HP Inc.
HP Inc. is an American multinational information technology company with its headquarters in Palo Alto, California, that develops personal computers, printers and related supplies, as well as 3D printing services. It is the world's second-largest personal computer vendor by unit sales after Lenovo and ahead of Dell as of 2024.
HP Inc. was founded in 2015 when the original Hewlett-Packard Company split into two companies. The old company's enterprise product and business services divisions were spun-off into a new publicly traded company, Hewlett Packard Enterprise, while Hewlett-Packard itself was renamed as HP Inc. and retained the personal computer and printer services divisions of its predecessor, serving as the legal successor of the original company that was founded in 1939. HP is listed on the New York Stock Exchange and is a constituent of the S&P 500 Index. In the 2023 Fortune 500 list, HP is ranked 63rd-largest United States corporation by total revenue.
History
As Hewlett-Packard
Hewlett-Packard was founded in 1939 by Bill Hewlett and David Packard, who both graduated with degrees in electrical engineering from Stanford University in 1935. The company started off in the HP Garage in Palo Alto, California.In March 2015, HP announced that Bang & Olufsen would become the company's new premium audio partner for its computers and other devices. This replaced the partnership with Beats Electronics that ended upon being acquired by Apple Inc. in 2014.
On November 1, 2015, Hewlett-Packard was split into two companies. Its personal computer and printer businesses became HP Inc., while its enterprise business became Hewlett Packard Enterprise. The split was structured so that Hewlett-Packard changed its name to HP Inc. and spun off Hewlett Packard Enterprise as a new publicly traded company. HP Inc. retains Hewlett-Packard's pre-2015 stock price history and its former stock ticker symbol, HPQ, while Hewlett Packard Enterprise trades under its own symbol, HPE.
As HP Inc.
In May 2016, HP introduced a new PC gaming sub-brand known as Omen, including gaming laptops and desktops, and other accessories designed to cater to the market. Between May and August of that year, certain assets were sold to OpenText, including TeamSite and Exstream.In November 2017, HP acquired Samsung Electronics' printer division for $1.05 billion.
In February 2021, HP announced its acquisition of Kingston's gaming division HyperX for $425 million. The deal only includes computer peripherals branded as HyperX, not memory or storage. The sale was completed in June 2021.
In February 2022, HP announced it had acquired the Edinburgh-based packaging development company, Choose Packaging, in an effort to strengthen its capabilities in the sustainable packaging vertical.
In March 2022, HP announced the acquisition of the California-headquartered communications software and hardware provider Poly Inc. in an all-cash transaction. HP said the cash amount agreed was $40 per share, which implied a total enterprise value of $3.3bn, inclusive Poly's net debts.
In May 2024, HP announced its intentions on restructuring their lineup of consumer PCs in preparation for the next generation of computers with artificial intelligence, stating that most of its PC models would adopt a new branding nomenclature under the new Omni brand, which consisted of the OmniBook, OmniStudio and OmniDesk models. The new Omni brand of computers features AI-powered hardware and software, and currently coexists with HP's other products.
Attempted merger with Xerox
On November 5, 2019, The Wall Street Journal reported that print and digital document company Xerox was contemplating acquiring HP. The company unanimously rejected two unsolicited offers, including a cash-and-stock offer at $22 per-share. HP stated that there was "uncertainty regarding Xerox's ability to raise the cash portion of the proposed consideration", and noted the company's aggressiveness. On November 26, 2019, Xerox issued a public letter defending allegations by HP that its offer was "uncertain" and "highly conditional", and declared its intent to "engage directly with HP shareholders to solicit their support in urging the HP Board to do the right thing and pursue this compelling opportunity."Xerox stated in January 2020 that it would propose the replacement of HP's board of directors during its next shareholder meeting in April 2020. In a statement to TechCrunch, HP disclosed a belief that Xerox's bid was being "driven by" activist shareholder Carl Icahn. Xerox raised its bid to $24 per-share in February 2020.
On February 21, 2020, HP instituted a shareholder rights plan to fend off Xerox's pursuit of a hostile takeover. Four days later, HP announced that, if shareholders rejected the Xerox purchase, it planned on offering $16 billion in capital return between fiscal 2020 and 2022, including $8 billion in additional share buybacks and raising its "target long-term return of capital to 100% of free cash flow generation". HP criticized Xerox's bid as a "flawed value exchange" based on "overstated synergies". On March 5, 2020, HP rejected an offer at $24 per-share.
On March 31, 2020, Xerox rescinded its bid to buy HP Inc, citing that "the current global health crisis and resulting macroeconomic and market turmoil" had "created an environment that is not conducive to Xerox continuing to pursue an acquisition of HP Inc."
Products and operations
HP develops personal computers, printers, scanners, monitors, accessories, workstations, servers, and related software and services such as 3D printing.Its consumer PCs include the Essential line and Pavilion, Envy, and Omen, as well as AI-powered PCs marketed under the Omni brand such as the OmniBook, OmniDesk and OmniStudio. HP's business computers are marketed under the "Pro" and "Elite" prefixes. In the professional space, HP market the HP Z series of desktop workstations and its mobile equivalent, HP ZBook.
It also manufactures the DeskJet, OfficeJet, LaserJet, and Envy series of printers and the ScanJet line of image scanners.
Corporate affairs
In fiscal year 2023, total revenue of included US$24.7 billion from the sale of notebook computers, US$10.9 billion from the sale of desktop computers, US$11.4 billion from the sale of printer supplies, US$4.2 billion from the sale of commercial printers, and US$2.4 billion from the sale of consumer printers. Over 65 percent of revenue in 2022 came from customers outside of the United States.HP's first quarter fiscal 2024 net revenue was $13.2 billion, representing a 4.4% decrease year-over-year. HP's strong operating activities in the first quarter of fiscal 2024 generated $121 million in net cash. The company also reported a positive free cash flow of $25 million for the quarter. Free cash flow includes $121 million in net cash from operating activities, with adjustments of $62 million for net lease investments and $158 million for property, plant, and equipment investments.
The key trends for HP Inc. are :
| FY | Revenue | Net profit | Employees |
| 2015 | 50.4 | 3.7 | ? |
| 2016 | 48.2 | 2.6 | 49,000 |
| 2017 | 52.2 | 2.5 | 49,000 |
| 2018 | 58.1 | 5.3 | 55,000 |
| 2019 | 58.3 | 3.1 | 56,000 |
| 2020 | 56.5 | 2.8 | 53,000 |
| 2021 | 63.2 | 6.5 | 51,000 |
| 2022 | 62.0 | 3.1 | 58,000 |
| 2023 | 53.4 | 3.2 | 58,000 |
| 2024 | 53.6 | 2.8 | 58,000 |
Sports sponsorships
Formula 1
HP has had a long history with Formula 1 sponsorship beginning in 1988 with a single season sponsorship with Larrousse Throughout the 1990s and 2000s, HP served as a minor sponsor and technology supplier for many teams, including Forti, Jordan, Benetton, Minardi, Stewart, Jaguar and Renault.From 2002 to 2005, HP served as title sponsor of Williams Racing after acquiring Compaq in 2002; Compaq previously served as title sponsor of the team from 2000 to 2001. HP concluded the sponsorship deal with Williams Racing in 2005.
In April 2024, HP announced that they have signed a multi-year deal to become the title sponsor for the Ferrari team, extending to the team's F1 Academy and esports programs.
Association Football
HP was the shirt sponsor for the English Premier League football club Tottenham Hotspur from 1995 to 1999, preceding and succeeding the German lager Holsten. Enterprise software company Autonomy became Tottenham's shirt sponsor beginning in the 2010-11 season for domestic matches and were acquired by HP in 2011. HP continued with the deal, changing the sponsorship in the 2011-12 season to feature Autonomy's augmented reality platform Aurasma, before replacing the previous Autonomy branding with HP branding for the final year of the sponsorship in the 2013-2014 season.In July 2023, HP signed a sponsorship agreement with Welsh club Wrexham, becoming the club's sleeve sponsor.
In February 2024, HP signed a 3-year sleeve sponsorship deal with Real Madrid, becoming the first sleeve sponsor in the club's 121-year history.
Sustainability
HP reported total CO2e emissions for the twelve months ending October 31, 2023, at 19,764,400 tonnes CO2-equivalent and plans to reduce emissions 60% by 2025 from a 2015 base year.According to a press release issued on April 20, 2021, HP seeks to achieve net zero greenhouse gas emissions by 2040.
Steps they have taken to achieve this include reducing product materials and moving to recycled materials, providing certified refurbished systems and reducing single use plastics in packaging. HP have worked with a charity, First Mile, in Haiti, on a recycling facility so they can process and reuse plastics in their products. They had retrieved over 110 million ocean bound plastic bottles as of the 16th March 2024.
HP is committed to circularity aiming to source 75% of its products and packaging from circular sources by 2030. EcoVardis scored HP at 90 in 2025, an increase from 83 in 2024, receiving a platinum award for the 15th year in a row. HP have collaborated with Oxford Economics to survey business executives and government officials and found that technology is important to advance sustainability and contributes positively to business outcomes.