HP (HPQ) 10-K risk factor changes: FY2024 vs FY2023

Economic weakness and uncertainty is expected to continue to adversely affect demand for our products and services [removed: and] [added: and, as a result,] our business and financial performance.

For example, during fiscal [removed: 2023] [added: year 2024] we observed continued market uncertainty, cautious commercial spending on information technology hardware, [added: including in China,] lower discretionary consumer spending, [added: increasing commodity costs,] inflationary pressures, and foreign currency fluctuations.

Changes in government spending limits may continue to reduce demand for our products and services from [added: governments or] organizations that receive government funding.

Moreover, U.S. government contracts are subject to congressional funding, which [added: at times has been and] may [added: in the future] be unavailable or delayed, which could impact our business.

Approximately 65% of our net revenue for fiscal year [removed: 2023] [added: 2024] came from outside the United States.

- instability in a country’s or region’s economic, regulatory or political conditions, including inflation, recession, interest rate fluctuations, changes or uncertainty in fiscal or monetary policy, actual or anticipated military or political [removed: conflicts (including the Russian invasion of Ukraine, tensions across the Taiwan Strait, the Israel-Hamas conflict and other hostilities in the Middle East),] [added: conflicts,] health emergencies or pandemics;

- the imposition by governments of additional taxes, tariffs or other restrictions on foreign trade or changes in restrictions on trade between the United States and other [removed: countries,] [added: countries where HP products are manufactured or sold,] including [removed: China and Russia;][added: China;]

- trade sanctions, embargoes, country localization requirements and [added: import restrictions and] other policies and regulations affecting production, shipping, pricing and marketing of products, including policies adopted by any country that may favor domestic companies and technologies over foreign competitors;

- local labor conditions and regulations, including labor issues faced by suppliers and [removed: Original Equipment Manufacturers (“OEMs”),] [added: OEMs,] or immigration and labor laws which may adversely impact our access to technical and professional talent;

- changes or uncertainty in international, national or local legal environments, including tax, data handling, privacy, [added: artificial intelligence,] intellectual property, consumer protection, environmental and antitrust laws;

- compliance with the U.S. Foreign Corrupt Practices Act, U.S. export control and trade sanction laws, and similar anti-corruption and international trade laws, and adverse [removed: consequences,] [added: consequences] for any failure to comply, including compliance by recently acquired companies, which may have less robust internal compliance procedures; and

[removed: In addition, the] [added: The] impact of certain geopolitical [removed: conflicts,] [added: conflicts (including any escalation or expansion thereof),] such as the [removed: Russian invasion of] [added: ongoing military conflicts in] Ukraine [removed: or] [added: and] the [removed: Israel-Hamas conflict (including any escalation] [added: Middle East] or [removed: expansion),] [added: tensions in the Taiwan Strait] and [added: South China Sea, and] any broadening of ancillary geopolitical, economic, and other effects could [removed: also] [added: adversely impact these operations and could] heighten the other risks identified in this report.

Currencies other than the U.S. dollar, including the euro, the British pound, [added: Indian rupee,] Chinese yuan (renminbi) and the Japanese yen, can have an impact on our results as expressed in U.S. dollars.

Business disruption [removed: events, including global pandemics or other public health crises,] [added: events] could seriously harm our future revenue, cash flows and financial condition and increase our costs and expenses.

Our worldwide operations could be disrupted by natural disasters, telecommunications failures, [added: cybersecurity incidents or other disruptions impacting information technology systems,] manufacturing equipment failures, power or water shortages, fires, extreme weather [removed: conditions ,] [added: conditions,] and other disasters or catastrophic events, for which we are predominantly self-insured.

Such extreme climate related events are driving changes in market dynamics, stakeholder expectations, local, national and international climate change policies and [removed: regulations] [added: regulations, which] could result in disruptions to us, our suppliers, vendors, customers and logistics hubs and impact employees’ abilities to [added: live in certain areas,] commute or to work from home effectively.

Furthermore, climate change [removed: may reduce] [added: has reduced] the availability [removed: or increase] [added: and increased] the cost of insurance for these negative impacts of natural disasters and adverse weather conditions by contributing to an increase in the incidence and severity of such natural disasters.

As a result, we [removed: may experience market access issues, restrictions on our ability] [added: have experienced and expect] to [removed: sell products] [added: continue] to [removed: certain customers,] [added: experience,] increased compliance burdens and costs, increased indirect costs resulting from our suppliers passing on compliance costs to us, and certain of our products may be rendered [removed: obsolete or] [added: obsolete,] financially [removed: unviable.][added: unviable or face market access issues.]

Further, [removed: there are an increasing number of] anti-ESG government initiatives [removed: that] may conflict with other regulatory requirements or our stakeholders’ expectations.

Failure to maintain our credit ratings could adversely affect our liquidity, capital position, borrowing costs and access to capital markets, as well as our subscription based [added: and other] offerings.

In addition, a downgrade of our credit rating could have an adverse impact on our [removed: contractual] [added: subscription, other recurring revenue] business and [added: other offerings and] our strategy [added: related] to [removed: increase our contractual business] [added: such businesses] due to higher borrowing costs and customer preferences when deciding to purchase our subscription based [added: and other] offerings.

We cannot be assured that we will be able to maintain our current credit ratings, and any additional actual or anticipated changes or downgrades in our credit ratings, including any announcement that our ratings are under further review for a downgrade, may impact us in a similar manner and have a negative impact on our liquidity, capital position, access to capital markets and our subscription based [added: and other] offerings.

Our debt level and related debt service obligations could have the effect, among [removed: other things,] [added: others,] of reducing our flexibility to respond to changing business and economic conditions, and reducing funds available for working capital, capital expenditures, dividends, stock repurchases, acquisitions, and other general corporate purposes.

For example, we make significant estimates and assumptions when accounting for revenue [removed: recognition and] [added: recognition,] taxes on [removed: earnings,] [added: earnings] and [added: goodwill, and] when [removed: including] [added: making] decisions related to provisions for legal proceedings and other contingencies.

We have identified [added: a] material [removed: weaknesses] [added: weakness] in our internal control over financial reporting that could, if not remediated, result in material misstatements in our financial statements and cause us to fail to meet our reporting and financial obligations.

Based on that evaluation, we have concluded that our disclosure controls and procedures were not effective as of October 31, [removed: 2023] [added: 2024] due to a material weakness in internal control over financial reporting.

We identified a material weakness in internal control over financial reporting that resulted from undue reliance on information generated from certain software solutions affecting [removed: net revenue] [added: various financial statement accounts] without effectively designed [removed: information technology] [added: and operating IT] general controls, specifically around user [removed: access and] [added: access,] change [removed: management.][added: management and job schedule monitoring IT operations.]

This material weakness did not result in any [removed: errors.][added: material misstatement of our financial statements.]

While this material weakness did not result in a material misstatement of our financial statements, this control deficiency was not remediated as of October 31, [removed: 2023] [added: 2024] and there is 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.

[removed: Any changes] [added: Changes] or additions to our supply chain require considerable time and resources and involve significant risks and uncertainties.

Our business may be disrupted if we are unable to obtain equipment, parts or components from our suppliers—and our suppliers from their suppliers—due to the insolvency of [added: key suppliers or the inability of key suppliers to obtain credit, or if any of our distributors lack sufficient financial resources to withstand economic weakness.]

Furthermore, certain of our suppliers and [removed: Outsourced Manufacturers (“OMs”)] [added: OMs] may decide to discontinue business with us or limit the allocation of products to us, which could result in our inability to fill our supply needs, jeopardizing our ability to fulfill our contractual obligations, which could in turn, result in a decrease in sales, profitability and cash flows, contract penalties or terminations, and damage to customer relationships.

- *Component shortages.* We have at times experienced and may in the future experience a shortage of, or a delay in receiving, certain components as a result of strong demand, capacity constraints, supplier financial weaknesses, disputes with suppliers (some of whom are also our customers), disruptions in the operations of component suppliers, supplier ability to demonstrate regulatory compliance, [added: regulatory restrictions on specific components in certain markets,] other problems experienced by suppliers or problems we face during the transition to new suppliers.

Increased demand for particular components due to industry trends, [removed: such as] [added: including] components required for the operation of [removed: artificial intelligence (“AI”),] [added: AI,] may lead to shortages, delays, and price [removed: increases, and may result in us purchasing components in greater volumes and on earlier schedules in order to secure an adequate supply.][added: increases.]

- [removed: *Excess supply.*] [added: *Sourcing inventory planning.*] In order to secure components for our products or services, we have and may continue to make advance payments to suppliers or enter into non-cancelable commitments with vendors.

In addition, we have and may continue to strategically purchase components in advance of demand to take advantage of favorable pricing or to address concerns about future [removed: availability.][added: availability, which could adversely affect our working capital and cash flow.]

Our brand perception, customer loyalty and legal compliance could be adversely impacted by a supplier’s improper practices or failure to comply with our requirements for environmentally, socially or legally responsible practices and [added: sourcing, including sub-tier] sourcing.

We also rely on [removed: both Intel and] [added: Intel,] AMD [added: and NVIDIA] to provide us with a sufficient supply of processors for the majority of our PCs and workstations.

[added: Some of those] processors may be customized for our products.

While we are undertaking initiatives to diversify our manufacturing and supply chain footprint, such initiatives require significant investment and [added: time and have been and] can [added: continue to] be subject to regulatory, continuity, [added: operational, geopolitical] and other hurdles, and there can be no assurance that these initiatives will be successful.

We also need to ensure our existing offerings in this space, such as managed services and print software, remain sufficiently differentiated.

This effort includes execution of effective go-to-market plans, which may require us to evolve our talent and capabilities, incentive plans (especially for evolution to recurring revenue business), and coverage models.

We have invested, and expect to continue to invest, significant resources to build and support our AI products.

Moreover, our actions to drive demand to AI products may result in cannibalization of demand for our traditional, non-AI products.

AI models deployed by us or our partners may lead to unexpected or unintended outcomes that could erode trust in our AI products and solutions and potentially cause harm to individuals or society.

Additionally, our obligations to comply with the evolving legal and regulatory landscape could entail significant costs or limit our ability to incorporate certain AI capabilities into our products and solutions.

In addition, our business is subject to the following specific supply chain related risks:

Our anticipation of these and other supply chain dynamics may result in us purchasing components in greater volumes and on earlier schedules in order to secure an adequate supply, which could adversely affect our working capital and cash flow.

An adverse litigation outcome, including an injunction in an IP litigation, against a single-source supplier, could also significantly impact our ability to make and sell products utilizing that supplier’s components.

Certain service-oriented business models, such as the “device as a service” model under which customers rent a hardware device for a periodic fee within a managed solution that provides professional services, software, support, monitoring and other services, may not generate net new sales for customers who previously purchased our hardware transactionally.

The device as a service model also requires the participation of a third-party financing provider, and we may face challenges in finding such providers who are willing to provide financing on acceptable terms or at all.

our competing products and services, or greater economies of scale, which could in turn result in our loss of market share.

Our actions to mitigate the impact of these dynamics, such as reducing the size of our product portfolio, may not be successful.

Further, adapting our products and services to meet new regulatory requirements can be costly and cause uncertainties and business disruption.

The patent litigation environment has also become more challenging due to the emergence of venues adopting procedural and substantive rules and practices that make them more favorable for patent asserters, including the availability of preliminary and permanent injunctions for non-competitors.

Additionally, in certain regions, we rely on a limited number of distributors, which could exacerbate these risks.

Elevated channel inventory can result in adverse impacts to demand and pricing for our products, the extent and timing of which are difficult to predict with precision or sometimes at all.

Accordingly, our distribution model makes forecasting and managing multi-tiered channel inventory more difficult.

Additionally, it may be difficult to determine the best way to investigate, mitigate, contain, and remediate the harm caused by a data security incident.

Such efforts may not be successful, and we may make errors or fail to take necessary actions.

It may take considerable time for us to investigate and evaluate the full impact of incidents, particularly for sophisticated attacks.

These factors may inhibit our ability to provide prompt, full, and reliable information about the incident to our customers, partners, regulators, and the public.

The emergence and maturation of AI capabilities may also lead to new and/or more sophisticated methods of attack, including fraud that relies upon “deep fake” impersonation technology or other forms of generative automation that may scale up the efficiency or effectiveness of cybersecurity attacks.

In addition, currency fluctuations, particularly weakness in the Japanese Yen, has and may continue to exacerbate pricing competition for our print products and services.

We have in the past, and may from time to time in the future, take actions to manage our capital structure, including reducing our outstanding debt, in order to maintain our credit rating.

Such actions may reduce the funds we would otherwise have available for working capital, capital expenditures, dividends, stock repurchases, acquisitions, and other general corporate purposes.

Our partner contracts

Information generated from these software solutions is used by management in accounting for net revenue, including estimating variable consideration, and certain of these software solutions are used in the processing of revenue related-transactions.

Additionally, as described more fully in Item 9A, “Controls and Procedures,” we executed a remediation plan with respect to certain other material weaknesses and, as a result determined that, as of October 31, 2023, such material weaknesses have been remediated.

Completion of remediation does not provide assurance that our remediation or other controls will continue to operate properly or remain adequate.

key suppliers or the inability of key suppliers to obtain credit, or if any of our distributors lack sufficient financial resources to withstand economic weakness.

Other supplier problems that we could face include component shortages, excess supply, risks related to the terms of our contracts with suppliers, contingent workers, supply chain working conditions, human rights and materials sourcing, and our relationships with single-source suppliers, each of which is described below.

Some of those

Our strategy is to strengthen our core businesses, innovate and develop new products, services and solutions, expand into adjacencies, and grow organically and inorganically.

may reduce the scope of the services for which they contract.

Many of our products are dependent on third-party

Ineffective or inadequate AI development or deployment practices by us or others we rely on or partner with could result in incidents that impair the acceptance of AI solutions or cause harm to individuals or society.

Furthermore, if there are future decreases in our stock price or significant changes in the business climate or results of operations of our reporting units, we may incur additional charges, which may include impairment charges.

Therefore, in certain jurisdictions we may be unable to protect our proprietary technology

These provisions could deter or

on consumer protection, privacy, and competition regulation globally.

For example, the U.S. Congress has advanced a variety of tax legislation proposals, and while the final form of any legislation is uncertain, the current proposals, if enacted, could have a material effect on the Company’s effective tax rate.

RISKS RELATED TO THE SEPARATION

We continue to face risks related to the Separation, including failure to perform under the transaction agreements executed as part of the Separation and related to shared use of certain intellectual property rights.

Enterprise for liabilities allocated to the respective party pursuant to the terms of such agreement.

This section generally discusses the results of operations for the fiscal year ended October 31, [removed: 2023] [added: 2024] compared to the fiscal year ended October 31, [removed: 2022.][added: 2023.]

For a discussion of fiscal year ended October 31, [removed: 2022] [added: 2023] compared to the fiscal year ended October 31, [removed: 2021,] [added: 2022,] please refer to Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended October 31, [removed: 2022, which also should be read in conjunction with our Annual Report on Form 10-K/A for the fiscal year ended October 31, 2022 as it contained certain revisions to our Consolidated Financial Statements for the fiscal years ended 2022 and 2021.][added: 2023.]

Financial Condition and Results of [removed: Operations (Continued)][added: Operations]

The Personal Systems segment offers commercial and consumer [removed: desktops] [added: desktops, notebooks] and [removed: notebooks, workstations,] [added: workstations (including HP’s portfolio of AI PCs and workstations),] thin clients, [removed: commercial mobility devices,] retail POS systems, displays, hybrid [removed: systems (includes video conferencing cameras and solutions, headsets, voice, and related software capabilities),] [added: systems,] software, [removed: support,] [added: solutions including endpoint security,] and services.

◦profitable growth through innovation, market segmentation and simplification of our [removed: portfolio][added: portfolio;]

◦enhanced innovation in multi-operating systems, multi-architecture, [removed: geography,] customer segments and other key attributes;

We are focused on services, including [removed: Device as a Service,] [added: Device-as-a-Service,] as the market shifts to [removed: contractual] [added: subscription-based] solutions, and accelerating in attractive adjacencies such as hybrid systems; and

We believe [removed: that] we are well positioned [removed: due] to [added: lead the future of work with] our competitive product lineup [removed: along with our recent acquisitions enhancing our] [added: and enhanced] portfolio of hybrid [removed: systems and] [added: systems,] remote-computing [added: solutions, and intelligent print] solutions.

◦offering [removed: innovative] [added: innovative, intelligent] printing [removed: solutions] [added: experiences] and [removed: contractual] [added: subscription-based] solutions [added: designed] to [added: securely] serve [removed: consumers, SMBs] [added: consumer] and [removed: large enterprises] [added: SMB customers] through our Instant Ink [removed: Services, HP+] [added: Services] and [added: HP All-In Plan, as well as large enterprises through our] Managed Print Services solutions;

We [removed: are committed to] [added: have focused on] growing our hybrid systems, gaming, workforce solutions, consumer subscriptions, industrial graphics and our 3D and personalization businesses at a rate faster than our core business with accretive margins in the longer term.

In 3D and Personalization, we are creating end-to-end solutions that [added: we believe] can capture more value with our differentiated technology.

[removed: Additional] [added: Specific] challenges we face at the segment level are set forth below.

- In Personal Systems, we face challenges with a competitive pricing [removed: environment] [added: environment, variability in commodity costs,] and demand [removed: softness.][added: softness in certain geographic regions.]

- In Printing, we face challenges from [removed: our] [added: changing customer behaviors as well as] competitors with a favorable foreign currency environment and non-original supplies (which includes imitation, refill, or remanufactured alternatives).

We also continue to work on optimizing our sales coverage models, aligning our sales incentives with our strategic goals, improving channel execution and inventory, production and backlog management, [added: strengthening our capabilities in our areas of strategic focus, effective cost management, strengthening our pricing strategy, and developing and capitalizing on market opportunities.]

Our business and financial performance [removed: also] depend significantly on worldwide economic conditions.

We face global macroeconomic challenges [removed: including] [added: such as] ongoing [removed: effects of] geopolitical conflicts (including the [removed: Russian invasion of Ukraine, tensions across the Taiwan Strait,] [added: military conflicts in Ukraine and] the [removed: Israel-Hamas conflict] [added: Middle East,] and [removed: other hostilities] [added: tensions] in the [removed: Middle East),] [added: Taiwan Strait and South China Sea),] uncertainty in the markets, volatility in exchange rates, inflationary trends and evolving dynamics in the global trade environment.

We are [added: also] exposed to fluctuations in foreign currency exchange rates.

We have a large global presence, with approximately 65% of our net revenue [removed: coming] from outside the United States.

In November 2022, we announced our Future Ready Plan (the “Fiscal 2023 [removed: Plan”)] [added: Plan” or “Future Ready”)] to become a more digitally enabled company, focus investments on key growth opportunities and simplify our operating model.

[removed: We] [added: Since announcing our Fiscal 2023 Plan, we have] enhanced our digital capabilities in Workforce Solutions and continued to leverage AI to positively impact [removed: both] our [removed: products] [added: products, solutions] and [removed: solutions.][added: operations.]

We also continued to reduce our structural cost through headcount reductions and [removed: executed a significant portion of the early retirement program in second quarter of fiscal 2023 and] are on track to achieve our overall headcount reduction goal.

See “Risk [removed: Factors— We] [added: Factors—Strategic and Operational Risk Factors—We] may not achieve some or all of the expected benefits of our restructuring plans and our restructuring may adversely affect our business” in Item 1A, which is incorporated herein by reference.

For more information on our Fiscal 2023 Plan, see Note 3, “Restructuring and Other Charges,” to the Consolidated Financial Statements in Item [removed: 1] [added: 8] of Part [removed: I] [added: II] of this report, which is incorporated herein by reference.

A summary of our significant accounting policies is included in Note 1, [removed: “Overview and Summary] [added: “Summary] of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.

[removed: We] [added: At the time of revenue recognition, we] reduce the transaction price [removed: at] [added: by] the [removed: time of revenue recognition for] [added: estimated variable consideration (e.g.,] customer and distributor programs and incentive offerings, rebates, promotions, other volume-based incentives and expected [removed: returns.][added: returns).]

Likewise, if we later determine that we are more likely than not to realize the deferred tax assets, we would [added: reverse the applicable portion of the previously recognized valuation allowance.]

We are subject to income taxes in the United States and approximately [removed: 60] [added: 61] other countries, and we are subject to routine corporate income tax audits in many of these jurisdictions.

We are involved in various lawsuits, claims, investigations and proceedings including those consisting of [removed: intellectual property (“IP”),] [added: IP,] commercial, securities, employment, employee benefits and environmental matters that arise in the ordinary course of business.

We believe we have recorded adequate provisions for any such matters and, as of October 31, [removed: 2023,] [added: 2024,] it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in our financial statements.

For a summary of recent accounting pronouncements applicable to our consolidated financial statements see Note 1, [removed: “Overview and Summary] [added: “Summary] of Significant Accounting Policies” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.

[added: In order to provide a framework for assessing performance excluding the impact of] foreign currency fluctuations, we supplement the year-over-year percentage change in net revenue with the year-over-year percentage change in net revenue on a constant currency basis, which excludes the effect of foreign currency exchange fluctuations calculated by translating current period revenues using monthly exchange rates from the comparative period and excluding any hedging [removed: impact,] [added: impact recognized in the current period,] and without adjusting for any repricing or demand impacts from changes in foreign currency exchange rates.

| | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | | | | | [removed: 2021] [added: 2022] | | | | | | | | |

| [removed: Net] [added: Total net] revenue | | | [removed: $] [added: 53,559] | [removed: 53,718] | | | | | 100.0 | | % | | | | [removed: $] [added: 53,718] | [removed: 62,910] | | | | | 100.0 | | % | | | | [removed: $] [added: 62,910] | [removed: 63,460] | | | | | 100.0 | | % |

| [removed: Cost] [added: Total cost] of [added: net] revenue | | | [removed: 42,210] [added: 41,741] | | | | | | [removed: 78.6] [added: 77.9] | | % | | | | [removed: 50,647] [added: 42,210] | | | | | | [removed: 80.5] [added: 78.6] | | % | | | | [removed: 50,053] [added: 50,647] | | | | | | [removed: 78.9] [added: 80.5] | | % |

| Gross [removed: profit] [added: margin] | | | [removed: 11,508] [added: 11,818] | | | | | | [removed: 21.4] [added: 22.1] | | % | | | | [removed: 12,263] [added: 11,508] | | | | | | [removed: 19.5] [added: 21.4] | | % | | | | [removed: 13,407] [added: 12,263] | | | | | | [removed: 21.1] [added: 19.5] | | % |

| Research and development | | | [removed: 1,578] [added: 1,640] | | | | | | [removed: 2.9] [added: 3.1] | | % | | | | [removed: 1,653] [added: 1,578] | | | | | | [removed: 2.6] [added: 2.9] | | % | | | | [removed: 1,848] [added: 1,653] | | | | | | [removed: 2.9] [added: 2.6] | | % |

| Selling, general and administrative | | | [removed: 5,357] [added: 5,658] | | | | | | [removed: 10.0] [added: 10.6] | | % | | | | [removed: 5,264] [added: 5,357] | | | | | | [removed: 8.4] [added: 10.0] | | % | | | | [removed: 5,727] [added: 5,264] | | | | | | [removed: 9.0] [added: 8.4] | | % |

| Restructuring and other charges | | | [removed: 527] [added: 301] | | | | | | [removed: 1.0] [added: 0.5] | | % | | | | [removed: 218] [added: 527] | | | | | | [removed: 0.3] [added: 1.0] | | % | | | | [removed: 251] [added: 218] | | | | | | [removed: 0.4] [added: 0.3] | | % |

| Acquisition and divestiture charges | | | [removed: 240] [added: 83] | | | | | | [removed: 0.4] [added: 0.2] | | % | | | | [removed: 318] [added: 240] | | | | | | [removed: 0.5] [added: 0.4] | | % | | | | [removed: 68] [added: 318] | | | | | | [removed: 0.1] [added: 0.5] | | % |

HP delivers innovative and sustainable devices, services, and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and other related technologies.

◦driving innovation to enable productivity and collaboration, with AI PCs and workstations playing a critical role in the transformation of how people live and work.

We are driving innovation by accelerating the delivery of AI across our product portfolio and focusing on growth opportunities in commercial, solutions, and premium consumer and gaming markets.

We are consolidating all our software resources under the Technology and Innovation Organization to evolve from a transactional hardware company to a more experience-led organization, further strengthening our ability to capture these opportunities.

During fiscal year 2024, we experienced continued industry wide demand softness in Printing and a competitive pricing environment, particularly from our Japanese competitors benefiting from a favorable foreign currency environment.

In Personal Systems, we faced a competitive pricing environment, variability in commodity costs, and demand softness in certain regions.

We experienced gradual market recovery in Commercial PS resulting in overall PC unit growth in fiscal year 2024 and net revenue growth in Personal Systems in the second half of fiscal year 2024.

We accelerated our cumulative savings target for fiscal year 2024 and are on track to achieve our overall program savings.

We expect to continue to invest some of the savings into our growth areas and our people.

*Legal Contingencies*

| Net revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Products | | | $ | 50,453 | | | | | 94.2 | | % | | | | $ | 50,660 | | | | | 94.3 | | % | | | | $ | 60,041 | | | | | 95.4 | | % |

| Services | | | 3,106 | | | | | | 5.8 | | % | | | | 3,058 | | | | | | 5.7 | | % | | | | 2,869 | | | | | | 4.6 | | % |

| Cost of net revenue: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Products(1) | | | 39,952 | | | | | | 79.2 | | % | | | | 40,484 | | | | | | 79.9 | | % | | | | 48,881 | | | | | | 81.4 | | % |

| Services(2) | | | 1,789 | | | | | | 57.6 | | % | | | | 1,726 | | | | | | 56.4 | | % | | | | 1,766 | | | | | | 61.6 | | % |

| Total operating expenses | | | 8,000 | | | | | | 15.0 | | % | | | | 8,052 | | | | | | 15.0 | | % | | | | 7,704 | | | | | | 12.2 | | % |

(1) Products cost of net revenue as a percentage of net revenue is calculated as a percentage of product net revenue.

(2) Services cost of net revenue as a percentage of net revenue is calculated as a percentage of services net revenue.

Products net revenue includes revenue from the sale of hardware, supplies, subscriptions and software licenses.

Services net revenue includes revenue from our service offerings and support on hardware devices.

The decrease in products net revenue was primarily driven by lower hardware units in Printing and competitive pricing in Printer hardware and Personal Systems, partially offset by market recovery in Commercial PS and higher net revenue in key growth areas.

Services net revenue remained flat.

R&D expense increased 3.9% in fiscal year 2024, primarily due to continued investments in innovation, partially offset by disciplined cost management including Future Ready transformation savings.

Numerous governments worldwide have enacted or are in the process of enacting legislation to implement this framework.

Where applicable, these rules will take effect for us beginning in the fiscal year 2025 and we plan to treat the tax as a period cost.

We do not anticipate a material impact on our effective tax rate or cash tax payments in these jurisdictions for fiscal year 2025.

Our assessment for subsequent fiscal years may be influenced by additional legislative guidance and the enactment of further provisions within the BEPS Pillar Two framework.

During the first quarter of fiscal year 2024, HP realigned its business unit financial reporting more closely with its customer market segmentation.

The decrease in ASPs is primarily due to competitive pricing, partially offset by favorable mix shifts.

Commercial PS revenue increased 3.1% primarily driven by a 5.7% increase in units due to market recovery, partially offset by a 1.6% decrease in ASPs.

Personal Systems earnings from operations as a percentage of net revenue increased by 0.1 percentage points driven by an increase in gross margin, partially offset by an increase in operating expenses as a percentage of revenue.

| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Commercial Printing | | | 4,841 | | | | | | 5,250 | | | | | | 5,339 | | | | | | (2.2) | | | | | | (0.5) | | | | | |

| Consumer Printing | | | 1,202 | | | | | | 1,327 | | | | | | 1,802 | | | | | | (0.7) | | | | | | (2.5) | | | | | |

*Fiscal year 2024 compared with fiscal year 2023*

The increase in gross margin was primarily driven by favorable mix shifts as well as cost savings including Future Ready transformation savings, partially offset by competitive pricing.

| | | | 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

We are a leading global provider of personal computing and other digital access devices, imaging and printing products, and related technologies, solutions, and services.

We sell to individual consumers, SMBs and large enterprises, including customers in the government, health, and education sectors.

◦driving innovation to enable productivity and collaboration with the PCs becoming essential for hybrid work, learn and play.

Our acquisition of Poly adds to our growth portfolio by bringing industry-leading video conferencing cameras and solutions, headsets, voice and software capabilities.

strengthening our capabilities in our areas of strategic focus, effective cost management, strengthening our pricing strategy, and developing and capitalizing on market opportunities.

During fiscal year 2023, we observed continued market uncertainty, cautious commercial spending on information technology hardware, lower discretionary consumer spending, inflationary pressures, and foreign currency fluctuations.

These market pressures created new and different demand dynamics which had significant impacts on our financial results.

Geographically, we observed these macroeconomic dynamics negatively impacting certain markets, particularly China.

However, in the second half of fiscal year 2023 we also observed uneven recovery in the markets.

During fiscal year 2023, we experienced overall demand weakness and elevated industry wide reseller inventory.

However, towards the end of fiscal year 2023 inventory began to stabilize and we exited the fiscal year with normalized inventory levels.

The decline in Personal Systems revenue was in line with market trends.

In Printing, we saw gradual and uneven recovery in Commercial Printing driven by hybrid work trends.

We experienced a competitive pricing environment across Personal Systems and Printing.

These markets declined during fiscal year 2023, however we expect to see stabilization during fiscal 2024.

As a result, our financial results can be, and particularly in recent periods have been, negatively impacted by fluctuations in foreign currency exchange rates.

We expect to continue to invest some of the savings from these efforts across our businesses as well as partially use them to offset headwinds as a result of macroeconomic factors.

We exceeded our gross annual run-rate structural cost savings target for fiscal year 2023.

Management has discussed the development, selection and disclosure of these estimates with the Audit Committee of HP’s Board of Directors.

*Retirement and Post-Retirement Benefits*

Our pension and other post-retirement benefit costs and obligations depend on various assumptions.

Our major assumptions relate primarily to discount rates, mortality rates, expected increases in compensation levels and the expected long-term return on plan assets.

The discount rate assumption is based on current investment yields of high-quality fixed-income securities with maturities similar to the expected benefits payment period.

Mortality rates help predict the expected life of plan participants and are based on a historical demographic study of the plan.

The expected increase in the compensation levels assumption reflects our long-term actual experience and future expectations.

The expected long-term return on plan assets is determined based on asset allocations, historical portfolio results, historical asset correlations and management’s expected returns for each asset class.

We evaluate our expected return assumptions annually including reviewing current capital market assumptions to assess the reasonableness of the expected long-term return on plan assets.

In any fiscal year, significant differences may arise between the actual return and the expected long-term return on plan assets.

Historically, differences between the actual return and expected long-term return on plan assets have resulted from changes in target or actual asset allocation, short-term performance relative to expected long-term performance, and to a lesser extent, differences between target and actual investment allocations, the timing of benefit payments compared to expectations, and the use of derivatives intended to effect asset allocation changes or hedge certain investment or liability exposures.

For the recognition of net periodic benefit (credit) cost, the calculation of the expected long-term return on plan assets uses the fair value of plan assets as of the beginning of the fiscal year unless updated as a result of interim re-measurement.

Our major assumptions vary by plan, and the weighted-average rates used are set forth in Note 4, “Retirement and Post-Retirement Benefit Plans” to the Consolidated Financial Statements in Item 8, which is incorporated herein by reference.

The following table provides the impact a change of 25 basis points in each of the weighted-average assumptions of the discount rate, expected increase in compensation levels and expected long-term return on plan assets would have had on our net periodic benefit (credit) cost for fiscal year 2023:

| | | | | | |

| --- | --- | --- | --- | --- | --- |

| | | | Change in Net Periodic Benefit Cost in millions | | |

| Assumptions: | | | | | |

| Discount rate | | | $ | 5 | |

| Expected increase in compensation levels | | | $ | 1 | |

| Expected long-term return on plan assets | | | $ | 14 | |

We calculate our current and deferred tax provisions based on estimates and assumptions that could differ from the final positions reflected in our income tax returns.

We transact business in over 40 currencies worldwide, of which the most significant foreign currencies to our operations for fiscal year [removed: 2023] [added: 2024] were Euro, Chinese yuan renminbi, Japanese yen and British pound.

We have performed sensitivity analyses as of October 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of foreign currency exchange rates relative to the U.S. dollar, with all other variables held constant.

The foreign currency exchange rates we used in performing the sensitivity analysis were based on market rates in effect [removed: at] [added: as of] October 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates would result in a foreign exchange loss of [removed: $133] [added: $94] million and [removed: $134] [added: $133] million [removed: at] [added: as of] October 31, [removed: 2023] [added: 2024] and October 31, [removed: 2022,] [added: 2023,] respectively.

We have performed sensitivity analyses as of October 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] using a modeling technique that measures the change in the fair values arising from a hypothetical 10% adverse movement in the levels of interest rates across the entire yield curve, with all other variables held constant.

The discount rates used were based on the market interest rates in effect [removed: at] [added: as of] October 31, [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

The sensitivity analyses indicated that a hypothetical 10% adverse movement in interest rates would have resulted in a loss in the fair values of our debt and investments, net of interest rate swaps, of [added: $164 million and] $196 million [removed: at] [added: as of] October 31, [removed: 2023] [added: 2024] and [removed: $210 million at] October 31, [removed: 2022.][added: 2023, respectively.]

[Table of [removed: Contents](#iac2572227f694345bb16d1a0a03c1991_76)[](#iac2572227f694345bb16d1a0a03c1991_76)][added: Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)]

[removed: Business Overview][added: Overview]

Personal Systems offers [removed: commercial] [added: desktops, notebooks,] and [removed: consumer desktops] [added: workstations (including HP’s portfolio of AI PCs] and [removed: notebooks, workstations,] [added: workstations),] thin clients, [removed: commercial mobility devices,] retail point-of-sale (“POS”) systems, displays, hybrid [removed: systems (includes video conferencing cameras and solutions, headsets, voice, and related software capabilities including all products and solutions acquired from Poly),] [added: systems,] software, [removed: support] [added: solutions including endpoint security] and services.

[removed: Both Commercial PS and Consumer PS services include] [added: Personal Systems includes] support and deployment, configurations and extended warranty services and [removed: maintain] [added: maintains] multi-operating system and multi-architecture strategies using Microsoft Windows and Google Chrome operating systems, and predominantly [removed: use] [added: uses] processors from [removed: Intel Corporation (“Intel”)] [added: Intel, AMD,] and [removed: Advanced Micro Devices, Inc. (“AMD”).][added: NVIDIA.]

- *Commercial PS* [removed: consist] [added: consists] of endpoint computing devices and hybrid systems, for use by enterprise, public sector (which includes education), and [removed: SMB customers, with a focus on robust designs, security, serviceability, connectivity, reliability] [added: small-] and [removed: manageability in the customer’s environment.][added: medium-sized business (“SMB”) customers.]

[removed: Additionally,] HP offers a range of [added: secure] services and solutions to [removed: enterprise, public sector (which includes education), and SMB] [added: commercial] customers to help them manage the lifecycle of their PCs and mobility installed base.

- *Consumer PS* [removed: consist] [added: consists] of devices, accessories and services which are optimized for consumer usage, focusing on gaming, learning and working remotely, consuming multi-media for entertainment, managing personal life activities, [removed: staying connected,] sharing [removed: information, getting things done for work including creating content] [added: information] and staying [removed: informed] [added: connected, informed,] and secure.

These [removed: systems] [added: devices] include [removed: HP Spectre, HP Envy, HP Pavilion, HP Chromebook,] [added: our new Omni consumer PC portfolio, the] Omen and Victus [removed: by HP lines of notebooks] [added: gaming lines,] and [removed: desktops, HP] [added: HP’s Spectre,] Envy, [removed: HP] Pavilion [removed: desktops] and [removed: all-in-one lines.][added: Chromebook PCs.]

- *Office Printing Solutions* delivers HP’s [added: security enhanced] office printers, supplies, services, and solutions to SMBs, public sector and large enterprises.

*•Home Printing Solution*s delivers innovative [added: and security enhanced] printing products, supplies, services and solutions for the home, home business and micro business customers utilizing both HP’s Ink and Laser technologies.

*•Graphics Solutions* delivers large-format, commercial and industrial solutions and supplies to print service providers and packaging converters through a wide portfolio of printers and [removed: presses (HP DesignJet, HP Latex, HP Indigo and HP PageWide Web Presses).][added: presses.]

*•3D Printing [removed: and] [added: &] Personalization* offers a portfolio of additive manufacturing solutions and supplies to help customers succeed in their additive and digital manufacturing journey.

[removed: Additionally, we] [added: We also] manufacture finished products from components and sub-assemblies that we acquire from a wide range of vendors.

[removed: We build] [added: Building] products to order [removed: to maximize] [added: maximizes] manufacturing and logistics efficiencies by producing high volumes of basic product configurations.

Alternatively, configuring products to order enables [removed: units] [added: products] to match a customer’s hardware and software customization requirements.

[removed: From time to time, we] [added: We also] may [removed: experience] [added: acquire component inventory in times of growth or in anticipation of] significant price volatility or supply constraints for certain components that are not available from multiple sources.

[removed: Our development efforts] [added: We] are focused on [removed: designing and] developing products, services and solutions that anticipate customers’ changing needs and desires, and emerging technological [removed: trends.][added: trends, including accelerating the delivery of AI throughout our product portfolio.]

[removed: Our efforts also are focused on identifying] [added: We continue to invest in innovation in both] the areas where we believe we can make a unique contribution and [removed: the areas] where [removed: partnering with other leading technology companies] [added: strategic partnerships] will leverage our cost structure and maximize our customers’ experiences.

[removed: Our general policy has been to] [added: We] seek patent protection for [removed: those] inventions likely to be incorporated into our products and services or where obtaining such proprietary rights will [added: maintain or] improve our competitive position.

Historical seasonal patterns may [removed: not continue in the future and may] be impacted by supply constraints, shifts in customer behavior and the evolving impacts of macroeconomic [removed: challenges and different demand dynamics.][added: challenges.]

We compete on the basis of technology, innovation, performance, price, quality, reliability, brand, reputation, distribution, range of products and services, ease of use of our products, [added: account relationships, customer training, service, support and solutions including subscription-based offerings and financing, security, availability of application software, and our sustainable impact.]

Most product life cycles are short, and to remain competitive we must develop new products and services, periodically enhance our existing products and services and compete effectively [added: based] on the [removed: basis of the] factors listed above.

Our primary competitors are [removed: Lenovo Group Limited, Dell Inc., Huawei Technologies Co., Ltd.,] Acer Inc., [added: Apple Inc.,] ASUSTeK Computer Inc., [removed: Apple] [added: Dell] Inc., [removed: Toshiba Corporation,] [added: Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A.,] Microsoft Corporation, Samsung Electronics Co., [removed: Ltd and Logitech International S.A. In particular geographies, we also experience competition from local companies] [added: Ltd.,] and [removed: from generically-branded or “white box” manufacturers.][added: Toshiba Corporation.]

Our competitive advantages include our broad product portfolio, our innovation, and research and development capabilities including security features, our innovative design work, our brand and procurement leverage, our ability to cross-sell our portfolio of offerings, our extensive service and support [removed: offerings and] [added: offerings,] the accessibility of our products and [added: the] execution of our broad-based distribution strategy from retail and commercial channels to direct sales.

Our primary competitors include [added: Brother Industries, Ltd.,] Canon Inc., Lexmark International, Inc., [removed: Xerox Corporation Ltd.,] [added: Pantum,] Seiko Epson Corporation, The Ricoh Company [removed: Ltd.] [added: Ltd.,] and [removed: Brother Industries,] [added: Xerox Corporation] Ltd. In addition, independent suppliers offer non-original supplies (including imitation, refill and remanufactured alternatives), which are often available for lower [removed: prices] [added: prices,] but which can also offer lower print quality and reliability compared to HP original inkjet and toner supplies.

Our Sustainable Impact goals reflect our efforts to tackle key issues in Climate, Human Rights, and Digital [removed: Equity as follows:][added: Equity.]

HP employs [removed: about] [added: approximately] 58,000 employees in 59 countries.

We promote ongoing learning and development, offer comprehensive compensation and benefits, and focus on health, safety, and well-being to set employees up to do their best work and [added: achieve their career aspirations.]

To deliver on these priorities, HP senior leaders are accountable for meeting management by objective [removed: (MBO)] [added: (“MBO”)] goals for employee engagement, diversity and inclusion, and leadership development.

In fiscal year [removed: 2023, 91%] [added: 2024, 90%] of employees participated in our annual survey, and we continued to see strong overall engagement, exceeding top quartile benchmarks for most of the external comparisons we track.

We saw similar strength [removed: on] [added: in] our internal inclusion index, and employees demonstrated their engagement by providing a high volume of written comments in this year’s survey.

We also support [removed: emerging, technical, and underrepresented] talent through an extensive portfolio of internal and external development programs designed to accelerate their career growth.

Additionally, we prepare new people managers with [removed: a] development [removed: experience] [added: experiences] designed, among other things, to build coaching skills and champion inclusion.

We are [removed: also] committed to the continuous growth of employees.

*Diversity, Equity, and [removed: Inclusion (DEI)*][added: Inclusion*]

We strive to create an [removed: inclusive, equitable] [added: inclusive] workplace where everyone can bring their [removed: authentic selves] [added: unique perspectives] to work and reach their full potential.

This commitment is at the heart of our innovation model, where people with diverse [removed: perspectives,] backgrounds, knowledge, and experiences collaborate to create breakthrough technologies and deliver valued solutions to our customers.

We also strive to ensure equal opportunities and access for [removed: employees from underrepresented groups.][added: all employees.]

We continue to work on removing barriers [removed: for underrepresented employees,] [added: through external hiring and outreach and by] providing internal programs and development opportunities [removed: as well as] [added: and] training for managers on inclusive leadership.

[removed: For the past seven years,] [added: Since 2016,] we have reviewed employees’ compensation with the support of independent third-party experts to ensure consistent pay practices.

In fiscal year [removed: 2023,] [added: 2024,] we [removed: expanded] [added: continued to expand] our annual pay equity assessment to include [removed: 17] [added: additional] countries [removed: with our largest employee populations,] representing [removed: approximately 85%] [added: a majority] of our global workforce.

HP is a global technology leader and creator of solutions that enable people to bring their ideas to life and connect to the things that matter most.

Operating in more than 170 countries, HP delivers innovative and sustainable devices, services and subscriptions for personal computing, printing, 3D printing, hybrid work, gaming and other related technologies.

We believe artificial intelligence (“AI”) is playing a critical role in the transformation of how people live and work, and customers are beginning to recognize the benefits in security, speed and cost.

Our high-performing product portfolio includes HP’s new line of AI PCs and workstations built with the computing power to enable local AI processing for enhanced performance and features as well as intelligent print features incorporated into our home, office and graphics solutions.

Our broad range of security capabilities are designed to protect an increasingly distributed user base through security enhanced PCs and printers, hardware-enforced endpoint security software (for both HP and non-HP PCs), and endpoint security services.

Our security solutions provide layered resiliency using enhanced features such as containment and isolation technology as well as the use of AI deep-learning to identify and remove malware threats.

These devices include our Pro and Elite commercial PC portfolio, our Z line of workstations, thin clients, retail POS systems, and HP’s Dragonfly and Chromebook PCs.

In certain geographies, we also experience competition from local companies and from generically-branded or “white box” manufacturers.

We utilize outsourced manufacturers (“OMs”) around the world to manufacture HP-designed products to generate cost efficiencies, reduce time to market, and maintain flexibility in our supply chain and manufacturing processes.

Additionally, while most of our products have existing or readily available alternative sources of supply, some of our components are obtained from a single source due to technology, availability, price, quality or other considerations.

Intellectual Property

As of October 31, 2024, our worldwide patent portfolio included over 22,000 patents which expire at various dates, generally 20 years from their original filing dates.

Sustainability and Environmental, Social, and Governance Activities

*Talent Development*

Ms. Liebman has served as Global Controller since December 2023 and as Senior Vice President and Finance Chief Operations Officer at HP since February 2023.

Prior to rejoining HP, she served as Senior Vice President at NTT Data Services, a provider of IT and business services, from March 2019 to January 2023.

Before that she spent over 21 years at HP in various roles including Chief Audit Executive and Vice President of Enterprise Services Financial Operations.

Ms. Liebman is a Certified Public Accountant.

Previously, she served as Senior Vice President & Managing Director, North America Market, and prior to that as Senior Vice President & Chief Operating Officer, Worldwide Print.

Karen L.

Ms. Parkhill has served as Chief Financial Officer since August 2024.

Previously, she served as Executive Vice President and Chief Financial Officer of Medtronic plc, a healthcare technology company, a position she held since June 2016.

Prior to Medtronic, Ms. Parkhill served as Vice Chairman and Chief Financial Officer of Comerica Incorporated, a financial services company, from 2011 to 2016.

Ms. Parkhill was a member of Comerica’s Management Executive Committee and the Comerica Bank Board of Directors.

Prior to joining Comerica, Ms. Parkhill worked for J.P. Morgan Chase & Co., a financial services company, in various capacities from 1992 to 2011, including serving as Chief Financial Officer of the Commercial Banking business from 2007 to 2011.

NVIDIA is a trademark of NVIDIA Corporation in the United States and/or other countries.

We are a leading global provider of personal computing and other digital access devices, imaging and printing products, and related technologies, solutions and services.

We sell to individual consumers, small- and medium-sized businesses (“SMBs”) and large enterprises, including customers in the government, health and education sectors.

HP Products and Services; Segment Information

We group commercial notebooks, commercial desktops, commercial services, commercial mobility devices, commercial detachables and convertibles, workstations, retail POS systems and thin clients into commercial (“Commercial PS”) and consumer notebooks, consumer desktops, consumer services and consumer detachables into consumer (“Consumer PS”) when describing performance in these markets.

Commercial PS includes HP Dragonfly, HP ProBook and HP EliteBook lines of notebooks, convertibles, and detachables, HP Pro and HP Elite lines of business desktops and all-in-ones, retail POS systems, HP Thin Clients, HP Pro Tablet personal computers (“PCs”) and the HP notebook, desktop and Chromebook systems.

It also includes workstations that are designed and optimized for high-performance and demanding application environments including Z desktop workstations, Z all-in-ones and Z mobile workstations.

See “Risk Factors— If we fail to manage the distribution of our products and services properly, our business and financial performance could suffer” in Item 1A, which is incorporated herein by reference.

We utilize a significant number of outsourced manufacturers (“OMs”) around the world to manufacture HP-designed products.

The use of OMs is intended to generate cost efficiencies and reduce time to market for HP-designed products.

We use multiple OMs to maintain flexibility in our supply chain and manufacturing processes.

In some circumstances, third-party suppliers produce products that we purchase and resell under the HP brand.

Our inventory management and distribution practices in both building products to order and configuring products to order seek to minimize inventory holding periods by taking delivery of the inventory and manufacturing shortly before the sale or distribution of products to our customers.

We purchase materials, supplies and product sub-assemblies from a substantial number of vendors.

For most of our products, we have existing or readily available alternate sources of supply.

However, we have relied on sole sources for some laser printer engines, LaserJet supplies, certain customized parts and parts for products with short life cycles (although some of these sources have operations in multiple locations, mitigating the effect of a disruption).

For instance, we source the majority of our A4 and a portion of A3 portfolio laser printer engines and laser toner cartridges from Canon.

Any decision by either party not to renew our agreement with Canon or to limit or reduce the scope of the agreement could adversely affect our net revenue from LaserJet products; however, we have a long-standing business relationship with Canon and anticipate renewal of this agreement.

We are dependent upon Intel and AMD as suppliers of x86 processors and Microsoft and Google for various software products.

We believe that disruptions with these suppliers would have industry-wide ramifications, and therefore would not disproportionately disadvantage us relative to our competitors.

See “Risk Factors—We are heavily dependent on third-party suppliers and supply chain issues have adversely affected, and could adversely affect in the future, our financial results” in Item 1A, which is incorporated herein by reference, for additional information on our reliance on single-source suppliers.

We also may acquire component inventory in anticipation of supply constraints or price increases and enter into longer-term pricing commitments with vendors to improve the priority, price and availability of supplies.

See “Risk Factors—We are heavily dependent on third-party suppliers and supply chain issues have adversely affected, and could adversely affect in the future, our financial results” in Item 1A, which is incorporated herein by reference.

Sustainability also plays an important role in the manufacturing and sourcing of materials and components for our products.

We strive to make our products and packaging in an ethical and sustainable manner.

We have committed to building an efficient, resilient and sustainable supplier network, and we collaborate with our suppliers to improve their labor practices and working conditions, and to reduce the environmental impact of their operations.

These actions, together with our broader sustainability program, help us in our effort to meet customer sustainability requirements and comply with regulations, such as supplier labor practices and conflict minerals disclosures.

International

Our products and services are available worldwide.

We believe this geographic diversity allows us to meet both consumer and enterprise customers’ demand on a worldwide basis and draws on business and technical expertise from a worldwide workforce.

This provides stability to our operations, provides revenue streams that may offset geographic economic trends and offers us an opportunity to access new markets for maturing products.

We believe that our broad geographic presence gives us a solid base on which to build future growth.

See "Risk Factors—Due to the international nature of our business, geopolitical or economic changes or events, uncertainty or other factors could harm our business and financial performance" and "We are exposed to fluctuations in foreign currency exchange rates, which could adversely impact our results" in Item 1A, which are incorporated herein by reference.

Our research and development efforts are supported by various groups across our business segments.

We anticipate that we will continue to have significant research and development expenditures in the future to support the design and development of innovative, high-quality products and services to maintain and enhance our competitive position.

For a discussion of risks attendant to our research and development activities, see “Risk Factors—If we cannot successfully execute our strategy and continue to develop, manufacture and market innovative products, services and solutions, our business and financial performance may suffer” in Item 1A, which is incorporated herein by reference.

Patents

At October 31, 2023, our worldwide patent portfolio included over 23,000 patents.

Patents generally have a term of twenty years from the date they are filed.

As our patent portfolio has been built over time, the remaining terms of the individual patents across our patent portfolio vary.

For a discussion of risks attendant to IP rights, see “Risk Factors—Our financial performance may suffer if we cannot develop, obtain, license or enforce the intellectual property rights on which our businesses depend” and “Risk Factors—Third-party claims of IP infringement are commonplace in our industry and may limit or disrupt our ability to sell our products and services” in Item 1A, which is incorporated herein by reference.

| Palo [removed: Alto, California] [added: Alto, California] | | | | | | | | | (Zip code) | | |

The aggregate market value of the registrant’s common stock held by non-affiliates was [removed: $29,292,756,147] [added: $27,487,738,771] based on the last sale price of common stock as of April [removed: 28, 2023.][added: 30, 2024.]

The number of shares of HP Inc. common stock outstanding as of [removed: November 30, 2023] [added: December 2, 2024] was [removed: 990,902,449] [added: 937,797,736] shares.

| Portions of the Registrant’s definitive proxy statement related to its [removed: 2024] [added: 2025] Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days after Registrant’s fiscal year end of October 31, [removed: 2023] [added: 2024] are incorporated by reference into Part III of this Report. | | | | | | III | | |

For the Fiscal Year ended October 31, [removed: 2023][added: 2024]

| | | | [Forward-Looking [removed: Statements](#iac2572227f694345bb16d1a0a03c1991_10)] [added: Statements](#id9a034a0898b4ad0a633d5a2a47b2cbb_10)] | | | [removed: [3](#iac2572227f694345bb16d1a0a03c1991_10)] [added: [3](#id9a034a0898b4ad0a633d5a2a47b2cbb_10)] | | |

| Item 1. | | | [removed: [Business](#iac2572227f694345bb16d1a0a03c1991_16)] [added: [Business](#id9a034a0898b4ad0a633d5a2a47b2cbb_16)] | | | [removed: [5](#iac2572227f694345bb16d1a0a03c1991_16)] [added: [5](#id9a034a0898b4ad0a633d5a2a47b2cbb_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#iac2572227f694345bb16d1a0a03c1991_19)] [added: Factors](#id9a034a0898b4ad0a633d5a2a47b2cbb_19)] | | | [removed: [13](#iac2572227f694345bb16d1a0a03c1991_19)] [added: [12](#id9a034a0898b4ad0a633d5a2a47b2cbb_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#iac2572227f694345bb16d1a0a03c1991_22)] [added: Comments](#id9a034a0898b4ad0a633d5a2a47b2cbb_22)] | | | [removed: [28](#iac2572227f694345bb16d1a0a03c1991_22)] [added: [28](#id9a034a0898b4ad0a633d5a2a47b2cbb_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#iac2572227f694345bb16d1a0a03c1991_2197)] [added: [Cybersecurity](#id9a034a0898b4ad0a633d5a2a47b2cbb_25)] | | | [removed: [28](#iac2572227f694345bb16d1a0a03c1991_2197)] [added: [28](#id9a034a0898b4ad0a633d5a2a47b2cbb_25)] | | |

| Item 2. | | | [removed: [Properties](#iac2572227f694345bb16d1a0a03c1991_25)] [added: [Properties](#id9a034a0898b4ad0a633d5a2a47b2cbb_28)] | | | [removed: [28](#iac2572227f694345bb16d1a0a03c1991_25)] [added: [29](#id9a034a0898b4ad0a633d5a2a47b2cbb_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#iac2572227f694345bb16d1a0a03c1991_28)] [added: Proceedings](#id9a034a0898b4ad0a633d5a2a47b2cbb_31)] | | | [removed: [29](#iac2572227f694345bb16d1a0a03c1991_28)] [added: [30](#id9a034a0898b4ad0a633d5a2a47b2cbb_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#iac2572227f694345bb16d1a0a03c1991_31)] [added: Disclosures](#id9a034a0898b4ad0a633d5a2a47b2cbb_34)] | | | [removed: [29](#iac2572227f694345bb16d1a0a03c1991_31)] [added: [30](#id9a034a0898b4ad0a633d5a2a47b2cbb_34)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#iac2572227f694345bb16d1a0a03c1991_37)] [added: Securities](#id9a034a0898b4ad0a633d5a2a47b2cbb_40)] | | | [removed: [30](#iac2572227f694345bb16d1a0a03c1991_37)] [added: [31](#id9a034a0898b4ad0a633d5a2a47b2cbb_40)] | | |

| Item 6. | | | [removed: [Reserved](#iac2572227f694345bb16d1a0a03c1991_40)] [added: [Reserved](#id9a034a0898b4ad0a633d5a2a47b2cbb_43)] | | | [removed: [32](#iac2572227f694345bb16d1a0a03c1991_40)] [added: [33](#id9a034a0898b4ad0a633d5a2a47b2cbb_43)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#iac2572227f694345bb16d1a0a03c1991_43)] [added: Operations](#id9a034a0898b4ad0a633d5a2a47b2cbb_46)] | | | [removed: [33](#iac2572227f694345bb16d1a0a03c1991_43)] [added: [34](#id9a034a0898b4ad0a633d5a2a47b2cbb_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#iac2572227f694345bb16d1a0a03c1991_73)] [added: Risk](#id9a034a0898b4ad0a633d5a2a47b2cbb_76)] | | | [removed: [47](#iac2572227f694345bb16d1a0a03c1991_73)] [added: [48](#id9a034a0898b4ad0a633d5a2a47b2cbb_76)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#iac2572227f694345bb16d1a0a03c1991_76)] [added: Data](#id9a034a0898b4ad0a633d5a2a47b2cbb_79)] | | | [removed: [48](#iac2572227f694345bb16d1a0a03c1991_76)] [added: [49](#id9a034a0898b4ad0a633d5a2a47b2cbb_79)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#iac2572227f694345bb16d1a0a03c1991_172)] [added: Disclosure](#id9a034a0898b4ad0a633d5a2a47b2cbb_175)] | | | [removed: [105](#iac2572227f694345bb16d1a0a03c1991_172)] [added: [106](#id9a034a0898b4ad0a633d5a2a47b2cbb_175)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#iac2572227f694345bb16d1a0a03c1991_175)] [added: Procedures](#id9a034a0898b4ad0a633d5a2a47b2cbb_178)] | | | [removed: [105](#iac2572227f694345bb16d1a0a03c1991_175)] [added: [106](#id9a034a0898b4ad0a633d5a2a47b2cbb_178)] | | |

| Item 9B. | | | [Other [removed: Information](#iac2572227f694345bb16d1a0a03c1991_178)] [added: Information](#id9a034a0898b4ad0a633d5a2a47b2cbb_181)] | | | [removed: [106](#iac2572227f694345bb16d1a0a03c1991_178)] [added: [106](#id9a034a0898b4ad0a633d5a2a47b2cbb_181)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#iac2572227f694345bb16d1a0a03c1991_181)] [added: Inspections](#id9a034a0898b4ad0a633d5a2a47b2cbb_184)] | | | [removed: [106](#iac2572227f694345bb16d1a0a03c1991_181)] [added: [106](#id9a034a0898b4ad0a633d5a2a47b2cbb_184)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#iac2572227f694345bb16d1a0a03c1991_187)] [added: Governance](#id9a034a0898b4ad0a633d5a2a47b2cbb_190)] | | | [removed: [107](#iac2572227f694345bb16d1a0a03c1991_187)] [added: [107](#id9a034a0898b4ad0a633d5a2a47b2cbb_190)] | | |

| Item 11. | | | [Executive [removed: Compensation](#iac2572227f694345bb16d1a0a03c1991_190)] [added: Compensation](#id9a034a0898b4ad0a633d5a2a47b2cbb_193)] | | | [removed: [107](#iac2572227f694345bb16d1a0a03c1991_190)] [added: [107](#id9a034a0898b4ad0a633d5a2a47b2cbb_193)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#iac2572227f694345bb16d1a0a03c1991_193)] [added: Matters](#id9a034a0898b4ad0a633d5a2a47b2cbb_196)] | | | [removed: [107](#iac2572227f694345bb16d1a0a03c1991_193)] [added: [107](#id9a034a0898b4ad0a633d5a2a47b2cbb_196)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#iac2572227f694345bb16d1a0a03c1991_196)] [added: Independence](#id9a034a0898b4ad0a633d5a2a47b2cbb_199)] | | | [removed: [107](#iac2572227f694345bb16d1a0a03c1991_196)] [added: [107](#id9a034a0898b4ad0a633d5a2a47b2cbb_199)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#iac2572227f694345bb16d1a0a03c1991_199)] [added: Services](#id9a034a0898b4ad0a633d5a2a47b2cbb_202)] | | | [removed: [108](#iac2572227f694345bb16d1a0a03c1991_199)] [added: [108](#id9a034a0898b4ad0a633d5a2a47b2cbb_202)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#iac2572227f694345bb16d1a0a03c1991_205)] [added: Schedules](#id9a034a0898b4ad0a633d5a2a47b2cbb_208)] | | | [removed: [109](#iac2572227f694345bb16d1a0a03c1991_205)] [added: [109](#id9a034a0898b4ad0a633d5a2a47b2cbb_208)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#iac2572227f694345bb16d1a0a03c1991_211)] [added: Summary](#id9a034a0898b4ad0a633d5a2a47b2cbb_214)] | | | [removed: [118](#iac2572227f694345bb16d1a0a03c1991_211)] [added: [115](#id9a034a0898b4ad0a633d5a2a47b2cbb_214)] | | |

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited [removed: to, any statements regarding the impact of the COVID-19 pandemic;] [added: to] projections of net revenue, margins, expenses, effective tax rates, net earnings, net earnings per share, cash flows, benefit plan funding, deferred taxes, share repurchases, foreign currency exchange rates or other financial items; any projections of the amount, timing or impact of cost savings or restructuring and other charges, planned structural cost reductions and productivity initiatives; any statements of the plans, strategies and objectives of management for future operations, including, but not limited to, our business model and transformation, our sustainability goals, our go-to-market strategy, the execution of restructuring plans and any resulting cost savings (including the [removed: fiscal] [added: Fiscal] 2023 [removed: plan),] [added: Plan (as defined herein)),] net revenue or profitability improvements or other financial impacts; any statements concerning the expected development, demand, performance, market share or competitive performance relating to products or services; any statements concerning potential supply constraints, component shortages, manufacturing disruptions or logistics challenges; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on HP and its financial performance; any statements regarding pending investigations, claims, disputes or other litigation matters; any statements of expectation or belief as to the timing and expected benefits of acquisitions and other business combination and investment [removed: transactions (including the acquisition of Plantronics, Inc. (“Poly”));] [added: transactions;] and any statements of assumptions underlying any of the foregoing.

- the impact of macroeconomic and geopolitical trends, changes and events, including the [removed: Russian invasion of Ukraine, tension across the Taiwan Strait, the Israel-Hamas conflict, other hostilities] [added: ongoing military conflicts] in [added: Ukraine and] the Middle East [added: or tensions in the Taiwan Strait] and [added: South China Sea and] the regional and global ramifications of these events;

- HP’s ability to [added: maintain its credit rating, satisfy its debt obligations and] complete any contemplated share repurchases, other capital return programs or other strategic transactions;

- disruptions in operations from system security risks, data protection breaches, [removed: cyberattacks, extreme weather conditions] or [removed: other effects of climate change, and other natural or manmade disasters or catastrophic events;][added: cyberattacks;]

- [removed: our] [added: the] use of artificial intelligence;

Forward-looking and other statements in this report may also address our corporate sustainability or responsibility progress, plans, and goals (including environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to [added: HP,] investors or [added: other stakeholders or] required to be disclosed in HP’s [removed: filings with the SEC.][added: filings, in each case, under U.S. securities or any other laws or requirements that may be applicable to HP.]

| October 31, 2024 | | | | | | | | |

- risks associated with HP’s international operations and the effects of business disruption events, including those resulting from climate change;

- the impact of third-party claims of IP infringement;

| October 31, 2023 | | | | | | | | |

- risks associated with HP’s international operations; the effects of global pandemics, such as COVID-19, or other public health crises;

- execution of planned structural cost reductions and productivity initiatives;

HP’s work to defend against cybersecurity threats is occurring against the backdrop of an evolving global threat landscape.

Like other Fortune 500 companies, we face a substantial number of cybersecurity threats—ranging from common cyberattacks such as phishing to more evolved threats that incorporate the use of AI.

Our products and processes pose an attractive challenge for the most advanced of threat actors—including but not limited to those who are state-sponsored.

As a global corporation with a wide range of systems and networks in place, and with customers who threat actors might also wish to target, we could face attacks not only on our own structures, but also on those of our many third-party providers and partners.

In response to this threat environment, we have implemented a comprehensive cybersecurity program to assess, identify, and manage risks from cybersecurity threats.

Our holistic approach is designed to integrate cybersecurity across the value chain, including in the design, development, and delivery of our products, services, solutions, and operations.

Our Chief Information Security Officer (“CISO”) has responsibility for HP’s global cybersecurity program, including infrastructure and technology platforms, overseeing governance, regulatory and compliance, operations, strategy, and architecture.

The CISO reports to our Chief Financial Officer.

This role is responsible for building out a cybersecurity organization that is designed to enable robust security coupled with productivity for more than 70,000 global employees, contractors, and partners.

The CISO supports HP’s business acceleration and transformation by identifying and managing cybersecurity risks, balancing them with business priorities, and using a contemporary security posture to support HP’s position as an industry leader.

As part of this, the CISO receives reports on cybersecurity threats from a number of experienced information security officers responsible for various parts of the business on an ongoing basis and in conjunction with management, regularly reviews risk management measures implemented by the Company to identify and mitigate data protection and cybersecurity risks.

Our cybersecurity organization collaborates heavily with technology, business and legal stakeholders to enable secure business strategy, maintain, and grow proper security oversight, enhance security monitoring and response, and quantify and reduce risks and compliance gaps.

There are six key focus areas within the cybersecurity organization: enterprise security operations, architecture and security engineering, identity access management, IT risk management and compliance, governance, risk and compliance, and strategy and program delivery.

Additionally, we aim to incorporate a broad range of industry-standard cybersecurity best practices throughout our cybersecurity organization.

These include, among other things:

- an insider threat program that coordinates resources to discourage, identify, and mitigate cybersecurity threats;

- regular audits of HP cybersecurity systems and annual risk assessments of related HP systems and processes, including our information security management systems;

- an incident response plan that sets out a coordinated approach to investigating, containing, documenting and mitigating incidents, including reporting findings and keeping senior management and other key stakeholders informed and involved as appropriate;

- annual and ongoing security awareness training for employees;

- a cybersecurity/information security policy, as well as an acceptable use policy that defines the permitted usage of company-provided technology and contains consequences for noncompliance;

- company-wide privacy policies as well as a physical security program that secures our offices and data center facilities;

- systems and processes designed to oversee, identify, and reduce the potential impact of a security incident at a third-party vendor, service provider or customer or otherwise implicating the third-party technology and systems we use; and

- engagement with industry peers and participation in cybersecurity forums to share knowledge and learn from best practices.

On an annual basis, the cybersecurity organization also enlists the aid of an independent third party to assess our alignment with the National Institute of Standards & Technology’s Cyber Security Framework.

The assessment examines our information/cybersecurity program and its associated controls and delivers a report that documents assessment results and provides recommendations for further enhancements.

The cybersecurity organization is responsible for presenting an overview of the Cybersecurity Risk Assessment Report to the Board of Directors on at least an annual basis, and the HP executive leadership team is heavily involved in implementing and resolving recommendations.

From time to time, we also engage assessors, consultants, auditors, or other third parties to assist with assessing, identifying, and managing cybersecurity risks.

Our cybersecurity risks are evaluated by senior leadership, including as part of our enterprise risk assessments that are reviewed by the Audit Committee and our Board of Directors, and our Internal Audit function, which is an objective, independent assurance and advisory organization that helps HP achieve business objectives and conducts regular assessments, audits, and testing of the cybersecurity program and its associated controls.

As of the date of this Form 10-K, risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected us, including our business strategy, results of operations or financial condition.

However, there can be no guarantee that we will not experience such an event moving forward and if realized, these risks are reasonably likely to materially affect us.

Additional information on cybersecurity risks we face can be found in “Risk Factors” in Item 1A of Part I of this report under the heading “System security risks, data protection breaches, cyberattacks, system outages and systems integration issues could disrupt our internal operations or services provided to customers, and could reduce our revenue, increase our expenses, damage our reputation and adversely affect our cash flows and stock price,” which should be read in conjunction with the foregoing information.

Our Board, in coordination with the Audit Committee, oversees the Company’s enterprise risk management process, including the management of risks arising from cybersecurity threats.

Our Board has delegated the primary responsibility to oversee cybersecurity matters to the Audit Committee.

The Board and Audit Committee regularly review the measures implemented by the Company to identify and mitigate data protection and cybersecurity risks.

As part of such reviews, the Board and Audit Committee regularly receive reports and presentations from management regarding our information and technology security program, including the CISO, which address a wide range of topics including recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends and information security considerations arising with respect to the Company’s peers and third parties.

We have protocols by which certain cybersecurity incidents that meet established reporting thresholds are escalated within the Company and, where appropriate, reported promptly to the Board and Audit Committee, as well as ongoing updates regarding any such incident until it has been addressed.

Not applicable.

As of October 31, [removed: 2023,] [added: 2024,] we owned or leased approximately [removed: 17.8] [added: 17.2] million square feet of space worldwide, a summary of which is provided below.

| | | | Fiscal year ended October 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | |

| Manufacturing plants, research and development facilities and warehouse operations | | | 2.5 | | | | | | [removed: 5.0] [added: 4.8] | | | | | | [removed: 7.5] [added: 7.3] | | |

| (Percentage) | | | [removed: 33] [added: 26] | | % | | | | [removed: 67] [added: 74] | | % | | | | 100 | | % |

| (Percentage) | | | [removed: 32] [added: 34] | | % | | | | [removed: 68] [added: 66] | | % | | | | 100 | | % |

(1)Excludes [removed: 2.6] [added: 2.7] million square feet of vacated space, of which [removed: 2.3] [added: 1.8] million square feet is leased to third parties.

| Asia Pacific *China—* Chongqing, Shanghai *India*—Bangalore *Malaysia—*Penang *Singapore—*Singapore *South Korea—*Pangyo *Taiwan—*Taipei | | | | | | Technology office *Spain—*Barcelona *United Kingdom—*Bristol *United States—*Corvallis, Palo [removed: Alto] [added: Alto, Scotts Valley] | | |

| Administration and support | | | 1.9 | | | | | | 5.3 | | | | | | 7.2 | | |

| Total(1) | | | 4.4 | | | | | | 10.1 | | | | | | 14.5 | | |

| Administration and support | | | 2.3 | | | | | | 5.4 | | | | | | 7.7 | | |

| Total(1) | | | 4.8 | | | | | | 10.4 | | | | | | 15.2 | | |

For information about dividends, see [removed: “Consolidated] [added: our Consolidated] Statements of Stockholders’ [removed: Deficit” to the Consolidated Financial Statements] [added: Deficit] in Item 8, which is incorporated herein by reference.

As of [removed: November 30, 2023,] [added: December 2, 2024,] there were approximately [removed: 47,954] [added: 45,149] stockholders of record.

There were no unregistered sales of equity securities in fiscal year [removed: 2023.][added: 2024.]

The graph below shows the cumulative total stockholder return assuming the investment of $100 at the market close on October 31, [removed: 2018] [added: 2019] (and the reinvestment of dividends thereafter) in each of HP common stock, the S&P 500 Index, and the S&P Information Technology Index.

[removed: ][added: ]

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | Total Number of Shares Purchased | | | | | | Average Price Paid per Share | | | | | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | | | | | Approximate Dollar Value of Shares that May Yet Be Purchased under the Plans or Programs | | |

| Period | | | In thousands, except per share amounts | | | | | | | | | | | | | | | | | | | | |

| August 2024 | | | 5,410 | | | | | | $ | 34.62 | | | | | 5,410 | | | | | | $ | 9,974,455 | |

| September 2024 | | | 9,433 | | | | | | $ | 34.66 | | | | | 9,433 | | | | | | $ | 9,647,496 | |

| October 2024 | | | 10,575 | | | | | | $ | 36.46 | | | | | 10,575 | | | | | | $ | 9,261,940 | |

| Total | | | 25,418 | | | | | | | | | | | | 25,418 | | | | | | | | |

On August 27, 2024, HP’s Board of Directors increased HP’s total share repurchase authorization to $10.0 billion, inclusive of the amount remaining under previously authorized share repurchases.

In the fourth quarter of fiscal year 2024, we returned $0.9 billion to shareholders through the repurchase of 25.4 million shares on the open market.

| | | | | | | 10/19 | | | | | | 10/20 | | | | | | 10/21 | | | | | | 10/22 | | | | | | 10/23 | | | | | | 10/24 | | |

| HP Inc. | | | | | | $ | 100.00 | | | | | $ | 107.25 | | | | | $ | 186.21 | | | | | $ | 174.60 | | | | | $ | 172.55 | | | | | $ | 240.79 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 109.70 | | | | | $ | 156.75 | | | | | $ | 133.82 | | | | | $ | 147.36 | | | | | $ | 203.35 | |

| S&P Information Technology Index | | | | | | $ | 100.00 | | | | | $ | 134.47 | | | | | $ | 197.56 | | | | | $ | 157.53 | | | | | $ | 206.12 | | | | | $ | 311.72 | |

On February 22, 2020, HP’s Board of Directors increased HP’s remaining share repurchase authorization to $15.0 billion in total.

There were no share repurchases in the fourth quarter of fiscal 2023.

As of October 31, 2023, HP had approximately $2.0 billion remaining under the share repurchase authorizations.

From time to time HP intends to repurchase shares opportunistically and to offset the dilution created by shares issued under employee stock plans.

| | | | | | | 10/18 | | | | | | 10/19 | | | | | | 10/20 | | | | | | 10/21 | | | | | | 10/22 | | | | | | 10/23 | | |

| HP Inc. | | | | | | $ | 100.00 | | | | | $ | 74.29 | | | | | $ | 79.67 | | | | | $ | 138.33 | | | | | $ | 129.70 | | | | | $ | 128.18 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 114.32 | | | | | $ | 125.40 | | | | | $ | 179.19 | | | | | $ | 152.98 | | | | | $ | 168.46 | |

| S&P Information Technology Index | | | | | | $ | 100.00 | | | | | $ | 122.57 | | | | | $ | 164.82 | | | | | $ | 242.15 | | | | | $ | 193.09 | | | | | $ | 252.65 | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#iac2572227f694345bb16d1a0a03c1991_82)] [added: Firm](#id9a034a0898b4ad0a633d5a2a47b2cbb_85)] (PCAOB ID: 42) | | | [removed: [49](#iac2572227f694345bb16d1a0a03c1991_82)] [added: [50](#id9a034a0898b4ad0a633d5a2a47b2cbb_85)] | | |

| [Management's Report on Internal Control Over Financial [removed: Reporting](#iac2572227f694345bb16d1a0a03c1991_88)] [added: Reporting](#id9a034a0898b4ad0a633d5a2a47b2cbb_91)] | | | [removed: [51](#iac2572227f694345bb16d1a0a03c1991_88)] [added: [52](#id9a034a0898b4ad0a633d5a2a47b2cbb_91)] | | |

| [Consolidated Statements of [removed: Earnings](#iac2572227f694345bb16d1a0a03c1991_91)] [added: Earnings](#id9a034a0898b4ad0a633d5a2a47b2cbb_94)] | | | [removed: [52](#iac2572227f694345bb16d1a0a03c1991_91)] [added: [53](#id9a034a0898b4ad0a633d5a2a47b2cbb_94)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#iac2572227f694345bb16d1a0a03c1991_94)] [added: Income](#id9a034a0898b4ad0a633d5a2a47b2cbb_97)] | | | [removed: [53](#iac2572227f694345bb16d1a0a03c1991_94)] [added: [54](#id9a034a0898b4ad0a633d5a2a47b2cbb_97)] | | |

| [Consolidated Balance [removed: Sheets](#iac2572227f694345bb16d1a0a03c1991_97)] [added: Sheets](#id9a034a0898b4ad0a633d5a2a47b2cbb_100)] | | | [removed: [54](#iac2572227f694345bb16d1a0a03c1991_97)] [added: [55](#id9a034a0898b4ad0a633d5a2a47b2cbb_100)] | | |

| [Consolidated Statements of Cash [removed: Flows](#iac2572227f694345bb16d1a0a03c1991_100)] [added: Flows](#id9a034a0898b4ad0a633d5a2a47b2cbb_103)] | | | [removed: [55](#iac2572227f694345bb16d1a0a03c1991_100)] [added: [56](#id9a034a0898b4ad0a633d5a2a47b2cbb_103)] | | |

| [Consolidated Statements of Stockholders’ [removed: Deficit](#iac2572227f694345bb16d1a0a03c1991_103)] [added: Deficit](#id9a034a0898b4ad0a633d5a2a47b2cbb_106)] | | | [removed: [56](#iac2572227f694345bb16d1a0a03c1991_103)] [added: [57](#id9a034a0898b4ad0a633d5a2a47b2cbb_106)] | | |

[removed: | [Notes] [added: Notes] to Consolidated Financial [removed: Statements](#iac2572227f694345bb16d1a0a03c1991_106) | | | [<#>](#iac2572227f694345bb16d1a0a03c1991_106) | | |][added: Statements]

| [Note 1: Summary of Significant Accounting [removed: Policies](#iac2572227f694345bb16d1a0a03c1991_109)] [added: Policies](#id9a034a0898b4ad0a633d5a2a47b2cbb_112)] | | | [removed: [57](#iac2572227f694345bb16d1a0a03c1991_109)] [added: [58](#id9a034a0898b4ad0a633d5a2a47b2cbb_112)] | | |

| [Note 2: Segment [removed: Information](#iac2572227f694345bb16d1a0a03c1991_112)] [added: Information](#id9a034a0898b4ad0a633d5a2a47b2cbb_115)] | | | [removed: [63](#iac2572227f694345bb16d1a0a03c1991_112)] [added: [65](#id9a034a0898b4ad0a633d5a2a47b2cbb_115)] | | |

| [Note 3: Restructuring and Other [removed: Charges](#iac2572227f694345bb16d1a0a03c1991_115)] [added: Charges](#id9a034a0898b4ad0a633d5a2a47b2cbb_118)] | | | [removed: [66](#iac2572227f694345bb16d1a0a03c1991_115)] [added: [67](#id9a034a0898b4ad0a633d5a2a47b2cbb_118)] | | |

| [Note 4: Retirement and Post-Retirement Benefit [removed: Plans](#iac2572227f694345bb16d1a0a03c1991_118)] [added: Plans](#id9a034a0898b4ad0a633d5a2a47b2cbb_121)] | | | [removed: [66](#iac2572227f694345bb16d1a0a03c1991_118)] [added: [67](#id9a034a0898b4ad0a633d5a2a47b2cbb_121)] | | |

| [Note 5: Stock-Based [removed: Compensation](#iac2572227f694345bb16d1a0a03c1991_124)] [added: Compensation](#id9a034a0898b4ad0a633d5a2a47b2cbb_127)] | | | [removed: [73](#iac2572227f694345bb16d1a0a03c1991_124)] [added: [74](#id9a034a0898b4ad0a633d5a2a47b2cbb_127)] | | |

| [Note 6: Taxes on [removed: Earnings](#iac2572227f694345bb16d1a0a03c1991_127)] [added: Earnings](#id9a034a0898b4ad0a633d5a2a47b2cbb_130)] | | | [removed: [77](#iac2572227f694345bb16d1a0a03c1991_127)] [added: [77](#id9a034a0898b4ad0a633d5a2a47b2cbb_130)] | | |

| [Note 7: Supplementary Financial [removed: Information](#iac2572227f694345bb16d1a0a03c1991_130)] [added: Information](#id9a034a0898b4ad0a633d5a2a47b2cbb_133)] | | | [removed: [81](#iac2572227f694345bb16d1a0a03c1991_130)] [added: [81](#id9a034a0898b4ad0a633d5a2a47b2cbb_133)] | | |

| [Note 8: Goodwill and Intangible [removed: Assets](#iac2572227f694345bb16d1a0a03c1991_136)] [added: Assets](#id9a034a0898b4ad0a633d5a2a47b2cbb_139)] | | | [removed: [85](#iac2572227f694345bb16d1a0a03c1991_136)] [added: [86](#id9a034a0898b4ad0a633d5a2a47b2cbb_139)] | | |

| [Note 9: Fair [removed: Value](#iac2572227f694345bb16d1a0a03c1991_139)] [added: Value](#id9a034a0898b4ad0a633d5a2a47b2cbb_142)] | | | [removed: [85](#iac2572227f694345bb16d1a0a03c1991_139)] [added: [87](#id9a034a0898b4ad0a633d5a2a47b2cbb_142)] | | |

| [Note 10: Financial [removed: Instruments](#iac2572227f694345bb16d1a0a03c1991_142)] [added: Instruments](#id9a034a0898b4ad0a633d5a2a47b2cbb_145)] | | | [removed: [88](#iac2572227f694345bb16d1a0a03c1991_142)] [added: [89](#id9a034a0898b4ad0a633d5a2a47b2cbb_145)] | | |

| [Note 12: Stockholders’ [removed: Deficit](#iac2572227f694345bb16d1a0a03c1991_148)] [added: Deficit](#id9a034a0898b4ad0a633d5a2a47b2cbb_151)] | | | [removed: [94](#iac2572227f694345bb16d1a0a03c1991_148)] [added: [96](#id9a034a0898b4ad0a633d5a2a47b2cbb_151)] | | |

| [Note 13: [removed: Net] Earnings Per [removed: Share](#iac2572227f694345bb16d1a0a03c1991_151)] [added: Share](#id9a034a0898b4ad0a633d5a2a47b2cbb_154)] | | | [removed: [96](#iac2572227f694345bb16d1a0a03c1991_151)] [added: [98](#id9a034a0898b4ad0a633d5a2a47b2cbb_154)] | | |

| [Note 14: Litigation and [removed: Contingencies](#iac2572227f694345bb16d1a0a03c1991_154)] [added: Contingencies](#id9a034a0898b4ad0a633d5a2a47b2cbb_157)] | | | [removed: [97](#iac2572227f694345bb16d1a0a03c1991_154)] [added: [99](#id9a034a0898b4ad0a633d5a2a47b2cbb_157)] | | |

| [Note 15: Guarantees, Indemnifications and [removed: Warranties](#iac2572227f694345bb16d1a0a03c1991_157)] [added: Warranties](#id9a034a0898b4ad0a633d5a2a47b2cbb_160)] | | | [removed: [100](#iac2572227f694345bb16d1a0a03c1991_157)] [added: [102](#id9a034a0898b4ad0a633d5a2a47b2cbb_160)] | | |

[Table of [removed: Contents](#iac2572227f694345bb16d1a0a03c1991_76)[](#iac2572227f694345bb16d1a0a03c1991_76)][added: Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)]

We have audited the accompanying consolidated balance sheets of HP Inc. and subsidiaries (the Company) as of October 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of earnings, comprehensive income, [removed: stockholders'] [added: stockholders’] deficit and cash flows for each of the three years in the period ended October 31, [removed: 2023,] [added: 2024,] and the related notes (collectively referred to as the “consolidated financial statements”).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at October 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the three years in the period ended October 31, [removed: 2023,] [added: 2024,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: Company’s] [added: Company's] internal control over financial reporting as of October 31, [removed: 2023,] [added: 2024,] based on criteria established in Internal [removed: Control-Integrated] [added: Control—Integrated] Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 [removed: framework)] [added: framework),] and our report dated December [removed: 15, 2023] [added: 12, 2024] expressed an adverse opinion thereon.

| *Description of the Matter* | | | As described in Note 1 of the consolidated financial statements, the Company reduces revenue for customer and distributor programs and incentive offerings including rebates, promotions and other volume-based incentives. The Company uses estimates to determine the expected variable consideration for such programs based on factors like historical experience, expected customer behavior and market conditions. Estimated variable consideration is presented within other current liabilities on the consolidated balance sheet and totaled $3.1 billion at October 31, [removed: 2023.] [added: 2024.] Auditing the Company’s measurement of variable consideration is especially challenging because the calculation [added: is complex and] reflects management’s assumptions about expected future claims activity and changes in those assumptions can have a material effect on the amount of variable consideration recognized. | | |

We have audited HP Inc. and subsidiaries’ internal control over financial reporting as of October 31, [removed: 2023,] [added: 2024,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).

In our opinion, because of the effect of the material weakness described below on the achievement of the objectives of the control criteria, HP Inc. and subsidiaries (the Company) has not maintained effective internal control over financial reporting as of October 31, [removed: 2023,] [added: 2024,] based on the COSO criteria.

The material weakness resulted from undue reliance on [added: information generated from] certain software solutions affecting net revenue without effectively designed [added: and operating] information technology [added: (“IT”)] general controls, specifically around user access and change management.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of October 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of earnings, comprehensive income, [removed: stockholders'] [added: stockholders’] deficit and cash flows for each of the three years in the period ended October 31, [removed: 2023,] [added: 2024,] and the related [removed: notes and our report dated December 15, 2023 expressed an unqualified opinion thereon.][added: notes.]

HP’s management assessed the effectiveness of HP’s internal control over financial reporting as of October 31, [removed: 2023,] [added: 2024,] utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013 framework).

[removed: During] [added: As previously reported in] the [removed: fourth quarter of] [added: Company’s Annual Report on Form 10-K for the] fiscal year [added: ended October 31,] 2023, [removed: management] [added: we] identified a material weakness in internal control over financial reporting.

This material weakness did not result in any [removed: errors.][added: material misstatement of our financial statements.]

While this material weakness did not result in a material misstatement of our financial statements, this control deficiency was not remediated as of October 31, [removed: 2023] [added: 2024] and there is 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.

As a result of this material weakness, management has concluded that we did not maintain effective internal control over financial reporting as of October 31, [removed: 2023.][added: 2024.]

The effectiveness of HP’s internal control over financial reporting as of October 31, [removed: 2023] [added: 2024] has been audited by Ernst & Young LLP, HP’s independent registered public accounting firm, as stated in their report which appears in Part II, Item 8 of this Annual Report on Form 10-K.

| Enrique Lores *President and Chief Executive Officer* December [removed: 15, 2023] [added: 12, 2024] | | | | | | [removed: Marie Myers] [added: Karen L. Parkhill] *Chief Financial Officer* December [removed: 15, 2023] [added: 12, 2024] | | |

| | | | [added: | | | | | |] For the fiscal years ended October 31 | | | | | | | | | | | | | | | [added: | | | | | | | | | | | |]

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| [Notes to Consolidated Financial Statements](#id9a034a0898b4ad0a633d5a2a47b2cbb_109) | | | [58](#id9a034a0898b4ad0a633d5a2a47b2cbb_112) | | |

| [Note 11: Borrowings](#id9a034a0898b4ad0a633d5a2a47b2cbb_148) | | | [94](#id9a034a0898b4ad0a633d5a2a47b2cbb_148) | | |

| [Note 16: Commitments](#id9a034a0898b4ad0a633d5a2a47b2cbb_163) | | | [103](#id9a034a0898b4ad0a633d5a2a47b2cbb_163) | | |

| [Note 17: Leases](#id9a034a0898b4ad0a633d5a2a47b2cbb_166) | | | [103](#id9a034a0898b4ad0a633d5a2a47b2cbb_166) | | |

| *How We Addressed the Matter in Our Audit* | | | Our audit procedures included, among others, developing an independent estimate of the variable consideration and comparing our estimate to the recorded balance. We performed this predictive analysis at both an aggregated and disaggregated level. We also inspected the terms and conditions of the incentive offerings. In addition, we compared previous estimates of variable consideration to actual payments. | | |

Houston, Texas

December 12, 2024

[Table of Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)

Management has identified a material weakness related to ineffective design and operation of information technology (“IT”) general controls in the areas of user access, change management and job schedule monitoring IT operations for certain IT applications supporting the company’s internal control over financial reporting.

As a result, the application controls and IT dependent manual controls that rely upon information from the impacted IT applications were also deemed ineffective.

This material weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the 2024 consolidated financial statements, and this report does not affect our report dated December 12, 2024, which expressed an unqualified opinion thereon.

Houston, Texas

December 12, 2024

[Table of Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)

As of October 31, 2024, the Company has concluded that the previously identified material weakness was not remediated and that IT general control deficiencies exist in the areas of user access, change management and job schedule monitoring IT operations for certain IT applications affecting various financial statement line items as well as net revenue.

As a result of the material weakness, the application controls and IT dependent manual controls that rely upon information from affected IT applications were also deemed ineffective.

| /s/ ENRIQUE LORES | | | | | | /s/ KAREN L. PARKHILL | | |

[Table of Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)

| Net revenue | | | | | | | | | | | | | | | | | |

| Products | | | $ | 50,453 | | | | | $ | 50,660 | | | | | $ | 60,041 | |

| Services | | | 3,106 | | | | | | 3,058 | | | | | | 2,869 | | |

| Cost of net revenue: | | | | | | | | | | | | | | | | | |

| Products | | | 39,952 | | | | | | 40,484 | | | | | | 48,881 | | |

| Services | | | 1,789 | | | | | | 1,726 | | | | | | 1,766 | | |

| Gross margin | | | 11,818 | | | | | | 11,508 | | | | | | 12,263 | | |

[Table of Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)

| Net earnings | | | $ | 2,775 | | | | | $ | 3,263 | | | | | $ | 3,132 | |

[Table of Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)

| | | | 2024 | | | | | | 2023 | | |

[Table of Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)

| Net earnings | | | $ | 2,775 | | | | | $ | 3,263 | | | | | $ | 3,132 | |

[Table of Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)

| Repurchases of common stock (Note 12) | | | (62,856) | | | | | | (1) | | | | | | (110) | | | | | | (2,015) | | | | | | | | | | | | (2,126) | | |

| Balance as of October 31, 2024 | | | 938,989 | | | | | | $ | 9 | | | | | $ | 1,778 | | | | | $ | (2,676) | | | | | $ | (434) | | | | | $ | (1,323) | |

*Reclassifications*

HP has reclassified certain prior-year amounts to conform to the current-year presentation.

See Note 7, “Supplementary Financial Information,” for additional disclosure related to HP’s supplier finance programs.

In November 2024, the FASB issued guidance that requires disaggregation of specific expense categories in disclosures within the footnotes to the financial statements on an annual and interim basis.

HP is required to adopt this guidance for its annual period ending October 31, 2028 and all interim periods thereafter on a prospective basis.

Early adoption is permitted.

| --- | --- | --- | --- | --- | --- |

| [Note 11: Borrowings](#iac2572227f694345bb16d1a0a03c1991_145) | | | [92](#iac2572227f694345bb16d1a0a03c1991_145) | | |

| [Note 16: Commitments](#iac2572227f694345bb16d1a0a03c1991_160) | | | [101](#iac2572227f694345bb16d1a0a03c1991_160) | | |

| [Note 17: Leases](#iac2572227f694345bb16d1a0a03c1991_163) | | | [101](#iac2572227f694345bb16d1a0a03c1991_163) | | |

| [Note 18: Acquisitions](#iac2572227f694345bb16d1a0a03c1991_166) | | | [104](#iac2572227f694345bb16d1a0a03c1991_166) | | |

| *How We Addressed the Matter in Our Audit* | | | Our audit procedures included, among others, evaluating the Company’s key assumptions and judgments, and testing the completeness and accuracy of the underlying data used to determine the estimated variable consideration. We inspected the underlying agreements to understand the nature of variable consideration offered to customers. We evaluated management’s estimate by comparing previous estimates of variable consideration to actual payments in subsequent periods. We developed an expectation of the ending accrual and compared our expectation to the amount recorded by the Company. | | |

San Jose, California

December 15, 2023

Information generated from these software solutions is used by management in accounting for net revenue, including estimating variable consideration, and certain of these software solutions are used in the processing of revenue related transactions.

The material weakness resulted from undue reliance on information generated from certain software solutions affecting net revenue without effectively designed information technology general controls, specifically around user access and change management.

Information generated from these software solutions is used by management in accounting for net revenue, including estimating variable consideration, and certain of these software solutions are used in the processing of revenue-related transactions.

| /s/ ENRIQUE LORES | | | | | | /s/ MARIE MYERS | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Total costs and expenses | | | 50,262 | | | | | | 58,351 | | | | | | 58,101 | | |

| | | | | | | | | | | | |

| Defined benefit plan settlement gains | | | — | | | | | | — | | | | | | (37) | | |

| Proceeds from sale of property, plant and equipment | | | 16 | | | | | | 26 | | | | | | — | | |

| Balance October 31, 2020 | | | 1,303,927 | | | | | | $ | 13 | | | | | $ | 963 | | | | | $ | (2,008) | | | | | $ | (1,243) | | | | | $ | (2,275) | |

| Repurchases of common stock (Note 12) | | | (223,618) | | | | | | (2) | | | | | | (188) | | | | | | (6,065) | | | | | | | | | | | | (6,255) | | |

In November 2021, the Financial Accounting Standards Board (“FASB”) issued guidance that enhances the transparency of government assistance received and accounted for by applying a grant or contribution model by analogy.

This guidance requires annual disclosure of government assistance including the types of assistance received, an entity’s accounting for the assistance, the effect of the assistance on the entity’s financial statements and significant terms and conditions of such assistance.

HP adopted this guidance as of and for the fiscal year ended October 31, 2023 using a prospective approach.

Adoption of this guidance did not have a material impact on our consolidated financial statement disclosures.

The adoption of this new guidance will result in increased disclosures in the notes to our Consolidated Financial Statements.

1*.

(ii) each party’s rights and obligations can be identified, (iii) payment terms are defined, (iv) it has commercial substance and (v) the customer has the ability and intent to pay.

2.

determine whether it is distinct, such as hardware and/or service.

3.

exchange for transferring goods or services to the customer.

offerings, rebates, promotions, other volume-based incentives and expected returns.

revenue recognition and when the customer pays for the product or service is one year or less.

4.

performance obligations, such as hardware and/or services, HP allocates revenue to each performance obligation in proportion to their selling price.

5.

performance obligation is satisfied by transferring control of a promised good or service to a customer.

customers, length of time receivables are past due, trends in the weighted-average risk rating for the portfolio, macroeconomic conditions, information derived from competitive benchmarking, significant one-time events, and historical experience.

Two customers, TD Synnex Corp and Ingram Micro Inc., accounted for 13.8% and 10.4%, respectively, of gross accounts receivable as of October 31, 2022.

On retirement or disposition, the

*Business Combinations*

[removed: *Additional Material] [added: *Material] Weakness*

[removed: During] [added: As previously reported in] the [removed: fourth quarter of] [added: Company’s Annual Report on Form 10-K for the] fiscal year [added: ended October 31,] 2023, [removed: management] [added: we] identified [removed: an additional] [added: a] material weakness in internal control over financial reporting.

The material weakness resulted from undue reliance on information generated from certain software solutions affecting net revenue without effectively designed information technology [added: (“IT”)] general controls [removed: (“ITGCs”),] specifically around user access and change management.

This material weakness did not result in any [removed: errors.][added: material misstatement of our financial statements.]

With respect to the material weakness above, management, under the oversight of the Audit Committee, is in the process of designing appropriate [removed: ITGCs] [added: IT general controls] specific to the impacted software solutions.

Other than [removed: in connection with] the [removed: remediation process] [added: material weakness] described above, [added: there have 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) [removed: occurred] during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

As of October 31, 2024, the Company has concluded that the previously identified material weakness was not remediated and that IT general control deficiencies exist in the areas of user access, change management and job schedule monitoring IT operations for certain applications affecting various financial statement line items as well as net revenue.

As a result of the material weakness, the application controls and IT dependent manual controls that rely upon information from affected IT applications were also deemed ineffective.

*Remediation of Previously Reported Material Weaknesses*

As previously reported in the Company’s Form 10-Q for the quarter ended July 31, 2023 and Amended Annual Report on Form 10-K/A for the fiscal year ended October 31, 2022, we previously identified material weaknesses in internal control over financial reporting due to design deficiencies involving: (i) recognition of revenue for a Personal Systems customer’s transactions involving third-party financing; and (ii) undue reliance on a payment application for certain sales incentive programs in EMEA, associated with variable consideration of approximately 4% of total consolidated revenues, for which management did not receive the System and Organization Controls Type 1 (SOC-1) Report timely and did not have effective complementary user entity controls.

The material weakness described in clause (i) resulted in an error related to a revenue contract in our Personal Systems segment that comprises less than 1% of total consolidated revenues for the impacted periods.

As a result, we revised our Consolidated Financial Statements for the fiscal years ended 2022, 2021, and 2020 in the Amended Annual Report on Form 10-K/A for the fiscal year ended October 31, 2022 and certain prior period financial statements in the Company’s Form 10-Q for the quarter ended July 31, 2023 for this error and other previously identified errors, the impact of which was not material to our previously filed financial statements.

The material weakness described in clause (ii) above did not result in any errors.

The Company’s management, under the oversight of the Audit Committee, executed a remediation plan to address these deficiencies, which included

- Designing prevent and detect controls specific to the impacted business activity; and

- Enhancing its processes and controls to help ensure the timely review of the SOC-1 report in conjunction with designing and implementing related, effective complementary user entity controls associated with the sales incentive payment processing application.

During the quarter ended October 31, 2023, we completed our testing of the operating effectiveness of internal controls impacted by these remediation efforts and determined that as a result of the measures described above, the material weaknesses have been remediated as of October 31, 2023.

Information generated from these software solutions is used by management in accounting for net revenue, including estimating variable consideration, and certain of these software solutions are used in the processing of revenue related transactions.

As described above, we have taken and continue to take steps to remediate the material weaknesses in our internal control over financial reporting described above.

During the three months ended October 31, [removed: 2023,] [added: 2024,] no such plans or other arrangements were adopted or terminated.

The following information is included in HP’s Proxy Statement related to its [removed: 2024] [added: 2025] Annual Meeting of Stockholders to be filed within 120 days after HP’s fiscal year end of October 31, [removed: 2023] [added: 2024] (the “Proxy Statement”) and is incorporated herein by reference:

*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.

| [Reports of Independent Registered Public Accounting [removed: Firm](#iac2572227f694345bb16d1a0a03c1991_82)] [added: Firm](#id9a034a0898b4ad0a633d5a2a47b2cbb_85)] | | | [removed: [49](#iac2572227f694345bb16d1a0a03c1991_82)] [added: [50](#id9a034a0898b4ad0a633d5a2a47b2cbb_85)] | | |

| [Management's Report on Internal Control Over Financial [removed: Reporting](#iac2572227f694345bb16d1a0a03c1991_88)] [added: Reporting](#id9a034a0898b4ad0a633d5a2a47b2cbb_91)] | | | [removed: [51](#iac2572227f694345bb16d1a0a03c1991_88)] [added: [52](#id9a034a0898b4ad0a633d5a2a47b2cbb_91)] | | |

| [Consolidated Statements of [removed: Earnings](#iac2572227f694345bb16d1a0a03c1991_91)] [added: Earnings](#id9a034a0898b4ad0a633d5a2a47b2cbb_94)] | | | [removed: [52](#iac2572227f694345bb16d1a0a03c1991_91)] [added: [53](#id9a034a0898b4ad0a633d5a2a47b2cbb_94)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#iac2572227f694345bb16d1a0a03c1991_94)] [added: Income](#id9a034a0898b4ad0a633d5a2a47b2cbb_97)] | | | [removed: [53](#iac2572227f694345bb16d1a0a03c1991_94)] [added: [54](#id9a034a0898b4ad0a633d5a2a47b2cbb_97)] | | |

| [Consolidated Balance [removed: Sheets](#iac2572227f694345bb16d1a0a03c1991_97)] [added: Sheets](#id9a034a0898b4ad0a633d5a2a47b2cbb_100)] | | | [removed: [54](#iac2572227f694345bb16d1a0a03c1991_97)] [added: [55](#id9a034a0898b4ad0a633d5a2a47b2cbb_100)] | | |

| [Consolidated Statements of Cash [removed: Flows](#iac2572227f694345bb16d1a0a03c1991_100)] [added: Flows](#id9a034a0898b4ad0a633d5a2a47b2cbb_103)] | | | [removed: [55](#iac2572227f694345bb16d1a0a03c1991_100)] [added: [56](#id9a034a0898b4ad0a633d5a2a47b2cbb_103)] | | |

| [Consolidated Statements of Stockholders' [removed: Deficit](#iac2572227f694345bb16d1a0a03c1991_103)] [added: Deficit](#id9a034a0898b4ad0a633d5a2a47b2cbb_106)] | | | [removed: [56](#iac2572227f694345bb16d1a0a03c1991_103)] [added: [57](#id9a034a0898b4ad0a633d5a2a47b2cbb_106)] | | |

| [Notes to Consolidated Financial [removed: Statements](#iac2572227f694345bb16d1a0a03c1991_106)] [added: Statements](#id9a034a0898b4ad0a633d5a2a47b2cbb_109)] | | | [removed: [<#>](#iac2572227f694345bb16d1a0a03c1991_106)] [added: [58](#id9a034a0898b4ad0a633d5a2a47b2cbb_112)] | | |

| 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 [removed: Thereto.](http://www.sec.gov/Archives/edgar/data/47217/000119312515368382/d86365dex21.htm)] [added: Thereto.](https://www.sec.gov/Archives/edgar/data/47217/000119312515368382/d86365dex21.htm)] | | | | | | 8-K | | | | | | 001-04423 | | | | | | 2.1 | | | | | | November 5, 2015 | | |

| 3(a) | | | | | | [removed: [Registrant’s Certificate] [added: [Registrant’s](https://www.sec.gov/Archives/edgar/data/47217/000004721724000032/hpinc-restatedcertificateo.htm) [Restated](https://www.sec.gov/Archives/edgar/data/47217/000004721724000032/hpinc-restatedcertificateo.htm) [Certificate] of [removed: Incorporation](http://www.sec.gov/Archives/edgar/data/47217/0000047217-98-000019-index.html).] [added: Incorporation](https://www.sec.gov/Archives/edgar/data/47217/000004721724000032/hpinc-restatedcertificateo.htm).] | | | | | | [removed: 10-Q] [added: 8-K] | | | | | | 001-04423 | | | | | | [removed: 3(a)] [added: 3.2] | | | | | | [removed: June 12, 1998] [added: April 25, 2024] | | |

| [removed: 3(e)] [added: 3(b)] | | | | | | [Registrant’s Amended and Restated [removed: Bylaws.](https://www.sec.gov/Archives/edgar/data/47217/000004721723000100/ex3eamendedandrestatedbyla.htm)[†](https://www.sec.gov/Archives/edgar/data/47217/000004721723000100/ex3eamendedandrestatedbyla.htm)] [added: Bylaws.](https://www.sec.gov/Archives/edgar/data/47217/000004721724000052/amendedandrestatedbylawsof.htm)] | | | | | | [added: 8-K] | | | | | | [added: 001-04423] | | | | | | [added: 3.1] | | | | | | [added: June 17, 2024] | | |

| [removed: 3(f)] [added: 3(d)] | | | | | | [Certificate of Designations of Series A Junior Participating Preferred Stock of HP [removed: Inc.](http://www.sec.gov/Archives/edgar/data/47217/000093041320000467/c95307_ex3-1.htm)] [added: Inc.](https://www.sec.gov/Archives/edgar/data/47217/000004721724000032/hpinc-restatedcertificateo.htm) [(included in Exhibit 3(a)).](https://www.sec.gov/Archives/edgar/data/47217/000004721724000032/hpinc-restatedcertificateo.htm)] | | | | | | [removed: 8-K] | | | | | | [removed: 001-04423] | | | | | | [removed: 3.1] | | | | | | [removed: February 20, 2020] | | |

| [removed: 4(c)] [added: 4(b)] | | | | | | Form of Registrant’s [removed: 4.375% Global Note due September 15, 2021 and] 6.000% Global Note due September 15, 2041 and form of related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.4](http://www.sec.gov/Archives/edgar/data/47217/000119312511250713/d233385dex44.htm), [4.5](http://www.sec.gov/Archives/edgar/data/47217/000119312511250713/d233385dex45.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/47217/000119312511250713/d233385dex45.htm)] and [removed: [4.6](http://www.sec.gov/Archives/edgar/data/47217/000119312511250713/d233385dex46.htm)] [added: [4.6](https://www.sec.gov/Archives/edgar/data/47217/000119312511250713/d233385dex46.htm)] | | | | | | September 19, 2011 | | |

| [removed: 4(e)] [added: 4(k)] | | | | | | Form of [removed: Registrant’s 4.050% Global Note] [added: 4.000% notes] due [removed: September 15, 2022] [added: 2029] and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.2](http://www.sec.gov/Archives/edgar/data/47217/000110465912017553/a12-6434_6ex4d2.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/47217/000114036122012297/ny20003591x4_ex4-2.htm)] and [removed: [4.3](http://www.sec.gov/Archives/edgar/data/47217/000110465912017553/a12-6434_6ex4d3.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036122012297/ny20003591x4_ex4-4.htm)] | | | | | | March [removed: 12, 2012] [added: 31, 2022] | | |

| [removed: 4(f)] [added: 4(c)] | | | | | | [Specimen certificate for the Registrant’s common stock.](https://www.sec.gov/Archives/edgar/data/47217/000004721706000101/ex4-1_0606.htm) | | | | | | 8-A/A | | | | | | 001-04423 | | | | | | 4.1 | | | | | | June 23, 2006 | | |

| [removed: 4(g)] [added: 4(i)] | | | | | | [First Supplemental Indenture, dated as of [removed: March 26, 2018, to the Indenture, dated as of] June [removed: 1, 2000, by and] [added: 16, 2021,] between the Registrant and The Bank of New York Mellon Trust Company, [removed: N.A.](http://www.sec.gov/Archives/edgar/data/47217/000004721718000026/hp-43018xexhibit4j.htm)] [added: N.A., as Trustee](https://www.sec.gov/Archives/edgar/data/47217/000114036121021509/brhc10025928_ex4-2.htm).] | | | | | | [removed: 10-Q] [added: 8-K] | | | | | | 001-04423 | | | | | | [removed: 4(j)] [added: 4.2] | | | | | | June [removed: 5, 2018] [added: 21, 2021] | | |

| [removed: 4(h)] [added: 4(d)] | | | | | | [Description of HP Inc.’s [removed: securities.](https://www.sec.gov/Archives/edgar/data/47217/000004721723000100/hp-103123xex4h.htm)†] [added: securities.](https://www.sec.gov/Archives/edgar/data/47217/000004721723000100/hp-103123xex4h.htm)] | | | | | | [added: 10-K] | | | | | | [added: 001-04423] | | | | | | [added: 4(h)] | | | | | | [added: December 18, 2023] | | |

| [removed: 4(i)] [added: 4(e)] | | | | | | [Indenture, dated [removed: as of] June 17, 2020, between HP Inc. and The Bank of New York Mellon Trust Company, N.A., as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-1.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-1.htm)] | | | | | | 8-K | | | | | | 001-04423 | | | | | | 4.1 | | | | | | June 17, 2020 | | |

| [removed: 4(j)] [added: 4(f)] | | | | | | Form of 2.200% notes due 2025 and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.2](http://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-2.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-2.htm)] and [removed: [4.5](http://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm)] | | | | | | June 17, 2020 | | |

| [removed: 4(k)] [added: 4(g)] | | | | | | Form of 3.000% notes due 2027 and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.3](http://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-3.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-3.htm)] and [removed: [4.5](http://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm)] | | | | | | June 17, 2020 | | |

| [removed: 4(l)] [added: 4(h)] | | | | | | Form of 3.400% notes due 2030 and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.4](http://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-4.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-4.htm)] and [removed: [4.5](http://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm)] | | | | | | June 17, 2020 | | |

| [removed: 4(m)] [added: 4(o)] | | | | | | [removed: [First] [added: [Second] Supplemental Indenture, dated as of [removed: June 16, 2021,] [added: September 1, 2022,] between [removed: the Registrant] [added: HP Inc.] and The Bank of New York Mellon Trust Company, N.A., as [removed: Trustee](https://www.sec.gov/Archives/edgar/data/47217/000114036121021509/brhc10025928_ex4-2.htm).] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/47217/000114036122032608/brhc10041647_ex4-2.htm)] | | | | | | 8-K | | | | | | 001-04423 | | | | | | 4.2 | | | | | | [removed: June 21, 2021] [added: September 7, 2022] | | |

| [removed: 4(o)] [added: 4(l)] | | | | | | Form of [removed: 4.000%] [added: 4.200%] notes due [removed: 2029] [added: 2032] and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.2](https://www.sec.gov/Archives/edgar/data/47217/000114036122012297/ny20003591x4_ex4-2.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036122012297/ny20003591x4_ex4-3.htm)] and [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036122012297/ny20003591x4_ex4-4.htm) | | | | | | March 31, 2022 | | |

| [removed: 4(p)] [added: 4(n)] | | | | | | Form of [removed: 4.200%] [added: 5.500%] notes due [removed: 2032] [added: 2033] and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036122012297/ny20003591x4_ex4-3.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-3.htm)] and [removed: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036122012297/ny20003591x4_ex4-4.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-4.htm)] | | | | | | [removed: March 31,] [added: June 21,] 2022 | | |

| [removed: 4(q)] [added: 4(m)] | | | | | | Form of 4.750% notes due 2028 and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [4.2](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-2.htm) and [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-4.htm) | | | | | | June 21, 2022 | | |

| [removed: 10(b)] [added: 10(a)] | | | | | | [Registrant’s Excess Benefit Retirement Plan, amended and restated as of January 1, [removed: 2006.*](http://www.sec.gov/Archives/edgar/data/47217/000110465906062392/a06-20056_1ex10d2.htm)] [added: 2006.*](https://www.sec.gov/Archives/edgar/data/47217/000110465906062392/a06-20056_1ex10d2.htm)] | | | | | | 8-K | | | | | | 001-04423 | | | | | | 10.2 | | | | | | September 21, 2006 | | |

| [removed: 10(c)] [added: 10(b)] | | | | | | [Hewlett-Packard Company Cash Account Restoration Plan, amended and restated as of January 1, [removed: 2005.*](http://www.sec.gov/Archives/edgar/data/47217/000110465905057353/a05-20651_1ex99d3.htm)] [added: 2005.*](https://www.sec.gov/Archives/edgar/data/47217/000110465905057353/a05-20651_1ex99d3.htm)] | | | | | | 8-K | | | | | | 001-04423 | | | | | | 99.3 | | | | | | November 23, 2005 | | |

| [removed: 10(d)] [added: 10(h)(h)(h)] | | | | | | [Form of [added: HP] Agreement Regarding Confidential Information and Proprietary [removed: Developments (California).*](http://www.sec.gov/Archives/edgar/data/47217/000110465908004386/a08-3596_1ex10d2.htm)] [added: Developments*†](https://www.sec.gov/Archives/edgar/data/47217/000004721724000080/exhibit10hhh-hpagreementre.htm)] | | | | | | [removed: 8-K] | | | | | | [removed: 001-04423] | | | | | | [removed: 10.2] | | | | | | [removed: January 24, 2008] | | |

| [removed: 10(h)] [added: 10(c)] | | | | | | [First Amendment to the Hewlett-Packard Company Excess Benefit Retirement [removed: Plan.*](http://www.sec.gov/Archives/edgar/data/47217/000104746909002433/a2190921zex-10_bbb.htm)] [added: Plan.*](https://www.sec.gov/Archives/edgar/data/47217/000104746909002433/a2190921zex-10_bbb.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(b)(b)(b) | | | | | | March 10, 2009 | | |

| [removed: 10(i)] [added: 10(s)] | | | | | | [Form of [removed: Stock Notification and Award] [added: Grant] Agreement for [removed: awards] [added: grants] of non-qualified stock [removed: options.*](http://www.sec.gov/Archives/edgar/data/47217/000104746910010444/a2201180zex-10_iii.htm)] [added: options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721719000071/hp-103119xex10mmm.htm)] | | | | | | 10-K | | | | | | 001-04423 | | | | | | [removed: 10(i)(i)(i)] [added: 10(m)(m)(m)] | | | | | | December [removed: 15, 2010] [added: 12, 2019] | | |

| [removed: 10(1)] [added: 10(d)] | | | | | | [Second Amended and Restated Hewlett-Packard Company 2004 Stock Incentive Plan, as amended effective February 28, [removed: 2013.*](http://www.sec.gov/Archives/edgar/data/47217/000004721713000012/ex10-2_03202013.htm)] [added: 2013.*](https://www.sec.gov/Archives/edgar/data/47217/000004721713000012/ex10-2_03202013.htm)] | | | | | | 8-K | | | | | | 001-04423 | | | | | | 10.2 | | | | | | March 21, 2013 | | |

| [removed: 10(m)] [added: 10(f)] | | | | | | [Form of Stock Notification and Award Agreement for awards of [removed: foreign] [added: restricted] stock [removed: appreciation rights.*](http://www.sec.gov/Archives/edgar/data/47217/000104746914002153/a2218511zex-10_vv.htm)] [added: units.*](https://www.sec.gov/Archives/edgar/data/47217/000104746916010678/a2227395zex-10_rr.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(v)(v)] [added: 10(r)(r)] | | | | | | March [removed: 11, 2014] [added: 3, 2016] | | |

| [removed: 10(o)] [added: 10(j)(j)] | | | | | | [Form of [removed: Stock Notification and Award] [added: Grant] Agreement for [removed: awards] [added: grants] of non-qualified stock [removed: options.*](http://www.sec.gov/Archives/edgar/data/47217/000104746914002153/a2218511zex-10_xx.htm)] [added: options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000013/a10lllfy22nqsoagreementfin.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(x)(x)] [added: 10(l)(l)(l)] | | | | | | March [removed: 11, 2014] [added: 7, 2022] | | |

| [removed: 10(p)] [added: 10(c)(c)] | | | | | | [Form of [removed: Stock Notification and Award] [added: Grant] Agreement for [removed: awards] [added: grants] of performance-contingent non-qualified stock [removed: options.*](http://www.sec.gov/Archives/edgar/data/47217/000104746914002153/a2218511zex-10_aaa.htm)] [added: options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721721000012/a10ccccfy21pcsoagrmntfinal.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(a)(a)(a)] [added: 10(c)(c)(c)(c)] | | | | | | March [removed: 11, 2014] [added: 5, 2021] | | |

| [removed: 10(q)] [added: 10(k)(k)] | | | | | | [Form of Grant Agreement for grants of performance-contingent non-qualified stock [removed: options.*](http://www.sec.gov/Archives/edgar/data/47217/000104746914002153/a2218511zex-10_bbb.htm)] [added: options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000013/a10ooofy22pcsoagreementfin.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(b)(b)(b)] [added: 10(o)(o)(o)] | | | | | | March [removed: 11, 2014] [added: 7, 2022] | | |

| [removed: 10(r)] [added: 10(d)(d)] | | | | | | [Form of Grant Agreement for grants of [removed: long-term cash awards.*](https://www.sec.gov/Archives/edgar/data/47217/000104746915001999/a2223235zex-10_eee.htm)] [added: restricted stock units for directors.*](https://www.sec.gov/Archives/edgar/data/47217/000004721721000012/a10ddddfy21bodrsuagreement.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(e)(e)(e)] [added: 10(d)(d)(d)(d)] | | | | | | March [removed: 11, 2015] [added: 5, 2021] | | |

| [removed: 10(s)] [added: 10(e)] | | | | | | [Form of Grant Agreement for grants of non-qualified stock [removed: options.*](http://www.sec.gov/Archives/edgar/data/47217/000104746915001999/a2223235zex-10_fff.htm)] [added: options.*](https://www.sec.gov/Archives/edgar/data/47217/000104746915009251/a2226745zex-10_ggg.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | 001-04423 | | | | | | [removed: 10(f)(f)(f)] [added: 10(g)(g)(g)] | | | | | | [removed: March 11,] [added: December 16,] 2015 | | |

| [removed: 10(t)] [added: 10(s)(s)] | | | | | | [Form of Grant Agreement for grants of performance-contingent non-qualified stock [removed: options.*](http://www.sec.gov/Archives/edgar/data/47217/000104746915001999/a2223235zex-10_iii.htm)] [added: options (for use from November 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10zzzfy23pcsoagreement.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(i)(i)(i)] [added: 10(z)(z)(z)] | | | | | | March [removed: 11, 2015] [added: 1, 2023] | | |

| [removed: 10(u)] [added: 10(t)] | | | | | | [Form of [added: Retention] Grant Agreement for grants of [removed: foreign] [added: non-qualified] stock [removed: appreciation rights.*](http://www.sec.gov/Archives/edgar/data/47217/000104746915009251/a2226745zex-10_eee.htm)] [added: options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721719000071/hp-103119xex10nnn.htm)] | | | | | | 10-K | | | | | | 001-04423 | | | | | | [removed: 10(e)(e)(e)] [added: 10(n)(n)(n)] | | | | | | December [removed: 16, 2015] [added: 12, 2019] | | |

| [removed: 10(v)] [added: 10(r)(r)] | | | | | | [Form of Grant Agreement for grants of [removed: performance-contingent] non-qualified stock [removed: options.*](http://www.sec.gov/Archives/edgar/data/47217/000104746915009251/a2226745zex-10_fff.htm)] [added: options (for use from November 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10wwwfy23nqsoagreement.htm)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | 001-04423 | | | | | | [removed: 10(f)(f)(f)] [added: 10(w)(w)(w)] | | | | | | [removed: December 16, 2015] [added: March 1, 2023] | | |

| 3(c) | | | | | | [Certificate of Designations of Series A Junior Participating Redeemable Preferred Stock of HP Inc. (included in Exhibit 3(a)).](https://www.sec.gov/Archives/edgar/data/47217/000004721724000032/hpinc-restatedcertificateo.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 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.](https://www.sec.gov/Archives/edgar/data/47217/000104746906008140/a2171005zex-4_9.htm) | | | | | | S-3 | | | | | | 333-134327 | | | | | | 4.9 | | | | | | June 7, 2006 | | |

| 4(j) | | | | | | [Form of 1.450% notes due 2026 and 2.650% notes due 2031 (included in Exhibit 4(j)).](https://www.sec.gov/Archives/edgar/data/47217/000114036121021509/brhc10025928_ex4-2.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 4(p) | | | | | | [Form of 4.750% notes due 2029 (included in Exhibit 4(o)).](https://www.sec.gov/Archives/edgar/data/47217/000114036122032608/brhc10041647_ex4-2.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| 10(d)(d)(d) | | | | | | [Registrant’s Fourth Amended and Restated 2004 Stock Incentive Plan.*](https://www.sec.gov/Archives/edgar/data/47217/000004721724000032/fourthamendedandrestatedhp.htm) | | | | | | 8-K | | | | | | 001-04423 | | | | | | 10.1 | | | | | | April 25, 2024 | | |

| 19 | | | | | | [Insider Trading Policy.†](https://www.sec.gov/Archives/edgar/data/47217/000004721724000080/exhibit19-insidertradingpo.htm) | | | | | | | | | | | | | | | | | | | | | | | | | | |

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| Exhibit Number | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | | | | | | | |

| 2(b) | | | | | | [Transition Services Agreement, dated as of November 1, 2015, by and between Hewlett-Packard Company and Hewlett Packard Enterprise Company.](http://www.sec.gov/Archives/edgar/data/47217/000119312515368382/d86365dex22.htm) | | | | | | 8-K | | | | | | 001-04423 | | | | | | 2.2 | | | | | | November 5, 2015 | | |

| 2(c) | | | | | | [Employee Matters Agreement, dated as of October 31, 2015, by and between Hewlett-Packard Company and Hewlett Packard Enterprise Company.](http://www.sec.gov/Archives/edgar/data/47217/000119312515368382/d86365dex24.htm) | | | | | | 8-K | | | | | | 001-04423 | | | | | | 2.4 | | | | | | November 5, 2015 | | |

| 3(b) | | | | | | [Registrant’s Amendment to the Certificate of Incorporation.](http://www.sec.gov/Archives/edgar/data/47217/000091205701007696/a2040165zex-3_b.txt) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 3(b) | | | | | | March 16, 2001 | | |

| 3(c) | | | | | | [Registrant’s Certificate of Amendment to the Certificate of Incorporation.](http://www.sec.gov/Archives/edgar/data/47217/000119312515350839/d84170dex32.htm) | | | | | | 8-K | | | | | | 001-04423 | | | | | | 3.2 | | | | | | October 22, 2015 | | |

| 3(d) | | | | | | [Registrant’s Certificate of Amendment to the Certificate of Incorporation.](http://www.sec.gov/Archives/edgar/data/47217/000004721716000068/ex3-1_42016.htm) | | | | | | 8-K | | | | | | 001-04423 | | | | | | 3.1 | | | | | | April 7, 2016 | | |

| 4(a) | | | | | | [Form of Senior Indenture](http://www.sec.gov/Archives/edgar/data/47217/000004721716000095/ex41.htm) | | | | | | S-3 | | | | | | 333-215116 | | | | | | 4.1 | | | | | | December 15, 2016 | | |

| 4(b) | | | | | | [Form of Subordinated Indenture.](http://www.sec.gov/Archives/edgar/data/47217/000004721716000095/ex42.htm) | | | | | | S-3 | | | | | | 333-215116 | | | | | | 4.2 | | | | | | December 15, 2016 | | |

| 4(d) | | | | | | Form of Registrant’s 4.650% Global Note due December 9, 2021 and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [4.3](http://www.sec.gov/Archives/edgar/data/47217/000110465911068991/a11-31142_7ex4d3.htm) and [4.4](http://www.sec.gov/Archives/edgar/data/47217/000110465911068991/a11-31142_7ex4d4.htm) | | | | | | December 12, 2011 | | |

| 4(n) | | | | | | [Registration Rights Agreement, dated as of June 16, 2021, by and among the Registrant and Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, as representatives of the Initial Purchasers of the Notes](https://www.sec.gov/Archives/edgar/data/47217/000114036121021509/brhc10025928_ex4-3.htm). | | | | | | 8-K | | | | | | 001-04423 | | | | | | 4.3 | | | | | | June 21, 2021 | | |

| 4(r) | | | | | | Form of 5.500% notes due 2033 and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-3.htm) and [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-4.htm) | | | | | | June 21, 2022 | | |

| 4(s) | | | | | | [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.](https://www.sec.gov/Archives/edgar/data/47217/000114036122032608/brhc10041647_ex4-2.htm) | | | | | | 8-K | | | | | | 001-04423 | | | | | | 4.2 | | | | | | September 7, 2022 | | |

| 10(a) | | | | | | [Registrant’s 2004 Stock Incentive Plan.*](http://www.sec.gov/Archives/edgar/data/47217/000004721704000016/ex4-1_031804.htm) | | | | | | S-8 | | | | | | 333-114253 | | | | | | 4.1 | | | | | | April 7, 2004 | | |

| 10(e) | | | | | | [Form of Agreement Regarding Confidential Information and Proprietary Developments (Texas).*](http://www.sec.gov/Archives/edgar/data/47217/000104746908002445/a2183022zex-10_oo.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(o)(o) | | | | | | March 10, 2008 | | |

| 10(f) | | | | | | [Form of Stock Option Agreement for Registrant’s 2004 Stock Incentive Plan.*](http://www.sec.gov/Archives/edgar/data/47217/000104746908002445/a2183022zex-10_pp.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(p)(p) | | | | | | March 10, 2008 | | |

| 10(g) | | | | | | [Form of Common Stock Payment Agreement for Registrant’s 2000 Stock Plan.*](http://www.sec.gov/Archives/edgar/data/47217/000104746908007277/a2185913zex-10_uu.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(u)(u) | | | | | | June 6, 2008 | | |

| 10(j) | | | | | | [Form of Agreement Regarding Confidential Information and Proprietary Developments (California—new hires).*](http://www.sec.gov/Archives/edgar/data/47217/000104746910010444/a2201180zex-10_jjj.htm) | | | | | | 10-K | | | | | | 001-04423 | | | | | | 10(j)(j)(j) | | | | | | December 15, 2010 | | |

| 10(k) | | | | | | [Form of Agreement Regarding Confidential Information and Proprietary Developments (California—current employees).*](http://www.sec.gov/Archives/edgar/data/47217/000104746910010444/a2201180zex-10_kkk.htm) | | | | | | 10-K | | | | | | 001-04423 | | | | | | 10(k)(k)(k) | | | | | | December 15, 2010 | | |

| 10(n) | | | | | | [Form of Stock Notification and Award Agreement for long-term cash awards.*](http://www.sec.gov/Archives/edgar/data/47217/000104746914002153/a2218511zex-10_ww.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(w)(w) | | | | | | March 11, 2014 | | |

| 10(z) | | | | | | [Form of Stock Notification and Award Agreement for awards of performance-contingent non-qualified stock options (launch grant).*](http://www.sec.gov/Archives/edgar/data/47217/000104746916010678/a2227395zex-10_pp.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(p)(p) | | | | | | March 3, 2016 | | |

| 10(d)(d)(d) | | | | | | [Form of Grant Agreement for grants of performance-contingent non-qualified stock options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721721000012/a10ccccfy21pcsoagrmntfinal.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(c)(c)(c)(c) | | | | | | March 5, 2021 | | |

| 10(j)(j)(j) | | | | | | [Form of Grant Agreement for grants of restricted stock units (for use from November 16, 2021).*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000013/a10jjjfy22rsuagreementfinal.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(j)(j)(j) | | | | | | March 7, 2022 | | |

| 10(k)(k)(k) | | | | | | [Form of Retention Grant Agreement for grants of restricted stock units (for use from November 16, 2021).*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000013/akkfy22rsuretentionagreeme.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(k)(k)(k) | | | | | | March 7, 2022 | | |

| 10(l)(l)(l) | | | | | | [Form of Grant Agreement for grants of non-qualified stock options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000013/a10lllfy22nqsoagreementfin.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(l)(l)(l) | | | | | | March 7, 2022 | | |

| 10(m)(m)(m) | | | | | | [Form of Retention Grant Agreement for grants of non-qualified stock options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000013/a10mmmfy22nqsoretentionagr.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(m)(m)(m) | | | | | | March 7, 2022 | | |

| 10(n)(n)(n) | | | | | | [Form of Grant Agreement for grants of performance-adjusted restricted stock units (for use from November 16, 2021).*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000013/a10nnnfy22parsuagreementfi.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(n)(n)(n) | | | | | | March 7, 2022 | | |

| 10(o)(o)(o) | | | | | | [Form of Grant Agreement for grants of performance-contingent non-qualified stock options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000013/a10ooofy22pcsoagreementfin.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(o)(o)(o) | | | | | | March 7, 2022 | | |

| 10(q)(q)(q) | | | | | | [Amendment Agreement, dated August 23, 2022 to the Five-Year Credit Agreement dated May 26, 2021, by and among HP Inc., the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.](https://www.sec.gov/Archives/edgar/data/47217/000114036122031043/brhc10041191_ex10-1.htm) | | | | | | 8-K | | | | | | 001-04423 | | | | | | 10.1 | | | | | | August 26, 2022 | | |

| 10(u)(u)(u) | | | | | | [Form of Grant Agreement for grants of restricted stock units (for use from November 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10uuufy23rsuagreement.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(u)(u)(u) | | | | | | March 1, 2023 | | |

| 10(v)(v)(v) | | | | | | [Form of Retention Grant Agreement for grants of restricted stock units (for use from November 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10vvvfy23rsuretentionagre.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(v)(v)(v) | | | | | | March 1, 2023 | | |

| 10(w)(w)(w) | | | | | | [Form of Grant Agreement for grants of non-qualified stock options (for use from November 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10wwwfy23nqsoagreement.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(w)(w)(w) | | | | | | March 1, 2023 | | |

| 10(x)(x)(x) | | | | | | [Form of Retention Grant Agreement for grants of non-qualified stock options (for use from November 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10xxxfy23nqsoretentionagr.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(x)(x)(x) | | | | | | March 1, 2023 | | |

| 10(y)(y)(y) | | | | | | [Form of Grant Agreement for grants of performance-adjusted restricted stock units (for use from November 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10zzzfy23pcsoagreement.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(y)(y)(y) | | | | | | March 1, 2023 | | |

| 10(z)(z)(z) | | | | | | [Form of Grant Agreement for grants of performance-contingent non-qualified stock options (for use from November 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10zzzfy23pcsoagreement.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(z)(z)(z) | | | | | | March 1, 2023 | | |

| 10(b)(b)(b)(b) | | | | | | [Form of Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10bbbbrsuagreementplantro.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(b)(b)(b)(b) | | | | | | March 1, 2023 | | |

| 10(c)(c)(c)(c) | | | | | | [Form of Retention Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10ccccrsuretentionagreeme.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(c)(c)(c)(c) | | | | | | March 1, 2023 | | |

| Date: December [removed: 15, 2023] [added: 12, 2024] | | | HP INC. | | | | | |

| | | | | | | [removed: Marie Myers] [added: Karen L. Parkhill] *Chief Financial Officer* | | |

[removed: KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Marie Myers,] [added: Parkhill,] Julie Jacobs and Rick Hansen, 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.

| /s/ ENRIQUE LORES | | | | | | President and Chief Executive Officer and Director (Principal Executive Officer) | | | | | | December [removed: 15, 2023] [added: 12, 2024] | | |

| /s/ [removed: MARIE MYERS] [added: KAREN L. PARKHILL] | | | | | | Chief Financial Officer (Principal Financial Officer) | | | | | | December [removed: 15, 2023] [added: 12, 2024] | | |

| /s/ [removed: JONATHAN P. FAUST] [added: STEPHANIE LIEBMAN] | | | | | | Global Controller (Principal Accounting Officer) | | | | | | December [removed: 15, 2023] [added: 12, 2024] | | |

| /s/ AIDA ALVAREZ | | | | | | Director | | | | | | December [removed: 15, 2023] [added: 12, 2024] | | |