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Arphra AIPlain-English read on HP Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $63.46B | $62.91B | $53.72B | $53.56B | $55.3B | $57.56B | $57.49B | $57.71B | $60.75B |
| Cost of revenue | $50.05B | $50.65B | $42.21B | $41.74B | $44.25B | $46.73B | $44.62B | $45.87B | $47.45B |
| Gross profit | $13.41B | $12.26B | $11.51B | $11.82B | $11.05B | $12.29B | $12.46B | $12.07B | $12.48B |
| Gross margin | +21.13% | +19.49% | +21.42% | +22.07% | +19.98% | +21.34% | +21.68% | +20.91% | +20.54% |
| Operating | |||||||||
| Research & development | $1.85B | $1.65B | $1.58B | $1.64B | $1.6B | $1.7B | $1.72B | $1.76B | $1.81B |
| Selling, general & administrative | $5.73B | $5.26B | $5.36B | $5.66B | $5.82B | $5.93B | $5.93B | $5.93B | $6.46B |
| Total operating expenses | $8.05B | $7.7B | $8.05B | $8B | $7.42B | $8.2B | $8.36B | $8.41B | $8.82B |
| Operating income | $5.36B | $4.56B | $3.46B | $3.82B | $3.62B | $3.81B | $3.75B | $3.76B | $4.08B |
| Operating margin | +8.44% | +7.25% | +6.43% | +7.13% | +6.55% | +6.62% | +6.53% | +6.51% | +6.72% |
| EBITDA | $8.61B | $5.46B | $4.47B | $4.72B | $4.09B | $4.74B | $4.74B | $4.81B | $5.03B |
| EBIT | $7.82B | $4.68B | $3.62B | $3.89B | $3.17B | $3.78B | $3.87B | $3.72B | $4.06B |
| Below the line | |||||||||
| Interest expense | $254M | $359M | $684M | $607M | $506M | $653.03M | $653.84M | $634M | $691.59M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $2.21B | -$235M | -$519M | -$539M | -$956M | — | — | — | — |
| Pre-tax income | $7.57B | $4.32B | $2.94B | $3.28B | $2.67B | $3.23B | $3.19B | $3.2B | $3.23B |
| Income tax expense | $1.03B | $1.19B | -$326M | $504M | $139M | $325.4M | $323.19M | $321.28M | $338.59M |
| Earnings | |||||||||
| Net income | $6.54B | $3.13B | $3.26B | $2.78B | $2.53B | $2.98B | $2.99B | $3.01B | $3.29B |
| Net income · continuing ops | $6.54B | $3.13B | $3.26B | $2.78B | $2.53B | $2.96B | $3.09B | $3.03B | $3.12B |
| Net margin | +10.31% | +4.98% | +6.07% | +5.18% | +4.57% | +5.18% | +5.20% | +5.21% | +5.41% |
| EPS · basic | $5.41 | $3.02 | $3.29 | $2.83 | $2.67 | $3.04 | $3.00 | $3.35 | $3.75 |
| EPS · diluted | $5.36 | $2.98 | $3.26 | $2.81 | $2.65 | $3.01 | $3.00 | $3.28 | $3.74 |
| EPS · low estimate | — | — | — | — | — | $2.94 | $2.73 | $2.86 | $3.58 |
| EPS · high estimate | — | — | — | — | — | $3.06 | $3.22 | $3.77 | $3.83 |
| Shares · basic | 1.21B | 1.04B | 992M | 979M | 946M | 949.36M | 945.45M | 943.56M | 952.35M |
| Shares · diluted | 1.22B | 1.05B | 1B | 989M | 953M | 947.91M | 943.97M | 944.17M | 953.02M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 10 | 10 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 9 | 9 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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