HP INC. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$55.3B
Gross margin	20.6%
Operating income	$3.2B
Net income	$2.5B
Diluted EPS	$2.65
Cash & equivalents	$3.7B
Total assets	$41.8B
Long-term debt	$9.7B

Key takeaway

HP reported fiscal 2025 revenue of $55.3 billion with a relatively thin 20.6% gross margin, driven by its Personal Systems and Printing segments.

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Beneath the surface

The effective tax rate of just 5.2% (versus 21% statutory) significantly flattered net income; this gap stems partly from a large $6.48 billion valuation allowance against deferred tax assets and foreign rate differentials of -2.9%, suggesting earnings quality warrants scrutiny.

🔒 3 more insights a headline reader would miss