectations, cash requirements for operations, investment plans (including acquisitions), share repurchase activities, our cost of capital and targeted capital structure.
Short-term debt decreased by $0.6 billion and long-term debt increased by $0.6 billion for fiscal year 2025 as compared to the prior-year period. These changes are due to the issuance of unsecured senior debt in April 2025, the repayment upon maturity of the Global Notes due June 2025 and the reclassification of the Global Notes due in June 2026 to short-term.
Our weighted-average interest rate reflects the effective interest rate on our borrowings prevailing during the period and reflects the effect of interest rate swaps. For more information on our interest rate swaps, see Note 10, “Financial Instruments” in the Consolidated Financial Statements and notes thereto in Item 8, “Financial Statements and Supplementary Data”, which is incorporated herein by reference.
As of October 31, 2025, we maintained a $5.0 billion sustainability-linked senior unsecured committed revolving credit facility maturing August 1, 2029. Funds borrowed under the revolving credit facility may be used for general corporate purposes.
Available borrowing resources
As of October 31, 2025, we had available borrowing resources of $1.1 billion from uncommitted lines of credit in addition to funds available under the revolving credit facility.
In February 2024, we filed an automatically effective shelf registration statement with the SEC, which enables us to offer for sale, at any time and from time to time, in one or more offerings, an unspecified amount of debt securities, common stock, preferred stock, depository shares and warrants.
For more information on our borrowings, see Note 11, “Borrowings”, to the Consolidated Financial Statements in Item 8 of Part II of this report, which is incorporated herein by reference.
Credit ratings
Our credit risk is evaluated by major independent rating agencies based upon publicly available information as well as information they obtain during our ongoing discussions. While we currently do not have any rating downgrade triggers that would accelerate the maturity of a material amount of our debt, a downgrade from our current credit rating may increase the cost of borrowing under our credit facility, reduce market capacity for our commercial paper, require the posting of additional collateral under some of our derivative contracts and may have a negative impact on our liquidity and capital position and our contractual business going forward, depending on the extent of such downgrade. See “Risk Factors—Macroeconomic, Industry and Financial Risks—Failure to maintain our credit ratings could adversely affect our liquidity, capital position, borrowing costs and access to capital markets, as well as our subscription based and other offerings.” in Item 1A, which is incorporated herein by reference. We can access alternative sources of funding, including drawdowns under our credit facility, if necessary, to offset potential reductions in the market capacity for our commercial paper.
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Table of Contents
HP INC. AND SUBSIDIARIES
Management’s Discussion and Analysis of
Financial Condition and Results of Operations (Continued)
CONTRACTUAL AND OTHER OBLIGATIONS
Our contractual and other obligations as of October 31, 2025, were as follows:

|  |  | Payments Due by Period |  |  |  |
| Total |  | Short-term |  | Long-term |  |  |  |
| In millions
Principal payments on debt(1) | $ | 9,688 |  |  | $ | 831 |  |  | $ | 8,857 |  |  |  |  |
Interest payments on debt(2) | 2,775 |  |  | 406 |  |  | 2,369 |  |  |  |  |
Purchase obligations(3) | 1,085 |  |  | 509 |  |  | 576 |  |  |  |  |
Operating lease obligations | 1,387 |  |  | 474 |  |  | 913 |  |  |  |  |
Finance lease obligations | 35 |  |  | 16 |  |  | 19 |  |  |  |  |
Total | $ | 14,970 |  |  | $ | 2,236 |  |  | $ | 12,734 |  |  |  |  |

(1)Amounts represent the principal cash payments relating to our short-term and long-term debt and do not include any fair value adjustments, discounts or premiums.
(2)Amounts represent the expected interest payments relating to our short-term and long-term debt. We have outstanding interest rate swap agreements accounted for as fair value hedges that have the economic effect of changing fixed interest rates associated with some of our U.S. Dollar Global Notes to variable interest rates. The impact of our outstanding interest rate swaps as of October 31, 2025 was factored into the calculation of the future interest payments on debt.
(3)Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on us and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price and volume provisions; and the approximate timing of the transaction. These purchase obligations are related principally to inventory and other items. Purchase obligations exclude agreements that are cancellable without penalty. Purchase obligations also exclude open purchase orders that are routine arrangements entered into in the ordinary course of business as they are difficult to quantify in a meaningful way. Even though open purchase orders are considered enforceable and legally binding, the terms generally allow us the option to cancel, reschedule, and adjust terms based on our business needs prior to the delivery of goods or performance of services.
Retirement and Post-Retirement Benefit Plan Contributions
In fiscal year 2026, we expect to contribute approximately $43 million to our non-U.S. pension plans, $31 million to cover benefit payments to U.S. non-qualified pension plan participants and $3 million to cover benefit claims for our post-retirement benefit plans. Our policy is to fund our pension plans so that we meet the minimum contribution required by local government, funding and taxing authorities. Expected contributions and payments to our pension and post-retirement benefit plans are excluded from the contractual obligations table because they do not represent contractual cash outflows as they are dependent on numerous factors which may result in a wide range of outcomes. For more information on our retirement and post-retirement benefit plans, see Note 4, “Retirement and Post-Retirement Benefit Plans”, to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
Cost Savings Plans
As a result of our approved restructuring plans, we expect to make future cash payments of approximately $0.2 billion in the fiscal year 2026. For more information on our restructuring activities that are part of our cost improvements, see Note 3, “Restructuring and Other Charges”, to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
Uncertain Tax Positions
As of October 31, 2025, we had approximately $797 million of recorded liabilities including related interest and penalties pertaining to uncertain tax positions. We are unable to make a reasonable estimate as to when cash settlement with the tax authorities might occur due to the uncertainties related to these tax matters. Payments of these liabilities would result from settlements with taxing authorities. For more information on our uncertain tax positions, see Note 6, “Taxes on Earnings”, to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
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Off-balance sheet arrangements
As part of our ongoing business, we have not participated in transactions that generate material relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.
We have third-party short-term financing arrangements intended to facilitate the working capital requirements of certain customers and HP. For more information on our third-party short-term financing arrangements, see Note 7 “Supplementary Financial Information” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.
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Table of Contents
ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk.
In the normal course of business, we are exposed to foreign currency exchange rate and interest rate risks that could impact our financial position, cash flows and results of operations. Our risk management strategy with respect to these market risks may include the use of derivative instruments. We use derivative contracts only to manage existing underlying exposures. Accordingly, we do not use derivative contracts for speculative purposes. Our risks, risk management strategy and a sensitivity analysis estimating the effects of changes in fair value for each of these exposures are outlined below.
Actual gains and losses in the future may differ materially from the sensitivity analyses based on changes in the timing and amount of foreign currency exchange rate and interest rate movements and our actual exposures and derivatives in place at the time of the change, as well as the effectiveness of the derivative to hedge the related exposure.
Foreign currency exchange rate risk
We are exposed to foreign currency exchange rate risk inherent in our sales commitments, anticipated sales, anticipated purchases and assets and liabilities denominated in currencies other than the U.S. dollar. We transact business in over 40 currencies worldwide, of which the most significant foreign currencies to our operations for fiscal year 2025 were Euro, Chinese yuan renminbi, Japanese yen and British pound. For most currencies, we are a net receiver of the foreign currency and therefore benefit from a weaker U.S. dollar and are adversely affected by a stronger U.S. dollar relative to the foreign currency. Even where we are a net receiver of the foreign currency, a weaker U.S. dollar may adversely affect certain expense figures, if taken alone.
We use a combination of forward contracts and at times, options designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in our forecasted net revenue and, to a lesser extent in cost of sales. We also use other derivatives not designated as hedging instruments consisting primarily of forward contracts to hedge foreign currency balance sheet exposures. Alternatively, we may choose not to hedge the risk associated with our foreign currency exposures, primarily if such exposure acts as a natural hedge for offsetting amounts denominated in the same currency or if the currency is too difficult or too expensive to hedge.
We have performed sensitivity analyses as of October 31, 2025 and 2024, using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant. The analyses cover all of our foreign currency derivative contracts offset by underlying exposures. The foreign currency exchange rates we used in performing the sensitivity analysis were based on market rates in effect as of October 31, 2025 and 2024. The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates would result in a foreign exchang e loss of $134 million and $94 million as of October 31, 2025 and October 31, 2024, respectively.
Interest rate risk
We also are exposed to interest rate risk related to debt we have issued and our investment portfolio.
We issue long-term debt in either U.S. dollars or foreign currencies based on market conditions at the time of financing. We may use interest rate and/or currency swaps to modify the market risk exposures in connection with the debt to achieve a floating interest expense and/or U.S. dollar principal outflows. The swap transactions generally involve the exchange of fixed for floating interest payments. However, we may choose not to swap fixed for floating interest payments or may terminate a previously executed swap if we believe a larger proportion of fixed-rate debt would be beneficial.
In order to hedge the fair value of certain fixed-rate investments, we may enter into interest rate swaps that convert fixed interest returns into variable interest returns. We may use cash flow hedges to hedge the variability in interest income received on certain variable-rate investments. We may also enter into interest rate swaps that convert variable rate interest returns into fixed-rate interest returns.
We have performed sensitivity analyses as of October 31, 2025 and 2024, using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of interest rates across the entire yield curve, with all other variables held constant. The analyses cover our debt, investments and interest rate swaps. The analyses use actual or approximate maturities for the debt, investments and interest rate swaps. The discount rates used were based on the market interest rates in effect as of October 31, 2025 and 2024. The sensitivity analyses indicated that a hypothetical 10% adverse movement in interest rates would have resulted in a loss in the fair values of our debt and investments, net of interest rate swaps, of $157 million and $164 million as of October 31, 2025 and October 31, 2024, respectively.
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Table of Contents
ITEM 8. Financial Statements and Supplementary Data.
Table of Contents

| Page
Reports of Independent Registered Public Accounting Firm (PCAOB ID: 42) | 47
Management's Report on Internal Control Over Financial Reporting | 49
Consolidated Statements of Earnings | 50
Consolidated Statements of Comprehensive Income | 51
Consolidated Balance Sheets | 52
Consolidated Statements of Cash Flows | 53
Consolidated Statements of Stockholders’ Deficit | 54
Notes to Consolidated Financial Statements | 55
Note 1: Summary of Significant Accounting Policies | 55
Note 2: Segment Information | 62
Note 3: Restructuring and Other Charges | 65
Note 4: Retirement and Post-Retirement Benefit Plans | 66
Note 5: Stock-Based Compensation | 72
Note 6: Taxes on Earnings | 75
Note 7: Supplementary Financial Information | 79
Note 8: Goodwill and Intangible Assets | 84
Note 9: Fair Value | 85
Note 10: Financial Instruments | 87
Note 11: Borrowings | 91
Note 12: Stockholders’ Deficit | 93
Note 13: Earnings Per Share | 95
Note 14: Litigation and Contingencies | 96
Note 15: Guarantees, Indemnifications and Warranties | 99
Note 16: Commitments | 99
Note 17: Leases | 100

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Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of HP Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of HP Inc. and subsidiaries (the Company) as of October 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, stockholders’ deficit and cash flows for each of the three years in the period ended October 31, 2025, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at October 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended October 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of October 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated December 10, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

| Estimation of variable consideration
Description of the Matter | As described in Note 1 of the consolidated financial statements, the Company reduces revenue for customer and distributor programs and incentive offerings including rebates, promotions and other volume-based incentives. The Company uses estimates to determine the expected variable consideration for such programs based on factors like historical experience, expected customer behavior and market conditions. Estimated variable consideration is presented within other current liabilities on the consolidated balance sheet and totaled $3.1 billion at October 31, 2025. Auditing the Company’s measurement of certain variable consideration is especially challenging because the calculation is complex and reflects management's assumptions about expected customer behavior, considering historical experience. Changes in those assumptions can have a material effect on the amount of variable consideration recognized.
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s internal controls over its measurement of variable consideration, including management’s evaluation of the significant assumptions that have a material effect on the variable consideration. Our audit procedures included, among others, developing an independent estimate of the variable consideration and comparing our estimate to the recorded balance. We performed this predictive analysis at both an aggregated and disaggregated level. We also inspected the terms and conditions of the incentive offerings. In addition, we compared previous estimates of variable consideration to actual payments.

/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2000.
Houston, Texas
December 10, 2025
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Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of HP Inc.
Opinion on Internal Control Over Financial Reporting
We have audited HP Inc. and subsidiaries’ internal control over financial reporting as of October 31, 2025, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, HP Inc. and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of October 31, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of October 31, 2025 and 2024, the related consolidated statements of earnings, comprehensive income, stockholders’ deficit and cash flows for each of the three years in the period ended October 31, 2025, and the related notes and our report dated December 10, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
Houston, Texas
December 10, 2025
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Management’s Report on Internal Control Over Financial Reporting
HP’s management is responsible for establishing and maintaining adequate internal control over financial reporting. HP’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. HP’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of HP; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of HP are being made only in accordance with authorizations of management and directors of HP; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of HP’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
HP’s management assessed the effectiveness of HP’s internal control over financial reporting as of October 31, 2025 utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013 framework).
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.
As previously reported in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2024, we identified a material weakness in internal control over financial reporting. The material weakness resulted from undue reliance on information generated from certain software solutions affecting various financial statement line items as well as net revenue without effectively designed information technology (“IT”) general controls specifically around user access and change management and job schedule monitoring IT operations. As of October 31, 2025, the Company has concluded that the previously identified material weakness was remediated.
Based on the assessment by HP’s management, we determined that HP’s internal control over financial reporting was effective as of October 31, 2025. The effectiveness of HP’s internal control over financial reporting as of October 31, 2025 has been audited by Ernst & Young LLP, HP’s independent registered public accounting firm, as stated in their report which appears in Part II, Item 8 of this Annual Report on Form 10-K.

/s/ ENRIQUE LORES |  | /s/ KAREN L. PARKHILL
Enrique Lores President and Chief Executive Officer December 10, 2025 |  | Karen L. Parkhill Chief Financial Officer December 10, 2025

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Consolidated Statements of Earnings
| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions, except per share amounts
Net revenue: |  |  |  |  |
Products | $ | 52,002 |  |  | $ | 50,453 |  |  | $ | 50,660 |
Services | 3,293 |  |  | 3,106 |  |  | 3,058 |
Total net revenue | 55,295 |  |  | 53,559 |  |  | 53,718 |
Cost of net revenue: |  |  |  |  |
Products | 41,993 |  |  | 39,952 |  |  | 40,484 |
Services | 1,910 |  |  | 1,789 |  |  | 1,726 |
Total cost of net revenue | 43,903 |  |  | 41,741 |  |  | 42,210 |
Gross profit | 11,392 |  |  | 11,818 |  |  | 11,508 |
Research and development | 1,602 |  |  | 1,640 |  |  | 1,578 |
Selling, general and administrative | 5,821 |  |  | 5,658 |  |  | 5,357 |
Restructuring and other charges | 405 |  |  | 301 |  |  | 527 |
Acquisition and divestiture charges | 45 |  |  | 83 |  |  | 240 |
Amortization of intangible assets | 345 |  |  | 318 |  |  | 350 |
Total operating expenses | 8,218 |  |  | 8,000 |  |  | 8,052 |
Earnings from operations | 3,174 |  |  | 3,818 |  |  | 3,456 |
Interest and other, net | (506) |  |  | (539) |  |  | (519) |
Earnings before taxes | 2,668 |  |  | 3,279 |  |  | 2,937 |
(Provision for) benefit from taxes | (139) |  |  | (504) |  |  | 326 |
Net earnings | $ | 2,529 |  |  | $ | 2,775 |  |  | $ | 3,263 |
Net earnings per share: |  |  |  |  |
Basic | $ | 2.67 |  |  | $ | 2.83 |  |  | $ | 3.29 |
Diluted | $ | 2.65 |  |  | $ | 2.81 |  |  | $ | 3.26 |
Weighted-average shares used to compute net earnings per share: |  |  |  |  |
Basic | 946 |  |  | 979 |  |  | 992 |
Diluted | 953 |  |  | 989 |  |  | 1,000 |

The accompanying notes are an integral part of these Consolidated Financial Statements.
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Consolidated Statements of Comprehensive Income
| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Net earnings | $ | 2,529 |  |  | $ | 2,775 |  |  | $ | 3,263 |
Other comprehensive loss before taxes: |  |  |  |  |
Change in unrealized components of available-for-sale debt securities: |  |  |  |  |
Unrealized gains arising during the period | 16 |  |  | 8 |  |  | 2 |
Change in unrealized components of cash flow hedges: |  |  |  |  |
Unrealized (losses) gains arising during the period | (211) |  |  | 51 |  |  | (427) |
Losses (gains) reclassified into earnings | 98 |  |  | (274) |  |  | (84) |
| (113) |  |  | (223) |  |  | (511) |
Change in unrealized components of defined benefit plans: |  |  |  |  |
Unrealized gains (losses) arising during the period | 30 |  |  | (76) |  |  | (141) |
Amortization of actuarial loss and prior service benefit | 21 |  |  | 8 |  |  | — |
Curtailments, settlements and other | 6 |  |  | 2 |  |  | — |
| 57 |  |  | (66) |  |  | (141) |
Change in cumulative translation adjustment | 12 |  |  | 24 |  |  | 23 |
Other comprehensive loss before taxes | (28) |  |  | (257) |  |  | (627) |
Benefit from taxes | 5 |  |  | 46 |  |  | 119 |
Other comprehensive loss, net of taxes | (23) |  |  | (211) |  |  | (508) |
Comprehensive income | $ | 2,506 |  |  | $ | 2,564 |  |  | $ | 2,755 |

The accompanying notes are an integral part of these Consolidated Financial Statements.
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Consolidated Balance Sheets
| As of October 31
| 2025 |  | 2024
| In millions, except par value
ASSETS |  |  |
Current assets: |  |  |
Cash, cash equivalents and restricted cash | $ | 3,705 |  |  | $ | 3,253 |
Accounts receivable, net of allowance for credit losses of $83 as of October 31, 2025 and 2024 | 5,692 |  |  | 5,117 |
Inventory | 8,512 |  |  | 7,720 |
Other current assets | 4,544 |  |  | 4,670 |
Total current assets | 22,453 |  |  | 20,760 |
Property, plant and equipment, net | 3,049 |  |  | 2,914 |
Goodwill | 8,706 |  |  | 8,627 |
Other non-current assets | 7,561 |  |  | 7,608 |
Total assets | $ | 41,769 |  |  | $ | 39,909 |
LIABILITIES AND STOCKHOLDERS’ DEFICIT |  |  |
Current liabilities: |  |  |
Notes payable and short-term borrowings | $ | 845 |  |  | $ | 1,406 |
Accounts payable | 18,051 |  |  | 16,903 |
Other current liabilities | 10,362 |  |  | 10,378 |
Total current liabilities | 29,258 |  |  | 28,687 |
Long-term debt | 8,821 |  |  | 8,263 |
Other non-current liabilities | 4,036 |  |  | 4,282 |
Commitments and contingencies |  |  |
Stockholders’ deficit: | 0 |  |
Preferred stock, $0.01 par value (300 shares authorized; none issued) | — |  |  | — |
Common stock, $0.01par value (9,600 shares authorized; 921 and 939 shares issued and outstanding as of October 31, 2025 and 2024, respectively) | 9 |  |  | 9 |
Additional paid-in capital | 2,129 |  |  | 1,778 |
Accumulated deficit | (2,027) |  |  | (2,676) |
Accumulated other comprehensive loss | (457) |  |  | (434) |
Total stockholders’ deficit | (346) |  |  | (1,323) |
Total liabilities and stockholders’ deficit | $ | 41,769 |  |  | $ | 39,909 |

The accompanying notes are an integral part of these Consolidated Financial Statements.
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Consolidated Statements of Cash Flows
| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Cash flows from operating activities: |  |  |  |  |
Net earnings | $ | 2,529 |  |  | $ | 2,775 |  |  | $ | 3,263 |
Adjustments to reconcile net earnings to net cash provided by operating activities: |  |  |  |  |
Depreciation, amortization and impairment | 916 |  |  | 830 |  |  | 850 |
Stock-based compensation expense | 522 |  |  | 452 |  |  | 438 |
Restructuring and other charges | 405 |  |  | 301 |  |  | 527 |
Deferred taxes on earnings | (6) |  |  | (122) |  |  | (923) |
Other, net | 116 |  |  | (38) |  |  | (10) |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |
Accounts receivable | (524) |  |  | (929) |  |  | 278 |
Inventory | (828) |  |  | (852) |  |  | 668 |
Accounts payable | 1,142 |  |  | 2,840 |  |  | (1,240) |
Net investment in leases related to integrated financing | (131) |  |  | (165) |  |  | (110) |
Taxes on earnings | (391) |  |  | (24) |  |  | 198 |
Restructuring and other | (326) |  |  | (264) |  |  | (310) |
Other assets and liabilities | 273 |  |  | (1,055) |  |  | (58) |
Net cash provided by operating activities | 3,697 |  |  | 3,749 |  |  | 3,571 |
Cash flows from investing activities: |  |  |  |  |
Investment in property, plant, equipment and purchased intangibles, net | (897) |  |  | (592) |  |  | (593) |
Purchases of available-for-sale securities and other investments | (40) |  |  | (4) |  |  | (11) |
Maturities and sales of available-for-sale securities and other investments | 74 |  |  | 8 |  |  | 21 |
Collateral posted for derivative instruments | (264) |  |  | — |  |  | — |
Payments made in connection with business acquisitions, net of cash acquired | (116) |  |  | (58) |  |  | (7) |
Proceeds from business divestitures | 66 |  |  | — |  |  | — |
Net cash used in investing activities | (1,177) |  |  | (646) |  |  | (590) |
Cash flows from financing activities: |  |  |  |  |
Payments of short-term borrowings with original maturities less than 90 days, net | — |  |  | — |  |  | (10) |
Proceeds from debt, net of issuance costs | 1,385 |  |  | 380 |  |  | 255 |
Payment of debt and other associated costs | (1,387) |  |  | (213) |  |  | (1,700) |
Stock-based award activities and others | (126) |  |  | (74) |  |  | (99) |
Repurchase of common stock | (850) |  |  | (2,100) |  |  | (100) |
Cash dividends paid | (1,088) |  |  | (1,075) |  |  | (1,037) |
Collateral returned for derivative instruments | — |  |  | — |  |  | (200) |
Settlement of cash flow hedges | 6 |  |  | — |  |  | (3) |
Net cash used in financing activities | (2,060) |  |  | (3,082) |  |  | (2,894) |
Increase in cash, cash equivalents and restricted cash | 460 |  |  | 21 |  |  | 87 |
Cash, cash equivalents and restricted cash at beginning of period | 3,253 |  |  | 3,232 |  |  | 3,145 |
Cash, cash equivalents and restricted cash at end of period (1) | $ | 3,713 |  |  | $ | 3,253 |  |  | $ | 3,232 |
Supplemental cash flow disclosures: |  |  |  |  |
Income taxes paid, net of refunds | $ | 535 |  |  | $ | 649 |  |  | $ | 398 |
Interest expense paid | $ | 437 |  |  | $ | 441 |  |  | $ | 548 |

(1) Includes cash held for sale of $8 million recorded within Other current assets
The accompanying notes are an integral part of these Consolidated Financial Statements.
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Consolidated Statements of Stockholders’ Deficit
| Common Stock |  | Additional Paid-in Capital |  |  |  | Accumulated Other Comprehensive (Loss) Income |  | Total Stockholders’ Deficit
| Number of Shares |  | Par Value |  |  | Accumulated Deficit |  |
| In millions, except number of shares in thousands
Balance as of October 31, 2022 | 979,869 |  |  | $ | 10 |  |  | $ | 1,172 |  |  | $ | (4,492) |  |  | $ | 285 |  |  | $ | (3,025) |
Net earnings |  |  |  |  |  |  | 3,263 |  |  |  |  | 3,263 |
Other comprehensive loss, net of taxes |  |  |  |  |  |  |  |  | (508) |  |  | (508) |
Comprehensive income |  |  |  |  |  |  |  |  |  |  | 2,755 |
Issuance of common stock in connection with employee stock plans and other | 12,537 |  |  |  |  | (100) |  |  |  |  |  |  | (100) |
Repurchases of common stock (Note 12) | (3,624) |  |  |  |  | (5) |  |  | (95) |  |  |  |  | (100) |
Cash dividends ($1.05 per common share) |  |  |  |  |  |  | (1,037) |  |  |  |  | (1,037) |
Stock-based compensation expense |  |  |  |  | 438 |  |  |  |  |  |  | 438 |
Balance as of October 31, 2023 | 988,782 |  |  | 10 |  |  | 1,505 |  |  | (2,361) |  |  | (223) |  |  | (1,069) |
Net earnings |  |  |  |  |  |  | 2,775 |  |  |  |  | 2,775 |
Other comprehensive loss, net of taxes |  |  |  |  |  |  |  |  | (211) |  |  | (211) |
Comprehensive income |  |  |  |  |  |  |  |  |  |  | 2,564 |
Issuance of common stock in connection with employee stock plans and other | 13,063 |  |  |  |  | (74) |  |  |  |  |  |  | (74) |
Repurchases of common stock (Note 12) | (62,856) |  |  | (1) |  |  | (110) |  |  | (2,015) |  |  |  |  | (2,126) |
Cash dividends ($1.10 per common share) |  |  |  |  |  |  | (1,075) |  |  |  |  | (1,075) |
Stock-based compensation expense |  |  |  |  | 452 |  |  |  |  |  |  | 452 |
Other |  |  |  |  | 5 |  |  |  |  |  |  | 5 |
Balance as of October 31, 2024 | 938,989 |  |  | 9 |  |  | 1,778 |  |  | (2,676) |  |  | (434) |  |  | (1,323) |
Net earnings |  |  |  |  |  |  | 2,529 |  |  |  |  | 2,529 |
Other comprehensive loss, net of taxes |  |  |  |  |  |  |  |  | (23) |  |  | (23) |
Comprehensive income |  |  |  |  |  |  |  |  |  |  | 2,506 |
Issuance of common stock in connection with employee stock plans and other | 11,783 |  |  |  |  | (109) |  |  |  |  |  |  | (109) |
Repurchases of common stock (Note 12) | (29,623) |  |  |  |  | (62) |  |  | (791) |  |  |  |  | (853) |
Cash dividends ($1.16 per common share) |  |  |  |  |  |  | (1,088) |  |  |  |  | (1,088) |
Stock-based compensation expense |  |  |  |  | 522 |  |  |  |  |  |  | 522 |
Other |  |  |  |  |  |  | (1) |  |  |  |  | (1) |
Balance as of October 31, 2025 | 921,149 |  |  | $ | 9 |  |  | $ | 2,129 |  |  | $ | (2,027) |  |  | $ | (457) |  |  | $ | (346) |

The accompanying notes are an integral part of these Consolidated Financial Statements.
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Notes to Consolidated Financial Statements
Note 1: Summary of Significant Accounting Policies
Basis of Presentation
The accompanying Consolidated Financial Statements of HP and its wholly-owned subsidiaries are prepared in conformity with U.S. GAAP.
Principles of Consolidation
The Consolidated Financial Statements include the accounts of HP and its subsidiaries and affiliates in which HP has a controlling financial interest or is the primary beneficiary. All intercompany balances and transactions have been eliminated.
Reclassifications
HP has reclassified certain prior-year amounts to conform to the current-year presentation.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in HP’s Consolidated Financial Statements and accompanying notes. Actual results may differ materially from those estimates.
Foreign Currency Translation
HP predominantly uses the U.S. dollar as its functional currency. Assets and liabilities denominated in non-U.S. dollars are remeasured into U.S. dollars at current exchange rates for monetary assets and liabilities and at historical exchange rates for non-monetary assets and liabilities. Net revenue, costs and expenses denominated in non-U.S. dollars are recorded in U.S. dollars at exchange rates in effect during each period. HP includes gains or losses from foreign currency remeasurement in Interest and other, net in the Consolidated Statements of Earnings. Certain foreign subsidiaries designate the local currency as the functional currency, and HP records the translation of their assets and liabilities into U.S. dollars at the balance sheet dates as translation adjustments and includes them as a component of Accumulated other comprehensive loss.
Recently Adopted Accounting Pronouncements
In September 2022, the Financial Accounting Standards Board (“FASB”) issued guidance that enhances the transparency about the use of supplier finance programs. Under the new guidance, companies that use a supplier finance program in connection with the purchase of goods or services are required to disclose information about those programs to allow users of financial statements to understand the nature, activity during the period, changes from period to period, and potential magnitude. HP adopted this guidance in the first quarter of fiscal year 2024, except for the disclosure on roll forward information which was adopted for its annual period ending October 31, 2025, in line with the effective adoption dates prescribed by the FASB. See Note 7, “Supplementary Financial Information,” for additional disclosure related to HP’s supplier finance programs.
In November 2023, the FASB issued guidance that updates reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance on an annual and interim basis. HP adopted this guidance for its annual period ending October 31, 2025. While the adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements, the new guidance resulted in increased disclosures on reportable segments in Note 2 of the Notes to the Consolidated Financial Statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued guidance that requires disaggregation of specific expense categories in disclosures within the footnotes to the financial statements on an annual and interim basis. HP is required to adopt this guidance for its annual period ending October 31, 2028 and all interim periods thereafter on a prospective basis. Early adoption is permitted. HP is currently evaluating the impact of this guidance on its disclosures.
In December 2023, the FASB issued guidance that enhances the transparency of income tax disclosures by expanding annual disclosure requirements related to the rate reconciliation and income taxes paid. HP is required to adopt this guidance for its annual period ending October 31, 2026, which will result in increased disclosures in the Notes to its Consolidated Financial Statements.
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Notes to Consolidated Financial Statements
Revenue Recognition
General
HP recognizes revenues at a point in time or over time depicting the transfer of promised goods or services to customers in an amount that reflects the consideration to which HP expects to be entitled in exchange for those goods or services. HP follows the five-step model for revenue recognition as summarized below:
1.Identify the contract with a customer - A contract with customer exists when (i) it is approved and signed by all parties, (ii) each party’s rights and obligations can be identified, (iii) payment terms are defined, (iv) it has commercial substance and (v) the customer has the ability and intent to pay. HP evaluates customers’ ability to pay based on various factors like historical payment experience, financial metrics and customer credit scores. While the majority of our sales contracts contain standard terms and conditions, there are certain contracts with non-standard terms and conditions.
2.Identify the performance obligations in the contract - HP evaluates each performance obligation in an arrangement to determine whether it is distinct, such as hardware and/or service. A performance obligation constitutes distinct goods or services when the customer can benefit from such goods or services either on its own or together with other resources that are readily available to the customer and the performance obligation is distinct within the context of the contract.
3.Determine the transaction price - Transaction price is the amount of consideration to which HP expects to be entitled in exchange for transferring goods or services to the customer. If the transaction price includes a variable amount, HP estimates the amount it expects to be entitled to using either the expected value or the most likely amount method. HP reduces the transaction price at the time of revenue recognition for customer and distributor programs and incentive offerings, rebates, promotions, and other volume-based incentives. HP uses estimates to determine the expected variable consideration for such programs based on factors like historical experience, expected consumer behavior and market conditions. HP has elected the practical expedient of not accounting for significant financing components if the period between revenue recognition and when the customer pays for the product or service is one year or less.
4.Allocate the transaction price to performance obligations in the contract - When a sales arrangement contains multiple performance obligations, such as hardware and/or services, HP allocates the transaction price to each performance obligation in proportion to its Standalone Selling Price (“SSP”). HP establishes SSP using the price charged for a performance obligation when sold separately (“observable price”) and, in some instances, using the price established by management having the relevant authority. When observable price is not available, HP establishes SSP maximizing the use of observable inputs based on management judgment while considering internal factors such as historical discounting trends for products and services, pricing practices and other observable factors.
5.Recognize revenue when (or as) the performance obligation is satisfied - Revenue is recognized when, or as, a performance obligation is satisfied by transferring control of a promised good or service to a customer. HP generally invoices the customer upon delivery of the goods or services and the payments are due as per contract terms. For fixed price support or maintenance contracts that are stand-ready obligations, payments are generally received in advance from customers and revenue is recognized on a straight-line basis over the duration of the contract.
HP reports revenue net of any taxes collected from customers and remitted to government authorities, and the collected taxes are recorded as other current liabilities until remitted to the relevant government authority. HP includes costs related to shipping and handling in Cost of net revenue.
HP records revenue on a gross basis when HP is a principal in the transaction and on a net basis when HP is acting as an agent between the customer and the vendor. HP considers several factors to determine whether it is acting as a principal or an agent, most notably whether HP is the primary obligor to the customer, has established its own pricing and has inventory risks.
Hardware
HP transfers control of the products to the customer at the time the product is delivered to the customer and recognizes revenue accordingly, unless customer acceptance is uncertain or significant obligations to the customer remain unfulfilled. HP records revenue from the sale of equipment under sales-type leases as revenue at the commencement of the lease.
Services
HP recognizes revenue from fixed-price support, maintenance and other service contracts over time depicting the pattern of service delivery and recognizes the costs associated with these contracts as incurred.
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Notes to Consolidated Financial Statements
Contract Assets and Liabilities
Contract assets are rights to consideration in exchange for goods or services that HP has transferred to a customer when such right is conditional on something other than the passage of time. Such contract assets are not material to HP’s Consolidated Financial Statements.
Contract liabilities are recorded as deferred revenues when amounts invoiced to customers are more than the revenues recognized or when payments are received in advance for fixed-price support or maintenance contracts. The short-term and long-term deferred revenues are reported within the Other current liabilities and Other non-current liabilities respectively.
Cost to obtain a contract and fulfillment cost
Incremental direct costs of obtaining a contract primarily consist of sales commissions. HP has elected the practical expedient to expense as incurred the costs to obtain a contract with a benefit period equal to or less than one year. For contracts with a period of benefit greater than one year, HP capitalizes incremental costs of obtaining a contract with a customer and amortizes these costs over their expected period of benefit provided such costs are recoverable.
Fulfillment costs consist of set-up and transition costs related to other service contracts. These costs generate or enhance resources of HP that will be used in satisfying the performance obligation in the future and are capitalized and amortized over the expected period of the benefit, provided such costs are recoverable.
Leases
At the inception of a contract, HP assesses whether the contract is, or contains, a lease. The assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether HP obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether HP has the right to direct the use of the asset.
All significant lease arrangements are recognized at lease commencement. Leases with a lease term of 12 months or less at inception are not recorded on the Consolidated Balance Sheets and are expensed on a straight-line basis over the lease term in the Consolidated Statement of Earnings. HP determines the lease term by assuming the exercise of renewal options that are reasonably certain. As most of the leases do not provide an implicit interest rate, HP uses the unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate at the commencement date to determine the present value of future payments that are reasonably certain.
Stock-Based Compensation
HP determines stock-based compensation expense based on the measurement date fair value of the award. HP recognizes compensation cost only for those awards expected to meet the service and performance vesting conditions on a straight-line basis over the requisite service period of the award. HP determines compensation costs at the aggregate grant level for service-based awards and at the individual vesting tranche level for awards with performance and/or market conditions. HP estimates the forfeiture rate based on its historical experience.
Retirement and Post-Retirement Plans
HP has various defined benefit, other contributory and non-contributory retirement and post-retirement plans. HP generally amortizes unrecognized actuarial gains and losses on a straight-line basis over the average remaining estimated service life of participants. In limited cases, HP amortizes actuarial gains and losses using the corridor approach. See Note 4, “Retirement and Post-Retirement Benefit Plans” for a full description of these plans and the accounting and funding policies.
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Notes to Consolidated Financial Statements
Advertising Cost
Costs to produce advertising are expensed as incurred during production. Costs to communicate advertising are expensed when the advertising is first run. Such costs totaled approximately $718 million, $628 million and $611 million in fiscal years 2025, 2024 and 2023, respectively.
Restructuring and Other Charges
HP records charges associated with management-approved restructuring plans to reorganize one or more of HP’s business segments, to remove duplicative headcount and infrastructure associated with business acquisitions or to simplify business processes and accelerate innovation. Restructuring charges can include severance costs to reduce a specified number of employees, enhanced early retirement incentives, infrastructure charges to vacate facilities and consolidate operations, and contract cancellation costs. HP records restructuring charges based on estimated employee terminations, committed early retirements and site closure and consolidation plans. HP accrues for severance and other employee separation costs under these actions when it is probable that benefits will be paid and the amount is reasonably estimable. The rates used in determining severance accruals are based on existing plans, historical experiences and negotiated settlements. Other charges include non-recurring costs, including those as a result of information technology rationalization efforts and transformation program management costs, and are distinct from ongoing operational costs. These costs primarily relate to third-party professional services and other non-recurring costs.
Taxes on Earnings
HP recognizes deferred tax assets and liabilities for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts using enacted tax rates in effect for the year the differences are expected to reverse. HP records a valuation allowance to reduce the deferred tax assets to the amount that is more likely than not to be realized.
HP records accruals for uncertain tax positions when HP believes that it is not more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. HP makes adjustments to these accruals when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. The provision for income taxes includes the effects of adjustments for uncertain tax positions, as well as any related interest and penalties.
HP is subject to the Global Intangible Low-Taxed Income (“GILTI”) tax in the U.S. and elects to recognize these taxes as a current expense in the period incurred.
Accounts Receivable
HP records allowance for credit losses for the current expected credit losses inherent in the asset over its expected life. The allowance for credit losses is maintained based on the relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount.
HP records a specific reserve for individual accounts when HP becomes aware of specific customer circumstances, such as in the case of a bankruptcy filing or deterioration in the customer’s operating results or financial position. If there are additional changes in circumstances related to the specific customer, HP further adjusts estimates of the recoverability of receivables. HP assesses collectability by pooling receivables where similar risk characteristics exist.
HP maintains an allowance for credit losses for all other customers based on a variety of factors, including the use of third-party credit risk models that generate quantitative measures of default probabilities based on market factors, financial condition of customers, length of time receivables are past due, trends in the weighted-average risk rating for the portfolio, macroeconomic conditions, information derived from competitive benchmarking, significant one-time events, and historical experience. The past due or delinquency status of a receivable is based on the contractual payment terms of the receivable.
HP utilizes certain third-party arrangements in the normal course of business as part of HP’s cash and liquidity management and also to provide liquidity to certain partners to facilitate their working capital requirements. These financing arrangements, which in certain cases provide for partial recourse, result in the transfer of HP’s trade receivables to a third-party. HP reflects amounts transferred to, but not yet collected from the third-party in Accounts receivable in the Consolidated Balance Sheets. For arrangements involving an element of recourse, the fair value of the recourse obligation is measured using market data from similar transactions and reported as a current liability in the Consolidated Balance Sheets.
Concentrations of Risk
Financial instruments that potentially subject HP to significant concentrations of credit risk consist principally of cash and cash equivalents, investments, receivables from trade customers and contract manufacturers and derivatives.
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Notes to Consolidated Financial Statements
HP maintains cash and cash equivalents, investments, derivatives and certain other financial instruments with various financial institutions. These financial institutions are located in many different geographic regions, and HP’s policy is designed to limit exposure from any particular institution. As part of its risk management processes, HP performs periodic evaluations of the relative credit standing of these financial institutions. HP has not sustained material credit losses from instruments held at these financial institutions. HP utilizes derivative contracts to protect against the effects of foreign currency, interest rate and, on certain investment exposures. Such contracts involve the risk of non-performance by the counterparty, which could result in a material loss. The likelihood of which HP deems to be remote.
HP sells a significant portion of its products through third-party distributors and resellers and, as a result, maintains individually significant receivable balances with these parties. If the financial condition or operations of these distributors’ and resellers’ aggregated business deteriorates substantially, HP’s operating results could be adversely affected. The ten largest distributor and reseller receivable balances, which were concentrated primarily in North America and Europe, collectively represented approximately 47% and 38% of gross accounts receivable as of October 31, 2025 and 2024, respectively. One customer, TD Synnex Corp, accounted for 12.6% of gross accounts receivable as of October 31, 2025 and 9.7% of gross accounts receivable as of October 31, 2024. Credit risk with respect to other accounts receivable is generally diversified due to HP’s large customer base and their dispersion across many different industries and geographic markets. HP performs ongoing credit evaluations of the financial condition of its third-party distributors, resellers and other customers and may require collateral, such as letters of credit and bank guarantees, in certain circumstances.
HP utilizes outsourced manufacturers around the world to manufacture HP-designed products. HP may purchase product components from suppliers and sell those components to its outsourced manufacturers thereby creating receivable balances from the outsourced manufacturers. The three largest outsourced manufacturer receivable balances collectively represented 94% and 89% of HP’s supplier receivables of $0.6 billion and $0.8 billion as of October 31, 2025 and 2024, respectively. HP includes the supplier receivables in Other current assets in the Consolidated Balance Sheets on a gross basis. HP’s credit risk associated with these receivables is mitigated wholly or in part, by the amount HP owes to these outsourced manufacturers, as HP generally has the legal right to offset its payables to the outsourced manufacturers against these receivables. HP does not reflect the sale of these components in net revenue and does not recognize any profit on these component sales until the related products are sold by HP, at which time any profit is recognized as a reduction to cost of products net revenue.
HP obtains a significant number of components from single source suppliers like Canon, due to technology, availability, price, quality or other considerations. The loss of a single source supplier, the deterioration of HP’s relationship with a single source supplier, or any unilateral modification to the contractual terms under which HP is supplied components by a single source supplier could adversely affect HP’s net revenue, cash flows and gross margins.
Inventory
HP records inventory at the lower of cost or net realizable value on a first-in, first-out basis. Cost is computed using standard cost which approximates actual cost. Adjustments, if required, to reduce the cost of inventory to net realizable value are made for estimated excess, obsolete or impaired balances after considering judgments related to future demand and market conditions.
Property, Plant and Equipment, Net
HP reflects property, plant and equipment at cost less accumulated depreciation. HP capitalizes additions and improvements and expenses maintenance and repairs as incurred. Depreciation expense is recognized on a straight-line basis over the estimated useful lives of the assets. Estimated useful lives are five to 40 years for buildings and improvements and three to 15 years for machinery and equipment. HP depreciates leasehold improvements over the life of the lease or the asset, whichever is shorter. HP depreciates equipment held for lease over the initial term of the lease to the equipment’s estimated residual value. On retirement or disposition, the asset cost and related accumulated depreciation are removed from the Consolidated Balance Sheets with any gain or loss recognized in the Consolidated Statements of Earnings.
Internal Use Software and Cloud Computing Arrangements
HP capitalizes external costs and directly attributable internal costs to acquire or create internal use software which are incurred subsequent to the completion of the preliminary project stage. These costs relate to activities such as software design, configuration, coding, testing, and installation. Costs related to post-implementation activities such as training and maintenance are expensed as incurred. Once the software is substantially complete and ready for its intended use, capitalized development costs are amortized straight-line over the estimated useful life of the software, generally not to exceed five years.
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Notes to Consolidated Financial Statements
HP also enters into certain cloud-based software hosting arrangements that are accounted for as service contracts. For internal-use software obtained through a hosting arrangement that is in the nature of a service contract, HP incurs certain implementation costs such as integrating, configuring, and software customization, which are consistent with costs incurred during the application development stage for on-premise software. HP applies the same guidance to determine costs that are eligible for capitalization. For these arrangements, HP amortizes the capitalized development costs straight-line over the fixed, non-cancellable term of the associated hosting arrangement plus any reasonably certain renewal periods. HP also applies the same impairment model to both internal-use software and capitalized implementation costs in a software hosting arrangement that is in the nature of a service contract.
Goodwill
HP reviews goodwill for impairment annually during its fourth quarter and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. HP can elect to perform a qualitative assessment to test a reporting unit’s goodwill for impairment or directly perform the quantitative impairment test. Based on the qualitative assessment, if HP determines that the fair value of a reporting unit is more likely than not (i.e., a likelihood of more than 50 percent) to be less than its carrying amount, a quantitative impairment test will be performed.
If a quantitative impairment test is performed, HP compares the fair value of each reporting unit to its carrying amount. The fair values are derived most significantly from the income approach, with lesser weight attributed to the market approach. Under the income approach, HP estimates the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management’s estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate is based on the weighted-average cost of capital adjusted for the relevant risk associated with business-specific characteristics and the uncertainty related to the reporting unit’s ability to execute on the projected cash flows. Under the market approach, HP estimates fair value based on market multiples of earnings derived from comparable publicly-traded companies with similar operating and investment characteristics as the reporting unit. HP weights the fair value derived from the market approach depending on the level of comparability of these publicly-traded companies to the reporting unit. When market comparables are not meaningful or not available, HP estimates the fair value of a reporting unit using only the income approach.
If the fair value of a reporting unit exceeds the carrying amount of the net assets assigned to that reporting unit, goodwill is not impaired. If the fair value of the reporting unit is less than its carrying amount, goodwill is impaired and the excess of the reporting unit’s carrying value over the fair value is recognized as an impairment loss.
Debt and Marketable Equity Securities Investments
HP determines the appropriate classification of its investments at the time of purchase and re-evaluates the classifications at each balance sheet date. Debt and marketable equity securities are generally considered available-for-sale. All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. Marketable debt securities with maturities of twelve months or less are classified as short-term investments and marketable debt securities with maturities greater than twelve months are classified based on their availability for use in current operations. Marketable equity securities, including mutual funds, are classified as either short or long-term based on the nature of each security and its availability for use in current operations.
Available-for-sale debt securities are reported at fair value with unrealized gains and losses, net of applicable taxes, in Accumulated other comprehensive loss. Unrealized gains and losses on equity securities, credit losses and impairments on available-for-sale debt securities are recorded in Consolidated Statements of Earnings. Realized gains and losses on available-for-sale securities are calculated at the individual security level and included in Interest and other, net in the Consolidated Statements of Earnings.
HP monitors its investment portfolio for potential impairment and credit losses on a quarterly basis. If HP intends to sell a debt security or it is more likely than not that HP will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in Interest and other, net and a new cost basis in the investment is established.
In other cases, if the carrying amount of an investment in debt securities exceeds its fair value and the decline in value is determined to be due to credit related reasons, HP records a credit loss allowance, limited by the amount that fair value is less than the amortized cost basis. HP recognizes the corresponding charge in Interest and other, net and the remaining unrealized loss, if any, in Accumulated other comprehensive loss in the Consolidated Balance Sheets. Factors that HP considers while determining the credit loss allowance includes, but is not limited to, severity and the reason for the decline in value, interest rate changes and counterparty long-term ratings.
Derivatives
HP uses derivative instruments, primarily forward contracts, option contracts, interest rate swaps, total return swaps, treasury rate locks and forward starting swaps to hedge certain foreign currency, interest rate and, return on certain investment exposures. HP also may use other derivative instruments not designated as hedges, such as forwards used to hedge foreign currency balance sheet
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Notes to Consolidated Financial Statements
exposures. HP does not use derivative instruments for speculative purposes. See Note 10, “Financial Instruments” for a full description of HP’s derivative instrument activities and related accounting policies.
Legal Contingencies
HP is involved in various lawsuits, claims, investigations and proceedings that arise in the ordinary course of business. HP records a liability for contingencies when it believes it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. See Note 14, “Litigation and Contingencies” for a full description of HP’s loss contingencies and related accounting policies.
Government Assistance
HP recognizes government assistance in its financial statements when there is reasonable assurance that the assistance will be received and HP will comply with the specified conditions thereof.
Government assistance related to capital expenditures are deducted from property, plant and equipment, net and recognized in the Consolidated Statements of Earnings as a reduction to depreciation and amortization expense over the remaining useful life of the associated assets.
Government assistance related to income are recognized in the Consolidated Statements of Earnings as a reduction to the related expenses, in the period the expenses are incurred, based on the underlying nature and purpose of the assistance.
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Notes to Consolidated Financial Statements (Continued)
Note 2: Segment Information
HP’s operations are organized into three reportable segments: Personal Systems, Printing, and Corporate Investments. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). HP’s organizational structure is based on many factors that the CODM uses to evaluate, view and run the business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The segments are based on this organizational structure and information reviewed by HP’s CODM to evaluate segment results. The CODM uses earnings from operations to evaluate the performance of the overall business and to allocate resources to each of the segments, primarily through budgeting and segment performance reviews.
The accounting policies HP uses to derive segment results are substantially the same as those used by HP in preparing these financial statements. HP derives the results of the business segments directly from its internal management reporting system.
HP does not allocate certain operating expenses, which it manages at the corporate level, to its segments. These unallocated amounts include expenses such as certain corporate governance costs and infrastructure investments, stock-based compensation expense, restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets and certain litigation (charges) benefits, net.
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Notes to Consolidated Financial Statements (Continued)
Significant Segment Expenses and Operating Results

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Net revenue |  |  |  |  |
Commercial PS | $ | 27,438 |  |  | $ | 25,486 |  |  | $ | 24,712 |
Consumer PS | 11,094 |  |  | 10,709 |  |  | 10,972 |
Personal Systems | 38,532 |  |  | 36,195 |  |  | 35,684 |
Supplies | 10,916 |  |  | 11,295 |  |  | 11,452 |
Commercial Printing | 4,633 |  |  | 4,841 |  |  | 5,250 |
Consumer Printing | 1,153 |  |  | 1,202 |  |  | 1,327 |
Printing | 16,702 |  |  | 17,338 |  |  | 18,029 |
Corporate Investments | 62 |  |  | 25 |  |  | 7 |
Total segment net revenue | 55,296 |  |  | 53,558 |  |  | 53,720 |
Other | (1) |  |  | 1 |  |  | (2) |
Total net revenue | $ | 55,295 |  |  | $ | 53,559 |  |  | $ | 53,718 |
Cost of net revenue |  |  |  |  |
Personal Systems | $ | 32,877 |  |  | $ | 30,385 |  |  | $ | 30,267 |
Printing | 10,871 |  |  | 11,233 |  |  | 11,847 |
Corporate Investments | 58 |  |  | 48 |  |  | 10 |
Total segment cost of net revenue | $ | 43,806 |  |  | $ | 41,666 |  |  | $ | 42,124 |
Operating expenses |  |  |  |  |
Personal Systems | $ | 3,601 |  |  | $ | 3,557 |  |  | $ | 3,288 |
Printing | 2,713 |  |  | 2,815 |  |  | 2,783 |
Corporate Investments | 134 |  |  | 109 |  |  | 139 |
Total segment operating expenses | $ | 6,448 |  |  | $ | 6,481 |  |  | $ | 6,210 |
Earnings before taxes |  |  |  |  |
Personal Systems | $ | 2,054 |  |  | $ | 2,253 |  |  | $ | 2,129 |
Printing | 3,118 |  |  | 3,290 |  |  | 3,399 |
Corporate Investments | (130) |  |  | (132) |  |  | (142) |
Total segment earnings from operations | 5,042 |  |  | 5,411 |  |  | 5,386 |
Corporate and unallocated costs and other | (411) |  |  | (381) |  |  | (375) |
Stock-based compensation expense | (522) |  |  | (452) |  |  | (438) |
Restructuring and other charges | (405) |  |  | (301) |  |  | (527) |
Acquisition and divestiture charges | (45) |  |  | (83) |  |  | (240) |
Amortization of intangible assets | (345) |  |  | (318) |  |  | (350) |
Certain litigation charges | (140) |  |  | (58) |  |  | — |
Interest and other, net(1) | (506) |  |  | (539) |  |  | (519) |
Total earnings before taxes | $ | 2,668 |  |  | $ | 3,279 |  |  | $ | 2,937 |

(1) Fiscal year 2025 includes Certain litigation benefits from a single litigation matter that does not relate to HP's ongoing business operations
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Notes to Consolidated Financial Statements (Continued)
Segment Assets
HP allocates assets to its business segments based on the segments primarily benefiting from the assets. Total assets by segment and the reconciliation of segment assets to HP consolidated assets were as follows:

| As of October 31
| 2025 |  | 2024
| In millions
Personal Systems | $ | 24,928 |  |  | $ | 22,378 |
Printing | 14,632 |  |  | 16,457 |
Corporate Investments | 279 |  |  | 181 |
Corporate and unallocated assets | 1,930 |  |  | 893 |
Total assets | $ | 41,769 |  |  | $ | 39,909 |

Major Customers
One customer, TD Synnex Corp, accounted for 12% of HP’s net revenue for fiscal year 2025. No single customer represented 10% or more of HP’s net revenue in fiscal year 2024 or 2023.
Geographic Information
Net revenue by country is based upon the sales location that predominately represents the customer location. Other than the United States, no country represented more than 10% of HP net revenue in any fiscal year presented.
Net revenue by country was as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
|  |  | In millions |  |
United States | $ | 19,212 |  |  | $ | 18,790 |  |  | $ | 18,829 |
Other countries | 36,083 |  |  | 34,769 |  |  | 34,889 |
Total net revenue | $ | 55,295 |  |  | $ | 53,559 |  |  | $ | 53,718 |

Net property, plant and equipment by country in which HP operates was as follows:

| As of October 31
| 2025 |  | 2024
| In millions
United States | $ | 1,647 |  |  | $ | 1,471 |
Singapore | 338 |  |  | 335 |
South Korea | 276 |  |  | 297 |
Other countries | 788 |  |  | 811 |
Total property, plant and equipment, net | $ | 3,049 |  |  | $ | 2,914 |

No single country other than those represented above exceeded 10% or more of HP’s total net property, plant and equipment in any fiscal year presented.
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Notes to Consolidated Financial Statements (Continued)
Note 3: Restructuring and Other Charges
Summary of Restructuring Plans
HP’s restructuring activities in fiscal years 2025, 2024 and 2023 summarized by plan were as follows:

| Fiscal 2023 Plan |  | Other prior year plans(1) |  | Total
| Severance and EER |  | Non-labor |  |
| In millions
Accrued balance as of October 31, 2022 | $ | — |  |  | $ | — |  |  | $ | 32 |  |  | $ | 32 |
Charges | 402 |  |  | 41 |  |  | 1 |  |  | 444 |
Cash payments | (172) |  |  | (15) |  |  | (35) |  |  | (222) |
Non-cash and other adjustments | (142) |  | (2) | (8) |  |  | 4 |  |  | (146) |
Accrued balance as of October 31, 2023 | 88 |  |  | 18 |  |  | 2 |  |  | 108 |
Charges | 205 |  |  | 16 |  |  | 12 |  |  | 233 |
Cash payments | (173) |  |  | (18) |  |  | (5) |  |  | (196) |
Non-cash and other adjustments | — |  |  | (5) |  |  | (2) |  |  | (7) |
Accrued balance as of October 31, 2024 | 120 |  |  | 11 |  |  | 7 |  |  | 138 |
Charges | 266 |  |  | 61 |  |  | — |  |  | 327 |
Cash payments | (230) |  |  | (14) |  |  | (4) |  |  | (248) |
Non-cash and other adjustments | 4 |  |  | (50) |  |  | 1 |  |  | (45) |
Accrued balance as of October 31, 2025 | $ | 160 |  |  | $ | 8 |  |  | $ | 4 |  |  | $ | 172 |
Total costs incurred to date as of October 31, 2025 | $ | 873 |  |  | $ | 118 |  |  | $ | 878 |  |  | $ | 1,869 |
Reflected in Consolidated Balance Sheet: |  |  |  |  |  |  |
Other current liabilities | $ | 160 |  |  | $ | 3 |  |  | $ | 4 |  |  | $ | 167 |
Other non-current liabilities | $ | — |  |  | $ | 5 |  |  | $ | — |  |  | $ | 5 |

(1) Primarily includes the fiscal 2020 plan along with other legacy plans, all of which are substantially complete. HP does not expect any further material activity associated with these plans.
(2) Includes reclassification of liability related to the Enhanced Early Retirement ("EER") plan of $139 for certain healthcare and medical savings account benefits to pension and post-retirement plans. See Note 4 “Retirement and Post-Retirement Benefit Plans” for further information.
Fiscal 2026 Plan
On November 25, 2025, HP’s Board of Directors approved the Fiscal 2026 Plan intended to drive customer satisfaction, product innovation, and productivity through artificial intelligence adoption and enablement that HP expects will be implemented through fiscal 2028. HP expects to reduce global headcount by approximately 4,000 to 6,000 employees. HP estimates that it will incur pre-tax charges of approximately $650 million relating to labor and non-labor actions. HP expects to incur approximately $400 million in labor costs related to workforce reductions and expects the remaining costs to relate to non-labor actions and other charges.
Fiscal 2023 Plan
On November 18, 2022, HP’s Board of Directors approved the Fiscal 2023 Plan intended to enable digital transformation, portfolio optimization and operational efficiency that HP implemented through fiscal 2025. The Fiscal 2023 Plan is substantially complete. HP does not expect any further significant costs associated with the plan. Approximately 9,500 employees departed as part of the plan through a combination of employee exits and voluntary EER. HP incurred $873 million in severance costs and $347 million in infrastructure costs related to non-labor and other charges.
Other Charges
Other charges include non-recurring costs, including those as a result of information technology rationalization efforts and transformation program management costs, and are distinct from ongoing operational costs. These costs primarily relate to third-party professional services and other non-recurring costs. HP incurred $78 million, $68 million and $83 million of other charges in fiscal year 2025, 2024 and 2023, respectively.
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Notes to Consolidated Financial Statements (Continued)
Note 4: Retirement and Post-Retirement Benefit Plans
Defined Benefit Plans
HP sponsors a number of defined benefit pension plans worldwide. The most significant defined benefit plan, the HP Inc. Pension Plan (“Pension Plan”) is a frozen plan in the United States.
HP reduces the benefit payable to certain U.S. employees under the Pension Plan for service before 1993, if any, by any amounts due to the employee under HP’s frozen defined contribution Deferred Profit-Sharing Plan (“DPSP”). As of October 31, 2025 and 2024, the fair value of HP’s DPSP plan assets was $278 million and $297 million, respectively. The DPSP obligations are equal to the plan assets and are recognized as an offset to the Pension Plan when HP calculates its defined benefit pension cost and obligations.
Post-Retirement Benefit Plans
HP sponsors retiree health and welfare benefit plans, of which the most significant are in the United States. Under the HP Inc. Retiree Welfare Benefits Plan, certain pre-2003 retirees and grandfathered participants with continuous service to HP since 2002 are eligible to receive partially subsidized medical coverage based on years of service at retirement. HP’s share of the premium cost is capped for all subsidized medical coverage provided under the HP Inc. Retiree Welfare Benefits Plan. HP currently leverages the employer group waiver plan process to provide HP Inc. Retiree Welfare Benefits Plan post-65 prescription drug coverage under Medicare Part D, thereby giving HP access to federal subsidies to help pay for retiree benefits. Effective January 1, 2026, Medicare-eligible retirees will receive the capped subsidy and enroll in individual market options through an exchange.
Certain employees not grandfathered for partially subsidized medical coverage under the above programs, and employees hired after 2002 but before August 2008, are eligible for credits under the HP Inc. Retiree Welfare Benefits Plan. Credits offered after September 2008 are provided in the form of matching credits on employee contributions made to a voluntary employee beneficiary association upon attaining age 45 or as part of early retirement programs. On retirement, former employees may use these credits for the reimbursement of certain eligible medical expenses, including premiums required for coverage.
Defined Contribution Plans
HP offers various defined contribution plans for U.S. and non-U.S. employees. Total defined contribution expense was $132 million, $133 million, and $131 million in fiscal year 2025, 2024, and 2023, respectively.
U.S. employees are automatically enrolled in the HP Inc. 401(k) Plan when they meet eligibility requirements, unless they decline participation. The employer matching contributions in the HP Inc. 401(k) Plan is 100% of the first 4% of eligible compensation contributed by employees, and the employer match is vested after three years of employee service. Generally, an employee must be employed by HP Inc. on the last day of the calendar year to receive a match.
Pension and Post-Retirement Benefit Expense
The components of HP’s pension and post-retirement benefit (credit) cost recognized in the Consolidated Statements of Earnings were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| In millions
Service cost | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 39 |  |  | $ | 37 |  |  | $ | 39 |  |  | $ | 1 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | 214 |  |  | 228 |  |  | 217 |  |  | 43 |  |  | 46 |  |  | 41 |  |  | 14 |  |  | 15 |  |  | 15 |
Expected return on plan assets | (241) |  |  | (246) |  |  | (258) |  |  | (57) |  |  | (51) |  |  | (53) |  |  | (14) |  |  | (15) |  |  | (14) |
Amortization and deferrals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Actuarial loss (gain) | 29 |  |  | 28 |  |  | 18 |  |  | 8 |  |  | (1) |  |  | 4 |  |  | (17) |  |  | (15) |  |  | (16) |
Prior service cost (credit) | — |  |  | — |  |  | — |  |  | 7 |  |  | 6 |  |  | 5 |  |  | (6) |  |  | (10) |  |  | (11) |
Net periodic benefit cost (credit) | 2 |  |  | 10 |  |  | (23) |  |  | 40 |  |  | 37 |  |  | 36 |  |  | (22) |  |  | (24) |  |  | (25) |
Settlement loss | — |  |  | — |  |  | — |  |  | 8 |  |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |
Special termination benefit cost | — |  |  | — |  |  | 105 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34 |
Total periodic benefit cost (credit) | $ | 2 |  |  | $ | 10 |  |  | $ | 82 |  |  | $ | 48 |  |  | $ | 39 |  |  | $ | 36 |  |  | $ | (22) |  |  | $ | (24) |  |  | $ | 9 |

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Notes to Consolidated Financial Statements (Continued)
The components of net periodic benefit (credit) cost other than the service cost component are included in Interest and other, net in the Consolidated Statements of Earnings.
The weighted-average assumptions used to calculate the total periodic benefit (credit) cost were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
Discount rate | 5.3 | % |  | 6.2 | % |  | 5.7 | % |  | 3.2 | % |  | 3.9 | % |  | 3.5 | % |  | 5.2 | % |  | 6.0 | % |  | 5.6 | %
Expected increase in compensation levels | 2.0 | % |  | 2.0 | % |  | 2.0 | % |  | 2.7 | % |  | 3.0 | % |  | 3.0 | % |  | — | % |  | — | % |  | — | %
Expected long-term return on plan assets | 5.9 | % |  | 6.6 | % |  | 6.4 | % |  | 5.1 | % |  | 5.3 | % |  | 5.4 | % |  | 4.5 | % |  | 5.2 | % |  | 3.3 | %
Interest crediting rate | 5.2 | % |  | 5.5 | % |  | 5.0 | % |  | 2.6 | % |  | 2.6 | % |  | 2.6 | % |  | 4.7 | % |  | 5.4 | % |  | 4.2 | %

Funded Status
The funded status of the defined benefit and post-retirement benefit plans was as follows:

| As of October 31 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans |
| In millions |
Change in fair value of plan assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value of assets — beginning of year | $ | 4,218 |  |  | $ | 3,853 |  |  | $ | 1,085 |  |  | $ | 959 |  |  | $ | 317 |  |  | $ | 382 |  |
Actual return on plan assets | 314 |  |  | 598 |  |  | 67 |  |  | 111 |  |  | 15 |  |  | 33 |  |
Employer contributions | 26 |  |  | 26 |  |  | 43 |  |  | 53 |  |  | 5 |  |  | 4 |  |
Participant contributions | — |  |  | — |  |  | 15 |  |  | 17 |  |  | 25 |  |  | 28 |  |
Benefits paid | (250) |  |  | (258) |  |  | (38) |  |  | (54) |  |  | (48) |  |  | (48) |  |
Settlement | (2) |  |  | (1) |  |  | (35) |  |  | (28) |  |  | — |  |  | — |  |
Transfers | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (82) |  |
Currency impact | — |  |  | — |  |  | 67 |  |  | 27 |  |  | — |  |  | — |  |
Fair value of assets — end of year | $ | 4,306 |  |  | $ | 4,218 |  |  | $ | 1,204 |  |  | $ | 1,085 |  |  | $ | 314 |  |  | $ | 317 |  |
Change in benefits obligation |  |  |  |  |  |  |  |  |  |  |  |
Projected benefit obligation — beginning of year | $ | 4,218 |  |  | $ | 3,854 |  |  | $ | 1,345 |  |  | $ | 1,185 |  |  | $ | 287 |  |  | $ | 299 |  |
Service cost | — |  |  | — |  |  | 39 |  |  | 37 |  |  | 1 |  |  | 1 |  |
Interest cost | 214 |  |  | 228 |  |  | 43 |  |  | 46 |  |  | 14 |  |  | 15 |  |
Participant contributions | — |  |  | — |  |  | 15 |  |  | 17 |  |  | 25 |  |  | 28 |  |
Actuarial loss (gain) | 83 |  |  | 395 |  |  | (16) |  |  | 116 |  |  | (12) |  |  | (8) |  |
Benefits paid | (250) |  |  | (258) |  |  | (38) |  |  | (54) |  |  | (48) |  |  | (48) |  |
Settlement | (2) |  |  | (1) |  |  | (35) |  |  | (28) |  |  | — |  |  | — |  |
Currency impact | — |  |  | — |  |  | 79 |  |  | 26 |  |  | — |  |  | — |  |
Projected benefit obligation — end of year | $ | 4,263 |  |  | $ | 4,218 |  |  | $ | 1,432 |  |  | $ | 1,345 |  |  | $ | 267 |  |  | $ | 287 |  |
Funded status at end of year | $ | 43 |  |  | $ | — |  |  | $ | (228) |  |  | $ | (260) |  |  | $ | 47 |  |  | $ | 30 |  |
Accumulated benefit obligation | $ | 4,263 |  |  | $ | 4,217 |  |  | $ | 1,325 |  |  | $ | 1,248 |  |  |  |  |  |

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Notes to Consolidated Financial Statements (Continued)
The cumulative net actuarial losses for our defined pension plans and retiree welfare plans decreased year over year. These loss decreases were primarily due to higher than expected return on assets and increases in discount rates. The decrease in losses was partially offset due to plan experience and other assumption changes.
The weighted-average assumptions used to calculate the projected benefit obligations were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
Discount rate | 5.3 | % |  | 5.3 | % |  | 3.5 | % |  | 3.2 | % |  | 5.2 | % |  | 5.2 | %
Expected increase in compensation levels | 2.0 | % |  | 2.0 | % |  | 2.8 | % |  | 2.7 | % |  | — | % |  | — | %
Interest crediting rate | 5.1 | % |  | 5.2 | % |  | 2.6 | % |  | 2.6 | % |  | 4.6 | % |  | 4.7 | %

The net assets and liabilities for HP’s defined benefit and post-retirement benefit plans recognized on HP’s Consolidated Balance Sheet were as follows:

| As of October 31
| 2025 |  | 2024 |  | 2025 |  | 2024 |  | 2025 |  | 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| In millions
Other non-current assets | $ | 313 |  |  | $ | 277 |  |  | $ | 61 |  |  | $ | 50 |  |  | $ | 51 |  |  | $ | 35 |
Other current liabilities | (31) |  |  | (31) |  |  | (9) |  |  | (10) |  |  | (3) |  |  | (4) |
Other non-current liabilities | (239) |  |  | (246) |  |  | (280) |  |  | (300) |  |  | (1) |  |  | (1) |
Funded status at end of year | $ | 43 |  |  | $ | — |  |  | $ | (228) |  |  | $ | (260) |  |  | $ | 47 |  |  | $ | 30 |

The following table summarizes the pre-tax net actuarial loss (gain) and prior service cost (credit) recognized in Accumulated other comprehensive income (loss) for the defined benefit and post-retirement benefit plans.

| As of October 31, 2025
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| In millions
Net actuarial loss (gain) | $ | 553 |  |  | $ | 31 |  |  | $ | (187) |
Prior service cost (credit) | — |  |  | 28 |  |  | (40) |
Total recognized in Accumulated other comprehensive income (loss) | $ | 553 |  |  | $ | 59 |  |  | $ | (227) |

Defined benefit plans with projected benefit obligations exceeding the fair value of plan assets were as follows:

| As of October 31
| 2025 |  | 2024 |  | 2025 |  | 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans
| In millions
Aggregate fair value of plan assets | $ | — |  |  | $ | — |  |  | $ | 976 |  |  | $ | 894 |
Aggregate projected benefit obligation | $ | 270 |  |  | $ | 277 |  |  | $ | 1,267 |  |  | $ | 1,207 |

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Notes to Consolidated Financial Statements (Continued)
Defined benefit plans with accumulated benefit obligations exceeding the fair value of plan assets were as follows:

| As of October 31
| 2025 |  | 2024 |  | 2025 |  | 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans
| In millions
Aggregate fair value of plan assets | $ | — |  |  | $ | — |  |  | $ | 685 |  |  | $ | 610 |
Aggregate accumulated benefit obligation | $ | 270 |  |  | $ | 277 |  |  | $ | 900 |  |  | $ | 859 |

Total Plan Assets
The table below sets forth the total value of plan assets as of October 31, 2025. Refer to Note 9, “Fair Value” for details on fair value hierarchy. Certain investments that are measured using the Net Asset Value (“NAV”) per share as a practical expedient have not been categorized in the fair value hierarchy.

| As of October 31, 2025
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| In millions
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities(1) | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | 18 |  |  | $ | 9 |  |  | $ | 103 |  |  | $ | — |  |  | $ | 112 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |
Debt securities(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate | — |  |  | 2,266 |  |  | — |  |  | 2,266 |  |  | — |  |  | 58 |  |  | — |  |  | 58 |  |  | — |  |  | 146 |  |  | — |  |  | 146 |
Government | — |  |  | 1,264 |  |  | — |  |  | 1,264 |  |  | — |  |  | 136 |  |  | — |  |  | 136 |  |  | — |  |  | 88 |  |  | — |  |  | 88 |
Real estate funds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | — |  |  | — |  |  | — |
Insurance contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 79 |  |  | — |  |  | 79 |  |  | — |  |  | — |  |  | — |  |  | — |
Common collective trusts and 103-12 Investment entities(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |
Investment funds(4) | 31 |  |  | — |  |  | — |  |  | 31 |  |  | — |  |  | 408 |  |  | — |  |  | 408 |  |  | 43 |  |  |  |  | — |  |  | 43 |
Cash and cash equivalents(5) | 5 |  |  | 28 |  |  | — |  |  | 33 |  |  | 25 |  |  | 1 |  |  | — |  |  | 26 |  |  | — |  |  | — |  |  | — |  |  | — |
Other(6) | (129) |  |  | (11) |  |  | — |  |  | (140) |  |  | — |  |  | 9 |  |  | — |  |  | 9 |  |  | (3) |  |  |  |  | — |  |  | (3) |
Net plan assets subject to leveling at fair value | $ | (93) |  |  | $ | 3,565 |  |  | $ | — |  |  | $ | 3,472 |  |  | $ | 34 |  |  | $ | 820 |  |  | $ | — |  |  | $ | 854 |  |  | $ | 40 |  |  | $ | 236 |  |  | $ | — |  |  | $ | 276 |
Investments using NAV as a practical expedient(7) |  |  |  |  |  |  | 834 |  |  |  |  |  |  |  |  | 350 |  |  |  |  |  |  |  |  | 38 |
Total plan assets |  |  |  |  |  |  | $ | 4,306 |  |  |  |  |  |  |  |  | $ | 1,204 |  |  |  |  |  |  |  |  | $ | 314 |

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Notes to Consolidated Financial Statements (Continued)
The table below sets forth the total plan assets as of October 31, 2024.

| As of October 31, 2024
| U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| In millions
Asset category: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities(1) | $ | — |  |  | $ | 17 |  |  | $ | — |  |  | $ | 17 |  |  | $ | 8 |  |  | $ | 109 |  |  | $ | — |  |  | $ | 117 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Debt securities(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate | — |  |  | 2,213 |  |  | — |  |  | 2,213 |  |  | — |  |  | 16 |  |  | — |  |  | 16 |  |  | — |  |  | 143 |  |  | — |  |  | 143 |
Government | — |  |  | 1,392 |  |  | — |  |  | 1,392 |  |  | — |  |  | 59 |  |  | — |  |  | 59 |  |  | — |  |  | 102 |  |  | — |  |  | 102 |
Real estate funds | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Insurance contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 72 |  |  | — |  |  | 72 |  |  | — |  |  | — |  |  | — |  |  | — |
Common collective trusts and 103-12 Investment entities(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 10 |  |  | — |  |  | — |  |  | — |  |  | — |
Investment funds(4) | 10 |  |  | — |  |  | — |  |  | 10 |  |  | — |  |  | 347 |  |  | — |  |  | 347 |  |  | 45 |  |  |  |  | — |  |  | 45 |
Cash and cash equivalents(5) | 17 |  |  | 23 |  |  | — |  |  | 40 |  |  | 21 |  |  | 1 |  |  | — |  |  | 22 |  |  | — |  |  | — |  |  | — |  |  | — |
Other(6) | (251) |  |  | (147) |  |  | — |  |  | (398) |  |  | — |  |  | 116 |  |  | — |  |  | 116 |  |  | (8) |  |  |  |  | — |  |  | (8) |
Net plan assets subject to leveling at fair value | $ | (224) |  |  | $ | 3,498 |  |  | $ | — |  |  | $ | 3,274 |  |  | $ | 29 |  |  | $ | 730 |  |  | $ | — |  |  | $ | 759 |  |  | $ | 37 |  |  | $ | 245 |  |  | $ | — |  |  | $ | 282 |
Investments using NAV as a practical expedient(7) |  |  |  |  |  |  | 944 |  |  |  |  |  |  |  |  | 326 |  |  |  |  |  |  |  |  | 35 |
Total plan assets |  |  |  |  |  |  | $ | 4,218 |  |  |  |  |  |  |  |  | $ | 1,085 |  |  |  |  |  |  |  |  | $ | 317 |

(1)Investments in publicly traded equity securities are valued using the closing price on the measurement date as reported on the stock exchange on which the individual securities are traded.
(2)The fair value of corporate, government and asset-backed debt securities is based on observable inputs of comparable market transactions. Also included in this category is debt issued by national, state and local governments and agencies.
(3)Department of Labor 103-12 IE (Investment Entity) designation is for plan assets held by two or more unrelated employee benefit plans which includes limited partnerships and venture capital partnerships. Certain common collective trusts and interests in 103-12 entities are valued using NAV as a practical expedient.
(4)Includes publicly traded funds of investment companies that are registered with the SEC, funds that are not publicly traded and a non-U.S. fund-of-fund arrangement.
(5)Includes cash and cash equivalents such as short-term marketable securities. Cash and cash equivalents include money market funds, which are valued based on NAV. Other assets were classified in the fair value hierarchy based on the lowest level input (e.g., quoted prices and observable inputs) that is significant to the fair value measure in its entirety.
(6)Includes primarily reverse repurchase agreements, unsettled transactions, and derivative instruments.
(7)These investments include alternative investments, which primarily consist of private equities and hedge funds. The valuation of alternative investments, such as limited partnerships and joint ventures, may require significant management judgment. For alternative investments, valuation is based on NAV as reported by the asset manager or investment company and adjusted for cash flows, if necessary. In making such an assessment, a variety of factors are reviewed by management, including but not limited to the timeliness of NAV as reported by the asset manager and changes in general economic and market conditions subsequent to the last NAV reported by the asset manager.
•Private equities include limited partnerships such as equity, buyout, venture capital, real estate and other similar funds that invest in the United States and internationally where foreign currencies are hedged.
•Hedge funds include limited partnerships that invest both long and short primarily in common stocks and credit, relative value, event-driven equity, distressed debt and macro strategies. Management of the hedge funds has the ability to shift investments from value to growth strategies, from small to large capitalization stocks and bonds, and from a net long position to a net short position.
These investments also include Common Collective Trusts and 103-12 Investment Entities as defined in note (3) above and Investment Funds as defined in note (4) above.
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Notes to Consolidated Financial Statements (Continued)
Plan Asset Allocations
Refer to the fair value hierarchy table above for actual assets allocations across the benefit plans. The weighted-average target asset allocations across the benefit plans represented in the fair value tables above were as follows:

|  | 2025 Target Allocation
Asset Category |  | U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
Equity-related investments |  | — | % |  | 34.6 | % |  | — | %
Debt securities |  | 92.0 | % |  | 38.8 | % |  | 100.0 | %
Real estate |  | — | % |  | 9.1 | % |  | — | %
Cash and cash equivalents |  | — | % |  | 5.6 | % |  | — | %
Other |  | 8.0 | % |  | 11.9 | % |  | — | %
Total |  | 100.0 | % |  | 100.0 | % |  | 100.0 | %

Investment Policy
HP’s investment strategy is to seek a competitive rate of return relative to an appropriate level of risk depending on the funded status of each plan and the timing of expected benefit payments. The majority of the plans’ investment managers employ active investment management strategies with the goal of outperforming the broad markets in which they invest. Risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. A number of the plans’ investment managers are authorized to utilize derivatives for investment or liability exposures, and HP may utilize derivatives to affect asset allocation changes or to hedge certain investment or liability exposures.
The target asset allocation selected for each U.S. plan (pension and post-retirement) reflects a risk/return profile HP believes is appropriate relative to each plan’s liability structure and return goals. HP conducts periodic asset-liability studies for U.S. plans to model various potential asset allocations in comparison to each plan’s forecasted liabilities and liquidity needs. Due to the strong funded status for the U.S. Pension Plan, consistent with our policy, steps have been taken to de-risk the portfolio by reallocation of assets to liability hedging fixed-income investments.
Outside the United States, asset allocation decisions are typically made by an independent board of trustees for the specific plan. As in the United States, investment objectives are designed to generate returns that will enable the plan to meet its future obligations. HP reviews the investment strategy and where appropriate, can offer some assistance in the selection of investment managers, with final decisions on asset allocation and investment managers made by the board of trustees for the specific plan.
Basis for Expected Long-Term Rate of Return on Plan Assets
The expected long-term rate of return on plan assets reflects the expected returns for each major asset class in which the plan invests and the weight of each asset class in the target mix. Expected asset returns reflect the current yield on government bonds, risk premiums for each asset class and expected real returns which considers each country’s specific inflation outlook. Because HP’s investment policy is to employ primarily active investment managers who seek to outperform the broader market, the expected returns are adjusted to reflect the expected additional returns net of fees.
Retirement Incentive Program
As part of the Fiscal 2023 Plan, HP announced a voluntary EER program for its U.S. employees in January 2023. Voluntary participation in the EER program was limited to employees at least 55 years old with 10 or more years of service at HP. Employees accepted into the EER program left HP on dates ranging from March 15, 2023 to October 31, 2023. The U.S. defined benefit pension plan was amended to provide that the EER benefit was to be paid from the plan for eligible electing EER participants. The retirement incentive benefit was calculated as a lump sum based on years of service at HP at the time of retirement, ranging from 20 to 52 weeks of pay. As a result of this retirement incentive, HP recognized a special termination benefit (“STB”) expense of $105 million for the year ended October 31, 2023 as a restructuring charge. This expense is the present value of all additional benefits that HP will distribute from the pension plan assets.
All employees participating in the EER program were offered the opportunity to continue health care coverage at the active employee contribution rates for up to 36 months following retirement, but not beyond age 65 when Medicare is available. In addition, HP provided up to $12,000 in employer credits under the Retirement Medical Savings Account program. HP recognized an additional STB expense of $34 million as restructuring and other charges for the year ended October 31, 2023 for the health care incentives.
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Notes to Consolidated Financial Statements (Continued)
Future Contributions and Funding Policy
Our policy is to fund our pension plans so that we meet at least the minimum contribution required by local government, funding and taxing authorities. In fiscal year 2026, we expect to contribute approximately $43 million to non-U.S. pension plans, $31 million to cover benefit payments to U.S. non-qualified plan participants and $3 million to cover benefit claims for our post-retirement benefit plans.
Estimated Future Benefits Payments
As of October 31, 2025, HP estimates that the future benefits payments for the retirement and post-retirement plans are as follows:

Fiscal year |  | U.S. Defined Benefit Plans |  | Non-U.S. Defined Benefit Plans |  | Post-Retirement Benefit Plans
|  | In millions
2026 |  | $ | 288 |  |  | $ | 63 |  |  | $ | 25 |
2027 |  | 279 |  |  | 63 |  |  | 23 |
2028 |  | 289 |  |  | 66 |  |  | 22 |
2029 |  | 301 |  |  | 69 |  |  | 22 |
2030 |  | 306 |  |  | 71 |  |  | 21 |
Next five fiscal years to October 31, 2035 |  | 1,549 |  |  | 429 |  |  | 97 |

Note 5: Stock-Based Compensation
HP’s stock-based compensation plans include incentive compensation plans and an employee stock purchase plan.
Stock-Based Compensation Expense and Related Income Tax Benefits for Operations
Stock-based compensation expense and the resulting tax benefits for operations were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Stock-based compensation expense | $ | 522 |  |  | $ | 452 |  |  | $ | 438 |
Income tax benefit | (88) |  |  | (77) |  |  | (72) |
Stock-based compensation expense, net of tax | $ | 434 |  |  | $ | 375 |  |  | $ | 366 |

Cash received from option exercises under the HP Inc 2004 Stock Incentive Plan (the “2004 SIP”) and the HP Inc. 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was $41 million, $72 million, and $51 million in fiscal year 2025, 2024, and 2023, respectively. The benefit realized for the tax deduction from option exercises in fiscal years 2025, 2024 and 2023 was $3 million, $1 million and $2 million, respectively.
Stock-Based Incentive Compensation Plans
HP’s stock-based incentive compensation plan includes equity plan adopted in 2004, as amended and restated (“principal equity plan”). Stock-based awards granted under the equity plan includes restricted stock awards, stock options and performance-based awards. Employees meeting certain employment qualifications are eligible to receive stock-based awards. As of October 31, 2025, the aggregate number of shares of HP’s stock authorized for issuance under the principal equity plan is 668.8 million.
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Notes to Consolidated Financial Statements (Continued)
Restricted stock awards are non-vested stock awards that may include grants of restricted stock or restricted stock units. Restricted stock awards and cash-settled awards are generally subject to forfeiture if employment terminates prior to the lapse of the restrictions. Such awards generally vest one to three years from the date of grant. During the vesting period, ownership of the restricted stock cannot be transferred. Restricted stock has the same dividend and voting rights as common stock and is considered to be issued and outstanding upon grant. The dividends paid on restricted stock are non-forfeitable. Restricted stock units do not have the voting rights of common stock, and the shares underlying restricted stock units are not considered issued and outstanding upon grant. However, shares underlying restricted stock units are included in the calculation of diluted net EPS. Restricted stock units have forfeitable dividend equivalent rights equal to the dividend paid on common stock. HP expenses the fair value of restricted stock awards ratably over the period during which the restrictions lapse. The majority of restricted stock units issued by HP contain only service vesting conditions. HP also grants performance-adjusted restricted stock units which vest only on the satisfaction of both service and the achievement of certain performance goals including market conditions prior to the expiration of the awards.
Stock options granted under the principal equity plan are generally non-qualified stock options, but the principal equity plan permits some options granted to qualify as incentive stock options under the U.S. Internal Revenue Code. Stock options generally vest over three to four years from the date of grant. The exercise price of a stock option is equal to the closing price of HP’s stock on the option grant date. The majority of stock options issued by HP contain only service vesting conditions. HP grants performance-contingent stock options that vest only on the satisfaction of both service and market conditions prior to the expiration of the awards. No stock option awards were granted during the fiscal year 2025. The expenses associated with stock options were not material for any of the periods presented. As of October 31, 2025, the total unrecognized pre-tax stock-based compensation expense related to stock options was $0.2 million, which is expected to be recognized over a weighted-average vesting period of 0.1 years.
RSU and stock option grants provide for accelerated vesting in certain circumstances as defined in the plans and related grant agreements, including termination in connection with a change in control.
Restricted Stock Units
HP uses the closing stock price on the grant date to estimate the fair value of service-based restricted stock units. HP estimates the fair value of restricted stock units subject to performance-adjusted vesting conditions using a combination of the closing stock price on the grant date and a Monte Carlo simulation model. The assumptions used to measure the fair value of restricted stock units subject to performance-adjusted vesting conditions in the Monte Carlo simulation model were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
Expected volatility(1) | 34.0 | % |  | 33.9 | % |  | 44.4 | %
Risk-free interest rate(2) | 4.0 | % |  | 4.1 | % |  | 4.0 | %
Expected performance period in years(3) | 2.9 |  | 2.9 |  | 2.9

(1)The expected volatility was estimated using the historical volatility derived from HP’s common stock.
(2)The risk-free interest rate was estimated based on the yield on U.S. Treasury zero-coupon issues.
(3)The expected performance period was estimated based on the length of the remaining performance period from the grant date.
A summary of restricted stock units activity is as follows:

| As of October 31
| 2025 |  | 2024 |  | 2023
| Shares |  | Weighted- Average Grant Date Fair Value Per Share |  | Shares |  | Weighted- Average Grant Date Fair Value Per Share |  | Shares |  | Weighted- Average Grant Date Fair Value Per Share
| In thousands |  |  |  | In thousands |  |  |  | In thousands |  |
Outstanding at beginning of year | 31,868 |  |  | $ | 30 |  |  | 30,209 |  |  | $ | 31 |  |  | 28,688 |  |  | $ | 30 |
Granted | 20,759 |  |  | $ | 34 |  |  | 18,262 |  |  | $ | 32 |  |  | 18,500 |  |  | $ | 31 |
Vested | (14,912) |  |  | $ | 31 |  |  | (14,483) |  |  | $ | 33 |  |  | (15,291) |  |  | $ | 29 |
Forfeited | (3,092) |  |  | $ | 32 |  |  | (2,120) |  |  | $ | 31 |  |  | (1,688) |  |  | $ | 31 |
Outstanding at end of year | 34,623 |  |  | $ | 32 |  |  | 31,868 |  |  | $ | 30 |  |  | 30,209 |  |  | $ | 31 |

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Notes to Consolidated Financial Statements (Continued)
The total grant date fair value of restricted stock units vested in fiscal years 2025, 2024 and 2023 was $465 million, $471 million and $442 million, respectively. As of October 31, 2025, total unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock units was $438 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.4 years.
Employee Stock Purchase Plan
HP sponsors the 2021 ESPP, pursuant to which eligible employees may contribute up to 10% of base compensation, subject to certain income limits, to purchase shares of HP’s common stock.
Pursuant to the terms of the 2021 ESPP, employees purchase stock under the 2021 ESPP at a price equal to 95% of HP’s closing stock price on the purchase date. No stock-based compensation expense was recorded in connection with those purchases because the criteria of a non-compensatory plan were met. The aggregate number of shares of HP’s stock authorized for issuance under the 2021 ESPP was 50 million.
Shares Reserved
Shares available for future grant and shares reserved for future issuance under the stock-based incentive compensation plans and the 2021 ESPP were as follows:

| As of October 31
| 2025 |  | 2024 |  | 2023
| In thousands
Shares available for future grant | 100,719 |  |  | 144,553 |  |  | 133,033 |
Shares reserved for future issuance | 139,863 |  |  | 181,463 |  |  | 169,503 |

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Notes to Consolidated Financial Statements (Continued)
Note 6: Taxes on Earnings
Provision for Taxes
The domestic and foreign components of earnings before taxes were as follows:

| For the fiscal years ended October 31
h | 2025 |  | 2024 |  | 2023
| In millions
U.S. | $ | 107 |  |  | $ | 537 |  |  | $ | 650 |
Non-U.S. | 2,561 |  |  | 2,742 |  |  | 2,287 |
| $ | 2,668 |  |  | $ | 3,279 |  |  | $ | 2,937 |

The provision for (benefit from) taxes on earnings was as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
U.S. federal taxes: |  |  |  |  |
Current | $ | (188) |  |  | $ | 245 |  |  | $ | 226 |
Deferred | (121) |  |  | 34 |  |  | (549) |
Non-U.S. taxes: |  |  |  |  |
Current | 328 |  |  | 357 |  |  | 337 |
Deferred | 95 |  |  | (193) |  |  | (305) |
State taxes: |  |  |  |  |
Current | (13) |  |  | 33 |  |  | 42 |
Deferred | 38 |  |  | 28 |  |  | (77) |
| $ | 139 |  |  | $ | 504 |  |  | $ | (326) |

The differences between the U.S. federal statutory income tax rate and HP’s effective tax rate were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
U.S. federal statutory income tax rate from continuing operations | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 2.4 | % |  | 2.2 | % |  | 1.7 | %
Impact of foreign earnings including GILTI and FDII, net | (2.9) | % |  | (1.0) | % |  | (1.1) | %
Research and development (“R&D”) credit | (2.3) | % |  | (1.1) | % |  | (1.0) | %
Valuation allowances | (2.5) | % |  | (7.1) | % |  | (7.3) | %
Uncertain tax positions and audit settlements | (10.2) | % |  | 1.0 | % |  | 2.4 | %
Changes in tax laws or rates enacted | 1.4 | % |  | 0.3 | % |  | (0.3) | %
Impact of internal reorganization | — | % |  | — | % |  | (27.4) | %
Other, net | (1.7) | % |  | 0.1 | % |  | 0.9 | %
| 5.2 | % |  | 15.4 | % |  | (11.1) | %

In fiscal year 2025, HP recorded $415 million of net income tax benefits related to non-recurring items in the provision for taxes. This amount included $273 million related to changes in uncertain tax positions, $80 million related to restructuring charges, $44 million related to changes in valuation allowances, $28 million related to the filing of tax returns in various jurisdictions, $22 million related to audit settlements in various jurisdictions, and $16 million related to litigation charges. These benefits were partially offset by $69 million of charges related to changes in tax rates.
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Notes to Consolidated Financial Statements (Continued)
In fiscal year 2024, HP recorded $214 million of net income tax benefits related to non-recurring items in the provision for taxes. This amount included $198 million related to changes in valuation allowances, $60 million related to restructuring charges, $14 million related to the filing of tax returns in various jurisdictions, and $11 million related to acquisition charges. These benefits were partially offset by $39 million of uncertain tax position charges and $25 million related to changes in tax rates.
In fiscal year 2023, HP recorded $1.1 billion of net income tax benefits related to non-recurring items in the provision for taxes. This amount included $726 million of tax effects related to internal reorganization, $255 million related to changes in valuation allowances, $101 million related to restructuring charges, $58 million related to the filing of tax returns in various jurisdictions, and $42 million related to acquisition charges. These benefits were partially offset by income tax charges of $60 million related to audit settlements in various jurisdictions, $27 million of uncertain tax position charges, and $25 million related to extinguishment of debt.
As a result of certain employment actions and capital investments HP has undertaken, income from manufacturing and services in certain countries is subject to reduced tax rates, and in some cases is wholly exempt from taxes, through 2029. The gross income tax benefits attributable to these actions and investments were estimated to be $153 million ($0.16 diluted net EPS) in fiscal year 2025, $217 million ($0.22 diluted net EPS) in fiscal year 2024 and $190 million ($0.19 diluted net EPS) in fiscal year 2023.
Uncertain Tax Positions
A reconciliation of unrecognized tax benefits is as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Balance at beginning of year | $ | 1,217 |  |  | $ | 1,137 |  |  | $ | 1,045 |
Increases: |  |  |  |  |
For current year’s tax positions | 85 |  |  | 82 |  |  | 61 |
For prior years’ tax positions | 14 |  |  | 52 |  |  | 186 |
Decreases: |  |  |  |  |
For prior years’ tax positions | (79) |  |  | (9) |  |  | (35) |
Statute of limitations expirations | (338) |  |  | (33) |  |  | (8) |
Settlements with taxing authorities | (34) |  |  | (12) |  |  | (112) |
Balance at end of year | $ | 865 |  |  | $ | 1,217 |  |  | $ | 1,137 |

As of October 31, 2025, the amount of gross unrecognized tax benefits was $865 million, of which up to $656 million would affect HP’s effective tax rate if realized. Total gross unrecognized tax benefits decreased by $352 million for the twelve months ended October 31, 2025. HP recognizes interest income from favorable settlements and interest expense and penalties accrued on unrecognized tax benefits in the provision for taxes in the Consolidated Statements of Earnings. As of October 31, 2025, 2024 and 2023, HP had accrued $122 million, $135 million and $102 million, respectively, for interest and penalties.
HP engages in continuous discussions and negotiations with taxing authorities regarding tax matters in various jurisdictions. HP expects complete resolution of certain tax years with various tax authorities within the next 12 months. HP believes it is reasonably possible that its existing gross unrecognized tax benefits may be reduced by up to $42 million within the next 12 months, affecting HP’s effective tax rate if realized.
HP is subject to income tax in the United States and approximately 60 other countries and is subject to routine corporate income tax audits in many of these jurisdictions. In addition, HP is subject to numerous ongoing audits by federal, state and foreign tax authorities. The Internal Revenue Service (“IRS”) is conducting an audit of HP’s 2018 and 2019 income tax returns.
With respect to major state and foreign tax jurisdictions, HP is no longer subject to tax authority examinations for years prior to 2007. No material tax deficiencies have been assessed in major state or foreign tax jurisdictions related to ongoing audits as of October 31, 2025.
HP believes it has provided adequate reserves for all tax deficiencies or reductions in tax benefits that could result from federal, state and foreign tax audits. HP regularly assesses the likely outcomes of these audits in order to determine the appropriateness of HP’s tax provision. HP adjusts its uncertain tax positions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular audit. However, income tax audits are inherently unpredictable and there can be no assurance that HP will accurately predict the outcome of these audits. The amounts ultimately paid on resolution of an audit
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Notes to Consolidated Financial Statements (Continued)
could be materially different from the amounts previously included in the Provision for taxes and therefore the resolution of one or more of these uncertainties in any particular period could have a material impact on net income or cash flows.
HP has not provided for U.S. federal income and foreign withholding taxes on $5.1 billion of undistributed earnings from non-U.S. operations as of October 31, 2025 because HP intends to reinvest such earnings indefinitely outside of the United States. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable.
Deferred Income Taxes
The significant components of deferred tax assets and deferred tax liabilities were as follows:

| As of October 31
| 2025 |  | 2024
| In millions
Deferred tax assets: |  |  |
Loss and credit carryforwards | $ | 6,792 |  |  | $ | 7,050 |
Intercompany transactions—excluding inventory | 208 |  |  | 357 |
Fixed assets | 107 |  |  | 113 |
Warranty | 81 |  |  | 100 |
Employee and retiree benefits | 226 |  |  | 242 |
Deferred revenue | 244 |  |  | 240 |
Capitalized research and development | 1,187 |  |  | 1,014 |
Operating lease liabilities | 244 |  |  | 272 |
Investment in partnership | 672 |  |  | 710 |
Other | 393 |  |  | 395 |
Gross deferred tax assets | 10,154 |  |  | 10,493 |
Valuation allowances | (6,479) |  |  | (6,688) |
Total deferred tax assets | 3,675 |  |  | 3,805 |
Deferred tax liabilities: |  |  |
Unremitted earnings of foreign subsidiaries | (36) |  |  | (107) |
Right-of-use assets from operating leases | (211) |  |  | (235) |
Intangible assets | (121) |  |  | (159) |
Cash flow hedges | (5) |  |  | (24) |
Total deferred tax liabilities | (373) |  |  | (525) |
Net deferred tax assets | $ | 3,302 |  |  | $ | 3,280 |

Deferred tax assets and liabilities included in the Consolidated Balance Sheets as follows:

| As of October 31
| 2025 |  | 2024
| In millions
Deferred tax assets | $ | 3,318 |  |  | $ | 3,311 |
Deferred tax liabilities | (16) |  |  | (31) |
Total | $ | 3,302 |  |  | $ | 3,280 |

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Notes to Consolidated Financial Statements (Continued)
As of October 31, 2025, HP had recorded deferred tax assets for net operating loss (“NOL”) carryforwards as follows:

| Gross NOLs |  | Deferred Taxes on NOLs |  | Valuation allowance |  | Initial Year of Expiration
| In millions |  |
Federal | $ | 33 |  |  | $ | 7 |  |  | $ | (1) |  |  | 2026
State | 1,817 |  |  | 97 |  |  | (23) |  |  | 2026
Foreign | 24,134 |  |  | 6,471 |  |  | (6,027) |  |  | 2028
Balance at end of year | $ | 25,984 |  |  | $ | 6,575 |  |  | $ | (6,051) |  |  |

As of October 31, 2025, HP had recorded deferred tax assets for various tax credit carryforwards as follows:

| Carryforward |  | Valuation Allowance |  | Initial Year of Expiration
| In millions |  |
Tax credits in state and foreign jurisdictions | $ | 307 |  |  | $ | (61) |  |  | 2026
U.S. R&D and other credits | 52 |  |  | — |  |  | 2045
Balance at end of year | $ | 359 |  |  | $ | (61) |  |  |

Deferred Tax Asset Valuation Allowance
The deferred tax asset valuation allowance and changes were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Balance at beginning of year | $ | 6,688 |  |  | $ | 6,994 |  |  | $ | 7,592 |
Income tax (benefit) expense | (230) |  |  | (300) |  |  | (650) |
Goodwill, other comprehensive loss (income), currency translation and charges to other accounts | 21 |  |  | (6) |  |  | 52 |
Balance at end of year | $ | 6,479 |  |  | $ | 6,688 |  |  | $ | 6,994 |

Gross deferred tax assets as of October 31, 2025, 2024, and 2023 were reduced by valuation allowances of $6.5 billion, $6.7 billion and $7.0 billion, respectively. In fiscal year 2025, the deferred tax asset valuation allowance decreased by $209 million primarily due to changes in tax rates in foreign jurisdictions. In fiscal year 2024, the deferred tax asset valuation allowance decreased by $306 million primarily due to an increase in the expected utilization of foreign net operating losses. In fiscal year 2023, the deferred tax asset valuation allowance decreased by $598 million primarily due to internal reorganization impacting foreign net operating losses and U.S. deferred tax assets that are anticipated to be realized at a lower effective rate than the federal statutory rate.
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Notes to Consolidated Financial Statements (Continued)
Note 7: Supplementary Financial Information
Cash, cash equivalents and restricted cash

| As of October 31
| 2025 |  | 2024
| In millions
Cash and cash equivalents | $ | 3,690 |  |  | $ | 3,238 |
Restricted cash(1) | 15 |  |  | 15 |
| $ | 3,705 |  |  | $ | 3,253 |

(1) Restricted Cash is related to amounts collected and held on behalf of a third-party for trade receivables previously sold.
Accounts Receivable
The allowance for credit losses related to accounts receivable and changes were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Balance at beginning of period | $ | 83 |  |  | $ | 93 |  |  | $ | 107 |
Current-period allowance for credit losses | 8 |  |  | 3 |  |  | (2) |
Deductions, net of recoveries | (8) |  |  | (13) |  |  | (12) |
Balance at end of period | $ | 83 |  |  | $ | 83 |  |  | $ | 93 |

HP utilizes certain third-party arrangements in the normal course of business as part of HPs cash and liquidity management and also to provide liquidity to certain partners to facilitate their working capital requirements. These financing arrangements, which in certain circumstances may contain partial recourse, result in a transfer of HP’s receivables and risk to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are de-recognized from the Consolidated Balance Sheets upon transfer, and HP receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, the recourse obligation is measured using market data from the similar transactions and reported as a current liability in the Consolidated Balance Sheets. The recourse obligations as of October 31, 2025 and 2024 were not material.
The following is a summary of the activity under these arrangements:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Balance at beginning of year(1) | $ | 284 |  |  | $ | 141 |  |  | $ | 185 |
Trade receivables sold | 11,830 |  |  | 12,200 |  |  | 13,391 |
Cash receipts | (12,006) |  |  | (12,063) |  |  | (13,449) |
Foreign currency and other | 9 |  |  | 6 |  |  | 14 |
Balance at end of year(1) | $ | 117 |  |  | $ | 284 |  |  | $ | 141 |

(1) Amounts outstanding from third parties reported in Accounts Receivable in the Consolidated Balance Sheets.
Inventory

| As of October 31
| 2025 |  | 2024
| In millions
Finished goods | $ | 4,721 |  |  | $ | 4,338 |
Purchased parts and fabricated assemblies | 3,791 |  |  | 3,382 |
| $ | 8,512 |  |  | $ | 7,720 |

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Notes to Consolidated Financial Statements (Continued)
Other Current Assets

| As of October 31
| 2025 |  | 2024
| In millions
Supplier and other receivables | $ | 1,981 |  |  | $ | 2,180 |
Prepaid and other current assets | 1,577 |  |  | 1,462 |
Value-added taxes receivable | 986 |  |  | 1,028 |
| $ | 4,544 |  |  | $ | 4,670 |

Property, Plant and Equipment, Net

| As of October 31
| 2025 |  | 2024
| In millions
Land, buildings and leasehold improvements | $ | 2,619 |  |  | $ | 2,527 |
Machinery and equipment, including equipment held for lease | 5,867 |  |  | 5,465 |
| 8,486 |  |  | 7,992 |
Accumulated depreciation | (5,437) |  |  | (5,078) |
| $ | 3,049 |  |  | $ | 2,914 |

Depreciation expense was $523 million, $501 million and $491 million in fiscal years 2025, 2024 and 2023, respectively.
Other Non-Current Assets

| As of October 31
| 2025 |  | 2024
| In millions
Deferred tax assets | $ | 3,318 |  |  | $ | 3,311 |
Intangible assets | 1,012 |  |  | 1,319 |
Right-of-use assets | 1,129 |  |  | 1,165 |
Prepaid pension and post-retirement benefit assets | 425 |  |  | 362 |
Deposits and prepaid | 316 |  |  | 322 |
Other | 1,361 |  |  | 1,129 |
| $ | 7,561 |  |  | $ | 7,608 |

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Notes to Consolidated Financial Statements (Continued)
Other Current Liabilities

| As of October 31
| 2025 |  | 2024
| In millions
Sales and marketing programs | $ | 3,103 |  |  | $ | 3,060 |
Deferred revenue | 1,609 |  |  | 1,446 |
Other accrued taxes | 1,258 |  |  | 1,233 |
Employee compensation and benefit | 965 |  |  | 970 |
Warranty | 401 |  |  | 486 |
Operating lease liabilities | 401 |  |  | 443 |
Tax liability | 297 |  |  | 291 |
Other | 2,328 |  |  | 2,449 |
| $ | 10,362 |  |  | $ | 10,378 |

Other Non-Current Liabilities

| As of October 31
| 2025 |  | 2024
| In millions
Deferred revenue | $ | 1,632 |  |  | $ | 1,487 |
Tax liability | 496 |  |  | 839 |
Operating lease liabilities | 815 |  |  | 787 |
Pension, post-retirement, and post-employment liabilities | 564 |  |  | 607 |
Deferred tax liability | 16 |  |  | 31 |
Other | 513 |  |  | 531 |
| $ | 4,036 |  |  | $ | 4,282 |

Interest and Other, Net

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Interest expense on borrowings | $ | (430) |  |  | $ | (452) |  |  | $ | (548) |
Factoring costs | (125) |  |  | (155) |  |  | (136) |
Certain litigation benefits | 52 |  |  | — |  |  | — |
Net (loss) gain on debt extinguishment | — |  |  | (3) |  |  | 107 |
Non-operating retirement-related credits | 13 |  |  | 14 |  |  | 51 |
Other, net | (16) |  |  | 57 |  |  | 7 |
| $ | (506) |  |  | $ | (539) |  |  | $ | (519) |

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Notes to Consolidated Financial Statements (Continued)
Net Revenue by Region

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Americas | $ | 23,545 |  |  | $ | 23,251 |  |  | $ | 23,095 |
Europe, Middle East and Africa | 18,596 |  |  | 18,044 |  |  | 17,819 |
Asia-Pacific and Japan | 13,154 |  |  | 12,264 |  |  | 12,804 |
Total net revenue | $ | 55,295 |  |  | $ | 53,559 |  |  | $ | 53,718 |

Value of Remaining Performance Obligations
As of October 31, 2025, the estimated value of transaction price allocated to remaining performance obligations was $4.3 billion. HP expects to recognize approximately $1.9 billion of the unearned amount in next 12 months and $2.4 billion thereafter.
HP has elected the practical expedients and accordingly does not disclose the aggregate amount of the transaction price allocated to remaining performance obligations if:
•the contract has an original expected duration of one year or less; or
•the revenue from the performance obligation is recognized over time on an as-invoiced basis when the amount corresponds directly with the value to the customer; or
•the portion of the transaction price that is variable in nature is allocated entirely to a wholly unsatisfied performance obligation.
The remaining performance obligations are subject to change and may be affected by various factors, such as termination of contracts, contract modifications and adjustment for currency.
Costs of Obtaining Contracts and Fulfillment Cost
As of October 31, 2025, deferred contract fulfillment and acquisition costs balances were $33 million and $42 million, respectively, included in Other current assets and Other non-current assets in the Consolidated Balance Sheets. During the fiscal year ended October 31, 2025, the Company amortized $68 million of these costs.
As of October 31, 2024, deferred contract fulfillment and acquisition costs balances were $36 million and $50 million, respectively, included in Other current assets and Other non-current assets in the Consolidated Balance Sheets. During the fiscal year ended October 31, 2024, the Company amortized $86 million of these costs.
Contract Liabilities
As of October 31, 2025 and 2024, HP’s contract liabilities balances were $3.2 billion and $2.9 billion, respectively, included in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets.
The increase in the contract liabilities balance for fiscal year 2025 was primarily driven by sales of fixed-price support and maintenance services, partially offset by $1.5 billion of revenue recognized that were included in the contract liabilities balance as of October 31, 2024.
As of October 31, 2024 and 2023, HP’s contract liabilities balances were $2.9 billion and $2.7 billion, respectively, included in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets.
The increase in the contract liabilities balance for fiscal year 2024 was primarily driven by sales of fixed-price support and maintenance services, partially offset by $1.4 billion of revenue recognized that were included in the contract liabilities balance as of October 31, 2023.
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Notes to Consolidated Financial Statements (Continued)
Supplier Finance Program s
HP facilitates voluntary supplier finance programs to provide certain suppliers the opportunity to sell their right to HP’s payment obligations to participating financial institutions. Under these programs, HP agrees to pay the participating financial institutions the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Participation by suppliers in these programs have no impact on the payment terms and amounts due from HP. HP does not have an economic interest in a supplier's participation in the program and is not a party to the agreement between the supplier and the financial institutions. In connection with these programs, HP does not pledge assets or other forms of guarantees as security for the committed payment to the participating financial institutions. For certain programs, HP pays a monthly service fee to a third-party administrato r that provides the supplier finance platform and related support. HP and the participating financial institutions may terminate the agreement upon at least 30 days notice. As of October 31, 2025 and October 31, 2024, HP had $8.9 billion and $7.8 billion, respectively, in obligations outstanding (i.e., unpaid invoices) that were confirmed as valid under the supplier finance programs. These obligations are included within the Accounts payable line item of HP’s Consolidated Balance Sheets. As of both October 31, 2025 and October 31, 2024 the Company’s outstanding payment obligations that suppliers elected to sell to participating financial institutions were $0.1 billion.
The following table is a rollforward of the obligations confirmed under the program for fiscal year 2025:

| 2025
| In millions
Confirmed obligations outstanding at the beginning of the year | $ | 7,808 |
Invoices confirmed during the year | 44,022 |
Confirmed invoices paid during the year | (42,921) |
Foreign currency translation | 4 |
Confirmed obligations outstanding at the end of the year | $ | 8,913 |

Government Assistance
HP receives assistance under legally enforceable agreements with governments in support of certain business activities, including expansion of operations, production or shipment of products from specific jurisdictions, research and development etc. These grants are generally received in the form of cash and require compliance with certain conditions specified in each grant agreement. The duration of the grant agreements are usually for a period of three to five years.
HP recognized $196 million, $126 million and $117 million of government assistance in the Consolidated Statement of Earnings in fiscal year 2025, 2024, and 2023, respectively, of which $130 million, $111 million and $95 million, respectively, was reported as a reduction of Cost of net revenue.
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Notes to Consolidated Financial Statements (Continued)
Note 8: Goodwill and Intangible Assets
Goodwill allocated to HP’s reportable segments and changes in the carrying amount of goodwill were as follows:

| Personal Systems |  | Printing |  | Corporate Investments |  | Total |  |
| In millions |  |
Balance as of October 31, 2023(1) | $ | 4,722 |  |  | $ | 3,751 |  |  | $ | 118 |  |  | $ | 8,591 |  |  |
Acquisitions | 26 |  |  | 2 |  |  | — |  |  | 28 |  |  |
Foreign currency translation and other | — |  |  | 8 |  |  | — |  |  | 8 |  |  |
Balance as of October 31, 2024(1) | 4,748 |  |  | 3,761 |  |  | 118 |  |  | 8,627 |  |  |
Acquisitions | — |  |  | — |  |  | 79 |  |  | 79 |  |  |
Foreign currency translation and other | (24) |  |  | 24 |  |  | — |  |  | — |  |  |
Balance as of October 31, 2025(1) | $ | 4,724 |  |  | $ | 3,785 |  |  | $ | 197 |  |  | $ | 8,706 |  |  |

(1)Goodwill is net of accumulated impairment losses of $0.8 billion related to Corporate Investments recorded in fiscal year 2011.
Goodwill is tested for impairment at the reporting unit level. As of October 31, 2025, our reporting units are consistent with the reportable segments identified in Note 2, “Segment Information”. Personal Systems had a negative carrying amount of net assets as of October 31, 2025, 2024 and 2023 primarily as a result of a favorable cash conversion cycle.
Intangible Assets
HP’s acquired intangible assets were composed of:

| As of October 31, 2025 |  | As of October 31, 2024
| Gross(1) |  | Accumulated Amortization(1) |  |  |  | Net |  | Gross(1) |  | Accumulated Amortization(1) |  |  |  | Net
| In millions
Customer contracts, customer lists and distribution agreements | $ | 726 |  |  | $ | 428 |  |  |  |  | $ | 298 |  |  | $ | 783 |  |  | $ | 372 |  |  |  |  | $ | 411 |
Technology and patents | 1,625 |  |  | 1,004 |  |  |  |  | 621 |  |  | 1,666 |  |  | 884 |  |  |  |  | 782 |
Trade name and trademarks | 219 |  |  | 126 |  |  |  |  | 93 |  |  | 218 |  |  | 92 |  |  |  |  | 126 |
Total intangible assets | $ | 2,570 |  |  | $ | 1,558 |  |  |  |  | $ | 1,012 |  |  | $ | 2,667 |  |  | $ | 1,348 |  |  |  |  | $ | 1,319 |

(1) Excludes the original cost and accumulated depreciation of fully amortized intangibles.
During fiscal year 2025, the Company incurred impairment charges of $65 million related to acquired customer contracts, customer lists and distribution agreements within the Printing segment and $27 million of technology and patents within the Corporate Investment segment which were recorded within Amortization of intangible assets in the Consolidated Statement of Earnings.
As of October 31, 2025, estimated future amortization expense related to acquired intangible assets was as follows:

Fiscal year | In millions
2026 | $ | 225 |
2027 | 220 |
2028 | 175 |
2029 | 125 |
2030 | 98 |
Thereafter | 169 |
Total | $ | 1,012 |

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Notes to Consolidated Financial Statements (Continued)
Note 9: Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date.
Fair Value Hierarchy
HP uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement:
Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2—Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.
Level 3—Unobservable inputs for the asset or liability.
The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs.
The following table presents HP’s assets and liabilities that are measured at fair value on a recurring basis:

| As of October 31, 2025 |  | As of October 31, 2024
| Fair Value Measured Using |  |  |  | Fair Value Measured Using |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
| In millions
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash Equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government debt(1) | $ | 1,878 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,878 |  |  | $ | 1,332 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,332 |
Available-for-Sale Investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institution instruments | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Marketable securities and mutual funds(2) | 9 |  |  | 122 |  |  | — |  |  | 131 |  |  | 54 |  |  | 130 |  |  | — |  |  | 184 |
Derivative Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Foreign currency contracts | — |  |  | 182 |  |  | — |  |  | 182 |  |  | — |  |  | 225 |  |  | — |  |  | 225 |
Other derivatives | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | — |
Total assets | $ | 1,887 |  |  | $ | 308 |  |  | $ | — |  |  | $ | 2,195 |  |  | $ | 1,386 |  |  | $ | 362 |  |  | $ | — |  |  | $ | 1,748 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 22 |  |  | $ | — |  |  | $ | 22 |
Foreign currency contracts | — |  |  | 242 |  |  | — |  |  | 242 |  |  | — |  |  | 158 |  |  | — |  |  | 158 |
Other derivatives | — |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Total liabilities | $ | — |  |  | $ | 244 |  |  | $ | — |  |  | $ | 244 |  |  | $ | — |  |  | $ | 182 |  |  | $ | — |  |  | $ | 182 |

(1) Money market funds invested in government debt and traded in active markets are included in Level 1. Government debt includes instruments such as U.S. treasury notes, U.S. agency securities and non-U.S. government bonds.
(2) As of October 31, 2025 and 2024, $63 million and $78 million, respectively, of debt securities were restricted to fund benefits received by qualifying employees under a sponsored defined benefit plan.
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Notes to Consolidated Financial Statements (Continued)
Valuation Techniques
Cash Equivalents and Investments: HP holds money market funds, mutual funds, other debt securities primarily consisting of corporate and foreign government notes and bonds, and common stock and equivalents. HP values cash equivalents and equity investments using quoted market prices, alternative pricing sources, including net asset value, or models utilizing market observable inputs. The fair value of debt investments is based on quoted market prices or model-driven valuations using inputs primarily derived from or corroborated by observable market data, and, in certain instances, valuation models that utilize assumptions which cannot be corroborated with observable market data.
Derivative Instruments: HP uses industry standard valuation models to measure fair value. Where applicable, these models project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves, HP and counterparty credit risk, foreign exchange rates, and forward and spot prices for currencies and interest rates. See Note 10, “Financial Instruments” for a further discussion of HP’s use of derivative instruments.
Other Fair Value Disclosures
Short- and Long-Term Debt: HP estimates the fair value of its debt primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities and considering its own credit risk. The portion of HP’s debt that is hedged is reflected in the Consolidated Balance Sheets as an amount equal to the debt’s carrying amount and a fair value adjustment representing changes in the fair value of the hedged debt obligations arising from movements in benchmark interest rates. The fair value of HP’s short- and long-term debt was $9.6 billion as compared to its carrying amount of $9.7 billion as of October 31, 2025. The fair value of HP’s short- and long-term debt was $9.4 billion as compared to its carrying value of $9.7 billion at October 31, 2024. If measured at fair value in the Consolidated Balance Sheets, short- and long-term debt would be classified in Level 2 of the fair value hierarchy.
Other Financial Instruments: For the balance of HP’s financial instruments, primarily accounts receivable, accounts payable and financial liabilities included in Other current liabilities on the Consolidated Balance Sheets, the carrying amounts approximate fair value due to their short-term maturities. If measured at fair value in the Consolidated Balance Sheets, these other financial instruments would be classified as Level 2 or Level 3 of the fair value hierarchy.
Non-Marketable Equity Investments and Non-Financial Assets: HP’s non-marketable equity investments are measured at cost less impairment, adjusted for observable price changes. HP’s non-financial assets, such as intangible assets, goodwill and property, plant and equipment, are recorded at fair value in the period an impairment charge is recognized. If measured at fair value in the Consolidated Balance Sheets these would generally be classified within Level 3 of the fair value hierarchy.
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Notes to Consolidated Financial Statements (Continued)
Note 10: Financial Instruments
Cash Equivalents and Available-for-Sale Investments

| As of October 31, 2025 |  | As of October 31, 2024
| Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value |  | Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
| In millions
Cash Equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government debt(1) | 1,878 |  |  | — |  |  | — |  |  | 1,878 |  |  | 1,332 |  |  | — |  |  | — |  |  | $ | 1,332 |
Total cash equivalents | 1,878 |  |  | — |  |  | — |  |  | 1,878 |  |  | 1,332 |  |  | — |  |  | — |  |  | 1,332 |
Available-for-Sale Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial institution instruments | 3 |  |  | — |  |  | — |  |  | 3 |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Marketable securities and mutual funds(2) | 104 |  |  | 27 |  |  | — |  |  | 131 |  |  | 115 |  |  | 69 |  |  | — |  |  | 184 |
Total available-for-sale investments | 107 |  |  | 27 |  |  | — |  |  | 134 |  |  | 118 |  |  | 69 |  |  | — |  |  | 187 |
Total cash equivalents and available-for-sale investments | $ | 1,985 |  |  | $ | 27 |  |  | $ | — |  |  | $ | 2,012 |  |  | $ | 1,450 |  |  | $ | 69 |  |  | $ | — |  |  | $ | 1,519 |

(1) Money market funds invested in government debt and traded in active markets are included in Level 1. Government debt includes instruments such as U.S. treasury notes, U.S. agency securities and non-U.S. government bonds
(2) As of October 31, 2025 and 2024, $63 million and $78 million, respectively, of debt securities were restricted to fund benefits received by qualifying employees under a sponsored defined benefit plan.
All highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents. As of October 31, 2025 and 2024, the carrying amount of cash equivalents approximated fair value due to the short period of time to maturity. Interest income related to cash, cash equivalents and debt securities was approximately $89 million in fiscal year 2025, $78 million in fiscal year 2024, and $67 million in fiscal year 2023. The estimated fair value of the available-for-sale investments may not be representative of values that will be realized in the future.
Contractual maturities of investments in available-for-sale debt securities were as follows:

| As of October 31, 2025
| Amortized Cost |  | Fair Value
| In millions
Due in less than one year | $ | 15 |  |  | $ | 15 |
Due in one to five years | 49 |  |  | 51 |
| $ | 64 |  |  | $ | 66 |

Non-marketable equity securities in privately held companies are included in Other current and non-current assets in the Consolidated Balance Sheets. These amounted to $137 million and $107 million as of October 31, 2025 and 2024, respectively.
HP determines credit losses on cash equivalents and available-for-sale debt securities at the individual security level. All instruments are considered investment grade. No credit-related or noncredit-related impairment losses were recorded in fiscal year 2025.
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Notes to Consolidated Financial Statements (Continued)
Derivative Instruments
HP uses derivative instruments, primarily forward contracts, interest rate swaps, total return swaps, treasury rate locks, forward starting swaps and option contracts to offset business exposure to foreign currency and interest rate risk on expected future cash flows and on certain existing assets and liabilities. HP may designate its derivative contracts as fair value hedges or cash flow hedges and classifies the cash flows with the activities that correspond to the underlying hedged items. Additionally, for derivatives not designated as hedging instruments, HP categorizes those economic hedges as other derivatives. HP recognizes all derivative instruments at fair value in the Consolidated Balance Sheets.
As a result of its use of derivative instruments, HP is exposed to the risk that its counterparties will fail to meet their contractual obligations. Master netting agreements mitigate credit exposure to counterparties by permitting HP to net amounts due from HP to counterparty against amounts due to HP from the same counterparty under certain conditions. To further limit credit risk, HP has collateral security agreements that allow HP’s custodian to hold collateral from, or require HP to post collateral to, counterparties when the net fair value of financial instruments fluctuates. The Company includes gross collateral posted and received in other current assets and other current liabilities in the Consolidated Balance Sheets, respectively. The fair value of derivatives with credit contingent features in a net liability position was $98 million and $59 million as of October 31, 2025 and 2024, respectively, all of which were fully collateralized within two business days.
Under HP’s derivative contracts, the counterparty can terminate all outstanding trades following a covered change of control event affecting HP that results in the surviving entity being rated below a specified credit rating. This credit contingent provision did not affect HP’s financial position or cash flows as of October 31, 2025 and 2024.
Fair Value Hedges
HP enters into fair value hedges, such as interest rate swaps, to reduce the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates on HP’s future interest payments.
For derivative instruments that are designated and qualify as fair value hedges, HP recognizes the change in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Statements of Earnings in the period of change.
Cash Flow Hedges
HP uses forward contracts, option contracts, treasury rate locks and forward starting swaps designated as cash flow hedges to protect against the foreign currency exchange and interest rate risks inherent in its forecasted products net revenue, cost of products net revenue, operating expenses and debt issuance. HP’s foreign currency cash flow hedges mature predominantly within twelve months; however, hedges related to long-term procurement arrangements, contractual pricing and/or business unit specific exposures may extend several years.
For derivative instruments that are designated and qualify as cash flow hedges, HP initially records changes in fair value of the derivative instrument in Accumulated other comprehensive loss as a separate component of Stockholders’ deficit in the Consolidated Balance Sheets and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized in earnings. HP reports the changes in the fair value of the derivative instrument in the same financial statement line item as changes in the fair value of the hedged item.
Other Derivatives
Other derivatives not designated as hedging instruments consist primarily of forward contracts used to hedge foreign currency-denominated balance sheet exposures. HP also uses total return swaps to hedge its executive deferred compensation plan liability.
For derivative instruments not designated as hedging instruments, HP recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Statements of Earnings in the period of change.
Hedge Effectiveness
For interest rate swaps designated as fair value hedges, HP measures hedge effectiveness by offsetting the change in fair value of the hedged item with the change in fair value of the derivative. For foreign currency options, forward contracts and forward starting swaps designated as cash flow hedges, HP measures hedge effectiveness by comparing the cumulative change in fair value of the hedge contract with the cumulative change in fair value of the hedged item, both of which are based on forward rates.
During fiscal year 2025 and 2024, no portion of the hedging instruments’ gain or loss was excluded from the assessment of effectiveness for fair value and cash flow hedges.
Fair Value of Derivative Instruments in the Consolidated Balance Sheets
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Notes to Consolidated Financial Statements (Continued)
The gross notional and fair value of derivative instruments in the Consolidated Balance Sheets were as follows:

| As of October 31, 2025 |  | As of October 31, 2024
| Outstanding Gross Notional |  | Other Current Assets |  | Other Non-Current Assets |  | Other Current Liabilities |  | Other Non-Current Liabilities |  | Outstanding Gross Notional |  | Other Current Assets |  | Other Non-Current Assets |  | Other Current Liabilities |  | Other Non-Current Liabilities
| In millions
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fair value hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | $ | 250 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | 750 |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | 10 |
Cash flow hedges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | 14,492 |  |  | 141 |  |  | 27 |  |  | 174 |  |  | 54 |  |  | 14,563 |  |  | 169 |  |  | 36 |  |  | 117 |  |  | 34 |
Interest rate contracts | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 500 |  |  | — |  |  | 4 |  |  | — |  |  | 1 |
Total derivatives designated as hedging instruments | 14,742 |  |  | 141 |  |  | 27 |  |  | 175 |  |  | 54 |  |  | 15,813 |  |  | 169 |  |  | 40 |  |  | 128 |  |  | 45 |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency contracts | 4,389 |  |  | 14 |  |  | — |  |  | 14 |  |  | — |  |  | 4,284 |  |  | 20 |  |  | — |  |  | 7 |  |  | — |
Other derivatives | 168 |  |  | 1 |  |  | — |  |  | 1 |  |  | — |  |  | 156 |  |  | — |  |  | — |  |  | 2 |  |  | — |
Total derivatives not designated as hedging instruments | 4,557 |  |  | 15 |  |  | — |  |  | 15 |  |  | — |  |  | 4,440 |  |  | 20 |  |  | — |  |  | 9 |  |  | — |
Total derivatives | $ | 19,299 |  |  | $ | 156 |  |  | $ | 27 |  |  | $ | 190 |  |  | $ | 54 |  |  | $ | 20,253 |  |  | $ | 189 |  |  | $ | 40 |  |  | $ | 137 |  |  | $ | 45 |

Offsetting of Derivative Instruments
HP recognizes all derivative instruments on a gross basis in the Consolidated Balance Sheets. HP does not offset the fair value of its derivative instruments against the fair value of cash collateral posted under its collateral security agreements. As of October 31, 2025 and 2024, information related to the potential effect of HP’s master netting agreements and collateral security agreements was as follows:

| In the Consolidated Balance Sheets |  |  |  |
| (i) |  | (ii) |  | (iii) = (i)–(ii) |  | (iv) |  | (v) |  |  |  | (vi) = (iii)–(iv)–(v)
| Gross Amount Recognized |  | Gross Amount Offset |  | Net Amount Presented |  | Gross Amounts Not Offset |  |  |  |
|  |  |  | Derivatives |  | Financial Collateral |  |  |  | Net Amount
| In millions
As of October 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets | $ | 183 |  |  | $ | — |  |  | $ | 183 |  |  | $ | 143 |  |  | $ | 15 |  |  | (1) |  | $ | 25 |
Derivative liabilities | $ | 244 |  |  | $ | — |  |  | $ | 244 |  |  | $ | 143 |  |  | $ | 279 |  |  | (2) |  | $ | (178) |
As of October 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative assets | $ | 229 |  |  | $ | — |  |  | $ | 229 |  |  | $ | 113 |  |  | $ | 88 |  |  | (1) |  | $ | 28 |
Derivative liabilities | $ | 182 |  |  | $ | — |  |  | $ | 182 |  |  | $ | 113 |  |  | $ | 61 |  |  | (2) |  | $ | 8 |

(1)Represents the cash collateral posted by counterparties as of the respective reporting date for HP’s asset position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.
(2)Represents the collateral posted by HP including any excess or re-use of counterparty cash collateral as of the respective reporting date for HP’s liability position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.
Effect of Derivative Instruments in the Consolidated Statements of Earnings
The pre-tax effect of derivative instruments and related hedged items in a fair value hedging relationship were as follows:
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Notes to Consolidated Financial Statements (Continued)

Derivative Instrument |  | Hedged Item |  | Location |  | For the fiscal years ended October 31 |  |  |  | Gain/(loss) recognized in earnings on derivative instruments |  | Gain/(loss) recognized in earnings on hedged item
|  |  |  |  |  |  |  |  |  | In millions
Interest rate contracts |  | Fixed-rate debt |  | Interest and other, net |  | 2025 |  |  |  | $ | 20 |  |  | $ | (20) |
|  |  |  |  |  | 2024 |  |  |  | $ | 36 |  |  | $ | (36) |
|  |  |  |  |  | 2023 |  |  |  | $ | 20 |  |  | $ | (20) |

The pre-tax effect of derivative instruments in cash flow hedging relationships included in Accumulated other comprehensive income (loss) was as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Gain/(loss) recognized in Accumulated other comprehensive income (loss) on derivatives: |  |  |  |  |
Foreign currency contracts | $ | (214) |  |  | $ | 47 |  |  | $ | (427) |
Interest rate contracts | $ | 3 |  |  | $ | 4 |  |  | $ | — |

The pre-tax effect of derivative instruments in cash flow hedging relationships included in earnings were as follows:

|  |  | Gain/ (loss) reclassified from Accumulated other comprehensive loss into earnings
|  |  | For the fiscal years ended October 31
|  |  |  |  |  |  | 2025 |  | 2024 |  | 2023
|  |  | In millions
Products net revenue |  |  |  |  |  |  | $ | (32) |  |  | $ | 408 |  |  | $ | 243 |
Cost of products net revenue |  |  |  |  |  |  | (81) |  |  | (142) |  |  | (167) |
Operating expenses |  |  |  |  |  |  | 2 |  |  | (4) |  |  | (4) |
Interest and other, net |  |  |  |  |  |  | 13 |  |  | 12 |  |  | 12 |
Total |  |  |  |  |  |  | $ | (98) |  |  | $ | 274 |  |  | $ | 84 |

As of October 31, 2025, HP expects to reclassify an estimated accumulated other comprehensive loss of approximately $41 million, net of taxes, to earnings within the next twelve months associated with cash flow hedges along with the earnings effects of the related forecasted transactions. The amounts ultimately reclassified into earnings could be different from the amounts previously included in Accumulated other comprehensive loss based on the change of market rate, and therefore could have different impact on earnings.
The pre-tax effect of derivative instruments not designated as hedging instruments recognized in Interest and other, net in the Consolidated Statements of Earnings was as follows:

| Gain/(loss) recognized in earnings on derivative instrument
| Location |  | 2025 |  | 2024 |  | 2023
|  |  | In millions
Foreign currency contracts | Interest and other, net |  | $ | (11) |  |  | $ | 44 |  |  | $ | (65) |
Other derivatives | Interest and other, net |  | 3 |  |  | — |  |  | (3) |
Total |  |  | $ | (8) |  |  | $ | 44 |  |  | $ | (68) |

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Note 11: Borrowings
Notes Payable and Short-Term Borrowings

| As of October 31
| 2025 |  | 2024
| Amount Outstanding |  | Weighted-Average Interest Rate |  | Amount Outstanding |  | Weighted-Average Interest Rate
| In millions
Current portion of long-term debt | $ | 788 |  |  | 3.2 | % |  | $ | 1,358 |  |  | 5.0 | %
Notes payable to banks and other | 57 |  |  | — | % |  | 48 |  |  | — | %
Total notes payable and short-term borrowings | $ | 845 |  |  |  |  | $ | 1,406 |  |  |

Long-Term Debt

|  |  |  |  |  |  |  | As of October 31
|  |  |  |  |  |  |  | 2025 |  | 2024
|  |  |  |  |  |  |  | In millions
U.S. Dollar Global Notes(1) |  | Maturity Date |  | Issue Price |  | Stated Interest Rate |  |  |  |
$1,150 issued June 2020 |  | June 2025 |  | 99.769 | % |  | 2.20 | % |  | $ | — |  |  | $ | 1,150 |
$1,000 issued June 2021 |  | June 2026 |  | 99.808 | % |  | 1.45 | % |  | 522 |  |  | 521 |
$1,000 issued June 2020 |  | June 2027 |  | 99.718 | % |  | 3.00 | % |  | 999 |  |  | 999 |
$900 issued June 2022 |  | January 2028 |  | 99.841 | % |  | 4.75 | % |  | 899 |  |  | 899 |
$1,000 issued March 2022 |  | April 2029 |  | 99.767 | % |  | 4.00 | % |  | 999 |  |  | 999 |
$500 issued April 2025 |  | April 2030 |  | 99.732 | % |  | 5.40 | % |  | 499 |  |  | — |
$850 issued June 2020 |  | June 2030 |  | 99.790 | % |  | 3.40 | % |  | 503 |  |  | 503 |
$1,000 issued June 2021 |  | June 2031 |  | 99.573 | % |  | 2.65 | % |  | 998 |  |  | 997 |
$1,000 issued March 2022 |  | April 2032 |  | 99.966 | % |  | 4.20 | % |  | 676 |  |  | 676 |
$1,100 issued June 2022 |  | January 2033 |  | 99.725 | % |  | 5.50 | % |  | 1,098 |  |  | 1,098 |
$500 issued April 2025 |  | April 2035 |  | 99.778 | % |  | 6.10 | % |  | 499 |  |  | — |
$1,200 issued September 2011 |  | September 2041 |  | 99.863 | % |  | 6.00 | % |  | 1,199 |  |  | 1,199 |
$500 issued August 2022(2) |  | March 2029 |  | 100.000 | % |  | 4.75 | % |  | — |  |  | 3 |
|  |  |  |  |  |  |  | 8,891 |  |  | 9,044 |
Other borrowings at 1.47%-7.07%, due in fiscal years 2026-2032 |  |  |  |  |  |  |  | 765 |  |  | 645 |
Fair value adjustment related to hedged debt |  |  |  |  |  |  |  | (1) |  |  | (21) |
Unamortized debt issuance cost |  |  |  |  |  |  |  | (46) |  |  | (47) |
Current portion of long-term debt |  |  |  |  |  |  |  | (788) |  |  | (1,358) |
Total long-term debt |  |  |  |  |  |  |  | $ | 8,821 |  |  | $ | 8,263 |

(1)HP may redeem some or all of the fixed-rate U.S. Dollar Global Notes at any time in accordance with the terms thereof. The U.S. Dollar Global Notes are senior unsecured debt.
(2)During the quarter ended October 31, 2025, HP redeemed and settled $3.4 million of the pending March 2029 Notes related to the August 2022 Poly acquisition.
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In April 2025, HP completed its offering of $1.0 billion aggregate principal amount of senior unsecured notes, consisting of $500 million of 5.40% notes due April 2030 and $500 million of 6.10% notes due April 2035. HP incurred issuance costs of $9 million. HP is required to pay interest semi-annually on each series of the notes on April 25 and October 25, beginning October 25, 2025. In April 2025, a series of forward starting swaps and a treasury rate lock totaling $825 million notional amount were settled to mitigate the treasury rates volatility associated with this debt issuance. HP used the net proceeds from the offering of the notes for general corporate purposes, including, together with cash on hand, the repayment of the Global Notes due June 2025 upon maturity.
As disclosed in Note 10, “Financial Instruments”, HP uses interest rate swaps to mitigate some of the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates. Interest rates shown in the table of long-term debt have not been adjusted to reflect the impact of any interest rate swaps.
As of October 31, 2025, aggregate future maturities of debt at face value (excluding unamortized debt issuance cost of $46 million, discounts on debt issuance of $10 million and fair value adjustment related to hedged debt of $1 million), including other borrowings were as follows:

Fiscal year | In millions
2026 | $ | 847 |
2027 | 1,227 |
2028 | 1,060 |
2029 | 1,084 |
2030 | 1,027 |
Thereafter | 4,478 |
Total | $ | 9,723 |

Commercial Paper
As of October 31, 2025, HP maintained a U.S. commercial paper program for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $6.0 billion. The principal amount outstanding under this program and certain short-term borrowings at any time cannot exceed a $6.0 billion authorization by HP’s Board of Directors. As of October 31, 2025 and October 31, 2024, no commercial paper was outstanding under the program.
Credit Facility
As of October 31, 2024 and 2025, HP maintained a $5.0 billion 5-year sustainability-linked senior unsecured committed revolving credit facility, which HP entered into on August 1, 2024. Commitments under the revolving credit facility will be available until August 1, 2029. Commitment fees, interest rates and other terms of borrowing under the revolving credit facility vary based on HP’s external credit ratings and certain sustainability metrics. Funds borrowed under the revolving credit facility may be used for general corporate purposes. I n March 2024, the $1.0 billion senior unsecured committed 364-day revolving credit facility matured in accordance with its terms. Additionally, commitments under the previous $5.0 billion sustainability-linked senior unsecured committed revolving credit facility were terminated concurrently with the execution of the revolving credit facility on August 1, 2024.
As of October 31, 2025, HP was in compliance with the covenants in the credit agreement governing the revolving credit facility.
Available Borrowing Resources
As of October 31, 2025, HP had available borrowing resources of $1.1 billion from uncommitted lines of credit in addition to funds available under the revolving credit facility.
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Note 12: Stockholders’ Deficit
Share Repurchase Program
HP’s share repurchase program authorizes both open market and private repurchase transactions. In fiscal year 2025, HP executed share repurchases of 29.6 million shares and settled total shares for $0.8 billion. In fiscal year 2024, HP executed share repurchases of 62.7 million shares and settled total shares for $2.1 billion. In fiscal year 2023, HP executed share repurchases of 3.6 million shares and settled total shares for $0.1 billion. Share repurchases executed during fiscal year 2025 included 0.2 million shares settled in November 2025.
The shares repurchased in fiscal years 2025, 2024 and 2023 were all open market repurchase transactions. As of October 31, 2025, HP had approximately $8.4 billion remaining under the share repurchase authorizations approved by HP’s Board of Directors.
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Changes and reclassifications related to Accumulated Other Comprehensive Loss, net of taxes

| For the years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions
Other comprehensive loss, net of taxes: |  |  |  |  |
Unrealized components of available-for-sale debt securities |  |  |  |  |
Balance at the beginning of period | $ | 14 |  |  | $ | 7 |  |  | $ | 6 |
Unrealized gains arising during the period | 16 |  |  | 8 |  |  | 2 |
Tax effects on change in unrealized components of available-for-sale securities | (1) |  |  | (1) |  |  | (1) |
Unrealized components of available-for-sale debt securities, net of taxes | 15 |  |  | 7 |  |  | 1 |
Balance at the end of period | $ | 29 |  |  | $ | 14 |  |  | $ | 7 |
Unrealized components of cash flow hedges |  |  |  |  |
Balance at the beginning of period | $ | 47 |  |  | $ | 230 |  |  | $ | 648 |
Unrealized (losses) gains arising during the period | (211) |  |  | 51 |  |  | (427) |
Losses (gains) reclassified into earnings | 98 |  |  | (274) |  |  | (84) |
Tax effects on change in unrealized components of cash flow hedges | 18 |  |  | 40 |  |  | 93 |
Unrealized components of cash flow hedges, net of taxes | (95) |  |  | (183) |  |  | (418) |
Balance at the end of period | $ | (48) |  |  | $ | 47 |  |  | $ | 230 |
Unrealized components of defined benefit plans |  |  |  |  |
Balance at the beginning of period | $ | (496) |  |  | $ | (437) |  |  | $ | (323) |
Unrealized gains (losses) arising during the period | 30 |  |  | (76) |  |  | (141) |
Amortization of actuarial loss and prior service benefit | 21 |  |  | 8 |  |  | — |
Curtailments, settlements and other | 6 |  |  | 2 |  |  | — |
Tax effects on change in unrealized components of defined benefit plans | (11) |  |  | 7 |  |  | 27 |
Unrealized components of defined benefit plans, net of taxes | 46 |  |  | (59) |  |  | (114) |
Balance at the end of period | $ | (450) |  |  | $ | (496) |  |  | $ | (437) |
Cumulative translation adjustment |  |  |  |  |
Balance at the beginning of period | $ | 1 |  |  | $ | (23) |  |  | $ | (46) |
Change in cumulative translation adjustment | 12 |  |  | 24 |  |  | 23 |
Tax effect on change in cumulative translation adjustment | (1) |  |  | — |  |  | — |
Cumulative translation adjustment, net of taxes | 11 |  |  | 24 |  |  | 23 |
Balance at the end of period | $ | 12 |  |  | $ | 1 |  |  | $ | (23) |
Other comprehensive loss | $ | (23) |  |  | $ | (211) |  |  | $ | (508) |
Accumulated other comprehensive loss | $ | (457) |  |  | $ | (434) |  |  | $ | (223) |

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Note 13: Earnings Per Share
HP calculates basic net EPS using net earnings and the weighted-average number of shares outstanding during the reporting period. Diluted net EPS includes any dilutive effect of restricted stock units, stock options, performance-based awards and shares purchased under the 2021 employee stock purchase plan.
A reconciliation of the number of shares used for basic and diluted net EPS calculations is as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024 |  | 2023
| In millions, except per share amounts
Numerator: |  |  |  |  |
Net earnings | $ | 2,529 |  |  | $ | 2,775 |  |  | $ | 3,263 |
Denominator: |  |  |  |  |
Weighted-average shares used to compute basic net EPS | 946 |  |  | 979 |  |  | 992 |
Dilutive effect of employee stock plans | 7 |  |  | 10 |  |  | 8 |
Weighted-average shares used to compute diluted net EPS | 953 |  |  | 989 |  |  | 1,000 |
Net earnings per share: |  |  |  |  |
Basic | $ | 2.67 |  |  | $ | 2.83 |  |  | $ | 3.29 |
Diluted | $ | 2.65 |  |  | $ | 2.81 |  |  | $ | 3.26 |
Anti-dilutive weighted-average stock-based compensation awards(1) | 8 |  |  | 1 |  |  | 4 |

(1)HP excludes from the calculation of diluted net EPS stock options and restricted stock units where the assumed proceeds exceed the average market price, because their effect would be anti-dilutive. The assumed proceeds of a stock option include the sum of its exercise price, and average unrecognized compensation cost. The assumed proceeds of a restricted stock unit represent average unrecognized compensation cost.
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Note 14: Litigation and Contingencies
HP is involved in lawsuits, claims, investigations and proceedings, including those identified below, consisting of IP, commercial, securities, employment, employee benefits and environmental matters that arise in the ordinary course of business. HP accrues a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. HP believes it has recorded adequate provisions for any such matters and, as of October 31, 2025, it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in HP’s financial statements. HP reviews these matters at least quarterly and adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Pursuant to the separation and distribution agreement entered into with Hewlett Packard Enterprise Company (“Hewlett Packard Enterprise”), HP shares responsibility with Hewlett Packard Enterprise for certain matters, as indicated below, and Hewlett Packard Enterprise has agreed to indemnify HP in whole or in part with respect to certain matters. Based on its experience, HP believes that any damage amounts claimed in the specific matters discussed below are not a meaningful indicator of HP’s potential liability. Litigation is inherently unpredictable. However, HP believes it has valid defenses with respect to legal matters pending against it. Nevertheless, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies.
Litigation, Proceedings and Investigations
Copyright Levies. Proceedings are ongoing or have been concluded involving HP in certain European countries, challenging the imposition or the modification of levies regimes upon IT equipment (such as PCs or printers) or the restrictions to exonerate the application of private copying levies on devices purchased by business users. The levies are generally based upon the number of products sold and the per-product amounts of the levies, which vary. Some European countries are expected to implement legislation to introduce or extend existing levy schemes to digital devices. HP, other companies and various industry associations have opposed the extension of levies to the digital product and certain requirements for business sales exemptions and have advocated alternative models of compensation to rights holders.
Based on the exemption of levies on business sales and industry opposition to increasing levies to digital products, HP’s assessments of the merits of various proceedings and HP’s estimates of the number of units impacted and the amounts of the levies, HP has accrued amounts that it believes are adequate to address the ongoing disputes.
India Directorate of Revenue Intelligence Proceedings. On April 30 and May 10, 2010, the India Directorate of Revenue Intelligence (the “DRI”) issued show cause notices to Hewlett-Packard India Sales Private Limited (“HP India”), a subsidiary of HP, seven HP India employees and one former HP India employee alleging that HP India underpaid customs duties while importing products and spare parts into India and seeking to recover an aggregate of approximately $370 million, plus penalties and interest. Prior to the issuance of the notices, HP India deposited approximately $16 million with the DRI and agreed to post a provisional bond in exchange for the DRI’s agreement to not seize HP India products and spare parts or interrupt business by HP India.
On April 11, 2012, the Bangalore Commissioner of Customs issued an order on the products-related notice affirming certain duties and penalties against HP India and the named individuals of approximately $386 million, of which HP India had already deposited $9 million. On December 11, 2012, HP India voluntarily deposited an additional $10 million in connection with the products-related notice. The differential duty demand is subject to interest. On April 20, 2012, the Commissioner issued an order on the parts-related notice affirming certain duties and penalties against HP India and certain of the named individuals of approximately $17 million, of which HP India had already deposited $7 million. After the order, HP India deposited an additional $3 million in connection with the parts-related notice so as to avoid certain penalties.
HP India filed appeals of the Commissioner’s orders before the Customs, Excise and Service Tax Appellate Tribunal (the “Customs Tribunal”) along with applications for waiver of the pre-deposit of remaining demand amounts as a condition for hearing the appeals. The Customs Department has also filed cross-appeals before the Customs Tribunal. On January 24, 2013, the Customs Tribunal o rdered HP India to deposit an additional $24 million against the products order, which HP India deposited in March 2013. On February 7, 2014, the Customs Tribunal granted HP India’s application for extension of the stay of deposit until disposal of the appeals. On October 27, 2014, the Customs Tribunal commenced hearings on the cross-appeals of the Commissioner’s orders and rejected HP India’s request to remand the matter to the Commissioner on procedural grounds. The Customs Tribunal cancelled hearings to reconvene in 2015, 2016 and January 2019. On January 20, 2021, the Customs Tribunal held a virtual hearing during which the judge allowed HP’s application for a physical hearing on the merits as soon as practicable, which will be scheduled when physical hearings resume at court. In unrelated, third-party proceedings, the Supreme Court of India has resolved certain jurisdictional questions to the authority of the Directorate of Revenue Intelligence, issues which HP also raised in its appeal to the Customs Tribunal. In late 2024, those jurisdictional questions were resolved. Between late April and June 18, 2025, the Customs Tribunal held three weeks of hearings on the appeals. The matter is presently pending a decision. If the decision is adverse, HP should be entitled to appeal on the merits to the Supreme Court of India, although HP may be required to make additional deposits. Pursuant to the
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separation and distribution agreement, Hewlett Packard Enterprise has agreed to indemnify HP in part, base d on the extent to which any liability arises from the products and spare parts of Hewlett Packard Enterprise’s businesses.
Media Content Protection LLC Patent Litigation (formerly Philips Patent Litigation). In September 2020, Koninklijke Philips N.V. and Philips North America LLC (collectively, “Philips”) filed a complaint against HP for patent infringement in federal court for the District of Delaware and filed a companion complaint with the U.S. International Trade Commission (“ITC”) pursuant to Section 337 of the Tariff Act against HP and 8 other sets of respondents. Both complaints allege that certain digital video-capable devices and components thereof infringe four of Philips’ patents. In October 2020, the ITC instituted an investigation, and Philips later withdrew two of the four patents. On March 23, 2022, the ITC rendered a final determination that no violation of Section 337 has occurred. Philips did not appeal and elected to resume litigation with its case in federal court. Philips seeks unspecified damages and an injunction against HP, and the prior stay has been lifted. On August 10, 2023, HP filed a motion for summary judgment of indefiniteness for all asserted claims. On July 1, 2024, the district court denied the motion without prejudice to renew. Philips conveyed the patents asserted in the district court action to Media Content Protection LLC (“MCP”), and MCP was substituted as plaintiff in place of Philips. As of November 25, 2025, the district court has ruled that all patents asserted against HP are invalid under 35 U.S.C. § 101, subject to appeal.
York County on behalf of the County of York Retirement Fund v. HP Inc., et al., and related proceedings. On November 5, 2020, York County, on behalf of the County of York Retirement Fund, filed a putative class action complaint against HP, Dion Weisler, and Catherine Lesjak in federal court in the Northern District of California. The court appointed Maryland Electrical Industry Pension Fund as Lead Plaintiff. Lead Plaintiff filed a consolidated complaint, which additionally names as defendants Enrique Lores and Richard Bailey. The complaint alleges, among other things, that from November 5, 2015 to June 21, 2016, HP and the named current and former officers violated Sections 10(b) and 20(a) of the Exchange Act by concealing material information and making false statements about HP’s printing supplies business (“Securities Class Action”). Plaintiffs seek compensatory damages and other relief. HP and the named officers filed a motion to dismiss the complaint for failure to state a claim upon which relief can be granted. On March 3, 2022, the court granted the motion to dismiss with prejudice. Plaintiffs appealed the decision. On April 11, 2023, the appellate court reversed the district court’s decision and remanded the case to the district court for further proceedings consistent with the appellate opinion, including consideration of HP’s other arguments for dismissal. On July 21, 2023, HP and the named officers filed a renewed motion to dismiss. On March 27, 2024, the district court issued an order granting in part and denying in part the motion to dismiss. On August 8, 2024, the Court of Appeals for the Ninth Circuit granted HP’s petition for permission to appeal. On October 28, 2024, HP filed its appeal, which is awaiting appellate court oral argument that has not yet been scheduled. On July 28, 2025, the parties executed a binding term sheet containing the material terms of a proposed settlement. On August 19, 2025, the parties filed a stipulation of settlement and motion for preliminary approval of settlement in the district court. On September 22, 2025, the district court entered an order preliminarily approving the settlement. On May 17, 2021, stockholder Scott Franklin filed a derivative complaint against certain current and former officers and directors in federal court in the District of Delaware. Plaintiff purports to bring the action on behalf of HP, which he has named as a nominal defendant, and he makes substantially the same factual allegations as in the York County securities complaint, bringing claims for breach of fiduciary duty and violations of securities laws. The derivative plaintiff seeks compensatory damages, governance reforms, and other relief. By court order following stipulations by the parties, the case was transferred to the Northern District of California, and the case was stayed pending a ruling on the motion to dismiss in York County and exhaustion of all related appeals. On January 13, 2022, stockholder Gerald Lovoi filed a derivative complaint in federal court in the Northern District of California against the same current and former officers and directors named in the Franklin action. The complaint alleges the same basic claims based on the same alleged conduct as the Franklin action and seeks similar relief. By stipulation of the parties, the Lovoi action was stayed pending a ruling on the motion to dismiss in York County and exhaustion of all related appeals. On May 31, 2024, the court adopted a stipulation in which the derivative plaintiffs and defendants agreed to consolidate the derivative proceedings, close the Lovoi action, and extend the current stay through summary judgment in the Securities Class Action.
Legal Proceedings re Authentication of Supplies. Since 2016, HP has from time to time been named in civil litigation, or been the subject of government investigations, involving supplies authentication protocols used in certain HP printers in multiple geographies, including but not limited to the United States, Italy, Israel, the Netherlands, Australia and New Zealand. The supplies authentication protocols are often referred to as Dynamic Security. The core allegations in these proceedings claim misleading or inadequate consumer notifications and permissions pertaining to the use of Dynamic Security, the installation of firmware updates, or the potential inability of cartridges with clone chips or circuitry to work in HP printers with Dynamic Security. Plaintiffs base or have based their claims on various legal theories, including but not limited to unfair competition, computer trespass, and similar statutory claims. Among other relief, Plaintiffs have sought or seek money damages and in certain cases have or may seek injunctive relief against the use or operation of Dynamic Security or relief requiring interoperability. If HP is not successful in its defense of these cases or investigations, it could be subject to damages, penalties, significant settlement demands, or injunctive relief that may be costly or may disrupt operations. Certain of these proceedings in the United States, Italy, the Netherlands, Israel, Australia and New Zealand have been resolved, have concluded, or have concluded subject only to HP’s pending appeal. Digital Revolution B.V. (trading as
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123Inkt) filed civil litigation, including competition claims, against HP Nederlands B.V., et al. (Netherlands) in March 2020, HP substantially prevailed before the trial court, and both parties appealed. On November 19, 2024, the court of appeal issued a decision rejecting competition claims against HP and providing that use of Dynamic Security by HP is not unlawful. On February 18, 2025, Digital Revolution filed a cassation appeal against the decision before the Dutch Supreme Court. In addition, a putative class action was filed against HP in federal court in Illinois in January 2024, arising out of the use of Dynamic Security firmware updates in HP printers. Plaintiffs seek compensatory damages, restitution, injunctive relief against alleged unfair and anticompetitive business practices, and other relief. On September 30, 2025, the court dismissed the complaint in its entirety but gave plaintiffs leave to file an amended complaint. The case is in its early stages.
Autonomy-Related Legal Proceedings. In 2015, four former Hewlett Packard Company subsidiaries that became subsidiaries of Hewlett Packard Enterprise at the time of the Separation (Autonomy Corporation Limited, Hewlett Packard Vision BV, Autonomy Systems Limited, and Autonomy, Inc., hereinafter the “Claimants”) initiated civil proceedings in the U.K. High Court of Justice against two members of Autonomy’s former management, Michael Lynch and Sushovan Hussain, for breach of their fiduciary duties in causing Autonomy group companies to engage in improper transactions and accounting practices before and in connection with the 2011 acquisition of Autonomy. Trial concluded in January 2020. In May 2022, the court issued its liability judgment, finding that the Claimants had succeeded on substantially all claims and that Messrs. Lynch and Hussain engaged in fraud, and dismissing a counterclaim filed by Mr. Lynch. The court deferred the issue of damages to further proceedings, but indicated that damages awarded may be substantially less than was claimed. In February 2024, the court held a two-week trial on damages, the Claimants sought recovery for $4 billion in losses, and the court took the issue under advisement. In May 2025, Claimants reached an agreement with Mr. Hussain to resolve claims against him. On July 22, 2025, the court issued its ruling on the quantum of damages, finding that the Lynch estate owed approximately 740 million pounds. The court set a hearing for the week of November 17, 2025, to address additional matters, including attorneys’ fees, pre-judgment interest, and the relevant date to use for the exchange rate to convert the recovery from pounds to dollars. The damages award is also subject to a set-off for prior settlements. Litigation is unpredictable, and there can be no assurance of a recovery. Any amount ultimately recovered would be recorded in the period received. No adjustment has been recorded in the financial statements in relation to this potential recovery. Pursuant to the terms of the separation and distribution agreement, HP and Hewlett Packard Enterprise will share equally in any recovery.
Litigation with Wilus Institute of Standards and Technology, Inc. and Sisvel International S.A. Since September 13, 2024, Wilus Institute of Standards and Technology, Inc. (“Wilus”) has filed three patent infringement lawsuits against HP in the Eastern District of Texas seeking monetary damages, injunctions and other relief. The complaints allege that HP products, that are compliant with the Wi-Fi 6 (801.11.ax) standard, infringe patents owned by Wilus. Wilus is a member of the Wi-Fi 6 patent pool administered by Sisvel International S.A. (“Sisvel”), and the patents at issue in the lawsuits are in the Sisvel Wi-Fi 6 patent pool. In December 2024, HP answered the complaints and filed counterclaims against Wilus and Sisvel, alleging that Wilus and Sisvel violated their obligations to license standard-essential patents on fair, reasonable and non-discriminatory (“FRAND”) terms, and seeking a court determination of the proper FRAND rate. As of August 8, 2025, another Sisvel Wi-Fi 6 pool member Koniklijke Philips N.V. and its affiliate Philips GmbH (together, “Philips”) filed three lawsuits against HP Inc., HP Deutschland GmbH and HP International SARL, in the State Court in Munich, Germany asserting pool patents related to Wi-Fi 6 standards. Philips seeks an injunction, reporting, damages and product recall in two of its claims and hearings are scheduled on May 21, 2026 and June 11, 2026. The third claim relates to an expired patent for which Philips seeks damages, and a hearing is scheduled on July 30, 2026. As of August 26, 2025, another pool member, Huawei Technologies Co. Ltd (“Huawei”), filed two lawsuits against HP Inc. and HP Deutschland GmbH in the State Court in Munich, Germany, asserting pool patents related to Wi-Fi 6 standards. Relief sought includes an injunction, reporting, damages, product recall and/or destruction of inventory, and a hearing has been set in one case for March 26, 2026. In October, Sisvel and HP reached agreement to resolve all patent litigation with Sisvel and Sisvel Wi-Fi 6 pool members related to Wi-Fi 6, and all pending proceedings are in the process of being dismissed.
Environmental
HP is, and may become a party to, proceedings brought by U.S., state, or other governmental entities or private third parties under federal, state, local, or foreign environmental laws, including the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), known as “Superfund,” or state laws similar to CERCLA. HP is also conducting environmental investigations or remediation at several current or former operating sites and former disposal sites pursuant to administrative orders or consent agreements with environmental agencies.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
Note 15: Guarantees, Indemnifications and Warranties
Guarantees
In the ordinary course of business, HP may issue performance guarantees to certain of its clients, customers and other parties pursuant to which HP has guaranteed the performance obligations of third parties. Some of those guarantees may be backed by standby letters of credit or surety bonds. In general, HP would be obligated to perform over the term of the guarantee in the event a specified triggering event occurs as defined by the guarantee. HP believes the likelihood of having to perform under a material guarantee is remote.
Cross-Indemnifications with Hewlett Packard Enterprise
On November 1, 2015, Hewlett-Packard Company completed the separation of Hewlett Packard Enterprise, Hewlett-Packard Company’s former enterprise technology infrastructure, software, services and financing businesses. The separation and distribution agreement provides for cross-indemnities between HP and Hewlett Packard Enterprise for liabilities allocated to the respective party pursuant to the terms of such agreement. For information on cross-indemnifications with Hewlett Packard Enterprise for litigation matters, see Note 14, “Litigation and Contingencies”.
Indemnifications
In the ordinary course of business, HP enters into contractual arrangements under which HP may agree to indemnify a third-party to such arrangement from any losses incurred relating to the services they perform on behalf of HP or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation or claims relating to past performance. HP also provides indemnifications to certain vendors and customers against claims of intellectual property infringement made by third parties arising from the vendors’ and customers’ use of HP’s software products and services and certain other matters. Some indemnifications may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial.
HP records tax indemnification receivables from various third parties for certain tax liabilities that HP is jointly and severally liable for, but for which it is indemnified by those same third parties under existing legal agreements. HP records a tax indemnification payable to various third parties under these agreements when management believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. The actual amount that the third parties pay or may be obligated to pay HP could vary depending on the outcome of certain unresolved tax matters, which may not be resolved for several years.
Warranties
HP accrues the estimated cost of product warranties at the time it recognizes revenue. HP engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers; however, contractual warranty terms, repair costs, product call rates, average cost per call, current period product shipments and ongoing product failure rates, as well as specific product class failures outside of HP’s baseline experience, affect the estimated warranty obligation.
HP’s aggregate product warranty liabilities and changes were as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024
| In millions
Balance at beginning of year | $ | 550 |  |  | $ | 706 |
Accruals for warranties issued | 670 |  |  | 721 |
Adjustments related to pre-existing warranties (including changes in estimates) | (4) |  |  | 30 |
Settlements made | (764) |  |  | (907) |
Balance at end of year | $ | 452 |  |  | $ | 550 |

Note 16: Commitments
Unconditional Purchase Obligations
HP’s unconditional purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on HP and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price and volume provisions and the approximate timing of the transaction. These unconditional purchase obligations are primarily related to inventory and service support. Unconditional purchase obligations exclude agreements that are cancellable without penalty.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)
As of October 31, 2025, unconditional purchase obligations were as follows:

Fiscal year |  | In millions
2026 |  | $ | 509 |
2027 |  | 227 |
2028 |  | 195 |
2029 |  | 111 |
2030 |  | 38 |
Thereafter |  | 5 |
Total |  | $ | 1,085 |

Note 17: Leases
As a lessee, HP determines, at lease inception, whether or not an arrangement contains a lease. A significant portion of the operating lease portfolio includes real estate leases. Additionally, HP has identified embedded operating leases within certain outsourced supply chain contracts. Leasing arrangements have a remaining lease term ranging from 1 to approximately 15 years with varying renewal and termination options. Substantially all of HP’s leases are considered operating leases. Finance leases, short-term leases and sub-lease income were not material as of October 31, 2025 and 2024 or for fiscal years ended October 31, 2025 and 2024, respectively.
Lease terms include options to extend or terminate the lease when it is reasonably certain that HP will exercise such options. HP generally considers the economic life of the ROU assets to be comparable to the useful life of similar owned assets. HP’s leases generally do not provide a residual guarantee.
Operating leases are included in Other non-current assets, Other current liabilities and Other non-current liabilities. Finance leases are included in Property, plant and equipment, net, Notes payable and short-term borrowings and Long-term debt in the Consolidated Balance Sheets.
As most of the leases do not provide an implicit interest rate, HP uses the incremental borrowing rate based on the information available at the commencement date of a lease in determining the present value of lease payments. The incremental borrowing rate is determined based on the rate of interest that HP would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. HP uses the unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.
HP has elected the practical expedient to combine lease and non-lease components as a single lease element for its real estate leases and certain outsourced warehousing contracts in calculating the ROU assets and lease liabilities. Where HP chooses not to combine the lease and non-lease components, HP allocates contract consideration to the lease and non-lease components based on relative standalone prices.
HP reviews the impairment of the ROU assets consistent with the approach applied for other long-lived assets.
The components of lease expense are as follows:

| For the fiscal years ended October 31
| 2025 |  | 2024
| In millions
Operating lease cost | $ | 249 |  |  | $ | 230 |
Variable cost | 100 |  |  | 106 |
Total lease expense | $ | 349 |  |  | $ | 336 |

All lease expenses, including variable lease costs, are primarily included in Cost of net revenue and Selling, general and administrative expenses in the Consolidated Statements of Earnings based on the use of the facilities.
Variable lease expense relates primarily to leased real estate utilized for office space and outsourced warehousing. These costs primarily include adjustments for inflation, payments dependent on a rate or index or usage of asset and common area maintenance charges. These costs are not included in the lease liability and are recognized in the period in which they are incurred.
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Notes to Consolidated Financial Statements (Continued)
The following table presents supplemental information relating to the cash flows arising from lease transactions. Cash payments made from variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:

| For the fiscal years ended October 31
| 2025 |  | 2024
| In millions
Cash paid for amount included in the measurement of lease liabilities | $ | 256 |  |  | $ | 233 |
Right-of-use assets obtained in exchange of lease liabilities(1) | $ | 452 |  |  | $ | 411 |

(1) Includes the impact of new leases as well as remeasurements and modifications to existing leases.
Weighted-average information associated with the measurement of our remaining operating lease liabilities is as follows:

| As of October 31
| 2025 |  | 2024
Weighted-average remaining lease term in years | 4.7 |  | 4.1
Weighted-average discount rate | 6.9 | % |  | 6.5 | %

The following maturity analysis presents expected undiscounted cash outflows for operating leases on an annual basis for the next five years:

Fiscal year |  | In millions
2026 |  | $ | 474 |
2027 |  | 357 |
2028 |  | 193 |
2029 |  | 90 |
2030 |  | 57 |
Thereafter |  | 216 |
Total lease payments |  | 1,387 |
Less: Imputed interest |  | 171 |
Total lease liabilities |  | $ | 1,216 |

There were no material operating leases that HP had entered into and that were yet to commence as of October 31, 2025.
As a lessor, HP records revenue under sales-type leases at the commencement of the lease. Revenue recognized from sales-type leases constituted less than one percent of product net revenue for fiscal years 2025, 2024 and 2023 respectively. As of October 31, 2025 and 2024, the net investment in leases balance were $859 million and $705 million, respectively.
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ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
ITEM 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report (the “Evaluation Date”). Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the Evaluation Date such that the information required to be disclosed by us in our SEC reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to HP’s management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
See Management’s Report on Internal Control over Financial Reporting and the Report of Independent Registered Public Accounting Firm on our internal control over financial reporting in Item 8, which are incorporated herein by reference.
Remediation of Previously Reported Material Weakness
As previously reported in the Company’s Annual Report on Form 10-K for fiscal year ended October 31, 2024, we identified a material weakness in internal control over financial reporting. The material weakness resulted from undue reliance on information generated from certain software solutions affecting various financial statement line items as well as net revenue without effectively designed information technology (“IT”) general controls specifically around user access and change management and job schedule monitoring IT operations. This material weakness did not result in any material misstatement of our financial statements. While this material weakness did not result in a material misstatement of our financial statements, there was a reasonable possibility that it could have resulted in a material misstatement in the Company's annual or interim consolidated financial statements that would not be detected. Accordingly, we determined that it constituted a material weakness.
With respect to the material weakness above, management, under the oversight of the Audit Committee, completed the re-design and implementation of IT general controls specific to the impacted software solutions. During the quarter ended October 31, 2025, we completed our testing of the operating effectiveness of internal controls impacted by these remediation efforts and determined the material weakness has been remediated as of October 31, 2025.
Changes in Internal Control over Financial Reporting
Other than the material weakness remediation activities described above, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
ITEM 9B. Other Information.
Our directors and officers (as defined in Exchange Act Rule 16a-1(f)) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. On September 4, 2025, Alex Cho, our then President, Personal Systems, adopted a written plan for the sale of up to (i) 86,569 shares of our common stock underlying employee stock options; and (ii) 53,221 shares of our common stock underlying performance adjusted restricted stock units, plus any additional shares that vest based on the achievement of the relevant performance criteria. The plan is scheduled to commence on December 8, 2025 and is scheduled to expire on December 11, 2025, or on any earlier date on which all of the shares have been sold. This plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not Applicable.
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PART III
ITEM 10. Directors, Executive Officers and Corporate Governance.
The names of the executive officers of HP and their ages, titles and biographies as of the date hereof are incorporated by reference from Part I, Item 1, above.
The following information is included in HP’s Proxy Statement related to its 2026 Annual Meeting of Stockholders to be filed within 120 days after HP’s fiscal year end of October 31, 2025 (the “Proxy Statement”) and is incorporated herein by reference:
•Information regarding directors of HP who are standing for reelection and any persons nominated to become directors of HP is set forth under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors.”
•Information regarding HP’s Audit Committee and designated “audit committee financial experts” is set forth under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors—How We Are Organized—Audit Committee.”
•Information on HP’s code of business conduct and ethics for directors, officers and employees, also known as “Integrity at HP”, is set forth in the section entitled “Code of Conduct” under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors,” information on HP’s Corporate Governance Guidelines is set forth in the sections entitled “How We Are Selected” and “Director Independence” under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors,” and information required by Item 405 of Regulation S-K under the Exchange Act is set forth in the section entitled “Delinquent Section 16(a) Reports.”
Insider Trading Policies and Procedures
The Company has insider trading policies and procedures that govern the purchase, sale and other dispositions of its securities by directors, officers, employees and contractors, as well as by the Company itself. We believe these policies and procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations and applicable listing standards. A copy of our Insider Trading Policy is filed with this Annual Report on Form 10-K as Exhibit 19.
ITEM 11. Executive Compensation.
The following information is included in the Proxy Statement and is incorporated herein by reference:
•Information regarding HP’s compensation of its named executive officers is set forth under “Executive Compensation.”
•Information regarding HP’s compensation of its directors is set forth under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors—How We Are Compensated.”
•The report of HP’s HR and Compensation Committee is set forth under “Executive Compensation—Board Proposal No. 3 Advisory Vote to Approve Executive Compensation—HR and Compensation Committee Report on Executive Compensation.”
ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The following information is included in the Proxy Statement and is incorporated herein by reference:
•Information regarding security ownership of certain beneficial owners, directors and executive officers is set forth under “Ownership of Our Stock—Common Stock Ownership of Certain Beneficial Owners and Management.”
•Information regarding HP’s equity compensation plans, including both stockholder approved plans and non-stockholder approved plans, is set forth in the section entitled “Equity Compensation Plan Information.”
ITEM 13. Certain Relationships and Related Transactions, and Director Independence.
The following information is included in the Proxy Statement and is incorporated herein by reference:
•Information regarding transactions with related persons is set forth under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors—Related-Person Transactions Policies and Procedures.”
•Information regarding director independence is set forth in the section entitled “Director Independence” under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors.”
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ITEM 14. Principal Accountant Fees and Services.
Information regarding principal accounting fees and services is set forth under “Audit Matters—Board Proposal No. 2 Ratification of Independent Registered Public Accounting Firm—Principal Accountant Fees and Services” in the Proxy Statement, which information is incorporated herein by reference.
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PART IV
ITEM 15. Exhibits and Financial Statement Schedules.
(a)The following documents are filed as part of this report:
1.All Financial Statements:
The following financial statements are filed as part of this report under Item 8—“Financial Statements and Supplementary Data.”

Reports of Independent Registered Public Accounting Firm | 47
Management's Report on Internal Control Over Financial Reporting | 49
Consolidated Statements of Earnings | 50
Consolidated Statements of Comprehensive Income | 51
Consolidated Balance Sheets | 52
Consolidated Statements of Cash Flows | 53
Consolidated Statements of Stockholders' Deficit | 54
Notes to Consolidated Financial Statements | 55

2.Financial Statement Schedules:
All schedules are omitted as the required information is not applicable or the information is presented in the Consolidated Financial Statements and notes thereto in Item 8 above.
3.Exhibits:
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HP INC. AND SUBSIDIARIES
EXHIBIT INDEX

Exhibit Number |  |  |  | Incorporated by Reference
Exhibit Description |  | Form |  | File No. |  | Exhibit(s) |  | Filing Date
2(a) |  | Separation and Distribution Agreement, dated as of October 31, 2015, by and among Hewlett-Packard Company, Hewlett Packard Enterprise Company and the Other Parties Thereto.** |  | 8-K |  | 001-04423 |  | 2.1 |  | November 5, 2015
3(a) |  | Registrant’s Restated Certificate of Incorporation. |  | 8-K |  | 001-04423 |  | 3.2 |  | April 25, 2024
3(b) |  | Registrant’s Amended and Restated Bylaws. |  | 8-K |  | 001-04423 |  | 3.1 |  | June 25, 2025
3(c) |  | Certificate of Designations of Series A Junior Participating Redeemable Preferred Stock of HP Inc. (included in Exhibit 3(a)). |  |  |  |  |  |  |  |
3(d) |  | Certificate of Designations of Series A Junior Participating Preferred Stock of HP Inc. (included in Exhibit 3(a)). |  |  |  |  |  |  |  |
4(a) |  | Indenture, dated June 1, 2000, between the Registrant and The Bank of New York Mellon Trust Company, National Association, as successor in interest to J.P. Morgan Trust Company, National Association (formerly known as Chase Manhattan Bank and Trust Company, National Association), as Trustee. |  | S-3 |  | 333-134327 |  | 4.9 |  | June 7, 2006
4(b) |  | Form of Registrant’s 6.000% Global Note due September 15, 2041 and form of related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.5 and 4.6 |  | September 19, 2011
4(c) |  | Specimen certificate for the Registrant’s common stock. |  | 8-A/A |  | 001-04423 |  | 4.1 |  | June 23, 2006
4(d) |  | Description of HP Inc.’s securities. |  | 10-K |  | 001-04423 |  | 4(h) |  | December 18, 2023
4(e) |  | Indenture, dated June 17, 2020, between HP Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee. |  | 8-K |  | 001-04423 |  | 4.1 |  | June 17, 2020
4(f) |  | Form of 3.000% notes due 2027 and related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.3 and 4.5 |  | June 17, 2020
4(g) |  | Form of 3.400% notes due 2030 and related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.4 and 4.5 |  | June 17, 2020
4(h) |  | First Supplemental Indenture, dated as of June 16, 2021, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee. |  | 8-K |  | 001-04423 |  | 4.2 |  | June 21, 2021
4(i) |  | Form of 1.450% notes due 2026 and 2.650% notes due 2031 (included in Exhibit 4(j)). |  |  |  |  |  |  |  |
4(j) |  | Form of 4.000% notes due 2029 and related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.2 and 4.4 |  | March 31, 2022
4(k) |  | Form of 4.200% notes due 2032 and related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.3 and 4.4 |  | March 31, 2022
4(l) |  | Form of 4.750% notes due 2028 and related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.2 and 4.4 |  | June 21, 2022
4(m) |  | Form of 5.500% notes due 2033 and related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.3 and 4.4 |  | June 21, 2022
4(n) |  | Second Supplemental Indenture, dated as of September 1, 2022, between HP Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee. |  | 8-K |  | 001-04423 |  | 4.2 |  | September 7, 2022
4(o) |  | Form of 4.750% notes due 2029 (included in Exhibit 4(o)). |  |  |  |  |  |  |  |
4(p) |  | Third Supplemental Indenture dated April 14, 2025, by and among HP Inc., The Bank of New York Mellon Trust Company, N.A., as first trustee, and U.S. Bank Trust Company, National Association, as successor trustee. |  | 8-K |  | 001-04423 |  | 4.1 |  | April 16, 2025

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Exhibit Number |  |  |  | Incorporated by Reference
Exhibit Description |  | Form |  | File No. |  | Exhibit(s) |  | Filing Date
4(q) |  | Form of 5.400% notes due 2030 and related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.3 and 4.4 |  | April 25, 2025
4(r) |  | Form of 6.100% notes due 2035 and related Officers’ Certificate. |  | 8-K |  | 001-04423 |  | 4.3 and 4.5 |  | April 25, 2025
10(a) |  | Registrant’s Excess Benefit Retirement Plan, amended and restated as of January 1, 2006.* |  | 8-K |  | 001-04423 |  | 10.2 |  | September 21, 2006
10(b) |  | Hewlett-Packard Company Cash Account Restoration Plan, amended and restated as of January 1, 2005.* |  | 8-K |  | 001-04423 |  | 99.3 |  | November 23, 2005
10(c) |  | First Amendment to the Hewlett-Packard Company Excess Benefit Retirement Plan.* |  | 10-Q |  | 001-04423 |  | 10(b)(b)(b) |  | March 10, 2009
10(d) |  | Second Amended and Restated Hewlett-Packard Company 2004 Stock Incentive Plan, as amended effective February 28, 2013.* |  | 8-K |  | 001-04423 |  | 10.2 |  | March 21, 2013
10(e) |  | Form of Grant Agreement for grants of non-qualified stock options.* |  | 10-K |  | 001-04423 |  | 10(g)(g)(g) |  | December 16, 2015
10(f) |  | Form of Stock Notification and Award Agreement for awards of restricted stock units.* |  | 10-Q |  | 001-04423 |  | 10(r)(r) |  | March 3, 2016
10(g) |  | Registrant’s 2005 Executive Deferred Compensation Plan, amended and restated effective November 1, 2017.* |  | 10-K/A |  | 001-04423 |  | 10(n)(n) |  | December 15, 2017
10(h) |  | Registrant’s Severance and Long-Term Incentive Change in Control Plan for Executive Officers, amended and restated effective February 28, 2020.* |  | 10-Q |  | 001-04423 |  | 10(p)(p) |  | March 5, 2020
10(i) |  | 2017 Amendment to the Hewlett-Packard Company Cash Account Restoration Plan.* |  | 10-Q |  | 001-04423 |  | 10(w)(w) |  | March 2, 2017
10(j) |  | Second Amendment to the Hewlett-Packard Company Excess Benefit Retirement Plan.* |  | 10-Q |  | 001-04423 |  | 10(x)(x) |  | March 2, 2017
10(k) |  | Form of Grant Agreement for grants of restricted stock units for directors (for use from November 1, 2017).* |  | 10-Q |  | 001-04423 |  | 10(e)(e)(e) |  | March 1, 2018
10(l) |  | Form of Grant Agreement for grants of stock options for directors (for use from November 1, 2017).* |  | 10-Q |  | 001-04423 |  | 10(f)(f)(f) |  | March 1, 2018
10(m) |  | Form of Grant Agreement for grants of restricted stock units (for use from November 1, 2018).* |  | 10-K |  | 001-04423 |  | 10(g)(g)(g) |  | December 13, 2018
10(n) |  | Form of Grant Agreement for grants of restricted stock units for directors (for use from November 1, 2018).* |  | 10-Q |  | 001-04423 |  | 10(k)(k)(k) |  | March 5, 2019
10(o) |  | Form of Grant Agreement for grants of non-qualified stock options.* |  | 10-K |  | 001-04423 |  | 10(m)(m)(m) |  | December 12, 2019
10(p) |  | Form of Retention Grant Agreement for grants of non-qualified stock options.* |  | 10-K |  | 001-04423 |  | 10(n)(n)(n) |  | December 12, 2019
10(q) |  | Form of Grant Agreement for grants of restricted stock units for directors (for use from January 15, 2020).* |  | 10-Q |  | 001-04423 |  | 10(n)(n)(n) |  | March 5, 2020
10(r) |  | Amendment Number One to Second Amended and Restated HP Inc. 2004 Stock Incentive Plan (as amended effective February 28, 2020).* |  | 10-Q |  | 001-04423 |  | 10(r)(r)(r) |  | June 5, 2020
10(s) |  | Amendment Number One to Registrant’s 2005 Executive Deferred Compensation Plan (as amended effective February 28, 2020).* |  | 10-Q |  | 001-04423 |  | 10(s)(s)(s) |  | June 5, 2020
10(t) |  | Amendment Number Two to Second Amended and Restated HP Inc. 2004 Stock Incentive Plan (as amended effective September 21, 2020.* |  | 10-K |  | 001-04423 |  | 10(x)(x)(x) |  | December 10, 2020

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Exhibit Number |  |  |  | Incorporated by Reference
Exhibit Description |  | Form |  | File No. |  | Exhibit(s) |  | Filing Date
10(u) |  | Amendment Number Two to Registrant's 2005 Executive Deferred Compensation Plan (as amended effective September 21, 2020).* |  | 10-K |  | 001-04423 |  | 10(y)(y)(y) |  | December 10, 2020
10(v) |  | Form of Grant Agreement for grants of restricted stock units (for use from November 17, 2020).* |  | 10-Q |  | 001-04423 |  | 10(x)(x)(x) |  | March 5, 2021
10(w) |  | Form of Retention Grant Agreement for grants of restricted stock units (for use from November 17, 2020).* |  | 10-Q |  | 001-04423 |  | 10(y)(y)(y) |  | March 5, 2021
10(x) |  | Form of Grant Agreement for grants of performance-contingent non-qualified stock options.* |  | 10-Q |  | 001-04423 |  | 10(c)(c)(c)(c) |  | March 5, 2021
10(y) |  | Form of Grant Agreement for grants of restricted stock units for directors.* |  | 10-Q |  | 001-04423 |  | 10(d)(d)(d)(d) |  | March 5, 2021
10(z) |  | First Amendment to the Registrant’s Severance and Long-Term Incentive Change in Control Plan for Executive Officers, as amended and restated effective February 28, 2020 (as amended effective December 7, 2020)* |  | 10-Q |  | 001-04423 |  | 10(e)(e)(e)(e) |  | March 5, 2021
10(a)(a) |  | Amendment Number Three to Registrant’s 2005 Executive Deferred Compensation Plan (as amended effective November 17, 2020).* |  | 10-Q |  | 001-04423 |  | 10(f)(f)(f)(f) |  | March 5, 2021
10(b)(b) |  | Amendment Number Four to Registrant’s 2005 Executive Deferred Compensation Plan (as amended effective as of April 1, 2021 and December 31, 2021).* |  | 10-Q |  | 001-04423 |  | 10(j)(j)(j) |  | September 3, 2021
10(c)(c) |  | Form of Grant Agreement for grants of non-qualified stock options.* |  | 10-Q |  | 001-04423 |  | 10(l)(l)(l) |  | March 7, 2022
10(d)(d) |  | Form of Grant Agreement for grants of performance-contingent non-qualified stock options.* |  | 10-Q |  | 001-04423 |  | 10(o)(o)(o) |  | March 7, 2022
10(e)(e) |  | Plantronics, Inc. 2003 Stock Plan, as amended and restated.* |  | S-8 |  | 333-267151 |  | 4.4 |  | August 29, 2022
10(f)(f) |  | Amendment Number One to the Plantronics, Inc. 2003 Stock Plan, as amended and restated.* |  | S-8 |  | 333-267151 |  | 4.5 |  | August 29, 2022
10(g)(g) |  | Amendment Number Five to Registrant’s 2005 Executive Deferred Compensation Plan.* |  | 10-K |  | 001-04423 |  | 10(t)(t)(t) |  | December 6, 2022
10(h)(h) |  | Form of Grant Agreement for grants of restricted stock units (for use from November 1, 2022).* |  | 10-Q |  | 001-04423 |  | 10(u)(u)(u) |  | March 1, 2023
10(i)(i) |  | Form of Retention Grant Agreement for grants of restricted stock units (for use from November 1, 2022).* |  | 10-Q |  | 001-04423 |  | 10(v)(v)(v) |  | March 1, 2023
10(j)(j) |  | Form of Grant Agreement for grants of non-qualified stock options (for use from November 1, 2022).* |  | 10-Q |  | 001-04423 |  | 10(w)(w)(w) |  | March 1, 2023
10(k)(k) |  | Form of Grant Agreement for grants of performance-contingent non-qualified stock options (for use from November 1, 2022).* |  | 10-Q |  | 001-04423 |  | 10(z)(z)(z) |  | March 1, 2023
10(l)(l) |  | Second Amendment to Registrant’s Severance and Long-Term Incentive Change in Control Plan for Executive Officers, as amended and restated effective February 28, 2020, for Performance-Contingent Stock Options generally granted on or after December 7, 2022.* |  | 10-Q |  | 001-04423 |  | 10(a)(a)(a)(a) |  | March 1, 2023
10(m)(m) |  | Form of Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan).* |  | 10-Q |  | 001-04423 |  | 10(b)(b)(b)(b) |  | March 1, 2023
10(n)(n) |  | Form of Retention Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan).* |  | 10-Q |  | 001-04423 |  | 10(c)(c)(c)(c) |  | March 1, 2023
10(o)(o) |  | 2023 Amendment to the HP Inc. Cash Account Restoration Plan.* |  | 10-Q |  | 001-04423 |  | 10(d)(d)(d)(d) |  | May 31, 2023

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Exhibit Number |  |  |  | Incorporated by Reference
Exhibit Description |  | Form |  | File No. |  | Exhibit(s) |  | Filing Date
10(p)(p) |  | Third Amendment to the HP Inc. Excess Benefit Plan.* |  | 10-Q |  | 001-04423 |  | 10(e)(e)(e)(e) |  | May 31, 2023
10(q)(q) |  | Form of Grant Agreement for grants of restricted stock units (for use from November 1, 2023).* |  | 10-Q |  | 001-04423 |  | 10(f)(f)(f)(f) |  | February 28, 2024
10(r)(r) |  | Form of Retention Grant Agreement for grants of restricted stock units (for use from November 1, 2023).* |  | 10-Q |  | 001-04423 |  | 10(g)(g)(g)(g) |  | February 28, 2024
10(s)(s) |  | Form of Grant Agreement for grants of performance-adjusted restricted stock units (for use from November 1, 2023).* |  | 10-Q |  | 001-04423 |  | 10(j)(j)(j)(j) |  | February 28, 2024
10(t)(t) |  | Form of Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan for use from December 1, 2023).* |  | 10-Q |  | 001-04423 |  | 10(k)(k)(k)(k) |  | February 28, 2024
10(u)(u) |  | Form of Retention Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan for use from December 1, 2023).* |  | 10-Q |  | 001-04423 |  | 10(l)(l)(l)(l) |  | February 28, 2024
10(v)(v) |  | Registrant’s Fourth Amended and Restated 2004 Stock Incentive Plan.* |  | 8-K |  | 001-04423 |  | 10.1 |  | April 25, 2024
10(w)(w) |  | Five-Year Credit Agreement dated August 1, 2024, by and among the Registrant, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. |  | 8-K |  | 001-04423 |  | 10.1 |  | August 6, 2024
10(x)(x) |  | Form of HP Agreement Regarding Confidential Information and Proprietary Developments* |  | 10-K |  | 001-4423 |  | 10(h)(h)(h) |  | December 13, 2024
10(y)(y) |  | Amended Form of Grant Agreement for grants of performance-adjusted restricted stock units (for use from November 1, 2022).* |  | 10-Q |  | 001-04423 |  | 10(a) |  | February 28, 2025
10(z)(z) |  | Form of Retention Grant Agreement for grants of restricted stock units (for use from November 1, 2024).*† |  |  |  |  |  |  |  |
10(a)(a)(a) |  | Form of Retention Grant Agreement for grants of performance-adjusted restricted stock units (for use from November 1, 2024).*† |  |  |  |  |  |  |  |
10(b)(b)(b) |  | H P Inc. 2021 Employee Stock Purchase Plan (as amended on June 11, 2 025).*† |  |  |  |  |  |  |  |
19 |  | Insider Trading Policy. |  | 10-K |  | 001-4423 |  | 19 |  | December 13, 2024
21 |  | Subsidiaries of the Registrant as of October 31, 202 5.† |  |  |  |  |  |  |  |
23 |  | Consent of Independent Registered Public Accounting Firm.† |  |  |  |  |  |  |  |
24 |  | Power of Attorney (included on the signature page) |  |  |  |  |  |  |  |
31.1 |  | Certification of Chief Executive Offic er pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.† |  |  |  |  |  |  |  |
31.2 |  | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended.† |  |  |  |  |  |  |  |
32 |  | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.†† |  |  |  |  |  |  |  |
97 |  | HP Inc. Mandatory Covered Compensation Recovery Policy. |  | 10-K |  | 001-04423 |  | 97 |  | December 18, 2023

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Exhibit Number |  |  |  | Incorporated by Reference
Exhibit Description |  | Form |  | File No. |  | Exhibit(s) |  | Filing Date
101.INS |  | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.† |  |  |  |  |  |  |  |
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document.† |  |  |  |  |  |  |  |
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document.† |  |  |  |  |  |  |  |
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document.† |  |  |  |  |  |  |  |
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document.† |  |  |  |  |  |  |  |
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document.† |  |  |  |  |  |  |  |
104 |  | The cover page from the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025, formatted in Inline XBRL (included within the Exhibit 101 attachments).† |  |  |  |  |  |  |  |

* Indicates management contract or compensatory plan, contract or arrangement.
** Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Registration S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.
† Filed herewith.
†† Furnished herewith.
The registrant agrees to furnish to the Commission supplementally upon request a copy of (1) any instrument with respect to long-term debt not filed herewith as to which the total amount of securities authorized thereunder does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis and (2) any omitted schedules to any material agreements set forth above.
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ITEM 16. Form 10-K Summary
None.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 10, 2025 | HP INC.
| By: | /s/ KAREN L. PARKHILL
|  | Karen L. Parkhill Chief Financial Officer

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POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Karen L. Parkhill and Julie Jacobs, or any of them, his or her attorneys-in-fact, for such person in any and all capacities, to sign any amendments to this report and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that either of said attorneys-in-fact, or substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature |  | Title(s) |  | Date
/s/ ENRIQUE LORES |  | President and Chief Executive Officer and Director (Principal Executive Officer) |  | December 10, 2025
Enrique Lores |  |  |  |
/s/ KAREN L. PARKHILL |  | Chief Financial Officer (Principal Financial Officer) |  | December 10, 2025
Karen L. Parkhill |  |  |  |
/s/ MANPREET GREWAL |  | Global Controller (Principal Accounting Officer) |  | December 10, 2025
Manpreet Grewal |  |  |  |
/s/ CHARLES V. BERGH |  | Director |  | December 10, 2025
Charles V. Bergh |  |  |  |
/s/ BRUCE BROUSSARD |  | Director |  | December 10, 2025
Bruce Broussard |  |  |  |
/s/ STACY BROWN-PHILPOT |  | Director |  | December 10, 2025
Stacy Brown-Philpot |  |  |  |
/s/ STEPHANIE BURNS |  | Director |  | December 10, 2025
Stephanie Burns |  |  |  |
/s/ MARY ANNE CITRINO |  | Director |  | December 10, 2025
Mary Anne Citrino |  |  |  |
/s/ RICHARD L. CLEMMER |  | Director |  | December 10, 2025
Richard L. Clemmer |  |  |  |
/s/ MA. FATIMA DE VERA FRANCISCO |  | Director |  | December 10, 2025
Ma. Fatima de Vera Francisco |  |  |  |
/s/ DAVID MELINE |  | Director |  | December 10, 2025
David Meline |  |  |  |
/s/ JUDITH MISCIK |  | Director |  | December 10, 2025
Judith Miscik |  |  |  |
/s/GIANLUCA PETTITI |  | Director |  | December 10, 2025
Gianluca Pettiti |  |  |  |
/s/ KIM K.W. RUCKER |  | Director |  | December 10, 2025
Kim K.W. Rucker |  |  |  |
/s/ SONGYEE YOON |  | Director |  | December 10, 2025
Songyee Yoon |  |  |  |

113