At a glance
HP Inc is worth $25.64B, about 11 times its fiscal 2025 earnings. Revenue grew 3.2% to $55.30B in fiscal 2025, with 4.6% kept as profit; over 5 years it has grown 0.5% a year. It pays a 4.22% dividend yield, raised every year for at least 9 years, and returned $18.77B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +7.9% over the past year with dividends reinvested and +2.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 43.3% in the 2020 crash (S&P 500: 33.7%) and 37.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 20 months after the lows.
The business in plain English
HP Inc. sells personal computers, printers and printer supplies in more than 170 countries. In fiscal 2025 (the year ended October 31, 2025), revenue was $55.3 billion. Personal Systems, the PC business, brought in $38.5 billion, about 70% of the total. It sells notebooks, desktops, workstations, displays and retail checkout systems, plus support and extended warranties. Businesses, schools and governments buy lines such as Pro, Elite and Z. Consumers buy brands such as Spectre, Envy and the Omen gaming line. HP's new AI PCs can run artificial intelligence tasks on the computer itself.
Printing brought in $16.7 billion, about 30% of revenue. It sells home and office printers, large-format and industrial presses, and 3D printing systems. Supplies such as ink and toner cartridges bring repeat sales, because customers keep buying them for printers they already own. A tiny Corporate Investments segment, which holds early-stage business projects, made up about 0.1%.
Most of HP's revenue comes through resellers, retailers and distributors rather than direct sales. HP relies on outside manufacturers around the world to build many of its products. Its main PC rivals include Lenovo, Dell and Apple. In printing it faces Canon, Epson and Brother, plus cheaper non-original cartridges.
Price history
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HPQ +7.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Personal Systems | $38.53B | 69.7% |
| Printing | $16.70B | 30.2% |
| Corporate Investments | $62.0M | 0.1% |
Latest results
- In Q3 FY2026 (ended Jul 31, 2026), revenue was $15.68B, up 12.5% from a year earlier, and net income was $661.0M (-13.4%).
- For fiscal 2025, revenue was $55.30B (+3.2% year over year; -0.5% a year from FY2020 to FY2025) with a 4.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -0.5% weak |
|---|---|
| Operating margin | 5.7% watch |
| Free cash flow margin | 5.1% watch |
| Return on assets (FY2025) | 6.1% watch |
| Net cash (cash minus debt) | $-4.99B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $56.64B | $2.81B | $3.74B |
| FY2021 | $63.46B | $6.54B | $5.83B |
| FY2022 | $62.91B | $3.13B | $3.70B |
| FY2023 | $53.72B | $3.26B | $2.98B |
| FY2024 | $53.56B | $2.77B | $3.16B |
| FY2025 | $55.30B | $2.53B | $2.80B |
Valuation snapshot
| Market value | $25.64B |
|---|---|
| P/E ratio | 10.7 |
| Dividend yield | 4.22% |
Rank among 1514 US companies
Market value at each year end
HP’s market value went from $25.31B at the end of 2016 to $25.64B on Nov 2, 2026, up 1%; since the end of 2025 it is up 25%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $25.64B | +25.4% |
| 2025 | $20.45B | -33.2% |
| 2024 | $30.60B | +2.6% |
| 2023 | $29.82B | +10.3% |
| 2022 | $27.03B | -33.7% |
| 2021 | $40.79B | +28.6% |
| 2020 | $31.71B | +6.2% |
| 2019 | $29.86B | -6.0% |
| 2018 | $31.78B | -9.4% |
| 2017 | $35.09B | +38.7% |
| 2016 | $25.31B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HPQ price data to Nov 2, 2026 | +32.5% | +7.9% | +6.2% | +2.1% | +10.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +32.5% |
| 2025 | -28.7% |
| 2024 | +12.1% |
| 2023 | +16.1% |
| 2022 | -26.4% |
| 2021 | +57.2% |
| 2020 | +24.1% |
| 2019 | +3.9% |
| 2018 | -0.2% |
| 2017 | +45.6% |
| 2016 | +31.1% |
| 2015 | -37.4% |
| 2014 | +46.0% |
| 2013 | +101.2% |
| 2012 | -43.1% |
| 2011 | -37.9% |
| 2010 | -17.7% |
| 2009 | +43.2% |
| 2008 | -27.6% |
| 2007 | +23.4% |
| 2006 | +44.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.7% over that stretch · deepest drop along the way 51.6%, back to its old high 9.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.4% over that stretch · deepest drop along the way 43.3%, back to its old high 8.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 33.6% over that stretch · deepest drop along the way 37.8%, back to its old high 19.6 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 8 sales ($4.2M), 7 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 2, 2026 | David P. McQuarrie Chief Commercial Officer | sell (plan) | $1.0M |
| Mar 11, 2026 | Mary Anne Citrino Director | sell | $834K |
| Aug 7, 2026 | David P. McQuarrie Chief Commercial Officer | sell (plan) | $631K |
| Oct 29, 2026 | Anneliese Olson Pres Imaging Prtng & Solutions | sell (plan) | $619K |
| Aug 4, 2026 | David P. McQuarrie Chief Commercial Officer | sell (plan) | $294K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.9% | Mar 31, 2026 |
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.3% | Mar 31, 2026 |
ETFs with the most weight in HPQ
| PRNT 3D Printing ETF | 3.55% |
| KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF | 3.3% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.07% |
| SHRY First Trust Bloomberg Shareholder Yield ETF | 3% |
| BAMD Brookstone Dividend Stock ETF | 2.53% |
| VLLU Harbor AlphaEdge Large Cap Value ETF | 2.34% |
| TDV ProShares S&P Technology Dividend Aristocrats ETF | 2.2% |
| FCFY First Trust S&P 500 Diversified Free Cash Flow ETF | 2.16% |
What could go wrong
- Printing faces long-term pressure. HP says digitization, hybrid work and a shift to refillable big tank printers are reducing printing demand. Big tanks don't drive repeat sales of high-margin ink cartridges, so lifetime profit per printer may fall.
- Cheaper non-original ink and toner. Independent suppliers sell imitation, refilled and remanufactured cartridges for less, often through the same retailers that sell HP's. HP cites growing competition from these generic alternatives, which threatens repeat supplies sales.
- Tough price competition in PCs. Personal Systems, about 70% of revenue, competes with Lenovo, Dell, Apple and others. HP expects to keep adjusting prices to compete, and its overall operating margin was 5.7% in fiscal 2025.
- Keeping up with the AI shift. HP is pushing AI PCs and AI features in its printers. If it misreads demand, pricing or technology shifts, rivals could take market share. HP also flags competitive, reputational and legal risks from AI.
- Dependence on outside suppliers and factories. HP relies on outside manufacturers and component makers, some of them sole sources, plus chips from Intel, AMD and NVIDIA. It says supply chain problems have hurt its results before and could again.
- Debt and negative shareholder equity. As of July 31, 2026, HP had $9.2 billion of debt against $4.2 billion of cash and investments, and slightly negative equity. A credit rating cut could raise its borrowing costs.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Bylaws or fiscal year changed
- Quarterly results released
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released; Restructuring or exit costs; Investor presentation or announcement
For income and retirement investors
HP has raised its dividend for at least nine fiscal years in a row, through fiscal 2025. The dividend rose from $0.70 per share in fiscal 2020 to $1.16 in fiscal 2025, about 10.6% a year. In fiscal 2025, dividends used 43% of earnings and 39% of free cash flow (cash left after investing in the business). The yield was 3.7% as of October 28, 2026. HP also spent $13.6 billion buying back its own shares over fiscal 2021–2025, but only $850 million in fiscal 2025. Its share count fell 16.7% from November 2021 to August 2026.
The stock has fallen hard in downturns. It dropped about 52% in the 2008 financial crisis, 43% in the 2020 COVID crash and 38% in the 2022 bear market. After the first two, it got back to its earlier high within 10 months of the low. After 2022, it took almost 20 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does HP make money?
Most of HP's revenue comes from selling PCs. In fiscal 2025 (the year ended October 31, 2025), Personal Systems brought in $38.5 billion, about 70% of $55.3 billion in total revenue. This segment sells notebooks, desktops, workstations and related services. Printing added $16.7 billion, about 30%, from printers plus repeat sales of ink, toner and other supplies. Most sales go through resellers, retailers and distributors rather than directly to customers.
Does HP raise its dividend every year?
Yes, for at least nine fiscal years in a row through fiscal 2025, and the streak may be longer. The dividend was $1.16 per share in fiscal 2025, up from $0.70 in fiscal 2020. That is growth of about 10.6% a year. Dividends used 43% of fiscal 2025 earnings, and the yield was 3.7% as of October 28, 2026. HP says the size and timing of its dividends depend on many factors and may change.
Is HP's printing business shrinking?
HP says printing faces long-term pressure. Its annual report filed December 10, 2025, points to three causes. Work is becoming more digital and hybrid, cheaper generic cartridges compete with HP's, and customers are switching to refillable big tank printers. Big tank printers don't generate repeat cartridge sales. Printing still brought in $16.7 billion in fiscal 2025, about 30% of revenue. HP is responding by trying to win more of the big tank market and sell more subscriptions and software.
How has HP stock performed?
Its returns have swung widely. Measured by share price, HP was up 51.2% for the year to date as of October 28, 2026, after falling 28.7% in calendar 2025. Over the 10 years to that date, it gained 223% in total, about 12.4% a year. Over five years it gained 29%, about 5.2% a year. In the year to October 28, 2026, it also fell as much as 34.4% from a high.
How much debt does HP have?
HP had $9.16 billion of total debt as of July 31, 2026, against $4.17 billion of cash and investments. That left net debt of about $5 billion. Shareholders' equity was slightly negative, at minus $92 million, which means the liabilities on its books were larger than its assets. HP warns that losing its credit ratings could raise borrowing costs and limit its access to funding. Free cash flow was $2.8 billion in fiscal 2025.