HP Inc. Reports Fiscal 2024 Full Year and Fourth Quarter Results

(a)		Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of net revenue bifurcated between products and services. HP has reflected this change to its prior reporting periods on an as-if basis. 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"). Services include revenues from support and maintenance contracts and other services, and excludes product hardware and supplies revenues associated with as-a-service offerings and instant ink subscriptions which are categorized within product revenues.

HP INC. AND SUBSIDIARIES CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts)

	Twelve months ended
	October 31, 2024			October 31, 2023
Net revenue:^(a)
Products	$	50,453		$	50,660
Services		3,106			3,058
Total net revenue		53,559			53,718
Cost of net revenue:^(a)
Products		39,952			40,484
Services		1,789			1,726
Total cost of net revenue		41,741			42,210
Research and development		1,640			1,578
Selling, general and administrative		5,658			5,357
Restructuring and other charges		301			527
Acquisition and divestiture charges		83			240
Amortization of intangible assets		318			350
Total costs and expenses		49,741			50,262
Earnings from operations		3,818			3,456
Interest and other, net		(539	)		(519	)
Earnings before taxes		3,279			2,937
(Provision for) benefit from taxes		(504	)		326
Net earnings	$	2,775		$	3,263

Net earnings per share:
Basic	$	2.83		$	3.29
Diluted	$	2.81		$	3.26

Cash dividends declared per share	$	1.10		$	1.05

Weighted-average shares used to compute net earnings per share:
Basic		979			992
Diluted		989			1,000

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