10-K – 2025-12-10 – hpq-20251031.htm

As of October 31, 2025
  U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Post-Retirement Benefit Plans
  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
  In millions
Asset category:      
Equity securities (1)
$ —   $ 18   $ —   $ 18   $ 9   $ 103   $ —   $ 112   $ —   $ 2   $ —   $ 2  
Debt securities (2)

Corporate
—   2,266   —   2,266   —   58   —   58   —   146   —   146  
Government
—   1,264   —   1,264   —   136   —   136   —   88   —   88  
Real estate funds —   —   —   —   —   16   —   16   —   —   —   —  
Insurance contracts —   —   —   —   —   79   —   79   —   —   —   —  
Common collective trusts and 103-12 Investment entities (3)
—   —   —   —   —   10   —   10   —   —   —   —  
Investment funds (4)
31   —   —   31   —   408   —   408   43   —   43  
Cash and cash equivalents (5)
5   28   —   33   25   1   —   26   —   —   —   —  
Other (6)
( 129 ) ( 11 ) —   ( 140 ) —   9   —   9   ( 3 ) —   ( 3 )
Net plan assets subject to leveling at fair value
$ ( 93 ) $ 3,565   $ —   $ 3,472   $ 34   $ 820   $ —   $ 854   $ 40   $ 236   $ —   $ 276  

Investments using NAV as a practical expedient (7)
834   350   38  

Total plan assets
$ 4,306   $ 1,204   $ 314  

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

     The table below sets forth the total plan assets as of October 31, 2024.

  As of October 31, 2024
  U.S. Defined Benefit Plans Non-U.S. Defined Benefit Plans Post-Retirement Benefit Plans
  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
  In millions
Asset category:      
Equity securities (1)
$ —   $ 17   $ —   $ 17   $ 8   $ 109   $ —   $ 117   $ —   $ —   $ —   $ —  
Debt securities (2)

Corporate
—   2,213   —   2,213   —   16   —   16   —   143   —   143  
Government
—   1,392   —   1,392   —   59   —   59   —   102   —   102  
Real estate funds —   —   —   —   —   —   —   —   —   —   —   —  
Insurance contracts —   —   —   —   —   72   —   72   —   —   —   —  
Common collective trusts and 103-12 Investment entities (3)
—   —   —   —   —   10   —   10   —   —   —   —  
Investment funds (4)
10   —   —   10   —   347   —   347   45   —   45  
Cash and cash equivalents (5)
17   23   —   40   21   1   —   22   —   —   —   —  
Other (6)
( 251 ) ( 147 ) —   ( 398 ) —   116   —   116   ( 8 ) —   ( 8 )
Net plan assets subject to leveling at fair value
$ ( 224 ) $ 3,498   $ —   $ 3,274   $ 29   $ 730   $ —   $ 759   $ 37   $ 245   $ —   $ 282  

Investments using NAV as a practical expedient (7)
944   326   35  

Total plan assets
$ 4,218   $ 1,085   $ 317  

(1) Investments in publicly traded equity securities are valued using the closing price on the measurement date as reported on the stock exchange on which the individual securities are traded.
(2) The fair value of corporate, government and asset-backed debt securities is based on observable inputs of comparable market transactions. Also included in this category is debt issued by national, state and local governments and agencies.
(3) Department of Labor 103-12 IE (Investment Entity) designation is for plan assets held by two or more unrelated employee benefit plans which includes limited partnerships and venture capital partnerships. Certain common collective trusts and interests in 103-12 entities are valued using NAV as a practical expedient.
(4) Includes publicly traded funds of investment companies that are registered with the SEC, funds that are not publicly traded and a non-U.S. fund-of-fund arrangement.
(5) Includes cash and cash equivalents such as short-term marketable securities. Cash and cash equivalents include money market funds, which are valued based on NAV. Other assets were classified in the fair value hierarchy based on the lowest level input (e.g., quoted prices and observable inputs) that is significant to the fair value measure in its entirety.
(6) Includes primarily reverse repurchase agreements, unsettled transactions, and derivative instruments.
(7) These investments include alternative investments, which primarily consist of private equities and hedge funds. The valuation of alternative investments, such as limited partnerships and joint ventures, may require significant management judgment. For alternative investments, valuation is based on NAV as reported by the asset manager or investment company and adjusted for cash flows, if necessary. In making such an assessment, a variety of factors are reviewed by management, including but not limited to the timeliness of NAV as reported by the asset manager and changes in general economic and market conditions subsequent to the last NAV reported by the asset manager.
• Private equities include limited partnerships such as equity, buyout, venture capital, real estate and other similar funds that invest in the United States and internationally where foreign currencies are hedged.
• Hedge funds include limited partnerships that invest both long and short primarily in common stocks and credit, relative value, event-driven equity, distressed debt and macro strategies. Management of the hedge funds has the ability to shift investments from value to growth strategies, from small to large capitalization stocks and bonds, and from a net long position to a net short position.
These investments also include Common Collective Trusts and 103-12 Investment Entities as defined in note (3) above and Investment Funds as defined in note (4) above.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

  Plan Asset Allocations  
Refer to the fair value hierarchy table above for actual assets allocations across the benefit plans. The weighted-average target asset allocations across the benefit plans represented in the fair value tables above were as follows:

2025 Target Allocation

Asset Category U.S. Defined
Benefit Plans
Non-U.S. Defined
Benefit Plans Post-Retirement
Benefit Plans
Equity-related investments — % 34.6 % — %
Debt securities 92.0 % 38.8 % 100.0 %
Real estate — % 9.1 % — %
Cash and cash equivalents — % 5.6 % — %
Other 8.0 % 11.9 % — %
Total 100.0 % 100.0 % 100.0 %

Investment Policy  
HP’s investment strategy is to seek a competitive rate of return relative to an appropriate level of risk depending on the funded status of each plan and the timing of expected benefit payments. The majority of the plans’ investment managers employ active investment management strategies with the goal of outperforming the broad markets in which they invest. Risk management practices include diversification across asset classes and investment styles and periodic rebalancing toward asset allocation targets. A number of the plans’ investment managers are authorized to utilize derivatives for investment or liability exposures, and HP may utilize derivatives to affect asset allocation changes or to hedge certain investment or liability exposures.
The target asset allocation selected for each U.S. plan (pension and post-retirement) reflects a risk/return profile HP believes is appropriate relative to each plan’s liability structure and return goals. HP conducts periodic asset-liability studies for U.S. plans to model various potential asset allocations in comparison to each plan’s forecasted liabilities and liquidity needs. Due to the strong funded status for the U.S. Pension Plan, consistent with our policy, steps have been taken to de-risk the portfolio by reallocation of assets to liability hedging fixed-income investments.
Outside the United States, asset allocation decisions are typically made by an independent board of trustees for the specific plan. As in the United States, investment objectives are designed to generate returns that will enable the plan to meet its future obligations. HP reviews the investment strategy and where appropriate, can offer some assistance in the selection of investment managers, with final decisions on asset allocation and investment managers made by the board of trustees for the specific plan.
Basis for Expected Long-Term Rate of Return on Plan Assets
The expected long-term rate of return on plan assets reflects the expected returns for each major asset class in which the plan invests and the weight of each asset class in the target mix. Expected asset returns reflect the current yield on government bonds, risk premiums for each asset class and expected real returns which considers each country’s specific inflation outlook. Because HP’s investment policy is to employ primarily active investment managers who seek to outperform the broader market, the expected returns are adjusted to reflect the expected additional returns net of fees.
Retirement Incentive Program
As part of the Fiscal 2023 Plan, HP announced a voluntary EER program for its U.S. employees in January 2023. Voluntary participation in the EER program was limited to employees at least 55 years old with 10 or more years of service at HP. Employees accepted into the EER program left HP on dates ranging from March 15, 2023 to October 31, 2023. The U.S. defined benefit pension plan was amended to provide that the EER benefit was to be paid from the plan for eligible electing EER participants. The retirement incentive benefit was calculated as a lump sum based on years of service at HP at the time of retirement, ranging from 20 to 52 weeks of pay. As a result of this retirement incentive, HP recognized a special termination benefit (“STB”) expense of $ 105 million for the year ended October 31, 2023 as a restructuring charge. This expense is the present value of all additional benefits that HP will distribute from the pension plan assets.
All employees participating in the EER program were offered the opportunity to continue health care coverage at the active employee contribution rates for up to 36 months following retirement, but not beyond age 65 when Medicare is available. In addition, HP provided up to $ 12,000 in employer credits under the Retirement Medical Savings Account program. HP recognized an additional STB expense of $ 34 million as restructuring and other charges for the year ended October 31, 2023 for the health care incentives.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Future Contributions and Funding Policy
Our policy is to fund our pension plans so that we meet at least the minimum contribution required by local government, funding and taxing authorities. In fiscal year 2026, we expect to contribute approximately $ 43 million to non-U.S. pension plans, $ 31 million to cover benefit payments to U.S. non-qualified plan participants and $ 3 million to cover benefit claims for our post-retirement benefit plans.
Estimated Future Benefits Payments
As of October 31, 2025, HP estimates that the future benefits payments for the retirement and post-retirement plans are as follows:

Fiscal year U.S. Defined
Benefit Plans Non-U.S.
Defined
Benefit Plans Post-Retirement
Benefit Plans
  In millions
2026 $ 288   $ 63   $ 25  
2027 279   63   23  
2028 289   66   22  
2029 301   69   22  
2030 306   71   21  
Next five fiscal years to October 31, 2035
1,549   429   97  

Note 5: Stock-Based Compensation
HP’s stock-based compensation plans include incentive compensation plans and an employee stock purchase plan.
Stock-Based Compensation Expense and Related Income Tax Benefits for Operations
Stock-based compensation expense and the resulting tax benefits for operations were as follows:

  For the fiscal years ended October 31
  2025 2024 2023
  In millions
Stock-based compensation expense $ 522   $ 452   $ 438  
Income tax benefit ( 88 ) ( 77 ) ( 72 )
Stock-based compensation expense, net of tax $ 434   $ 375   $ 366  

Cash received from option exercises under the HP Inc 2004 Stock Incentive Plan (the “2004 SIP”) and the HP Inc. 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was $ 41 million, $ 72 million, and $ 51 million in fiscal year 2025, 2024, and 2023, respectively. The benefit realized for the tax deduction from option exercises in fiscal years 2025, 2024 and 2023 was $ 3 million, $ 1 million and $ 2 million, respectively.
Stock-Based Incentive Compensation Plans  
HP’s stock-based incentive compensation plan includes equity plan adopted in 2004, as amended and restated (“principal equity plan”). Stock-based awards granted under the equity plan includes restricted stock awards, stock options and performance-based awards. Employees meeting certain employment qualifications are eligible to receive stock-based awards. As of October 31, 2025, the aggregate number of shares of HP’s stock authorized for issuance under the principal equity plan is 668.8  million.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Restricted stock awards are non-vested stock awards that may include grants of restricted stock or restricted stock units. Restricted stock awards and cash-settled awards are generally subject to forfeiture if employment terminates prior to the lapse of the restrictions. Such awards generally vest one to three years from the date of grant. During the vesting period, ownership of the restricted stock cannot be transferred. Restricted stock has the same dividend and voting rights as common stock and is considered to be issued and outstanding upon grant. The dividends paid on restricted stock are non-forfeitable. Restricted stock units do not have the voting rights of common stock, and the shares underlying restricted stock units are not considered issued and outstanding upon grant. However, shares underlying restricted stock units are included in the calculation of diluted net EPS. Restricted stock units have forfeitable dividend equivalent rights equal to the dividend paid on common stock. HP expenses the fair value of restricted stock awards ratably over the period during which the restrictions lapse. The majority of restricted stock units issued by HP contain only service vesting conditions. HP also grants performance-adjusted restricted stock units which vest only on the satisfaction of both service and the achievement of certain performance goals including market conditions prior to the expiration of the awards.
Stock options granted under the principal equity plan are generally non-qualified stock options, but the principal equity plan permits some options granted to qualify as incentive stock options under the U.S. Internal Revenue Code. Stock options generally vest over three to four years from the date of grant. The exercise price of a stock option is equal to the closing price of HP’s stock on the option grant date. The majority of stock options issued by HP contain only service vesting conditions. HP grants performance-contingent stock options that vest only on the satisfaction of both service and market conditions prior to the expiration of the awards. No stock option awards were granted during the fiscal year 2025. The expenses associated with stock options were not material for any of the periods presented. As of October 31, 2025, the total unrecognized pre-tax stock-based compensation expense related to stock options was $ 0.2  million, which is expected to be recognized over a weighted-average vesting period of 0.1 years.
RSU and stock option grants provide for accelerated vesting in certain circumstances as defined in the plans and related grant agreements, including termination in connection with a change in control.
Restricted Stock Units
HP uses the closing stock price on the grant date to estimate the fair value of service-based restricted stock units. HP estimates the fair value of restricted stock units subject to performance-adjusted vesting conditions using a combination of the closing stock price on the grant date and a Monte Carlo simulation model. The assumptions used to measure the fair value of restricted stock units subject to performance-adjusted vesting conditions in the Monte Carlo simulation model were as follows:

  For the fiscal years ended October 31
  2025 2024 2023
Expected volatility (1)
34.0 % 33.9 % 44.4 %
Risk-free interest rate (2)
4.0 % 4.1 % 4.0 %
Expected performance period in years (3)
2.9 2.9 2.9

(1) The expected volatility was estimated using the historical volatility derived from HP’s common stock.
(2) The risk-free interest rate was estimated based on the yield on U.S. Treasury zero-coupon issues.
(3) The expected performance period was estimated based on the length of the remaining performance period from the grant date.

A summary of restricted stock units activity is as follows:

  As of October 31
  2025 2024 2023
  Shares Weighted-
Average
Grant Date
Fair Value
Per Share Shares Weighted-
Average
Grant Date
Fair Value
Per Share Shares Weighted-
Average
Grant Date
Fair Value
Per Share
  In thousands   In thousands   In thousands  
Outstanding at beginning of year 31,868   $ 30   30,209   $ 31   28,688   $ 30  
Granted
20,759   $ 34   18,262   $ 32   18,500   $ 31  
Vested ( 14,912 ) $ 31   ( 14,483 ) $ 33   ( 15,291 ) $ 29  
Forfeited ( 3,092 ) $ 32   ( 2,120 ) $ 31   ( 1,688 ) $ 31  
Outstanding at end of year 34,623   $ 32   31,868   $ 30   30,209   $ 31  

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

The total grant date fair value of restricted stock units vested in fiscal years 2025, 2024 and 2023 was $ 465 million, $ 471 million and $ 442 million, respectively. As of October 31, 2025, total unrecognized pre-tax stock-based compensation expense related to non-vested restricted stock units was $ 438 million, which is expected to be recognized over the remaining weighted-average vesting period of 1.4 years .

Employee Stock Purchase Plan
HP sponsors the 2021 ESPP, pursuant to which eligible employees may contribute up to 10 % of base compensation, subject to certain income limits, to purchase shares of HP’s common stock. 
Pursuant to the terms of the 2021 ESPP, employees purchase stock under the 2021 ESPP at a price equal to 95 % of HP’s closing stock price on the purchase date. No stock-based compensation expense was recorded in connection with those purchases because the criteria of a non-compensatory plan were met. The aggregate number of shares of HP’s stock authorized for issuance under the 2021 ESPP was 50 million.
Shares Reserved
Shares available for future grant and shares reserved for future issuance under the stock-based incentive compensation plans and the 2021 ESPP were as follows:

  As of October 31
  2025 2024 2023
  In thousands
Shares available for future grant 100,719   144,553   133,033  
Shares reserved for future issuance 139,863   181,463   169,503  

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Note 6: Taxes on Earnings
Provision for Taxes
The domestic and foreign components of earnings before taxes were as follows:

  For the fiscal years ended October 31
h 2025 2024 2023
  In millions
U.S. $ 107   $ 537   $ 650  
Non-U.S. 2,561   2,742   2,287  
  $ 2,668   $ 3,279   $ 2,937  

The provision for (benefit from) taxes on earnings was as follows:

For the fiscal years ended October 31
  2025 2024 2023
  In millions
U.S. federal taxes:      
Current $ ( 188 ) $ 245   $ 226  
Deferred ( 121 ) 34   ( 549 )
Non-U.S. taxes:
Current 328   357   337  
Deferred 95   ( 193 ) ( 305 )
State taxes:
Current ( 13 ) 33   42  
Deferred 38   28   ( 77 )
  $ 139   $ 504   $ ( 326 )

 
The differences between the U.S. federal statutory income tax rate and HP’s effective tax rate were as follows:

  For the fiscal years ended October 31
  2025 2024 2023
U.S. federal statutory income tax rate from continuing operations 21.0   % 21.0   % 21.0   %
State income taxes, net of federal tax benefit 2.4   % 2.2   % 1.7   %
Impact of foreign earnings including GILTI and FDII, net ( 2.9 ) % ( 1.0 ) % ( 1.1 ) %
Research and development (“R&D”) credit ( 2.3 ) % ( 1.1 ) % ( 1.0 ) %
Valuation allowances ( 2.5 ) % ( 7.1 ) % ( 7.3 ) %
Uncertain tax positions and audit settlements ( 10.2 ) % 1.0   % 2.4   %
Changes in tax laws or rates enacted
1.4   % 0.3   % ( 0.3 ) %
Impact of internal reorganization —   % —   % ( 27.4 ) %
Other, net ( 1.7 ) % 0.1   % 0.9   %
  5.2   % 15.4   % ( 11.1 ) %

 
In fiscal year 2025, HP recorded $ 415  million of net income tax benefits related to non-recurring items in the provision for taxes. This amount included $ 273  million related to changes in uncertain tax positions, $ 80  million related to restructuring charges, $ 44  million related to changes in valuation allowances, $ 28  million related to the filing of tax returns in various jurisdictions, $ 22  million related to audit settlements in various jurisdictions, and $ 16  million related to litigation charges. These benefits were partially offset by $ 69  million of charges related to changes in tax rates.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

In fiscal year 2024, HP recorded $ 214  million of net income tax benefits related to non-recurring items in the provision for taxes. This amount included $ 198  million related to changes in valuation allowances, $ 60  million related to restructuring charges, $ 14  million related to the filing of tax returns in various jurisdictions, and $ 11  million related to acquisition charges. These benefits were partially offset by $ 39  million of uncertain tax position charges and $ 25  million related to changes in tax rates.
In fiscal year 2023, HP recorded $ 1.1  billion of net income tax benefits related to non-recurring items in the provision for taxes. This amount included $ 726  million of tax effects related to internal reorganization, $ 255  million related to changes in valuation allowances, $ 101  million related to restructuring charges, $ 58  million related to the filing of tax returns in various jurisdictions, and $ 42  million related to acquisition charges. These benefits were partially offset by income tax charges of $ 60  million related to audit settlements in various jurisdictions, $ 27  million of uncertain tax position charges, and $ 25  million related to extinguishment of debt.
As a result of certain employment actions and capital investments HP has undertaken, income from manufacturing and services in certain countries is subject to reduced tax rates, and in some cases is wholly exempt from taxes, through 2029. The gross income tax benefits attributable to these actions and investments were estimated to be $ 153 million ($ 0.16 diluted net EPS) in fiscal year 2025, $ 217 million ($ 0.22 diluted net EPS) in fiscal year 2024 and $ 190 million ($ 0.19 diluted net EPS) in fiscal year 2023.

Uncertain Tax Positions
A reconciliation of unrecognized tax benefits is as follows:

  For the fiscal years ended October 31
  2025 2024 2023
  In millions
Balance at beginning of year $ 1,217   $ 1,137   $ 1,045  
Increases:    
For current year’s tax positions 85   82   61  
For prior years’ tax positions 14   52   186  
Decreases:
For prior years’ tax positions ( 79 ) ( 9 ) ( 35 )
Statute of limitations expirations ( 338 ) ( 33 ) ( 8 )
Settlements with taxing authorities ( 34 ) ( 12 ) ( 112 )
Balance at end of year $ 865   $ 1,217   $ 1,137  

 
As of October 31, 2025, the amount of gross unrecognized tax benefits was $ 865 million, of which up to $ 656 million would affect HP’s effective tax rate if realized. Total gross unrecognized tax benefits decreased by $ 352 million for the twelve months ended October 31, 2025. HP recognizes interest income from favorable settlements and interest expense and penalties accrued on unrecognized tax benefits in the provision for taxes in the Consolidated Statements of Earnings. As of October 31, 2025, 2024 and 2023, HP had accrued $ 122 million, $ 135 million and $ 102 million, respectively, for interest and penalties.
HP engages in continuous discussions and negotiations with taxing authorities regarding tax matters in various jurisdictions. HP expects complete resolution of certain tax years with various tax authorities within the next 12 months. HP believes it is reasonably possible that its existing gross unrecognized tax benefits may be reduced by up to $ 42 million within the next 12 months, affecting HP’s effective tax rate if realized.
HP is subject to income tax in the United States and approximately 60 other countries and is subject to routine corporate income tax audits in many of these jurisdictions. In addition, HP is subject to numerous ongoing audits by federal, state and foreign tax authorities. The Internal Revenue Service (“IRS”) is conducting an audit of HP’s 2018 and 2019 income tax returns.
With respect to major state and foreign tax jurisdictions, HP is no longer subject to tax authority examinations for years prior to 2007. No material tax deficiencies have been assessed in major state or foreign tax jurisdictions related to ongoing audits as of October 31, 2025.
HP believes it has provided adequate reserves for all tax deficiencies or reductions in tax benefits that could result from federal, state and foreign tax audits. HP regularly assesses the likely outcomes of these audits in order to determine the appropriateness of HP’s tax provision. HP adjusts its uncertain tax positions to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular audit. However, income tax audits are inherently unpredictable and there can be no assurance that HP will accurately predict the outcome of these audits. The amounts ultimately paid on resolution of an audit
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

could be materially different from the amounts previously included in the Provision for taxes and therefore the resolution of one or more of these uncertainties in any particular period could have a material impact on net income or cash flows.
HP has not provided for U.S. federal income and foreign withholding taxes on $ 5.1 billion of undistributed earnings from non-U.S. operations as of October 31, 2025 because HP intends to reinvest such earnings indefinitely outside of the United States. Determination of the amount of unrecognized deferred tax liability related to these earnings is not practicable.
Deferred Income Taxes
  The significant components of deferred tax assets and deferred tax liabilities were as follows:
  As of October 31
  2025 2024
  In millions
Deferred tax assets:
Loss and credit carryforwards $ 6,792   $ 7,050  
Intercompany transactions—excluding inventory 208   357  
Fixed assets 107   113  
Warranty 81   100  
Employee and retiree benefits 226   242  
Deferred revenue 244   240  
Capitalized research and development 1,187   1,014  

Operating lease liabilities 244   272  
Investment in partnership 672   710  

Other 393   395  
Gross deferred tax assets 10,154   10,493  
Valuation allowances ( 6,479 ) ( 6,688 )
Total deferred tax assets 3,675   3,805  

Deferred tax liabilities:
Unremitted earnings of foreign subsidiaries ( 36 ) ( 107 )
Right-of-use assets from operating leases ( 211 ) ( 235 )
Intangible assets ( 121 ) ( 159 )
Cash flow hedges ( 5 ) ( 24 )

Total deferred tax liabilities ( 373 ) ( 525 )
Net deferred tax assets $ 3,302   $ 3,280  

Deferred tax assets and liabilities included in the Consolidated Balance Sheets as follows:

  As of October 31
  2025 2024
  In millions
Deferred tax assets $ 3,318   $ 3,311  
Deferred tax liabilities ( 16 ) ( 31 )
Total $ 3,302   $ 3,280  

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

  As of October 31, 2025, HP had recorded deferred tax assets for net operating loss (“NOL”) carryforwards as follows:

  Gross NOLs Deferred Taxes on NOLs Valuation allowance Initial Year of Expiration
  In millions
Federal $ 33   $ 7   $ ( 1 ) 2026
State 1,817   97   ( 23 ) 2026
Foreign 24,134   6,471   ( 6,027 ) 2028
Balance at end of year $ 25,984   $ 6,575   $ ( 6,051 )

As of October 31, 2025, HP had recorded deferred tax assets for various tax credit carryforwards as follows:

  Carryforward Valuation
Allowance Initial Year of Expiration
  In millions

Tax credits in state and foreign jurisdictions $ 307   $ ( 61 ) 2026
U.S. R&D and other credits 52   —   2045
Balance at end of year $ 359   $ ( 61 )  

 
Deferred Tax Asset Valuation Allowance
 
The deferred tax asset valuation allowance and changes were as follows:

  For the fiscal years ended October 31
  2025 2024 2023
  In millions
Balance at beginning of year $ 6,688   $ 6,994   $ 7,592  
Income tax (benefit) expense ( 230 ) ( 300 ) ( 650 )
Goodwill, other comprehensive loss (income), currency translation and charges to other accounts 21   ( 6 ) 52  
Balance at end of year $ 6,479   $ 6,688   $ 6,994  

 
Gross deferred tax assets as of October 31, 2025, 2024, and 2023 were reduced by valuation allowances of $ 6.5 billion, $ 6.7 billion and $ 7.0 billion, respectively. In fiscal year 2025, the deferred tax asset valuation allowance decreased by $ 209 million primarily due to changes in tax rates in foreign jurisdictions. In fiscal year 2024, the deferred tax asset valuation allowance decreased by $ 306 million primarily due to an increase in the expected utilization of foreign net operating losses. In fiscal year 2023, the deferred tax asset valuation allowance decreased by $ 598 million primarily due to internal reorganization impacting foreign net operating losses and U.S. deferred tax assets that are anticipated to be realized at a lower effective rate than the federal statutory rate.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Note 7: Supplementary Financial Information
Cash, cash equivalents and restricted cash

  As of October 31
  2025 2024
  In millions
Cash and cash equivalents $ 3,690   $ 3,238  
Restricted cash (1)
15   15  
$ 3,705   $ 3,253  

(1)     Restricted Cash is related to amounts collected and held on behalf of a third-party for trade receivables previously sold.
Accounts Receivable
The allowance for credit losses related to accounts receivable and changes were as follows:

  For the fiscal years ended October 31
  2025 2024 2023
  In millions
Balance at beginning of period $ 83   $ 93   $ 107  
Current-period allowance for credit losses 8   3   ( 2 )
Deductions, net of recoveries ( 8 ) ( 13 ) ( 12 )
Balance at end of period $ 83   $ 83   $ 93  

HP utilizes certain third-party arrangements in the normal course of business as part of HPs cash and liquidity management and also to provide liquidity to certain partners to facilitate their working capital requirements. These financing arrangements, which in certain circumstances may contain partial recourse, result in a transfer of HP’s receivables and risk to the third-party. As these transfers qualify as true sales under the applicable accounting guidance, the receivables are de-recognized from the Consolidated Balance Sheets upon transfer, and HP receives a payment for the receivables from the third-party within a mutually agreed upon time period. For arrangements involving an element of recourse, the recourse obligation is measured using market data from the similar transactions and reported as a current liability in the Consolidated Balance Sheets. The recourse obligations as of October 31, 2025 and 2024 were not material.
The following is a summary of the activity under these arrangements:

  For the fiscal years ended October 31
  2025 2024 2023
  In millions
Balance at beginning of year (1)
$ 284   $ 141   $ 185  
Trade receivables sold 11,830   12,200   13,391  
Cash receipts ( 12,006 ) ( 12,063 ) ( 13,449 )
Foreign currency and other 9   6   14  
Balance at end of year (1)
$ 117   $ 284   $ 141  

(1)     Amounts outstanding from third parties reported in Accounts Receivable in the Consolidated Balance Sheets.
Inventory

  As of October 31
  2025 2024
  In millions
Finished goods $ 4,721   $ 4,338  
Purchased parts and fabricated assemblies 3,791   3,382  
$ 8,512   $ 7,720  

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Notes to Consolidated Financial Statements (Continued)

Other Current Assets

As of October 31
  2025 2024
  In millions
Supplier and other receivables
$ 1,981   $ 2,180  
Prepaid and other current assets
1,577   1,462  
Value-added taxes receivable 986   1,028  
$ 4,544   $ 4,670  

Property, Plant and Equipment, Net

  As of October 31
  2025 2024
  In millions
Land, buildings and leasehold improvements $ 2,619   $ 2,527  
Machinery and equipment, including equipment held for lease 5,867   5,465  
8,486   7,992  
Accumulated depreciation ( 5,437 ) ( 5,078 )
$ 3,049   $ 2,914  

Depreciation expense was $ 523 million, $ 501 million and $ 491 million in fiscal years 2025, 2024 and 2023, respectively.
Other Non-Current Assets

  As of October 31
  2025 2024
  In millions
Deferred tax assets
$ 3,318   $ 3,311  
Intangible assets
1,012   1,319  
Right-of-use assets
1,129   1,165  
Prepaid pension and post-retirement benefit assets
425   362  
Deposits and prepaid
316   322  
Other 1,361   1,129  
  $ 7,561   $ 7,608  

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Other Current Liabilities

  As of October 31
  2025 2024
  In millions
Sales and marketing programs $ 3,103   $ 3,060  
Deferred revenue 1,609   1,446  
Other accrued taxes
1,258   1,233  
Employee compensation and benefit
965   970  
Warranty 401   486  
Operating lease liabilities
401   443  
Tax liability 297   291  
Other 2,328   2,449  
  $ 10,362   $ 10,378  

Other Non-Current Liabilities

  As of October 31
  2025 2024
  In millions
Deferred revenue $ 1,632   $ 1,487  
Tax liability 496   839  
Operating lease liabilities
815   787  
Pension, post-retirement, and post-employment liabilities
564   607  
Deferred tax liability 16   31  
Other 513   531  
  $ 4,036   $ 4,282  

Interest and Other, Net

  For the fiscal years ended October 31
  2025 2024 2023
  In millions
Interest expense on borrowings $ ( 430 ) $ ( 452 ) $ ( 548 )
Factoring costs
( 125 ) ( 155 ) ( 136 )
Certain litigation benefits
52   —   —  
Net (loss) gain on debt extinguishment
—   ( 3 ) 107  
Non-operating retirement-related credits 13   14   51  

Other, net ( 16 ) 57   7  
  $ ( 506 ) $ ( 539 ) $ ( 519 )

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Net Revenue by Region

  For the fiscal years ended October 31
  2025 2024 2023
  In millions
Americas $ 23,545   $ 23,251   $ 23,095  
Europe, Middle East and Africa 18,596   18,044   17,819  
Asia-Pacific and Japan 13,154   12,264   12,804  
Total net revenue $ 55,295   $ 53,559   $ 53,718  

Value of Remaining Performance Obligations
As of October 31, 2025, the estimated value of transaction price allocated to remaining performance obligations was $ 4.3 billion. HP expects to recognize approximately $ 1.9 billion of the unearned amount in next 12 months and $ 2.4 billion thereafter.
HP has elected the practical expedients and accordingly does not disclose the aggregate amount of the transaction price allocated to remaining performance obligations if:
• the contract has an original expected duration of one year or less; or
• the revenue from the performance obligation is recognized over time on an as-invoiced basis when the amount corresponds directly with the value to the customer; or
• the portion of the transaction price that is variable in nature is allocated entirely to a wholly unsatisfied performance obligation.
The remaining performance obligations are subject to change and may be affected by various factors, such as termination of contracts, contract modifications and adjustment for currency.
Costs of Obtaining Contracts and Fulfillment Cost
As of October 31, 2025, deferred contract fulfillment and acquisition costs balances were $ 33 million and $ 42 million, respectively, included in Other current assets and Other non-current assets in the Consolidated Balance Sheets. During the fiscal year ended October 31, 2025, the Company amortized $ 68 million of these costs.
As of October 31, 2024, deferred contract fulfillment and acquisition costs balances were $ 36 million and $ 50 million, respectively, included in Other current assets and Other non-current assets in the Consolidated Balance Sheets. During the fiscal year ended October 31, 2024, the Company amortized $ 86 million of these costs.
Contract Liabilities
As of October 31, 2025 and 2024, HP’s contract liabilities balances were $ 3.2 billion and $ 2.9 billion, respectively, included in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets.
The increase in the contract liabilities balance for fiscal year 2025 was primarily driven by sales of fixed-price support and maintenance services, partially offset by $ 1.5 billion of revenue recognized that were included in the contract liabilities balance as of October 31, 2024.
As of October 31, 2024 and 2023, HP’s contract liabilities balances were $ 2.9 billion and $ 2.7 billion, respectively, included in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets.
The increase in the contract liabilities balance for fiscal year 2024 was primarily driven by sales of fixed-price support and maintenance services, partially offset by $ 1.4 billion of revenue recognized that were included in the contract liabilities balance as of October 31, 2023.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Supplier Finance Program s
HP facilitates voluntary supplier finance programs to provide certain suppliers the opportunity to sell their right to HP’s payment obligations to participating financial institutions. Under these programs, HP agrees to pay the participating financial institutions the stated amount of confirmed invoices from its designated suppliers on the original maturity dates of the invoices. Participation by suppliers in these programs have no impact on the payment terms and amounts due from HP. HP does not have an economic interest in a supplier's participation in the program and is not a party to the agreement between the supplier and the financial institutions. In connection with these programs, HP does not pledge assets or other forms of guarantees as security for the committed payment to the participating financial institutions. For certain programs, HP pays a monthly service fee to a third-party administrato r that provides the supplier finance platform and related support. HP and the participating financial institutions may terminate the agreement upon at least 30 days notice. As of October 31, 2025 and October 31, 2024, HP had $ 8.9 billion and $ 7.8 billion, respectively, in obligations outstanding (i.e., unpaid invoices) that were confirmed as valid under the supplier finance programs. These obligations are included within the Accounts payable line item of HP’s Consolidated Balance Sheets . As of both October 31, 2025 and October 31, 2024 the Company’s outstanding payment obligations that suppliers elected to sell to participating financial institutions were $ 0.1 billion.
The following table is a rollforward of the obligations confirmed under the program for fiscal year 2025:

  2025
  In millions
Confirmed obligations outstanding at the beginning of the year
$ 7,808  
Invoices confirmed during the year
44,022  
Confirmed invoices paid during the year
( 42,921 )
Foreign currency translation
4  
Confirmed obligations outstanding at the end of the year
$ 8,913  

Government Assistance
HP receives assistance under legally enforceable agreements with governments in support of certain business activities, including expansion of operations, production or shipment of products from specific jurisdictions, research and development etc. These grants are generally received in the form of cash and require compliance with certain conditions specified in each grant agreement. The duration of the grant agreements are usually for a period of three to five years .
HP recognized $ 196  million, $ 126  million and $ 117  million of government assistance in the Consolidated Statement of Earnings in fiscal year 2025, 2024, and 2023, respectively, of which $ 130  million, $ 111  million and $ 95  million, respectively, was reported as a reduction of Cost of net revenue .
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Notes to Consolidated Financial Statements (Continued)

Note 8: Goodwill and Intangible Assets
Goodwill allocated to HP’s reportable segments and changes in the carrying amount of goodwill were as follows:  

  Personal Systems Printing Corporate Investments Total
In millions
Balance as of October 31, 2023 (1)
$ 4,722   $ 3,751   $ 118   $ 8,591  
Acquisitions
26   2   —   28  
Foreign currency translation and other
—   8   —   8  
Balance as of October 31, 2024 (1)
4,748   3,761   118   8,627  
Acquisitions
—   —   79   79  
Foreign currency translation and other
( 24 ) 24   —   —  
Balance as of October 31, 2025 (1)
$ 4,724   $ 3,785   $ 197   $ 8,706  

(1) Goodwill is net of accumulated impairment losses of $ 0.8  billion related to Corporate Investments recorded in fiscal year 2011.
Goodwill is tested for impairment at the reporting unit level. As of October 31, 2025, our reporting units are consistent with the reportable segments identified in Note 2, “Segment Information”. Personal Systems had a negative carrying amount of net assets as of October 31, 2025, 2024 and 2023 primarily as a result of a favorable cash conversion cycle.
Intangible Assets
HP’s acquired intangible assets were composed of:

As of October 31, 2025 As of October 31, 2024
Gross (1)
Accumulated Amortization (1)
Net Gross (1)
Accumulated Amortization (1)
Net
In millions
Customer contracts, customer lists and distribution agreements $ 726   $ 428   $ 298   $ 783   $ 372   $ 411  
Technology and patents 1,625   1,004   621   1,666   884   782  
Trade name and trademarks 219   126   93   218   92   126  
Total intangible assets $ 2,570   $ 1,558   $ 1,012   $ 2,667   $ 1,348   $ 1,319  

(1)     Excludes the original cost and accumulated depreciation of fully amortized intangibles.
During fiscal year 2025, the Company incurred impairment charges of $ 65  million related to acquired customer contracts, customer lists and distribution agreements within the Printing segment and $ 27  million of technology and patents within the Corporate Investment segment which were recorded within Amortization of intangible assets in the Consolidated Statement of Earnings.
As of October 31, 2025, estimated future amortization expense related to acquired intangible assets was as follows:

Fiscal year In millions
2026 $ 225  
2027 220  
2028 175  
2029 125  
2030 98  
Thereafter 169  
Total $ 1,012  

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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Note 9: Fair Value
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. 
Fair Value Hierarchy
HP uses valuation techniques that are based upon observable and unobservable inputs. Observable inputs are developed using market data such as publicly available information and reflect the assumptions market participants would use, while unobservable inputs are developed using the best information available about the assumptions market participants would use. Assets and liabilities are classified in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement:
Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2—Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and market-corroborated inputs.
Level 3—Unobservable inputs for the asset or liability.
The fair value hierarchy gives the highest priority to observable inputs and lowest priority to unobservable inputs.
The following table presents HP’s assets and liabilities that are measured at fair value on a recurring basis:

  As of October 31, 2025 As of October 31, 2024
  Fair Value Measured Using   Fair Value Measured Using  
  Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total
  In millions
Assets:
Cash Equivalents

Government debt (1)
$ 1,878   $ —   $ —   $ 1,878   $ 1,332   $ —   $ —   $ 1,332  
Available-for-Sale Investments
Financial institution instruments —   3   —   3   —   3   —   3  
Marketable securities and mutual funds (2)
9   122   —   131   54   130   —   184  
Derivative Instruments
Interest rate contracts —   —   —   —   —   4   —   4  
Foreign currency contracts —   182   —   182   —   225   —   225  
Other derivatives —   1   —   1   —   —   —   —  
Total assets $ 1,887   $ 308   $ —   $ 2,195   $ 1,386   $ 362   $ —   $ 1,748  
Liabilities:
Derivative Instruments
Interest rate contracts $ —   $ 1   $ —   $ 1   $ —   $ 22   $ —   $ 22  
Foreign currency contracts —   242   —   242   —   158   —   158  
Other derivatives —   1   —   1   —   2   —   2  
Total liabilities $ —   $ 244   $ —   $ 244   $ —   $ 182   $ —   $ 182  

(1)     Money market funds invested in government debt and traded in active markets are included in Level 1. Government debt includes instruments such as U.S. treasury notes, U.S. agency securities and non-U.S. government bonds.
(2)     As of October 31, 2025 and 2024, $ 63 million and $ 78  million, respectively, of debt securities were restricted to fund benefits received by qualifying employees under a sponsored defined benefit plan.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Valuation Techniques  
Cash Equivalents and Investments: HP holds money market funds, mutual funds, other debt securities primarily consisting of corporate and foreign government notes and bonds, and common stock and equivalents. HP values cash equivalents and equity investments using quoted market prices, alternative pricing sources, including net asset value, or models utilizing market observable inputs. The fair value of debt investments is based on quoted market prices or model-driven valuations using inputs primarily derived from or corroborated by observable market data, and, in certain instances, valuation models that utilize assumptions which cannot be corroborated with observable market data. 
Derivative Instruments: HP uses industry standard valuation models to measure fair value. Where applicable, these models project future cash flows and discount the future amounts to present value using market-based observable inputs, including interest rate curves, HP and counterparty credit risk, foreign exchange rates, and forward and spot prices for currencies and interest rates. See Note 10, “Financial Instruments” for a further discussion of HP’s use of derivative instruments. 
Other Fair Value Disclosures
Short- and Long-Term Debt: HP estimates the fair value of its debt primarily using an expected present value technique, which is based on observable market inputs using interest rates currently available to companies of similar credit standing for similar terms and remaining maturities and considering its own credit risk. The portion of HP’s debt that is hedged is reflected in the Consolidated Balance Sheets as an amount equal to the debt’s carrying amount and a fair value adjustment representing changes in the fair value of the hedged debt obligations arising from movements in benchmark interest rates. The fair value of HP’s short- and long-term debt was $ 9.6 billion as compared to its carrying amount of $ 9.7 billion as of October 31, 2025. The fair value of HP’s short- and long-term debt was $ 9.4 billion as compared to its carrying value of $ 9.7 billion at October 31, 2024. If measured at fair value in the Consolidated Balance Sheets, short- and long-term debt would be classified in Level 2 of the fair value hierarchy.
Other Financial Instruments: For the balance of HP’s financial instruments, primarily accounts receivable, accounts payable and financial liabilities included in Other current liabilities on the Consolidated Balance Sheets, the carrying amounts approximate fair value due to their short-term maturities. If measured at fair value in the Consolidated Balance Sheets, these other financial instruments would be classified as Level 2 or Level 3 of the fair value hierarchy.
Non-Marketable Equity Investments and Non-Financial Assets: HP’s non-marketable equity investments are measured at cost less impairment, adjusted for observable price changes. HP’s non-financial assets, such as intangible assets, goodwill and property, plant and equipment, are recorded at fair value in the period an impairment charge is recognized. If measured at fair value in the Consolidated Balance Sheets these would generally be classified within Level 3 of the fair value hierarchy.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Note 10: Financial Instruments
Cash Equivalents and Available-for-Sale Investments

  As of October 31, 2025 As of October 31, 2024
  Cost Gross
Unrealized
Gain Gross
Unrealized
Loss Fair
Value Cost Gross
Unrealized
Gain Gross
Unrealized
Loss Fair
Value
  In millions
Cash Equivalents:                

Government debt (1)
1,878   —   —   1,878   1,332   —   —   $ 1,332  
Total cash equivalents 1,878   —   —   1,878   1,332   —   —   1,332  
Available-for-Sale Investments:
Financial institution instruments 3   —   —   3   3   —   —   3  
Marketable securities and mutual funds (2)
104   27   —   131   115   69   —   184  
Total available-for-sale investments 107   27   —   134   118   69   —   187  
Total cash equivalents and available-for-sale investments $ 1,985   $ 27   $ —   $ 2,012   $ 1,450   $ 69   $ —   $ 1,519  

(1)     Money market funds invested in government debt and traded in active markets are included in Level 1. Government debt includes instruments such as U.S. treasury notes, U.S. agency securities and non-U.S. government bonds
(2)     As of October 31, 2025 and 2024, $ 63 million and $ 78  million, respectively, of debt securities were restricted to fund benefits received by qualifying employees under a sponsored defined benefit plan.
All highly liquid investments with original maturities of three months or less at the date of acquisition are considered cash equivalents. As of October 31, 2025 and 2024, the carrying amount of cash equivalents approximated fair value due to the short period of time to maturity. Interest income related to cash, cash equivalents and debt securities was approximately $ 89 million in fiscal year 2025, $ 78 million in fiscal year 2024, and $ 67 million in fiscal year 2023. The estimated fair value of the available-for-sale investments may not be representative of values that will be realized in the future.
Contractual maturities of investments in available-for-sale debt securities were as follows:

  As of October 31, 2025
  Amortized
Cost Fair Value
  In millions
Due in less than one year
$ 15   $ 15  
Due in one to five years 49   51  
  $ 64   $ 66  

Non-marketable equity securities in privately held companies are included in Other current and non-current assets in the Consolidated Balance Sheets. These amounted to $ 137 million and $ 107 million as of October 31, 2025 and 2024, respectively.
HP determines credit losses on cash equivalents and available-for-sale debt securities at the individual security level. All instruments are considered investment grade. No credit-related or noncredit-related impairment losses were recorded in fiscal year 2025.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

Derivative Instruments
HP uses derivative instruments, primarily forward contracts, interest rate swaps, total return swaps, treasury rate locks, forward starting swaps and option contracts to offset business exposure to foreign currency and interest rate risk on expected future cash flows and on certain existing assets and liabilities. HP may designate its derivative contracts as fair value hedges or cash flow hedges and classifies the cash flows with the activities that correspond to the underlying hedged items. Additionally, for derivatives not designated as hedging instruments, HP categorizes those economic hedges as other derivatives. HP recognizes all derivative instruments at fair value in the Consolidated Balance Sheets.
As a result of its use of derivative instruments, HP is exposed to the risk that its counterparties will fail to meet their contractual obligations. Master netting agreements mitigate credit exposure to counterparties by permitting HP to net amounts due from HP to counterparty against amounts due to HP from the same counterparty under certain conditions. To further limit credit risk, HP has collateral security agreements that allow HP’s custodian to hold collateral from, or require HP to post collateral to, counterparties when the net fair value of financial instruments fluctuates. The Company includes gross collateral posted and received in other current assets and other current liabilities in the Consolidated Balance Sheets, respectively. The fair value of derivatives with credit contingent features in a net liability position was $ 98 million and $ 59 million as of October 31, 2025 and 2024, respectively, all of which were fully collateralized within two business days. 
Under HP’s derivative contracts, the counterparty can terminate all outstanding trades following a covered change of control event affecting HP that results in the surviving entity being rated below a specified credit rating. This credit contingent provision did not affect HP’s financial position or cash flows as of October 31, 2025 and 2024.
Fair Value Hedges
HP enters into fair value hedges, such as interest rate swaps, to reduce the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates on HP’s future interest payments.
For derivative instruments that are designated and qualify as fair value hedges, HP recognizes the change in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Statements of Earnings in the period of change.
Cash Flow Hedges
HP uses forward contracts, option contracts, treasury rate locks and forward starting swaps designated as cash flow hedges to protect against the foreign currency exchange and interest rate risks inherent in its forecasted products net revenue, cost of products net revenue, operating expenses and debt issuance. HP’s foreign currency cash flow hedges mature predominantly within twelve months ; however, hedges related to long-term procurement arrangements, contractual pricing and/or business unit specific exposures may extend several years.
For derivative instruments that are designated and qualify as cash flow hedges, HP initially records changes in fair value of the derivative instrument in Accumulated other comprehensive loss as a separate component of Stockholders’ deficit in the Consolidated Balance Sheets and subsequently reclassifies these amounts into earnings in the period during which the hedged transaction is recognized in earnings. HP reports the changes in the fair value of the derivative instrument in the same financial statement line item as changes in the fair value of the hedged item.
Other Derivatives
Other derivatives not designated as hedging instruments consist primarily of forward contracts used to hedge foreign currency-denominated balance sheet exposures. HP also uses total return swaps to hedge its executive deferred compensation plan liability.
For derivative instruments not designated as hedging instruments, HP recognizes changes in fair value of the derivative instrument, as well as the offsetting change in the fair value of the hedged item, in Interest and other, net in the Consolidated Statements of Earnings in the period of change.
Hedge Effectiveness
For interest rate swaps designated as fair value hedges, HP measures hedge effectiveness by offsetting the change in fair value of the hedged item with the change in fair value of the derivative. For foreign currency options, forward contracts and forward starting swaps designated as cash flow hedges, HP measures hedge effectiveness by comparing the cumulative change in fair value of the hedge contract with the cumulative change in fair value of the hedged item, both of which are based on forward rates.
During fiscal year 2025 and 2024, no portion of the hedging instruments’ gain or loss was excluded from the assessment of effectiveness for fair value and cash flow hedges.
  Fair Value of Derivative Instruments in the Consolidated Balance Sheets
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

The gross notional and fair value of derivative instruments in the Consolidated Balance Sheets were as follows:

  As of October 31, 2025 As of October 31, 2024
  Outstanding
Gross
Notional Other
Current
Assets Other
Non-Current
Assets Other
Current
Liabilities Other
Non-Current
Liabilities Outstanding
Gross
Notional Other
Current
Assets Other
Non-Current
Assets Other
Current
Liabilities Other
Non-Current
Liabilities
  In millions
Derivatives designated as hedging instruments                    
Fair value hedges:                    
Interest rate contracts $ 250   $ —   $ —   $ 1   $ —   $ 750   $ —   $ —   $ 11   $ 10  
Cash flow hedges:                  
Foreign currency contracts 14,492   141   27   174   54   14,563   169   36   117   34  
Interest rate contracts —   —   —   —   —   500   —   4   —   1  
Total derivatives designated as hedging instruments 14,742   141   27   175   54   15,813   169   40   128   45  
Derivatives not designated as hedging instruments                    
Foreign currency contracts 4,389   14   —   14   —   4,284   20   —   7   —  
Other derivatives 168   1   —   1   —   156   —   —   2   —  
Total derivatives not designated as hedging instruments 4,557   15   —   15   —   4,440   20   —   9   —  
Total derivatives $ 19,299   $ 156   $ 27   $ 190   $ 54   $ 20,253   $ 189   $ 40   $ 137   $ 45  

Offsetting of Derivative Instruments
HP recognizes all derivative instruments on a gross basis in the Consolidated Balance Sheets. HP does not offset the fair value of its derivative instruments against the fair value of cash collateral posted under its collateral security agreements. As of October 31, 2025 and 2024, information related to the potential effect of HP’s master netting agreements and collateral security agreements was as follows:

  In the Consolidated Balance Sheets    
  (i) (ii) (iii) = (i)–(ii) (iv) (v)   (vi) = (iii)–(iv)–(v)
  Gross Amount
Recognized Gross Amount
Offset Net Amount
Presented Gross Amounts
Not Offset    
  Derivatives Financial
Collateral   Net Amount
  In millions
As of October 31, 2025              
Derivative assets $ 183   $ —   $ 183   $ 143   $ 15   (1) $ 25  
Derivative liabilities $ 244   $ —   $ 244   $ 143   $ 279   (2) $ ( 178 )
As of October 31, 2024            
Derivative assets $ 229   $ —   $ 229   $ 113   $ 88   (1) $ 28  
Derivative liabilities $ 182   $ —   $ 182   $ 113   $ 61   (2) $ 8  

(1) Represents the cash collateral posted by counterparties as of the respective reporting date for HP’s asset position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.
(2) Represents the collateral posted by HP including any excess or re-use of counterparty cash collateral as of the respective reporting date for HP’s liability position, net of derivative amounts that could be offset, as of, generally, two business days prior to the respective reporting date.
Effect of Derivative Instruments in the Consolidated Statements of Earnings
The pre-tax effect of derivative instruments and related hedged items in a fair value hedging relationship were as follows:
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Notes to Consolidated Financial Statements (Continued)

Derivative Instrument Hedged Item Location For the fiscal years ended October 31 Gain/(loss) recognized in earnings on derivative instruments Gain/(loss) recognized in earnings on hedged item
       In millions
Interest rate contracts Fixed-rate debt Interest and other, net 2025 $ 20   $ ( 20 )
2024 $ 36   $ ( 36 )
2023 $ 20   $ ( 20 )

The pre-tax effect of derivative instruments in cash flow hedging relationships included in Accumulated other comprehensive income (loss) was as follows:

For the fiscal years ended October 31
  2025 2024 2023
  In millions
Gain/(loss) recognized in Accumulated other comprehensive income (loss) on derivatives:
Foreign currency contracts $ ( 214 ) $ 47   $ ( 427 )
Interest rate contracts $ 3   $ 4   $ —  

The pre-tax effect of derivative instruments in cash flow hedging relationships included in earnings were as follows:

Gain/ (loss) reclassified from Accumulated other comprehensive loss into earnings
For the fiscal years ended October 31
2025 2024 2023
In millions
Products net revenue
$ ( 32 ) $ 408   $ 243  
Cost of products net revenue
( 81 ) ( 142 ) ( 167 )
Operating expenses 2   ( 4 ) ( 4 )
Interest and other, net 13   12   12  
   Total
$ ( 98 ) $ 274   $ 84  

As of October 31, 2025, HP expects to reclassify an estimated accumulated other comprehensive loss of approximately $ 41 million, net of taxes, to earnings within the next twelve months associated with cash flow hedges along with the earnings effects of the related forecasted transactions. The amounts ultimately reclassified into earnings could be different from the amounts previously included in Accumulated other comprehensive loss based on the change of market rate, and therefore could have different impact on earnings.
The pre-tax effect of derivative instruments not designated as hedging instruments recognized in Interest and other, net in the Consolidated Statements of Earnings was as follows:

  Gain/(loss) recognized in earnings on derivative instrument
  Location 2025 2024 2023
    In millions
Foreign currency contracts Interest and other, net $ ( 11 ) $ 44   $ ( 65 )
Other derivatives Interest and other, net 3   —   ( 3 )
Total   $ ( 8 ) $ 44   $ ( 68 )

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Note 11: Borrowings
  Notes Payable and Short-Term Borrowings

  As of October 31
  2025 2024
  Amount
Outstanding Weighted-Average
Interest Rate Amount
Outstanding Weighted-Average
Interest Rate
  In millions

Current portion of long-term debt $ 788   3.2 % $ 1,358   5.0 %
Notes payable to banks and other
57   — % 48   — %
Total notes payable and short-term borrowings
$ 845     $ 1,406    

Long-Term Debt

  As of October 31
  2025 2024
  In millions
U.S. Dollar Global Notes (1)
Maturity Date
Issue Price
Stated Interest Rate
   
$ 1,150 issued June 2020
June 2025
99.769   % 2.20   % $ —   $ 1,150  
$ 1,000 issued June 2021
June 2026
99.808   % 1.45   % 522   521  
$ 1,000 issued June 2020
June 2027
99.718   % 3.00   % 999   999  
$ 900 issued June 2022
January 2028
99.841   % 4.75   % 899   899  
$ 1,000 issued March 2022
April 2029
99.767   % 4.00   % 999   999  
$ 500 issued April 2025
April 2030
99.732   % 5.40   % 499   —  
$ 850 issued June 2020
June 2030
99.790   % 3.40   % 503   503  
$ 1,000 issued June 2021
June 2031
99.573   % 2.65   % 998   997  
$ 1,000 issued March 2022
April 2032
99.966   % 4.20   % 676   676  
$ 1,100 issued June 2022
January 2033
99.725   % 5.50   % 1,098   1,098  
$ 500 issued April 2025
April 2035
99.778   % 6.10   % 499   —  
$ 1,200 issued September 2011
September 2041
99.863   % 6.00   % 1,199   1,199  
$ 500 issued August 2022 (2)
March 2029
100.000   % 4.75   % —   3  
  8,891   9,044  
Other borrowings at 1.47 %- 7.07 %, due in fiscal years 2026-2032
765   645  
Fair value adjustment related to hedged debt ( 1 ) ( 21 )
Unamortized debt issuance cost ( 46 ) ( 47 )
Current portion of long-term debt ( 788 ) ( 1,358 )
Total long-term debt $ 8,821   $ 8,263  

(1) HP may redeem some or all of the fixed-rate U.S. Dollar Global Notes at any time in accordance with the terms thereof. The U.S. Dollar Global Notes are senior unsecured debt.
(2) During the quarter ended October 31, 2025, HP redeemed and settled $ 3.4  million of the pending March 2029 Notes related to the August 2022 Poly acquisition.

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In April 2025, HP completed its offering of $ 1.0  billion aggregate principal amount of senior unsecured notes, consisting of $ 500  million of 5.40 % notes due April 2030 and $ 500  million of 6.10 % notes due April 2035. HP incurred issuance costs of $ 9  million. HP is required to pay interest semi-annually on each series of the notes on April 25 and October 25, beginning October 25, 2025. In April 2025, a series of forward starting swaps and a treasury rate lock totaling $ 825  million notional amount were settled to mitigate the treasury rates volatility associated with this debt issuance. HP used the net proceeds from the offering of the notes for general corporate purposes, including, together with cash on hand, the repayment of the Global Notes due June 2025 upon maturity.
As disclosed in Note 10, “Financial Instruments”, HP uses interest rate swaps to mitigate some of the exposure of its debt portfolio to changes in fair value resulting from changes in benchmark interest rates. Interest rates shown in the table of long-term debt have not been adjusted to reflect the impact of any interest rate swaps.
As of October 31, 2025, aggregate future maturities of debt at face value (excluding unamortized debt issuance cost of $ 46 million, discounts on debt issuance of $ 10 million and fair value adjustment related to hedged debt of $ 1 million), including other borrowings were as follows:  

Fiscal year In millions
2026 $ 847  
2027 1,227  
2028 1,060  
2029 1,084  
2030 1,027  
Thereafter 4,478  
Total $ 9,723  

Commercial Paper
As of October 31, 2025, HP maintained a U.S. commercial paper program for the issuance of U.S. dollar-denominated commercial paper up to a maximum aggregate principal amount of $ 6.0  billion. The principal amount outstanding under this program and certain short-term borrowings at any time cannot exceed a $ 6.0  billion authorization by HP’s Board of Directors. As of October 31, 2025 and October 31, 2024, no commercial paper was outstanding under the program.
Credit Facility
As of October 31, 2024 and 2025, HP maintained a $ 5.0  billion 5-year sustainability-linked senior unsecured committed revolving credit facility, which HP entered into on August 1, 2024. Commitments under the revolving credit facility will be available until August 1, 2029. Commitment fees, interest rates and other terms of borrowing under the revolving credit facility vary based on HP’s external credit ratings and certain sustainability metrics. Funds borrowed under the revolving credit facility may be used for general corporate purposes. I n March 2024, the $ 1.0  billion senior unsecured committed 364 -day revolving credit facility matured in accordance with its terms. Additionally, commitments under the previous $ 5.0  billion sustainability-linked senior unsecured committed revolving credit facility were terminated concurrently with the execution of the revolving credit facility on August 1, 2024.
As of October 31, 2025, HP was in compliance with the covenants in the credit agreement governing the revolving credit facility.
Available Borrowing Resources
As of October 31, 2025, HP had available borrowing resources of $ 1.1 billion from uncommitted lines of credit in addition to funds available under the revolving credit facility.
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Note 12: Stockholders’ Deficit
Share Repurchase Program
HP’s share repurchase program authorizes both open market and private repurchase transactions. In fiscal year 2025, HP executed share repurchases of 29.6 million shares and settled total shares for $ 0.8 billion. In fiscal year 2024, HP executed share repurchases of 62.7 million shares and settled total shares for $ 2.1 billion. In fiscal year 2023, HP executed share repurchases of 3.6 million shares and settled total shares for $ 0.1 billion. Share repurchases executed during fiscal year 2025 included 0.2 million shares settled in November 2025.
The shares repurchased in fiscal years 2025, 2024 and 2023 were all open market repurchase transactions. As of October 31, 2025, HP had approximately $ 8.4 billion remaining under the share repurchase authorizations approved by HP’s Board of Directors.

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Changes and reclassifications related to Accumulated Other Comprehensive Loss, net of taxes
  For the years ended October 31
  2025 2024 2023
  In millions
Other comprehensive loss, net of taxes:

Unrealized components of available-for-sale debt securities
Balance at the beginning of period $ 14   $ 7   $ 6  
Unrealized gains arising during the period 16   8   2  

Tax effects on change in unrealized components of available-for-sale securities ( 1 ) ( 1 ) ( 1 )
Unrealized components of available-for-sale debt securities, net of taxes 15   7   1  
Balance at the end of period $ 29   $ 14   $ 7  

Unrealized components of cash flow hedges
Balance at the beginning of period $ 47   $ 230   $ 648  
Unrealized (losses) gains arising during the period
( 211 ) 51   ( 427 )
Losses (gains) reclassified into earnings
98   ( 274 ) ( 84 )
Tax effects on change in unrealized components of cash flow hedges 18   40   93  
Unrealized components of cash flow hedges, net of taxes ( 95 ) ( 183 ) ( 418 )
Balance at the end of period $ ( 48 ) $ 47   $ 230  

Unrealized components of defined benefit plans
Balance at the beginning of period $ ( 496 ) $ ( 437 ) $ ( 323 )
Unrealized gains (losses) arising during the period
30   ( 76 ) ( 141 )
Amortization of actuarial loss and prior service benefit
21   8   —  
Curtailments, settlements and other 6   2   —  
Tax effects on change in unrealized components of defined benefit plans ( 11 ) 7   27  
Unrealized components of defined benefit plans, net of taxes 46   ( 59 ) ( 114 )
Balance at the end of period $ ( 450 ) $ ( 496 ) $ ( 437 )

Cumulative translation adjustment
Balance at the beginning of period $ 1   $ ( 23 ) $ ( 46 )
Change in cumulative translation adjustment 12   24   23  
Tax effect on change in cumulative translation adjustment ( 1 ) —   —  
Cumulative translation adjustment, net of taxes 11   24   23  
Balance at the end of period $ 12   $ 1   $ ( 23 )

Other comprehensive loss
$ ( 23 ) $ ( 211 ) $ ( 508 )
Accumulated other comprehensive loss $ ( 457 ) $ ( 434 ) $ ( 223 )

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Note 13: Earnings Per Share
HP calculates basic net EPS using net earnings and the weighted-average number of shares outstanding during the reporting period. Diluted net EPS includes any dilutive effect of restricted stock units, stock options, performance-based awards and shares purchased under the 2021 employee stock purchase plan.
A reconciliation of the number of shares used for basic and diluted net EPS calculations is as follows:

  For the fiscal years ended October 31
  2025 2024 2023
  In millions, except per share amounts
Numerator:      
Net earnings $ 2,529   $ 2,775   $ 3,263  
Denominator:      
Weighted-average shares used to compute basic net EPS 946   979   992  
Dilutive effect of employee stock plans 7   10   8  
Weighted-average shares used to compute diluted net EPS 953   989   1,000  
Net earnings per share:      
Basic $ 2.67   $ 2.83   $ 3.29  
Diluted $ 2.65   $ 2.81   $ 3.26  
Anti-dilutive weighted-average stock-based compensation awards (1)
8   1   4  
    
(1) HP excludes from the calculation of diluted net EPS stock options and restricted stock units where the assumed proceeds exceed the average market price, because their effect would be anti-dilutive. The assumed proceeds of a stock option include the sum of its exercise price, and average unrecognized compensation cost. The assumed proceeds of a restricted stock unit represent average unrecognized compensation cost.
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Note 14: Litigation and Contingencies
 HP is involved in lawsuits, claims, investigations and proceedings, including those identified below, consisting of IP, commercial, securities, employment, employee benefits and environmental matters that arise in the ordinary course of business. HP accrues a liability when management believes that it is both probable that a liability has been incurred and the amount of loss can be reasonably estimated. HP believes it has recorded adequate provisions for any such matters and, as of October 31, 2025, it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in HP’s financial statements. HP reviews these matters at least quarterly and adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Pursuant to the separation and distribution agreement entered into with Hewlett Packard Enterprise Company (“Hewlett Packard Enterprise”), HP shares responsibility with Hewlett Packard Enterprise for certain matters, as indicated below, and Hewlett Packard Enterprise has agreed to indemnify HP in whole or in part with respect to certain matters. Based on its experience, HP believes that any damage amounts claimed in the specific matters discussed below are not a meaningful indicator of HP’s potential liability. Litigation is inherently unpredictable. However, HP believes it has valid defenses with respect to legal matters pending against it. Nevertheless, cash flows or results of operations could be materially affected in any particular period by the resolution of one or more of these contingencies.
Litigation, Proceedings and Investigations
Copyright Levies . Proceedings are ongoing or have been concluded involving HP in certain European countries, challenging the imposition or the modification of levies regimes upon IT equipment (such as PCs or printers) or the restrictions to exonerate the application of private copying levies on devices purchased by business users. The levies are generally based upon the number of products sold and the per-product amounts of the levies, which vary. Some European countries are expected to implement legislation to introduce or extend existing levy schemes to digital devices. HP, other companies and various industry associations have opposed the extension of levies to the digital product and certain requirements for business sales exemptions and have advocated alternative models of compensation to rights holders.
Based on the exemption of levies on business sales and industry opposition to increasing levies to digital products, HP’s assessments of the merits of various proceedings and HP’s estimates of the number of units impacted and the amounts of the levies, HP has accrued amounts that it believes are adequate to address the ongoing disputes.
India Directorate of Revenue Intelligence Proceedings . On April 30 and May 10, 2010, the India Directorate of Revenue Intelligence (the “DRI”) issued show cause notices to Hewlett-Packard India Sales Private Limited (“HP India”), a subsidiary of HP, seven HP India employees and one former HP India employee alleging that HP India underpaid customs duties while importing products and spare parts into India and seeking to recover an aggregate of approximately $ 370 million, plus penalties and interest. Prior to the issuance of the notices, HP India deposited approximately $ 16 million with the DRI and agreed to post a provisional bond in exchange for the DRI’s agreement to not seize HP India products and spare parts or interrupt business by HP India.
On April 11, 2012, the Bangalore Commissioner of Customs issued an order on the products-related notice affirming certain duties and penalties against HP India and the named individuals of approximately $ 386 million, of which HP India had already deposited $ 9 million. On December 11, 2012, HP India voluntarily deposited an additional $ 10 million in connection with the products-related notice. The differential duty demand is subject to interest. On April 20, 2012, the Commissioner issued an order on the parts-related notice affirming certain duties and penalties against HP India and certain of the named individuals of approximately $ 17 million, of which HP India had already deposited $ 7 million. After the order, HP India deposited an additional $ 3 million in connection with the parts-related notice so as to avoid certain penalties.
HP India filed appeals of the Commissioner’s orders before the Customs, Excise and Service Tax Appellate Tribunal (the “Customs Tribunal”) along with applications for waiver of the pre-deposit of remaining demand amounts as a condition for hearing the appeals. The Customs Department has also filed cross-appeals before the Customs Tribunal. On January 24, 2013, the Customs Tribunal o rdered HP India to deposit an additional $ 24 million against the products order, which HP India deposited in March 2013. On February 7, 2014, the Customs Tribunal granted HP India’s application for extension of the stay of deposit until disposal of the appeals. On October  27, 2014, the Customs Tribunal commenced hearings on the cross-appeals of the Commissioner’s orders and rejected HP India’ s request to remand the matter to the Commissioner on procedural grounds. The Customs Tribunal cancelled hearings to reconvene in 2015 , 2016 and January 2019. On January 20, 2021, the Customs Tribunal held a virtual hearing during which the judge allowed HP’s application for a physical hearing on the merits as soon as practicable, which will be scheduled when physical hearings resume at court. In unrelated, third-party proceedings, the Supreme Court of India has resolved certain jurisdictional questions to the authority of the Directorate of Revenue Intelligence, issues which HP also raised in its appeal to the Customs Tribunal. In late 2024, those jurisdictional questions were resolved. Between late April and June 18, 2025, the Customs Tribunal held three weeks of hearings on the appeals. The matter is presently pending a decision. If the decision is adverse, HP should be entitled to appeal on the merits to the Supreme Court of India, although HP may be required to make additional deposits. Pursuant to the
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separation and distribution agreement, Hewlett Packard Enterprise has agreed to indemnify HP in part, base d on the extent to which any liability arises from the products and spare parts of Hewlett Packard Enterprise’s businesses.
Media Content Protection LLC Patent Litigation (formerly Philips Patent Litigation) . In September 2020, Koninklijke Philips N.V. and Philips North America LLC (collectively, “Philips”) filed a complaint against HP for patent infringement in federal court for the District of Delaware and filed a companion complaint with the U.S. International Trade Commission (“ITC”) pursuant to Section 337 of the Tariff Act against HP and 8 other sets of respondents. Both complaints allege that certain digital video-capable devices and components thereof infringe four of Philips’ patents. In October 2020, the ITC instituted an investigation, and Philips later withdrew two of the four patents. On March 23, 2022, the ITC rendered a final determination that no violation of Section 337 has occurred. Philips did not appeal and elected to resume litigation with its case in federal court. Philips seeks unspecified damages and an injunction against HP, and the prior stay has been lifted . On August 10, 2023, HP filed a motion for summary judgment of indefiniteness for all asserted claims. On July 1, 2024, the district court denied the motion without prejudice to renew. Philips conveyed the patents asserted in the district court action to Media Content Protection LLC (“MCP”), and MCP was substituted as plaintiff in place of Philips. As of November 25, 2025, the district court has ruled that all patents asserted against HP are invalid under 35 U.S.C. § 101, subject to appeal.
York County on behalf of the County of York Retirement Fund v. HP Inc., et al., and related proceedings . On November 5, 2020, York County, on behalf of the County of York Retirement Fund, filed a putative class action complaint against HP, Dion Weisler, and Catherine Lesjak in federal court in the Northern District of California. The court appointed Maryland Electrical Industry Pension Fund as Lead Plaintiff. Lead Plaintiff filed a consolidated complaint, which additionally names as defendants Enrique Lores and Richard Bailey. The complaint alleges, among other things, that from November 5, 2015 to June 21, 2016, HP and the named current and former officers violated Sections 10(b) and 20(a) of the Exchange Act by concealing material information and making false statements about HP’s printing supplies business (“Securities Class Action”). Plaintiffs seek compensatory damages and other relief. HP and the named officers filed a motion to dismiss the complaint for failure to state a claim upon which relief can be granted. On March 3, 2022, the court granted the motion to dismiss with prejudice. Plaintiffs appealed the decision. On April 11, 2023, the appellate court reversed the district court’s decision and remanded the case to the district court for further proceedings consistent with the appellate opinion, including consideration of HP’s other arguments for dismissal. On July 21, 2023, HP and the named officers filed a renewed motion to dismiss. On March 27, 2024, the district court issued an order granting in part and denying in part the motion to dismiss. On August 8, 2024, the Court of Appeals for the Ninth Circuit granted HP’s petition for permission to appeal. On October 28, 2024, HP filed its appeal, which is awaiting appellate court oral argument that has not yet been scheduled. On July 28, 2025, the parties executed a binding term sheet containing the material terms of a proposed settlement. On August 19, 2025, the parties filed a stipulation of settlement and motion for preliminary approval of settlement in the district court. On September 22, 2025, the district court entered an order preliminarily approving the settlement. On May 17, 2021, stockholder Scott Franklin filed a derivative complaint against certain current and former officers and directors in federal court in the District of Delaware. Plaintiff purports to bring the action on behalf of HP, which he has named as a nominal defendant, and he makes substantially the same factual allegations as in the York County securities complaint, bringing claims for breach of fiduciary duty and violations of securities laws. The derivative plaintiff seeks compensatory damages, governance reforms, and other relief. By court order following stipulations by the parties, the case was transferred to the Northern District of California, and the case was stayed pending a ruling on the motion to dismiss in York County and exhaustion of all related appeals. On January 13, 2022, stockholder Gerald Lovoi filed a derivative complaint in federal court in the Northern District of California against the same current and former officers and directors named in the Franklin action. The complaint alleges the same basic claims based on the same alleged conduct as the Franklin action and seeks similar relief. By stipulation of the parties, the Lovoi action was stayed pending a ruling on the motion to dismiss in York County and exhaustion of all related appeals. On May 31, 2024, the court adopted a stipulation in which the derivative plaintiffs and defendants agreed to consolidate the derivative proceedings, close the Lovoi action, and extend the current stay through summary judgment in the Securities Class Action.
Legal Proceedings re Authentication of Supplies. Since 2016, HP has from time to time been named in civil litigation, or been the subject of government investigations, involving supplies authentication protocols used in certain HP printers in multiple geographies, including but not limited to the United States, Italy, Israel, the Netherlands, Australia and New Zealand. The supplies authentication protocols are often referred to as Dynamic Security. The core allegations in these proceedings claim misleading or inadequate consumer notifications and permissions pertaining to the use of Dynamic Security, the installation of firmware updates, or the potential inability of cartridges with clone chips or circuitry to work in HP printers with Dynamic Security. Plaintiffs base or have based their claims on various legal theories, including but not limited to unfair competition, computer trespass, and similar statutory claims. Among other relief, Plaintiffs have sought or seek money damages and in certain cases have or may seek injunctive relief against the use or operation of Dynamic Security or relief requiring interoperability. If HP is not successful in its defense of these cases or investigations, it could be subject to damages, penalties, significant settlement demands, or injunctive relief that may be costly or may disrupt operations. Certain of these proceedings in the United States, Italy, the Netherlands, Israel, Australia and New Zealand have been resolved, have concluded, or have concluded subject only to HP’s pending appeal. Digital Revolution B.V. (trading as
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123Inkt) filed civil litigation, including competition claims, against HP Nederlands B.V., et al. (Netherlands) in March 2020, HP substantially prevailed before the trial court, and both parties appealed. On November 19, 2024, the court of appeal issued a decision rejecting competition claims against HP and providing that use of Dynamic Security by HP is not unlawful. On February 18, 2025, Digital Revolution filed a cassation appeal against the decision before the Dutch Supreme Court. In addition, a putative class action was filed against HP in federal court in Illinois in January 2024, arising out of the use of Dynamic Security firmware updates in HP printers. Plaintiffs seek compensatory damages, restitution, injunctive relief against alleged unfair and anticompetitive business practices, and other relief. On September 30, 2025, the court dismissed the complaint in its entirety but gave plaintiffs leave to file an amended complaint. The case is in its early stages.
Autonomy-Related Legal Proceedings. In 2015, four former Hewlett Packard Company subsidiaries that became subsidiaries of Hewlett Packard Enterprise at the time of the Separation (Autonomy Corporation Limited, Hewlett Packard Vision BV, Autonomy Systems Limited, and Autonomy, Inc., hereinafter the “Claimants”) initiated civil proceedings in the U.K. High Court of Justice against two members of Autonomy’s former management, Michael Lynch and Sushovan Hussain, for breach of their fiduciary duties in causing Autonomy group companies to engage in improper transactions and accounting practices before and in connection with the 2011 acquisition of Autonomy. Trial concluded in January 2020. In May 2022, the court issued its liability judgment, finding that the Claimants had succeeded on substantially all claims and that Messrs. Lynch and Hussain engaged in fraud, and dismissing a counterclaim filed by Mr. Lynch. The court deferred the issue of damages to further proceedings, but indicated that damages awarded may be substantially less than was claimed. In February 2024, the court held a two-week trial on damages, the Claimants sought recovery for $ 4  billion in losses, and the court took the issue under advisement. In May 2025, Claimants reached an agreement with Mr. Hussain to resolve claims against him. On July 22, 2025, the court issued its ruling on the quantum of damages, finding that the Lynch estate owed approximately 740  million pounds. The court set a hearing for the week of November 17, 2025, to address additional matters, including attorneys’ fees, pre-judgment interest, and the relevant date to use for the exchange rate to convert the recovery from pounds to dollars. The damages award is also subject to a set-off for prior settlements. Litigation is unpredictable, and there can be no assurance of a recovery. Any amount ultimately recovered would be recorded in the period received. No adjustment has been recorded in the financial statements in relation to this potential recovery. Pursuant to the terms of the separation and distribution agreement, HP and Hewlett Packard Enterprise will share equally in any recovery.
Litigation with Wilus Institute of Standards and Technology, Inc. and Sisvel International S.A. Since September 13, 2024, Wilus Institute of Standards and Technology, Inc. (“Wilus”) has filed three patent infringement lawsuits against HP in the Eastern District of Texas seeking monetary damages, injunctions and other relief. The complaints allege that HP products, that are compliant with the Wi-Fi 6 (801.11.ax) standard, infringe patents owned by Wilus. Wilus is a member of the Wi-Fi 6 patent pool administered by Sisvel International S.A. (“Sisvel”), and the patents at issue in the lawsuits are in the Sisvel Wi-Fi 6 patent pool. In December 2024, HP answered the complaints and filed counterclaims against Wilus and Sisvel, alleging that Wilus and Sisvel violated their obligations to license standard-essential patents on fair, reasonable and non-discriminatory (“FRAND”) terms, and seeking a court determination of the proper FRAND rate. As of August 8, 2025, another Sisvel Wi-Fi 6 pool member Koniklijke Philips N.V. and its affiliate Philips GmbH (together, “Philips”) filed three lawsuits against HP Inc., HP Deutschland GmbH and HP International SARL, in the State Court in Munich, Germany asserting pool patents related to Wi-Fi 6 standards. Philips seeks an injunction, reporting, damages and product recall in two of its claims and hearings are scheduled on May 21, 2026 and June 11, 2026. The third claim relates to an expired patent for which Philips seeks damages, and a hearing is scheduled on July 30, 2026. As of August 26, 2025, another pool member, Huawei Technologies Co. Ltd (“Huawei”), filed two lawsuits against HP Inc. and HP Deutschland GmbH in the State Court in Munich, Germany, asserting pool patents related to Wi-Fi 6 standards. Relief sought includes an injunction, reporting, damages, product recall and/or destruction of inventory, and a hearing has been set in one case for March 26, 2026. In October, Sisvel and HP reached agreement to resolve all patent litigation with Sisvel and Sisvel Wi-Fi 6 pool members related to Wi-Fi 6, and all pending proceedings are in the process of being dismissed.
Environmental
HP is, and may become a party to, proceedings brought by U.S., state, or other governmental entities or private third parties under federal, state, local, or foreign environmental laws, including the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), known as “Superfund,” or state laws similar to CERCLA. HP is also conducting environmental investigations or remediation at several current or former operating sites and former disposal sites pursuant to administrative orders or consent agreements with environmental agencies.

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Note 15: Guarantees, Indemnifications and Warranties
Guarantees  
In the ordinary course of business, HP may issue performance guarantees to certain of its clients, customers and other parties pursuant to which HP has guaranteed the performance obligations of third parties. Some of those guarantees may be backed by standby letters of credit or surety bonds. In general, HP would be obligated to perform over the term of the guarantee in the event a specified triggering event occurs as defined by the guarantee. HP believes the likelihood of having to perform under a material guarantee is remote.
Cross-Indemnifications with Hewlett Packard Enterprise
On November 1, 2015, Hewlett-Packard Company completed the separation of Hewlett Packard Enterprise, Hewlett-Packard Company’s former enterprise technology infrastructure, software, services and financing businesses. The separation and distribution agreement provides for cross-indemnities between HP and Hewlett Packard Enterprise for liabilities allocated to the respective party pursuant to the terms of such agreement. For information on cross-indemnifications with Hewlett Packard Enterprise for litigation matters, see Note 14, “Litigation and Contingencies”.
Indemnifications  
In the ordinary course of business, HP enters into contractual arrangements under which HP may agree to indemnify a third-party to such arrangement from any losses incurred relating to the services they perform on behalf of HP or for losses arising from certain events as defined within the particular contract, which may include, for example, litigation or claims relating to past performance. HP also provides indemnifications to certain vendors and customers against claims of intellectual property infringement made by third parties arising from the vendors’ and customers’ use of HP’s software products and services and certain other matters. Some indemnifications may not be subject to maximum loss clauses. Historically, payments made related to these indemnifications have been immaterial.
HP records tax indemnification receivables from various third parties for certain tax liabilities that HP is jointly and severally liable for, but for which it is indemnified by those same third parties under existing legal agreements. HP records a tax indemnification payable to various third parties under these agreements when management believes that it is both probable that a liability has been incurred and the amount can be reasonably estimated. The actual amount that the third parties pay or may be obligated to pay HP could vary depending on the outcome of certain unresolved tax matters, which may not be resolved for several years.
Warranties
HP accrues the estimated cost of product warranties at the time it recognizes revenue. HP engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its component suppliers; however, contractual warranty terms, repair costs, product call rates, average cost per call, current period product shipments and ongoing product failure rates, as well as specific product class failures outside of HP’s baseline experience, affect the estimated warranty obligation.
HP’s aggregate product warranty liabilities and changes were as follows:

  For the fiscal years ended October 31
  2025 2024
  In millions
Balance at beginning of year $ 550   $ 706  
Accruals for warranties issued 670   721  
Adjustments related to pre-existing warranties (including changes in estimates) ( 4 ) 30  
Settlements made
( 764 ) ( 907 )
Balance at end of year $ 452   $ 550  

Note 16: Commitments
Unconditional Purchase Obligations
HP’s unconditional purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on HP and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum or variable price and volume provisions and the approximate timing of the transaction. These unconditional purchase obligations are primarily related to inventory and service support. Unconditional purchase obligations exclude agreements that are cancellable without penalty. 
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As of October 31, 2025, unconditional purchase obligations were as follows:

Fiscal year In millions
2026 $ 509  
2027 227  
2028 195  
2029 111  
2030 38  
Thereafter 5  
Total $ 1,085  

Note 17: Leases
As a lessee, HP determines, at lease inception, whether or not an arrangement contains a lease. A significant portion of the operating lease portfolio includes real estate leases. Additionally, HP has identified embedded operating leases within certain outsourced supply chain contracts. Leasing arrangements have a remaining lease term ranging from 1 to approximately 15 years with varying renewal and termination options. Substantially all of HP’s leases are considered operating leases. Finance leases, short-term leases and sub-lease income were not material as of October 31, 2025 and 2024 or for fiscal years ended October 31, 2025 and 2024, respectively.
Lease terms include options to extend or terminate the lease when it is reasonably certain that HP will exercise such options. HP generally considers the economic life of the ROU assets to be comparable to the useful life of similar owned assets. HP’s leases generally do not provide a residual guarantee.
Operating leases are included in Other non-current assets , Other current liabilities and Other non-current liabilities . Finance leases are included in Property, plant and equipment, net, Notes payable and short-term borrowings and Long-term debt in the Consolidated Balance Sheets.
As most of the leases do not provide an implicit interest rate, HP uses the incremental borrowing rate based on the information available at the commencement date of a lease in determining the present value of lease payments. The incremental borrowing rate is determined based on the rate of interest that HP would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. HP uses the unsecured borrowing rate and risk-adjusts that rate to approximate a collateralized rate.
HP has elected the practical expedient to combine lease and non-lease components as a single lease element for its real estate leases and certain outsourced warehousing contracts in calculating the ROU assets and lease liabilities. Where HP chooses not to combine the lease and non-lease components, HP allocates contract consideration to the lease and non-lease components based on relative standalone prices.
HP reviews the impairment of the ROU assets consistent with the approach applied for other long-lived assets.
The components of lease expense are as follows:

For the fiscal years ended October 31
  2025 2024
  In millions
Operating lease cost $ 249   $ 230  
Variable cost 100   106  
Total lease expense $ 349   $ 336  

All lease expenses, including variable lease costs, are primarily included in Cost of net revenue and Selling, general and administrative expenses in the Consolidated Statements of Earnings based on the use of the facilities.
Variable lease expense relates primarily to leased real estate utilized for office space and outsourced warehousing. These costs primarily include adjustments for inflation, payments dependent on a rate or index or usage of asset and common area maintenance charges. These costs are not included in the lease liability and are recognized in the period in which they are incurred.
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HP INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (Continued)

The following table presents supplemental information relating to the cash flows arising from lease transactions. Cash payments made from variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:

For the fiscal years ended October 31
  2025 2024
  In millions
Cash paid for amount included in the measurement of lease liabilities $ 256   $ 233  
Right-of-use assets obtained in exchange of lease liabilities (1)
$ 452   $ 411  

(1) Includes the impact of new leases as well as remeasurements and modifications to existing leases.

Weighted-average information associated with the measurement of our remaining operating lease liabilities is as follows:
As of October 31
2025 2024
Weighted-average remaining lease term in years 4.7 4.1
Weighted-average discount rate 6.9 % 6.5 %

The following maturity analysis presents expected undiscounted cash outflows for operating leases on an annual basis for the next five years:

 Fiscal year In millions
2026 $ 474  
2027 357  
2028 193  
2029 90  
2030 57  
Thereafter 216  
Total lease payments 1,387  
Less: Imputed interest 171  
     Total lease liabilities $ 1,216  

There were no material operating leases that HP had entered into and that were yet to commence as of October 31, 2025.
As a lessor, HP records revenue under sales-type leases at the commencement of the lease. Revenue recognized from sales-type leases constituted less than one percent of product net revenue for fiscal years 2025, 2024 and 2023 respectively. As of October 31, 2025 and 2024, the net investment in leases balance were $ 859  million and $ 705  million, respectively.
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ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.

ITEM 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this report (the “Evaluation Date”). Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the Evaluation Date such that the information required to be disclosed by us in our SEC reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to HP’s management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
See Management’s Report on Internal Control over Financial Reporting and the Report of Independent Registered Public Accounting Firm on our internal control over financial reporting in Item 8, which are incorporated herein by reference.
Remediation of Previously Reported Material Weakness
As previously reported in the Company’s Annual Report on Form 10-K for fiscal year ended October 31, 2024, we identified a material weakness in internal control over financial reporting. The material weakness resulted from undue reliance on information generated from certain software solutions affecting various financial statement line items as well as net revenue without effectively designed information technology (“IT”) general controls specifically around user access and change management and job schedule monitoring IT operations. This material weakness did not result in any material misstatement of our financial statements. While this material weakness did not result in a material misstatement of our financial statements, there was a reasonable possibility that it could have resulted in a material misstatement in the Company's annual or interim consolidated financial statements that would not be detected. Accordingly, we determined that it constituted a material weakness.
With respect to the material weakness above, management, under the oversight of the Audit Committee, completed the re-design and implementation of IT general controls specific to the impacted software solutions. During the quarter ended October 31, 2025, we completed our testing of the operating effectiveness of internal controls impacted by these remediation efforts and determined the material weakness has been remediated as of October 31, 2025.
Changes in Internal Control over Financial Reporting
Other than the material weakness remediation activities described above, there has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. Other Information.
Our directors and officers (as defined in Exchange Act Rule 16a-1(f)) may from time to time enter into plans or other arrangements for the purchase or sale of our shares that are intended to satisfy the affirmative defense conditions of Rule 10b5–1(c) or may represent a non-Rule 10b5-1 trading arrangement under the Exchange Act. On September 4, 2025 , Alex Cho , our then President, Personal Systems , adopted a written plan for the sale of up to (i) 86,569 shares of our common stock underlying employee stock options; and (ii) 53,221 shares of our common stock underlying performance adjusted restricted stock units, plus any additional shares that vest based on the achievement of the relevant performance criteria. The plan is scheduled to commence on December 8, 2025 and is scheduled to expire on December 11, 2025 , or on any earlier date on which all of the shares have been sold. This plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not Applicable.
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PART III

ITEM 10. Directors, Executive Officers and Corporate Governance.
The names of the executive officers of HP and their ages, titles and biographies as of the date hereof are incorporated by reference from Part I, Item 1, above.
The following information is included in HP’s Proxy Statement related to its 2026 Annual Meeting of Stockholders to be filed within 120 days after HP’s fiscal year end of October 31, 2025 (the “Proxy Statement”) and is incorporated herein by reference:
• Information regarding directors of HP who are standing for reelection and any persons nominated to become directors of HP is set forth under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors.”
• Information regarding HP’s Audit Committee and designated “audit committee financial experts” is set forth under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors—How We Are Organized—Audit Committee.”
• Information on HP’s code of business conduct and ethics for directors, officers and employees, also known as “Integrity at HP”, is set forth in the section entitled “Code of Conduct” under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors,” information on HP’s Corporate Governance Guidelines is set forth in the sections entitled “How We Are Selected” and “Director Independence” under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors,” and information required by Item 405 of Regulation S-K under the Exchange Act is set forth in the section entitled “Delinquent Section 16(a) Reports.”
Insider Trading Policies and Procedures
The Company has insider trading policies and procedures that govern the purchase, sale and other dispositions of its securities by directors, officers, employees and contractors, as well as by the Company itself. We believe these policies and procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations and applicable listing standards. A copy of our Insider Trading Policy is filed with this Annual Report on Form 10-K as Exhibit 19.

ITEM 11. Executive Compensation.
The following information is included in the Proxy Statement and is incorporated herein by reference:
• Information regarding HP’s compensation of its named executive officers is set forth under “Executive Compensation.”
• Information regarding HP’s compensation of its directors is set forth under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors—How We Are Compensated.”
• The report of HP’s HR and Compensation Committee is set forth under “Executive Compensation—Board Proposal No. 3 Advisory Vote to Approve Executive Compensation—HR and Compensation Committee Report on Executive Compensation.”

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The following information is included in the Proxy Statement and is incorporated herein by reference:
• Information regarding security ownership of certain beneficial owners, directors and executive officers is set forth under “Ownership of Our Stock—Common Stock Ownership of Certain Beneficial Owners and Management.”
• Information regarding HP’s equity compensation plans, including both stockholder approved plans and non-stockholder approved plans, is set forth in the section entitled “Equity Compensation Plan Information.”

ITEM 13. Certain Relationships and Related Transactions, and Director Independence.
The following information is included in the Proxy Statement and is incorporated herein by reference:
• Information regarding transactions with related persons is set forth under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors—Related-Person Transactions Policies and Procedures.”
• Information regarding director independence is set forth in the section entitled “Director Independence” under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of Directors.”
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ITEM 14. Principal Accountant Fees and Services.
Information regarding principal accounting fees and services is set forth under “Audit Matters—Board Proposal No. 2 Ratification of Independent Registered Public Accounting Firm—Principal Accountant Fees and Services” in the Proxy Statement, which information is incorporated herein by reference.
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PART IV

ITEM 15. Exhibits and Financial Statement Schedules.

(a) The following documents are filed as part of this report:
1. All Financial Statements:
The following financial statements are filed as part of this report under Item 8—“Financial Statements and Supplementary Data.”

Reports of Independent Registered Public Accounting Firm
47

Management's Report on Internal Control Over Financial Reporting
49

Consolidated Statements of Earnings
50

Consolidated Statements of Comprehensive Income
51

Consolidated Balance Sheets
52

Consolidated Statements of Cash Flows
53

Consolidated Statements of Stockholders' Deficit
54

Notes to Consolidated Financial Statements
55

2. Financial Statement Schedules:
All schedules are omitted as the required information is not applicable or the information is presented in the Consolidated Financial Statements and notes thereto in Item 8 above.
3. Exhibits:
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HP INC. AND SUBSIDIARIES
EXHIBIT INDEX

Exhibit
Number   Incorporated by Reference
Exhibit Description Form File No. Exhibit(s) Filing Date
2(a) Separation and Distribution Agreement, dated as of October 31, 2015, by and among Hewlett-Packard Company, Hewlett Packard Enterprise Company and the Other Parties Thereto.**
8-K 001-04423 2.1 November 5, 2015
3(a) Registrant’s Restated Certificate of Incorporation .
8-K 001-04423 3.2
April 25, 2024
3(b) Registrant’s Amended and Restated Bylaws.
8-K 001-04423 3.1 June 25, 2025
3(c) Certificate of Designations of Series A Junior Participating Redeemable Preferred Stock of HP Inc. (included in Exhibit 3(a)).

3(d) Certificate of Designations of Series A Junior Participating Preferred Stock of HP Inc. (included in Exhibit 3(a)).

4(a) Indenture, dated June 1, 2000, between the Registrant and The Bank of New York Mellon Trust Company, National Association, as successor in interest to J.P. Morgan Trust Company, National Association (formerly known as Chase Manhattan Bank and Trust Company, National Association), as Trustee.
S-3 333-134327 4.9 June 7, 2006
4(b) Form of Registrant’s 6.000% Global Note due September 15, 2041 and form of related Officers’ Certificate.
8-K 001-04423 4.5 and 4.6
September 19, 2011
4(c) Specimen certificate for the Registrant’s common stock.
8-A/A 001-04423 4.1 June 23, 2006
4(d) Description of HP Inc.’s securities.
10-K 001-04423 4(h)
December 18, 2023
4(e) Indenture, dated June 17, 2020, between HP Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee.
8-K 001-04423 4.1 June 17, 2020
4(f) Form of 3.000% notes due 2027 and related Officers’ Certificate. 8-K 001-04423 4.3 and 4.5
June 17, 2020
4(g) Form of 3.400% notes due 2030 and related Officers’ Certificate. 8-K 001-04423 4.4 and 4.5
June 17, 2020
4(h) First Supplemental Indenture, dated as of June 16, 2021, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee .
8-K 001-04423 4.2 June 21, 2021
4(i) Form of 1.450% notes due 2026 and 2.650% notes due 2031 (included in Exhibit 4(j)).

4(j) Form of 4.000% notes due 2029 and related Officers’ Certificate.
8-K 001-04423 4.2 and 4.4
March 31, 2022
4(k) Form of 4.200% notes due 2032 and related Officers’ Certificate.
8-K 001-04423 4.3 and 4.4
March 31, 2022
4(l) Form of 4.750% notes due 2028 and related Officers’ Certificate.
8-K 001-04423 4.2 and 4.4
June 21, 2022
4(m) Form of 5.500% notes due 2033 and related Officers’ Certificate.
8-K 001-04423 4.3 and 4.4
June 21, 2022
4(n) Second Supplemental Indenture, dated as of September 1, 2022, between HP Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee.
8-K 001-04423 4.2 September 7, 2022
4(o) Form of 4.750% notes due 2029 (included in Exhibit 4(o)).

4(p) Third Supplemental Indenture dated April 14, 2025, by and among HP Inc., The Bank of New York Mellon Trust Company, N.A., as first trustee, and U.S. Bank Trust Company, National Association, as successor trustee.
8-K 001-04423 4.1 April 16, 2025

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Exhibit
Number   Incorporated by Reference
Exhibit Description Form File No. Exhibit(s) Filing Date
4(q) Form of 5.400% notes due 2030 and related Officers’ Certificate. 8-K 001-04423 4.3 and 4.4
April 25, 2025
4(r) Form of 6.100% notes due 2035 and related Officers’ Certificate. 8-K 001-04423 4.3 and 4. 5
April 25, 2025
10(a) Registrant’s Excess Benefit Retirement Plan, amended and restated as of January 1, 2006.*
8-K 001-04423 10.2 September 21, 2006
10(b) Hewlett-Packard Company Cash Account Restoration Plan, amended and restated as of January 1, 2005.*
8-K 001-04423 99.3 November 23, 2005
10(c) First Amendment to the Hewlett-Packard Company Excess Benefit Retirement Plan.*
10-Q 001-04423 10(b)(b)(b) March 10, 2009
10(d) Second Amended and Restated Hewlett-Packard Company 2004 Stock Incentive Plan, as amended effective February 28, 2013.*
8-K 001-04423 10.2 March 21, 2013
10(e) Form of Grant Agreement for grants of non-qualified stock options.*
  10-K   001-04423   10(g)(g)(g)   December 16, 2015

10(f) Form of Stock Notification and Award Agreement for awards of restricted stock units.*
10-Q
001-04423
10(r)(r)
March 3, 2016

10(g) Registrant’s 2005 Executive Deferred Compensation Plan, amended and restated effective November 1, 2017.*
  10-K/A 001-04423   10(n)(n)   December 15, 2017
10(h) Registrant’s Severance and Long-Term Incentive Change in Control Plan for Executive Officers, amended and restated effective February 28, 2020.*
  10-Q   001-04423   10(p)(p)   March 5, 2020
10(i) 2017 Amendment to the Hewlett-Packard Company Cash Account Restoration Plan.*
10-Q 001-04423 10(w)(w) March 2, 2017
10(j) Second Amendment to the Hewlett-Packard Company Excess Benefit Retirement Plan.*
10-Q 001-04423 10(x)(x)
March 2, 2017
10(k)
Form of Grant Agreement for grants of restricted stock units for directors (for use from November 1, 2017).*
10-Q 001-04423 10(e)(e)(e) March 1, 2018
10(l)
Form of Grant Agreement for grants of stock options for directors (for use from November 1, 2017).*
10-Q 001-04423 10(f)(f)(f) March 1, 2018
10(m)
Form of Grant Agreement for grants of restricted stock units (for use from November 1, 2018).*
10-K 001-04423 10(g)(g)(g) December 13, 2018
10(n)
  Form of Grant Agreement for grants of restricted stock units for directors (for use from November 1, 2018).*
10-Q 001-04423 10(k)(k)(k) March 5, 2019
10(o)
  Form of Grant Agreement for grants of non-qualified stock options.*
10-K 001-04423 10(m)(m)(m) December 12, 2019
10(p)
  Form of Retention Grant Agreement for grants of non-qualified stock options.*
10-K 001-04423 10(n)(n)(n) December 12, 2019
10(q)
  Form of Grant Agreement for grants of restricted stock units for directors (for use from January 15, 2020).*
10-Q   001-04423   10(n)(n)(n)   March 5, 2020
10(r)
  Amendment Number One to Second Amended and Restated HP Inc. 2004 Stock Incentive Plan (as amended effective February 28, 2020).*
10-Q 001-04423 10(r)(r)(r) June 5, 2020
10(s)
  Amendment Number One to Registrant’s 2005 Executive Deferred Compensation Plan (as amended effective February 28, 2020).*
10-Q 001-04423 10(s)(s)(s) June 5, 2020
10(t)
Amendment Number Two to Second Amended and Restated HP Inc. 2004 Stock Incentive Plan (as amended effective September 21, 2020.*
10-K 001-04423 10(x)(x)(x) December 10, 2020

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Exhibit
Number   Incorporated by Reference
Exhibit Description Form File No. Exhibit(s) Filing Date
10(u)
Amendment Number Two to Registrant's 2005 Executive Deferred Compensation Plan (as amended effective September 21, 2020).*
10-K 001-04423 10(y)(y)(y) December 10, 2020
10(v)
Form of Grant Agreement for grants of restricted stock units (for use from November 17, 2020).*
10-Q 001-04423 10(x)(x)(x) March 5, 2021
10(w)
Form of Retention Grant Agreement for grants of restricted stock units (for use from November 17, 2020).*
10-Q 001-04423 10(y)(y)(y) March 5, 2021
10(x)
Form of Grant Agreement for grants of performance-contingent non-qualified stock options.*
10-Q 001-04423 10(c)(c)(c)(c) March 5, 2021
10(y)
Form of Grant Agreement for grants of restricted stock units for directors.*
10-Q 001-04423 10(d)(d)(d)(d) March 5, 2021
10(z)
First Amendment to the Registrant’s Severance and Long-Term Incentive Change in Control Plan for Executive Officers, as amended and restated effective February 28, 2020 (as amended effective December 7, 2020)*
10-Q 001-04423 10(e)(e)(e)(e) March 5, 2021
10(a)(a)
Amendment Number Three to Registrant’s 2005 Executive Deferred Compensation Plan (as amended effective November 17, 2020).*
10-Q 001-04423 10(f)(f)(f)(f) March 5, 2021
10(b)(b)
Amendment Number Four to Registrant’s 2005 Executive Deferred Compensation Plan (as amended effective as of April 1, 2021 and December 31, 2021) .*
10-Q 001-04423 10(j)(j)(j) September 3, 2021
10(c)(c)
Form of Grant Agreement for grants of non-qualified stock options.*
10-Q 001-04423 10(l)(l)(l) March 7, 2022
10(d)(d)
Form of Grant Agreement for grants of performance-contingent non-qualified stock options.*
10-Q 001-04423 10(o)(o)(o) March 7, 2022
10(e)(e)
Plantronics, Inc. 2003 Stock Plan, as amended and restated.*
S-8 333-267151 4.4 August 29, 2022
10(f)(f)
Amendment Number One to the Plantronics, Inc. 2003 Stock Plan, as amended and restated.*
S-8 333-267151 4.5 August 29, 2022
10(g)(g)
Amendment Number Five to Registrant’s 2005 Executive Deferred Compensation Plan.*
10-K 001-04423 10(t)(t)(t) December 6, 2022
10(h)(h)
Form of Grant Agreement for grants of restricted stock units (for use from November 1, 2022).*
10-Q 001-04423 10(u)(u)(u) March 1, 2023
10(i)(i)
Form of Retention Grant Agreement for grants of restricted stock units (for use from November 1, 2022).*
10-Q 001-04423 10(v)(v)(v) March 1, 2023
10(j)(j)
Form of Grant Agreement for grants of non-qualified stock options (for use from November 1, 2022).*
10-Q 001-04423 10(w)(w)(w) March 1, 2023
10(k)(k)
Form of Grant Agreement for grants of performance-contingent non-qualified stock options (for use from November 1, 2022).*
10-Q 001-04423 10(z)(z)(z) March 1, 2023
10(l)(l)
Second Amendment to Registrant’s Severance and Long-Term Incentive Change in Control Plan for Executive Officers, as amended and restated effective February 28, 2020, for Performance-Contingent Stock Options generally granted on or after December 7, 2022.*
10-Q 001-04423 10(a)(a)(a)(a) March 1, 2023
10(m)(m)
Form of Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan).*
10-Q 001-04423 10(b)(b)(b)(b) March 1, 2023
10(n)(n)
Form of Retention Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan).*
10-Q 001-04423 10(c)(c)(c)(c) March 1, 2023
10(o)(o)
2023 Amendment to the HP Inc. Cash Account Restoration Plan.*
10-Q 001-04423 10(d)(d)(d)(d) May 31, 2023

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Exhibit
Number   Incorporated by Reference
Exhibit Description Form File No. Exhibit(s) Filing Date
10(p)(p)
Third Amendment to the HP Inc. Excess Benefit Plan.*
10-Q 001-04423 10(e)(e)(e)(e) May 31, 2023
10(q)(q)
Form of Grant Agreement for grants of restricted stock units (for use from November 1, 2023).*
10-Q
001-04423
10(f)(f)(f)(f)
February 28, 2024
10(r)(r)
Form of Retention Grant Agreement for grants of restricted stock units (for use from November 1, 2023).*
10-Q
001-04423
10(g)(g)(g)(g)
February 28, 2024
10(s)(s)
Form of Grant Agreement for grants of performance-adjusted restricted stock units (for use from November 1, 2023).*
10-Q
001-04423
10(j)(j)(j)(j)
February 28, 2024
10(t)(t)
Form of Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan for use from December 1, 2023).*
10-Q
001-04423
10(k)(k)(k)(k)
February 28, 2024
10(u)(u)
Form of Retention Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan for use from December 1, 2023).*
10-Q
001-04423
10(l)(l)(l)(l)
February 28, 2024
10(v)(v)
Registrant’s Fourth Amended and Restated 2004 Stock Incentive Plan.*
8-K
001-04423
10.1 April 25, 2024
10(w)(w)
Five-Year Credit Agreement dated August 1, 2024, by and among the Registrant, the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent.
8-K
001-04423
10.1 August 6, 2024
10(x)(x)
Form of HP Agreement Regarding Confidential Information and Proprietary Developments*
10-K 001-4423 10(h)(h)(h) December 13, 2024
10(y)(y)
Amended Form of Grant Agreement for grants of performance-adjusted restricted stock units (for use from November 1, 2022).*
10-Q
001-04423
10(a)
February 28, 2025
10(z)(z)
Form of Retention Grant Agreement for grants of restricted stock units (for use from November 1, 2024).*†

10(a)(a)(a)
Form of Retention Grant Agreement for grants of performance-adjusted restricted stock units (for use from November 1, 2024).*†

10(b)(b)(b)
H P Inc. 2021 Employee Stock Purchase Plan (as amended on June 11, 2 025) .*†

19 Insider Trading Policy.
10-K 001-4423 19 December 13, 2024
21 Subsidiaries of the Registrant as of October 31, 202 5 . †

23 Consent of Independent Registered Public Accounting Firm.†

24 Power of Attorney (included on the signature page)

31.1 Certification of Chief Executive Offic er pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended . †

31.2   Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended. †
       
32   Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. ††
       
97 HP Inc. Mandatory Covered Compensation Recovery Policy.
10-K
001-04423
97 December 18, 2023

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Exhibit
Number   Incorporated by Reference
Exhibit Description Form File No. Exhibit(s) Filing Date
101.INS   XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.†                
101.SCH   Inline XBRL Taxonomy Extension Schema Document.†                
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.†                
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.†                
101.LAB   Inline XBRL Taxonomy Extension Label Linkbase Document.†                
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.†                
104 The cover page from the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025, formatted in Inline XBRL (included within the Exhibit 101 attachments).†

*    Indicates management contract or compensatory plan, contract or arrangement.
**    Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Registration S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.
†    Filed herewith.
††    Furnished herewith.

The registrant agrees to furnish to the Commission supplementally upon request a copy of (1) any instrument with respect to long-term debt not filed herewith as to which the total amount of securities authorized thereunder does not exceed 10% of the total assets of the registrant and its subsidiaries on a consolidated basis and (2) any omitted schedules to any material agreements set forth above.
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ITEM 16. Form 10-K Summary
None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: December 10, 2025 HP INC.
By: /s/ KAREN L. PARKHILL

  Karen L. Parkhill
Chief Financial Officer

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POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Karen L. Parkhill and Julie Jacobs, or any of them, his or her attorneys-in-fact, for such person in any and all capacities, to sign any amendments to this report and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that either of said attorneys-in-fact, or substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature Title(s) Date
/s/ ENRIQUE LORES President and Chief Executive Officer and Director
(Principal Executive Officer) December 10, 2025
Enrique Lores

/s/ KAREN L. PARKHILL
Chief Financial Officer
(Principal Financial Officer) December 10, 2025
Karen L. Parkhill

/s/ MANPREET GREWAL
Global Controller
(Principal Accounting Officer) December 10, 2025
Manpreet Grewal

/s/ CHARLES V. BERGH Director December 10, 2025
Charles V. Bergh

/s/ BRUCE BROUSSARD Director December 10, 2025
Bruce Broussard

/s/ STACY BROWN-PHILPOT Director December 10, 2025
Stacy Brown-Philpot

/s/ STEPHANIE BURNS Director December 10, 2025
Stephanie Burns

/s/ MARY ANNE CITRINO Director December 10, 2025
Mary Anne Citrino

/s/ RICHARD L. CLEMMER Director December 10, 2025
Richard L. Clemmer

/s/ MA. FATIMA DE VERA FRANCISCO
Director December 10, 2025
Ma. Fatima de Vera Francisco

/s/ DAVID MELINE Director December 10, 2025
David Meline

/s/ JUDITH MISCIK Director December 10, 2025
Judith Miscik

/s/GIANLUCA PETTITI
Director December 10, 2025
Gianluca Pettiti

/s/ KIM K.W. RUCKER Director December 10, 2025
Kim K.W. Rucker

/s/ SONGYEE YOON
Director December 10, 2025
Songyee Yoon

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