HP Inc
HP Inc. is a U.S.-based technology company built around two core businesses: personal computing and printing. It sells commercial and consumer PCs, workstations, printers, supplies, software, services, and subscriptions, with a growing emphasis on AI PCs, endpoint security, and subscription-based print offerings.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenuePCs, workstations, displays, hybrid systems, thin clients, POS systems, and related software/services.
Consumer and commercial printer hardware sold through direct and channel routes.
Ink and toner supplies, including original consumables tied to installed printer base.
Instant Ink, HP All-In Plan, managed print services, and support offerings.
Business incubation projects and digital enablement investments not core to operating segments.
Products
Reported · share of revenue- Products94.0 %
- Services6.0 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
HP sells mainly through channel partners, but also directly online and through enterprise account teams. Its buyers range from consumers and SMBs to large enterprises, public sector customers, and commercial print users that need hardware, supplies, support, and managed services.
Buy notebooks, desktops, printers, and ink/toner through retail and online channels for home use.
Buy PCs, printers, supplies, and subscription services through resellers and retailers for office productivity.
Buy fleet PCs, workstations, endpoint security, and managed print solutions through account teams and integrators.
Buys standardized devices, printing solutions, and support through commercial channels and integrators.
Resellers, distributors, and retailers that move HP inventory and often bundle services or accessories.
Strategy
HP is focused on profitable growth in Personal Systems through AI PCs, portfolio simplification, and more targeted market segmentation. In Printing, it is pushing intelligent print experiences and recurring revenue through Instant Ink, HP All-In Plan, and managed print services while also reducing cost and complexity across the business.
HP wants to use local AI processing to differentiate devices and support productivity use cases.
Recurring services can stabilize revenue and deepen customer relationships versus one-time hardware sales.
A simpler product set and lower structural cost help offset pricing pressure and cyclical demand.
Geography
Q2/2026HP operates in more than 170 countries, with revenue still weighted toward international markets. In fiscal 2025, U.S. net revenue was $19.2 billion and outside the U.S. was $36.1 billion, showing that foreign exchange and regional channel conditions are material to results.
Share of the revenue the company reports by geography.
Risks
HP faces intense competition in both PCs and printing, where pricing pressure, short product cycles, and rapid product refreshes can compress margins. Its channel-heavy model also creates inventory, grey-market, and pricing discipline risks, while supply chain disruptions, component inflation, and foreign exchange can quickly affect results.
- Competitive pricing pressureImpact: HighLikelihood: High
HP competes on price, innovation, and distribution in markets with short product cycles and many rivals.
Exposure: PCs and printing hardware
- Supply chain and component cost inflationImpact: HighLikelihood: High
Memory, storage, labor, and logistics costs can rise faster than HP can pass through to customers.
Exposure: Personal Systems and contract manufacturing
- Channel inventory and unauthorized resaleImpact: MediumLikelihood: High
Indirect distribution can obscure end demand and create pricing leakage through grey-market activity.
Exposure: Global reseller and distributor network
- Foreign exchange volatilityImpact: MediumLikelihood: High
A majority of revenue comes from outside the U.S., so currency moves affect reported revenue and margins.
Exposure: International operations
Accounting
Judgemental itemsRebates, promotions, and distributor programs require estimates that directly reduce net revenue.
Impact: Affects reported revenue and gross margin
Indirect distribution can shift revenue between periods depending on sell-in and sell-through.
Impact: Affects quarterly comparability and forecast accuracy
Future Ready and headcount reductions create estimates around charges and savings realization.
Impact: Affects operating expense trend and margin progression
International revenue is a majority of sales, so FX changes materially affect reported results.
Impact: Affects revenue growth and gross margin
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Last updated: 24/09/2026