HP (HPQ) FY2020 results: revenue $56.6 billion, down 3.6% on the year
HP Inc. (HPQ) reported revenue of $56.6 billion for fiscal 2020, the year ended 31 October 2020, down 3.6% on the year before. Net income was $2.8 billion, down 10.7%, and diluted earnings per share $1.98. The figures are the company's own, from the 10-K it filed with the SEC on 10 December 2020.
Revenue
$56.6 billion
-3.6% on the year
FY2013FY2020
Operating margin
6.1%
6.6% a year earlier
FY2013FY2020
Net income
$2.8 billion
-10.7% on the year
FY2013FY2020
Diluted EPS
$1.98
-4.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
56,639
58,756
58,472
-3.6%
Cost of revenue
46,202
47,586
47,803
-2.9%
Gross profit
10,437
11,170
10,669
-6.6%
Gross margin
18.4%
19.0%
18.2%
Research and development
1,478
1,499
1,404
-1.4%
Selling, general and administrative
4,906
5,368
5,099
-8.6%
Operating income
3,442
3,877
3,831
-11.2%
Operating margin
6.1%
6.6%
6.6%
Interest expense
239
242
312
-1.2%
Pre-tax income
3,211
2,523
3,013
+27.3%
Income tax
396
-629
-2,314
Effective tax rate
12.3%
-24.9%
-76.8%
Net income
2,815
3,152
5,327
-10.7%
Net margin
5.0%
5.4%
9.1%
Diluted EPS
$1.98
$2.07
$3.26
-4.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
4,316
4,654
4,528
-7.3%
Capital expenditure
580
671
546
-13.6%
Free cash flow
3,736
3,983
3,982
-6.2%
Free cash flow margin
6.6%
6.8%
6.8%
Cash from investing
-1,016
-438
-716
Cash from financing
-2,973
-4,845
-5,643
Depreciation and amortisation
789
744
528
+6.0%
Share-based compensation
278
297
268
-6.4%
Buybacks
3,107
2,405
2,557
+29.2%
Dividends paid
997
970
899
+2.8%
Dividend per share
$0.70
$0.64
$0.56
+9.4%
Diluted shares, weighted
1,420m
1,524m
1,634m
-6.8%
Shares outstanding at period end
1,304m
1,458m
1,560m
-10.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
-2,275
-1,211
-639
Non-controlling interest
47.0
18.0
n/a
+161.1%
Debt
6,261
5,137
5,987
+21.9%
Operating lease liabilities
904
n/a
n/a
Other liabilities
29,744
29,523
29,274
+0.7%
Total liabilities and equity
34,681
33,467
34,622
+3.6%
Fixed assets
2,627
2,794
2,198
-6.0%
Goodwill
6,380
6,372
5,968
+0.1%
Intangible assets
540
661
453
-18.3%
Investments
274
0.0
764
Trading assets
332
56.0
764
+492.9%
Cash and equivalents
4,864
4,537
5,166
+7.2%
Receivables
5,381
6,031
5,113
-10.8%
Inventory
5,963
5,734
6,062
+4.0%
Other assets
8,320
7,282
8,134
+14.3%
Total assets
34,681
33,467
34,622
+3.6%
10-K for the year ended 31 October 2020, filed 10 December 2020: the filing.