Slide 1: Q3 FY25 Earnings Announcement
Q3 FY25 Earnings Announcement August 27, 2025
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation 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 operat
Slide 3: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information HP has included non-GAAP financial measures in this presentation to supplement HP’s consolidated financial statements presented on a generally accepted accounting principles (“GAAP”) basis. Definitions of these non-GAAP financial measures and reconciliations of
Slide 4: Highlights
Net revenue of $13.9B, up 3% in nominal and constant currency1 from the prior-year period. Q3FY25 Non-GAAP diluted net earnings per share2 of $0.75, within the previously provided outlook of $0.68 to $0.80 per share Highlights GAAP diluted net earnings per share of $0.80, above the previously provid
Slide 5: Q3 FY25 Mix by Segment and Region
Q3 FY25 Mix by Segment and Region Net revenue Non-GAAP operating profit2 Net revenue By key segment and business unit1 By key segment3 By region Personal Systems Printing Commercial Supplies 51% 19% $1.2 billion AMERICAS EMEA APJ Printing 17.3% 44% 32% 24% $13.9 Printing Commercial 56% of total OP m
Slide 6: Q3 FY25 Results Overview
Q3 FY25 Results Overview Growth Growth CC1 Non-GAAP Non-GAAP Non-GAAP Non-GAAP $ in millions Net revenue y/y % y/y % OP $3 OP % of rev3 OP $ y/y3 OP % of rev y/y3 Printing $3,986 (3.8)% (3.4)% $689 17.3% $(26) 0.0 pts Personal $9,931 6.0% 6.2% $541 5.4% $(76) (1.2) pts Systems Corporate Investments
Slide 7: Revenue & Non-GAAP Diluted Net EPS
Revenue & Non-GAAP Diluted Net EPS Revenue (Billions) y/y growth (%) Non-GAAP diluted net EPS 2 y/y growth (%) 1 2 1. CC = constant currency; adjusted to exclude the effect of foreign currency exchange fluctuations calculated by translating current period revenue using monthly exchange rates from th
Slide 8: Regional Revenue Trend
Regional Revenue Trend Billions % growth Billions % growth Americas United (including U.S.) States Billions % growth Billions % growth Asia EMEA Pacific y/y revenue growth % y/y revenue growth in constant currency %1 1. Adjusted to exclude the effect of foreign currency exchange fluctuations calcula
Slide 9: Personal Systems Q3 FY25
Personal Systems Q3 FY25 Revenue Operating profit $9.9 $541 6% y/y Revenue up 6% y/y driven by strength in 1 5.4% commercial and consumer, increased 6% y/y CC of revenue ASPs, and continued momentum in the Key billion million Growth Areas. Revenue breakdown Revenue and OP % trend OP rate at 5.4% up
Slide 10: Printing Q3 FY25
Printing Q3 FY25 Revenue Operating profit $4.0 $689 (4)% y/y Revenue down 4% y/y primarily due to 1 17.3% supplies and market softness for Office, (3)% y/y CC of revenue partially offset by continued momentum in billion million the Key Growth Areas. OP rate of 17.3%, flat y/y despite increased Reven
Slide 11: Leading the Future of Work
Leading the Future of Work Innovating Capturing Building Seeking Accelerating AI-powered Commercial Best-in-class Consumer Digital Capabilities Growth Solutions Growth Transformation Organization Sustainable Impact Talent & Culture 11
Slide 12: Key Growth Areas
Key Growth Areas Collectively grew revenue sequentially double digit AI PC Consumer Subscriptions Maintained strong momentum with double digit Consumer Subscription revenue and revenue growth sequentially. AI PCs unit now above subscribers grew y/y. Strong performance in 25% of the mix. Launched Omn
Slide 13: Q3 FY25 Sustainable Impact
Q3 FY25 Sustainable Impact Empower Customer Sustainability Transform HP's Value Chain Advance Societal Impact • Product Launch: HP Elitebook x G1a Next Gen AI • Award: #1 in the industry and #10 overall on • New partnership: Launched the 2025 Digital PC launched with EPEAT Climate+ Gold1, 100% Forbe
Slide 14: Select Cash & Debt Balances
Select Cash & Debt Balances Billions 1 Net Cash (Debt) $ Billions 3Q24 4Q24 1Q25 2Q25 3Q25 Gross cash2 2.9 3.3 2.9 2.7 2.9 Gross debt3 9.7 9.7 9.8 10.8 9.7 Net cash (debt)1,4 (6.8) (6.5) (6.9) (8.1) (6.8) 2 3 1. Net cash (debt) is defined as gross cash less gross debt 2. Gross cash includes cash, ca
Slide 15: Cash Flow & Shareholder Return
Cash Flow & Shareholder Return Millions Cash Flow Millions Shareholder Return 1 Shares repurchased 37.3 million 11.2 million 17.1 million 5.5 million Dividend per share $0.83 $0.87 $0.28 $0.29 1. Free cash flow = Net cash provided by (used in) operating activities adjusted for net investment in leas
Slide 16: Outlook
Outlook Q4 FY25 net EPS guidance GAAP diluted net EPS $0.75-$0.85 Non-GAAP diluted net EPS1 $0.87-$0.97 FY25 Free Cash Flow Guidance Free Cash Flow2 $2.6-$3.0 billion 1. Fourth Quarter of fiscal 2025 non-GAAP diluted net EPS estimates exclude restructuring and other charges, acquisition and divestit
Slide 17: Current Tariffs included in Outlook
Current Tariffs included in Outlook Tariffs2 Mitigation Efforts • Agile response to trade policy 11 updates • Nearly all products sold in NA are built outside of China • On track to complete supply chain resiliency projects • Active dialog with government and industry partners • Ongoing cost reducti
Slide 18: Non-GAAP Financial Information
Non-GAAP Financial Information 1 $ in millions, except per share amounts Q3 FY25 Q2 FY25 Q3 FY24 % of Revenue % of Revenue % of Revenue Revenue $13,932 $13,220 $13,519 Cost of revenue 11,081 79.5% 10,481 79.3% 10,613 78.5% Total OpEx 1,856 13.4% 1,778 13.4% 1,799 13.3% Operating profit $995 7.1% $96
Slide 19: Q3 FY25 GAAP to Non-GAAP Bridge
Q3 FY25 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and Certain litigation Non-operating tax rate and per Amortization of Restructuring and divestiture (benefits) charges, retirement related Tax share amounts GAAP intangible assets other charges charges net (credits) / charges adjustme
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Slide 21: Supplemental Slides
Supplemental Slides a. Ay ja
Slide 22: Inventory & Accounts Receivable
Inventory & Accounts Receivable Inventory Accounts Receivable In Billions Percentage of Revenue1 In Billions Percentage of Revenue1 1. % of revenue calculations based on trailing 4-quarter net revenue 22
Slide 23: PP&E & Accounts Payable
PP&E & Accounts Payable PP&E Accounts Payable In Billions Percentage of Revenue1 In Billions 1. % of revenue calculations based on trailing 4-quarter net revenue 23
Slide 24: Working Capital Metrics
Working Capital Metrics In Days 1 1. Cash conversion cycle = Days receivables + Days inventory – Days payable 24
Slide 25: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in millions 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 YTD25 Net cash provided by/ (used in) $121 $581 $1,424 $1,623 $3,749 $374 $38 $1,661 $2,073 operating activities Net investment in property, plant, equipment and purchased (158) (119) (162) (153) (592) (302) (183) (2
Slide 26: Q2 FY25 GAAP to Non-GAAP Bridge
Q2 FY25 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and Non-operating tax rate and per Amortization of Restructuring and divestiture Certain litigation retirement related Tax share amounts GAAP intangible assets other charges charges charges (credits) / charges adjustments Non-GAAP Rev
Slide 27: Q1 FY25 GAAP to Non-GAAP Bridge
Q1 FY25 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and Non-operating tax rate and per Amortization of Restructuring and divestiture retirement related Tax share amounts GAAP intangible assets other charges charges (credits) / charges adjustments Non-GAAP Revenue $13,504 $13,504 Cost o
Slide 28: FY24 GAAP to Non-GAAP Bridge
FY24 GAAP to Non-GAAP Bridge Non-operating $ in millions, except Amortization Restructuring Acquisition Certain Debt retirement tax rate and per of intangible and other and divestiture litigation extinguishment related (credits) Tax share amounts GAAP assets charges charges charges costs / charges a
Slide 29: Q4 FY24 GAAP to Non-GAAP Bridge
Q4 FY24 GAAP to Non-GAAP Bridge $ in millions, except Amortization Restructuring Acquisition and Certain Debt Non-operating tax rate and per of intangible and other divestiture litigation extinguishment retirement related Tax share amounts GAAP assets charges charges charges costs (credits) / charge
Slide 30: Q3 FY24 GAAP to Non-GAAP Bridge
Q3 FY24 GAAP to Non-GAAP Bridge Non-operating $ in millions, except Restructuring Acquisition and retirement tax rate and per Amortization and other divestiture Certain litigation related (credits) / Tax share amounts GAAP of intangible assets charges charges charges charges adjustments Non-GAAP Rev
Slide 31: Q2 FY24 GAAP to Non-GAAP Bridge
Q2 FY24 GAAP to Non-GAAP Bridge $ in millions, except Restructuring Acquisition and Non-operating tax rate and per Amortization and other divestiture retirement related Tax share amounts GAAP of intangible assets charges charges (credits) / charges adjustments Non-GAAP Revenue $12,800 $12,800 Cost o
Slide 32: Q1 FY24 GAAP to Non-GAAP Bridge
Q1 FY24 GAAP to Non-GAAP Bridge $ in millions, except Restructuring Acquisition and Non-operating tax rate and per Amortization and other divestiture retirement related Tax share amounts GAAP of intangible assets charges charges (credits) / charges adjustments Non-GAAP Revenue $13,185 $13,185 Cost o
Slide 33: FY23 GAAP to Non-GAAP Bridge
FY23 GAAP to Non-GAAP Bridge $ in millions, except Restructuring Acquisition and Non-operating tax rate and per Amortization and other divestiture Debt extinguishment retirement related Tax share amounts GAAP of intangible assets charges charges benefit (credits) / charges adjustments Non-GAAP Reven
Slide 34: Q4 FY23 GAAP to Non-GAAP Bridge
Q4 FY23 GAAP to Non-GAAP Bridge $ in millions, except Restructuring Acquisition and Non-operating tax rate and per Amortization and other divestiture retirement related Tax share amounts GAAP of intangible assets charges charges (credits) / charges adjustments Non-GAAP Revenue $13,817 $13,817 Cost o
Slide 35: Q3 FY23 GAAP to Non-GAAP Bridge
Q3 FY23 GAAP to Non-GAAP Bridge $ in millions, except Restructuring Acquisition and Non-operating tax rate and per Amortization and other divestiture Debt extinguishment retirement related Tax share amounts GAAP of intangible assets charges charges benefit (credits) / charges adjustments Non-GAAP Re