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HP (HPQ) FY2019 results: revenue $58.8 billion, up 0.5% on the year

HP Inc. (HPQ) reported revenue of $58.8 billion for fiscal 2019, the year ended 31 October 2019, up 0.5% on the year before. Net income was $3.2 billion, down 40.8%, and diluted earnings per share $2.07. The figures are the company's own, from the 10-K it filed with the SEC on 12 December 2019.

Revenue
$58.8 billion
+0.5% on the year
FY2012FY2019
Operating margin
6.6%
6.6% a year earlier
FY2012FY2019
Net income
$3.2 billion
-40.8% on the year
FY2012FY2019
Diluted EPS
$2.07
-36.5% on the year
FY2012FY2019

this yearthe year beforeHover a bar for its figure.

The year in brief

Income statement (profit and loss)

$ millionFY2019FY2018FY2017On the yearLast 8 years
Revenue58,75658,47252,056+0.5%
Cost of revenue47,58647,80342,478-0.5%
Gross profit11,17010,6699,578+4.7%
Gross margin19.0%18.2%18.4%
Research and development1,4991,4041,190+6.8%
Selling, general and administrative5,3685,0994,532+5.3%
Operating income3,8773,8313,368+1.2%
Operating margin6.6%6.6%6.5%
Interest expense242312309-22.4%
Pre-tax income2,5233,0133,276-16.3%
Income tax-629-2,314750
Effective tax rate-24.9%-76.8%22.9%
Net income3,1525,3272,526-40.8%
Net margin5.4%9.1%4.9%
Diluted EPS$2.07$3.26$1.48-36.5%
$ 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

$ millionFY2019FY2018FY2017On the yearLast 8 years
Operating cash flow4,6544,5283,677+2.8%
Capital expenditure671546402+22.9%
Free cash flow3,9833,9823,275+0.0%
Free cash flow margin6.8%6.8%6.3%
Cash from investing-438-716-1,717
Cash from financing-4,845-5,643-1,251
Depreciation and amortisation744528354+40.9%
Share-based compensation297268224+10.8%
Buybacks2,4052,5571,412-5.9%
Dividends paid970899894+7.9%
Dividend per share$0.64$0.56$0.53+14.3%
Diluted shares, weighted1,524m1,634m1,702m-6.7%
Shares outstanding at period end1,458m1,560m1,650m-6.5%

Balance sheet

$ millionFY2019FY2018FY2017On the yearLast 8 years
Shareholders' equity-1,211-639-3,408
Non-controlling interest18.0n/an/a
Debt5,1375,9877,819-14.2%
Other liabilities29,52329,27428,502+0.9%
Total liabilities and equity33,46734,62232,913-3.3%
Fixed assets2,7942,1981,878+27.1%
Goodwill6,3725,9685,622+6.8%
Intangible assets6614533.0+45.9%
Investments0.07641,210
Trading assets56.07641,210-92.7%
Cash and equivalents4,5375,1666,997-12.2%
Receivables6,0315,1134,414+18.0%
Inventory5,7346,0625,786-5.4%
Other assets7,2828,1345,793-10.5%
Total assets33,46734,62232,913-3.3%

10-K for the year ended 31 October 2019, filed 12 December 2019: the filing.