Slide 1: Q4 FY25 Earnings Announcement
Q4 FY25 Earnings Announcement November 25, 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: Q4 FY25 Highlights
Net revenue of $14.6B, up 4% in nominal and constant currency1 from the prior-year period Q4FY25 Non-GAAP diluted net earnings per share2 of $0.93, within the previously provided outlook of $0.87 to $0.97 per share Highlights GAAP diluted net earnings per share of $0.84, within the previously provid
Slide 5: FY25 Highlights
Net revenue of $55.3B, up 3% from the prior-year period and up 4% in constant currency1 FY25 Non-GAAP diluted net earnings per share2 of $3.12 Highlights GAAP diluted net earnings per share of $2.65 Free cash flow of $2.9B2,3 Returned $1.9B to shareholders in the form of dividends and share repurcha
Slide 6: Q4 FY25 Mix by Segment and Region
Q4 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 Commercial Printing Supplies 48% 19% $1.4 billion AMERICAS EMEA APJ Printing 18.9% 42% 34% 24% $14.6 Printing Commercial 57% of total OP m
Slide 7: FY25 Mix by Segment and Region
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 Commercial Printing Supplies 50% 20% $5.2 billion AMERICAS EMEA APJ Printing 18.7% 42% 34% 24% $55.3 Printing Commercial 60% of total OP marg
Slide 8: Q4 FY25 Results Overview
Q4 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 $4,266 (4.2)% (4.1)% $805 18.9% $(69) (0.7) pts Personal $10,353 7.9% 7.4% $597 5.8% $6 (0.4) pts Systems Corporate Investments
Slide 9: FY25 Results Overview
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 $16,702 (3.7)% (2.7)% $3,118 18.7% $(172) (0.3) pts Personal $38,532 6.5% 6.7% $2,054 5.3% $(199) (0.9) pts Systems Corporate Inves
Slide 10: 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 11: 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 12: Personal Systems Q4 FY25
Personal Systems Q4 FY25 Revenue Operating profit $10.4 $597 8% y/y Revenue up for the 7th consecutive quarter 1 5.8% driven by strength in commercial and 7% y/y CC of revenue consumer, increased ASPs, and momentum billion million in the Key Growth Areas. Revenue breakdown Revenue and OP % trend OP
Slide 13: Printing Q4 FY25
Printing Q4 FY25 Revenue Operating profit $4.3 $805 (4)% y/y Revenue up 7% q/q driven by higher 1 18.9% hardware and supplies volumes, strategic (4)% y/y CC of revenue pricing actions, and sustained momentum in billion million the Key Growth Areas. OP rate of 18.9%, up 1.6 pts q/q driven by Revenue
Slide 14: Key Growth Areas
Key Growth Collectively revenue grew double digits y/y Areas Gross margin above core business AI PC Consumer Subscriptions Maintained strong momentum with double digit Consumer Subscription revenue grew revenue growth y/y and q/q. AI PCs unit now above double digit y/y driven by strong 30% of PC mix
Slide 15: Q4 FY25 Sustainable Impact
Q4 FY25 Sustainable Impact Empower Customer Sustainability Transform HP's Value Chain Advance Societal Impact • Award: Frost & Sullivan 2025 Americas Company • Achievement: Empowered 1K people in • New Partnership: Future Worker Accelerator of the Year for leadership in sustainability, Bangladesh an
Slide 16: Select Cash & Debt Balances
Select Cash & Debt Balances Billions 1 Net Cash (Debt) $ Billions 4Q24 1Q25 2Q25 3Q25 4Q25 Gross cash2 3.3 2.9 2.7 2.9 3.7 Gross debt3 9.7 9.8 10.8 9.7 9.7 Net cash (debt)1,4 (6.5) (6.9) (8.1) (6.8) (6.0) 2 3 1. Net cash (debt) is defined as gross cash less gross debt 2. Gross cash includes cash, ca
Slide 17: Cash Flow & Shareholder Return
Cash Flow & Shareholder Return Millions Cash Flow Millions Shareholder Return 1 Shares repurchased 62.7 million 29.5 million 25.4 million 18.3 million Dividend per share $1.10 $1.16 $0.28 $0.29 1. Free cash flow = Net cash provided by (used in) operating activities adjusted for net investment in lea
Slide 18: Completed Future Ready Transformation Program
Completed Future Ready Transformation Program Exceeded original savings target by ~$800M, mitigating Macroeconomic headwinds Original Plan Revised commitment Final Results November ’22 October ’23 January ’25 October ‘25 Gross Annualized Run Rate Savings >$ 1.4B $ 1.6B $ 1.9B $2.2B Restructuring & O
Slide 19: Launching a Company-wide Initiative
Launching a Company-wide Initiative Leveraging AI across our operations to deliver profitable growth Accelerate Improve Boost Product Innovation Customer Satisfaction Productivity Gross Run ~$1B Rate Savings by the end of FY28 Restructuring & Other Charges Product Development Increase software devel
Slide 20: Outlook
Outlook FY26 Key Assumptions FY26 Outlook Q1’26 Outlook Revenue GAAP diluted net EPS GAAP diluted net EPS Grow faster than market $2.47 – $2.77 $0.58 - $0.66 EPS Non-GAAP diluted net EPS1,2 Non-GAAP diluted net EPS1,2 Memory cost impact of $0.30 mostly in 2H FY26 $2.90 – $3.20 $0.73 – $0.81 Non-GAAP
Slide 21: Non-GAAP Financial Information
Non-GAAP Financial Information 1 $ in millions, except per share amounts Q4 FY25 Q3 FY25 Q4 FY24 % of Revenue % of Revenue % of Revenue Revenue $14,639 $13,932 $14,055 Cost of revenue 11,677 79.8% 11,081 79.5% 11,054 78.6% Total OpEx 1,793 12.2% 1,856 13.4% 1,761 12.6% Operating profit $1,169 8.0% $
Slide 22: Q4 FY25 GAAP to Non-GAAP Bridge
Q4 FY25 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and tax rate and per Amortization of Restructuring and divestiture Certain litigation Tax share amounts GAAP intangible assets other charges charges charges, net adjustments Non-GAAP Revenue $14,639 $14,639 Cost of revenue 11,677 11,6
Slide 23: FY25 GAAP to Non-GAAP Bridge
FY25 GAAP to Non-GAAP Bridge Certain Non-operating $ in millions, except Amortization Restructuring Acquisition litigation retirement tax rate and per of intangible and other and divestiture charges related (credits) Tax share amounts GAAP assets charges charges (benefits), net / charges adjustments
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Slide 25: Supplemental Slides
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Slide 26: 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 26
Slide 27: 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 27
Slide 28: Working Capital Metrics
Working Capital Metrics In Days 1 1. Cash conversion cycle = Days receivables + Days inventory – Days payable 28
Slide 29: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in millions 1Q24 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 Net cash provided by $121 $581 $1,424 $1,623 $3,749 $374 $38 $1,661 $1,624 $3,697 operating activities Net investment in property, plant, equipment and (158) (119) (162) (153) (592) (302) (183) (215) (197)
Slide 30: 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
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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 38: 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 39: 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