HP (HPQ) 10-K risk factor changes: FY2025 vs FY2024

Our financial performance will depend in part on our ability to remain competitive in offerings geared towards new or emerging market trends, such as artificial [removed: intelligence and] [added: intelligence,] hybrid [removed: consumption.][added: consumption and digital employee experience.]

For example, in fiscal year [removed: 2024] [added: 2025] we experienced [removed: continued demand softness in printing products and solutions] [added: challenges from changing customer behaviors] and we believe we and others in our industry face continuing secular challenges related to, among other things, decreased demand for printing products and solutions as a result of increased [removed: digitization and] [added: digitization,] hybrid work, [removed: and] increasing competition from generic [removed: alternatives.][added: alternatives and customer preferences shifting from traditional disposable ink cartridge printers to refillable big tank printers.]

We also [removed: need] [added: seek] to ensure our existing offerings in this space, such as managed services and print software, remain sufficiently [removed: differentiated.][added: differentiated and profitable.]

Our efforts to mitigate the impact of these challenges, such as by seeking to increase our margin and market [removed: share] [added: share, particularly in big tank printers,] and drive demand in [added: software and] subscription services [removed: and] [added: or] other recurring-revenue based business models, [added: offering higher profitability,] may not be [removed: successful, and shifting to recurring-revenue based business may require us to forego upfront revenue.][added: successful.]

Even if we successfully develop new products, [removed: solutions and technologies,] future products, solutions and technologies, including those created by our competitors, may eventually supplant ours if we are unable to keep pace with technological advances and end-user requirements and preferences and timely enhancement of our existing products and technologies or develop new ones.

[removed: Moreover, new products and services may not be profitable, and even] [added: Even] if they are profitable, the operating margins may not be as high as the historical or anticipated margins.

We believe the proliferation of AI, especially as it relates to our product and solutions offerings, will [added: continue to] have a significant impact on customer preferences and market dynamics in our industry, and our ability to effectively compete in this space will be critical to our financial performance.

Moreover, our actions to drive demand to AI products may result in cannibalization of demand for our traditional, non-AI [removed: products.][added: products, which may result in lower net revenues and/or profit margins.]

These deficiencies and other failures of AI [removed: systems] [added: systems, or the use of AI systems,] could subject us to competitive harm, regulatory action, legal liability, including under new proposed legislation regulating AI in jurisdictions such as the U.S. and European Union, new applications of existing data protection, privacy, intellectual property, and other laws, and brand or reputational harm.

If we enable or offer AI products or solutions or implement AI capabilities in our internal operations that are controversial because of their impact on human rights, the environment, [added: competition,] privacy, employment, or other social, economic, or political issues, we may experience brand or reputational harm or greater employee attrition.

Third-party suppliers may have limited financial resources to withstand challenging business conditions, particularly as a result of increased interest [removed: rates or] [added: rates,] emerging market [removed: volatility,] [added: volatility or changes in global trade policies, or global pandemics or other public health crises,] and our business could be negatively impacted if key suppliers are forced to cease or limit their operations.

We also have experienced, and may experience in the future, gross margin declines in certain businesses, reflecting the effect of competitive pricing pressures and increases in component and manufacturing [removed: costs] [added: costs,] resulting from [added: market dynamics, especially increasing memory and storage costs and potential supply chain constraints in our Personal Systems business, and] higher labor and material costs borne by our manufacturers and suppliers that we are unable to pass on to our customers.

- *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, regulatory [added: or other trade] restrictions on specific components in certain markets, other problems experienced by suppliers or problems we face during the transition to new suppliers.

If shortages or delays in component products occur, the price of certain components may increase, we may be exposed to quality issues, [added: we may be required to change suppliers] or the components may not be available at all.

Our ability to manage the costs associated with engaging a contingent workforce may be impacted by evolving local labor [removed: rights] laws.

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 [removed: environmentally, socially or legally] responsible practices and sourcing, including sub-tier sourcing.

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

[removed: The loss of, deterioration of our relationship] with, or limits in allocation by, a single-source supplier, or any unilateral modification to the contractual terms under which we are supplied components by a single-source supplier could adversely affect our business and financial performance.

The success of our services business (such as our managed print [added: and device] services, [added: lifecycle services,] digital services, consumer subscriptions and other [removed: workforce] services [removed: in] [added: and solutions for] both Printing and Personal Systems) depends to a significant degree on attracting, retaining, and maintaining or increasing the level of revenues from our customers.

Any increased or unexpected costs or unanticipated delays in connection with the performance of these contracts, [added: such as increased costs resulting from new or increased tariffs or other trade restrictions,] which may increase as services become more customized, [added: have in the past made, and] could [removed: make] [added: in the future make,] these agreements less profitable or unprofitable.

Certain service-oriented business models, such as the “device as a service” model under which customers [removed: rent] [added: are provided with] 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.

As a result, we may invest less in certain areas of our business than our competitors, and our competitors may have [removed: greater financial, technical and marketing resources available for their products and services, compared to the resources allocated to]

[added: greater financial, technical and marketing resources available for their products and services, compared to the resources allocated to] our competing products and services, or greater economies of scale, which could in turn result in our loss of market share.

Many of our products and services, including those which incorporate AI capabilities, are dependent on third-party software, including from Microsoft and Google, to function as intended, and product issues also sometimes result from the interaction between our products and [added: software and] third-party products and software.

We are subject to third party claims that we or customers indemnified by us are infringing upon [removed: such parties’] IP rights.

We have seen an increasing trend of patent assertion entities and operating companies with licensing businesses engaging in claims of infringement and assertion of patents to extract settlements [removed: to avoid significant business disruption,] including the assertion of patents related to standardized technologies, such as Wi-Fi or video.

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

If we cannot or do not license allegedly infringed IP at all or on reasonable terms, or if we are required to substitute technology from another [removed: source,] [added: source or disable allegedly IP protected functionality,] our operations could be adversely affected.

Even if we believe that IP claims are without merit, they can be time-consuming and costly to defend [removed: against] and may divert management’s attention and resources away from our business.

Claims of IP infringement [removed: have and] may require us to redesign affected products, enter into costly settlements or license agreements, pay damage awards, or face [removed: a temporary or permanent] [added: an] injunction prohibiting us from importing, marketing or selling certain products.

For example, [added: during fiscal year 2025] we observed continued market uncertainty, cautious commercial spending on information technology hardware, [added: including in China,] lower discretionary consumer spending, [removed: secular declines in demand for certain products or solutions, including printing products and solutions,] [added: increasing commodity costs,] inflationary pressures, [added: the implementation of tariffs] and [added: other trade restrictions, and] foreign currency fluctuations.

Many of our significant distributors operate on narrow margins and have been negatively affected by business [added: and trade] pressures in the past.

We rely upon patent, copyright, trademark, trade secret and other IP laws in the United States, similar laws in other countries, and agreements with our employees, customers, suppliers and other parties, to establish and maintain IP rights in the products and [removed: services we sell, provide or otherwise use in our operations.]

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

We may not achieve some or all of the expected benefits of our restructuring [added: and other] plans and [removed: our restructuring] [added: such plans] may adversely affect our business.

We have undertaken and may undertake in the future restructuring [added: and other] plans in order to realign our cost [removed: structure] [added: structure, drive customer satisfaction, product innovation] and [removed: to] [added: productivity through artificial intelligence, and] achieve operating efficiencies that we expect to reduce costs, including the [removed: plan announced in November 2022.][added: Fiscal 2023 Plan and our Fiscal 2026 Plan.]

Implementation of any [removed: restructuring plan] [added: such plans] may be costly and disruptive to our business, and we may not be able to obtain the anticipated cost savings, operational improvements and estimated workforce reductions within the projected timing or at all.

Additionally, as a result of [removed: restructuring initiatives,] [added: these plans,] we may experience a loss of continuity, loss of accumulated knowledge and/or inefficiency, loss of key employees and/or other retention issues during transitional periods.

Restructuring [added: and other plans] can require a significant amount of time and focus, which may divert attention from operating and growing our business.

For more information about our restructuring [added: and other] plans, see Note 3, “Restructuring and Other Charges” to our Consolidated Financial Statements in Item 8.

Some of the factors, events and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events or contingencies that could materially and adversely affect us in the future.

While our big tank printers typically have a higher initial margin than our traditional in cartridge printers, they do not result in follow-on sales of high margin traditional ink cartridges and, as a result, may have lower overall device lifetime profitability.

Also, shifting to recurring-revenue based business may require us to forego upfront revenue and invest in platforms and systems that enable subscription sales.

Moreover, new products and services may replace or supersede existing offerings and may not be profitable.

For example, the accelerated rate of innovation of components from our suppliers may result in higher defects or failure of our offerings to perform, which could cause us to incur increased warranty costs, inventory provisions or impairments and could impact future sales.

Proliferating export controls, including controls on certain rare earth elements, designed to limit the diffusion of advanced technology, can impact speed on AI innovation and capabilities by controlling hardware capable of supporting advanced AI technology.

The loss of, deterioration of our relationship

- *International trade restrictions*.

Restrictions on international trade, such as tariffs and other controls on imports or exports of goods, technology or data have and may continue to, materially adversely affect our supply chain.

The impact has been particularly significant for the restrictive measures that apply to countries and regions where we have significant supply chain operations.

Restrictive measures have and may continue to increase the cost of our products and the components and raw materials that go into them, and can require us to take various actions, including changing suppliers, restructuring business relationships and operations, and ceasing to offer and distribute affected products and services.

Changing our business model and supply chain to comply with and seek to offset the impact of new or revised trade restrictions has been, and may continue to be, expensive, time-consuming and disruptive to our business, and may not be successful in offsetting or mitigating these impacts.

The impact of changes we make in this regard will not be immediate, and, even if successful, we expect it will take time for any offsetting impacts to take full effect.

Moreover, such restrictions can be announced with little or no advance notice, which can create additional uncertainty.

For example, we observed a competitive pricing environment, variability in commodity costs, demand softness in Print and demand softness in certain geographic regions in Personal Systems, secular declines in demand for certain products or solutions, including printing products and solutions, inflationary pressures, the imposition of new or increased tariffs and other trade restrictions, and foreign currency fluctuations.

We have also observed significant inflationary trends in memory and storage costs.

Our gross margins are also subject to volatility and downward pressure due to a variety of factors, including: continued industry-wide global product pricing pressures and product pricing actions that we may take in response to such pressures; increased competition; our ability to effectively stimulate demand for certain of our products and services; compressed product life cycles; supply shortages; potential increases in the cost of components; our ability to manage product quality and warranty costs effectively; fluctuations in foreign exchange rates; inflation and other macroeconomic pressures; the imposition of new or increased tariffs and other trade restrictions; and the introduction of new products or services, including new products or services with lower profit margins.

services we sell, provide or otherwise use in our operations.

These factors may inhibit our

- Our due diligence may fail to identify significant issues with the target’s product quality, financial disclosures, accounting

We face increasing attention from the investment community, special interest groups, customers, enforcement authorities and other stakeholders, who may have conflicting views, related to our positions, performance, and disclosures relating to environmental and societal related matters and we are subject to legal and regulatory requirements relating to such positions, performance, and disclosures, which continue to broaden and may be conflicting, both in terms of scope and geography.

Additionally, a failure to adequately meet regulatory expectations may result in the loss of business and reputational impacts, and we periodically are, and in the future could become the target of litigation, investigations or other proceedings initiated by government authorities or private actors alleging that our activities related to environmental and societal matters are anti-competitive, discriminatory or otherwise unlawful.

Moreover, efforts to meet evolving and increasingly divergent stakeholder expectations on environmental and societal and related matters may place a strain on our employees and systems.

Since April 2025, new, substantial tariffs have been imposed on imports to the United States.

In response, several countries have imposed, or threatened to impose, reciprocal tariffs on imports from the United States and other retaliatory measures.

As a result, during fiscal 2025, we experienced higher commodity and tariff costs, which were not fully mitigated by pricing and other actions enacted during the period.

Should these or other proposed tariffs, including potential retaliatory actions imposed by other countries, be implemented and sustained for an extended period of time, as proposed, enacted or otherwise, they may have a significant adverse impact to our results of operations and cash flows to the extent our efforts do not fully mitigate the effects of such tariffs.

There can be no assurance that we will be able to successfully offset or mitigate these impacts.

Additionally, changing our business model and

supply chain to comply with and offset the impact of new or revised trade restrictions has in the past and could in the future be expensive, time-consuming and disruptive to our business.

disruptions to us, our suppliers, vendors, customers and logistics hubs and impact employees’ abilities to live in certain areas, commute or to work from home effectively.

Further, conflicting regulations and a lack of harmonization of legal and regulatory environments across the jurisdictions in which we operate may create enhanced compliance risks and costs.

We have established and publicly announced ESG goals, including our commitments to address climate change, human rights, and digital equity.

In addition, there exists certain “anti-ESG” sentiment among some individuals and government institutions, and we may also face scrutiny, reputational risk, lawsuits or market access restrictions from these parties regarding our ESG initiatives.

If our ESG practices do not meet evolving government, investor or other stakeholder expectations and standards, then our reputation or our attractiveness as an investment, business partner, acquiror, product or service provider or employer could be negatively impacted and we could be subject to litigation or regulatory proceedings.

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

Further, anti-ESG government initiatives may conflict with other regulatory requirements or our stakeholders’ expectations.

We have identified a material 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.

As more fully disclosed in Item 9A, “Controls and Procedures,” under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures and internal control over financial reporting.

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

A material weakness is a deficiency, or a combination of deficiencies, in our internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.

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

This material weakness did not result in any material misstatement of our financial statements.

While this material weakness did not result in a material misstatement of our financial statements, this control deficiency was not remediated as of October 31, 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.

Accordingly, we have determined that this control deficiency constituted a material weakness.

While the Company’s management, under the oversight of the Audit Committee, has taken steps to implement our remediation plan as described more fully in Item 9A, “Controls and Procedures,” the material weakness will not be considered remediated until the enhanced controls operate for a sufficient period of time and management has concluded, through testing, that the related controls are effective.

Furthermore, we can give no assurance that the measures we take will remediate the material weakness.

We can give no assurance that additional material weaknesses will not arise in the future.

Any failure to remediate the material weakness, or the development of new material weaknesses in our internal control over financial reporting, could result in material misstatements in our financial statements and cause us to fail to meet our reporting and financial obligations, which in turn could have a negative impact on our financial condition, results of operations or cash flows, restrict our ability to access the capital markets, require significant resources to correct the material weaknesses or deficiencies, subject us to fines, penalties or judgments, harm our reputation or otherwise cause a decline in investor confidence and cause a decline in the market price of our stock.

Our partner contracts

This section generally discusses the results of operations for the fiscal year ended October 31, [removed: 2024] [added: 2025] compared to the fiscal year ended October 31, [removed: 2023.][added: 2024.]

For a discussion of fiscal year ended October 31, [removed: 2023] [added: 2024] compared to the fiscal year ended October 31, [removed: 2022,] [added: 2023,] 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: 2023.][added: 2024.]

We [added: are focused on driving further growth, recurring revenue and investment in strategic areas and] believe we are well positioned to lead the future of work with our competitive product lineup and enhanced portfolio of hybrid systems, remote-computing solutions, and intelligent print solutions.

We [removed: are consolidating] [added: have consolidated] 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.

- In Personal Systems, we face challenges with a competitive pricing environment, variability in commodity costs, [added: especially increasing memory] and [removed: demand softness in certain geographic regions.][added: storage costs, and the uncertainty of the market’s ability to absorb price increases.]

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

The Fiscal [removed: 2023] [added: 2026] Plan is expected to run [added: for three years] through [added: the] end of fiscal [removed: 2025.][added: year 2028.]

Additionally, we [removed: are reducing] [added: reduced] portfolio complexity, [removed: improving] [added: improved] continuity of supply, and [removed: increasing] [added: increased] our forecast accuracy across our business to drive reduction in our cost of sales and operating expenses.

We also [removed: continued to reduce] [added: reduced] our structural cost through headcount reductions and [removed: are on track to achieve] [added: achieved] our overall headcount reduction goal.

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

For more information on our Fiscal 2023 [added: Plan and Fiscal 2026] Plan, see Note 3, “Restructuring and Other Charges,” to the Consolidated Financial Statements in Item 8 of Part II of this report, which is incorporated herein by reference.

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

[removed: We use] estimates to determine the expected variable consideration for such programs based on historical experience, expected consumer behavior and market conditions.

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

We believe we have recorded adequate provisions for any such matters and, as of October 31, [removed: 2024,] [added: 2025,] it was not reasonably possible that a material loss had been incurred in excess of the amounts recognized in our financial statements.

| | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | | | |

| Products | | | $ | [removed: 50,453] [added: 52,002] | | | | | [removed: 94.2] [added: 94.0] | | % | | | | $ | [removed: 50,660] [added: 50,453] | | | | | [removed: 94.3] [added: 94.2] | | % | | | | $ | [removed: 60,041] [added: 50,660] | | | | | [removed: 95.4] [added: 94.3] | | % |

| Services | | | [removed: 3,106] [added: 3,293] | | | | | | [removed: 5.8] [added: 6.0] | | % | | | | [removed: 3,058] [added: 3,106] | | | | | | [removed: 5.7] [added: 5.8] | | % | | | | [removed: 2,869] [added: 3,058] | | | | | | [removed: 4.6] [added: 5.7] | | % |

| Total net revenue | | | [removed: 53,559] [added: 55,295] | | | | | | 100.0 | | % | | | | [removed: 53,718] [added: 53,559] | | | | | | 100.0 | | % | | | | [removed: 62,910] [added: 53,718] | | | | | | 100.0 | | % |

| Products(1) | | | [removed: 39,952] [added: 41,993] | | | | | | [removed: 79.2] [added: 80.8] | | % | | | | [removed: 40,484] [added: 39,952] | | | | | | [removed: 79.9] [added: 79.2] | | % | | | | [removed: 48,881] [added: 40,484] | | | | | | [removed: 81.4] [added: 79.9] | | % |

| Services(2) | | | [removed: 1,789] [added: 1,910] | | | | | | [removed: 57.6] [added: 58.0] | | % | | | | [removed: 1,726] [added: 1,789] | | | | | | [removed: 56.4] [added: 57.6] | | % | | | | [removed: 1,766] [added: 1,726] | | | | | | [removed: 61.6] [added: 56.4] | | % |

| Total cost of net revenue | | | [removed: 41,741] [added: 43,903] | | | | | | [removed: 77.9] [added: 79.4] | | % | | | | [removed: 42,210] [added: 41,741] | | | | | | [removed: 78.6] [added: 77.9] | | % | | | | [removed: 50,647] [added: 42,210] | | | | | | [removed: 80.5] [added: 78.6] | | % |

| Gross margin | | | [removed: 11,818] [added: 11,392] | | | | | | [removed: 22.1] [added: 20.6] | | % | | | | [removed: 11,508] [added: 11,818] | | | | | | [removed: 21.4] [added: 22.1] | | % | | | | [removed: 12,263] [added: 11,508] | | | | | | [removed: 19.5] [added: 21.4] | | % |

| Research and development | | | [removed: 1,640] [added: 1,602] | | | | | | [removed: 3.1] [added: 2.9] | | % | | | | [removed: 1,578] [added: 1,640] | | | | | | [removed: 2.9] [added: 3.1] | | % | | | | [removed: 1,653] [added: 1,578] | | | | | | [removed: 2.6] [added: 2.9] | | % |

| Selling, general and administrative | | | [removed: 5,658] [added: 5,821] | | | | | | [removed: 10.6] [added: 10.5] | | % | | | | [removed: 5,357] [added: 5,658] | | | | | | [removed: 10.0] [added: 10.6] | | % | | | | [removed: 5,264] [added: 5,357] | | | | | | [removed: 8.4] [added: 10.0] | | % |

| Restructuring and other charges | | | [removed: 301] [added: 405] | | | | | | [removed: 0.5] [added: 0.8] | | % | | | | [removed: 527] [added: 301] | | | | | | [removed: 1.0] [added: 0.5] | | % | | | | [removed: 218] [added: 527] | | | | | | [removed: 0.3] [added: 1.0] | | % |

| Acquisition and divestiture charges | | | [removed: 83] [added: 45] | | | | | | [removed: 0.2] [added: 0.1] | | % | | | | [removed: 240] [added: 83] | | | | | | [removed: 0.4] [added: 0.2] | | % | | | | [removed: 318] [added: 240] | | | | | | [removed: 0.5] [added: 0.4] | | % |

| Amortization of intangible assets | | | [removed: 318] [added: 345] | | | | | | 0.6 | | % | | | | [removed: 350] [added: 318] | | | | | | [removed: 0.7] [added: 0.6] | | % | | | | [removed: 228] [added: 350] | | | | | | [removed: 0.4] [added: 0.7] | | % |

| Total operating expenses | | | [removed: 8,000] [added: 8,218] | | | | | | [removed: 15.0] [added: 14.9] | | % | | | | [removed: 8,052] [added: 8,000] | | | | | | 15.0 | | % | | | | [removed: 7,704] [added: 8,052] | | | | | | [removed: 12.2] [added: 15.0] | | % |

| Earnings from operations | | | [removed: 3,818] [added: 3,174] | | | | | | [removed: 7.1] [added: 5.7] | | % | | | | [removed: 3,456] [added: 3,818] | | | | | | [removed: 6.4] [added: 7.1] | | % | | | | [removed: 4,559] [added: 3,456] | | | | | | [removed: 7.2] [added: 6.4] | | % |

| Interest and other, net | | | [removed: (539)] [added: (506)] | | | | | | [removed: (1.0)] [added: (0.9)] | | % | | | | [removed: (519)] [added: (539)] | | | | | | [removed: (0.9)] [added: (1.0)] | | % | | | | [removed: (235)] [added: (519)] | | | | | | [removed: (0.4)] [added: (0.9)] | | % |

| Earnings before taxes | | | [removed: 3,279] [added: 2,668] | | | | | | [removed: 6.1] [added: 4.8] | | % | | | | [removed: 2,937] [added: 3,279] | | | | | | [removed: 5.5] [added: 6.1] | | % | | | | [removed: 4,324] [added: 2,937] | | | | | | [removed: 6.8] [added: 5.5] | | % |

| (Provision for) benefit from taxes | | | [removed: (504)] [added: (139)] | | | | | | [removed: (0.9)] [added: (0.2)] | | % | | | | [removed: 326] [added: (504)] | | | | | | [removed: 0.6] [added: (0.9)] | | % | | | | [removed: (1,192)] [added: 326] | | | | | | [removed: (1.9)] [added: 0.6] | | % |

| Net earnings | | | $ | [removed: 2,775] [added: 2,529] | | | | | [removed: 5.2] [added: 4.6] | | % | | | | $ | [removed: 3,263] [added: 2,775] | | | | | [removed: 6.1] [added: 5.2] | | % | | | | $ | [removed: 3,132] [added: 3,263] | | | | | [removed: 4.9] [added: 6.1] | | % |

[removed: *Net Revenue*][added: Net Revenue]

In fiscal year [removed: 2024,] [added: 2025,] total net revenue [removed: decreased 0.3% (decreased 0.2%] [added: increased 3.2% (increased 3.7%] on a constant currency basis) as compared to the prior-year period.

Net revenue from the United States [removed: decreased 0.2% and remained at $18.8] [added: increased 2.2% to $19.2] billion, and outside of the United States [removed: decreased 0.3%] [added: increased 3.8%] to [removed: $34.8] [added: $36.1] billion.

[removed: *Gross Margin*][added: Gross Margin]

In fiscal year [removed: 2024,] [added: 2025,] gross margin [removed: increased] [added: decreased] by [removed: 0.7] [added: 1.5] percentage [removed: points,] [added: points] primarily driven by products gross margin due to [removed: lower supply chain] [added: higher commodity and tariff] costs, [added: mix shifts towards Personal Systems] and [removed: cost savings, including Future Ready transformation savings,] [added: unfavorable currency impacts,] partially offset by [removed: competitive] [added: disciplined] pricing [removed: in Printer hardware and Personal Systems,] [added: actions] and [removed: mix shifts towards Personal Systems while services gross margin decreased.][added: cost savings including Future Ready transformation savings.]

[removed: *Operating Expenses*][added: Operating Expenses]

Since April 2025, new, substantial tariffs have been imposed on imports to the United States.

We continue to evaluate and implement further mitigating actions, including potential supply chain resiliency movements and cost and pricing measures, as the tariff environment evolves.

During fiscal year 2025, we experienced higher commodity and tariff costs, which were not fully mitigated by pricing and other actions enacted during the period.

We anticipate commodity cost pressure to continue, including recent inflationary trends in memory and storage costs and potential supply constraints in our Personal Systems business.

New or sustained changes to tariffs and commodity costs could result in increased supply chain challenges, cost volatility, and consumer and economic uncertainty which may have a significant adverse impact to our results of operations and cash flows to the extent our efforts do not fully mitigate these effects.

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

The Fiscal 2023 Plan, as amended in February 2025, ran through the end of fiscal year 2025 and exceeded our overall program savings target.

In November 2025, we announced our new plan to drive customer satisfaction, product innovation, and productivity through AI adoption and enablement (the “Fiscal 2026 Plan”).

We use

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

The increase in net revenue was primarily driven by products net revenue due to increased units in Personal Systems as well as an increase in services net revenue due to support services on hardware devices, partially offset by a decline in Printing net revenue and unfavorable currency impacts.

Services gross margin decreased due to unfavorable mix shifts.

R&D expense decreased 2.3% in fiscal year 2025, primarily due to disciplined cost savings.

Amortization of intangible assets increased in fiscal year 2025 primarily due to impairment charges of $65 million related to acquired customer contracts, customer lists and distribution agreements within the Printing segment and $27 million of technology and patents within the Corporate Investments segment.

Interest and other, net decreased $33 million in the fiscal year 2025 primarily due to a gain from a single litigation matter that does not relate to HP’s ongoing business operations, lower factoring costs and interest expense on debt, partially offset by unfavorable currency impacts.

The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to decreases in uncertain tax positions.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted into law in the United States.

This legislation introduces several measures, including the permanent extension of select provisions from the Tax Cuts and Jobs Act, revisions to the international tax framework, and the reinstatement of favorable tax treatment for certain business-related items.

The OBBBA contains multiple effective dates, with key provisions beginning in our fiscal year 2026.

The increase in ASPs is primarily due to favorable mix shift towards Commercial PS and disciplined pricing, partially offset by unfavorable currency impact.

Commercial PS net revenue increased 7.7% primarily due to a 6.4% increase in units due to market expansion and a 2.7% increase in ASPs.

Consumer PS net revenue increased 3.6% primarily due to by a 2.3% increase in ASPs and a 1.2% increase in units.

Gross margin decreased primarily due to higher commodity and tariff costs, partially offset by disciplined pricing actions.

*Fiscal year 2025 compared with fiscal year 2024*

Printer hardware ASPs decreased primarily due to unfavorable mix shifts towards Consumer Printing and unfavorable currency impacts.

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

The increase in DOS was primarily due to higher Personal Systems volume driven by Windows-based PC operating system refresh demand, tariff mitigation and supply chain resiliency actions.

The increase in DPO was primarily due to higher purchasing volumes.

| | | | 2025 | | | | | | 2024 | | | | | | | | |

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

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

| Principal payments on debt(1) | | | $ | 9,688 | | | | | $ | 831 | | | | | $ | 8,857 | | | | | | | | | | | | | |

| Interest payments on debt(2) | | | 2,775 | | | | | | 406 | | | | | | 2,369 | | | | | | | | | | | | | | |

| Purchase obligations(3) | | | 1,085 | | | | | | 509 | | | | | | 576 | | | | | | | | | | | | | | |

| Operating lease obligations | | | 1,387 | | | | | | 474 | | | | | | 913 | | | | | | | | | | | | | | |

| Total | | | $ | 14,970 | | | | | $ | 2,236 | | | | | $ | 12,734 | | | | | | | | | | | | | |

*Retirement and Post-Retirement Benefit Plan Contributions*

*Cost Savings Plans*

*Uncertain Tax Positions*

We 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.

We believe our ability to innovate will help us gain momentum in growth areas like hybrid systems and gaming, and we see significant opportunities to drive greater recurring revenues across Personal Systems and Printing.

Our Workforce Solutions organization drives integration across our commercial services, software and security portfolio.

We continue to build on strong portfolios like Instant Ink to grow our Consumer Subscription business.

In Industrial Graphics, we are driving the shift from analog to digital in segments like labels and packaging.

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

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.

The three key elements of our Fiscal 2023 Plan are digital transformation, portfolio optimization, and operational efficiency.

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

Material changes in our estimates of cash, working capital and long-term investment requirements in the various jurisdictions in which we do business could impact how future earnings are repatriated to the United States, and our related future effective tax rate.

| Russia exit charges | | | — | | | | | | — | | % | | | | — | | | | | | — | | % | | | | 23 | | | | | | — | | % |

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.

Amortization of intangible assets decreased in fiscal year 2024 and relates to intangible assets resulting from acquisitions.

Interest and other, net increased $20 million in the fiscal year 2024 primarily due to the net gain on extinguishment of debt as well as retirement benefits associated with our Enhanced Early Retirement (“EER”) program recorded in the prior year period, partially offset by lower interest expense on debt.

The effective tax rate differs from the U.S. federal statutory rate of 21% primarily due to impacts of changes in valuation allowances and favorable tax rates associated with certain earnings from HP’s operations in lower-tax jurisdictions throughout the world.

In December 2021, the Organisation for Economic Co-operation and Development (the “OECD”) introduced model rules for a global minimum tax framework known as (“BEPS Pillar Two”).

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.

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.

Future changes to this organizational structure may result in changes to the segments disclosed.

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.

Consumer PS net revenue decreased 2.4% driven by a 2.5% decrease in ASPs and a 0.3% decrease in units due to demand softness, especially in China.

Gross margin increased primarily due to lower supply chain cost, favorable mix shifts as well as Future Ready transformation savings, partially offset by competitive pricing.

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

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

Printer hardware ASPs decreased primarily due to competitive pricing, particularly from our Japanese competitors benefiting from a favorable foreign currency environment, and mix shifts.

Operating expenses as a percentage of revenue increased primarily due to higher go-to-market initiatives, partially offset by disciplined cost management including Future Ready transformation savings.

The increase in DOS is primarily due to strategic buys in Personal Systems and higher in-transit shipments.

The increase in DPO as compared to prior-year period, was primarily due to higher manufacturing volumes in Personal Systems as well as favorable changes in payment terms.

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.

For more information on our outstanding debt, see Note 11, “Borrowings”, to the Consolidated Financial Statements in Item 8 of Part II of this report, which is incorporated herein by reference.

| Principal payments on debt(1) | | | $ | 9,717 | | | | | $ | 1,406 | | | | | $ | 8,311 | | | | | | | | | | | | | |

| Interest payments on debt(2) | | | 2,724 | | | | | | 404 | | | | | | 2,320 | | | | | | | | | | | | | | |

| Purchase obligations(3) | | | 1,366 | | | | | | 896 | | | | | | 470 | | | | | | | | | | | | | | |

| Operating lease obligations | | | 1,361 | | | | | | 513 | | | | | | 848 | | | | | | | | | | | | | | |

We transact business in over 40 currencies worldwide, of which the most significant foreign currencies to our operations for fiscal year [removed: 2024] [added: 2025] were Euro, Chinese yuan renminbi, Japanese yen and British pound.

We have performed sensitivity analyses as of October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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 as of October 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

The sensitivity analyses indicated that a hypothetical 10% adverse movement in foreign currency exchange rates would result in a foreign exchange loss of [removed: $94] [added: $134] million and [removed: $133] [added: $94] million as of October 31, [removed: 2024] [added: 2025] and October 31, [removed: 2023,] [added: 2024,] respectively.

We have performed sensitivity analyses as of October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] 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 as of October 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

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 [removed: $164] [added: $157] million and [removed: $196] [added: $164] million as of October 31, [removed: 2024] [added: 2025] and October 31, [removed: 2023,] [added: 2024,] respectively.

[Table of [removed: Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)][added: Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)]

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

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

[removed: *Corporate Investments*] [added: Corporate Investments] includes certain business incubation [added: projects] and [removed: investment projects.][added: investments in digital enablement.]

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

Our customers are organized by consumer and commercial groups, and [removed: purchases] [added: sales] of HP products, solutions and services may be fulfilled directly by HP or indirectly through a variety of partners, utilizing their own physical or internet stores or an omnichannel combination of the two, including:

The [added: majority of our overall revenue is made through channel resellers, however, the] mix of our [removed: business] [added: revenue generation] conducted by direct sales or channel sales differs by business and geographic market.

For other customers and for consumers, we typically manage both direct online sales as well as channel [removed: relationships with] [added: relationships, whereby] retailers mainly [removed: targeting] [added: target] consumers and SMBs and commercial resellers mainly [removed: targeting] [added: target] SMBs, mid-market accounts, public sector and large enterprises.

We utilize outsourced manufacturers [removed: (“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, [added: in] some [added: cases, where multiple sources] of [added: supply are not available,] our components are obtained from a single source [removed: due] [added: or limited number of sources if we believe it is advantageous] to [added: do so based on] technology, availability, price, quality or other considerations.

As of October 31, [removed: 2024,] [added: 2025,] our worldwide patent portfolio included over [removed: 22,000] [added: 16,000] patents which expire at various dates, generally 20 years from their original filing dates.

For more information on our sustainability [removed: goals, programs,] [added: strategy] and performance, [removed: including our methodology for calculating progress towards our GHG and other sustainability goals, we refer you to] [added: see] our annual Sustainable Impact Report, available on our website (which is not incorporated by reference herein).

HP employs approximately [removed: 58,000] [added: 55,000] employees [removed: in 59 countries.][added: worldwide.]

[removed: Our aim is] [added: We strive] to [removed: attract and] [added: attract,] retain [added: and advance] exceptional talent by providing engaging work experiences that help our employees thrive.

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

[removed: First, we] [added: We] emphasize [removed: diversity of] [added: different] backgrounds, experience, and perspectives in our senior talent [removed: pipeline,] [added: pipeline] and invest in targeted approaches such as leadership assessments, external education opportunities, coaching, job rotations, and immersive, experiential learning to ensure our executives are equipped to lead HP, both now and in the future.

We also support [removed: talent] [added: employees] through an extensive portfolio of internal and external development programs designed to accelerate [removed: their] career [removed: growth.][added: growth and enhance technical and digital capabilities.]

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

People should be paid equitably for [removed: what they do and how they do it,] [added: their work,] regardless of their gender, race, or other [removed: protected] [added: personal] characteristics.

We benchmark and set pay ranges based on [removed: relevant] market data and consider factors such as an employee’s [removed: role,] [added: role and] experience, [removed: skills,] [added: the location of their job,] and [removed: performance.]

We also regularly review our compensation practices, both in terms of our overall workforce and individual employees, to [removed: make sure] [added: help ensure] our pay is fair and equitable.

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

[removed: In fiscal year 2024, we continued to expand] [added: We have expanded] our annual pay equity assessment to include additional countries representing a majority of our global workforce.

We focus on reducing and effectively managing risks at HP-owned and partner-owned manufacturing [removed: facilities, and injury rates continue to be low.][added: facilities.]

Throughout the year, we encourage healthy behaviors across [removed: our] [added: the] five pillars of [removed: wellness—physical, financial, emotional, life balance, and social/community—through] [added: wellness through] regular communications, educational sessions, voluntary progress tracking, [removed: wellness] [added: personal] challenges, and other incentives.

[removed: Our campaign this year, “Elevate Your Everyday,” encouraged employees to challenge themselves to embrace new experiences] [added: In addition, we provide specialized programs] and [removed: opportunities for personal development,] [added: campaigns,] all with the help of HP-provided mindfulness apps, targeted mental health support, individual assessments, and expanded financial wellbeing programs.

[removed: Alex Cho;] [added: Ketan Patel;] age [removed: 52;] [added: 51;] President, Personal Systems

Julie Jacobs; age [removed: 58;] [added: 59;] Chief Legal Officer and General Counsel

Enrique Lores; age [removed: 59;] [added: 60;] President and Chief Executive Officer

David McQuarrie; age [removed: 49;] [added: 50;] Chief Commercial Officer

Anneliese Olson; age [removed: 53; President of] [added: 54; President,] Imaging, Printing & Solutions

Previously, she served as Senior Vice President & Managing Director, North America [removed: Market,] [added: Market since September 2023,] and prior to that as Senior Vice President & Chief Operating Officer, Worldwide [removed: Print.][added: Print from November 2019 to April 2022.]

Parkhill; age [removed: 59;] [added: 60;] Chief Financial Officer

We provide lifecycle services including support and deployment, configurations, and extended warranty services.

We support a multi-operating system and multi-architecture strategy, primarily using Microsoft Windows and Google Chrome operating systems.

Our platforms incorporate processors from Intel, and AMD, including integrated AI acceleration, as well as NVIDIA GPUs for advanced graphics and compute workloads.

Sustainable Impact Activities

Our Sustainable Impact strategy focuses on empowering customers, enhancing our value chain, and advancing societal impact.

Together, they power HP’s innovation and perspectives to create breakthrough technologies and transformative solutions that we believe will drive our long-term success.

We take action to address their ideas, suggestions, and concerns collected through our employee surveys and pulse polls and continue to be certified as a Great Place to Work.

*Inclusion*

Innovation at HP comes from the different perspectives, backgrounds, knowledge, and experiences of our employees that make up our globally connected workforce.

We aim for an inclusive workforce that allows us to remain responsive to the marketplace, driving innovation to meet their evolving needs.

Supported by leadership, the company’s global inclusion strategy focuses on locally implemented processes, while maintaining organizational consistency with policies, practices, and services.

Programs, strategic partnerships, and Business Resource Groups are key components of our strategy to attract, develop, and retain talent and provide the foundation for a positive culture of inclusion and respect.

performance.

HP is committed to the health and safety of our employees through robust training programs, clear communication of standards, and leadership engagement.

Our global wellness program is designed to serve the needs of our evolving workforce and culture through opportunities for employees to prioritize wellness across five pillars of well-being: emotional, financial, life balance, physical health, and social and community.

Manpreet S.

Grewal; age 46; Chief Accounting Officer and Global Controller

Mr. Grewal has served as Chief Accounting Officer and Global Controller since July 2025.

Previously, he served as Vice President, Controller & Chief Accounting Officer at United States Steel Corporation, a provider of steel products and solutions to various industries, since March 2020.

Prior to U.S. Steel, Mr. Grewal served as Vice President, Controller and Chief Accounting Officer at Covanta, a renewable energy and waste management company, from 2017 to March 2020.

Mr. Patel has served as President, Personal Systems since November 2025 and has over 20 years of experience at the Company.

Most recently, he served as Senior Vice President and Chief Operating Officer, Global Personal Systems, since November 2022 and prior to that, as SVP and Managing Director of HP’s India Market since August 2020, as well as numerous other leadership positions in the Personal Systems business.

Personal Systems includes support and deployment, configurations and extended warranty services and maintains multi-operating system and multi-architecture strategies using Microsoft Windows and Google Chrome operating systems, and predominantly uses processors from Intel, AMD, and NVIDIA.

Like other participants in the information technology (“IT”) industry, we ordinarily acquire materials and components through a combination of blanket and scheduled purchase orders to support our demand requirements for periods averaging 90 to 120 days.

We also may 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.

Sustainability and Environmental, Social, and Governance Activities

Our Sustainable Impact goals reflect our efforts to tackle key issues in Climate, Human Rights, and Digital Equity.

Together, they power HP innovation by applying their diverse skills and perspectives to create transformative solutions for our partners and customers worldwide.

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 achieve their career aspirations.

In fiscal year 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 in our internal inclusion index, and employees demonstrated their engagement by providing a high volume of written comments in this year’s survey.

Beyond the annual survey, we regularly seek out employee feedback through a variety of pulse polls and take action to address their ideas, suggestions, and concerns.

We are committed to the continuous growth of employees.

We provide enterprise-wide skill development solutions and resources that focus on the critical skills all employees need to perform at their best in their jobs today and in the future.

In partnership with industry thought partners and internal experts, HP offers learning opportunities in key areas such as software development, artificial intelligence, data science, product management, communications, change agility, and strategic thinking.

HP prioritizes skill development experiences that accommodate employee-specific needs and demanding schedules, with an emphasis on learning that drives immediate application and measurable behavior change.

*Hybrid Work Strategy*

At HP, hybrid work balances workplace flexibility with time working together to collaborate and connect in person at our sites.

Our goal is to provide the ability to work seamlessly across a diverse ecosystem of workplaces, enabled by enhanced tools and technology designed to optimize productivity and collaboration.

*Diversity, Equity, and Inclusion*

We strive to create an inclusive workplace where everyone can bring their unique perspectives to work and reach their full potential.

This commitment is at the heart of our innovation model, where people with diverse 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 all employees.

We continue to work on removing barriers through external hiring and outreach and by providing internal programs and development opportunities and training for managers on inclusive leadership.

The independent analysis did not reveal any systemic issues and we addressed areas of potential concern as part of our off-cycle compensation process.

We sponsor a global wellness program designed to enhance wellbeing for all HP employees.

In addition to our regular annual wellbeing programs, we provide specialized programs and campaigns in line with employee needs at the time.

Mr. Cho has served as President, Personal Systems since June 2018.

From 2014 to 2018, Mr. Cho served as Global Head and General Manager of Commercial Personal Systems.

Prior to that role, Mr. Cho served as the Vice President and General Manager of the LaserJet Supplies team from 2010 to 2014.

Stephanie Liebman; age 55; Global Controller

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.

Kristen Ludgate; age 62; Chief People Officer

Ms. Ludgate has served as Chief People Officer since July 2021.

Previously, Ms. Ludgate served as Executive Vice President and Chief Human Resources Officer at 3M, a global technology company, from June 2018 until July 2021.

Ms. Ludgate held a wide range of leadership positions during her 17 years with 3M, leading global teams in human resources, legal, compliance, and communications.

The aggregate market value of the registrant’s common stock held by non-affiliates was [removed: $27,487,738,771] [added: $24,121,817,659] based on the last sale price of common stock as of April 30, [removed: 2024.][added: 2025.]

The number of shares of HP Inc. common stock outstanding as of December [removed: 2, 2024] [added: 1, 2025] was [removed: 937,797,736] [added: 917,984,523] shares.

| Portions of the Registrant’s definitive proxy statement related to its [removed: 2025] [added: 2026] Annual Meeting of Stockholders to be filed pursuant to Regulation 14A within 120 days after Registrant’s fiscal year end of October 31, [removed: 2024] [added: 2025] are incorporated by reference into Part III of this Report. | | | | | | III | | |

For the Fiscal Year ended October 31, [removed: 2024][added: 2025]

| | | | [Forward-Looking [removed: Statements](#id9a034a0898b4ad0a633d5a2a47b2cbb_10)] [added: Statements](#i1c2325f687ff4822b85707611093f93f_10)] | | | [removed: [3](#id9a034a0898b4ad0a633d5a2a47b2cbb_10)] [added: [3](#i1c2325f687ff4822b85707611093f93f_10)] | | |

| Item 1. | | | [removed: [Business](#id9a034a0898b4ad0a633d5a2a47b2cbb_16)] [added: [Business](#i1c2325f687ff4822b85707611093f93f_16)] | | | [removed: [5](#id9a034a0898b4ad0a633d5a2a47b2cbb_16)] [added: [5](#i1c2325f687ff4822b85707611093f93f_16)] | | |

| Item 1A. | | | [Risk [removed: Factors](#id9a034a0898b4ad0a633d5a2a47b2cbb_19)] [added: Factors](#i1c2325f687ff4822b85707611093f93f_19)] | | | [removed: [12](#id9a034a0898b4ad0a633d5a2a47b2cbb_19)] [added: [11](#i1c2325f687ff4822b85707611093f93f_19)] | | |

| Item 1B. | | | [Unresolved Staff [removed: Comments](#id9a034a0898b4ad0a633d5a2a47b2cbb_22)] [added: Comments](#i1c2325f687ff4822b85707611093f93f_22)] | | | [removed: [28](#id9a034a0898b4ad0a633d5a2a47b2cbb_22)] [added: [26](#i1c2325f687ff4822b85707611093f93f_22)] | | |

| Item 1C. | | | [removed: [Cybersecurity](#id9a034a0898b4ad0a633d5a2a47b2cbb_25)] [added: [Cybersecurity](#i1c2325f687ff4822b85707611093f93f_25)] | | | [removed: [28](#id9a034a0898b4ad0a633d5a2a47b2cbb_25)] [added: [26](#i1c2325f687ff4822b85707611093f93f_25)] | | |

| Item 2. | | | [removed: [Properties](#id9a034a0898b4ad0a633d5a2a47b2cbb_28)] [added: [Properties](#i1c2325f687ff4822b85707611093f93f_28)] | | | [removed: [29](#id9a034a0898b4ad0a633d5a2a47b2cbb_28)] [added: [27](#i1c2325f687ff4822b85707611093f93f_28)] | | |

| Item 3. | | | [Legal [removed: Proceedings](#id9a034a0898b4ad0a633d5a2a47b2cbb_31)] [added: Proceedings](#i1c2325f687ff4822b85707611093f93f_31)] | | | [removed: [30](#id9a034a0898b4ad0a633d5a2a47b2cbb_31)] [added: [28](#i1c2325f687ff4822b85707611093f93f_31)] | | |

| Item 4. | | | [Mine Safety [removed: Disclosures](#id9a034a0898b4ad0a633d5a2a47b2cbb_34)] [added: Disclosures](#i1c2325f687ff4822b85707611093f93f_34)] | | | [removed: [30](#id9a034a0898b4ad0a633d5a2a47b2cbb_34)] [added: [28](#i1c2325f687ff4822b85707611093f93f_34)] | | |

| Item 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#id9a034a0898b4ad0a633d5a2a47b2cbb_40)] [added: Securities](#i1c2325f687ff4822b85707611093f93f_40)] | | | [removed: [31](#id9a034a0898b4ad0a633d5a2a47b2cbb_40)] [added: [29](#i1c2325f687ff4822b85707611093f93f_40)] | | |

| Item 6. | | | [removed: [Reserved](#id9a034a0898b4ad0a633d5a2a47b2cbb_43)] [added: [Reserved](#i1c2325f687ff4822b85707611093f93f_43)] | | | [removed: [33](#id9a034a0898b4ad0a633d5a2a47b2cbb_43)] [added: [31](#i1c2325f687ff4822b85707611093f93f_43)] | | |

| Item 7. | | | [Management's Discussion and Analysis of Financial Condition and Results of [removed: Operations](#id9a034a0898b4ad0a633d5a2a47b2cbb_46)] [added: Operations](#i1c2325f687ff4822b85707611093f93f_46)] | | | [removed: [34](#id9a034a0898b4ad0a633d5a2a47b2cbb_46)] [added: [32](#i1c2325f687ff4822b85707611093f93f_46)] | | |

| Item 7A. | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#id9a034a0898b4ad0a633d5a2a47b2cbb_76)] [added: Risk](#i1c2325f687ff4822b85707611093f93f_76)] | | | [removed: [48](#id9a034a0898b4ad0a633d5a2a47b2cbb_76)] [added: [45](#i1c2325f687ff4822b85707611093f93f_76)] | | |

| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#id9a034a0898b4ad0a633d5a2a47b2cbb_79)] [added: Data](#i1c2325f687ff4822b85707611093f93f_79)] | | | [removed: [49](#id9a034a0898b4ad0a633d5a2a47b2cbb_79)] [added: [46](#i1c2325f687ff4822b85707611093f93f_79)] | | |

| Item 9. | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#id9a034a0898b4ad0a633d5a2a47b2cbb_175)] [added: Disclosure](#i1c2325f687ff4822b85707611093f93f_181)] | | | [removed: [106](#id9a034a0898b4ad0a633d5a2a47b2cbb_175)] [added: [102](#i1c2325f687ff4822b85707611093f93f_181)] | | |

| Item 9A. | | | [Controls and [removed: Procedures](#id9a034a0898b4ad0a633d5a2a47b2cbb_178)] [added: Procedures](#i1c2325f687ff4822b85707611093f93f_184)] | | | [removed: [106](#id9a034a0898b4ad0a633d5a2a47b2cbb_178)] [added: [102](#i1c2325f687ff4822b85707611093f93f_184)] | | |

| Item 9B. | | | [Other [removed: Information](#id9a034a0898b4ad0a633d5a2a47b2cbb_181)] [added: Information](#i1c2325f687ff4822b85707611093f93f_187)] | | | [removed: [106](#id9a034a0898b4ad0a633d5a2a47b2cbb_181)] [added: [102](#i1c2325f687ff4822b85707611093f93f_187)] | | |

| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#id9a034a0898b4ad0a633d5a2a47b2cbb_184)] [added: Inspections](#i1c2325f687ff4822b85707611093f93f_190)] | | | [removed: [106](#id9a034a0898b4ad0a633d5a2a47b2cbb_184)] [added: [102](#i1c2325f687ff4822b85707611093f93f_190)] | | |

| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#id9a034a0898b4ad0a633d5a2a47b2cbb_190)] [added: Governance](#i1c2325f687ff4822b85707611093f93f_196)] | | | [removed: [107](#id9a034a0898b4ad0a633d5a2a47b2cbb_190)] [added: [103](#i1c2325f687ff4822b85707611093f93f_196)] | | |

| Item 11. | | | [Executive [removed: Compensation](#id9a034a0898b4ad0a633d5a2a47b2cbb_193)] [added: Compensation](#i1c2325f687ff4822b85707611093f93f_199)] | | | [removed: [107](#id9a034a0898b4ad0a633d5a2a47b2cbb_193)] [added: [103](#i1c2325f687ff4822b85707611093f93f_199)] | | |

| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#id9a034a0898b4ad0a633d5a2a47b2cbb_196)] [added: Matters](#i1c2325f687ff4822b85707611093f93f_202)] | | | [removed: [107](#id9a034a0898b4ad0a633d5a2a47b2cbb_196)] [added: [103](#i1c2325f687ff4822b85707611093f93f_202)] | | |

| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#id9a034a0898b4ad0a633d5a2a47b2cbb_199)] [added: Independence](#i1c2325f687ff4822b85707611093f93f_205)] | | | [removed: [107](#id9a034a0898b4ad0a633d5a2a47b2cbb_199)] [added: [103](#i1c2325f687ff4822b85707611093f93f_205)] | | |

| Item 14. | | | [Principal Accounting Fees and [removed: Services](#id9a034a0898b4ad0a633d5a2a47b2cbb_202)] [added: Services](#i1c2325f687ff4822b85707611093f93f_208)] | | | [removed: [108](#id9a034a0898b4ad0a633d5a2a47b2cbb_202)] [added: [104](#i1c2325f687ff4822b85707611093f93f_208)] | | |

| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#id9a034a0898b4ad0a633d5a2a47b2cbb_208)] [added: Schedules](#i1c2325f687ff4822b85707611093f93f_214)] | | | [removed: [109](#id9a034a0898b4ad0a633d5a2a47b2cbb_208)] [added: [105](#i1c2325f687ff4822b85707611093f93f_214)] | | |

| Item 16. | | | [Form 10-K [removed: Summary](#id9a034a0898b4ad0a633d5a2a47b2cbb_214)] [added: Summary](#i1c2325f687ff4822b85707611093f93f_220)] | | | [removed: [115](#id9a034a0898b4ad0a633d5a2a47b2cbb_214)] [added: [111](#i1c2325f687ff4822b85707611093f93f_220)] | | |

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, but not limited 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 Fiscal 2023 Plan [added: and the Fiscal 2026 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 [removed: events] [added: events, including global trade policies,] 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 transactions; and any statements of assumptions underlying any of the foregoing.

- the impact of macroeconomic and geopolitical trends, changes and events, including [added: global trade policies,] the ongoing military [removed: conflicts] [added: conflict] in [removed: Ukraine and] [added: Ukraine, continued instability in] the Middle East or tensions in the Taiwan Strait and South China Sea and the regional and global ramifications of these events;

- volatility in global capital markets and foreign currency, [removed: increases] [added: changes] in benchmark interest rates, the effects of inflation and instability of financial institutions;

- the results of our restructuring plans (including the Fiscal 2023 [added: Plan and Fiscal 2026] Plan), including estimates and assumptions related to the cost (including any possible disruption of HP’s business) and the anticipated benefits of our restructuring plans;

- our aspirations related to [removed: environmental, social] [added: environmental] and [removed: governance] [added: societal] matters;

HP’s [removed: Future Ready] [added: Fiscal 2023] Plan [removed: includes] [added: included] HP's efforts to take advantage of future growth opportunities, including but not limited to, investments to drive growth, investments in our people, improving product mix, driving structural cost savings and other productivity measures.

| October 31, 2025 | | | | | | | | |

HP’s Fiscal 2026 Plan includes HP’s efforts to drive customer satisfaction, product innovation and productivity through artificial intelligence adoption and enablement, and cost savings associated with the Fiscal 2026 Plan represent gross reductions in costs from these measures.

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

Our Chief Information Security Officer [removed: (“CISO”)] [added: (“CISO”), who] has [added: extensive cybersecurity knowledge and skills gained from over 20 years of experience as a CISO at the Company and elsewhere, has] responsibility for HP’s global cybersecurity program, including infrastructure and technology platforms, overseeing governance, regulatory and compliance, operations, strategy, and architecture.

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 [removed: advisory organization that helps HP achieve business objectives and conducts regular assessments, audits, and testing of the cybersecurity program and its associated controls.]

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 October 31, [removed: 2024,] [added: 2025,] we owned or leased approximately [removed: 17.2] [added: 16.9] million square feet of space worldwide, a summary of which is provided below.

| | | | Fiscal year ended October 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | |

| Administration and support | | | 1.9 | | | | | | [removed: 5.3] [added: 5.0] | | | | | | [removed: 7.2] [added: 6.9] | | |

| (Percentage) | | | [removed: 26] [added: 28] | | % | | | | [removed: 74] [added: 72] | | % | | | | 100 | | % |

| [removed: Manufacturing plants,] [added: Manufacturing,] research and development facilities and warehouse operations | | | [removed: 2.5] [added: 2.4] | | | | | | [removed: 4.8] [added: 4.9] | | | | | | 7.3 | | |

| (Percentage) | | | [removed: 34] [added: 33] | | % | | | | [removed: 66] [added: 67] | | % | | | | 100 | | % |

(1)Excludes 2.7 million square feet of vacated space, of which [removed: 1.8] [added: 1.9] million square feet is leased to third parties.

Our [added: global headquarters, including our] principal executive offices, [removed: including our global headquarters, which we lease,] are located at 1501 Page Mill Road, Palo Alto, California, United States.

| [removed: Americas] [added: *Mexico—*Tijuana] *United [removed: States*—Corvallis, San Diego, Boise, Vancouver, Spring,] [added: States*—Boise, Corvallis,] Fort Collins, Fountain [removed: Valley *Mexico—*Tijuana] [added: Valley, Palo Alto, San Diego, Scotts Valley, Spring, Vancouver] | | | | | | [removed: Europe, Middle East, Africa] *Israel—*Kiryat-Gat, Rehovot, Netanya *Spain—*Barcelona | | | [added: | | | *China—* Chongqing, Shanghai *India*—Bangalore *Malaysia—*Penang *Singapore—*Singapore *South Korea—*Pangyo *Taiwan—*Taipei | | |]

| Total(1) | | | 4.3 | | | | | | 9.9 | | | | | | 14.2 | | |

Headquarters

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

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

| Americas | | | | | | Europe, Middle East, Africa | | | | | | Asia Pacific | | |

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

Principal Executive Offices

Headquarters of Geographic Operations

| | | | | | | | | |

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

| 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 Alto, Scotts Valley | | |

As of December [removed: 2, 2024,] [added: 1, 2025,] there were approximately [removed: 45,149] [added: 42,937] stockholders of record.

There were no unregistered sales of equity securities in fiscal year [removed: 2024.][added: 2025.]

In the fourth quarter of fiscal year [removed: 2024,] [added: 2025,] we returned [removed: $0.9] [added: $0.5] billion to shareholders through the repurchase of [removed: 25.4] [added: 18.3] million shares on the open market.

The graph below shows the cumulative total stockholder return assuming the investment of $100 at the market close on October 31, [removed: 2019] [added: 2020] (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: ]

| August 2025 | | | 5,721 | | | | | | $ | 26.22 | | | | | 5,721 | | | | | | $ | 8,761,940 | |

| September 2025 | | | 5,779 | | | | | | $ | 28.17 | | | | | 5,779 | | | | | | $ | 8,599,150 | |

| October 2025 | | | 6,830 | | | | | | $ | 27.41 | | | | | 6,830 | | | | | | $ | 8,411,940 | |

| Total | | | 18,330 | | | | | | | | | | | | 18,330 | | | | | | | | |

| | | | | | | 10/20 | | | | | | 10/21 | | | | | | 10/22 | | | | | | 10/23 | | | | | | 10/24 | | | | | | 10/25 | | |

| HP Inc. | | | | | | $ | 100.00 | | | | | $ | 173.62 | | | | | $ | 162.80 | | | | | $ | 160.88 | | | | | $ | 224.51 | | | | | $ | 182.07 | |

| S&P 500 Index | | | | | | $ | 100.00 | | | | | $ | 142.89 | | | | | $ | 122.00 | | | | | $ | 134.35 | | | | | $ | 185.38 | | | | | $ | 225.10 | |

| S&P Information Technology Index | | | | | | $ | 100.00 | | | | | $ | 146.93 | | | | | $ | 117.16 | | | | | $ | 153.30 | | | | | $ | 231.83 | | | | | $ | 318.88 | |

| 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 | | | | | | | | |

| | | | | | | 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 | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#id9a034a0898b4ad0a633d5a2a47b2cbb_85)] [added: Firm](#i1c2325f687ff4822b85707611093f93f_85)] (PCAOB ID: 42) | | | [removed: [50](#id9a034a0898b4ad0a633d5a2a47b2cbb_85)] [added: [47](#i1c2325f687ff4822b85707611093f93f_85)] | | |

| [Management's Report on Internal Control Over Financial [removed: Reporting](#id9a034a0898b4ad0a633d5a2a47b2cbb_91)] [added: Reporting](#i1c2325f687ff4822b85707611093f93f_91)] | | | [removed: [52](#id9a034a0898b4ad0a633d5a2a47b2cbb_91)] [added: [49](#i1c2325f687ff4822b85707611093f93f_91)] | | |

| [Consolidated Statements of [removed: Earnings](#id9a034a0898b4ad0a633d5a2a47b2cbb_94)] [added: Earnings](#i1c2325f687ff4822b85707611093f93f_94)] | | | [removed: [53](#id9a034a0898b4ad0a633d5a2a47b2cbb_94)] [added: [50](#i1c2325f687ff4822b85707611093f93f_94)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#id9a034a0898b4ad0a633d5a2a47b2cbb_97)] [added: Income](#i1c2325f687ff4822b85707611093f93f_97)] | | | [removed: [54](#id9a034a0898b4ad0a633d5a2a47b2cbb_97)] [added: [51](#i1c2325f687ff4822b85707611093f93f_97)] | | |

| [Consolidated Balance [removed: Sheets](#id9a034a0898b4ad0a633d5a2a47b2cbb_100)] [added: Sheets](#i1c2325f687ff4822b85707611093f93f_100)] | | | [removed: [55](#id9a034a0898b4ad0a633d5a2a47b2cbb_100)] [added: [52](#i1c2325f687ff4822b85707611093f93f_100)] | | |

| [Consolidated Statements of Cash [removed: Flows](#id9a034a0898b4ad0a633d5a2a47b2cbb_103)] [added: Flows](#i1c2325f687ff4822b85707611093f93f_103)] | | | [removed: [56](#id9a034a0898b4ad0a633d5a2a47b2cbb_103)] [added: [53](#i1c2325f687ff4822b85707611093f93f_103)] | | |

| [Consolidated Statements of Stockholders’ [removed: Deficit](#id9a034a0898b4ad0a633d5a2a47b2cbb_106)] [added: Deficit](#i1c2325f687ff4822b85707611093f93f_106)] | | | [removed: [57](#id9a034a0898b4ad0a633d5a2a47b2cbb_106)] [added: [54](#i1c2325f687ff4822b85707611093f93f_106)] | | |

| [Notes to Consolidated Financial [removed: Statements](#id9a034a0898b4ad0a633d5a2a47b2cbb_109)] [added: Statements](#i1c2325f687ff4822b85707611093f93f_109)] | | | [removed: [58](#id9a034a0898b4ad0a633d5a2a47b2cbb_112)] [added: [55](#i1c2325f687ff4822b85707611093f93f_112)] | | |

| [Note 1: Summary of Significant Accounting [removed: Policies](#id9a034a0898b4ad0a633d5a2a47b2cbb_112)] [added: Policies](#i1c2325f687ff4822b85707611093f93f_112)] | | | [removed: [58](#id9a034a0898b4ad0a633d5a2a47b2cbb_112)] [added: [55](#i1c2325f687ff4822b85707611093f93f_112)] | | |

| [Note 2: Segment [removed: Information](#id9a034a0898b4ad0a633d5a2a47b2cbb_115)] [added: Information](#i1c2325f687ff4822b85707611093f93f_115)] | | | [removed: [65](#id9a034a0898b4ad0a633d5a2a47b2cbb_115)] [added: [62](#i1c2325f687ff4822b85707611093f93f_115)] | | |

| [Note 3: Restructuring and Other [removed: Charges](#id9a034a0898b4ad0a633d5a2a47b2cbb_118)] [added: Charges](#i1c2325f687ff4822b85707611093f93f_118)] | | | [removed: [67](#id9a034a0898b4ad0a633d5a2a47b2cbb_118)] [added: [65](#i1c2325f687ff4822b85707611093f93f_118)] | | |

| [Note 4: Retirement and Post-Retirement Benefit [removed: Plans](#id9a034a0898b4ad0a633d5a2a47b2cbb_121)] [added: Plans](#i1c2325f687ff4822b85707611093f93f_121)] | | | [removed: [67](#id9a034a0898b4ad0a633d5a2a47b2cbb_121)] [added: [66](#i1c2325f687ff4822b85707611093f93f_121)] | | |

| [Note 5: Stock-Based [removed: Compensation](#id9a034a0898b4ad0a633d5a2a47b2cbb_127)] [added: Compensation](#i1c2325f687ff4822b85707611093f93f_127)] | | | [removed: [74](#id9a034a0898b4ad0a633d5a2a47b2cbb_127)] [added: [72](#i1c2325f687ff4822b85707611093f93f_127)] | | |

| [Note 6: Taxes on [removed: Earnings](#id9a034a0898b4ad0a633d5a2a47b2cbb_130)] [added: Earnings](#i1c2325f687ff4822b85707611093f93f_136)] | | | [removed: [77](#id9a034a0898b4ad0a633d5a2a47b2cbb_130)] [added: [75](#i1c2325f687ff4822b85707611093f93f_136)] | | |

| [Note 7: Supplementary Financial [removed: Information](#id9a034a0898b4ad0a633d5a2a47b2cbb_133)] [added: Information](#i1c2325f687ff4822b85707611093f93f_139)] | | | [removed: [81](#id9a034a0898b4ad0a633d5a2a47b2cbb_133)] [added: [79](#i1c2325f687ff4822b85707611093f93f_139)] | | |

| [Note 8: Goodwill and Intangible [removed: Assets](#id9a034a0898b4ad0a633d5a2a47b2cbb_139)] [added: Assets](#i1c2325f687ff4822b85707611093f93f_145)] | | | [removed: [86](#id9a034a0898b4ad0a633d5a2a47b2cbb_139)] [added: [84](#i1c2325f687ff4822b85707611093f93f_145)] | | |

| [Note 9: Fair [removed: Value](#id9a034a0898b4ad0a633d5a2a47b2cbb_142)] [added: Value](#i1c2325f687ff4822b85707611093f93f_148)] | | | [removed: [87](#id9a034a0898b4ad0a633d5a2a47b2cbb_142)] [added: [85](#i1c2325f687ff4822b85707611093f93f_148)] | | |

| [Note 10: Financial [removed: Instruments](#id9a034a0898b4ad0a633d5a2a47b2cbb_145)] [added: Instruments](#i1c2325f687ff4822b85707611093f93f_151)] | | | [removed: [89](#id9a034a0898b4ad0a633d5a2a47b2cbb_145)] [added: [87](#i1c2325f687ff4822b85707611093f93f_151)] | | |

| [Note 12: Stockholders’ [removed: Deficit](#id9a034a0898b4ad0a633d5a2a47b2cbb_151)] [added: Deficit](#i1c2325f687ff4822b85707611093f93f_157)] | | | [removed: [96](#id9a034a0898b4ad0a633d5a2a47b2cbb_151)] [added: [93](#i1c2325f687ff4822b85707611093f93f_157)] | | |

| [Note 13: Earnings Per [removed: Share](#id9a034a0898b4ad0a633d5a2a47b2cbb_154)] [added: Share](#i1c2325f687ff4822b85707611093f93f_160)] | | | [removed: [98](#id9a034a0898b4ad0a633d5a2a47b2cbb_154)] [added: [95](#i1c2325f687ff4822b85707611093f93f_160)] | | |

| [Note 14: Litigation and [removed: Contingencies](#id9a034a0898b4ad0a633d5a2a47b2cbb_157)] [added: Contingencies](#i1c2325f687ff4822b85707611093f93f_163)] | | | [removed: [99](#id9a034a0898b4ad0a633d5a2a47b2cbb_157)] [added: [96](#i1c2325f687ff4822b85707611093f93f_163)] | | |

| [Note 15: Guarantees, Indemnifications and [removed: Warranties](#id9a034a0898b4ad0a633d5a2a47b2cbb_160)] [added: Warranties](#i1c2325f687ff4822b85707611093f93f_166)] | | | [removed: [102](#id9a034a0898b4ad0a633d5a2a47b2cbb_160)] [added: [99](#i1c2325f687ff4822b85707611093f93f_166)] | | |

[Table of [removed: Contents](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)[](#id9a034a0898b4ad0a633d5a2a47b2cbb_7)][added: Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)]

We have audited the accompanying consolidated balance sheets of HP Inc. and subsidiaries (the Company) as of October 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of earnings, comprehensive income, stockholders’ deficit and cash flows for each of the three years in the period ended October 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended October 31, [removed: 2024,] [added: 2025,] 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 Company's internal control over financial reporting as of October 31, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated December [removed: 12, 2024] [added: 10, 2025] expressed an [removed: adverse] [added: unqualified] 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: 2024.] [added: 2025.] Auditing the Company’s measurement of [added: certain] variable consideration is especially challenging because the calculation is complex and reflects [removed: management’s] [added: management's] assumptions about expected [removed: future claims activity and changes] [added: customer behavior, considering historical experience. Changes] in those assumptions can have a material effect on the amount of variable consideration recognized. | | |

| *How We Addressed the Matter in Our Audit* | | | [added: We obtained an understanding, evaluated the design, and tested the operating effectiveness of the Company’s internal controls over its measurement of variable consideration, including management’s evaluation of the significant assumptions that have a material effect on the variable consideration.] 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. | | |

We have audited HP Inc. and subsidiaries’ internal control over financial reporting as of October 31, [removed: 2024,] [added: 2025,] 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, [removed: 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) [removed: has not maintained] [added: maintained, in all material respects,] effective internal control over financial reporting as of October 31, [removed: 2024,] [added: 2025,] based on the COSO criteria.

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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of earnings, comprehensive income, stockholders’ deficit and cash flows for each of the three years in the period ended October 31, [removed: 2024,] [added: 2025,] and the related [removed: notes.][added: notes and our report dated December 10, 2025 expressed an unqualified opinion thereon.]

HP’s management assessed the effectiveness of HP’s internal control over financial reporting as of October 31, [removed: 2024,] [added: 2025] utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework (2013 framework).

As previously reported in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, [removed: 2023,] [added: 2024,] we identified a material weakness in internal control over financial reporting.

The material weakness resulted from undue reliance on information generated from certain software solutions affecting [added: various financial statement line items as well as] net revenue without effectively designed [removed: and operating] information technology (“IT”) general [removed: controls,] [added: controls] specifically around user access and change [removed: management.][added: management and job schedule monitoring IT operations.]

The effectiveness of HP’s internal control over financial reporting as of October 31, [removed: 2024] [added: 2025] 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: 12, 2024] [added: 10, 2025] | | | | | | Karen L. Parkhill *Chief Financial Officer* December [removed: 12, 2024] [added: 10, 2025] | | |

| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| [removed: Net revenue] [added: Net revenue] | | | | | | | | | | | | | | | | | |

| Products | | | $ | [removed: 50,453] [added: 52,002] | | | | | $ | [removed: 50,660] [added: 50,453] | | | | | $ | [removed: 60,041] [added: 50,660] | |

| Services | | | [removed: 3,106] [added: 3,293] | | | | | | [removed: 3,058] [added: 3,106] | | | | | | [removed: 2,869] [added: 3,058] | | |

| [Note 11: Borrowings](#i1c2325f687ff4822b85707611093f93f_154) | | | [91](#i1c2325f687ff4822b85707611093f93f_154) | | |

| [Note 16: Commitments](#i1c2325f687ff4822b85707611093f93f_169) | | | [99](#i1c2325f687ff4822b85707611093f93f_169) | | |

| [Note 17: Leases](#i1c2325f687ff4822b85707611093f93f_172) | | | [100](#i1c2325f687ff4822b85707611093f93f_172) | | |

December 10, 2025

[Table of Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)

December 10, 2025

[Table of Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)

As of October 31, 2025, the Company has concluded that the previously identified material weakness was remediated.

Based on the assessment by HP’s management, we determined that HP’s internal control over financial reporting was effective as of October 31, 2025.

[Table of Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)

[Table of Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)

| Net earnings | | | $ | 2,529 | | | | | $ | 2,775 | | | | | $ | 3,263 | |

[Table of Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)

| | | | 2025 | | | | | | 2024 | | |

| Accumulated other comprehensive loss | | | (457) | | | | | | (434) | | |

[Table of Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)

| Net earnings | | | $ | 2,529 | | | | | $ | 2,775 | | | | | $ | 3,263 | |

| Proceeds from business divestitures | | | 66 | | | | | | — | | | | | | — | | |

(1) Includes cash held for sale of $8 million recorded within Other current assets

[Table of Contents](#i1c2325f687ff4822b85707611093f93f_7)[](#i1c2325f687ff4822b85707611093f93f_7)

| Repurchases of common stock (Note 12) | | | (29,623) | | | | | | | | | | | | (62) | | | | | | (791) | | | | | | | | | | | | (853) | | |

| Balance as of October 31, 2025 | | | 921,149 | | | | | | $ | 9 | | | | | $ | 2,129 | | | | | $ | (2,027) | | | | | $ | (457) | | | | | $ | (346) | |

While the adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements, the new guidance resulted in increased disclosures on reportable segments in Note 2 of the Notes to the Consolidated Financial Statements.

HP is required to adopt this guidance for its annual period ending October 31, 2026, which will result in increased disclosures in the Notes to its Consolidated Financial Statements.

*Government Assistance*

HP recognizes government assistance in its financial statements when there is reasonable assurance that the assistance will be received and HP will comply with the specified conditions thereof.

Government assistance related to capital expenditures are deducted from property, plant and equipment, net and recognized in the Consolidated Statements of Earnings as a reduction to depreciation and amortization expense over the remaining useful life of the associated assets.

Government assistance related to income are recognized in the Consolidated Statements of Earnings as a reduction to the related expenses, in the period the expenses are incurred, based on the underlying nature and purpose of the assistance*.*

The Company’s Chief Executive Officer is the Chief Operating Decision Maker (“CODM”).

*Significant Segment Expenses and Operating Results*

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

| Personal Systems | | | $ | 32,877 | | | | | $ | 30,385 | | | | | $ | 30,267 | |

| Printing | | | 10,871 | | | | | | 11,233 | | | | | | 11,847 | | |

| Corporate Investments | | | 58 | | | | | | 48 | | | | | | 10 | | |

| Total segment cost of net revenue | | | $ | 43,806 | | | | | $ | 41,666 | | | | | $ | 42,124 | |

| Personal Systems | | | $ | 3,601 | | | | | $ | 3,557 | | | | | $ | 3,288 | |

| Printing | | | 2,713 | | | | | | 2,815 | | | | | | 2,783 | | |

| Corporate Investments | | | 134 | | | | | | 109 | | | | | | 139 | | |

| Total segment operating expenses | | | $ | 6,448 | | | | | $ | 6,481 | | | | | $ | 6,210 | |

| Restructuring and other charges | | | (405) | | | | | | (301) | | | | | | (527) | | |

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

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

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

December 12, 2024

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements will not be prevented or detected on a timely basis.

The following material weakness has been identified and included in management’s assessment.

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.

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.

This material weakness did not result in any material misstatement of our financial statements.

While this material weakness did not result in a material misstatement of our financial statements, this control deficiency was not remediated as of October 31, 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.

Accordingly, we determined that this control deficiency constituted a material weakness.

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, 2024.

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

| | | | For the fiscal years ended October 31 | | | | | | | | | | | | | | |

| Russia exit charges | | | — | | | | | | — | | | | | | 23 | | |

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

| Balance as of October 31, 2021 | | | 1,092,205 | | | | | | $ | 11 | | | | | $ | 1,060 | | | | | $ | (2,470) | | | | | $ | (245) | | | | | $ | (1,644) | |

| Repurchases of common stock (Note 12) | | | (124,287) | | | | | | (1) | | | | | | (129) | | | | | | (4,117) | | | | | | | | | | | | (4,247) | | |

HP INC. AND SUBSIDIARIES

Early adoption is permitted.

HP is currently evaluating the impact of this guidance on its disclosures.

HP is required to adopt this guidance for its annual period ending October 31, 2025 and all interim periods thereafter.

The selling price for each performance obligation is based on its Standalone Selling Price (“SSP”).

See Note 7, “Supplementary Financial Information” for details on net revenue by region, cost to obtain a contract and fulfillment cost, contract liabilities and value of remaining performance obligations.

Notes to Consolidated Financial Statements (Continued)

Segment Operating Results from Operations and the reconciliation to HP consolidated results were as follows:

| Russia exit charges | | | — | | | | | | — | | | | | | (23) | | |

*Realignment*

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

The realignment resulted in the transfer of LaserJet printers net revenues from Consumer Printing to Commercial Printing.

HP reflected this change to its business unit information in prior reporting periods on an as-if basis which resulted in the reclassification of net revenues from Consumer Printing to Commercial Printing.

The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net earnings per share (“EPS”).

| Malaysia | | | 275 | | | | | | 287 | | |

| Other countries | | | 536 | | | | | | 541 | | |

| Charges | | | — | | | | | | — | | | | | | 193 | | | | | | 193 | | |

| Accrued balance as of October 31, 2024 | | | $ | 120 | | | | | $ | 11 | | | | | $ | 7 | | | | | $ | 138 | |

| Plan amendments | | | — | | | | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | |

[removed: *Material] [added: *Remediation of Previously Reported Material] Weakness*

As previously reported in the Company’s Annual Report on Form 10-K for [removed: the] fiscal year ended October 31, [removed: 2023,] [added: 2024,] we identified a material weakness in internal control over financial reporting.

The material weakness resulted from undue reliance on information generated from certain software solutions affecting [added: various financial statement line items as well as] net revenue without effectively designed information technology (“IT”) general controls specifically around user access and change [removed: management.][added: management and job schedule monitoring IT operations.]

While this material weakness did not result in a material misstatement of our financial statements, there [removed: is] [added: was] a reasonable possibility that it could have resulted in a material misstatement in the Company's annual or interim consolidated financial statements that would not be detected.

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

Other than the material weakness [added: remediation activities] described above, there [removed: have] [added: has] been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of the Evaluation Date such that the information required to be disclosed by us in our SEC reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to HP’s management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

During the quarter ended October 31, 2025, we completed our testing of the operating effectiveness of internal controls impacted by these remediation efforts and determined the material weakness has been remediated as of October 31, 2025.

Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective as of the Evaluation Date due to the unremediated material weakness in our internal control over financial reporting described below.

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.

While we have taken steps to implement our remediation plan, the material weakness will not be considered remediated until the enhanced controls operate for a sufficient period of time and management has concluded, through testing, that the related controls are effective.

The Company will monitor the effectiveness of its remediation plan and refine its remediation plan as appropriate.

On September 4, 2025, Alex Cho, our then President, Personal Systems, adopted a written plan for the sale of up to (i) 86,569 shares of our common stock underlying employee stock options; and (ii) 53,221 shares of our common stock underlying performance adjusted restricted stock units, plus any additional shares that vest based on the achievement of the relevant performance criteria.

The plan is scheduled to commence on December 8, 2025 and is scheduled to expire on December 11, 2025, or on any earlier date on which all of the shares have been sold.

This plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

During the three months ended October 31, 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: 2025] [added: 2026] Annual Meeting of Stockholders to be filed within 120 days after HP’s fiscal year end of October 31, [removed: 2024] [added: 2025] (the “Proxy Statement”) and is incorporated herein by reference:

- Information on HP’s code of business conduct and ethics for directors, officers and employees, also known as “Integrity at HP”, is set forth in the section entitled “Code of Conduct” under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of [removed: Directors” and] [added: Directors,”] information on HP’s Corporate Governance Guidelines is set forth in the sections entitled “How We Are Selected” and “Director Independence” under “Corporate Governance and Board of Directors—Board Proposal No. 1 Election of [removed: Directors.”][added: Directors,” and information required by Item 405 of Regulation S-K under the Exchange Act is set forth in the section entitled “Delinquent Section 16(a) Reports.”]

| [Reports of Independent Registered Public Accounting [removed: Firm](#id9a034a0898b4ad0a633d5a2a47b2cbb_85)] [added: Firm](#i1c2325f687ff4822b85707611093f93f_85)] | | | [removed: [50](#id9a034a0898b4ad0a633d5a2a47b2cbb_85)] [added: [47](#i1c2325f687ff4822b85707611093f93f_85)] | | |

| [Management's Report on Internal Control Over Financial [removed: Reporting](#id9a034a0898b4ad0a633d5a2a47b2cbb_91)] [added: Reporting](#i1c2325f687ff4822b85707611093f93f_91)] | | | [removed: [52](#id9a034a0898b4ad0a633d5a2a47b2cbb_91)] [added: [49](#i1c2325f687ff4822b85707611093f93f_91)] | | |

| [Consolidated Statements of [removed: Earnings](#id9a034a0898b4ad0a633d5a2a47b2cbb_94)] [added: Earnings](#i1c2325f687ff4822b85707611093f93f_94)] | | | [removed: [53](#id9a034a0898b4ad0a633d5a2a47b2cbb_94)] [added: [50](#i1c2325f687ff4822b85707611093f93f_94)] | | |

| [Consolidated Statements of Comprehensive [removed: Income](#id9a034a0898b4ad0a633d5a2a47b2cbb_97)] [added: Income](#i1c2325f687ff4822b85707611093f93f_97)] | | | [removed: [54](#id9a034a0898b4ad0a633d5a2a47b2cbb_97)] [added: [51](#i1c2325f687ff4822b85707611093f93f_97)] | | |

| [Consolidated Balance [removed: Sheets](#id9a034a0898b4ad0a633d5a2a47b2cbb_100)] [added: Sheets](#i1c2325f687ff4822b85707611093f93f_100)] | | | [removed: [55](#id9a034a0898b4ad0a633d5a2a47b2cbb_100)] [added: [52](#i1c2325f687ff4822b85707611093f93f_100)] | | |

| [Consolidated Statements of Cash [removed: Flows](#id9a034a0898b4ad0a633d5a2a47b2cbb_103)] [added: Flows](#i1c2325f687ff4822b85707611093f93f_103)] | | | [removed: [56](#id9a034a0898b4ad0a633d5a2a47b2cbb_103)] [added: [53](#i1c2325f687ff4822b85707611093f93f_103)] | | |

| [Consolidated Statements of Stockholders' [removed: Deficit](#id9a034a0898b4ad0a633d5a2a47b2cbb_106)] [added: Deficit](#i1c2325f687ff4822b85707611093f93f_106)] | | | [removed: [57](#id9a034a0898b4ad0a633d5a2a47b2cbb_106)] [added: [54](#i1c2325f687ff4822b85707611093f93f_106)] | | |

| [Notes to Consolidated Financial [removed: Statements](#id9a034a0898b4ad0a633d5a2a47b2cbb_109)] [added: Statements](#i1c2325f687ff4822b85707611093f93f_109)] | | | [removed: [58](#id9a034a0898b4ad0a633d5a2a47b2cbb_112)] [added: [55](#i1c2325f687ff4822b85707611093f93f_112)] | | |

| 3(a) | | | | | | [removed: [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] [added: [Registrant’s Restated Certificate] of Incorporation](https://www.sec.gov/Archives/edgar/data/47217/000004721724000032/hpinc-restatedcertificateo.htm). | | | | | | 8-K | | | | | | 001-04423 | | | | | | 3.2 | | | | | | April 25, 2024 | | |

| 3(b) | | | | | | [Registrant’s Amended and Restated [removed: Bylaws.](https://www.sec.gov/Archives/edgar/data/47217/000004721724000052/amendedandrestatedbylawsof.htm)] [added: Bylaws.](https://www.sec.gov/Archives/edgar/data/47217/000114036125023655/ef20050909_ex3-1.htm)] | | | | | | 8-K | | | | | | 001-04423 | | | | | | 3.1 | | | | | | June [removed: 17, 2024] [added: 25, 2025] | | |

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

| 4(f) | | | | | | Form of [removed: 2.200%] [added: 3.000%] notes due [removed: 2025] [added: 2027] and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.2](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-2.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-3.htm)] and [4.5](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm) | | | | | | June 17, 2020 | | |

| 4(g) | | | | | | Form of [removed: 3.000%] [added: 3.400%] notes due [removed: 2027] [added: 2030] and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-3.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-4.htm)] and [4.5](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm) | | | | | | June 17, 2020 | | |

| [removed: 4(h)] [added: 4(l)] | | | | | | Form of [removed: 3.400%] [added: 4.750%] notes due [removed: 2030] [added: 2028] and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-4.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-2.htm)] and [removed: [4.5](https://www.sec.gov/Archives/edgar/data/47217/000114036120014091/nc10012855x1_ex4-5.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-4.htm)] | | | | | | June [removed: 17, 2020] [added: 21, 2022] | | |

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

| [removed: 4(j)] [added: 4(i)] | | | | | | [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) | | | | | | | | | | | | | | | | | | | | | | | | | | |

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

| [removed: 4(l)] [added: 4(k)] | | | | | | Form of 4.200% notes due 2032 and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [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 | | |

| 4(m) | | | | | | Form of [removed: 4.750%] [added: 5.500%] notes due [removed: 2028] [added: 2033] and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.2](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-2.htm)] [added: [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 | | |

| [removed: 4(n)] [added: 4(q)] | | | | | | Form of [removed: 5.500%] [added: 5.400%] notes due [removed: 2033] [added: 2030] and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [removed: [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-3.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036125015755/ef20047830_ex4-3.htm)] and [removed: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036122023652/ny20004428x5_ex4-4.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/47217/000114036125015755/ef20047830_ex4-3.htm#EXHIBITB-1)] | | | | | | [removed: June 21, 2022] [added: April 25, 2025] | | |

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

| [removed: 4(p)] [added: 4(o)] | | | | | | [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) | | | | | | | | | | | | | | | | | | | | | | | | | | |

| [removed: 10(k)] [added: 10(r)] | | | | | | [removed: [Second] [added: [Amendment Number One to Second] Amended and Restated HP Inc. 2004 Stock Incentive [removed: Plan, as] [added: Plan (as] amended [removed: and restated] effective [removed: January 23, 2017.*](https://www.sec.gov/Archives/edgar/data/47217/000004721717000008/hp-13117xexhibit10yy.htm)] [added: February 28, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000020/hp-22820xexhibit10rrr.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(y)(y)] [added: 10(r)(r)(r)] | | | | | | [removed: March 2, 2017] [added: June 5, 2020] | | |

| [removed: 10(l)] [added: 10(k)] | | | | | | [Form of Grant Agreement for grants of restricted stock units [added: for directors] (for use from November 1, [removed: 2016).*](https://www.sec.gov/Archives/edgar/data/47217/000004721717000008/hp-13117xexhibit10aaa.htm)] [added: 2017).*](https://www.sec.gov/Archives/edgar/data/47217/000004721718000008/exhibit10eee.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(a)(a)(a)] [added: 10(e)(e)(e)] | | | | | | March [removed: 2, 2017] [added: 1, 2018] | | |

| [removed: 10(m)] [added: 10(t)] | | | | | | [removed: [Second] [added: [Amendment Number Two to Second] Amended and Restated HP Inc. 2004 Stock Incentive Plan (as amended effective [removed: January 29, 2018).*](https://www.sec.gov/Archives/edgar/data/47217/000004721718000008/exhibit10bbb.htm)] [added: September 21, 2020.*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000045/exhibit10xxx.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | 001-04423 | | | | | | [removed: 10(b)(b)(b)] [added: 10(x)(x)(x)] | | | | | | [removed: March 1, 2018] [added: December 10, 2020] | | |

| [removed: 10(n)] [added: 10(l)] | | | | | | [Form of Grant Agreement for grants of [removed: restricted] stock [removed: units] [added: options for directors] (for use from November 1, [removed: 2017).*](https://www.sec.gov/Archives/edgar/data/47217/000004721718000008/exhibit10ccc.htm)] [added: 2017).*](https://www.sec.gov/Archives/edgar/data/47217/000004721718000008/exhibit10fff.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(c)(c)(c)] [added: 10(f)(f)(f)] | | | | | | March 1, 2018 | | |

| [removed: 10(o)] [added: 10(n)] | | | | | | [Form of Grant Agreement for grants of restricted stock units for directors (for use from November 1, [removed: 2017).*](https://www.sec.gov/Archives/edgar/data/47217/000004721718000008/exhibit10eee.htm)] [added: 2018).*](https://www.sec.gov/Archives/edgar/data/47217/000004721719000017/a1-31x19xexhibit10kkk.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(e)(e)(e)] [added: 10(k)(k)(k)] | | | | | | March [removed: 1, 2018] [added: 5, 2019] | | |

| [removed: 10(p)] [added: 10(j)(j)] | | | | | | [Form of Grant Agreement for grants of [added: non-qualified] stock options [removed: for directors] (for use from November 1, [removed: 2017).*](https://www.sec.gov/Archives/edgar/data/47217/000004721718000008/exhibit10fff.htm)] [added: 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10wwwfy23nqsoagreement.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(f)(f)(f)] [added: 10(w)(w)(w)] | | | | | | March 1, [removed: 2018] [added: 2023] | | |

| [removed: 10(q)] [added: 10(m)] | | | | | | [Form of Grant Agreement for grants of restricted stock units (for use from November 1, 2018).*](https://www.sec.gov/Archives/edgar/data/47217/000004721718000052/hp-103118xex10ggg.htm) | | | | | | 10-K | | | | | | 001-04423 | | | | | | 10(g)(g)(g) | | | | | | December 13, 2018 | | |

| [removed: 10(r)] [added: 10(q)] | | | | | | [Form of Grant Agreement for grants of restricted stock units for directors (for use from [removed: November 1, 2018).*](https://www.sec.gov/Archives/edgar/data/47217/000004721719000017/a1-31x19xexhibit10kkk.htm)] [added: January 15, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000006/exhibit10nnn.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(k)(k)(k)] [added: 10(n)(n)(n)] | | | | | | March 5, [removed: 2019] [added: 2020] | | |

| [removed: 10(s)] [added: 10(o)] | | | | | | [Form of Grant Agreement for grants of non-qualified stock options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721719000071/hp-103119xex10mmm.htm) | | | | | | 10-K | | | | | | 001-04423 | | | | | | 10(m)(m)(m) | | | | | | December 12, 2019 | | |

| [removed: 10(t)] [added: 10(p)] | | | | | | [Form of Retention Grant Agreement for grants of non-qualified stock options.*](https://www.sec.gov/Archives/edgar/data/47217/000004721719000071/hp-103119xex10nnn.htm) | | | | | | 10-K | | | | | | 001-04423 | | | | | | 10(n)(n)(n) | | | | | | December 12, 2019 | | |

| [removed: 10(u)] [added: 10(v)] | | | | | | [Form of Grant Agreement for grants of restricted stock units [removed: for directors] (for use from [removed: January 15, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000006/exhibit10nnn.htm)] [added: November 17, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721721000012/a10xxx2020novemberrsufinal.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(n)(n)(n)] [added: 10(x)(x)(x)] | | | | | | March 5, [removed: 2020] [added: 2021] | | |

| [removed: 10(v)] [added: 10(s)] | | | | | | [Amendment Number One to [removed: Second Amended and Restated HP Inc. 2004 Stock Incentive] [added: Registrant’s 2005 Executive Deferred Compensation] Plan (as amended effective February 28, [removed: 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000020/hp-22820xexhibit10rrr.htm)] [added: 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000020/hp-22820xexhibit10sss.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(r)(r)(r)] [added: 10(s)(s)(s)] | | | | | | June 5, 2020 | | |

| [removed: 10(w)] [added: 10(u)] | | | | | | [Amendment Number [removed: One] [added: Two] to [removed: Registrant’s] [added: Registrant's] 2005 Executive Deferred Compensation Plan (as amended effective [removed: February 28, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000020/hp-22820xexhibit10sss.htm)] [added: September 21, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000045/exhibit10yyy.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | 001-04423 | | | | | | [removed: 10(s)(s)(s)] [added: 10(y)(y)(y)] | | | | | | [removed: June 5,] [added: December 10,] 2020 | | |

| [removed: 10(x)] [added: 10(b)(b)(b)] | | | | | | [removed: [HP] [added: [H](https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/a10bbb2021employeestockpur.htm)[P] Inc. 2021 Employee Stock Purchase [removed: Plan.*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000020/hp-2021esppxexhibit10t.htm)] [added: Plan (as amended on June 11, 2](https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/a10bbb2021employeestockpur.htm)[025)](https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/a10bbb2021employeestockpur.htm)[.*†](https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/a10bbb2021employeestockpur.htm)] | | | | | | [removed: 10-Q] | | | | | | [removed: 001-04423] | | | | | | [removed: 10(t)(t)(t)] | | | | | | [removed: June 5, 2020] | | |

| [removed: 10(y)] [added: 10(b)(b)] | | | | | | [Amendment Number [removed: Two] [added: Four] to [removed: Second Amended and Restated HP Inc. 2004 Stock Incentive] [added: Registrant’s 2005 Executive Deferred Compensation] Plan (as amended effective [removed: September 21, 2020.*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000045/exhibit10xxx.htm)] [added: as of April 1, 2021 and December 31, 2021)](https://www.sec.gov/Archives/edgar/data/47217/000004721721000048/a10jjj-edcpx2017restatemen.htm).*] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | 001-04423 | | | | | | [removed: 10(x)(x)(x)] [added: 10(j)(j)(j)] | | | | | | [removed: December 10, 2020] [added: September 3, 2021] | | |

| [removed: 10(z)] [added: 10(a)(a)] | | | | | | [Amendment Number [removed: Two] [added: Three] to [removed: Registrant's] [added: Registrant’s] 2005 Executive Deferred Compensation Plan (as amended effective [removed: September 21, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721720000045/exhibit10yyy.htm)] [added: November 17, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721721000012/a10ffffedcp-2017restatemen.htm)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | 001-04423 | | | | | | [removed: 10(y)(y)(y)] [added: 10(f)(f)(f)(f)] | | | | | | [removed: December 10, 2020] [added: March 5, 2021] | | |

| [removed: 10(a)(a)] [added: 10(w)] | | | | | | [Form of [added: Retention] Grant Agreement for grants of restricted stock units (for use from November 17, [removed: 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721721000012/a10xxx2020novemberrsufinal.htm)] [added: 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721721000012/a10yyy2020novemberrsureten.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(x)(x)(x)] [added: 10(y)(y)(y)] | | | | | | March 5, 2021 | | |

| [removed: 10(b)(b)] [added: 10(i)(i)] | | | | | | [Form of Retention Grant Agreement for grants of restricted stock units (for use from November [removed: 17, 2020).*](https://www.sec.gov/Archives/edgar/data/47217/000004721721000012/a10yyy2020novemberrsureten.htm)] [added: 1, 2022).*](https://www.sec.gov/Archives/edgar/data/47217/000004721723000019/a10vvvfy23rsuretentionagre.htm)] | | | | | | 10-Q | | | | | | 001-04423 | | | | | | [removed: 10(y)(y)(y)] [added: 10(v)(v)(v)] | | | | | | March [removed: 5, 2021] [added: 1, 2023] | | |

| 4(p) | | | | | | [Third Supplemental Indenture dated April 14, 2025, by and among HP Inc., The Bank of New York Mellon Trust Company, N.A., as first trustee, and U.S. Bank Trust Company, National Association, as successor trustee.](https://www.sec.gov/Archives/edgar/data/47217/000114036125014095/ny20045886x4_ex4-1.htm) | | | | | | 8-K | | | | | | 001-04423 | | | | | | 4.1 | | | | | | April 16, 2025 | | |

| 4(r) | | | | | | Form of 6.100% notes due 2035 and related Officers’ Certificate. | | | | | | 8-K | | | | | | 001-04423 | | | | | | [4.3](https://www.sec.gov/Archives/edgar/data/47217/000114036125015755/ef20047830_ex4-3.htm) and [4.](https://www.sec.gov/Archives/edgar/data/47217/000114036125015755/ef20047830_ex4-3.htm#EXHIBITB-2)[5](https://www.sec.gov/Archives/edgar/data/47217/000114036125015755/ef20047830_ex4-3.htm#EXHIBITB-2) | | | | | | April 25, 2025 | | |

| 10(g)(g) | | | | | | [Amendment Number Four to Registrant’s 2005 Executive Deferred Compensation Plan (as amended effective as of April 1, 2021 and December 31, 2021)](https://www.sec.gov/Archives/edgar/data/47217/000004721721000048/a10jjj-edcpx2017restatemen.htm).* | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(j)(j)(j) | | | | | | September 3, 2021 | | |

| 10(o)(o) | | | | | | [Amendment Number Five to Registrant’s 2005 Executive Deferred Compensation Plan.*](https://www.sec.gov/Archives/edgar/data/47217/000004721722000068/hp-103122exhibit10ttt.htm) | | | | | | 10-K | | | | | | 001-04423 | | | | | | 10(t)(t)(t) | | | | | | December 6, 2022 | | |

| 10(c)(c)(c) | | | | | | [Form of Retention Grant Agreement for grants of restricted stock units (for Plantronics, Inc. plan for use from December 1, 2023).*](https://www.sec.gov/Archives/edgar/data/47217/000004721724000024/hpq-retentionpolyrsuagreem.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(l)(l)(l)(l) | | | | | | February 28, 2024 | | |

| 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 | | |

| 10(f)(f)(f) | | | | | | [Amended 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/47217/000004721724000070/exhibit10a-fy22parsuagreem.htm) | | | | | | 10-Q | | | | | | 001-04423 | | | | | | 10(a) | | | | | | August 29, 2024 | | |

| 10(g)(g)(g) | | | | | | [Amended 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/47217/000004721724000070/exhibit10b-fy23parsuagreem.htm) | | | | | | 10-Q | | | | | | 001-4423 | | | | | | 10(b) | | | | | | August 29, 2024 | | |

| Date: December [removed: 12, 2024] [added: 10, 2025] | | | HP INC. | | | | | |

[removed: Parkhill, Julie Jacobs] [added: Parkhill] and [removed: Rick Hansen,] [added: Julie Jacobs,] or any of them, his or her attorneys-in-fact, for such person in any and all capacities, to sign any amendments to this report and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that either of said attorneys-in-fact, or substitute or substitutes, may do or cause to be done by virtue hereof.

| /s/ ENRIQUE LORES | | | | | | President and Chief Executive Officer and Director (Principal Executive Officer) | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ KAREN L. PARKHILL | | | | | | Chief Financial Officer (Principal Financial Officer) | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ [removed: STEPHANIE LIEBMAN] [added: MANPREET GREWAL] | | | | | | Global Controller (Principal Accounting Officer) | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ CHARLES V. BERGH | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ BRUCE BROUSSARD | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ STACY BROWN-PHILPOT | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ STEPHANIE BURNS | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ MARY ANNE CITRINO | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ RICHARD L. CLEMMER | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ MA. FATIMA DE VERA FRANCISCO | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ DAVID MELINE | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ JUDITH MISCIK | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| /s/ KIM K.W. RUCKER | | | | | | Director | | | | | | December [removed: 12, 2024] [added: 10, 2025] | | |

| Manpreet Grewal | | | | | | | | | | | | | | |

| /s/GIANLUCA PETTITI | | | | | | Director | | | | | | December 10, 2025 | | |

| Gianluca Pettiti | | | | | | | | | | | | | | |

| /s/ SONGYEE YOON | | | | | | Director | | | | | | December 10, 2025 | | |

| Songyee Yoon | | | | | | | | | | | | | | |

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

| Stephanie Liebman | | | | | | | | | | | | | | |

| /s/ AIDA ALVAREZ | | | | | | Director | | | | | | December 12, 2024 | | |

| Aida Alvarez | | | | | | | | | | | | | | |

| /s/ ROBERT R. BENNETT | | | | | | Director | | | | | | December 12, 2024 | | |

| Robert R. Bennett | | | | | | | | | | | | | | |