What changed in this filing

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Item 1. Business

2025-12-10 compared with 2024-12-13 · 49 added, 70 removed, 148 unchanged (45% of the section changed)

9 unchanged sentences

Personal Systems offers desktops, notebooks, and workstations (including HP’s portfolio of AI PCs and workstations), thin clients, retail point-of-sale (“POS”) systems, displays, hybrid systems, software, solutions including endpoint security and services.

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.

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.

Personal Systems groups its global business capabilities into the following business units when reporting business performance:

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HP offers a range of secure services and solutions to commercial customers to help them manage the lifecycle of their PCs and mobility installed base.

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

• Consumer PS consists of devices, accessories and services which are 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.

These devices include our new Omni consumer PC portfolio, the Omen and Victus gaming lines, and HP’s Spectre, Envy, Pavilion and Chromebook PCs.

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It also includes Original Equipment Manufacturer (“OEM”) hardware and solutions.

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

• Home Printing Solution s delivers innovative and security enhanced printing products, supplies, services and solutions for the home, home business and micro business customers.

• Graphics Solutions delivers large-format, commercial and industrial solutions and supplies to print service providers and packaging converters through a wide portfolio of printers and presses.

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Corporate Investments

Corporate Investments includes certain business incubation and investment projects.

Corporate Investments includes certain business incubation projects and investments in digital enablement.

We encounter strong competition in all areas of our business activity.

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Printing’s key customer segments each face competitive market pressures in pricing and the introduction of new products.

Our primary competitors include Brother Industries, Ltd., Canon Inc., Lexmark International, Inc., Pantum, Seiko Epson Corporation, The Ricoh Company Ltd., and Xerox Corporation Ltd.

Our primary competitors include Brother Industries, Ltd., Canon Inc., 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.

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We manage our business and report our financial results based on the business segments described above.

Our customers are organized by consumer and commercial groups, and purchases 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:

Our customers are organized by consumer and commercial groups, and 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:

• retailers that sell our products to the public focusing on consumers and SMBs;

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• system integrators and other business intermediaries that provide various levels of services, including systems integration work and as-a-service solutions, and typically partner with us on client solutions that require our products and services.

The mix of our business conducted by direct sales or channel sales differs by business and geographic market.

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

We believe that customer buying patterns and different geographic market conditions require us to tailor our sales, marketing and distribution efforts to the geographic market and sub-geographic specificities for each of our businesses.

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The account manager is supported by a team of specialists with product and services expertise and drives both direct and indirect sales to their assigned customers.

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

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

Manufacturing and Materials

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

We utilize outsourced manufacturers 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.

We also manufacture finished products from components and sub-assemblies that we acquire from a wide range of vendors.

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Alternatively, configuring products to order enables products to match a customer’s hardware and software customization requirements.

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.

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

Additionally, while most of our products have existing or readily available alternative sources of supply, in some cases, where multiple sources of supply are not available, our components are obtained from a single source or limited number of sources if we believe it is advantageous to do so based on technology, availability, price, quality or other considerations.

Research and Development

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Historical seasonal patterns may be impacted by supply constraints, shifts in customer behavior and the evolving impacts of macroeconomic challenges.

Sustainability and Environmental, Social, and Governance Activities

Sustainable Impact Activities

At HP, we believe how we do things is just as important as what we do.

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

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

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

For more information on our sustainability strategy and performance, see our annual Sustainable Impact Report, available on our website (which is not incorporated by reference herein).

Our operations are subject to regulation under various federal, state, local and foreign laws concerning the environment, including laws addressing the discharge of pollutants into the air and water, the management and disposal of hazardous substances and wastes, and the cleanup of contaminated sites.

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Human Capital

HP employs approximately 58,000 employees in 59 countries.

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

Our aim is to attract and retain exceptional talent by providing engaging work experiences that help our employees thrive.

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.

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

HP employs approximately 55,000 employees worldwide.

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 strive to attract, retain 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 objectives for employee engagement and leadership development.

Employee Engagement

We regularly collect feedback from employees to better understand and improve their workplace experiences and to identify ways to strengthen our culture.

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 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.

Talent Development

We have a multi-faceted talent, learning, and skill-development strategy.

First, we emphasize diversity of backgrounds, experience, and perspectives in our senior talent 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 talent through an extensive portfolio of internal and external development programs designed to accelerate their career growth.

Additionally, we prepare new people managers with development experiences designed, among other things, to build coaching skills and champion inclusion.

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.

We emphasize different backgrounds, experience, and perspectives in our senior talent 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 employees through an extensive portfolio of internal and external development programs designed to accelerate career 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 foster trust and belonging.

In addition to skill development resources, HP also offers formal education assistance through our Degree Assistance Program which provides employees with the opportunity to participate in higher academic education.

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.

People should be paid equitably for what they do and how they do it, regardless of their gender, race, or other protected characteristics.

We benchmark and set pay ranges based on relevant market data and consider factors such as an employee’s role, experience, skills, and performance.

We also regularly review our compensation practices, both in terms of our overall workforce and individual employees, to make sure our pay is fair and equitable.

Since 2016, we have reviewed employees’ compensation with the support of independent third-party experts to ensure consistent pay practices.

In fiscal year 2024, we continued to expand our annual pay equity assessment to include additional countries representing a majority of our global workforce.

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

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.

People should be paid equitably for their work, regardless of their gender, race, or other personal characteristics.

We benchmark and set pay ranges based on market data and consider factors such as an employee’s role and experience, the location of their job, and

We also regularly review our compensation practices, both in terms of our overall workforce and individual employees, to help ensure our pay is fair and equitable.

Since 2016, we also have reviewed employees’ compensation with independent third-party experts to support equitable pay practices.

We have expanded our annual pay equity assessment to include additional countries representing a majority of our global workforce.

Health, Safety, and Wellness

The holistic wellbeing of our employees is vital to HP’s success.

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

Our environmental, health, and safety leadership team uses our global injury and illness reporting system to assess worldwide and regional trends as a part of quarterly reviews.

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

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

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

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

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

We focus on reducing and effectively managing risks at HP-owned and partner-owned manufacturing facilities.

The holistic wellbeing of our employees is vital to HP’s success.

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.

Throughout the year, we encourage healthy behaviors across the five pillars of wellness through regular communications, educational sessions, voluntary progress tracking, personal challenges, and other incentives.

In addition, we provide specialized programs and campaigns, all with the help of HP-provided mindfulness apps, targeted mental health support, individual assessments, and expanded financial wellbeing programs.

Information about our Executive Officers

The following are our current executive officers:

President, Personal Systems

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.

Chief Accounting Officer and Global Controller

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.

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

Julie Jacobs;

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Jacobs spent over 16 years in various senior legal roles at AOL, a global internet, media and technology company, including serving as AOL’s Executive Vice President, General Counsel, and Corporate Secretary from May 2010 to June 2017.

Stephanie Liebman;

Global Controller

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.

Liebman is a Certified Public Accountant.

Enrique Lores;

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Lores was Senior Vice President of Customer Support and Services.

Kristen Ludgate;

Chief People Officer

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.

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

David McQuarrie;

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Anneliese Olson;

President of Imaging, Printing & Solutions

President, Imaging, Printing & Solutions

Olson has served as President of Imaging, Printing and Solutions since November 2024 and has over 28 years of experience at the Company.

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

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

Chief Financial Officer

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Morgan Chase & Co., a financial services company, in various capacities from 1992 to 2011, including serving as Chief Financial Officer of the Commercial Banking business from 2007 to 2011.

President, Personal Systems

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.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business