Despite strong personal computer sales and steady cash flow growth, a decline in the printing business cast a shadow over HP’s results. HP’s full-year results highlighted the widening gap between strong growth in its personal systems segment and weakness in its printing business. The US technology group is preparing for significant cost reductions and grappling with trade-related headwinds. The company reported fiscal year 2025 revenue of $55.3 billion (€50.9 billion), a slight increase from the previous year, primarily driven by an 8% increase in personal systems sales in the fourth quarter, with both consumer and commercial PC sales showing improvement. However, printing revenue declined 4% to $4.3 billion (€4 billion) in the quarter, with both consumer and commercial hardware sales falling by 12%. While the printing business maintained an operating profit margin of 18.9%, the continued decline in sales highlights structural pressures as households and businesses reduce printing volumes and postpone hardware upgrades. “HP’s strategy to lead the future of work continues to deliver strong results, and we have achieved revenue growth for six consecutive quarters,” said Enrique Lores, President and CEO of HP. “Our fiscal year 2025 results reinforce the strength of our product portfolio and team, enabling us to thrive in a rapidly changing environment. We will accelerate innovation in AI-powered devices to enhance customer productivity, security, and flexibility. In fiscal year 2026, we will focus on rigorous execution. We are committed to delivering measurable results and ensuring our plans translate into long-term value for our shareholders.” “Our fiscal year 2025 results reflect our solid execution in a dynamic environment. In the second half of the year, we delivered strong profit growth and returned $1.9 billion to shareholders,” said Karen Parkhill, Chief Financial Officer of HP. “Looking ahead, we are taking decisive actions to address the challenges of recent cost increases and investing in AI initiatives to accelerate product innovation, enhance customer satisfaction, and improve productivity. We believe these actions will strengthen our foundation and position us for long-term growth.”