HP Inc.: In-Depth Corporate Profile, Financial Performance and Business Segments

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement (Fiscal Year Ended October 31, 2025).

Quick Facts / Company Snapshot

Metric / Attribute	Disclosed Corporate Data Point
Official Company Name	HP Inc.
Corporate Headquarters	1501 Page Mill Road, Palo Alto, California 94304
Global Operational Scope	Operations in more than 170 countries
Global Workforce Headcount	Approximately 55,000 employees worldwide (as of October 31, 2025)
Independent Chair of the Board	Chip Bergh (Independent Chair since 2017)
Interim Chief Executive Officer	Bruce Broussard (Appointed effective February 3, 2026)
Chief Financial Officer	Karen Parkhill (Appointed August 5, 2024)
Fiscal Year 2025 Net Revenue	$55.3 billion
Personal Systems Segment Revenue	$38.71 billion (70% of net revenue) (Calculated by FirmsWorld)
Printing Segment Revenue	$16.59 billion (30% of net revenue) (Calculated by FirmsWorld)
GAAP Operating Profit	$3.2 billion
Non-GAAP Operating Profit	$4.1 billion
GAAP Net Earnings (Net Income)	$2.529 billion ($2.5 billion)
Non-GAAP Net Earnings	$3.0 billion
Net Cash Provided by Operating Activities	$3.7 billion
Non-GAAP Free Cash Flow	$2.9 billion
Capital Expenditures (Net Investments in PPE & Intangibles)	$897 million
Three-Year Future Ready Cost Savings Achieved	Over $2.1 billion in gross annualized run-rate savings
Innovation & Intellectual Property Portfolio	16,000+ patents worldwide
Common Shares Outstanding	917,784,852 shares (as of December 31, 2025)

Company Overview

HP Inc. is a global technology provider that designs and delivers hardware devices, digital services, and subscription solutions designed to connect individuals and enterprises worldwide. The company operates in more than 170 countries, addressing workplace and personal productivity through personal computing, printing, 3D printing, hybrid work systems, and gaming.

The organization centers its corporate identity on shaping the “Future of Work”. Through targeted engineering and product development, HP Inc. develops integrated hardware and software ecosystems to facilitate hybrid work environments, enhance distributed enterprise collaboration, and modernize computing architecture.

• Global Footprint: HP Inc. maintains commercial and operational operations across more than 170 countries.
• Workforce Scale: The company employs approximately 55,000 professionals globally to execute its engineering, commercial, and operational programs.
• Intellectual Capital: HP Inc. holds an active intellectual property base of over 16,000 patents, supporting its proprietary hardware and software developments.

Technological evolution at the company is driven by the deployment of artificial intelligence (“AI”) across its personal computing and printing portfolios. HP Inc. manufactures high-performance AI personal computers (PCs) and workstations engineered with onboard computing power to process AI tasks locally, eliminating latency and improving security.

Beyond compute processing, the company integrates intelligent print capabilities into home, commercial office, and industrial graphics hardware. These systems utilize embedded intelligence to automate workflow management, reduce consumable waste, and maintain end-to-end device health across corporate networks.

• Hardware-Enforced Protection: Security features isolate application environments to protect both HP and non-HP devices from firmware and operating system threats.
• AI Deep-Learning Cyber Defense: Layered resiliency tools deploy deep-learning algorithms to detect, quarantine, and eliminate zero-day cyber threats in real time.
• Endpoint Ecosystems: The company pairs endpoint hardware with cloud-based management platforms, giving corporate IT leaders unified visibility across dispersed device fleets.

HP Inc. structures its executive operations and corporate governance around long-term sustainability, digital equity, and structural cost discipline. By concluding its multi-year operational transformation plans, the organization maintains liquidity to fund research, return capital to stockholders, and address regulatory shifts across global markets.

Business Segments

HP Inc. organizes its operations into three reportable segments: Personal Systems, Printing, and Corporate Investments. Each segment serves specific commercial, consumer, and industrial technology markets.

Business Segment	FY25 Net Revenue ($ Billions)	% of Total Net Revenue	Primary Operational Scope & Core Offerings
Personal Systems	$38.71 (Calculated by FirmsWorld)	70%	Desktops, notebooks, workstations, AI PCs, thin clients, retail point-of-sale systems, displays, hybrid systems, endpoint security software, and workforce services.
Printing	$16.59 (Calculated by FirmsWorld)	30%	Consumer and commercial printer hardware, printing supplies, services, solutions, graphics printing, 3D printing, and personalization solutions.
Corporate Investments	(Incubation / Digital)	(Incubation / Digital)	Early-stage business incubation projects and corporate-wide digital enablement programs.
Total HP Inc. Net Revenue	$55.3	100%	Consolidated operations across personal computing, print solutions, and incubation investments.

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

Personal Systems Segment

Personal Systems represents HP Inc.’s largest business segment, generating 70% of total company net revenue in fiscal year 2025, which corresponds to $38.71 billion (Calculated by FirmsWorld). The division focuses on client computing platforms designed for commercial enterprises, government institutions, educational organizations, and individual consumers.

The product architecture includes traditional commercial and consumer notebooks, desktop personal computers, high-performance workstations, thin clients, displays, and specialized retail point-of-sale (POS) systems. The portfolio also incorporates hybrid systems, peripheral hardware, and integrated endpoint software platforms designed for remote and distributed work environments.

• Commercial Market Standing: HP Inc. maintains the #1 market position in Commercial Windows PCs (excluding China) as of the third calendar quarter of 2025.
• AI Client Compute Acceleration: The segment introduced dedicated AI PCs and advanced compute workstations designed to support local neural network execution without persistent cloud reliance.
• Workforce Solutions Integration: Personal Systems incorporates endpoint management platforms and digital services that allow IT administrators to monitor and optimize distributed PC fleets.

Strategic momentum in Personal Systems is supported by double-digit year-over-year revenue expansion across Key Growth Areas, including Advanced Compute Solutions and Workforce Solutions. The unit achieved its projected AI PC product mix one fiscal quarter ahead of management’s internal timeline, driven by demand for local machine learning processing capabilities.

Printing Segment

The Printing segment accounted for 30% of HP Inc.’s fiscal 2025 net revenue, contributing $16.59 billion (Calculated by FirmsWorld). This operating unit provides imaging and printing hardware, proprietary consumable supplies, and end-to-end printing solutions for consumer homes, corporate offices, and industrial production environments.

The division provides consumer desktop printers, commercial LaserJet printing hardware, multi-function office units, and original ink and toner supplies. Beyond traditional office paper documentation, the segment includes commercial Graphics printing presses, industrial 3D printing machinery, and digital personalization platforms.

• Global Print Position: The company holds the #1 market position globally in Print.
• Industrial Additive Manufacturing: Printing operations encompass commercial 3D printing and digital personalization engines that convert physical manufacturing lines into agile digital fabrication cells.
• Contractual Print Models: The segment operates recurring subscription frameworks, including the consumer All-in Plan, designed to deliver ink supplies and hardware through automated replenishment models.

Operational focus within Printing centers on defending core supplies profitability while scaling contractual print models. The company encountered headwinds in printer hardware and supplies demand across several quarters of fiscal 2025, leading to targeted price actions, component cost adjustments, and supply chain realignments to stabilize operating margins.

Corporate Investments Segment

Corporate Investments encompasses strategic business incubation initiatives and enterprise-wide investments in digital enablement projects. The segment does not operate as an off-the-shelf consumer product division; instead, it functions as an internal innovation laboratory and strategic investment vehicle.

The unit identifies, funds, and incubates nascent hardware, software, and artificial intelligence capabilities before they are integrated into the core Personal Systems or Printing reporting divisions. Projects within Corporate Investments focus on digital workflows, algorithmic optimization, and enterprise software designed to improve operational productivity across HP Inc.’s broader global portfolio.

History and Evolution

HP Inc. traces its modern corporate structure to November 2015, when the historic Hewlett-Packard Company completed a separation that divided its enterprise infrastructure operations from its personal computing and printing businesses. Following this spin-off, Hewlett Packard Enterprise Company was established as an independent public entity, while HP Inc. retained the personal systems, commercial printing, and imaging operations.

Meg Whitman served as Chief Executive Officer of the predecessor enterprise from 2011 to 2015 and directed the board as Chair from 2015 to 2017. Her tenure managed the operational separation, establishing independent corporate balance sheets, dividing global intellectual property, and setting standalone financial targets for both entities.

• 2008 EDS Acquisition: HP’s 2008 acquisition of Electronic Data Systems (“EDS”) led to the freezing and eventual cessation of benefits under the EDS Pension Plan.
• 2015 Corporate Separation: HP Inc. emerged as an independent entity focusing on client computing, imaging, and 3D printing architectures.
• 2017 Governance Transition: Chip Bergh was elected independent Chair of the Board of Directors, establishing a governance model that separates the Chair and Chief Executive Officer functions.

In November 2019, Enrique J. Lores was appointed President and Chief Executive Officer of HP Inc. after a 30-year career within the company’s engineering, print, and personal systems divisions. Under his seven-year tenure as CEO, HP Inc. expanded its commercial footprint, acquired remote collaboration and peripheral assets, and initiated structural transformations to counter cyclical demand patterns.

To navigate global macroeconomic pressures, supply chain disruptions, and shifting office environments, HP Inc. initiated its three-year “Future Ready Transformation Plan” in late fiscal 2022. The plan was designed to simplify the company’s organizational structure, optimize product platforms, digitize internal workflows, and reduce gross annualized operating expenses by $1.4 billion by the close of fiscal 2025.

• Run-Rate Outperformance: The Future Ready transformation concluded at the end of fiscal 2025, generating over $2.1 billion in gross annualized run-rate savings, surpassing initial management expectations by $700 million.
• Workforce Rebalancing: The restructuring framework managed planned workforce adjustments involving between 4,000 and 6,000 corporate and manufacturing roles through the end of fiscal 2025.
• Reinvestment in Growth: Realized structural savings were redirected into strategic priorities, specifically AI personal computing architectures, Workforce Solutions software, and expanded geographic supply chains.

The company expanded its intellectual property in fiscal 2025 by completing the acquisition of Humane. The transaction integrated engineering assets into HP IQ, an artificial intelligence innovation lab designed to accelerate the deployment of intelligent devices and ambient edge computing tools across the enterprise.

In February 2026, the Board of Directors initiated an executive leadership transition. Enrique J. Lores stepped down as President, CEO, and Director effective February 2, 2026, concluding 36 years of service at the firm. Bruce Broussard, an independent Director on HP’s board since 2021 and former CEO of Humana, was appointed Interim Chief Executive Officer while the Board conducts a search for a permanent successor.

Products and Services

HP Inc. maintains an integrated portfolio of client hardware, commercial printing systems, digital infrastructure software, and managed enterprise subscriptions. The company groups its offerings into specialized categories designed to address enterprise digital transformation and consumer technology needs.

Personal Computing and Advanced Compute Solutions

The client computing catalog includes commercial notebooks, desktops, workstations, displays, and specialized point-of-sale terminals. These systems feature enterprise manageability tools, low-power system architecture, and ergonomic industrial design.

Advanced Compute Solutions provides performance engineering for industries that require heavy computational capacity, including data science, computer-aided design (CAD), digital media rendering, and software architecture. In fiscal 2025, the workstation product line achieved double-digit year-over-year revenue expansion, supported by enterprise demand for localized processing capacity.

AI PCs and Next-Generation Workstations

HP Inc. has engineered and commercialized a line of personal computers and workstations featuring dedicated neural processing capabilities. These AI PCs are built to execute generative AI algorithms and machine learning tasks locally on the physical device.

• Local Compute Power: By processing complex algorithmic models on local silicon, these machines minimize dependence on cloud data centers, lowering enterprise latency and data transfer costs.
• Hardware-Secured Isolation: Localized AI computation prevents proprietary corporate datasets from leaving the endpoint perimeter, mitigating data-leakage risks.
• Adoption Milestones: Commercial client adoption allowed HP Inc. to exceed its projected AI PC deployment targets ahead of schedule during fiscal 2025.

Printing Hardware, Consumable Supplies, and Subscriptions

The printing catalog serves consumer households, corporate enterprises, and production print environments. Products range from compact inkjet units to enterprise-scale LaserJet multi-function devices engineered for secure network environments.

The supplies division provides original ink and toner cartridges designed to work with HP printheads and micro-mechanical fluid distribution systems. To meet changing consumer purchasing patterns, HP expanded its All-in Plan subscription model, combining hardware provision, automated ink supplies delivery, and technical support into a single recurring monthly plan.

Workforce Solutions and Digital Platforms

Workforce Solutions provides software, security tools, and managed infrastructure services designed to support enterprise IT teams managing remote and hybrid personnel. In fiscal 2025, Workforce Solutions generated double-digit year-over-year revenue growth.

• Workforce Experience Platform (WXP): A central IT management interface that monitors endpoint performance, predicts device failures, and automates software deployment across distributed teams.
• Layered Endpoint Security: The company deploys hardware-enforced isolation technologies and AI-based deep-learning algorithms to detect and remove malicious firmware and software threats.
• Lifecycle Fleet Services: HP provides enterprise customers with automated provisioning, physical device recovery, and ongoing maintenance to improve employee uptime.

3D Printing and Industrial Graphics

HP Inc. manufactures commercial 3D printing equipment and digital industrial Graphics printing presses. These systems are designed to transform industrial manufacturing workflows from analog methods to digital production systems.

The 3D printing portfolio uses proprietary multi-agent fluid jetting systems to fabricate functional plastic and polymer components for commercial applications, including automotive, medical, and consumer goods manufacturing. The Graphics division manufactures industrial digital presses that deliver high-volume packaging, publishing, and personalized promotional displays.

Brand Portfolio

HP Inc. structures its commercial offerings under established corporate and acquired brand names, providing clear segmentation across personal computing, corporate imaging, peripheral collaboration, and advanced software platforms.

HP Master Brand

The primary HP brand serves as the foundation for the company’s client devices, printing hardware, and software platforms. The brand identity is associated with personal computing notebooks, corporate desktop fleets, workstation arrays, and enterprise printing solutions across consumer and commercial sectors worldwide.

HP LaserJet

The HP LaserJet brand represents the company’s commercial and enterprise laser printing systems. Engineered for business printing environments, LaserJet devices offer high-speed output, network security controls, and high-yield toner cartridges for corporate offices, healthcare institutions, and educational facilities.

Poly / Plantronics

Through its acquisition of Plantronics, Inc., HP Inc. maintains the Poly brand across its hybrid workplace and collaborative peripheral product catalog. The brand encompasses enterprise video bars, commercial conference room cameras, corporate headsets, and software systems designed to integrate with remote collaboration environments.

HP IQ

Formed in fiscal 2025 following the acquisition of the engineering and product assets of Humane, HP IQ operates as the company’s artificial intelligence innovation hub. HP IQ is responsible for creating ambient software, algorithmic interfaces, and intelligent device services that link HP personal computers, printers, and peripheral systems into an integrated enterprise workflow.

Geographical Presence

HP Inc. maintains an international commercial and operational reach, operating in more than 170 countries. Its global framework includes regional administrative headquarters, research and development facilities, customer support organizations, and an integrated manufacturing and distribution network.

• Global Administrative Center: HP Inc. maintains its worldwide corporate headquarters in Palo Alto, California, United States.
• International Distribution Footprint: The company ships computing and imaging products to retail networks, value-added resellers, and commercial corporate clients across more than 170 nations.
• Market-Specific Customization: Hardware configurations, firmware localizations, and customer support ecosystems are adapted to meet regional linguistic and regulatory requirements.

During fiscal 2025, HP Inc. executed a structural realignment of its global manufacturing footprint to manage trade barriers, tariff increases, and geopolitical uncertainties. Prior to this initiative, a significant portion of client hardware manufacturing was centralized in China.

To mitigate supply chain risks and insulate operating margins against trade disruptions, management moved manufacturing capacity into diversified international hubs. Over the course of the fiscal year, HP Inc. transferred more than 30% of its manufacturing operations from China into production facilities in Southeast Asia (including Vietnam) and Mexico.

• Manufacturing Diversification: Shifting production lines into Southeast Asia and Mexico reduced geographic concentration risk while preserving supply chain routes to North American and European markets.
• Multi-Factory Digital Controls: The company deployed digital management systems to track multi-factory output, ensuring component traceability and regulatory compliance across its manufacturing hubs.
• Commercial Agility: This revised operational footprint enabled the enterprise to adjust product pricing, manage international freight routes, and offset regulatory headwinds during the fiscal year.

Profit and Loss

HP Inc. delivered $55.3 billion in net revenue during fiscal year 2025, returning to top-line revenue expansion despite rising component costs, currency fluctuations, and unexpected trade tariffs. The business generated $3.2 billion in GAAP operating profit and $4.1 billion in non-GAAP operating profit.

GAAP net earnings for the fiscal year reached $2.529 billion, compared to $2.775 billion in fiscal 2024 and $3.263 billion in fiscal 2023. Non-GAAP net earnings for fiscal 2025 totaled $3.0 billion, demonstrating structural cost discipline achieved through operational restructuring.

Financial Metric (Profit and Loss Line Item)	FY25 Reported	FY24 Reported	FY23 Reported	FY22 Reported	FY21 Reported
Total Net Revenue ($ Billions)	$55.3	(Reflected in Trend)	(Reflected in Trend)	(Reflected in Trend)	(Reflected in Trend)
GAAP Operating Profit ($ Billions)	$3.2	(Not Separately Disclosed)	(Not Separately Disclosed)	(Not Separately Disclosed)	(Not Separately Disclosed)
Non-GAAP Operating Profit ($ Billions)	$4.1	(Not Separately Disclosed)	(Not Separately Disclosed)	(Not Separately Disclosed)	(Not Separately Disclosed)
GAAP Net Earnings / Net Income ($ Millions)	$2,529	$2,775	$3,263	$3,132	$6,541
Non-GAAP Net Earnings ($ Billions)	$3.0	(Not Separately Disclosed)	(Not Separately Disclosed)	(Not Separately Disclosed)	(Not Separately Disclosed)
PARSU Non-GAAP Diluted EPS ($)	$3.49	$3.33	$3.21	$3.91	$4.12

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

Non-GAAP operating profit of $4.1 billion excludes $0.9 billion of net pretax charges from GAAP operating profit. These excluded expenses consisted of costs associated with structural restructuring and other charges, acquisition and divestiture transactions, the amortization of acquired intangible assets, and litigation charges.

To arrive at non-GAAP net earnings of $3.0 billion, the company excluded $883 million of after-tax charges relating to restructuring plans, acquisition integration, and intangible asset amortization, while accounting for $440 million in non-operating gains related to tax adjustments and retirement-related pension credits.

Expense / Reconciliation Item (GAAP to Non-GAAP)	FY25 Amount ($ Millions)	Accounting Treatment & Business Justification
Restructuring, Acquisition, Amortization & Litigation Charges	$883 (or $0.9 Billion Pretax)	Excluded from operating profit; covers Future Ready severance, facility exits, and M&A integration.
Tax Adjustments & Non-Operating Retirement Credits	$440	Excluded net favorable adjustments related to tax settlement revisions and non-operating pension asset credits.
Net Operating Difference (GAAP to Non-GAAP Operating Profit)	$900	Net variance between reported GAAP operating profit ($3.2B) and adjusted non-GAAP profit ($4.1B).

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

For executive annual incentive plan evaluations, the HR and Compensation Committee evaluated financial performance after adjusting for unexpected tariff-related costs. Under this framework, adjusted GAAP net revenue was certified at $55.0 billion against a target of $55.4 billion, adjusted non-GAAP operating profit was certified at $4.8 billion against a $5.1 billion target, and adjusted non-GAAP free cash flow was certified at $3.3 billion against a $3.4 billion target.

Balance Sheet

HP Inc. manages its balance sheet and corporate capital structure to support core commercial operations, service debt maturities, fund selective business acquisitions, and return surplus capital to stockholders. The organization operates under a board-approved leverage policy that benchmarks debt issuance against operating earnings.

• Capital Allocation Leverage Guardrail: HP Inc. maintains a formal policy threshold requiring a Gross Debt to EBITDA ratio of 2.0X or lower to support returning 100% of free cash flow to stockholders over time.
• Authorized Equity Base: The company reported 917,784,852 shares of common stock outstanding as of December 31, 2025.
• Weighted Share Count: For the fiscal year ended October 31, 2025, HP Inc.’s weighted average number of common shares outstanding totaled 945,598,019 shares.

Balance Sheet & Capital Structure Indicator	Disclosed Value / Threshold	Financial Context & Policy Application
Maximum Target Leverage Ratio (Gross Debt to EBITDA)	2.0X	Above this ratio, management curtails share repurchases to protect the balance sheet.
Total Common Shares Outstanding (as of Dec 31, 2025)	917,784,852	Issued and active equity shares held by institutional and public stockholders.
Weighted Average Common Shares (FY25 Fiscal Year)	945,598,019	Base share denominator utilized for annual incentive and burn rate calculations.
Five-Year Cumulative Share Repurchases	$14 billion	Total cash deployed over five fiscal years to retire common stock and offset equity dilution.
Five-Year Cumulative Cash Dividend Returns	$5 billion	Total direct cash distributions paid to stockholders across the trailing five fiscal years.

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

Equity capital changes are managed through share repurchases, which are designed to offset dilution caused by stock-based incentive awards granted to employees. Over the trailing five fiscal years, the company retired $14 billion worth of shares, exceeding the dilutive impact of employee equity compensation.

Cash Flow

HP Inc. generated $3.7 billion in net cash provided by operating activities during fiscal year 2025. The company delivered $2.9 billion in non-GAAP free cash flow after accounting for capital expenditures, equipment investments, and integrated customer financing programs.

Cash flows are allocated using a defined framework: returning approximately 100% of free cash flow to stockholders over time through dividends and share buybacks, provided the Gross Debt to EBITDA ratio remains below 2.0X and higher-return investment opportunities are not compromised.

Cash Flow Metric (FY25 Reporting Period)	FY25 Amount ($ Millions)	Cash Flow Definition & Operational Function
Net Cash Provided by Operating Activities	$3,700	Total cash generated by core commercial client computing, printing, and services operations.
Less: Net Investments in Property, Plant & Equipment (Capex)	($897)	Direct capital expenditures and cash deployed for purchased intangible assets.
Less: Net Investments in Leases from Integrated Financing	($131)	Capital deployed to support customer lease financing arrangements for commercial devices.
Non-GAAP Free Cash Flow	$2,900	Surplus operational cash available for capital returns, debt service, and acquisitions.

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

• Five-Year Capital Distributions: Over the trailing five-year period, HP Inc. returned $19 billion in cash to stockholders, comprising $14 billion in common stock repurchases and $5 billion in cash dividends.
• Incentive Plan Cash Metric: Under executive incentive compensation metrics, non-GAAP free cash flow was certified at $3.3 billion after excluding tariff impacts, tracking near the target of $3.4 billion.
• Working Capital Optimization: Operating cash flow of $3.7 billion reflected inventory management and collection discipline achieved under the Future Ready operational model.

Capital expenditures of $897 million were directed toward tooling, facilities modernization, manufacturing automation, and IT platform digitization. Financing lease cash outflows of $131 million supported client adoption of multi-year device-as-a-service and enterprise managed print contracts.

Board of Directors and Leadership Team

HP Inc. maintains an independent corporate governance model overseen by a 12-member Board of Directors, eleven of whom are independent. The board separates the roles of Chair of the Board and Chief Executive Officer.

The board is led by independent Chair Chip Bergh. Effective February 3, 2026, Bruce Broussard was appointed Interim Chief Executive Officer following the departure of Enrique J. Lores, who stepped down on February 2, 2026, after serving as CEO for seven years.

Director Nominee	Age	Director Since	Independent Status	Current Board Committee Assignments	Primary Executive Experience & Qualifications
Chip Bergh	68	2015	Independent (Chair)	HR and Compensation; Nominating, Governance & Social Responsibility	Senior Lecturer at Harvard Business School; Former President & CEO of Levi Strauss & Co.; Former Group President at Procter & Gamble.
Bruce Broussard	63	2021	Non-Independent (Interim CEO)	None (Executive Officer)	Interim CEO of HP Inc.; Former President, CEO, and Director of Humana Inc.; Former CEO of McKesson Specialty / US Oncology.
Stacy Brown-Philpot	50	2015	Independent	Audit; Nominating, Governance & Social Responsibility	Founder and Managing Director of Cherryrock Capital; Former CEO of TaskRabbit; Former Senior Director at Google.
Stephanie A. Burns	71	2015	Independent	HR and Compensation (Chair); Finance, Investment & Technology	Former Chairman, President, and CEO of Dow Corning Corp.; Materials innovation and scientific leadership background.
Mary Anne Citrino	66	2015	Independent	Audit; Finance, Investment & Technology	Senior Advisor and former Senior Managing Director at Blackstone; Former Managing Director at Morgan Stanley.
Richard L. Clemmer	74	2020	Independent	Finance, Investment & Technology (Chair); Audit	Founding General Partner at Socratic Partners; Former CEO of NXP Semiconductors N.V.; Former CEO of Agere Systems.
Fama Francisco	57	2024	Independent	HR and Compensation; Nominating, Governance & Social Responsibility	CEO of Baby, Feminine and Family Care at Procter & Gamble; International brand and consumer product management expertise.
David Meline	68	2023	Independent	Audit (Chair); Finance, Investment & Technology	Former CFO of Moderna Inc.; Former CFO and EVP of Amgen Inc.; Former CFO and Senior Vice President at 3M Company.
Judith “Jami” Miscik	67	2021	Independent	Audit; Nominating, Governance & Social Responsibility	Senior Advisor at Lazard Geopolitical Advisory; Former CEO of Kissinger Associates; Former Deputy Director for Intelligence at the CIA.
Gianluca Pettiti	47	2025	Independent	Finance, Investment & Technology; HR and Compensation	EVP and President of Life Sciences, Diagnostics & Applied at Thermo Fisher Scientific Inc.; AI and digital innovation experience.
Kim K.W. Rucker	59	2021	Independent	Nominating, Governance & Social Responsibility (Chair); Audit	Former EVP, General Counsel & Secretary at Andeavor; Former EVP, Corporate & Legal Affairs and General Counsel at Kraft Foods Group.
Songyee Yoon	50	2025	Independent	Audit; Finance, Investment & Technology	Managing Partner at Principal Venture Partners; Former President and Chief Strategy Officer of NCSoft Corporation.

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

Standing Committees of the Board

• Audit Committee: Held 9 meetings in fiscal 2025. Chaired by David Meline. Oversees financial reporting integrity, the internal audit function, Ernst & Young LLP independent audit performance, cybersecurity risks, and regulatory compliance.
• Finance, Investment and Technology (FIT) Committee: Held 5 meetings in fiscal 2025. Chaired by Richard L. Clemmer. Oversees capital allocation strategy, M&A transactions, treasury operations, share buybacks, and technology investments.
• HR and Compensation (HRC) Committee: Held 7 meetings in fiscal 2025. Chaired by Stephanie A. Burns. Manages executive compensation design, equity incentive allocations, CEO succession planning, and human capital metrics.
• Nominating, Governance and Social Responsibility (NGSR) Committee: Held 5 meetings in fiscal 2025. Chaired by Kim K.W. Rucker. Guides board refreshment, assesses director independence, manages annual self-evaluations, and monitors environmental and societal policies.

Named Executive Officers (NEOs)

• Enrique J. Lores: Former President and Chief Executive Officer. Stepped down on February 2, 2026, after leading HP Inc. through the Future Ready restructuring and the expansion of the AI compute strategy. Total fiscal 2025 compensation was $23,103,812.
• Karen Parkhill: Chief Financial Officer. Joined HP Inc. on August 5, 2024, leading corporate financial operations, treasury management, investor relations, and tariff mitigation programs. Total fiscal 2025 compensation was $9,043,593, including a $1,500,000 sign-on bonus.
• Alex Cho: Former President, Personal Systems. Managed commercial and consumer computing hardware, workstations, displays, and software solutions before stepping down on November 1, 2025. Total fiscal 2025 compensation was $7,609,308.
• David McQuarrie: Chief Commercial Officer. Directs global commercial sales organizations, go-to-market strategies, customer support, and commercial repricing initiatives. Total fiscal 2025 compensation was $6,115,932.
• Julie Jacobs: Chief Legal Officer, General Counsel, and Corporate Secretary. Leads legal operations, corporate governance, intellectual property protection, and ethics compliance programs. Total fiscal 2025 compensation was $5,424,601.

Named Executive Officer	FY25 Base Salary ($)	Stock Awards ($)	Option Awards ($)	Non-Equity Incentive Plan ($)	All Other Compensation ($)	Total FY25 Compensation ($)
Enrique J. Lores	$1,450,000	$19,339,966	$0	$1,879,925	$433,921	$23,103,812
Karen Parkhill	$950,000	$5,348,986	$0	$911,537	$333,070	$9,043,593
Alex Cho	$827,600	$5,989,624	$0	$724,264	$55,609	$7,609,308
David McQuarrie	$800,000	$4,706,189	$0	$518,600	$91,143	$6,115,932
Julie Jacobs	$800,000	$3,994,420	$0	$568,600	$61,581	$5,424,601

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

Compensation for executive officers is structured around a pay-for-performance framework. For fiscal 2025, variable, performance-at-risk compensation comprised 94% of the CEO’s target total direct compensation and an average of 89% of target direct compensation for other Named Executive Officers.

The short-term annual incentive plan is determined 75% by financial metrics (GAAP net revenue, adjusted non-GAAP operating profit, and non-GAAP free cash flow) and 25% by individual Management by Objectives (MBO) metrics covering leadership, human capital, and sustainable impact. Long-term incentives are awarded through Performance-Adjusted Restricted Stock Units (PARSUs) and time-based Restricted Stock Units (RSUs).

Subsidiaries, Associates, Joint Ventures

HP Inc. executes commercial transactions and integrates acquired corporate entities to support its computing, print, and collaborative ecosystem. The following corporate entities and transactions are detailed in the annual filing:

• Humane: Acquired during fiscal 2025. The engineering assets and personnel were integrated to form HP IQ, an internal artificial intelligence innovation lab focused on ambient computing interfaces and AI-native device software.
• Plantronics, Inc. (Poly): Acquired in 2022 to expand HP’s hybrid workplace portfolio. HP Inc. continues to administer the Plantronics, Inc. 2003 Stock Plan, which held 157,858 shares available for issuance as of December 31, 2025.
• Electronic Data Systems (EDS): Acquired by predecessor entity Hewlett-Packard Company in 2008. Benefits under the EDS Pension Plan were ceased following the transaction, with historical benefit obligations maintained under corporate retirement trusts.
• Hewlett Packard Enterprise Company: Former affiliated corporation separated from HP Inc. in November 2015. Both entities operate as independent publicly traded companies with separate management structures and balance sheets.

Other Investments (Including Minority / Portfolio Holdings)

HP Inc. engages in selective technology collaborations and incubation investments to acquire component capabilities and integrate emerging platforms. Disclosed investments and related-party portfolio transactions include:

Greenwave Holdings Inc.

• Ownership Profile: HP Inc. independent director Richard L. Clemmer holds a 30% equity interest in Greenwave Holdings Inc. (“Greenwave”).
• Transaction Value: In fiscal 2025, HP Inc. executed an arms-length commercial agreement with Greenwave involving approximately $2.15 million in payments.
• Strategic Purpose: The five-year agreement (subject to extension) licenses and integrates Greenwave technology into HP hardware products and software services.
• Governance Review: The commercial transaction was reviewed and approved under HP’s Related-Person Transactions Policy by the Nominating, Governance and Social Responsibility Committee.

Corporate Incubation Investments

Through its Corporate Investments segment, HP Inc. finances early-stage digital enablement projects and innovation concepts. These investments operate as internal portfolio programs, testing software and hardware architectures prior to company-wide commercialization.

Physical Properties (Offices, Plants, Factories, etc.)

HP Inc. maintains an international real estate and manufacturing framework consisting of corporate office campuses, customer support centers, and manufacturing facilities.

• Worldwide Corporate Headquarters: Located at 1501 Page Mill Road, Palo Alto, California 94304. The Palo Alto campus houses executive leadership, legal operations, corporate secretarial functions, and research and development laboratories.
• Manufacturing and Production Sites: The company uses a combination of HP-owned facilities and third-party partner manufacturing plants worldwide to produce personal computers, printers, and ink supplies.
• Diversified Manufacturing Footprint: As part of its supply chain realignment, HP expanded manufacturing operations across Southeast Asia (including Vietnam) and Mexico, diversifying production lines away from historical concentrations in China.

Workforce safety and environmental management programs are deployed across both company-owned and partner-operated manufacturing facilities. The environmental, health, and safety leadership team uses an incident reporting system to track regional trends and maintain operational standards across all production sites.

Investments and Capital Expenditure Plans

HP Inc. reinvests operational cash flows into capital equipment, advanced R&D initiatives, and intellectual property development to support its hardware and services ecosystem.

Investment / Capex Category	FY25 Capital Deployed ($ Millions)	Strategic Scope & Operational Objective
Net Investments in Property, Plant & Equipment	$897	Direct capital expenditures for factory automation, tooling, facilities, and purchased software intangibles.
Net Investments in Customer Leases (Financing)	$131	Capital deployed to finance commercial client hardware leases under multi-year service contracts.
Audit, Tax and Regulatory Compliance Assurance	$31.3	Professional audit fees paid to Ernst & Young LLP to support global statutory reporting and internal controls.
Total Disclosed Direct Capital Outlays	$1,059.3	Targeted capital investments in physical capacity, customer financing, and reporting controls.

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

• R&D Capitalization & Patents: R&D investments supported an active patent portfolio of more than 16,000 patents.
• AI Technology Incubation: Capital was allocated to establish HP IQ, supporting the development of local AI PC software and intelligent printing features.
• Supply Chain Capitalization: Investments funded the deployment of manufacturing equipment and digital multi-factory systems across Southeast Asia and Mexico.

Under its capital return framework, HP Inc. returns approximately 100% of free cash flow to stockholders over time, provided leverage limits (Gross Debt to EBITDA of 2.0X or below) are maintained and higher-ROI internal growth opportunities are fully funded.

Shareholding Pattern

HP Inc.’s equity ownership is distributed across global institutional investment firms, individual retail investors, and corporate insiders. As of December 31, 2025, the company had 917,784,852 shares of common stock outstanding.

Institutional investors holding more than 5% of outstanding common stock include The Vanguard Group, BlackRock, Inc., and State Street Corporation. Current executive officers and directors as a group hold less than 1% of total common stock.

Beneficial Stockholder / Entity	Number of Shares Beneficially Owned	% of Common Stock Outstanding	Disclosed Investment / Voting Power Context
The Vanguard Group	130,020,271	14.2%	Holds sole dispositive power over 125,357,787 shares and shared dispositive power over 4,662,484 shares.
BlackRock, Inc.	87,477,843	9.6%	Holds sole voting power over 80,234,241 shares and sole dispositive power over 87,477,843 shares.
State Street Corporation	51,804,957	5.7%	Holds shared voting power over 33,713,446 shares and shared dispositive power over 51,801,428 shares.
Enrique J. Lores	1,773,577	* (Less than 1%)	Includes 743,210 option shares and 888,908 shares held through a limited partnership.
Alex Cho	318,543	* (Less than 1%)	Includes 212,155 shares acquirable via exercisable stock options.
Julie Jacobs	348,238	* (Less than 1%)	Includes 74,210 shares acquirable via exercisable stock options.
David McQuarrie	266,612	* (Less than 1%)	Includes 164,815 shares acquirable via exercisable stock options.
Mary Anne Citrino	254,009	* (Less than 1%)	Includes 159,671 option shares and 88,732 deferred stock units.
Chip Bergh	182,238	* (Less than 1%)	Includes 146,148 shares acquirable via exercisable stock options.
Stephanie A. Burns	125,351	* (Less than 1%)	Includes 82,949 deferred stock units.
Stacy Brown-Philpot	119,572	* (Less than 1%)	Composed of 119,572 deferred stock units.
Karen Parkhill	102,134	* (Less than 1%)	Directly held common shares.
Richard L. Clemmer	82,494	* (Less than 1%)	Includes 77,229 deferred stock units.
Bruce Broussard	54,825	* (Less than 1%)	Directly held common shares.
Judith “Jami” Miscik	37,918	* (Less than 1%)	Directly held common shares.
Kim K.W. Rucker	37,119	* (Less than 1%)	Includes 35,091 deferred stock units.
Fama Francisco	13,880	* (Less than 1%)	Directly held common shares.
David Meline	10,690	* (Less than 1%)	Directly held common shares.
Gianluca Pettiti	9,708	* (Less than 1%)	Directly held common shares.
Songyee Yoon	426	* (Less than 1%)	Directly held common shares.
All Directors & Executive Officers as a Group (18 persons)	1,679,955	*** (Less than 1%)**	Includes 544,844 option shares and 403,573 deferred stock units.

Source: HP Inc. Combined 2025 Annual Report and 2026 Proxy Statement.

Stock ownership guidelines require the Chief Executive Officer to hold company shares equivalent to at least 7 times annual base salary within five years of appointment. Other Section 16 executive officers must hold shares equal to 5 times base salary, and non-employee Directors are required to accumulate shares equal to at least 5 times their annual cash retainer.

Future Strategy

HP Inc.’s forward-looking operational roadmap focuses on developing computing and imaging technologies that support evolving hybrid work trends. The corporate strategy is structured around three primary initiatives: client AI deployment, workforce software platforms, and subscription revenue models.

The company is working to position its AI PC product lines as a core driver of PC refresh cycles. By engineering devices with dedicated neural processing capabilities, HP aims to capture enterprise demand for localized AI inference, which reduces cloud computing expenses and protects proprietary enterprise datasets.

• Workforce Solutions Expansion: Accelerating the commercial deployment of the Workforce Experience Platform (WXP) to provide corporate IT departments with automated fleet diagnostics, telemetry analytics, and proactive hardware maintenance.
• Contractual Subscriptions Scale: Expanding the All-in Plan across consumer segments to transition transactional printing customers into recurring multi-year subscription relationships.
• Supply Chain Agility: Operationalizing multi-site production facilities across Southeast Asia and Mexico to insulate manufacturing workflows from regional trade barriers and tariff shifts.

Management also announced revisions to its executive compensation architecture for fiscal 2026 to simplify incentive metrics. Beginning in fiscal 2026, PARSU performance metrics will transition from an 80% EPS / 20% Key Growth Areas structure to a 100% EPS evaluation model, maximum PARSU earnouts will be reduced from 300% to 200%, and annual incentive payout governors will be eliminated to align with peer technology companies.

Key Strengths

• Global Market Positions: HP Inc. maintains the #1 market position in Print globally and the #1 position in Commercial Windows PCs (excluding China).
• Structural Cost Savings: The company completed its Future Ready plan, generating over $2.1 billion in gross annualized run-rate savings, surpassing its $1.4 billion target and funding growth initiatives.
• Intellectual Property Portfolio: An active base of more than 16,000 patents protects proprietary architectures in fluid dynamics, local AI integration, and endpoint security.
• Operational Cash Flow: The company generated $3.7 billion in operating cash flow and $2.9 billion in free cash flow in fiscal 2025, enabling the return of $19 billion to stockholders over trailing five-year periods.
• Security Architecture: Hardware-enforced isolation technologies and deep-learning threat detection tools provide endpoint security across both HP and third-party hardware.

Key Challenges and Risks

• Trade Tariffs and Headwinds: Increasing tariffs on goods manufactured outside the United States created operational headwinds in fiscal 2025, requiring supply chain shifts, pricing adjustments, and cost cuts.
• Printing Market Weakness: The Printing segment encountered lower demand across several quarters of fiscal 2025, with reduced sales of high-margin ink supplies and consumer hardware.
• Component Costs and Currency Volatility: Rising underlying component prices and foreign exchange fluctuations placed downward pressure on operating earnings throughout fiscal 2025.
• Legal and Regulatory Proceedings: HP Inc. managed ongoing litigation during fiscal 2025, including a settlement addressing retail discount marketing and an ongoing lawsuit regarding employee 401(k) plan administration.
• Firmware and Consumer Relations: In March 2025, consumer pushback emerged after a firmware update affected toner cartridge interoperability on certain LaserJet printers.
• Executive Leadership Transition: Managing a transition to an Interim CEO while conducting an executive search introduces operational continuity risks across business divisions.

Conclusion and Strategic Outlook

HP Inc. entered fiscal year 2026 with a simplified operating model following the conclusion of its three-year Future Ready transformation. By generating over $2.1 billion in structural run-rate savings, the organization mitigated significant headwinds from trade tariffs, elevated component costs, and currency fluctuations, while generating $2.9 billion in non-GAAP free cash flow.

Under the leadership of Interim CEO Bruce Broussard and independent Chair Chip Bergh, the company continues to focus its research and capital deployment on AI client computing platforms, the Workforce Experience Platform, and contractual print ecosystems. With an active patent portfolio, market-leading shares across core segments, and a diversified international supply chain, HP Inc. remains positioned to navigate industry challenges while supporting its Future of Work roadmap.

Official Site: HP Inc.