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HP (HPQ) investor relations material

HP Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Nov, 2025

Executive summary

  • Q4 FY25 net revenue reached $14.6B, up 4% year-over-year, with non-GAAP diluted EPS of $0.93 and GAAP diluted EPS of $0.84, both within guidance.

  • FY25 net revenue totaled $55.3B, up 3.2% year-over-year, with non-GAAP diluted EPS of $3.12 and GAAP diluted EPS of $2.65.

  • Achieved sixth consecutive quarter of revenue growth, driven by personal systems and key growth areas.

  • Returned $1.9B to shareholders in FY25 via dividends and share repurchases; increased quarterly dividend to $0.30 per share.

  • Announced a company-wide AI initiative targeting $1B in gross run rate cost savings by FY28, with $650M in restructuring and other charges and expected workforce reductions of 4,000–6,000.

Financial highlights

  • Q4 FY25 non-GAAP operating profit was $1.17B (8.0% of revenue); FY25 non-GAAP operating profit was $4.1B (7.4% of revenue).

  • Q4 FY25 gross margin was 20.2%; FY25 gross margin was 20.6%.

  • Free cash flow for FY25 was $2.9B; Q4 free cash flow at $1.5B.

  • Q4 FY25 non-GAAP net earnings were $877M; FY25 non-GAAP net earnings were $2.97B.

  • Non-GAAP EPS for Q4 was $0.93, a 24% sequential increase and above guidance midpoint.

Outlook and guidance

  • FY26 non-GAAP EPS expected in the range of $2.90–$3.20; GAAP EPS $2.47–$2.77.

  • Q1 FY26 non-GAAP EPS guidance: $0.73–$0.81; GAAP EPS: $0.58–$0.66.

  • FY26 free cash flow expected between $2.8–$3.0B.

  • Anticipates stronger revenue in the second half of FY26 due to seasonality and pricing actions.

  • $0.30 EPS headwind from memory cost increases expected, mostly in the second half of FY26.

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Frequently asked questions

Computers & Printers

Hewlett-Packard, universally known as HP, is an iconic name in the global tech landscape. HP is an American company and was founded in a Palo Alto garage in 1939 by Stanford graduates, Bill Hewlett and Dave Packard. HP's expansive portfolio encompasses computing, printing, and digital technology, with a consistent emphasis on mixing technological innovation with user-centric design. As a testament to its pioneering spirit, the brand remains at the forefront of technological evolution, consistently reshaping the way individuals and businesses interact with the digital world.

Born in a Garage

HP's origin traces back to 1939 when Stanford University graduates, Bill Hewlett, and Dave Packard, initiated a venture from a garage with a mere investment of just a couple of hundred dollars. They called the company Hewlett-Packard (HP for short), and their first noteworthy product was an audio oscillator, with Walt Disney Studios being one of their initial clients, acquiring multiple oscillators for the movie "Fantasia". Over the years, HP expanded its product line and reach, continually establishing itself as a reputable name in the electronic and tech spheres. In 2015, Hewlett-Packard was renamed to HP Inc. In conjunction with this, the company spun off its enterprise business as well as renamed it Hewlett Packard Enterprise.

Computer Experts

HP's offerings of computers are segmented into different categories to serve various market segments. For personal users, the HP Pavilion and HP Envy lines bring together modern design and robust performance, ideal for everyday tasks. For professionals demanding high-performance systems, the HP ZBook and HP EliteBook series offers powerful computing solutions, often fortified with enhanced security features. Gaming enthusiasts are catered to by the HP Omen line, which is packed with high-end specs for an immersive experience. Moreover, their HP Chromebooks provide lightweight, cloud-based computing, suitable for students and consumers with a lower budget. The HP of today is a major player in the computer manufacturing industry and competes with companies such as Microsoft, Dell, Apple, and several other large manufacturers.

Not Just Computers

Parallel to their work in computer manufacturing, HP has maintained a significant presence in the world of printing. The introduction of the HP LaserJet series in the 1980s introduced a new dimension of efficiency and quality to both office and home printing. Over time, the company diversified its printer portfolio, introducing products like the DeskJet series for home users and multifunctional printers that combined scanning, copying, and faxing capabilities. Even if computers remain the main focus for HP, their printers are still an important part of their business operations.

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