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HP Reports Sixth Consecutive Quarter of Revenue Growth, But Print Revenue Continues to Decline

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HP Inc. today reported revenue and earnings for its fourth quarter and full year, with both ending on October 31, 2025.

The company also announced a new company-wide plan to reduce costs, including through AI adoption. It estimates that these actions will result in savings of approximately $1 billion by the end of fiscal 2028. It also noted that it expects to reduce its employees by approximately 4,000 to 6,000 employees, and expects to complete these actions by the end of its fiscal-year 2028.

Fourth Quarter

HP’s fourth-quarter net revenue was $14.6 billion, up 4.2 percent year-over-year (YoY), and net earnings were $0.8 billion, down 12.0 percent YoY. Fourth-quarter EPS was $0.84, down 9.7 percent YoY. 

Additionally:

  • Printing net revenue was $4.3 billion, down 4 percent YoY, with an 18.9 percent operating margin. Consumer Printing net revenue was down 9 percent and Commercial Printing net revenue was down 4 percent. Supplies net revenue was down 4 percent. Total hardware units were down 12 percent, with both Consumer and Commercial Printing units reflecting similar declines. Operating profit was $805 billion, down 7.89 percent YoY.
  • Personal Systems net revenue was $10.4 billion, up 8 percent YoY, with a 5.8 percent operating margin. Consumer PS net revenue was up 10 percent, and Commercial PS net revenue was up 7 percent. Total units were up 7 percent, with Consumer PS units up 8 percent and Commercial PS units up 7 percent. Operating profit was $507 billion, down  7.20 percent YoY.

HP CEO and President Enrique Lores noted that this was the sixth consecutive quarter of revenue growth for HP. He also noted, “Our FY25 (fiscal-year 2025) results reinforce the power of our portfolio and the strength of our team in a dynamic environment. As we accelerate innovation across AI-powered devices to drive productivity, security, and flexibility for our customers, our focus for FY26 is on disciplined execution. We are committed to driving measurable results – ensuring that our plans translate into long-term value for our shareholders.”

HP CFO Karen Parkhill said HP is mitigating recent cost challenges, and is investing in AI-enabled initiatives to accelerate product innovation, improve customer satisfaction, and boost productivity.

Full Year

For the full year, HP reported net revenue of $55.3 billion, up 3.2 percent YoY. Net earnings per share (EPS) were $2.65, down 5.7 percent YoY.

Full-year net review for HP’s Print business was 16.72 billion, down 3.7 percent YoY, and operating profit was $3.11 billion, down 4.6 percent YoY.

Full-year net review for HP’s Personal Systems business was $38.53 billion, up 6.5 percent YoY, and operating profit was 2.05 billion, down 6.4 percent YoY.

Outlook

For its fiscal-year 2026 first quarter, HP estimates EPS to be in the range of $0.58 to $0.66 

For fiscal-year 2026, HP estimates EPS to be in the range of $2.47 to $2.77.

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