HP (HPQ) FY2024 results: revenue $53.6 billion, down 0.3% on the year

HP Inc. (HPQ) reported revenue of $53.6 billion for fiscal 2024, the year ended 31 October 2024, down 0.3% on the year before. Net income was $2.8 billion, down 15.0%, and diluted earnings per share $2.81. The figures are the company's own, from the 10-K it filed with the SEC on 13 December 2024.

Revenue

$53.6 billion

-0.3% on the year

FY2017FY2024

Operating margin

7.1%

6.4% a year earlier

FY2017FY2024

Net income

$2.8 billion

-15.0% on the year

FY2017FY2024

Diluted EPS

$2.81

-13.8% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	53,559	53,718	62,983	-0.3%
Cost of revenue	41,741	42,210	50,648	-1.1%
Gross profit	11,818	11,508	12,263	+2.7%
Gross margin	22.1%	21.4%	19.5%
Research and development	1,640	1,578	1,653	+3.9%
Selling, general and administrative	5,658	5,357	5,264	+5.6%
Operating income	3,818	3,456	4,559	+10.5%
Operating margin	7.1%	6.4%	7.2%
Interest expense	452	548	359	-17.5%
Pre-tax income	3,279	2,937	4,324	+11.6%
Income tax	504	-326	1,192
Effective tax rate	15.4%	-11.1%	27.6%
Net income	2,775	3,263	3,132	-15.0%
Net margin	5.2%	6.1%	5.0%
Diluted EPS	$2.81	$3.26	$2.98	-13.8%

$ million except per share.

Free 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	3,749	3,571	4,463	+5.0%
Capital expenditure	592	593	765	-0.2%
Free cash flow	3,157	2,978	3,698	+6.0%
Free cash flow margin	5.9%	5.5%	5.9%
Cash from investing	-646	-590	-3,549
Cash from financing	-3,082	-2,894	-2,068
Depreciation and amortisation	830	850	780	-2.4%
Share-based compensation	452	438	343	+3.2%
Buybacks	2,100	100	4,297	+2,000.0%
Dividends paid	1,075	1,037	1,037	+3.7%
Dividend per share	$1.10	$1.05	$1.00	+4.8%
Diluted shares, weighted	989m	1,000m	1,050m	-1.1%
Shares outstanding at period end	939m	989m	980m	-5.1%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	-1,323	-1,069	-3,025
Debt	9,748	9,612	11,190	+1.4%
Operating lease liabilities	787	825	875	-4.6%
Other liabilities	30,697	27,636	29,454	+11.1%
Total liabilities and equity	39,909	37,004	38,494	+7.9%
Fixed assets	2,914	2,827	2,774	+3.1%
Goodwill	8,627	8,591	8,541	+0.4%
Intangible assets	1,319	1,593	1,933	-17.2%
Cash and equivalents	3,238	3,107	3,145	+4.2%
Receivables	5,117	4,237	4,546	+20.8%
Inventory	7,720	6,862	7,614	+12.5%
Other assets	10,974	9,787	9,941	+12.1%
Total assets	39,909	37,004	38,494	+7.9%

10-K for the year ended 31 October 2024, filed 13 December 2024: the filing.