Name: HP Inc. (NYSE:HPQ) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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HP Inc., income statement, revenues

US$ in millions

12 months ended:	Oct 31, 2018	Oct 31, 2017	Oct 31, 2016	Oct 31, 2015	Oct 31, 2014	Oct 31, 2013
Notebooks	22,547)	19,782)	16,982)	17,271)	17,540)	16,029)
Desktops	11,567)	10,298)	9,956)	10,941)	13,197)	12,844)
Workstations	2,246)	2,042)	1,870)	2,018)	2,218)	2,147)
Other	1,301)	1,252)	1,179)	1,239)	1,348)	1,051)
Personal Systems	37,661)	33,374)	29,987)	31,469)	34,303)	32,071)
Supplies	13,575)	12,416)	11,875)	13,979)	14,917)	15,716)
Commercial Hardware	4,674)	3,973)	5,131)	5,378)	5,717)	5,702)
Consumer Hardware	2,556)	2,412)	1,254)	1,875)	2,345)	2,436)
Printing	20,805)	18,801)	18,260)	21,232)	22,979)	23,854)
Industry Standard Servers	—)	—)	—)	13,412)	12,474)	12,102)
Technology Services	—)	—)	—)	7,662)	8,466)	8,890)
Storage	—)	—)	—)	3,180)	3,316)	3,475)
Networking	—)	—)	—)	2,846)	2,629)	2,526)
Business Critical Systems	—)	—)	—)	807)	929)	1,190)
Enterprise Group	—)	—)	—)	27,907)	27,814)	28,183)
Infrastructure Technology Outsourcing	—)	—)	—)	12,107)	14,038)	14,682)
Application and Business Services	—)	—)	—)	7,699)	8,360)	8,838)
Enterprise Services	—)	—)	—)	19,806)	22,398)	23,520)
Software	—)	—)	—)	3,458)	3,933)	3,913)
HP Financial Services	—)	—)	—)	3,216)	3,498)	3,629)
Corporate Investments	5)	8)	7)	27)	302)	24)
Segments	58,471)	52,183)	48,254)	107,115)	115,227)	115,194)
Other	1)	(127)	(16)	(3,760)	(3,773)	(2,896)
Net revenue	58,472)	52,056)	48,238)	103,355)	111,454)	112,298)

Based on: 10-K (reporting date: 2018-10-31), 10-K (reporting date: 2017-10-31), 10-K (reporting date: 2016-10-31), 10-K (reporting date: 2015-10-31), 10-K (reporting date: 2014-10-31), 10-K (reporting date: 2013-10-31).

The financial trajectory from 2013 to 2018 is characterized by a fundamental structural reorganization of the business. Net revenue experienced a sharp contraction between 2015 and 2016, decreasing from 103,355 million USD to 48,238 million USD. This decline coincides with the total removal of the Enterprise Group and Enterprise Services segments from the reporting structure after October 2015. Following this transition, the company demonstrated a consistent recovery in net revenue, growing to 58,472 million USD by October 2018.

Personal Systems Performance: This segment exhibited a resilient growth pattern, particularly in the latter years of the period. While revenue dipped to a low of 29,987 million USD in 2016, it rebounded strongly to reach 37,661 million USD by 2018. The growth was primarily propelled by Notebooks, which rose from 16,029 million USD in 2013 to 22,547 million USD in 2018. Conversely, Desktops showed a general downward trend from 2013 levels, though a moderate recovery was observed between 2017 and 2018.
Printing Segment Dynamics: The Printing business experienced a period of volatility and overall decline before stabilizing. Total printing revenue fell from 23,854 million USD in 2013 to a trough of 18,260 million USD in 2016. Supplies remained the primary revenue driver within this segment, despite a decline from 15,716 million USD in 2013 to 11,875 million USD in 2016, followed by a recovery to 13,575 million USD in 2018. Consumer Hardware showed significant instability, dropping sharply in 2016 before recovering to 2,556 million USD in 2018.
Enterprise and Service Divestitures: The data confirms the complete elimination of several high-value revenue streams after October 2015. The Enterprise Group, which contributed 27,907 million USD in 2015 through servers, storage, and networking, and the Enterprise Services segment, which contributed 19,806 million USD in 2015 through outsourcing and business services, ceased to be part of the consolidated revenue starting in 2016. Software and Financial Services revenues also disappeared from the reporting structure during this period.
Net Revenue and Corporate Adjustments: Post-reorganization, the net revenue growth rate accelerated. Between 2016 and 2018, net revenue grew by approximately 21%. Corporate investments remained negligible during this period, and the "Other" adjustment line, which had previously shown significant negative values between 2013 and 2017, returned to a positive value of 1 million USD by October 2018.

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