HP (HPQ)
Builds PCs, workstations, printers, supplies, and services for homes and workplaces.
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HP makes the computers people work on and the printers sitting beside them. Most of the money comes from selling machines by the crate, at thin margins, mostly through resellers. Most of the profit comes from the ink and toner those printers keep needing — and that refill business is slowly shrinking. So HP is pushing pricier AI-capable machines and monthly contracts to fill the hole.
Item facts: FY2025 · year ended Oct 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 12 more below
Commercial Personal Systems
Work laptops, desktops, workstations, thin clients and shop checkout terminals — half of all HP revenue. Prices, not volumes, drove a 21.9% jump in the summer quarter, while the profit left on HP's computer business overall fell to 4.6 cents per dollar of sales, under its own target.
Competes with ThinkPad (Lenovo) · Dell Pro / Latitude (Dell) · MacBook Pro (Apple)
In plain English
Walk into an office and the laptops on those desks were mostly bought in one big order, not one at a time. That order is this business: batches of work machines, plus the beefier workstations and the terminals behind shop counters, usually placed through a reseller who stocks and delivers them.
HP earns only a thin slice on each machine, so the game is shifting a lot of them and talking buyers into the dearer models. Demand arrives in waves, whenever a fleet of ageing machines has to be swapped out — the move to Windows 11 is the wave HP is riding now.
AI PCs and Advanced Compute Solutions
Machines with extra silicon for AI work on the device, plus the heavy desk-side systems above them. HP publishes no revenue for this, only mix: about 44% of computers shipped as of the spring quarter, with half targeted by the end of FY2026.
Competes with ThinkPad AI PCs and ThinkStation P5 Gen 2 (Lenovo) · Dell Pro Max GB300 desk-side system (Dell) · MacBook with Apple silicon (Apple)
In plain English
An AI PC is a computer with an extra chip inside that can run AI work on the machine itself instead of sending it away to a distant datacenter. Above the laptops sit heavier versions of the same idea — HP's Z workstations, and a desk-side system called ZGX Fury built on NVIDIA's GB300 chip, orderable since September 2026.
Nobody pays HP a separate fee for the AI part. The money shows up as a bigger price tag on a computer HP would have sold anyway, which is why management keeps reporting what share of shipments are AI-capable while the total number of computers sold falls.
Workforce Solutions
The contract business: HP runs a company's computers, printers and meeting-room kit for a monthly fee, security software and Poly conference hardware included. No revenue figure is published. Its appeal is margin that does not swing with memory chip prices.
Competes with Managed print services (Xerox) · Managed print services (Ricoh) · Rally meeting-room systems (Logitech) · Device-as-a-Service PC lifecycle contracts (Dell)
In plain English
Rather than buying computers and printers and then finding someone to look after them, a company can hand HP the whole job: supply the devices, watch them from afar, replace what breaks, keep the printers fed, bolt on security software, and throw in the meeting-room cameras and speakerphones from Poly, the conference-kit maker HP bought in 2022.
The customer pays by the month. HP likes this money because it keeps arriving and does not lurch about when memory chips get expensive. The catch: office print contracts are Xerox and Ricoh territory, and HP holds less of that business than its printer numbers might suggest.
Consumer Personal Systems
Home machines: Omni laptops and desktops, OMEN and Victus gaming rigs, HyperX headsets and mice. A fifth of revenue, up 10.1% in the summer quarter on price rather than units. HP dropped gaming from its named growth priorities back in February 2025.
Competes with IdeaPad / Legion (Lenovo) · MacBook Air (Apple) · Logitech G peripherals (Logitech)
In plain English
Here the buyer is one person with a card, in a shop or on HP's own website: a laptop for homework, an OMEN or Victus machine for gaming, a HyperX headset to go with it.
Nobody has to replace a home computer this year, so this half of the computer business moves with mood and with price. When memory chips got dearer and HP put prices up, some shoppers bought early to beat the rise. Cheap models feel that cost most, because memory is a bigger share of what they cost to build — memory runs 15–18% of a typical PC's cost. Sales grew through 2026 even as the number of PCs sold across the market shrank.
Supplies
Ink and toner, media and the materials industrial machines consume — a fifth of revenue and the main reason the printing side earns roughly triple the margin of the computer side. It fell 4% in the summer quarter. Watch how many HP printers are still being placed.
Competes with Genuine Canon ink and toner (Canon) · EcoTank refill bottles (Seiko Epson) · Non-original refill cartridges (Pantum)
In plain English
Cartridges. Bottles of ink. Toner, photo paper, the stuff big presses and 3D printers eat as they run. Every printer HP puts into a home or an office turns into a small repeat order for these, sometimes for years.
That is where HP's profit lives, and it is also the most exposed spot on the map. Cheaper imitation and refilled cartridges are sold in HP's own retail channels; the feature HP uses to check whether a cartridge is genuine is being fought over in courts in six or more countries; and Epson said in January 2026 it had passed HP in inkjet volumes, which thins the pool of HP printers needing refills later.
Consumer Subscriptions — Instant Ink, Instant Paper, All-In Plan
Monthly print plans for households — ink by post, paper too, or the All-In Plan bundling printer, ink and support from $7.99 a month. Just under a billion dollars a year in FY2025, and HP carries part of the hardware cost.
Competes with PIXMA Print Plan (Canon) · ReadyPrint (Epson) · Refresh ink subscription (Brother)
In plain English
A standing monthly arrangement for printing at home: ink packs arrive by post as part of the plan instead of being bought cartridge by cartridge at a shop, a paper plan does the same for paper, and the All-In Plan goes further and includes the printer itself, from $7.99 a month with ink and support.
For HP this turns an unpredictable trip to the shops into a payment that shows up every month, which is worth more over several years even though HP carries part of the hardware cost at the start. It was just under a billion dollars in FY2025, passed a million paper subscribers by early 2025, and HP expects to widen it beyond the United States next year.
Commercial Printing
Office printers and copiers, graphics machines and 3D — the hardware, counted without the ink. About 8% of revenue and down 1% in the summer quarter. Printers that take bottles of ink are the pocket that is working, with unit sales up 42%.
Competes with imageRUNNER office MFPs (Canon) · AltaLink / VersaLink (Xerox) · Pantum laser printers (Pantum International)
In plain English
The machine by the lift that prints, scans and copies, plus the bigger graphics and 3D machines — all counted here without any of the ink they will use.
HP is not trying to win this market on volume. It places machines where the refills afterwards will pay rather than chasing share: Canon, Xerox and Pantum all price hard here, North America and China were soft, and the line has shrunk every year since FY2023. Tank printers, which are filled from bottles instead of cartridges, are the exception, with unit sales up 42% in the summer quarter. Every machine not placed today is refill money missing for years afterwards.
Industrial Print and Graphics
Big digital presses and 3D printers sold to commercial print shops and packaging makers. Management put the line above $1.8 billion a year and counted a twelfth straight quarter of growth — growth inside a printing business that is otherwise shrinking.
Competes with varioPRINT / ColorStream production presses (Canon) · Nanographic presses (Landa Digital Printing) · Pro VC inkjet presses (Ricoh)
In plain English
Picture a print shop that used to make a metal plate for every job and now prints labels, cartons and books straight from a computer file, no plates involved. HP sells the machines that do it: Indigo presses, PageWide industrial, Latex, and Multi Jet Fusion 3D printers.
Two payments follow each sale — the machine itself, then years of inks and materials it swallows, which land back in HP's refills line. The buyers are commercial printers and packaging converters. One of them, the printing firm RRD, signed a three-year, $100 million agreement in the summer quarter covering AI and automation in print production.
Commercial Personal SystemsWork laptops, desktops, workstations, thin clients and shop checkout terminals — half of all HP revenue. Prices, not volumes, drove a 21.9% jump in the summer quarter, while the profit left on HP's computer business overall fell to 4.6 cents per dollar of sales, under its own target.Work laptops, desktops, workstations, thin clients and shop checkout terminals — half of all HP revenue. Prices, not volumes, drove a 21.9% jump in the summer quarter, while the profit left on HP's computer business overall fell to 4.6 cents per dollar of sales, under its own target.
In plain English
Walk into an office and the laptops on those desks were mostly bought in one big order, not one at a time. That order is this business: batches of work machines, plus the beefier workstations and the terminals behind shop counters, usually placed through a reseller who stocks and delivers them.
HP earns only a thin slice on each machine, so the game is shifting a lot of them and talking buyers into the dearer models. Demand arrives in waves, whenever a fleet of ageing machines has to be swapped out — the move to Windows 11 is the wave HP is riding now.
Competes with ThinkPad (Lenovo) · Dell Pro / Latitude (Dell) · MacBook Pro (Apple)
AI PCs and Advanced Compute SolutionsMachines with extra silicon for AI work on the device, plus the heavy desk-side systems above them. HP publishes no revenue for this, only mix: about 44% of computers shipped as of the spring quarter, with half targeted by the end of FY2026.Machines with extra silicon for AI work on the device, plus the heavy desk-side systems above them. HP publishes no revenue for this, only mix: about 44% of computers shipped as of the spring quarter, with half targeted by the end of FY2026.
In plain English
An AI PC is a computer with an extra chip inside that can run AI work on the machine itself instead of sending it away to a distant datacenter. Above the laptops sit heavier versions of the same idea — HP's Z workstations, and a desk-side system called ZGX Fury built on NVIDIA's GB300 chip, orderable since September 2026.
Nobody pays HP a separate fee for the AI part. The money shows up as a bigger price tag on a computer HP would have sold anyway, which is why management keeps reporting what share of shipments are AI-capable while the total number of computers sold falls.
Competes with ThinkPad AI PCs and ThinkStation P5 Gen 2 (Lenovo) · Dell Pro Max GB300 desk-side system (Dell) · MacBook with Apple silicon (Apple)
Workforce SolutionsThe contract business: HP runs a company's computers, printers and meeting-room kit for a monthly fee, security software and Poly conference hardware included. No revenue figure is published. Its appeal is margin that does not swing with memory chip prices.The contract business: HP runs a company's computers, printers and meeting-room kit for a monthly fee, security software and Poly conference hardware included. No revenue figure is published. Its appeal is margin that does not swing with memory chip prices.
In plain English
Rather than buying computers and printers and then finding someone to look after them, a company can hand HP the whole job: supply the devices, watch them from afar, replace what breaks, keep the printers fed, bolt on security software, and throw in the meeting-room cameras and speakerphones from Poly, the conference-kit maker HP bought in 2022.
The customer pays by the month. HP likes this money because it keeps arriving and does not lurch about when memory chips get expensive. The catch: office print contracts are Xerox and Ricoh territory, and HP holds less of that business than its printer numbers might suggest.
Competes with Managed print services (Xerox) · Managed print services (Ricoh) · Rally meeting-room systems (Logitech) · Device-as-a-Service PC lifecycle contracts (Dell)
Consumer Personal SystemsHome machines: Omni laptops and desktops, OMEN and Victus gaming rigs, HyperX headsets and mice. A fifth of revenue, up 10.1% in the summer quarter on price rather than units. HP dropped gaming from its named growth priorities back in February 2025.Home machines: Omni laptops and desktops, OMEN and Victus gaming rigs, HyperX headsets and mice. A fifth of revenue, up 10.1% in the summer quarter on price rather than units. HP dropped gaming from its named growth priorities back in February 2025.
In plain English
Here the buyer is one person with a card, in a shop or on HP's own website: a laptop for homework, an OMEN or Victus machine for gaming, a HyperX headset to go with it.
Nobody has to replace a home computer this year, so this half of the computer business moves with mood and with price. When memory chips got dearer and HP put prices up, some shoppers bought early to beat the rise. Cheap models feel that cost most, because memory is a bigger share of what they cost to build — memory runs 15–18% of a typical PC's cost. Sales grew through 2026 even as the number of PCs sold across the market shrank.
Competes with IdeaPad / Legion (Lenovo) · MacBook Air (Apple) · Logitech G peripherals (Logitech)
SuppliesInk and toner, media and the materials industrial machines consume — a fifth of revenue and the main reason the printing side earns roughly triple the margin of the computer side. It fell 4% in the summer quarter. Watch how many HP printers are still being placed.Ink and toner, media and the materials industrial machines consume — a fifth of revenue and the main reason the printing side earns roughly triple the margin of the computer side. It fell 4% in the summer quarter. Watch how many HP printers are still being placed.
In plain English
Cartridges. Bottles of ink. Toner, photo paper, the stuff big presses and 3D printers eat as they run. Every printer HP puts into a home or an office turns into a small repeat order for these, sometimes for years.
That is where HP's profit lives, and it is also the most exposed spot on the map. Cheaper imitation and refilled cartridges are sold in HP's own retail channels; the feature HP uses to check whether a cartridge is genuine is being fought over in courts in six or more countries; and Epson said in January 2026 it had passed HP in inkjet volumes, which thins the pool of HP printers needing refills later.
Competes with Genuine Canon ink and toner (Canon) · EcoTank refill bottles (Seiko Epson) · Non-original refill cartridges (Pantum)
Consumer Subscriptions — Instant Ink, Instant Paper, All-In PlanMonthly print plans for households — ink by post, paper too, or the All-In Plan bundling printer, ink and support from $7.99 a month. Just under a billion dollars a year in FY2025, and HP carries part of the hardware cost.Monthly print plans for households — ink by post, paper too, or the All-In Plan bundling printer, ink and support from $7.99 a month. Just under a billion dollars a year in FY2025, and HP carries part of the hardware cost.
In plain English
A standing monthly arrangement for printing at home: ink packs arrive by post as part of the plan instead of being bought cartridge by cartridge at a shop, a paper plan does the same for paper, and the All-In Plan goes further and includes the printer itself, from $7.99 a month with ink and support.
For HP this turns an unpredictable trip to the shops into a payment that shows up every month, which is worth more over several years even though HP carries part of the hardware cost at the start. It was just under a billion dollars in FY2025, passed a million paper subscribers by early 2025, and HP expects to widen it beyond the United States next year.
Competes with PIXMA Print Plan (Canon) · ReadyPrint (Epson) · Refresh ink subscription (Brother)
Commercial PrintingOffice printers and copiers, graphics machines and 3D — the hardware, counted without the ink. About 8% of revenue and down 1% in the summer quarter. Printers that take bottles of ink are the pocket that is working, with unit sales up 42%.Office printers and copiers, graphics machines and 3D — the hardware, counted without the ink. About 8% of revenue and down 1% in the summer quarter. Printers that take bottles of ink are the pocket that is working, with unit sales up 42%.
In plain English
The machine by the lift that prints, scans and copies, plus the bigger graphics and 3D machines — all counted here without any of the ink they will use.
HP is not trying to win this market on volume. It places machines where the refills afterwards will pay rather than chasing share: Canon, Xerox and Pantum all price hard here, North America and China were soft, and the line has shrunk every year since FY2023. Tank printers, which are filled from bottles instead of cartridges, are the exception, with unit sales up 42% in the summer quarter. Every machine not placed today is refill money missing for years afterwards.
Competes with imageRUNNER office MFPs (Canon) · AltaLink / VersaLink (Xerox) · Pantum laser printers (Pantum International)
Industrial Print and GraphicsBig digital presses and 3D printers sold to commercial print shops and packaging makers. Management put the line above $1.8 billion a year and counted a twelfth straight quarter of growth — growth inside a printing business that is otherwise shrinking.Big digital presses and 3D printers sold to commercial print shops and packaging makers. Management put the line above $1.8 billion a year and counted a twelfth straight quarter of growth — growth inside a printing business that is otherwise shrinking.
In plain English
Picture a print shop that used to make a metal plate for every job and now prints labels, cartons and books straight from a computer file, no plates involved. HP sells the machines that do it: Indigo presses, PageWide industrial, Latex, and Multi Jet Fusion 3D printers.
Two payments follow each sale — the machine itself, then years of inks and materials it swallows, which land back in HP's refills line. The buyers are commercial printers and packaging converters. One of them, the printing firm RRD, signed a three-year, $100 million agreement in the summer quarter covering AI and automation in print production.
Competes with varioPRINT / ColorStream production presses (Canon) · Nanographic presses (Landa Digital Printing) · Pro VC inkjet presses (Ricoh)
Named in filings, launches and programs
- Consumer PrintingSegmentHome printer hardware without the ink: $1,153M in FY2025, about 2% of revenue, and down roughly 7% over the first nine months of FY2026.
- TD SYNNEX CorpCustomer programThe distributor that resells HP gear onward was 12% of FY2025 revenue — the only counterparty above a tenth of sales, and not an end user.
- HP PolyBrandMeeting-room cameras, headsets and speakerphones bought for about $3.3B in 2022; its management software was folded into HP's fleet platform in the summer quarter.
- HyperXBrandGaming headsets, keyboards and mice, acquired from Kingston in 2021; five new products shipped between late August and mid-September 2026.
- HP Wolf Pro SecurityProductSecurity software sold alongside commercial PCs and counted inside the Workforce Solutions contract business.
- OMNIA Partners contractCustomer programA public-sector purchasing agreement running March 2026 to February 2029, with renewal options stretching into 2031.
- OpenAI Frontier partnershipEcosystemLaunched June 2026: OpenAI technology put to work across HP's online store, digital support and fleet telemetry, and inside its own engineering. No revenue disclosed.
- Huawei patent cross-licenceEcosystemMultiyear global patent swap signed August 2026 covering Wi-Fi patents, after Huawei sued HP entities twice in Munich over Wi-Fi 6. Terms undisclosed.
- HP NioProduct · AnnouncedAn AI helper that watches industrial presses for trouble and fixes some of it remotely; won a 2026 European Digital Press Association award.
- Precise PrintProductPrinting software that trims paper use by up to 38% and ink by up to 47%; available in more than 150 countries since June 2026.
- HP DimensionProduct · AnnouncedA six-camera 3D video calling device developed with Google, shown on HP's August 2025 earnings call.
- Corporate InvestmentsSegmentHP's incubation shelf for new business projects: $62M of revenue against a $130M loss in FY2025 — a rounding error beside the two real businesses.
Consumer PrintingSegment
Home printer hardware without the ink: $1,153M in FY2025, about 2% of revenue, and down roughly 7% over the first nine months of FY2026.
TD SYNNEX CorpCustomer program
The distributor that resells HP gear onward was 12% of FY2025 revenue — the only counterparty above a tenth of sales, and not an end user.
HP PolyBrand
Meeting-room cameras, headsets and speakerphones bought for about $3.3B in 2022; its management software was folded into HP's fleet platform in the summer quarter.
HyperXBrand
Gaming headsets, keyboards and mice, acquired from Kingston in 2021; five new products shipped between late August and mid-September 2026.
HP Wolf Pro SecurityProduct
Security software sold alongside commercial PCs and counted inside the Workforce Solutions contract business.
OMNIA Partners contractCustomer program
A public-sector purchasing agreement running March 2026 to February 2029, with renewal options stretching into 2031.
OpenAI Frontier partnershipEcosystem
Launched June 2026: OpenAI technology put to work across HP's online store, digital support and fleet telemetry, and inside its own engineering. No revenue disclosed.
Huawei patent cross-licenceEcosystem
Multiyear global patent swap signed August 2026 covering Wi-Fi patents, after Huawei sued HP entities twice in Munich over Wi-Fi 6. Terms undisclosed.
HP NioProduct · Announced
An AI helper that watches industrial presses for trouble and fixes some of it remotely; won a 2026 European Digital Press Association award.
Precise PrintProduct
Printing software that trims paper use by up to 38% and ink by up to 47%; available in more than 150 countries since June 2026.
HP DimensionProduct · Announced
A six-camera 3D video calling device developed with Google, shown on HP's August 2025 earnings call.
Corporate InvestmentsSegment
HP's incubation shelf for new business projects: $62M of revenue against a $130M loss in FY2025 — a rounding error beside the two real businesses.