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HP Inc. (HPQ) stock

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NYSE: HPQ NYSE Technology Hardware, Storage & Peripherals Next results ~November 24, 2026

C+ Fundamentals grade

HP Inc. is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in October.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$67

Cash-flow model

Base case. Range ~$49–$91 across our lower- and higher-growth cases (0.4%–10.4% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 141% above it.

Price used: $27.86, November 3, 2026

HP Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 5 selling0 purchases and 11 sales by directors and officers, last 12 monthsInsider trades
  • Funds559 adding, 414 cuttingOf 65 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter HP files

Where HP stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $59.2bn, up 8.1% on a year earlier, faster than 5.7% a quarter earlier. That puts it 9 of 9 for growth among the technology hardware, storage & peripherals companies we cover. Free-cash-flow margin rose to 6.6% from 5.2% a year earlier. The diluted share count is down 2.9% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 4 financial-health checks. Our cash-flow model value is $63.75 a share, against a share price of $30.70. At that price, our model says the market is pricing in cash flow shrinking about 5.9% a year for five years, slower than the -1.4% a year revenue growth it has delivered.

Source: 10-Q filed August 27, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 24, 2026 (estimated)

HP Inc.'s trailing-twelve-month revenue grew 8.1% year on year, with a free-cash-flow margin of 6.6%. Where it stands out: change in share count of -2.9% ranks 4 of 27 technology hardware, storage & peripherals companies we cover. Where it lags: gross margin of 19.9% ranks 18 of 22 technology hardware, storage & peripherals companies we cover.

Our discounted-cash-flow model values the business at ~$67 per share in the base case (~$49–$91 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 36.5% while net income fell 7.2%: a 44pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $28.43 is 137% below our value per share of $67.
  • Shrinking share count. Diluted shares fell 2.9% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 47% and a beta of 0.6 against the S&P 500.
  • Below peers: gross margin. Gross margin of 19.9% ranks 18 of 22 technology hardware, storage & peripherals companies we cover (median 41.2%).
  • Earnings expected to fall. The consensus expects earnings per share to fall 3% next year.

Latest results: FY2026 Q3

Filed August 27, 2026
Earnings per share
$0.83 against an average estimate of $0.69: beat by 20.0%
Revenue
$15.68bn, up 12.5% on a year earlier
Share reaction
+0.4% in the first session after the results on August 26, 2026, against +0.7% for the S&P 500
Guidance given
GAAP diluted net EPS $0.74 to $0.84 (fiscal 2026 fourth quarter); non-GAAP diluted net EPS $0.69 to $0.79 (fiscal 2026 fourth quarter)
Next report
November 24, 2026; average EPS estimate $0.75

HP's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.0%
  • 1 week-17.0%
  • 1 month-13.2%
  • This year+32.5%
  • 1 year+8.4%
  • 5 years+7.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$59.2B
Operating margin
5.4%
Net margin
4.1%
EPS (TTM, diluted)
$2.63

Growth

Revenue growth
+8.1%
Change in growth rate
+2.4 pts
Share count change
−2.9%

Cash

Free cash flow (TTM)
$3.9B
FCF margin
6.6%
Stock pay % of revenue
0.8%

Earnings

Last results
August 26, 2026
Next results (est.)
November 24, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Announcement
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

HP Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 8.8% a year for five years.That is slower than the -1.4% a year revenue growth HP has delivered.

  • Priced in-8.8%
  • Last 12 months8.1%
  • 3 years a year2.7%
  • 5 years a year-1.4%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($27.89, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$67
Price used
$27.89close November 3, 2026
Implied change
▲ +141%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of HP Inc.'s free cash flow after stock-based pay with after-tax interest added back ($3.5B, FY2026 Q3 TTM), growing 2.7% and 3.6% in the next two years (forecasts, guidance and its record), then back to 5.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$49–~$91 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of HP Inc.'s free cash flow after stock-based pay ( $3.5B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value HP Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.4%: the 10-year Treasury yield (4.9%) plus a beta of 1.21 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$67 ~$49–$91 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$33 ~$27–$51 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$56 ~$33–$67 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare HP Inc. with Technology Hardware, Storage & Peripherals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −15%
  • Last year's free-cash-flow margin change, if it persists ▲ +26%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $50$69$96$130$176$234
8.5% $36$51$70$95$127$168
10% $29$40$54$73$98$129

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$10.32$15.82$18.15$13.49$14.47$25.12$23.55$23.27$32.48$26.33$28.43
Market value$18.0bn$26.9bn$29.7bn$20.6bn$20.5bn$30.6bn$24.7bn$23.3bn$32.1bn$25.1bn$26.5bn
+ Net debt (− = net cash)$525m$839m$869m$614m$1.4bn$3.3bn$8.0bn$6.5bn$6.5bn$6.0bn$5.0bn
Enterprise value$18.5bn$27.8bn$30.5bn$21.2bn$21.9bn$33.9bn$32.8bn$29.8bn$38.6bn$31.1bn$31.5bn
Multiples
Price / sales 0.4x0.5x0.5x0.3x0.4x0.5x0.4x0.4x0.6x0.5x0.4x
Price / earnings 7.2x10.7x5.6x6.5x7.3x4.7x7.9x7.1x11.6x9.9x10.8x
Price / free cash flow 6.4x8.2x7.4x5.2x5.5x5.3x6.7x7.8x10.2x9.0x6.8x
EV / EBITDA 4.8x7.5x7.0x4.6x5.2x5.5x6.1x6.9x8.3x7.6x7.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard HP's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.5% of total assets over 10 years.

  • Durability 11 / 20

    Operating margin has been a median 6.4%; its worst year was 5.4%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 10 of 10 years, at a median 6.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 26.8% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (69 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 24, 2026, after the close. Analysts expect revenue of $15.3bn and EPS of $0.75 (range $0.71 to $0.79) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.25 +4% $59.9bn +8%
Next $3.15 −3% $60.1bn +1%

Next year's EPS estimate has moved +4.9% in 90 days, across 18 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.5% on 90 days ago. In the last 30 days, 13 analysts raised HP Inc.'s forecast and 0 cut it.

Consensus EPS forecast HP Inc., last 90 days
$3.00 $3.10 $3.20 $3.30 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.02 Current fiscal year, 60 days ago: $3.02 Current fiscal year, 30 days ago: $3.24 Current fiscal year, 7 days ago: $3.24 Current fiscal year, Now: $3.25 $3.25 Next fiscal year, 90 days ago: $3.01 Next fiscal year, 60 days ago: $3.00 Next fiscal year, 30 days ago: $3.14 Next fiscal year, 7 days ago: $3.15 Next fiscal year, Now: $3.15 $3.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.02$3.01
60 days ago $3.02$3.00
30 days ago $3.24$3.14
7 days ago $3.24$3.15
Now $3.25$3.15

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.69 $0.83 +20.0%
Apr 2026 $0.72 $0.86 +20.3%
Jan 2026 $0.77 $0.81 +5.6%
Oct 2025 $0.92 $0.93 +0.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 26, 2026
  • GAAP diluted net EPS fiscal 2026 $2.52 to $2.62 GAAP Raised
    “For fiscal 2026, HP is raising its estimate of GAAP diluted net EPS to be in the range of $2.52 to $2.62 and raising its estimate of non-GAAP diluted net EPS to be in the range of $3.19 to $3.29, with both including a $0.19 favorable impact from estimated tariff refunds.” source
  • non-GAAP diluted net EPS fiscal 2026 $3.19 to $3.29 Non-GAAP Raised
    “For fiscal 2026, HP is raising its estimate of GAAP diluted net EPS to be in the range of $2.52 to $2.62 and raising its estimate of non-GAAP diluted net EPS to be in the range of $3.19 to $3.29, with both including a $0.19 favorable impact from estimated tariff refunds.” source
  • GAAP diluted net EPS fiscal 2026 fourth quarter $0.74 to $0.84 GAAP
    “For the fiscal 2026 fourth quarter, HP estimates GAAP diluted net EPS to be in the range of $0.74 to $0.84 and non-GAAP diluted net EPS to be in the range of $0.69 to $0.79, with both including an $0.08 favorable impact from estimated tariff refunds.” source
  • non-GAAP diluted net EPS fiscal 2026 fourth quarter $0.69 to $0.79 Non-GAAP
    “For the fiscal 2026 fourth quarter, HP estimates GAAP diluted net EPS to be in the range of $0.74 to $0.84 and non-GAAP diluted net EPS to be in the range of $0.69 to $0.79, with both including an $0.08 favorable impact from estimated tariff refunds.” source
  • free cash flow fiscal 2026 $3bn to $3.2bn Non-GAAP Raised
    “For fiscal 2026, HP is also raising its estimate of free cash flow to be in the range of $3.0 to $3.2 billion.” source

How earlier guidance turned out

  • GAAP diluted net EPS, fiscal 2026 third quarter guided $0.47 to $0.63 Above range: $0.71

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows HP Inc.'s revenue by +2.7% next year and +3.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+1.5%, weight 69%) and the company's own record (+5.4%, weight 31%) . How the weights are set.

Analyst recommendations

18 analysts, Oct 2026
Buy211%
Hold950%
Sell739%

Monthly trend

  1. Oct 2026294318
  2. Sep 20262103318
  3. Aug 20262103217
  4. Jul 20262103217

Counts of recommendations published by analysts covering HP Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.8%
of tradable shares
Days to cover
5.41
at average volume
Short interest, 1 month
+4%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
0.3%
of shares
Employees
55,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +8.0%

$26.33 on October 31, 2025 to $28.43

ThenNowEffect
Revenue (last 12 months) $54.7bn $59.2bn +8.1%
Net margin 4.8% 4.1% −14.1%
P/E multiple 9.6x 10.8x +12.9%
Share count 960m 932m +3.0%

Biggest factor: net margin.

Last 3 years +17.3%

$24.23 on November 3, 2023 to $28.43

ThenNowEffect
Revenue (last 12 months) $54.7bn $59.2bn +8.2%
Net margin 4.1% 4.1% 0.0%
P/E multiple 10.7x 10.8x +1.0%
Share count 1001m 932m +7.4%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HPQ+57%−26%+16%+12%−29%+33%
Industry peers (median)+24%−39%+33%+14%+6%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HPQ67%50%75%33%25%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HPQ−25%−38%−23%−17%−36%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 51% from November 25, 2024 to February 24, 2026. Getting back needed a 105% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$17.52 – $35.48
From 52-week high
−19.9%
vs 50-day average
−10.1%
vs 200-day average
+17.4%
Volatility (1 year)
47%
Beta vs S&P 500
0.64

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.1%
After a week
7 up, 5 down
typical move ±6.2%
After a month
5 up, 7 down
typical move ±6.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 26, 2026 +0.4% +0.7% +8.4% +7.1%
May 27, 2026 +2.4% +0.5% +6.6% −5.2%
February 24, 2026 −0.8% +1.6% +3.6% +7.8%
February 3, 2026 +0.1% −1.3% 0.0% −2.4%
November 25, 2025 −1.6% +1.6% +3.3% −3.5%
August 27, 2025 +5.0% +0.6% +7.1% −0.1%
May 28, 2025 −12.0% −0.2% −11.2% −11.6%
February 27, 2025 −8.7% −0.1% −11.4% −16.7%
November 26, 2024 −11.8% +0.2% −7.5% −14.6%
August 28, 2024 −0.4% −0.6% −3.4% +0.3%
May 29, 2024 +15.8% −1.4% +7.5% +6.5%
February 28, 2024 −1.7% +0.2% +4.9% +5.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How HP Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.07× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

HP Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) HP Inc.
$52B $54B $56B $58B $60B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $53.7B Revenue (TTM), FY24 Q1: $53.1B Revenue (TTM), FY24 Q2: $53B Revenue (TTM), FY24 Q3: $53.3B Revenue (TTM), FY24 Q4: $53.6B Revenue (TTM), FY25 Q1: $53.9B Revenue (TTM), FY25 Q2: $54.3B Revenue (TTM), FY25 Q3: $54.7B Revenue (TTM), FY25 Q4: $55.3B Revenue (TTM), FY26 Q1: $56.2B Revenue (TTM), FY26 Q2: $57.4B Revenue (TTM), FY26 Q3: $59.2B $59.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $53.7B
FY24 Q1 $53.1B
FY24 Q2 $53B
FY24 Q3 $53.3B
FY24 Q4 $53.6B
FY25 Q1 $53.9B
FY25 Q2 $54.3B
FY25 Q3 $54.7B
FY25 Q4 $55.3B
FY26 Q1 $56.2B
FY26 Q2 $57.4B
FY26 Q3 $59.2B
Revenue growth, TTM YoY HP Inc.
-20% -10% 0% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -14.6% Revenue growth, TTM YoY, FY24 Q1: -11.0% Revenue growth, TTM YoY, FY24 Q2: -5.6% Revenue growth, TTM YoY, FY24 Q3: -2.5% Revenue growth, TTM YoY, FY24 Q4: -0.3% Revenue growth, TTM YoY, FY25 Q1: 1.5% Revenue growth, TTM YoY, FY25 Q2: 2.5% Revenue growth, TTM YoY, FY25 Q3: 2.6% Revenue growth, TTM YoY, FY25 Q4: 3.2% Revenue growth, TTM YoY, FY26 Q1: 4.4% Revenue growth, TTM YoY, FY26 Q2: 5.7% Revenue growth, TTM YoY, FY26 Q3: 8.1% 8.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -14.6%
FY24 Q1 -11.0%
FY24 Q2 -5.6%
FY24 Q3 -2.5%
FY24 Q4 -0.3%
FY25 Q1 1.5%
FY25 Q2 2.5%
FY25 Q3 2.6%
FY25 Q4 3.2%
FY26 Q1 4.4%
FY26 Q2 5.7%
FY26 Q3 8.1%
Operating margin (TTM) HP Inc.
5% 5.5% 6% 6.5% 7% 7.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.4% Operating margin (TTM), FY24 Q1: 6.9% Operating margin (TTM), FY24 Q2: 7.3% Operating margin (TTM), FY24 Q3: 7.2% Operating margin (TTM), FY24 Q4: 7.1% Operating margin (TTM), FY25 Q1: 6.9% Operating margin (TTM), FY25 Q2: 6.3% Operating margin (TTM), FY25 Q3: 5.9% Operating margin (TTM), FY25 Q4: 5.7% Operating margin (TTM), FY26 Q1: 5.5% Operating margin (TTM), FY26 Q2: 5.3% Operating margin (TTM), FY26 Q3: 5.4% 5.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.4%
FY24 Q1 6.9%
FY24 Q2 7.3%
FY24 Q3 7.2%
FY24 Q4 7.1%
FY25 Q1 6.9%
FY25 Q2 6.3%
FY25 Q3 5.9%
FY25 Q4 5.7%
FY26 Q1 5.5%
FY26 Q2 5.3%
FY26 Q3 5.4%
FCF margin (TTM) HP Inc.
4.5% 5% 5.5% 6% 6.5% 7% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.5% FCF margin (TTM), FY24 Q1: 5.9% FCF margin (TTM), FY24 Q2: 5.9% FCF margin (TTM), FY24 Q3: 6.6% FCF margin (TTM), FY24 Q4: 5.9% FCF margin (TTM), FY25 Q1: 6.1% FCF margin (TTM), FY25 Q2: 4.9% FCF margin (TTM), FY25 Q3: 5.2% FCF margin (TTM), FY25 Q4: 5.1% FCF margin (TTM), FY26 Q1: 5.1% FCF margin (TTM), FY26 Q2: 6.6% FCF margin (TTM), FY26 Q3: 6.6% 6.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.5%
FY24 Q1 5.9%
FY24 Q2 5.9%
FY24 Q3 6.6%
FY24 Q4 5.9%
FY25 Q1 6.1%
FY25 Q2 4.9%
FY25 Q3 5.2%
FY25 Q4 5.1%
FY26 Q1 5.1%
FY26 Q2 6.6%
FY26 Q3 6.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar HP took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $55.3B
  2. Cost of revenue $43.9B · 79.4%
  3. Gross profit $11.4B · 20.6%
  4. Research and development $1.6B · 2.9%
  5. Selling, general and admin $5.8B · 10.5%
  6. Other operating costs $795M · 1.4%
  7. Operating income $3.2B · 5.7%
  8. Interest and other $506M · 0.9%
  9. Net income $2.5B · 4.6%

Shares of revenue. Source: HP's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Oct 2009 2010 Oct 2010 2011 Oct 2011 2012 Oct 2012 2013 Oct 2013 2014 Oct 2014 2015 Oct 2015 2016 Oct 2016 2017 Oct 2017 2018 Oct 2018 2019 Oct 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Oct 2024 2025 Oct 2025 LTM Jul 2026
Income
Revenue 114.6 126.0 127.2 120.4 112.3 56.7 51.5 48.2 52.1 58.5 58.8 56.6 63.5 62.9 53.7 53.6 55.3 59.2
Gross profit — — — — — 11.2 9.9 9.0 9.6 10.7 11.2 10.4 13.4 12.3 11.5 11.8 11.4 11.8
EBITDA 14.9 16.3 14.7 −6.0 11.7 8.6 8.0 3.9 3.7 4.4 4.6 4.2 6.1 5.3 4.3 4.6 4.1 4.2
Operating income 10.1 11.5 9.7 −11.1 7.1 4.3 3.9 3.5 3.4 3.8 3.9 3.4 5.4 4.6 3.5 3.8 3.2 3.2
Net income 7.7 8.8 7.1 −12.7 5.1 5.0 4.6 2.5 2.5 5.3 3.2 2.8 6.5 3.1 3.3 2.8 2.5 2.5
Diluted EPS $3.14 $3.69 $3.32 −$6.41 $2.62 $2.62 $2.48 $1.43 $1.48 $3.26 $2.07 $1.98 $5.36 $2.98 $3.26 $2.81 $2.65 $2.63
Growth (year on year)
Revenue −3.2% +10.0% +1.0% −5.4% −6.7% −49.6% −9.2% −6.3% +7.9% +12.3% +0.5% −3.6% +12.0% −0.9% −14.6% −0.3% +3.2% +8.1%
EBITDA +7.5% +9.3% −10.0% −140.7% — −26.8% −7.1% −51.4% −4.1% +17.1% +6.0% −8.4% +45.2% −13.1% −19.3% +7.9% −12.0% +0.7%
Operating income −3.2% +13.2% −15.7% −214.3% — −40.3% −7.9% −9.5% −5.1% +13.7% +1.2% −11.2% +55.7% −14.9% −24.2% +10.5% −16.9% +0.5%
Net income −8.0% +14.4% −19.3% −278.8% — −2.0% −9.2% −45.2% +1.2% +110.9% −40.8% −10.7% +132.4% −52.1% +4.2% −15.0% −8.9% −7.2%
Diluted EPS −3.4% +17.5% −10.0% −293.1% — 0.0% −5.3% −42.3% +3.5% +120.3% −36.5% −4.3% +170.7% −44.4% +9.4% −13.8% −5.7% −4.4%
Margins
Gross margin — — — — — 19.8% 19.3% 18.7% 18.4% 18.2% 19.0% 18.4% 21.1% 19.5% 21.4% 22.1% 20.6% 19.9%
EBITDA margin 13.0% 12.9% 11.5% −5.0% 10.5% 15.2% 15.5% 8.0% 7.2% 7.5% 7.9% 7.5% 9.7% 8.5% 8.0% 8.7% 7.4% 7.0%
Operating margin 8.8% 9.1% 7.6% −9.2% 6.4% 7.5% 7.6% 7.4% 6.5% 6.6% 6.6% 6.1% 8.4% 7.2% 6.4% 7.1% 5.7% 5.4%
Net margin 6.7% 7.0% 5.6% −10.5% 4.6% 8.8% 8.8% 5.2% 4.9% 9.1% 5.4% 5.0% 10.3% 5.0% 6.1% 5.2% 4.6% 4.1%
Free-cash-flow margin 8.5% 6.2% 6.4% 5.7% 7.5% 15.0% 6.7% 5.8% 6.3% 6.8% 6.8% 6.6% 9.2% 5.9% 5.5% 5.9% 5.1% 6.6%
Cash flow
Cash from operations 13.4 11.9 12.6 10.6 11.6 12.3 7.0 3.3 3.7 4.5 4.7 4.3 6.4 4.5 3.6 3.7 3.7 4.7
Capital spending 3.7 4.1 4.5 3.7 3.2 3.9 3.6 0.4 0.4 0.5 0.7 0.6 0.6 0.8 0.6 0.6 0.9 0.8
Free cash flow 9.7 7.8 8.1 6.9 8.4 8.5 3.4 2.8 3.3 4.0 4.0 3.7 5.8 3.7 3.0 3.2 2.8 3.9
Stock-based pay 0.6 0.7 0.7 0.6 0.5 0.6 0.7 0.2 0.2 0.3 0.3 0.3 0.3 0.3 0.4 0.5 0.5 0.5
Free cash flow after stock pay 9.0 7.1 7.4 6.2 7.9 7.9 2.7 2.6 3.1 3.7 3.7 3.5 5.5 3.4 2.5 2.7 2.3 3.4
Balance sheet
Cash 13.3 10.9 8.0 11.3 12.2 15.1 17.4 6.3 7.0 5.2 4.5 4.9 4.3 3.1 3.1 3.2 3.7 4.2
Total debt 15.8 22.3 30.6 28.4 22.6 19.5 8.9 6.8 7.8 6.0 5.2 6.3 7.6 11.2 9.6 9.7 9.7 9.2
Net debt (negative = net cash) 2.6 11.4 22.6 17.1 10.4 4.4 −8.5 0.5 0.8 0.9 0.6 1.4 3.3 8.0 6.5 6.5 6.0 5.0
Diluted shares 2,437m 2,372m 2,128m 1,974m 1,950m 1,912m 1,836m 1,743m 1,702m 1,634m 1,524m 1,420m 1,220m 1,050m 1,000m 989m 953m 932m
Returned to shareholders
Dividends 0.8 0.8 0.8 1.0 1.1 1.2 1.3 0.9 0.9 0.9 1.0 1.0 0.9 1.0 1.0 1.1 1.1 1.1
Buybacks 5.1 11.0 10.1 1.6 1.5 2.7 2.9 1.2 1.4 2.6 2.4 3.1 6.2 4.3 0.1 2.1 0.9 1.2
Total returned 5.9 11.8 11.0 2.6 2.6 3.9 4.1 2.0 2.3 3.5 3.4 4.1 7.2 5.3 1.1 3.2 1.9 2.3

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 4 checks passed · July 31, 2026
What it owns · $45.7bn
Short-term assets $26.7bnLonger-term assets $19.0bn
What it owes, and who funded it · $34.0bn
Short-term liabilities $34.0bnShareholders' equity $-92m
  • Short-term assets cover short-term liabilities $26.7bn of assets due within a year against $34.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $4.2bn of cash against $9.2bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $4.7bn of operating cash flow against $9.2bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.2bn against $394m of interest.

From HP Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$1.2B
Dividends (TTM)
$1.1B
Returned to shareholders
60%
of free cash flow
Buybacks, last 3 fiscal years
$3B
Diluted share count
−2.9%
year over year
Total shareholder yield
9.0%
dividends 4.3% + buybacks 4.8% of market value
Dividend payout ratio
45%
of net income paid out
R&D spending
2.7%
of revenue
Sales & admin spending
10.1%
of revenue
Days sales outstanding
44 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in technology hardware, storage & peripherals
Last 12 months unless stated HPQ HPE SMCI SNDK DELL WDC Median
Revenue, last 12 months $59.2bn $41.9bn $39.1bn $29.0bn $151.2bn $14.5bn $3.9bn
Revenue growth, last 12 months 8.1% 26.6% 77.8% 272.4% 49.0% 43.0% 11.3%
Revenue growth, 3-year average 2.7% 12.2% 76.3% — 17.3% 57.4% 2.7%
Revenue growth, latest quarter 12.5% 33.7% 93.2% 377.9% 57.7% 55.5% 22.0%
Gross margin 19.9% 31.4% 10.8% 80.0% 19.8% 52.6% 34.7%
Operating margin 5.4% 6.2% 7.1% 72.5% 9.4% 39.4% 4.1%
Operating margin, 3-year average 6.2% 4.6% 7.0% 19.2% 7.4% 22.9% 4.2%
Net margin 4.1% 6.7% 5.7% 67.0% 7.5% 69.2% 2.0%
Cash from operations / revenue 7.9% 16.0% −17.4% 60.6% 8.0% 33.6% 6.3%
Free-cash-flow margin 6.6% 9.9% −17.8% 59.9% 5.7% 29.6% 3.0%
Free-cash-flow margin, 3-year average 6.1% 6.7% −9.4% — 4.7% 15.8% 4.7%
Stock pay / revenue 0.8% 1.9% 1.1% 0.9% 0.5% 1.6% 1.9%
Change in share count −2.9% −2.6% 11.0% 7.0% −5.7% 5.8% 1.4%

Median of all 27 companies we cover in technology hardware, storage & peripherals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

27 technology hardware, storage & peripherals companies
Measure Company Peer median Rank
Revenue growth Growth 8.1% 11.3% 17 of 27
Change in growth rate Growth +2.4pp +5.0pp 16 of 27
Gross margin Profitability 19.9% 41.2% 18 of 22
Operating margin Profitability 5.4% 5.3% 11 of 26
Net margin Profitability 4.1% 2.0% 12 of 27
Free-cash-flow margin Cash generation 6.6% 3.6% 10 of 26
Stock pay as % of revenue Cash generation 0.8% 1.9% 7 of 27
Long-term debt as % of assets Balance sheet 17.2% 18.6% 7 of 16
Change in share count Balance sheet -2.9% 1.4% 4 of 27
Days sales outstanding Balance sheet 44 days 54 days 5 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to October 31, 2025
Products and services
Line of business Revenue Share YoY
Products $52B 94.0% ▲ 3.1%
Services $3.3B 6.0% ▲ 6.0%
Geography
Region Revenue YoY
Outside the US $36.1B ▲ 3.8%
Americas $23.5B ▲ 1.3%
United States $19.2B ▲ 2.2%
EMEA $18.6B ▲ 3.1%
Asia Pacific $13.2B ▲ 7.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From HP Inc.'s 10-K filed December 10, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$18.4B
Institutions reporting
1,071
Shares held vs prior quarter
▼ 0.1%
Positions opened / closed
131 / 88

Top buyers and sellers, Q2 2026: 559 institutions bought and 414 sold ; the biggest buyer was Menora Mivtachim Holdings Ltd (+4.5M shares) and the biggest seller Australiansuper Pty Ltd (−5.7M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.4B 107.5M 12.8% ▲ 2.4%
Vanguard Capital Management LLC $1.3B 59.7M 7.1% ▲ 0.3%
Vanguard Portfolio Management LLC $1.3B 58.0M 6.9% ▲ 1.0%
State Street Corp $1.2B 52.8M 6.4% ▲ 1.5%
Dodge & Cox $935M 42.6M 5.1% ▲ 2.5%
Geode Capital Management, LLC $672M 30.6M 3.7% ▲ 1.7%
Primecap Management Co $546M 24.9M 3.0% ▲ 15.9%
Invesco Ltd. $422M 19.3M 2.3% ▼ 10.0%
DNB Asset Management As $413M 18.8M 2.2% ▼ 4.9%
AQR Capital Management LLC $396M 18.0M 2.2% ▲ 21.6%
Morgan Stanley $308M 14.0M 1.7% ▼ 22.9%
LSV Asset Management $289M 13.2M 1.6% ▲ 18.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not HP Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6.5M 11 trades by 5 insiders · 75% under pre-set plans
Net ▼ $6.5M net selling
Insider Date Trade Shares Price Value
Olson Anneliese Pres Imaging Prtng & Solutions October 29, 2026 Sell pre-set plan 18,997 $32.56 $618,542
Mcquarrie David P. Chief Commercial Officer October 2, 2026 Sell pre-set plan 31,572 $32.12 $1M
Mcquarrie David P. Chief Commercial Officer August 7, 2026 Sell pre-set plan 21,048 $29.98 $631,019
Mcquarrie David P. Chief Commercial Officer August 4, 2026 Sell pre-set plan 10,524 $27.98 $294,462
Mcquarrie David P. Chief Commercial Officer August 3, 2026 Sell pre-set plan 10,524 $27.88 $293,409
Mcquarrie David P. Chief Commercial Officer July 28, 2026 Sell pre-set plan 10,524 $27.98 $294,462
Mcquarrie David P. Chief Commercial Officer June 12, 2026 Sell pre-set plan 10,524 $24.68 $259,732
Citrino Mary Anne Director March 11, 2026 Sell 45,172 $18.47 $834,327
Patel Ketan M President, Personal Systems December 26, 2025 Sell 33,321 $23.19 $772,714
Olson Anneliese Pres Imaging Prtng & Solutions December 9, 2025 Sell pre-set plan 16,726 $24.83 $415,307
Lores Enrique President and CEO December 5, 2025 Sell pre-set plan 41,922 $26.00 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 22 trades and filings

No trades in HP Inc. disclosed in the last 12 months; 22 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded April 8, 2025, filed April 28, 2025
  • Daniel S. Goldman(D-NY 10):Sale (partial), $1,001 - $15,000, traded March 6, 2023, filed April 17, 2023
  • Daniel S. Goldman(D-NY 10):Purchase, $1,001 - $15,000, traded January 31, 2023, filed February 24, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 24, 2026 estimated from the company's past filing pattern, not announced

  • August 26, 2026
  • May 27, 2026
  • February 24, 2026
  • February 3, 2026
  • November 25, 2025
  • August 27, 2025

Recent SEC filings

Data status

When each part of this page on HP Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

HP Inc. in brief

What does HP Inc. do?
HP Inc. is a US-listed company in the technology hardware, storage & peripherals industry. Its financial year ends in October.
What is HP Inc.'s stock ticker?
HP Inc. trades under the ticker HPQ on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is HP Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, HP Inc. reported revenue of $59.2B, 8.1% higher than a year earlier, according to its SEC filings.
What is HP Inc.'s free cash flow?
HP Inc.'s free-cash-flow margin is 6.6% of revenue over the trailing twelve months, ranking 10 of the 26 technology hardware, storage & peripherals companies we cover.
What is HP Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of HP Inc.'s free cash flow after stock-based pay gives ~$67 per share in the base case, and ~$49–$91 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are HP Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is HP Inc. buying back stock, and does it pay a dividend?
HP Inc. spent $1.2B on share repurchases over the trailing twelve months, and its diluted share count fell 2.9% over the year.
What is HP Inc.'s market cap?
On November 2, 2026, HP Inc.'s market capitalisation was about $26.5B, with a price-to-earnings ratio of 10.8 and net debt of $5B. Market figures come from third-party market data and may be delayed.
Does HP Inc. pay a dividend?
Yes: HP Inc. paid $1.1B in dividends over the trailing twelve months, a dividend yield of 4.27% and a payout ratio of 44.7%.
Who are HP Inc.'s competitors?
In our Technology Hardware, Storage & Peripherals peer group, the companies closest to HP Inc. are Hewlett Packard Enterprise, Supermicro, Sandisk, Dell Technologies and Western Digital. The side-by-side comparison below sets their revenue, margins and growth against HP Inc.'s.
Are insiders buying or selling HP Inc. stock?
Over the last 12 months, HP Inc.'s directors and officers reported 0 open-market purchases and 11 sales on Form 4. The insider trading page charts every trade.
When is HP Inc.'s next earnings date?
Around November 24, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — HP Inc. announces its own schedule.