HP (HPQ) FY2014 results: revenue $56.7 billion, up 2.5% on the year
HP Inc. (HPQ) reported revenue of $56.7 billion for fiscal 2014, the year ended 31 October 2014, up 2.5% on the year before. Net income was $5.0 billion, down 2.0%, and diluted earnings per share $2.62. The figures are the company's own, from the 10-K it filed with the SEC on 18 December 2014.
Revenue
$56.7 billion
+2.5% on the year
FY2007FY2014
Operating margin
7.5%
6.4% a year earlier
FY2007FY2014
Net income
$5.0 billion
-2.0% on the year
FY2007FY2014
Diluted EPS
$2.62
0.0% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
56,651
55,273
120,357
+2.5%
Cost of revenue
45,431
44,754
92,068
+1.5%
Gross profit
11,220
10,519
28,289
+6.7%
Gross margin
19.8%
19.0%
23.5%
Research and development
1,298
1,209
3,399
+7.4%
Selling, general and administrative
5,361
5,428
13,500
-1.2%
Operating income
4,256
3,516
-11,057
+21.0%
Operating margin
7.5%
6.4%
-9.2%
Interest expense
621
738
831
-15.9%
Pre-tax income
3,863
3,055
-11,933
+26.4%
Income tax
939
595
717
+57.8%
Effective tax rate
24.3%
19.5%
n/a
Net income
5,013
5,113
-12,650
-2.0%
Net margin
8.8%
9.3%
-10.5%
Diluted EPS
$2.62
$2.62
-$6.41
0.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
12,333
11,608
10,571
+6.2%
Capital expenditure
3,853
3,199
3,706
+20.4%
Free cash flow
8,480
8,409
6,865
+0.8%
Free cash flow margin
15.0%
15.2%
5.7%
Cash from investing
-2,792
-2,803
n/a
Cash from financing
-6,571
-7,943
n/a
Depreciation and amortisation
4,334
4,611
5,095
-6.0%
Share-based compensation
560
500
635
+12.0%
Buybacks
2,728
1,532
1,619
+78.1%
Dividends paid
1,184
1,105
1,015
+7.1%
Dividend per share
$0.61
$0.55
$0.50
+10.9%
Diluted shares, weighted
1,912m
1,950m
1,974m
-1.9%
Shares outstanding at period end
1,839m
1,908m
1,963m
-3.6%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
26,731
27,269
22,436
-2.0%
Non-controlling interest
396
387
397
+2.3%
Debt
19,525
22,587
28,436
-13.6%
Other liabilities
56,554
55,433
57,499
+2.0%
Total liabilities and equity
103,206
105,676
108,768
-2.3%
Fixed assets
2,797
11,463
11,954
-75.6%
Goodwill
5,691
5,691
31,069
0.0%
Intangible assets
2,128
3,169
4,515
-32.8%
Securities held for sale or to maturity
568
459
838
+23.7%
Cash and equivalents
15,133
12,163
11,301
+24.4%
Receivables
5,345
15,876
16,407
-66.3%
Inventory
4,531
6,046
6,317
-25.1%
Other assets
67,013
50,809
26,367
+31.9%
Total assets
103,206
105,676
108,768
-2.3%
10-K for the year ended 31 October 2014, filed 18 December 2014: the filing.