HP Inc. (HPQ) Income Statement
HPQ FY2025 at a glance
Fiscal year ended October 31, 2025 · U.S. dollarsHPQ revenue and net income
Where HPQ's revenue goes
FY2025Each bar shows an amount and its share of revenue. HPQ kept 4.6% of revenue as net income.
HPQ profit margins
HPQ growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.2% | −4.2% | −0.5% | +0.7% |
| Gross profit | −6.5% | −3.4% | +1.2% | +1.1% |
| Operating income | −5.1% | −7.4% | +1.0% | −0.8% |
| Net income | −8.9% | −6.9% | −2.1% | −5.7% |
| EPS (diluted) | −7.7% | −8.4% | +6.6% | −1.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HPQ quarterly EPS vs estimates
HP beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: November 24, 2026 (estimate $0.75).
HPQ income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $55.30B | $53.56B | $53.72B | $62.91B | $63.46B | $56.64B | $58.76B | $58.47B | $52.06B | $48.24B |
| Cost of revenue | $44.25B | $41.74B | $42.21B | $50.65B | $50.05B | $46.22B | $47.59B | $47.80B | $42.48B | $39.24B |
| Gross profit | $11.05B | $11.82B | $11.51B | $12.26B | $13.41B | $10.42B | $11.17B | $10.67B | $9.58B | $9.00B |
| Research & development | $1.60B | $1.64B | $1.58B | $1.65B | $1.85B | $1.48B | $1.50B | $1.40B | $1.19B | $1.21B |
| Sales, general & admin | $5.82B | $5.66B | $5.26B | $5.26B | $5.70B | $5.12B | $5.37B | $4.86B | $4.38B | $3.84B |
| Total operating expenses | $7.42B | $8.00B | $8.05B | $7.70B | $8.05B | $6.98B | $7.29B | $6.84B | $6.21B | $5.45B |
| Operating income | $3.62B | $3.82B | $3.46B | $4.56B | $5.36B | $3.44B | $3.88B | $3.83B | $3.37B | $3.55B |
| Interest income | $506.0M | $452.0M | $548.0M | $235.0M | $2.21B | $231.0M | $347.0M | $286.0M | $338.0M | $313.0M |
| Interest expense | $506.0M | $607.0M | $684.0M | $359.0M | $254.0M | $239.0M | $242.0M | $312.0M | $309.0M | $273.0M |
| Income before taxes | $2.67B | $3.28B | $2.94B | $4.32B | $7.57B | $3.21B | $2.52B | $3.01B | $3.28B | $3.76B |
| Income taxes | $139.0M | $504.0M | −$326.0M | $1.19B | $1.03B | $396.0M | −$629.0M | −$2.31B | $750.0M | $1.09B |
| Net income | $2.53B | $2.77B | $3.26B | $3.13B | $6.54B | $2.81B | $3.15B | $5.33B | $2.53B | $2.50B |
| EBITDA | $4.09B | $4.72B | $4.47B | $5.46B | $8.61B | $4.24B | $3.51B | $3.85B | $3.94B | $4.37B |
| EPS (diluted) | $3.13 | $3.39 | $3.31 | $4.07 | $3.79 | $2.27 | $2.23 | $2.02 | $1.65 | $1.61 |
| Gross margin | 20.0% | 22.1% | 21.4% | 19.5% | 21.1% | 18.4% | 19.0% | 18.2% | 18.4% | 18.7% |
| Operating margin | 6.6% | 7.1% | 6.4% | 7.2% | 8.4% | 6.1% | 6.6% | 6.6% | 6.5% | 7.4% |
| Net margin | 4.6% | 5.2% | 6.1% | 5.0% | 10.3% | 5.0% | 5.4% | 9.1% | 4.9% | 5.2% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.68B | $14.41B | $14.44B | $14.64B | $13.93B | $13.22B | $13.50B | $14.05B | $13.52B | $12.80B | $13.19B | $13.82B |
| Cost of revenue | $12.73B | $11.39B | $11.60B | $11.68B | $11.08B | $10.48B | $10.66B | $11.05B | $10.61B | $9.78B | $10.30B | $10.83B |
| Gross profit | $2.94B | $3.02B | $2.83B | $2.90B | $2.85B | $2.74B | $2.84B | $3.00B | $2.91B | $3.02B | $2.89B | $2.98B |
| Research & development | $389.0M | $432.0M | $392.0M | $398.0M | $406.0M | $401.0M | $397.0M | $392.0M | $413.0M | $436.0M | $399.0M | $411.0M |
| Sales, general & admin | $1.54B | $1.51B | $1.50B | $1.43B | $1.45B | $1.48B | $1.46B | $1.41B | $1.40B | $1.46B | $1.38B | $1.33B |
| Total operating expenses | $2.05B | $2.40B | $2.08B | $1.83B | $2.13B | $2.08B | $2.00B | $2.01B | $1.97B | $2.07B | $1.95B | $1.97B |
| Operating income | $892.0M | $612.0M | $759.0M | $1.08B | $716.0M | $654.0M | $845.0M | $991.0M | $940.0M | $952.0M | $935.0M | $1.01B |
| Interest income | — | — | $99.0M | $125.0M | $111.0M | $114.0M | $104.0M | $109.0M | — | — | — | — |
| Interest expense | $112.0M | $98.0M | $88.0M | $125.0M | $143.0M | $146.0M | $141.0M | $147.0M | $149.0M | $162.0M | $156.0M | $156.0M |
| Income before taxes | $798.0M | $493.0M | $671.0M | $834.0M | $624.0M | $506.0M | $704.0M | $862.0M | $827.0M | $797.0M | $793.0M | $852.0M |
| Income taxes | $137.0M | $43.0M | $126.0M | $39.0M | −$139.0M | $100.0M | $139.0M | −$44.0M | $187.0M | $190.0M | $171.0M | −$122.0M |
| Net income | $661.0M | $450.0M | $545.0M | $795.0M | $763.0M | $406.0M | $565.0M | $906.0M | $640.0M | $607.0M | $622.0M | $974.0M |
| EBITDA | $910.0M | $710.0M | $971.0M | $1.17B | $1.07B | $857.0M | $1.12B | $1.22B | $1.18B | $1.17B | $1.15B | $1.22B |
| EPS (diluted) | $0.83 | $0.86 | $0.81 | $0.93 | $0.75 | $0.71 | $0.74 | $0.93 | $0.83 | $0.82 | $0.81 | $0.90 |
| Gross margin | 18.8% | 20.9% | 19.6% | 19.8% | 20.5% | 20.7% | 21.0% | 21.4% | 21.5% | 23.6% | 21.9% | 21.6% |
| Operating margin | 5.7% | 4.2% | 5.3% | 7.4% | 5.1% | 4.9% | 6.3% | 7.1% | 7.0% | 7.4% | 7.1% | 7.3% |
| Net margin | 4.2% | 3.1% | 3.8% | 5.4% | 5.5% | 3.1% | 4.2% | 6.4% | 4.7% | 4.7% | 4.7% | 7.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HPQ's financial statements (latest annual report filed December 10, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HPQ financial results
In fiscal year 2025 (ended October 31, 2025), HP reported revenue of $55.3 billion, up 3.2% from the year before. It had net income of $2.5 billion (down 8.9%), a net profit margin of 4.6%. Diluted earnings per share came to $3.13. Over five years revenue grew at an average rate of −0.5% a year.
See the HPQ stock overview for the latest quote and news, or the HPQ chart for price history and technical indicators.
HPQ income statement FAQ
What is HP's annual revenue?
HP reported total revenue of $55.3 billion for fiscal year 2025, which ended on October 31, 2025. That was up 3.2% from $53.6 billion the previous year.
Is HP profitable?
Yes. HP reported net income of $2.5 billion in fiscal 2025, a net profit margin of 4.6%; its operating margin was 6.6%.
What is HP's gross margin?
HP's gross margin was 20.0% in fiscal 2025: for every $100 of revenue, HP kept $20 after the direct cost of its products and services.
How much does HP spend on research and development?
HP spent $1.6 billion on research and development in fiscal 2025, 2.9% of revenue.
How fast is HP growing?
Revenue grew −0.5% a year on average over the last five fiscal years, from $56.6 billion to $55.3 billion.
What are HP's earnings per share?
HP earned $3.13 per diluted share in fiscal 2025, compared with $3.39 a year earlier.
When will HP report its next earnings?
HP is expected to report results for the quarter ending October 31, 2026 on November 24, 2026 after the market closes.
When does HP's fiscal year end?
HP's fiscal year ends in October. The latest annual report covers the year ended October 31, 2025 and was filed on December 10, 2025.