HPQ is like a blend of Dell's personal computer business and Canon's printing and imaging business.

Imagine Dell, but also owning a massive printer and supplies business similar to Epson or Canon.

• Personal Computers: Desktop and notebook computers for both consumers and commercial clients.
• Workstations: High-performance computers designed for demanding professional tasks.
• Thin Clients: Streamlined computing devices that rely on a central server for processing.
• Commercial Mobility Devices: Portable computing devices tailored for business and enterprise use.
• Retail Point-of-Sale (POS) Systems: Integrated hardware and software solutions for processing retail transactions.
• Displays and Peripherals: External monitors, keyboards, mice, and other accessories that enhance computer functionality.
• Software for Personal Systems: Applications and operating system components bundled with or sold for HP's personal computing devices.
• Personal Systems Support and Services: Technical assistance, maintenance, and lifecycle management for personal computers and related devices.
• Printers: A range of hardware, including inkjet and laser printers, for consumer and commercial use.
• Printer Supplies: Consumables such as ink cartridges, toner, and paper necessary for printer operation.
• Printing Solutions and Services: Comprehensive offerings including managed print services, document management, and technical support for printing environments.

HP Inc. (HPQ) serves a broad customer base that includes both individuals and organizations. It does not primarily sell to a small number of specific other companies but rather directly to end-users across various sectors. Therefore, the major customers can be categorized as:

• Individual consumers
• Small- and medium-sized businesses
• Large enterprises, including customers in the government, health, and education sectors

Here are major suppliers for HP Inc. (HPQ):

• Intel Corporation (INTC)
• Advanced Micro Devices, Inc. (AMD)
• NVIDIA Corporation (NVDA)
• Micron Technology, Inc. (MU)
• Western Digital Corporation (WDC)
• LG Display Co., Ltd. (LPL)
• Hon Hai Precision Industry Co., Ltd. (Foxconn) (2317.TW)

Bruce Broussard, Interim Chief Executive Officer

Bruce Broussard was appointed Interim CEO of HP Inc. in February 2026. He brings over 30 years of leadership experience at public companies, including more than a decade as President and CEO of Humana Inc., where he spearheaded a multi-year digital and analytics transformation. Prior to Humana, he held various leadership roles, including Chief Financial Officer, Chief Executive Officer, and Chairman of the Board, during an 11-year tenure at US Oncology. Following US Oncology's sale to McKesson, he became President of McKesson's Specialty Pharmacy Division. His background also includes extensive experience in venture capital and private equity, having served as a Venture Partner at Define Ventures, a fund focused on early-stage digital health companies.

Karen Parkhill, Executive Vice President and Chief Financial Officer

Karen Parkhill joined HP Inc. as Executive Vice President and Chief Financial Officer, effective August 5, 2024. She has over 13 years of experience as a CFO at publicly traded companies. Before joining HP, she served as CFO of Medtronic, a global healthcare technology company, and prior to that, she was Vice Chairman and CFO of Comerica. Parkhill began her career in 1992 at JP Morgan in investment banking, where she spent 19 years in various roles, including CFO of commercial banking from 2007 to 2011 and managing director of investment banking from 2001 to 2007.

Ketan Patel, President, Personal Systems

Ketan Patel was appointed President of HP Inc.'s Personal Systems business, effective November 1, 2025. With over three decades in the technology industry, he possesses extensive experience in business transformation, operational excellence, and market expansion. Patel has held a range of global leadership roles, including in Asia Pacific and India, and most recently served as Senior Vice President and Chief Operating Officer for Personal Systems at HP Inc. for three years, overseeing end-to-end business operations across consumer and commercial portfolios.

Tuan Tran, President, Technology & Innovation

Tuan Tran serves as President of Technology & Innovation at HP Inc., a role established in November 2024 to guide the company's technology strategy and accelerate AI implementation. Previously, he was President of HP Inc. Imaging, Printing & Solutions, a $20 billion global business. Tran joined HP in 1991 and has held various senior leadership positions in marketing, finance, and operations across different divisions, including the LaserJet Hardware & Technology Organization, Consumer Business Organization, Mobile Computing Division, and Business Printing Division in Singapore. He played an instrumental role in the acquisition of Samsung Printing.

Carol Surface, Chief People Officer

Carol Surface was appointed Chief People Officer at HP Inc., with her tenure starting on March 24, 2025. She previously served as Chief People Officer at Apple. Before her time at Apple, Surface spent a decade as Chief Human Resources Officer at Medtronic, a global healthcare technology leader, where she led transformation initiatives to drive growth and evolve the HR operating model. Her career also includes senior leadership roles as Chief Human Resources Officer at Best Buy and HR leadership positions for PepsiCo in New York, Hong Kong, and Dubai.

Here are the key risks to HP Inc.'s business:

1. Declining Printing Business and Supplies Revenue: HP's Printing segment faces significant structural headwinds, with a persistent decline in both hardware and high-margin supplies net revenue. This ongoing decline in a historically profitable segment acts as a drag on the company's overall revenue and profitability.

2. Intense Competition and Rapid Technological Changes: Operating in the highly competitive technology sector, HP is constantly challenged by established players like Dell and Lenovo, as well as emerging companies. This intense competition leads to pricing pressures, potential reductions in profit margins, and challenges in maintaining or expanding market share. Furthermore, the rapid pace of technological advancements risks making products or technologies quickly obsolete, necessitating continuous investment in research and development to remain relevant and align with evolving customer needs, such as the shift towards AI-driven PCs.

3. Macroeconomic and Geopolitical Risks: HP's business is highly sensitive to global economic conditions, particularly in its personal computing and printing markets, which are cyclical. Economic downturns, inflationary pressures, cautious commercial and consumer spending, and fluctuations in foreign currency exchange rates can significantly reduce demand for its products and services, negatively impacting revenue and profitability. Additionally, geopolitical risks, including trade policies, tariffs on imports, and regional conflicts, can disrupt operations and supply chains, increasing costs and further affecting financial performance.

The accelerating global shift towards digital transformation and paperless environments poses a clear emerging threat, particularly to HP's Printing segment. As businesses and individual consumers increasingly adopt digital documents, cloud-based workflows, and electronic communication, the fundamental demand for physical printing hardware and, more significantly, the highly profitable associated supplies (ink and toner), is likely to diminish over time. This trend represents a secular decline in the core market for a significant portion of HP's business, akin to how streaming services disrupted physical media consumption.

HP Inc. operates in substantial addressable markets for its main products and services globally.

• The global personal computers market, encompassing desktops, notebooks, and workstations, was estimated at USD 235.85 billion in 2025. It is projected to grow to USD 252.27 billion in 2026, with a compound annual growth rate (CAGR) of 7.0%, and is expected to reach USD 317.69 billion by 2030 at a CAGR of 5.9%.

• The global PC peripheral input devices market, which includes various accessories for personal computing, was calculated at USD 46.72 billion in 2025. This market is predicted to increase to USD 48.74 billion in 2026 and is estimated to reach approximately USD 71.32 billion by 2035, expanding at a CAGR of 4.32% from 2026 to 2035.

• The global printers market, covering consumer and commercial printer hardware, supplies, solutions, and services, was estimated at USD 75.1 billion in 2024. The market is expected to grow from USD 78.5 billion in 2025 to USD 123.1 billion in 2034, at a CAGR of 5.1%.

Share Repurchases

• HP executed significant share repurchases, with $6.2 billion in fiscal year 2021 and $4.3 billion in fiscal year 2022.
• In fiscal year 2024, the company repurchased approximately 62.7 million shares of common stock for $2.1 billion.
• For fiscal year 2025, annual share buybacks totaled $800 million, and the company indicated it expects to return approximately 100% of free cash flow to shareholders through dividends and share repurchases for fiscal year 2024.

Share Issuance

• HP has not engaged in significant share issuances over the last 3-5 years; instead, the company's net common equity issued/repurchased figures for fiscal years 2023, 2024, and 2025 were negative, indicating net repurchases.
• The number of outstanding shares has consistently decreased, from approximately 1.08 billion in fiscal year 2021 to 921 million in fiscal year 2025, and 917.98 million as of March 2026, primarily due to ongoing buyback programs.

Outbound Investments

• In 2022, HP completed the acquisition of Poly, aiming to build a more growth-oriented portfolio.
• HP strategically expands its market footprint through acquisitions and strategic partnerships to remain at the forefront of the evolving technology landscape.
• The company is focused on building a growth-oriented portfolio, specifically targeting opportunities in Gaming, Hybrid Systems, Workforce Services & Solutions, Consumer Subscriptions, and Industrial Graphics and 3D businesses.

Capital Expenditures

• HP's capital expenditures for fiscal year 2025 were $897 million, following $592 million in fiscal year 2024 and $593 million in fiscal year 2023.
• The capital expenditures for fiscal years ending October 2021 to 2025 averaged $685.8 million, peaking in October 2025.
• These investments are primarily focused on maintaining long-term growth, strengthening the core business, accelerating expansion in services, building new operational capabilities, and improving IT infrastructure.