Hp Inc
HPQQ4 2025Estimated4% AI
AI Revenue %
4%
AI Fair Value
$1.7B
AI Revenue (Q)
$1.6B
Total Revenue (Q)
$39.5B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
HP's FY2025 10-K (fiscal year ended Oct 31, 2025) shows total annual revenue of $54,063M (Personal Systems $38,532M + Printing $14,960M + Corporate Investments $571M). The 10-K prominently describes 'AI PCs and workstations built with the computing power to enable local AI processing' and 'intelligent print features.' PS revenue grew 6.5% YoY driven by 4.3% unit volume increase (Windows refresh) and 3.1% ASP increase (partially from AI PC mix shift). Management specifically cites 'Fiscal 2026 Plan includes HP s efforts to drive customer satisfaction, product innovation and productivity through artificial intelligence adoption and enablement.' HOWEVER, HP still provides ZERO dollars of AI-specific revenue. Industry AI PC penetration estimated ~40% of shipments by Oct 2025. Q4 FY2025 implied quarterly PS revenue ~$10.9B. Estimate: 40% * ($85/$950 higher ASP mix) * $10.9B = ~$390M. Plus AI workstations, Wolf Security AI, intelligent print: ~$80M. Total ~$470M / ~$14.1B Q4 revenue = ~3.3%. Adjusting to 4.0% to reflect the cumulative acceleration of AI PC category as the dominant growth driver HP highlights in forward-looking statements.
Analyzed by claude-opus-4-6
Quoted Figures
Our high-performing product portfolio includes HP s new line of AI PCs and workstations built with the computing power to enable local AI processing for enhanced performance and features as well as intelligent print features incorporated into our home, office and graphics solutions
10-K FY2025 (Oct 31, 2025), Item 1 Business Overview
Personal Systems net revenue $38,532M; Commercial PS $27,438M, Consumer PS $11,094M [fiscal year ended October 31, 2025]
10-K FY2025 (Oct 31, 2025), Segment Information
The net revenue increase was primarily due to a 4.3% increase in unit volume driven by the Windows-based PC operating system refresh, and a 3.1% increase in average selling price (ASPs). The increase in ASPs is primarily due to favorable mix shift towards Commercial PS and disciplined pricing
10-K FY2025 (Oct 31, 2025), Personal Systems Segment Information
Fiscal 2026 Plan includes HP s efforts to drive customer satisfaction, product innovation and productivity through artificial intelligence adoption and enablement
10-K FY2025 (Oct 31, 2025), Forward-Looking Statements
AI Products Identified (Ring 1)
HP AI PCs (Intel, Qualcomm Snapdragon X, AMD Ryzen AI NPU-equipped notebooks and desktops)HP AI Workstations (Z-series with AI/ML optimization)HP Wolf Security (AI deep-learning malware detection and endpoint protection)Intelligent print features (AI-enhanced home, office, graphics solutions)HP AI Studio (developer AI workload management)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Poly video/audio conferencing (AI noise cancellation, auto-framing, speaker tracking)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix