How did HP perform against its own earnings outlook this quarter?

GAAP diluted net EPS of $0.80 was above the previously provided outlook of $0.57 to $0.69. Non-GAAP diluted net EPS of $0.75 was within the outlook of $0.68 to $0.80, though down from $0.84 in the prior-year period.

What drove the difference between GAAP and non-GAAP earnings?

The filing lists non-GAAP adjustments for restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation (benefits) charges, non-operating retirement-related credits, and tax adjustments. Non-GAAP net earnings exclude after-tax adjustments of $(50) million, or $(0.05) per diluted share. The filing also notes a gain from a single litigation matter presented in Interest and other, net.

Which business segments drove results?

Personal Systems net revenue was $9.9 billion, up 6%, with Consumer PS up 8% and Commercial PS up 5%. Printing net revenue was $4.0 billion, down 4%, with Consumer Printing down 8% and Commercial Printing down 3%. Printing had a 17.3% operating margin, while Personal Systems had a 5.4% operating margin.

What is HP's outlook for the remainder of fiscal 2025?

For the fourth quarter, HP estimates GAAP diluted net EPS of $0.75 to $0.85 and non-GAAP diluted net EPS of $0.87 to $0.97, with non-GAAP estimates excluding $0.12 per diluted share of primarily specified charges. For full-year fiscal 2025, HP anticipates free cash flow of $2.6 billion to $3.0 billion. The company says this reflects added cost from current U.S. trade-related regulations and associated mitigations.

How much cash did HP generate and return to shareholders?

HP generated net cash from operating activities of $1.7 billion and free cash flow of $1.5 billion in the quarter. It paid a dividend of $0.2894 per share, totaling $272 million, and repurchased about 5.5 million shares for $150 million. The company ended the quarter with $2.9 billion in gross cash.

HPQ 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 27, 2025. Cited figures are marked; the original filing is the authoritative source.

HP Inc. reported fiscal 2025 third-quarter results for the quarter ended July 31, 2025.

Net revenue was $13.9 billion^a, up 3.1% (up 3.3% in constant currency) from the prior-year period, and management cited it as the company's fifth consecutive quarter of revenue growth, driven by Personal Systems. GAAP diluted net EPS was $0.80, up 23.1% year over year and above the previously provided outlook of $0.57 to $0.69. Non-GAAP diluted net EPS was $0.75, down 10.7% from $0.84 in the prior-year period and within the outlook of $0.68 to $0.80.

The GAAP results were affected by a litigation gain presented in Interest and other, net, and the filing notes that the GAAP EPS includes after-tax non-GAAP adjustments of $(50) million, or $(0.05) per diluted share. Segment performance was mixed. Personal Systems net revenue was $9.9 billion^b, up 6% year over year, with a 5.4% operating margin.

Printing net revenue was $4.0 billion^c, down 4%, with a 17.3% operating margin. Net cash provided by operating activities was $1.7 billion and free cash flow was $1.5 billion. HP returned $0.4 billion to shareholders through dividends and share repurchases and ended the quarter with $2.9 billion in gross cash.

For the fiscal 2025 fourth quarter, HP estimates GAAP diluted net EPS of $0.75 to $0.85^d and non-GAAP diluted net EPS of $0.87 to $0.97. For full-year fiscal 2025, HP anticipates free cash flow of $2.6 billion to $3.0 billion. The company states that this outlook reflects added costs from current U.S. trade-related regulations and associated mitigation actions.

02—Key points

Key Highlights

Net revenue of $13.9 billion, up 3.1% (3.3% in constant currency) year over year; management cited a fifth consecutive quarter of revenue growth.
GAAP diluted net EPS of $0.80, up 23.1% from $0.65, and above the outlook of $0.57 to $0.69.
Non-GAAP diluted net EPS of $0.75, down 10.7% from $0.84, within the outlook of $0.68 to $0.80.
Personal Systems revenue of $9.9 billion, up 6%, with a 5.4% operating margin; Printing revenue of $4.0 billion, down 4%, with a 17.3% operating margin.
Net cash from operating activities of $1.7 billion and free cash flow of $1.5 billion; gross cash of $2.9 billion at quarter end.
Returned $0.4 billion to shareholders via dividends ($272 million) and share repurchases ($150 million, about 5.5 million shares).
Q4 FY25 guidance: GAAP diluted EPS of $0.75 to $0.85 and non-GAAP diluted EPS of $0.87 to $0.97; FY25 free cash flow outlook of $2.6 billion to $3.0 billion.

03—Questions

Frequently Asked Questions

How did HP perform against its own earnings outlook this quarter?
GAAP diluted net EPS of $0.80 was above the previously provided outlook of $0.57 to $0.69. Non-GAAP diluted net EPS of $0.75 was within the outlook of $0.68 to $0.80, though down from $0.84 in the prior-year period.
What drove the difference between GAAP and non-GAAP earnings?
The filing lists non-GAAP adjustments for restructuring and other charges, acquisition and divestiture charges, amortization of intangible assets, certain litigation (benefits) charges, non-operating retirement-related credits, and tax adjustments. Non-GAAP net earnings exclude after-tax adjustments of $(50) million, or $(0.05) per diluted share. The filing also notes a gain from a single litigation matter presented in Interest and other, net.
Which business segments drove results?
Personal Systems net revenue was $9.9 billion, up 6%, with Consumer PS up 8% and Commercial PS up 5%. Printing net revenue was $4.0 billion, down 4%, with Consumer Printing down 8% and Commercial Printing down 3%. Printing had a 17.3% operating margin, while Personal Systems had a 5.4% operating margin.
What is HP's outlook for the remainder of fiscal 2025?
For the fourth quarter, HP estimates GAAP diluted net EPS of $0.75 to $0.85 and non-GAAP diluted net EPS of $0.87 to $0.97, with non-GAAP estimates excluding $0.12 per diluted share of primarily specified charges. For full-year fiscal 2025, HP anticipates free cash flow of $2.6 billion to $3.0 billion. The company says this reflects added cost from current U.S. trade-related regulations and associated mitigations.
How much cash did HP generate and return to shareholders?
HP generated net cash from operating activities of $1.7 billion and free cash flow of $1.5 billion in the quarter. It paid a dividend of $0.2894 per share, totaling $272 million, and repurchased about 5.5 million shares for $150 million. The company ended the quarter with $2.9 billion in gross cash.

04—Continue

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