Technology · NYSE: HPQ
HP: how the business works
HP Inc. sells PCs, printers, and ink and toner to businesses and consumers, with revenue of $55.3 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
Follow HP
Email me when HP's page is updated after earnings.
We'll send a confirmation email first. See our privacy policy.
HP Inc. · Palo Alto, California
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $55.3B
- Operating income, FY2025
- $3.2B
- Net income, FY2025
- $2.5B
- Employees, FY2025 10-K
- About 55,000
- Largest holder, BlackRock (13G/A filed Apr 7, 2026)
- 10.9%
The short version
HP in 5 points
1 · What it sells
HP sells PCs, printers, and ink and toner for those printers to businesses and consumers, with $55.3 billion of revenue in FY2025.
2 · Who pays it
In FY2025, buyers of business PCs paid 50% of HP's revenue, consumer PCs 20%, ink and toner 20%, business printers 8% and home printers 2%, mostly through resellers.
3 · What it keeps from $100
Of every $100 of FY2025 revenue, HP kept $5.74 as operating income; after $0.9 of net interest and other costs and only $0.25 of income tax, $4.57 was net income.
4 · Where the operating profit comes from
Printing brought in 30.2% of FY2025 revenue but 60.3% of the two segments' operating earnings, and Personal Systems 69.7% and 39.7% (Cityfort calculation from the FY2025 10-K).
5 · The one thing to watch
In Q3 FY2026, Personal Systems revenue rose 18% while units fell 16%, and HP's gross margin was 18.8%, down from 20.5% a year earlier.
Sources: From HP's FY2025 10-K, Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of HP's money go?
HP · FY2025
Receipt for every $100
| Cost of products and services | $79.4 |
|---|---|
| Sales and administration | $10.5 |
| Research and development | $2.9 |
| Restructuring, acquisition and amortization | $1.4 |
| Interest and other, net | $0.9 |
| Income tax | $0.3 |
| Kept as net income | $4.6 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2025 10-K. Each line = line ÷ FY2025 revenue of $55.3 billion × 100. Interest and other items were a net cost, so revenue is all the money that came in; lines add to 100.01 because of rounding.
Save this receipt as an image:
1080 × 1350 PNG for Instagram, LinkedIn1200 × 675 PNG for X
Embed this receipt
Paste this code into a blog or website to show the receipt, with a link back to this page:
Each week: one company explained in 5 points, picked by earnings date.
Free, no tips, unsubscribe anytime.
We'll send a confirmation email. See our privacy policy.
02The business in one line
What does HP do?
Businesses and consumers pay HP for PCs, printers, and ink and toner; about $79 of every $100 went on the cost of those products in FY2025, and $4.57 was left as net income.
- PCs brought in 69.7% of FY2025 revenue, at a 5.3% segment operating margin.
- Printing brought in 30.2% of revenue at an 18.7% margin, and 60.3% of the two segments' operating earnings.
03Who pays it
Who pays HP?
Business PC buyers
50%
of revenue
Companies and other organizations buying notebooks, desktops and workstations (Commercial Personal Systems).
Consumer PC buyers
20%
of revenue
Home users buying notebooks and desktops (Consumer Personal Systems).
Ink and toner buyers
20%
of revenue
Homes and offices buying cartridges and other supplies for their HP printers.
Business printer buyers
8%
of revenue
Offices and businesses buying printers and print services (Commercial Printing).
Home printer buyers
2%
of revenue
Consumers buying printers (Consumer Printing).
Other
0%
of revenue
Small new businesses HP reports as Corporate Investments.
- Business PC buyers50%
- Consumer PC buyers20%
- Ink and toner buyers20%
- Business printer buyers8%
- Home printer buyers2%
- Other0%
Customer concentration
One distributor, TD Synnex, was 12% of FY2025 revenue; no customer reached 10% in FY2024 or FY2023. HP says the majority of its revenue comes through channel resellers.
- Largest customer
- 12%
04Why it makes money
Why does HP make money?
HP sells PCs on thin margins and earns most of its segment profit from printing.
Personal Systems brought in 69.7% of FY2025 revenue at a 5.3% margin. Printing brought in 30.2% at 18.7%, so it earned 60.3% of the two segments' operating earnings (Cityfort calculation from the FY2025 10-K). HP also tends to collect from customers before paying suppliers: its cash conversion cycle was −38 days in FY2025.
Operating income per $100 of revenue
$8.4$5.7
FY2021 to FY2025
- Businesses and consumers buy HP PCs and printers
- Outside manufacturers build them from parts HP buys
- HP sells them mostly through resellers and distributors
- Printers in use keep needing ink and toner
- Printing, including supplies, earned 18.7% per $100 of revenue vs 5.3% for Personal Systems (FY2025)
- Cash pays for dividends, buybacks and debt
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up HP?
Personal Systems
70%PCs for businesses ($27.4 billion) and consumers ($11.1 billion). Its 5.3% margin earned 39.7% of the two segments' operating earnings (Cityfort calculation from the FY2025 10-K).
Revenue $38.5B · Operating profit $2.1B
Printing
30%Ink and toner ($10.9 billion), business printers ($4.6 billion) and home printers ($1.2 billion). Its 18.7% margin earned 60.3% of the two segments' operating earnings.
Revenue $16.7B · Operating profit $3.1B
Corporate Investments
0%Small new businesses. From FY2026 HP moved Print-as-a-Service from here into Printing and recast earlier quarters.
Revenue $62M · Operating profit −$130M
How the mix changed
- Personal Systems
- Printing
- Corporate Investments
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has HP done?
Revenue
$55.3BFY2025
Revenue fell from $63.5 billion in FY2021 to $53.6 billion in FY2024, then rose to $55.3 billion in FY2025, and it grew year on year in each of the eight quarters to Q3 FY2026.
US$
See the numbers
Net profit
$2.5BFY2025
Net income fell from $6.5 billion in FY2021, which included $2.3 billion of Oracle litigation proceeds, to $2.5 billion in FY2025; FY2021 and FY2022 are as revised in HP's 10-K/A.
US$
See the numbers
Profit kept per $100 of revenue
$4.6FY2025
Net income per $100 of revenue was $4.57 in FY2025, and operating income per $100 fell from $8.44 in FY2021 to $5.74 in FY2025.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$2.8BFY2025
Cash from operations minus net spending on property and equipment fell from $5.8 billion in FY2021 to $2.8 billion in FY2025.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (October 31 (FY2025 ended Oct 31, 2025)). Net profit is the share belonging to the company's owners.
Download HP's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (14)
- Form 10-K, fiscal year 2023 (ended Oct 31, 2023)
- Form 10-K/A, fiscal year 2022 (ended Oct 31, 2022), amended
- Form 10-K, fiscal year 2025 (ended Oct 31, 2025)
- Earnings release, Q4 and fiscal 2024 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1)
- Form 10-Q, Q1 fiscal 2026 (ended Jan 31, 2026)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Form 10-Q, Q2 fiscal 2026 (ended Apr 30, 2026)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026)
07Who runs it
Who runs HP, and did they deliver?
Bruce Broussard
Interim Chief Executive Officer · since 2026
An HP director, appointed interim CEO on Feb 3, 2026, when Enrique Lores stepped down. He becomes Chair on Jan 4, 2027.
Emma Walmsley
Chief Executive Officer from Jan 4, 2027 · since 2027
Former CEO of GSK, appointed on Nov 4, 2026. Her offer includes a $1.45 million base salary and a $30 million inducement award in restricted and performance-based stock units.
Chip Bergh
Chair of the Board · since 2017
Independent Chair; Bruce Broussard succeeds him on Jan 4, 2027.
Ketan Patel
President, Personal Systems · since 2025
Succeeded Alex Cho on Nov 1, 2025.
What they said, and what happened
3 missed · 4 delivered · 2 too early to tell
Said on Nov 26, 2024
HP guided FY2025 GAAP diluted EPS of $3.06 to $3.36 and free cash flowCash from operations minus spending on buildings and equipment. Learn more (HP's own measure) of $3.2 to $3.6 billion.
MissedWhat happened
Reported GAAP diluted EPS of $2.65 and free cash flow (HP's own measure) of $2.9 billion. HP had lowered the EPS range in February and May 2025.
Said on Feb 27, 2025
HP guided Q2 FY2025 GAAP diluted EPS of $0.62 to $0.72.
MissedWhat happened
Reported GAAP diluted EPS of $0.42.
Said on May 28, 2025
HP guided Q3 FY2025 GAAP diluted EPS of $0.57 to $0.69.
DeliveredWhat happened
Reported GAAP diluted EPS of $0.80, helped by a tax benefit.
Said on Aug 27, 2025
HP guided Q4 FY2025 GAAP diluted EPS of $0.75 to $0.85.
DeliveredWhat happened
Reported GAAP diluted EPS of $0.84.
Said on Nov 25, 2025
HP guided Q1 FY2026 GAAP diluted EPS of $0.58 to $0.66.
DeliveredWhat happened
Reported GAAP diluted EPS of $0.58, the bottom of the range.
Said on Feb 24, 2026
HP guided Q2 FY2026 GAAP diluted EPS of $0.52 to $0.58.
MissedWhat happened
Reported GAAP diluted EPS of $0.49, with $365 million of restructuring and other charges.
Said on May 27, 2026
HP guided Q3 FY2026 GAAP diluted EPS of $0.47 to $0.63.
DeliveredWhat happened
Reported GAAP diluted EPS of $0.71, including $0.11 from tariff refunds.
Said on Aug 26, 2026
HP guided FY2026 GAAP diluted EPS of $2.52 to $2.62, including an estimated $0.19 of tariff refunds; it had first guided $2.47 to $2.77 on Nov 25, 2025.
Too early to tellWhat happened
GAAP diluted EPS for the first nine months of FY2026 was $1.78 (Cityfort calculation from the Q1 FY2026 to Q3 FY2026 earnings releases).
Said on Nov 25, 2025
HP said its Fiscal 2026 Plan would bring gross yearly savings of about $1 billion by the end of FY2028, with about $650 million of charges.
Too early to tellWhat happened
HP had incurred $0.5 billion of charges under the plan by Jul 31, 2026.
Sources (14)
- 8-K, Item 5.02: Enrique Lores steps down as CEO, Bruce Broussard Interim CEO (press release, Ex. 99.1)
- 8-K, Items 5.02 and 5.03: Emma Walmsley appointed CEO from Jan 4, 2027; Bruce Broussard to become Chair
- Proxy statement (DEF 14A) for the Apr 16, 2026 annual meeting
- 8-K, Item 5.02: President of Personal Systems change (Alex Cho to Ketan Patel)
- Earnings release, Q4 and fiscal 2024 (8-K Ex. 99.1)
- Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- 8-K, Item 2.05: Fiscal 2026 Plan (restructuring) approved Nov 25, 2025
- Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026)
08What could go wrong
What could go wrong for HP?
- Raw-material prices
Memory and other part costs
HP's Q3 FY2026 10-Q describes rising memory and storage costs and supply constraints in PCs, which it expects to continue. Gross margin was 18.8% in Q3 FY2026, down from 20.5% a year earlier.
Watch Gross margin each quarter, and the Personal Systems margin (4.6% in Q3 FY2026).
- Demand
Fewer PCs sold at higher prices
In Q3 FY2026 Personal Systems revenue rose 18% while units fell 16%. On Sep 21, 2026 HP said it plans on industry PC unit volumes falling roughly mid-single-digits in calendar 2027.
Watch Personal Systems units and revenue in each earnings release.
- Competition
Shrinking ink and toner sales
Supplies revenue fell from $12.6 billion in FY2021 to $10.9 billion in FY2025, and 3% in Q3 FY2026. HP names non-original supplies among its competitors, and printer hardware units fell 7% in Q3 FY2026.
Watch Supplies revenue each quarter ($2.5 billion in Q3 FY2026).
- Concentration
One distributor is 12% of revenue
TD Synnex was 12% of FY2025 revenue, the first year a customer reached 10% in the three years shown. HP sells the majority of its products through channel resellers.
Watch The 10% customer note in the FY2026 10-K.
- Debt
Debt with negative equity
Total debt was $9.2 billion at Jul 31, 2026, and stockholders' equity was a $92 million deficit. HP also relies on selling receivables ($11.8 billion in FY2025) and on supplier finance; it names keeping its credit ratings as a risk.
Watch Debt due ($1,227 million in FY2027), cash from operations and accounts payable each quarter.
- Regulation
Tariffs and trade policy
HP's FY2025 10-K says higher commodity and tariff costs were not fully offset by pricing. HP received $127 million of tariff refunds in Q3 FY2026 and $91 million after the quarter, out of about $0.3 billion it applied for.
Watch Tariff refunds and tariff costs named in each 10-Q.
- Execution
New CEO and job cuts at the same time
HP has had an interim CEO since Feb 3, 2026, and Emma Walmsley starts on Jan 4, 2027. Its Fiscal 2026 Plan cuts 4,000 to 6,000 jobs through FY2028, and HP names restructuring among its risks.
Watch Restructuring charges and any change to the plan after the new CEO starts.
Sources (8)
- Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- 8-K, Item 7.01: fiscal 2027 planning assumption for PC unit volumes
- Form 10-K, fiscal year 2025 (ended Oct 31, 2025)
- Form 10-K, fiscal year 2023 (ended Oct 31, 2023)
- 8-K, Item 5.02: Enrique Lores steps down as CEO, Bruce Broussard Interim CEO (press release, Ex. 99.1)
- 8-K, Items 5.02 and 5.03: Emma Walmsley appointed CEO from Jan 4, 2027; Bruce Broussard to become Chair
- 8-K, Item 2.05: Fiscal 2026 Plan (restructuring) approved Nov 25, 2025
09Both sides
What do supporters and critics point to?
What supporters point to
- HP's revenue grew year on year in each of the eight quarters to Q3 FY2026, by 12.5% to $15.7 billion in Q3 FY2026.
- Printing earned an 18.7% segment margin in FY2025 and 18.1% in Q3 FY2026.
- HP's cash conversion cycle was −38 days in FY2025, so on average it collected from customers before paying suppliers.
- Dividends declared per share rose every year, from $0.78 in FY2021 to $1.16 in FY2025, and HP returned $1.9 billion in FY2025.
- HP said on Aug 26, 2026 that it expects FY2026 GAAP diluted EPS of $2.52 to $2.62, up from $2.15 to $2.45 in May; both include tariff refunds.
What critics point to
- Revenue fell from $63.5 billion in FY2021 to $55.3 billion in FY2025, and supplies revenue from $12.6 billion to $10.9 billion.
- In Q3 FY2026 Personal Systems units fell 16% while revenue rose 18%, and gross margin fell to 18.8% from 20.5%.
- Stockholders' equity has been negative at every year end since FY2021, and total debt was $9.2 billion at Jul 31, 2026.
- FY2025 GAAP diluted EPS of $2.65 was below the $3.06 to $3.36 HP first guided, and Q2 FY2026's $0.49 was below its range.
- HP has had an interim CEO since Feb 3, 2026, and the new CEO starts Jan 4, 2027 with a $30 million inducement award.
10What to watch next
What should you watch next at HP?
Next event
Q4 FY2026 results
Date not announced yet.
Q4 FY2026 against HP's guidance
HP said on Aug 26, 2026 that it expects Q4 FY2026 GAAP diluted EPS of $0.74 to $0.84, including an estimated $0.08 of tariff refunds. FY2026 ended Oct 31, 2026.
Memory costs and gross margin
HP's Q3 FY2026 10-Q says it expects memory and storage cost pressure to continue. Gross margin was 18.8% in Q3 FY2026.
A new CEO and FY2027 plans
Emma Walmsley starts as CEO on Jan 4, 2027. On Sep 21, 2026 HP said it plans on industry PC unit volumes falling roughly mid-single-digits in calendar 2027.
11Key dates
What are the key dates for HP?
| Event | Date | Source |
|---|---|---|
| Q4 FY2026 resultsHP had not announced the date in its filings as of Nov 7, 2026. | Not yet stated | Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1) |
| Emma Walmsley becomes CEO; Bruce Broussard becomes ChairAnnounced in an 8-K filed Nov 4, 2026. | 8-K, Items 5.02 and 5.03: Emma Walmsley appointed CEO from Jan 4, 2027; Bruce Broussard to become Chair | |
| Fiscal 2027 endsHP's fiscal year runs from Nov 1 to Oct 31. | Form 10-K, fiscal year 2025 (ended Oct 31, 2025) |
Learn: What is an 8-K? A company's news report, with a real Adobe filing · How to read a US earnings release: Nvidia's Q2 fiscal 2027 · Fiscal years that don't end in December: Nvidia's FY2027 explained
12Key facts
Key facts about HP
- What does HP do?
- HP Inc. designs and sells PCs, printers, and the ink and toner cartridges those printers use, to businesses and consumers. HP's revenue was $55.3 billion in FY2025, the year ended Oct 31, 2025.
- What is HP's business model?
- HP designs its products, uses outside manufacturers to build them, and sells mostly through channel resellers. In FY2025 HP's product revenue was $52.0 billion and its services revenue was $3.3 billion.
- How does HP make money?
- HP makes money on the gap between what it sells PCs, printers and supplies for and what they cost. In FY2025 HP kept $20.60 of gross profit per $100 of revenue, and $5.74 as operating income after running costs.
- Is HP profitable?
- Yes. HP's net income was $2.5 billion in FY2025, down from $2.8 billion in FY2024, and its operating income was $3.2 billion. Income tax took only $0.25 per $100 of FY2025 revenue. HP's Q3 FY2026 net income was $661 million, after $127 million of US tariff refunds lowered product costs.
- What is HP's revenue by segment?
- In FY2025 HP's Personal Systems segment (PCs) had revenue of $38.5 billion, 69.7% of the total, and its Printing segment had $16.7 billion, 30.2%. Printing earned $3.1 billion of segment operating earnings and Personal Systems $2.1 billion.
- How much does HP earn from PCs?
- HP's Personal Systems segment had revenue of $38.5 billion in FY2025: $27.4 billion from commercial PCs and $11.1 billion from consumer PCs. HP's PC segment operating margin was 5.3% in FY2025.
- How much does HP earn from ink and toner?
- HP's supplies business (ink and toner) brought in $10.9 billion in FY2025, 19.7% of revenue, down from $12.6 billion in FY2021.
- How much does HP earn from printers?
- HP's Commercial Printing brought in $4.6 billion in FY2025 and its Consumer Printing $1.2 billion. HP's whole Printing segment, including ink and toner, earned an 18.7% segment operating margin in FY2025.
- Who are HP's customers?
- HP sells to businesses and consumers, mostly through channel resellers. One distributor, TD Synnex, was 12% of HP's FY2025 revenue, and no customer reached 10% in FY2024 or FY2023. The US brought in 34.7% of HP's FY2025 revenue.
- Who owns HP?
- HP has one class of common stock and no controlling holder. BlackRock reported 10.9% of HP's shares in a Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more/A filed Apr 7, 2026, and HP's directors and executive officers held under 1%, according to HP's 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more.
Sources (6)
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Interest coverage
- Market cap
- Net debt
- Net margin
- Operating income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
13What it sells
13What it sells
What does HP sell?
Commercial PCs ($27.4B in FY2025)
Notebooks, desktops, workstations and related products for companies and other organizations.
Consumer PCs ($11.1B)
Notebooks, desktops and related products for home users.
Supplies: ink and toner ($10.9B)
Cartridges and other supplies for HP printers already in homes and offices.
Commercial Printing ($4.6B)
Printers and print services for offices and other businesses.
Consumer Printing ($1.2B)
Printers for home users.
What it does
- Does: Designs its products and uses outside manufacturers to build them
- Does: Sells mostly through channel resellers and distributors
- Does: Sells ink and toner for printers already in use, as well as the printers
What it does not do
- Does not: Does not make its own processors: they come from Intel, AMD and NVIDIA
- Does not: Is not Hewlett Packard Enterprise, a separate company; the two still share parts of the old Hewlett-Packard branding
- Does not: Does not say how many PCs or printers it ships, only the percentage changes
14How the money flows
14How the money flows · FY2025
How does money flow through HP?
Money in
- Products (PCs, printers, ink and toner)$52.0B
- Services (support, warranties, print services)$3.3B
The company
HP
$55.3B came in
Money out
- Cost of products and services$43.9B
- Sales and administration$5.8B
- Research and development$1.6B
- Restructuring, acquisition and amortization charges$795M
- Interest and other, net$506M
- Income tax$139M
- Net income$2.5B
- Customers paid HP $55.3 billion in FY2025: $52.0 billion for products and $3.3 billion for services.
- Making and delivering those took $43.9 billion, leaving $11.4 billion of gross profit.
- Sales, administration, research and restructuring took $8.2 billion, leaving $3.2 billion of operating income.
- Interest and other items cost $0.5 billion, and income tax took $0.1 billion.
- That left $2.5 billion of net income.
15What it needs to run
15What it needs to run
What does HP need to run?
Outside manufacturers
Outsourced manufacturers build products HP designs. The three largest made up 94% of HP's $0.6 billion of supplier receivables at Oct 31, 2025.
Parts from single suppliers
Canon supplies certain laser printer engines and toner cartridges. Processors come from Intel, AMD and NVIDIA.
People
About 55,000 employees, according to the FY2025 10-K.
Research and development
$1.6 billion in FY2025, 2.9% of revenue.
Supplier and customer financing
HP sold $11.8 billion of trade receivables to third parties in FY2025. Its supplier finance program held $8.9 billion of confirmed invoices at Oct 31, 2025.
16Where it sells
16Where it sells · FY2025
Where does HP sell?
- United States35%
- Outside the US (no other single country above 10%)65%
17Competitors and what protects it
17Competitors and what protects it
Who does HP compete with?
Lenovo
Named in HP's FY2025 10-K as a Personal Systems competitor.
Dell
NYSE: DELL
Named in HP's FY2025 10-K as a Personal Systems competitor.
Apple
NASDAQ: AAPL
Named in HP's FY2025 10-K as a Personal Systems competitor.
Canon
Named in HP's FY2025 10-K as a printing competitor; it also supplies HP with certain laser printer engines and toner cartridges.
Seiko Epson
Named in HP's FY2025 10-K as a printing competitor.
Brother
Named in HP's FY2025 10-K as a printing competitor.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Printers in use that need supplies3 of 5
Ink and toner brought in $10.9 billion in FY2025, and Printing's segment margin was 18.7%. Non-original supplies compete for the same sales.
- Scale in PCs3 of 5
Personal Systems revenue was $38.5 billion in FY2025, but at a 5.3% segment margin.
- Reseller network3 of 5
The majority of revenue comes through channel resellers; one distributor, TD Synnex, was 12% of FY2025 revenue.
- Control over parts2 of 5
HP relies on single sources such as Canon for certain laser printer engines and on Intel, AMD and NVIDIA for processors.
Weak spot
Thin PC margins and shrinking supplies
The Personal Systems margin was 5.3% in FY2025 and 4.6% in Q3 FY2026. Supplies revenue fell from $12.6 billion in FY2021 to $10.9 billion in FY2025.
18Where growth could come from
18Where growth could come from
Where could HP's growth come from?
HP said on Aug 26, 2026 that it expects FY2026 GAAP diluted EPS of $2.52 to $2.62, including an estimated $0.19 of tariff refunds, and free cash flow (its own measure) of $3.0 to $3.2 billion. For Q4 FY2026 it expects GAAP diluted EPS of $0.74 to $0.84. On Sep 21, 2026 HP said its preliminary planning assumption is that industry PC unit volumes decline roughly mid-single-digits in calendar 2027.
Commercial PCs
Working$8.6B in Q3 FY2026, up 22%
Yearly revenue rose from $25.5 billion in FY2024 to $27.4 billion in FY2025. In Q3 FY2026 commercial PC units fell 14% while revenue rose.
Status: Working, on track against what the company said.
Consumer PCs
Mixed$3.2B in Q3 FY2026, up 10%
Yearly revenue fell from $16.5 billion in FY2021 to $11.1 billion in FY2025. Consumer PC units fell 19% in Q3 FY2026.
Status: Mixed, partly on track.
Ink and toner (supplies)
Behind$2.5B in Q3 FY2026, down 3%
Yearly supplies revenue fell from $12.6 billion in FY2021 to $10.9 billion in FY2025.
Status: Behind, behind the company's own plan.
Printers
BehindHardware units down 7% in Q3 FY2026
Commercial Printing revenue was $1,101 million in Q3 FY2026, against $1,113 million a year earlier. Printing revenue fell 2% in the quarter.
Status: Behind, behind the company's own plan.
Fiscal 2026 Plan cost savings
EarlyHP's stated goal (Nov 25, 2025): about $1B of gross yearly savings by end of FY2028
HP approved the plan on Nov 25, 2025, with 4,000 to 6,000 job cuts and about $650 million of charges. It had incurred $0.5 billion of charges by Jul 31, 2026.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (7)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- 8-K, Item 7.01: fiscal 2027 planning assumption for PC unit volumes
- Form 10-K, fiscal year 2025 (ended Oct 31, 2025)
- Form 10-K, fiscal year 2023 (ended Oct 31, 2023)
- Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1)
- 8-K, Item 2.05: Fiscal 2026 Plan (restructuring) approved Nov 25, 2025
- Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026)
19The company's own measures (non-GAAP)
19The company's own measures · FY2025 to Q3 FY2026
What do HP's own measures show?
Official (GAAP): Diluted EPS, FY2025
$2.65
Company's own measure: Non-GAAP diluted EPS, FY2025
$3.12
HP leaves out restructuring, acquisition and amortization charges, certain litigation charges, non-operating retirement-related credits and tax adjustments.
Official (GAAP): Earnings from operations, Q3 FY2026
$892M
Company's own measure: Non-GAAP earnings from operations, Q3 FY2026
$1.0B
Same adjustments before tax. The GAAP figure includes $127 million of tariff refunds.
Official (GAAP): Diluted EPS, Q3 FY2026
$0.71
Company's own measure: Non-GAAP diluted EPS, Q3 FY2026
$0.83
Same adjustments after tax. HP says tariff refunds added $0.11 to EPS in the quarter.
Official (GAAP): Net cash from operating activities, FY2025
$3.7B
Company's own measure: Free cash flow, FY2025 (HP's definition)
$2.9B
HP subtracts net capital spending and adds back $131 million of net investment in leases from its financing business. This page's free cash flow ($2,800 million) does not add that back.
Official (GAAP): Net cash from operating activities, Q3 FY2026
$1.7B
Company's own measure: Free cash flow, Q3 FY2026 (HP's definition)
$1.6B
Same definition as above.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
20Financial strength and debt
20Financial strength · Jul 31, 2026
How much debt does HP have?
- Total debt$9.2B
- Cash and investments$4.2B
- Net debt (debt minus cash)$5.0B
- Net worth (shareholders' money)−$92M
- Interest cover
- 7.4×
- how many times operating profit covers interest
- Net debt is a Cityfort calculation from the Q3 FY2026 earnings release: $9,160 million of debt less $4,169 million of cash, cash equivalents and restricted cash.
- Stockholders' equity has been negative at every year end since FY2021 ($92 million deficit at Jul 31, 2026), so debt-to-equity is not meaningful. HP spent about $13.6 billion on buybacks from FY2021 to FY2025.
- Interest coverage is FY2025 earnings from operations divided by interest expense on borrowings: $3,174 million ÷ $430 million (Cityfort calculation from the FY2025 10-K).
- Debt due at face value: $847 million in FY2026, $1,227 million in FY2027 and $1,060 million in FY2028 (FY2025 10-K). HP has a $5.0 billion revolving credit facility to Aug 1, 2029 and a commercial paper program of up to $6.0 billion.
- HP's cash conversion cycle was −38 days in FY2025: it paid suppliers after 139 days on average. It sold $11.8 billion of receivables in FY2025, and its supplier finance program held $8.9 billion of confirmed invoices at Oct 31, 2025.
21Who owns it
21Who owns it · ownership as of Dec 31, 2025
Who owns HP?
- Officers and directors (as a group), shares
- 0.2%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did HP's insiders report trading?
HP's insiders made 52 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 11 sales (250,854 shares) in the open market or privately (codes P and S).
8 of the 11 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 42 other share transactions (M: 18, F: 15, G: 6, A: 3).
They also report 52 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
- G
- a bona fide gift
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 53 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of HP's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
22What it does with profit
22What it does with profit
What does HP do with its profit?
Dividend per share
$1.16FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Oct 31, 2021
Shares repurchased during FY2021 (cash paid).
$6.2B
Buyback · Oct 31, 2022
Shares repurchased during FY2022 (cash paid).
$4.3B
Buyback · Oct 31, 2023
Shares repurchased during FY2023 (cash paid).
$100M
Buyback · Oct 31, 2024
Shares repurchased during FY2024 (cash paid).
$2.1B
Buyback · Oct 31, 2025
Shares repurchased during FY2025 (cash paid).
$850M
Buyback · Jul 31, 2026
Shares repurchased in the first nine months of FY2026, 30.5 million shares (Cityfort calculation from the Q1 FY2026 to Q3 FY2026 earnings releases).
$725M
Money raised · Apr 14, 2025
Priced $500 million of 5.40% notes due 2030 and $500 million of 6.10% notes due 2035.
$1.0B
Sources (7)
- Form 10-K, fiscal year 2023 (ended Oct 31, 2023)
- Form 10-K, fiscal year 2025 (ended Oct 31, 2025)
- Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026)
- Free writing prospectus (pricing term sheet), 5.400% notes due 2030 and 6.100% notes due 2035
23Governance signals
23Governance signals
What do HP's governance filings show?
- Auditor
- Ernst & Young LLP, since 2000
- Auditor changes
- None in the period covered
- Audit qualifications
- FY2024: Ernst & Young's report in the FY2024 10-K gave an adverse opinion on HP's internal control over financial reporting at Oct 31, 2024, because of a material weakness in IT general controls. HP reported it remediated as of Oct 31, 2025.
- Related-party dealings
- The 2026 proxy reports one related-person transaction for FY2025: about $2.15 million paid to Greenwave Holdings, in which director Richard Clemmer holds 30%, to use its technology in HP products. The proxy calls it arm's-length.
- Credit rating
- Moody's, S&P and Fitch (anticipated ratings for HP's April 2025 notes, as listed in its Apr 14, 2025 term sheet) Baa2 (Moody's) / BBB (S&P) / BBB+ (Fitch) (Not stated in the term sheet), Apr 14, 2025
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
auditor
Revised results and control weaknesses, now remediated
HP's Sep 11, 2023 10-K/A revised FY2020 to FY2022 for a Personal Systems revenue error and other errors, which HP called not material. A separate IT control weakness found in Q4 FY2023 drew an adverse auditor opinion at Oct 31, 2024. HP reported it remediated as of Oct 31, 2025, with no material misstatement.
other
Chief executive change
Enrique Lores stepped down as CEO and director on Feb 3, 2026 "to pursue another professional opportunity". Director Bruce Broussard became interim CEO. Emma Walmsley starts as CEO on Jan 4, 2027, with a $30 million inducement award and a $2.5 million sign-on payment.
other
CEO pay ratio
Enrique Lores's FY2025 total pay was $23.1 million, 297 times the median employee's $77,679, according to the 2026 proxy statement.
disclosure
What HP does not disclose
HP gives no PC or printer unit counts, only percentage changes, and no revenue from AI PCs. Its filings name no current credit rating; the ratings shown are those listed for its April 2025 notes.
Sources (10)
- Form 10-K, fiscal year 2025 (ended Oct 31, 2025)
- Proxy statement (DEF 14A) for the Apr 16, 2026 annual meeting
- Form 10-K, fiscal year 2024 (ended Oct 31, 2024)
- Free writing prospectus (pricing term sheet), 5.400% notes due 2030 and 6.100% notes due 2035
- Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026)
- Form 10-K/A, fiscal year 2022 (ended Oct 31, 2022), amended
- Form 10-K, fiscal year 2023 (ended Oct 31, 2023)
- 8-K, Item 5.02: Enrique Lores steps down as CEO, Bruce Broussard Interim CEO (press release, Ex. 99.1)
- 8-K, Items 5.02 and 5.03: Emma Walmsley appointed CEO from Jan 4, 2027; Bruce Broussard to become Chair
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
24What the market paid
24What the market paid · price as of Nov 5, 2026
What did the market pay for HP on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: HP's shares closed at $29.44, from Nasdaq's historical price table (HP is listed on the NYSE). Market value of about $26.5 billion = $29.44 × 901.8 million shares on Aug 19, 2026 (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 11.2 on $2.62, the sum of diluted EPS for the four quarters to Jul 31, 2026, which includes Q3 FY2026 tariff refunds (Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 earnings releases). P/B is not shown because equity is negative.
- Share price
- $29.44
- Market value (market cap)
- $26.5B
- P/E
- 11.2×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
0.4×
$26.5B market value ÷ $59.2B revenue (four quarters to Jul 31, 2026) = 0.4×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Qs and earnings releases. Source: HPQ historical closing prices, Oct 1 to Nov 5, 2026 (Nasdaq's table for an NYSE-listed share); Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026); Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) and 5 more
How price ratios workDividend yield
3.94%
$1.16 dividends per share (FY2025) ÷ $29.44 share price = 3.94%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: HPQ historical closing prices, Oct 1 to Nov 5, 2026 (Nasdaq's table for an NYSE-listed share); Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026); Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) and 4 more
What dividend yield meansFree cash flow yield
10.5%
$2.8B free cash flow (FY2025) ÷ $26.5B market value = 10.5%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: HPQ historical closing prices, Oct 1 to Nov 5, 2026 (Nasdaq's table for an NYSE-listed share); Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026); Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) and 4 more
What free cash flow means
Shares used for the market value: 901.79 million ($29.44 × 901.79 million shares ≈ $26.5B). Source: Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026); Form 10-K, fiscal year 2025 (ended Oct 31, 2025)
Source: HPQ historical closing prices, Oct 1 to Nov 5, 2026 (Nasdaq's table for an NYSE-listed share); Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026); Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) and 3 more
Sources (9)
- HPQ historical closing prices, Oct 1 to Nov 5, 2026 (Nasdaq's table for an NYSE-listed share)
- Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026)
- Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- Form 10-Q, Q1 fiscal 2026 (ended Jan 31, 2026)
- Form 10-Q, Q2 fiscal 2026 (ended Apr 30, 2026)
- Form 10-K, fiscal year 2025 (ended Oct 31, 2025)
25How it got here
25How it got here
How did HP get here?
2021
Milestone
Oracle litigation proceeds
Oracle paid about $4.65 billion on Oct 12, 2021 over Itanium support. HP split the net proceeds equally with Hewlett Packard Enterprise and booked $2,304 million.
2021
Milestone
Large buybacks
HP spent $6.2 billion on buybacks in FY2021 and $4.3 billion in FY2022. Diluted shares fell from 1,220 million in FY2021 to 953 million in FY2025.
2022
Business-model change
Poly acquisition
HP acquired Poly (Plantronics, Inc.) on Aug 29, 2022. Acquisition payments were $2,755 million in FY2022.
2022
Milestone
Fiscal 2023 Plan
HP's board approved a restructuring plan on Nov 18, 2022. About 9,500 employees left under it, and HP calls it substantially complete.
2023
Crisis
Results revised
On Sep 11, 2023 HP filed a 10-K/A revising FY2020 to FY2022 for a Personal Systems revenue error and other errors.
2025
Milestone
Control weakness remediated
HP reported the IT control weakness flagged at Oct 31, 2024 remediated as of Oct 31, 2025.
2025
Business-model change
Fiscal 2026 Plan
On Nov 25, 2025 HP approved a plan to cut 4,000 to 6,000 jobs through FY2028, with about $650 million of charges.
2026
Crisis
CEO steps down
Enrique Lores stepped down on Feb 3, 2026, and director Bruce Broussard became interim CEO.
2026
Milestone
New CEO named
On Nov 4, 2026 HP named Emma Walmsley CEO from Jan 4, 2027, with Bruce Broussard to become Chair.
Sources (7)
- Form 10-K/A, fiscal year 2022 (ended Oct 31, 2022), amended
- Form 10-K, fiscal year 2023 (ended Oct 31, 2023)
- Form 10-K, fiscal year 2025 (ended Oct 31, 2025)
- Form 10-K, fiscal year 2024 (ended Oct 31, 2024)
- 8-K, Item 2.05: Fiscal 2026 Plan (restructuring) approved Nov 25, 2025
- 8-K, Item 5.02: Enrique Lores steps down as CEO, Bruce Broussard Interim CEO (press release, Ex. 99.1)
- 8-K, Items 5.02 and 5.03: Emma Walmsley appointed CEO from Jan 4, 2027; Bruce Broussard to become Chair
26Sources and changes
Where every number on this page comes from
Sources (27 documents)
- S1Form 10-K, fiscal year 2025 (ended Oct 31, 2025) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 10, 2025
- S2Form 10-K, fiscal year 2024 (ended Oct 31, 2024) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 13, 2024
- S3Form 10-K, fiscal year 2023 (ended Oct 31, 2023) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 18, 2023
- S4Form 10-K/A, fiscal year 2022 (ended Oct 31, 2022), amended · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 11, 2023
- S5Form 10-Q, Q1 fiscal 2026 (ended Jan 31, 2026) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
- S6Form 10-Q, Q2 fiscal 2026 (ended Apr 30, 2026) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 28, 2026
- S7Form 10-Q, Q3 fiscal 2026 (ended Jul 31, 2026) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2026
- S8Earnings release, Q4 and fiscal 2024 (8-K Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 26, 2024
- S9Earnings release, Q1 fiscal 2025 (8-K Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 27, 2025
- S10Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 28, 2025
- S11Earnings release, Q3 fiscal 2025 (8-K Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 27, 2025
- S12Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 25, 2025
- S13Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 24, 2026
- S14Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 27, 2026
- S15Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 26, 2026
- S16Proxy statement (DEF 14A) for the Apr 16, 2026 annual meeting · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 25, 2026
- S178-K, Item 2.05: Fiscal 2026 Plan (restructuring) approved Nov 25, 2025 · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 25, 2025
- S188-K, Item 5.02: Enrique Lores steps down as CEO, Bruce Broussard Interim CEO (press release, Ex. 99.1) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
- S198-K, Item 7.01: fiscal 2027 planning assumption for PC unit volumes · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 21, 2026
- S208-K, Items 5.02 and 5.03: Emma Walmsley appointed CEO from Jan 4, 2027; Bruce Broussard to become Chair · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
- S218-K, Item 5.02: President of Personal Systems change (Alex Cho to Ketan Patel) · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 1, 2025
- S22Free writing prospectus (pricing term sheet), 5.400% notes due 2030 and 6.100% notes due 2035 · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 14, 2025
- S23Schedule 13G/A, BlackRock, Inc. · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 7, 2026
- S24Schedule 13G, Vanguard Capital Management · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S25Schedule 13G, Vanguard Portfolio Management · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S26Schedule 13G/A (Amendment No. 14), The Vanguard Group · HP Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S27HPQ historical closing prices, Oct 1 to Nov 5, 2026 (Nasdaq's table for an NYSE-listed share) · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
Changes to this page (v1 · Nov 7, 2026)
- v1 · Nov 7, 2026First version. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
Investing in securities involves risk, including loss of capital. Before making any investment decision, do your own research and consider consulting a registered investment adviser or other qualified professional.
Cityfort, its owners and contributors may or may not hold securities of companies covered. Cityfort is not paid by any company it covers. Content is not an offer or solicitation to buy or sell any security, including in any initial public offering.
Read the positions policyRead the full disclaimerHide the full disclaimer
Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.