• Dell, but also the world's largest printer company.
• Think of it as Dell for computers combined with Canon for printers.

• Personal Systems: This segment includes a wide range of personal computers like laptops, desktops, workstations, and thin clients, along with displays and accessories.
• Printing: This covers consumer and commercial printers, including inkjet and LaserJet devices, along with printing supplies such as ink and toner, and related services.
• 3D Printing: HP develops and sells industrial 3D printing solutions, primarily focused on additive manufacturing for various industries.

HP Inc. (Symbol: HPQ)

HP Inc. (HPQ) serves a diverse customer base, including both commercial entities and individual consumers. While a significant portion of its revenue comes from sales to other companies, HPQ's business model involves a highly distributed customer base, with sales occurring through direct channels, channel partners, and retailers worldwide. As such, HPQ does not have specific "major customer companies" that account for a material portion of its revenue and are publicly disclosed in its financial filings, as its sales to businesses are spread across millions of enterprises globally.

Instead, HPQ's customer base can be best described by the following categories:

• Commercial Businesses (Enterprises, SMBs): This category includes small, medium, and large enterprises across virtually all industries globally. These customers purchase HP's personal computers (desktops, laptops, workstations), printers, imaging devices, and related services and solutions for their operational needs, employee productivity, and IT infrastructure.
• Public Sector and Education: This encompasses government agencies (local, state, federal, and international), healthcare organizations, and educational institutions (K-12 schools, colleges, and universities). They procure a wide range of HP products and services to support their administrative functions, public services, and learning environments.
• Individual Consumers: This category includes households and individual users worldwide who purchase HP's personal computers, printers, and supplies for personal use, entertainment, communication, and home office activities. These sales are typically made through retail channels (online and brick-and-mortar stores).

• Intel Corporation (INTC)
• Advanced Micro Devices, Inc. (AMD)
• Microsoft Corporation (MSFT)
• Hon Hai Precision Industry Co., Ltd. (2317.TW)
• Quanta Computer Inc. (2382.TW)
• Micron Technology, Inc. (MU)
• Samsung Electronics Co., Ltd. (005930.KS)
• Western Digital Corporation (WDC)
• LG Display Co., Ltd. (LPL)
• NVIDIA Corporation (NVDA)

Enrique Lores, President & Chief Executive Officer

Enrique Lores has served as the President and CEO of HP Inc. since November 2019. He began his career as an engineering intern at HP in 1989, accumulating 35 years of experience within the company. Throughout his tenure, he has held various senior leadership positions across HP's Personal Systems, Print, Industrial, and Services businesses. Notably, Lores led the Separation Management Office during the complex 2015 split of the Hewlett-Packard Company. As President of the company's Imaging, Printing, & Solutions business, he spearheaded strategic mergers and acquisitions, including the acquisition of Samsung's printer business in 2017. He currently serves as Chair of the PayPal Board.

Marie Myers, Chief Financial Officer

Marie Myers is the Chief Financial Officer at HP Inc., a role she has held since 2021. Before assuming the CFO position at HP Inc., Myers served as CFO at UiPath, a robotic process automation company. Her extensive career at HP includes positions such as Chief Transformation Officer, Global Controller, and Americas CFO of the Personal Systems business unit. Myers played a crucial role as HP's finance lead during the 2015 separation of Hewlett-Packard Company. She began her career as an economist for the Australian government and later joined Compaq, which was subsequently acquired by HP. Myers also serves on the board of directors for F5 Networks.

Alex Cho, President, Personal Systems

Alex Cho is the President of Personal Systems at HP Inc. In this role, he leads HP's multi-billion dollar Personal Systems business, overseeing global operations and driving innovation in the company's PC portfolio.

Anneliese Olson, President of HP Inc. Imaging, Printing, and Solutions

Anneliese Olson is the President of HP Inc. Imaging, Printing, and Solutions. She is responsible for leading this significant business segment for HP.

Julie Jacobs, Chief Legal Officer & General Counsel

Julie Jacobs serves as HP Inc.'s Chief Legal Officer & General Counsel. In this capacity, she oversees all aspects of HP's legal affairs and compliance globally.

Key Risks to HP Inc. (HPQ)

HP Inc. (HPQ) faces several significant risks that could impact its business and financial performance:

1. Intense Competition and Rapid Technological Advancements: HP operates in a highly competitive technology industry where numerous established players and emerging companies vie for market share in both personal computing and printing segments. Major rivals include Dell, Lenovo, and Apple in PCs, and Canon, Epson, and Xerox in printers. This intense competition can impact market share and pricing strategies. The rapid pace of technological advancements also necessitates continuous investment in research and development to keep products relevant and meet evolving customer needs, posing a challenge for HP to stay ahead and maintain its market position.
2. Decline in the Printing Segment and Dependence on Supplies: The printing segment, historically a significant source of high-margin revenue for HP, is experiencing structural headwinds and a persistent decline in sales, particularly in printing supplies. This weakness puts considerable pressure on the Personal Systems division to compensate, affecting overall profitability and free cash flow generation. The long-term challenge involves managing the decline in the traditional ink and toner market as digital adoption continues to grow.
3. Financial Leverage and Liquidity Concerns: HP's financial health presents some structural risks, including a higher financial leverage compared to the market average. This makes the company more susceptible to interest rate fluctuations and economic downturns. Furthermore, a low Altman Z-Score indicates potential financial distress, and tight liquidity, as shown by low current and quick ratios, raises concerns about the company's ability to meet short-term obligations.

The increasing adoption and technological superiority of custom silicon (e.g., Apple Silicon) in competitors' premium personal computing devices, which offers significant performance and power efficiency advantages, directly challenges HP's traditional reliance on Intel and AMD platforms for its higher-margin PC segments.

The accelerating global shift towards comprehensive digital transformation and paperless workflows, enabled by mature cloud computing, advanced e-signature platforms, and integrated digital document management systems, fundamentally erodes the long-term demand for traditional printing hardware and supplies, which constitutes a significant portion of HP's revenue and profit.

HP Inc. (HPQ) operates in several key addressable markets, primarily focusing on Personal Systems and Printing. The estimated market sizes for their main products and services are as follows:

Personal Systems

• Personal Computers (PCs): The global personal computers market size was estimated at USD 155.19 billion in 2023 and is projected to reach USD 256.75 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2030. Another estimate places the global PC market at approximately USD 220 billion in 2023, with a projection to reach around USD 350 billion by 2032.
  • North America held a significant share of over 24% of the personal computers market in 2023. Another source states North America accounted for around 30% of the global market share in 2023.
  • The Asia Pacific market accounted for approximately 35% of the global market share in 2023 and is expected to grow to around 40% by 2032.
  • Europe holds a substantial share of approximately 25% of the personal computers market in 2023.
• Workstations: The global workstation market is estimated at USD 63.8 billion in 2025 and is expected to reach USD 126.7 billion by 2035, growing at a CAGR of 7.4%.
  • North America is projected to hold 32.74% of the global market revenue for workstations in 2025.
  • Europe is expected to account for 27.49% of the global market revenue for workstations in 2025.

Printing

• Printers (Hardware): The global printer market size was valued at USD 52.19 billion in 2024. Looking forward, the market is estimated to reach USD 76.75 billion by 2033, exhibiting a CAGR of 4.34% from 2025-2033. Another report values the global printers market at USD 53.28 billion in 2024, with a projection to reach USD 78.64 billion by 2033.
  • The Asia-Pacific region led the printers market, accounting for over 44.7% of the global market share in 2024.
• Digital Printing: The global digital printing market size was valued at USD 30.22 billion in 2024 and is expected to reach around USD 59.93 billion by 2034, expanding at a CAGR of 7.09% from 2025 to 2034.
  • The North America digital printing market size surpassed USD 11.48 billion in 2024 and is expected to expand at a CAGR of 7.12% during the forecast period.
• Printing Services (including Managed Print Services): The global printing services market size was valued at USD 21.67 billion in 2024 and is expected to reach USD 46.11 billion by 2032, at a CAGR of 9.90%.
  • North America dominated the printing services market with the largest revenue share of 49.26% in 2024.

HP Inc. (HPQ) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Accelerated Adoption of AI PCs: The introduction and increasing demand for AI-powered PCs are significant growth drivers for HP. AI PCs are projected to constitute between 40% and 60% of all PC sales within three years from their launch. HP has already seen AI PCs surpass 25% of its Personal Systems product mix a quarter ahead of schedule, with strong sequential double-digit revenue growth in this category. These new AI PCs are also expected to have average selling prices 5% to 10% higher than current models, contributing to both volume and revenue expansion.

2. Windows 11 Refresh Cycle: The approaching end-of-support deadline for Windows 10 is fueling a significant upgrade cycle, particularly in the commercial PC market. This transition to Windows 11 is a major catalyst for commercial PC demand and is expected to continue driving growth for HP's Personal Systems segment.

3. Recovery of the Commercial PC Market and Hybrid Work Enablement: HP anticipates continued momentum in the broader commercial PC market, supported by the ongoing shift to hybrid work models. The company has observed strong year-over-year growth in its commercial segment and expects to capitalize on the increasing demand for devices and solutions that enable flexible working environments.

4. Expansion in 3D Printing Solutions: HP's strategic focus on cost-efficient, sustainable, and scalable 3D printing solutions is poised to drive revenue growth. The company is introducing innovations like the HP 3D Build Optimizer, which is expected to reduce build costs and improve printer utilization, and expanding into metal 3D printing with new configurations for the HP Metal Jet S100 platform in 2025. These advancements aim to increase customer adoption and market share in additive manufacturing.

5. Growth in Services and Software, including Print AI and Large Format Printing Innovations: Under its "Future Ready plan," HP is investing in expanding its services and software offerings. This includes integrating AI into its printing business, such as the HP Print AI platform for improved print experiences and HP Scan AI for enhanced digital workflows. Additionally, HP is introducing innovations in large-format printing, such as the HP Latex R530 and HP PrintOS Production Hub, to cater to Print Service Providers (PSPs) seeking enhanced efficiency, versatility, and sustainability.

Share Repurchases

• HP announced a new $10 billion stock repurchase authorization at the end of August 2024. This followed a $15 billion program initiated in 2020, with only $1.4 billion remaining.
• HP reduced its share count by one-third since the 2020 buyback program commenced.
• Annual share repurchases were $2.1 billion in 2024, $100 million in 2023, and $4.3 billion in 2022. HP allocated approximately $2.8 billion to buybacks in fiscal year 2024.

Share Issuance

• HP's net common equity issued/repurchased for the twelve months ending July 31, 2025, was -$2.750 billion, indicating net repurchases.
• The number of shares outstanding for the quarter ending July 31, 2025, was 954 million, reflecting a 3.64% decline year-over-year. This trend of declining shares outstanding has been consistent, with a 1.1% decline in 2024, 4.76% in 2023, and 13.93% in 2022.

Outbound Investments

• In February 2025, HP acquired key AI capabilities from Humane, including their AI-powered platform Cosmos and intellectual property, for $116 million.
• HP acquired Vyopta, a provider of collaboration management solutions, in September 2024.
• HP completed the acquisition of Poly Inc. for an enterprise value of $3.3 billion in March 2022.

Capital Expenditures

• HP's capital expenditures for the latest twelve months ending July 31, 2025, amounted to $853 million.
• Capital expenditures averaged $622.4 million annually for the fiscal years ending October 2020 to 2024.
• For fiscal year 2025, HP forecasts a slight increase in investments, up to $661 million, primarily driven by automation of production processes and modernization of infrastructure.