HP INCHPQ
HP INC Debt Disclosure
Borrowings
Notes Payable and Short-Term Borrowings
| As of October 31 | |||||||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||||||
| Amount Outstanding | Weighted-Average Interest Rate | Amount Outstanding | Weighted-Average Interest Rate | ||||||||||||||||||||
| In millions | |||||||||||||||||||||||
| Current portion of long-term debt | $ | 788 | 3.2 | % | $ | 1,358 | 5.0 | % | |||||||||||||||
Notes payable to banks and other | 57 | — | % | 48 | — | % | |||||||||||||||||
Total notes payable and short-term borrowings | $ | 845 | $ | 1,406 | |||||||||||||||||||
Long-Term Debt
| As of October 31 | ||||||||||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||||||||||
| In millions | ||||||||||||||||||||||||||||||||
U.S. Dollar Global Notes(1) | Maturity Date | Issue Price | Stated Interest Rate | |||||||||||||||||||||||||||||
$1,150 issued June 2020 | June 2025 | 99.769 | % | 2.20 | % | $ | — | $ | 1,150 | |||||||||||||||||||||||
$1,000 issued June 2021 | June 2026 | 99.808 | % | 1.45 | % | 522 | 521 | |||||||||||||||||||||||||
$1,000 issued June 2020 | June 2027 | 99.718 | % | 3.00 | % | 999 | 999 | |||||||||||||||||||||||||
$900 issued June 2022 | January 2028 | 99.841 | % | 4.75 | % | 899 | 899 | |||||||||||||||||||||||||
$1,000 issued March 2022 | April 2029 | 99.767 | % | 4.00 | % | 999 | 999 | |||||||||||||||||||||||||
$500 issued April 2025 | April 2030 | 99.732 | % | 5.40 | % | 499 | — | |||||||||||||||||||||||||
$850 issued June 2020 | June 2030 | 99.790 | % | 3.40 | % | 503 | 503 | |||||||||||||||||||||||||
$1,000 issued June 2021 | June 2031 | 99.573 | % | 2.65 | % | 998 | 997 | |||||||||||||||||||||||||
$1,000 issued March 2022 | April 2032 | 99.966 | % | 4.20 | % | 676 | 676 | |||||||||||||||||||||||||
$1,100 issued June 2022 | January 2033 | 99.725 | % | 5.50 | % | 1,098 | 1,098 | |||||||||||||||||||||||||
$500 issued April 2025 | April 2035 | 99.778 | % | 6.10 | % | 499 | — | |||||||||||||||||||||||||
$1,200 issued September 2011 | September 2041 | 99.863 | % | 6.00 | % | 1,199 | 1,199 | |||||||||||||||||||||||||
$500 issued August 2022(2) | March 2029 | 100.000 | % | 4.75 | % | — | 3 | |||||||||||||||||||||||||
| 8,891 | 9,044 | |||||||||||||||||||||||||||||||
Other borrowings at 1.47%-7.07%, due in fiscal years 2026-2032 | 765 | 645 | ||||||||||||||||||||||||||||||
| Fair value adjustment related to hedged debt | (1) | (21) | ||||||||||||||||||||||||||||||
| Unamortized debt issuance cost | (46) | (47) | ||||||||||||||||||||||||||||||
| Current portion of long-term debt | (788) | (1,358) | ||||||||||||||||||||||||||||||
| Total long-term debt | $ | 8,821 | $ | 8,263 | ||||||||||||||||||||||||||||
(1)HP may redeem some or all of the fixed-rate U.S. Dollar Global Notes at any time in accordance with the terms thereof. The U.S. Dollar Global Notes are senior unsecured debt.
(2)During the quarter ended October 31, 2025, HP redeemed and settled $3.4 million of the pending March 2029 Notes related to the August 2022 Poly acquisition.
In April 2025, HP completed its offering of $1.0 billion aggregate principal amount of senior unsecured notes, consisting of $500 million of 5.40% notes due April 2030 and $500 million of 6.10% notes due April 2035. HP incurred issuance costs of $9 million. HP is required to pay interest semi-annually on each series of the notes on April 25 and October 25, beginning October 25, 2025. In April 2025, a series of forward starting swaps and a treasury rate lock totaling $825 million notional amount were settled to mitigate the treasury rates volatility associated with this debt issuance. HP used the net proceeds from the offering of the notes for general corporate purposes, including, together with cash on hand, the repayment of the Global Notes due June 2025 upon maturity.
As disclosed in Note 10, “Financial Instruments”, HP uses interest rate swaps to mitigate some of the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates. Interest rates shown in the table of long-term debt have not been adjusted to reflect the impact of any interest rate swaps.
As of October 31, 2025, aggregate future maturities of debt at face value (excluding unamortized debt issuance cost of $46 million, discounts on debt issuance of $10 million and fair value adjustment related to hedged debt of $1 million), including other borrowings were as follows:
| Fiscal year | In millions | ||||
| 2026 | $ | 847 | |||
| 2027 | 1,227 | ||||
| 2028 | 1,060 | ||||
| 2029 | 1,084 | ||||
| 2030 | 1,027 | ||||
| Thereafter | 4,478 | ||||
| Total | $ | 9,723 | |||
Commercial Paper
As of October 31, 2025, HP maintained a U.S. commercial paper program for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $6.0 billion. The principal amount outstanding under this program and certain short-term borrowings at any time cannot exceed a $6.0 billion authorization by HP’s Board of Directors. As of October 31, 2025 and October 31, 2024, no commercial paper was outstanding under the program.
Credit Facility
As of October 31, 2024 and 2025, HP maintained a $5.0 billion 5-year sustainability-linked senior unsecured committed revolving credit facility, which HP entered into on August 1, 2024. Commitments under the revolving credit facility will be available until August 1, 2029. Commitment fees, interest rates and other terms of borrowing under the revolving credit facility vary based on HP’s external credit ratings and certain sustainability metrics. Funds borrowed under the revolving credit facility may be used for general corporate purposes. In March 2024, the $1.0 billion senior unsecured committed 364-day revolving credit facility matured in accordance with its terms. Additionally, commitments under the previous $5.0 billion sustainability-linked senior unsecured committed revolving credit facility were terminated concurrently with the execution of the revolving credit facility on August 1, 2024.
As of October 31, 2025, HP was in compliance with the covenants in the credit agreement governing the revolving credit facility.
Available Borrowing Resources
As of October 31, 2025, HP had available borrowing resources of $1.1 billion from uncommitted lines of credit in addition to funds available under the revolving credit facility.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 10, 2025 | Showing above |
| 2024 | Dec 13, 2024 | |
| 2023 | Dec 18, 2023 | |
| 2022 | Dec 6, 2022 | |
| 2016 | Dec 15, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.