HP INCHPQ
HP INC Segments Disclosure
Segment Information
HP’s operations are organized into three reportable segments: Personal Systems, Printing, and Corporate Investments. The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”). HP’s organizational structure is based on many factors that the CODM uses to evaluate, view and run the business operations, which include, but are not limited to, customer base and homogeneity of products and technology. The segments are based on this organizational structure and information reviewed by HP’s CODM to evaluate segment results. The CODM uses earnings from operations to evaluate the performance of the overall business and to allocate resources to each of the segments, primarily through budgeting and segment performance reviews.
The accounting policies HP uses to derive segment results are substantially the same as those used by HP in preparing these financial statements. HP derives the results of the business segments directly from its internal management reporting system.
HP does not allocate certain operating expenses, which it manages at the corporate level, to its segments. These unallocated amounts include expenses such as certain corporate governance costs and infrastructure investments, stock-based compensation expense, restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets and certain litigation (charges) benefits, net.
Significant Segment Expenses and Operating Results
| For the fiscal years ended October 31 | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| In millions | |||||||||||||||||
Net revenue | |||||||||||||||||
| Commercial PS | $ | 27,438 | $ | 25,486 | $ | 24,712 | |||||||||||
Consumer PS | 11,094 | 10,709 | 10,972 | ||||||||||||||
| Personal Systems | 38,532 | 36,195 | 35,684 | ||||||||||||||
| Supplies | 10,916 | 11,295 | 11,452 | ||||||||||||||
| Commercial Printing | 4,633 | 4,841 | 5,250 | ||||||||||||||
| Consumer Printing | 1,153 | 1,202 | 1,327 | ||||||||||||||
| Printing | 16,702 | 17,338 | 18,029 | ||||||||||||||
| Corporate Investments | 62 | 25 | 7 | ||||||||||||||
| Total segment net revenue | 55,296 | 53,558 | 53,720 | ||||||||||||||
| Other | (1) | 1 | (2) | ||||||||||||||
| Total net revenue | $ | 55,295 | $ | 53,559 | $ | 53,718 | |||||||||||
Cost of net revenue | |||||||||||||||||
Personal Systems | $ | 32,877 | $ | 30,385 | $ | 30,267 | |||||||||||
Printing | 10,871 | 11,233 | 11,847 | ||||||||||||||
Corporate Investments | 58 | 48 | 10 | ||||||||||||||
Total segment cost of net revenue | $ | 43,806 | $ | 41,666 | $ | 42,124 | |||||||||||
Operating expenses | |||||||||||||||||
Personal Systems | $ | 3,601 | $ | 3,557 | $ | 3,288 | |||||||||||
Printing | 2,713 | 2,815 | 2,783 | ||||||||||||||
Corporate Investments | 134 | 109 | 139 | ||||||||||||||
Total segment operating expenses | $ | 6,448 | $ | 6,481 | $ | 6,210 | |||||||||||
Earnings before taxes | |||||||||||||||||
| Personal Systems | $ | 2,054 | $ | 2,253 | $ | 2,129 | |||||||||||
| Printing | 3,118 | 3,290 | 3,399 | ||||||||||||||
| Corporate Investments | (130) | (132) | (142) | ||||||||||||||
| Total segment earnings from operations | 5,042 | 5,411 | 5,386 | ||||||||||||||
| Corporate and unallocated costs and other | (411) | (381) | (375) | ||||||||||||||
| Stock-based compensation expense | (522) | (452) | (438) | ||||||||||||||
| Restructuring and other charges | (405) | (301) | (527) | ||||||||||||||
| Acquisition and divestiture charges | (45) | (83) | (240) | ||||||||||||||
| Amortization of intangible assets | (345) | (318) | (350) | ||||||||||||||
| Certain litigation charges | (140) | (58) | — | ||||||||||||||
Interest and other, net(1) | (506) | (539) | (519) | ||||||||||||||
| Total earnings before taxes | $ | 2,668 | $ | 3,279 | $ | 2,937 | |||||||||||
(1) Fiscal year 2025 includes Certain litigation benefits from a single litigation matter that does not relate to HP's ongoing business operations
Segment Assets
HP allocates assets to its business segments based on the segments primarily benefiting from the assets. Total assets by segment and the reconciliation of segment assets to HP consolidated assets were as follows:
| As of October 31 | |||||||||||
| 2025 | 2024 | ||||||||||
| In millions | |||||||||||
| Personal Systems | $ | 24,928 | $ | 22,378 | |||||||
| Printing | 14,632 | 16,457 | |||||||||
| Corporate Investments | 279 | 181 | |||||||||
| Corporate and unallocated assets | 1,930 | 893 | |||||||||
| Total assets | $ | 41,769 | $ | 39,909 | |||||||
Major Customers
One customer, TD Synnex Corp, accounted for 12% of HP’s net revenue for fiscal year 2025. No single customer represented 10% or more of HP’s net revenue in fiscal year 2024 or 2023.
Geographic Information
Net revenue by country is based upon the sales location that predominately represents the customer location. Other than the United States, no country represented more than 10% of HP net revenue in any fiscal year presented.
Net revenue by country was as follows:
| For the fiscal years ended October 31 | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| In millions | |||||||||||||||||
| United States | $ | 19,212 | $ | 18,790 | $ | 18,829 | |||||||||||
| Other countries | 36,083 | 34,769 | 34,889 | ||||||||||||||
| Total net revenue | $ | 55,295 | $ | 53,559 | $ | 53,718 | |||||||||||
Net property, plant and equipment by country in which HP operates was as follows:
| As of October 31 | |||||||||||
| 2025 | 2024 | ||||||||||
| In millions | |||||||||||
| United States | $ | 1,647 | $ | 1,471 | |||||||
| Singapore | 338 | 335 | |||||||||
| South Korea | 276 | 297 | |||||||||
| Other countries | 788 | 811 | |||||||||
| Total property, plant and equipment, net | $ | 3,049 | $ | 2,914 | |||||||
No single country other than those represented above exceeded 10% or more of HP’s total net property, plant and equipment in any fiscal year presented.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Dec 10, 2025 | Showing above |
| 2024 | Dec 13, 2024 | |
| 2023 | Dec 18, 2023 | |
| 2022 | Dec 6, 2022 | |
| 2021 | Dec 9, 2021 | |
| 2020 | Dec 10, 2020 | |
| 2019 | Dec 12, 2019 | |
| 2018 | Dec 13, 2018 | |
| 2016 | Dec 15, 2016 | |
| 2015 | Dec 16, 2015 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.