Selected Financial Data
since 2005
Income Statement
HP Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenue | Earnings (loss) from operations | Net earnings (loss) |
|---|---|---|---|
| Oct 31, 2018 | 58,472) | 4,064) | 5,327) |
| Oct 31, 2017 | 52,056) | 3,519) | 2,526) |
| Oct 31, 2016 | 48,238) | 3,549) | 2,496) |
| Oct 31, 2015 | 103,355) | 5,471) | 4,554) |
| Oct 31, 2014 | 111,454) | 7,185) | 5,013) |
| Oct 31, 2013 | 112,298) | 7,131) | 5,113) |
| Oct 31, 2012 | 120,357) | (11,057) | (12,650) |
| Oct 31, 2011 | 127,245) | 9,677) | 7,074) |
| Oct 31, 2010 | 126,033) | 11,479) | 8,761) |
| Oct 31, 2009 | 114,552) | 10,136) | 7,660) |
| Oct 31, 2008 | 118,364) | 10,473) | 8,329) |
| Oct 31, 2007 | 104,286) | 8,719) | 7,264) |
| Oct 31, 2006 | 91,658) | 6,560) | 6,198) |
| Oct 31, 2005 | 86,696) | 3,473) | 2,398) |
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), 10-K (reporting date: 2012-10-31), 10-K (reporting date: 2011-10-31), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
The financial data reveals several notable trends over the analyzed period.
- Net Revenue
- Net revenue showed a general upward trend from 2005 through 2011, increasing from approximately $86.7 billion to $127.2 billion. This indicates strong growth during that period. However, from 2012 onwards, net revenue declined steadily, falling to around $103.4 billion by 2015. A sharp drop is observed in 2016 to roughly $48.2 billion, followed by a moderate recovery to $58.5 billion in 2018. This pattern suggests significant business restructuring or changes in reporting scope starting in 2016.
- Earnings (Loss) from Operations
- Operating earnings rose consistently from 2005 through 2010, peaking at approximately $11.5 billion. They remained relatively stable until 2011, then experienced a steep decline in 2012, resulting in an operating loss of about $11.1 billion. Following this loss, operating earnings rebounded to positive territory for the remaining years but at lower levels compared to the peak, fluctuating between $3.5 billion and $7.2 billion. The 2012 loss is a significant anomaly, indicating a major operational challenge or one-time charge affecting profitability.
- Net Earnings (Loss)
- Net earnings mirrored the operating earnings trend, growing from around $2.4 billion in 2005 to $8.8 billion in 2010 before declining somewhat. In 2012, net earnings turned sharply negative, with a loss exceeding $12.6 billion, surpassing even the operating loss figure, suggesting additional impacts such as extraordinary expenses or impairments. After 2012, net earnings returned to positive albeit at reduced levels compared to earlier years, ranging between roughly $2.5 billion to $5.3 billion through 2018. This again underscores the significant disruption encountered in 2012 and a cautious recovery thereafter.
Overall, the data reflects a phase of growth and profitability until 2011, followed by a marked operational and financial setback in 2012, after which recovery occurred but did not return to previous highs within the reported timeframe. The sharp declines in revenue and earnings in 2012 and 2016 suggest corporate events such as divestitures, restructurings, or accounting adjustments that materially impacted financial results.
Balance Sheet: Assets
HP Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Oct 31, 2018 | 21,387) | 34,622) |
| Oct 31, 2017 | 22,318) | 32,913) |
| Oct 31, 2016 | 18,468) | 29,010) |
| Oct 31, 2015 | 51,787) | 106,882) |
| Oct 31, 2014 | 50,145) | 103,206) |
| Oct 31, 2013 | 50,364) | 105,676) |
| Oct 31, 2012 | 50,637) | 108,768) |
| Oct 31, 2011 | 51,021) | 129,517) |
| Oct 31, 2010 | 54,184) | 124,503) |
| Oct 31, 2009 | 52,539) | 114,799) |
| Oct 31, 2008 | 51,728) | 113,331) |
| Oct 31, 2007 | 47,402) | 88,699) |
| Oct 31, 2006 | 48,264) | 81,981) |
| Oct 31, 2005 | 43,334) | 77,317) |
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), 10-K (reporting date: 2012-10-31), 10-K (reporting date: 2011-10-31), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
The financial data reveals notable trends in both current assets and total assets over the twelve-year period under review.
- Current Assets
- The current assets exhibited a generally increasing trend from 2005 through 2015, rising from 43,334 million US dollars to a peak of 51,787 million US dollars. This growth indicates an overall expansion in liquid and short-term assets during this period. However, starting in 2016, there is a marked decline in current assets, with values dropping significantly to 18,468 million US dollars. In the subsequent years of 2017 and 2018, current assets slightly recovered to 22,318 million and then decreased marginally to 21,387 million US dollars, remaining well below the earlier peak years. This sharp reduction suggests a strategic shift or possible divestment affecting short-term asset holdings.
- Total Assets
- Total assets also followed an upward trajectory from 77,317 million US dollars in 2005 to a high of 129,517 million US dollars in 2011, reflecting broad asset growth and possibly increased investment or acquisition activity. Post-2011, total assets declined consistently over the next five years, reaching a low of 103,206 million US dollars in 2014 and 2015. The most dramatic contraction occurred in 2016 when total assets dropped to 29,010 million US dollars. Following this steep decrease, total assets gradually increased in 2017 and 2018, reaching 34,622 million US dollars by the end of the period, yet they remained significantly below the earlier peak values. This pattern may indicate major asset sales, restructuring, or capital reallocation during the mid-2010s.
- Overall Insights
- The trends between current assets and total assets appear to correlate, with both reaching peaks around 2010-2011 and experiencing steep declines starting in 2016. The data suggests a period of expansion followed by substantial contraction in asset holdings. This could indicate changes in corporate strategy, shifts in market conditions, or other operational adjustments that have materially impacted the asset base. The partial recovery in the last two reported years implies stabilization or the beginning of a new phase of asset management.
Balance Sheet: Liabilities and Stockholders’ Equity
HP Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Total HP stockholders’ equity (deficit) | |
|---|---|---|---|
| Oct 31, 2018 | 25,131) | 5,987) | (639) |
| Oct 31, 2017 | 22,412) | 7,819) | (3,408) |
| Oct 31, 2016 | 18,808) | 6,836) | (3,889) |
| Oct 31, 2015 | 42,191) | 24,665) | 27,768) |
| Oct 31, 2014 | 43,735) | 19,525) | 26,731) |
| Oct 31, 2013 | 45,521) | 22,587) | 27,269) |
| Oct 31, 2012 | 46,666) | 28,436) | 22,436) |
| Oct 31, 2011 | 50,442) | 30,634) | 38,625) |
| Oct 31, 2010 | 49,403) | 22,304) | 40,449) |
| Oct 31, 2009 | 43,003) | 15,830) | 40,517) |
| Oct 31, 2008 | 52,939) | 17,852) | 38,942) |
| Oct 31, 2007 | 39,260) | 8,183) | 38,526) |
| Oct 31, 2006 | 35,850) | 5,195) | 38,144) |
| Oct 31, 2005 | 31,460) | 5,223) | 37,176) |
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), 10-K (reporting date: 2012-10-31), 10-K (reporting date: 2011-10-31), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
The analysis of the financial data over the fourteen-year period indicates several notable trends in the company's liabilities, debt levels, and stockholders' equity.
- Current Liabilities
- Current liabilities exhibited a generally increasing pattern from 2005 through 2011, rising from approximately 31.5 billion USD to over 50 billion USD. After peaking around 2011, the level shows a downward trend until 2016, reaching about 18.8 billion USD. From 2016 onward, there is a moderate increase again, reaching approximately 25.1 billion USD by 2018. This fluctuation suggests potential changes in short-term obligations management or operating cycle adjustments across the years.
- Total Debt
- Total debt levels were relatively stable from 2005 to 2006, then increased significantly by 2008, peaking at 17.9 billion USD. The debt level remained high until 2011, after which a declining trend is evident. A notable reduction is seen post-2015, with total debt dropping sharply from 24.7 billion USD in 2015 to 6.0 billion USD by 2018. This reduction indicates a strategic effort to deleverage or repay long-term liabilities in recent years.
- Stockholders' Equity (Deficit)
- Stockholders' equity was positive and relatively stable from 2005 to 2011, fluctuating around 37 to 40 billion USD. However, starting in 2012, equity declined sharply, falling to approximately 22.4 billion USD and continuing at low levels through 2014. From 2015 onward, a significant deterioration occurred, with equity turning negative and reaching a deficit of nearly -0.6 billion USD by 2018. This negative equity suggests substantial losses or write-downs during this period, adversely affecting the company's net asset position.
In summary, while early years reveal growth and relatively stable financial structure, the latter years indicate considerable financial stress characterized by diminishing equity and reduced debt levels. The contraction in stockholders’ equity alongside decreasing debt could imply asset impairment or restructuring activities impacting overall financial health.
Cash Flow Statement
HP Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Oct 31, 2018 | 4,528) | (716) | (5,643) |
| Oct 31, 2017 | 3,677) | (1,717) | (1,251) |
| Oct 31, 2016 | 3,230) | 48) | (14,423) |
| Oct 31, 2015 | 6,490) | (5,534) | 1,344) |
| Oct 31, 2014 | 12,333) | (2,792) | (6,571) |
| Oct 31, 2013 | 11,608) | (2,803) | (7,943) |
| Oct 31, 2012 | 10,571) | (3,453) | (3,860) |
| Oct 31, 2011 | 12,639) | (13,959) | (1,566) |
| Oct 31, 2010 | 11,922) | (11,359) | (2,913) |
| Oct 31, 2009 | 13,379) | (3,580) | (6,673) |
| Oct 31, 2008 | 14,591) | (13,711) | (2,020) |
| Oct 31, 2007 | 9,615) | (9,123) | (5,599) |
| Oct 31, 2006 | 11,353) | (2,787) | (6,077) |
| Oct 31, 2005 | 8,028) | (1,757) | (5,023) |
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), 10-K (reporting date: 2012-10-31), 10-K (reporting date: 2011-10-31), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
The analysis of the cash flow activities over the period from 2005 to 2018 reveals several key trends and fluctuations in operating, investing, and financing activities.
- Net cash provided by operating activities
- Operating cash inflows generally exhibited growth from 2005 to 2008, starting at 8,028 million USD and peaking at 14,591 million USD in 2008. After this peak, there was some volatility with a decline to 10,571 million USD in 2012, followed by a modest recovery up to 12,333 million USD in 2014. However, a sharp decrease occurred in 2015 and 2016, reaching lows of 6,490 million USD and subsequently 3,230 million USD. From 2017 onward, there was a slight upward trend again, ending at 4,528 million USD in 2018. Overall, the operating cash flow maintained a positive value throughout but showed signs of increasing variability and reduction in later years.
- Net cash used in or provided by investing activities
- The investing cash flows were predominantly negative, indicating consistent investment outflows. After starting at -1,757 million USD in 2005, the outflows increased substantially, reaching a peak negative of -13,711 million USD in 2008, corresponding with a period of strong operating cash inflows. Post-2008, the outflows decreased in magnitude but remained significant through 2011. From 2012 to 2014, there was a reduction in investments, with values between approximately -2,792 and -3,453 million USD. However, 2015 saw an increase in cash outflows again to -5,534 million USD. Interestingly, in 2016, there was a positive cash inflow of 48 million USD in investing activities, a notable deviation from the general investing trend. This was followed by a return to outflows in 2017 and 2018, at -1,717 and -716 million USD respectively. The pattern suggests cyclical investment activity with occasional periods of disinvestment or asset sales.
- Net cash provided by (used in) financing activities
- Financing cash flows were generally negative, indicating net cash outflows related to financing. Beginning at -5,023 million USD in 2005, the outflows deepened until 2007. The year 2008 saw a pronounced decrease in outflows to -2,020 million USD, followed by a spike in cash outflows again until 2010, peaking at -6,673 million USD. Subsequent years witnessed fluctuations with relatively lower absolute cash outflows, though still predominantly negative. A notable exception occurred in 2015, where net financing activities provided positive cash flow of 1,344 million USD, indicating net financing inflows possibly due to debt issuance or equity capital raised. This was a brief reversal as 2016 reported a large outflow of -14,423 million USD, the highest magnitude in the period, possibly due to debt repayment or share repurchase programs. The remaining years after 2016 saw moderate net cash outflows in financing activities.
In summary, the company maintained positive operating cash flows throughout the period albeit with increasing volatility and a declining trend in the later years. Investing activities consistently generated cash outflows, reflecting ongoing capital investments, with rare exceptions indicating asset disposition or reduced capital expenditure. Financing activities mostly resulted in cash outflows, suggesting repayments or distributions, punctuated by infrequent inflows which may reflect capital raising events. The overall cash flow pattern indicates an active capital management strategy aligning investment, operation, and financing activities with business needs and market conditions over time.
Per Share Data
HP Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Oct 31, 2018 | 3.30 | 3.26 | 0.56 |
| Oct 31, 2017 | 1.50 | 1.48 | 0.53 |
| Oct 31, 2016 | 1.44 | 1.43 | 0.50 |
| Oct 31, 2015 | 2.51 | 2.48 | 0.67 |
| Oct 31, 2014 | 2.66 | 2.62 | 0.61 |
| Oct 31, 2013 | 2.64 | 2.62 | 0.55 |
| Oct 31, 2012 | -6.41 | -6.41 | 0.50 |
| Oct 31, 2011 | 3.38 | 3.32 | 0.40 |
| Oct 31, 2010 | 3.78 | 3.69 | 0.32 |
| Oct 31, 2009 | 3.21 | 3.14 | 0.32 |
| Oct 31, 2008 | 3.35 | 3.25 | 0.32 |
| Oct 31, 2007 | 2.76 | 2.68 | 0.32 |
| Oct 31, 2006 | 2.23 | 2.18 | 0.32 |
| Oct 31, 2005 | 0.83 | 0.82 | 0.32 |
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), 10-K (reporting date: 2012-10-31), 10-K (reporting date: 2011-10-31), 10-K (reporting date: 2010-10-31), 10-K (reporting date: 2009-10-31), 10-K (reporting date: 2008-10-31), 10-K (reporting date: 2007-10-31), 10-K (reporting date: 2006-10-31), 10-K (reporting date: 2005-10-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The analysis of the financial data reveals several noteworthy trends in earnings and dividends per share over the reported period.
- Earnings per Share (Basic and Diluted)
- Both basic and diluted earnings per share demonstrated a general upward trend from 2005 through 2011, increasing from approximately $0.83 to a peak near $3.78 (basic) and $3.69 (diluted) in 2010. This indicates consistent profitability growth during that timeframe.
- However, in 2012, a significant anomaly occurred with both basic and diluted earnings per share dropping sharply to a negative value around -$6.41, indicating a substantial loss for that year. This represents a sharp deviation from the previous positive trend.
- Following this loss, earnings per share rebounded in 2013–2014, returning to positive figures around the mid-$2.50 range. Nevertheless, from 2015 to 2017, a gradual decline is evident, with earnings per share reducing to approximately $1.44 (basic) and $1.43 (diluted) by 2016, suggesting volatile earnings performance during these years.
- By 2018, earnings per share recovered noticeably, rising to $3.3 (basic) and $3.26 (diluted), nearing the peak levels recorded in earlier years.
- Dividend per Share
- The dividend per share was stable at $0.32 from 2005 through 2010, indicating consistent dividend payments during this period.
- Starting in 2011, dividends increased steadily each year, peaking at $0.67 in 2015, reflecting growing confidence in the company’s ability to distribute earnings to shareholders.
- Post-2015, dividends declined somewhat to $0.50 in 2016, followed by slight increases to $0.53 in 2017 and $0.56 in 2018. This suggests a partial recovery or a more cautious approach to dividend policy subsequent to the earlier peak.
Overall, the company experienced growth in profitability reflected in earnings per share over much of the period, interrupted by a significant loss in 2012. Dividend payments were generally stable or increasing, with some moderation after 2015. The patterns suggest fluctuating earnings performance with a return to stronger profitability by the end of the analyzed period.