Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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HP Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-K (reporting date: 2018-10-31), 10-Q (reporting date: 2018-07-31), 10-Q (reporting date: 2018-04-30), 10-Q (reporting date: 2018-01-31), 10-K (reporting date: 2017-10-31), 10-Q (reporting date: 2017-07-31), 10-Q (reporting date: 2017-04-30), 10-Q (reporting date: 2017-01-31), 10-K (reporting date: 2016-10-31), 10-Q (reporting date: 2016-07-31), 10-Q (reporting date: 2016-04-30), 10-Q (reporting date: 2016-01-31), 10-K (reporting date: 2015-10-31), 10-Q (reporting date: 2015-07-31), 10-Q (reporting date: 2015-04-30), 10-Q (reporting date: 2015-01-31), 10-K (reporting date: 2014-10-31), 10-Q (reporting date: 2014-07-31), 10-Q (reporting date: 2014-04-30), 10-Q (reporting date: 2014-01-31), 10-K (reporting date: 2013-10-31), 10-Q (reporting date: 2013-07-31), 10-Q (reporting date: 2013-04-30), 10-Q (reporting date: 2013-01-31).
- Revenue and Cost Trends
- Over the analyzed period, net revenue shows a fluctuating but generally stable pattern, with quarterly values mostly ranging between approximately 27,000 and 29,000 million US dollars in the earlier years, before declining somewhat during 2015 and early 2016. From 2017 onward, there is a noticeable upward trend, peaking above 15,000 million US dollars in late 2018. Cost of revenue broadly follows the revenue trend, maintaining a consistent proportion, with some slight increases toward the later periods, which resulted in a stable but slightly compressing gross profit margin.
- Gross Profit Dynamics
- Gross profit remains relatively stable across quarters, generally fluctuating in the range of 2,200 to 2,700 million US dollars in the later years, showing resilience despite some volatility in revenue and costs. This stability indicates effective cost management relative to revenue fluctuations. There are minor dips corresponding with revenue declines but the overall trend points to moderate growth in gross profitability starting around 2017.
- Operating Expenses
- Research and development costs are fairly consistent over time, mainly between 280 and 350 million US dollars, with a slight tendency to increase in the later years, indicating ongoing investment in innovation or product development. Selling, general, and administrative expenses exhibit some volatility but stay broadly within the range of 700 to 1,300 million US dollars quarterly, with a notable spike in certain quarters such as Q4 2016. This suggests periods of increased administrative efforts or marketing initiatives.
- Non-Recurring Charges
- Restructuring and other charges vary considerably by quarter; some quarters display moderate charges, while others experience higher one-time costs, as in Q2 2014 and Q4 2015. Acquisition-related charges tend to be relatively small but show sporadic spikes, suggesting occasional integration costs or adjustments. Amortization of intangible assets generally declines over time, indicative of asset amortization schedules nearing completion.
- Separation and Impairment Costs
- Separation costs appear only in late 2014 and throughout 2015, peaking notably in Q4 2015, signifying a period of organizational restructuring or spin-offs. Impairment of data center assets occurs once in Q3 2014, representing a specific write-down during that period, with no recurrence afterward.
- Profitability Metrics
- Earnings from operations vary, with peaks generally aligning with higher revenue quarters. Values fluctuate between around 600 and nearly 2,000 million US dollars, with a noticeable dip during parts of 2015 and early 2016 but recovering strongly thereafter. Interest and other net expenses display volatility: negative values are frequent but with a significant positive spike in Q4 2016, suggesting a one-time financial event or gain. Earnings before taxes roughly mirror operational earnings but are impacted by this interest volatility.
- Tax Provision and Net Earnings
- Tax provisions generally remain negative, indicating outflows, but there are several quarters with positive tax benefits, notably in Q4 2015 and Q1/Q2 2018, which boost net earnings. Net earnings from continuing operations reveal strong seasonality and fluctuations, with notable peaks around early and late 2018, reaching nearly 2,000 million US dollars. There is a substantial recovery in net earnings post-2016 following a period of dipping profitability.
- Discontinued Operations
- Minor net losses from discontinued operations are reported only during selected quarters in 2015, implying a divestiture or closure of business units during that time.
- Summary of Observations
- The data suggests a company managing cyclical fluctuations in both revenue and profitability, with periods of restructuring and asset write-downs impacting financial outcomes intermittently. Strategic investments in R&D remain a consistent priority. Operational profitability demonstrates recovery after mid-period dips, supported by improved gross profit management and occasional tax benefits. The fluctuations in interest and other expenses alongside restructuring indicate active financial and structural management during the timeline.