Demand and volumemixed · 6 filings
“Printer unit volume decreased 6.6% driven by demand softness and competitive pressures, while hardware ASPs increased 3.9%.”10-Q · Aug 27, 2026 ↗
HP Inc.
HPQ
Market read
HP Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 30 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
What changed
- Revenue increased 9.0% versus the comparable filing period.
- Operating margin fell 0.7 percentage points.
Company+1.0% todayVolume comparison unavailable
Market group0 of 30 activeMixed Multi-Sector · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Printer unit volume declined because HP disclosed demand softness and competitive pressures, despite higher hardware ASPs.
- IEEPA tariff refunds and pricing actions partly offset gross-margin pressure, making refunds part of the current comparison.
Invalidation: The isolated read changes if HPQ's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 30 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 9.0% versus the comparable filing period.
Evidence that challenges
- Operating margin fell 0.7 percentage points.
What would clarify the read
- Printer unit volume declined because HP disclosed demand softness and competitive pressures, despite higher hardware ASPs.
- IEEPA tariff refunds and pricing actions partly offset gross-margin pressure, making refunds part of the current comparison.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements219
Verified relationships9
Evidence supporting the case
- Operating cash flow covered net income at 1.46x in the latest annual period.
- Restructuring and cost reductions has repeated favorable evidence across 6 filings.
Evidence challenging the case
- Operating margin changed -1.4 percentage points in the latest annual period.
- Demand and volume has repeated adverse evidence across 6 filings.
- Pricing and mix has repeated adverse evidence across 6 filings.
- Credit and interest rates has repeated adverse evidence across 4 filings.
- Tariffs and trade policy has repeated adverse evidence across 4 filings.
Questions before a position
No credible peer-relative valuation comparison is available yet.
Longer-term price context
Price as of Sep 10, 2026
32.746m+77.4%12m+12.7%24m-4.8%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-10-31$63.5B+12.0%$5.36-14.1%
2022-10-31$62.9B-0.9%$2.98-13.9%
2023-10-31$53.7B-14.6%$3.26-4.8%
2024-10-31$53.6B-0.3%$2.81-1.1%
2025-10-31$55.3B+3.2%$2.65-3.6%
What management says matters
Persistent and emerging business drivers
Pricing and mixmixed · 6 filings
“Gross margin increased primarily due to IEEPA tariff refunds and pricing actions, partially offset by unfavorable mix shifts.”10-Q · Aug 27, 2026 ↗
Restructuring and cost reductionspositive · 6 filings
“Cost Savings Plan As a result of our approved restructuring plans, we expect to make future cash payments of approximately $0.2 billion.”10-Q · Aug 27, 2026 ↗
Legal and regulatory exposurenegative · 5 filings
“Interest and other, net expense decreased $80 million for the nine months ended July 31, 2026 primarily due to lower interest expense on debt and factoring costs in the current period, partially offset by a gain from a single litigation matter that does not r…”10-Q · Aug 27, 2026 ↗
Valuation discipline
Peer-relative valuation withheld
Jodie found no industry-matched filing peers suitable for a valuation comparison. It will not substitute broader financial-sector names.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
32.74+1.0% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for HPQ. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-05-28 against the comparable filing from 2025-05-29.
OperationsmixedEvidence score 0
liquidityneutralEvidence score 0
valuationdiscount
What improved
- Revenue increased 9.0% versus the comparable filing period.
What weakened
- Operating margin fell 0.7 percentage points.
Filing receipts
“For the six months ended April 30, 2026, gross margin decreased 0.6 percentage points primarily driven by products gross margin due to higher commodity and supply chain costs and unfavorable mix shifts towards Personal Systems, partially offset by pricing actions, including favorable foreign currency impacts.”
“Gross margin decreased primarily due to higher commodity and supply chain costs, partially offset by disciplined pricing actions, including favorable foreign currency impacts.”
“Gross margin increased primarily due to pricing actions including favorable foreign currency impacts, partially offset by increased commodity costs.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind HPQ
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
MSFTMicrosoft CorporationpartnerDec 10, 2025 ▾
“Attention: Investor Relations 1501 Page Mill Road, Palo Alto, CA 94304 http://investor.hp.com/resources/information-request/default.aspx Additional Information Microsoft® and Windows® are either registered trademarks or trademarks of Microsoft Corporation in…”
AAPLApple Inc.competitorDec 10, 2025 ▾
“Our primary competitors are Acer Inc., Apple Inc., ASUSTeK Computer Inc., Dell Inc., Huawei Technologies Co., Ltd., Lenovo Group Limited, Logitech International S.A., Microsoft Corporation, Samsung Electronics Co., Ltd., and Toshiba Corporation.”
CAJPYFiling-linked namecompetitorDec 10, 2025 ▾
“Our primary competitors include Brother Industries, Ltd., Canon Inc., Pantum International Limited, Seiko Epson Corporation, The Ricoh Company Ltd., and Xerox Corporation Ltd.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 6 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
HPQ is currently a Follower in the organic co-movement group Mixed Multi-Sector. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for HPQ; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.