HP (HPQ) FY2025 results: revenue $55.3 billion, up 3.2% on the year

HP makes personal computers and printers and sells the supplies, services and subscriptions around them. It operates in more than 170 countries, covering personal computing, printing, 3D printing, hybrid work and gaming. Its financial year ends on 31 October. There are three reportable segments: Personal Systems, Printing and Corporate Investments.

Personal Systems

Desktops, notebooks and workstations including the AI PC range, thin clients, retail point-of-sale systems, displays, hybrid systems, software, endpoint security and services, with lifecycle services covering support, deployment, configuration and extended warranty. The company runs a multi-operating system and multi-architecture strategy, mainly on Microsoft Windows and Google Chrome, using processors from Intel and AMD with integrated AI acceleration and NVIDIA graphics processors for heavier workloads. The segment splits into Commercial, which sells the Pro and Elite PC ranges, the Z line of workstations, thin clients, retail point-of-sale systems and the Dragonfly and Chromebook lines to enterprises, the public sector including education and small and medium-sized businesses, and Consumer, which sells the Omni range, the Omen and Victus gaming lines and the Spectre, Envy, Pavilion and Chromebook lines.

Printing

Consumer and commercial printer hardware, supplies, services and solutions, plus graphics and 3D printing for commercial and industrial customers. Office Printing Solutions sells office printers, supplies and services to small and medium businesses, the public sector and large enterprises, and includes hardware made for other manufacturers to sell under their own names. Home Printing Solutions covers the home, home business and micro business. Graphics Solutions sells large-format, commercial and industrial printers and presses with their supplies to print service providers and packaging converters. 3D Printing & Personalization sells additive manufacturing systems and supplies. For reporting, the segment is grouped into Commercial Printing, Consumer Printing and supplies.

Security

The company builds security into both product lines: PCs and printers with hardening at the device level, hardware-enforced endpoint security software that also runs on machines made by others, and endpoint security services. The filing describes layered resilience using containment and isolation technology and AI deep learning to find and remove malware.

How it sells

Most revenue goes through channel partners rather than direct, though the mix differs by business and geography. The partners are retailers selling to consumers and small businesses, resellers that add their own products or services for particular customer groups, distribution partners supplying resellers and retailers in some countries, and system integrators and other intermediaries that handle integration work and as-a-service arrangements. Large enterprise customers are covered by an account manager supported by product and services specialists, who drives both direct and indirect sales.

Manufacturing and competition

HP-designed products are largely made by outsourced manufacturers around the world, with finished products also assembled in-house from components bought from a wide range of vendors. Demand is met either by building to order, which keeps volumes high on basic configurations, or by configuring to order, which matches a customer's hardware and software requirements. Most components have alternative sources, but some are bought from a single or limited source where the company judges that advantageous. In personal computers it names Acer, Apple, ASUSTeK, Dell, Huawei, Lenovo, Logitech, Microsoft, Samsung and Toshiba as its primary competitors, plus local and white box makers in some geographies. In printing it names Brother, Canon, Pantum, Seiko Epson, Ricoh and Xerox, along with independent suppliers of non-original supplies, including imitation, refill and remanufactured alternatives, which are often cheaper and often sold alongside HP's own products by the same resellers. Corporate Investments holds business incubation projects and investments in digital enablement. The company employs approximately 55,000 people worldwide.

From HP's annual report on Form 10-K for the year ended 31 October 2025. The filing

Written from the 10-K filed 10 December 2025: read the full 10-K.