---
title: "HP Inc.: Business Model & Revenue Engine"
description: "HP Inc. revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/hp-inc/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# HP Inc.: Business Model & Revenue Engine

## Direct Answer

HP Inc. reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Personal Systems is the largest, with $38.5 billion of revenue (70% of the total), followed by Printing at $16.7 billion (30%).

## How Does HP Inc. Make Money?

Personal Systems supplies 70% of revenue, so HP Inc.'s results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Corporate Investments grew fastest (+148.0%) and Printing slowest (-3.7%), so the revenue mix tilts toward Corporate Investments while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Personal Systems | $38.5 billion | $36.2 billion | 69.7% | 6.5% |
| Printing | $16.7 billion | $17.3 billion | 30.2% | -3.7% |
| Corporate Investments | $62 million | $25 million | 0.1% | 148.0% |

![Bar chart of HP Inc. revenue by segment for fiscal 2025: Personal Systems 69.7%, Printing 30.2%, Corporate Investments 0.1%.](https://www.getswoopr.com/images/charts/hp-inc-business-model-segment-mix.webp)
*HP Inc. revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which HP Inc. Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Personal Systems | $2.1 billion | 5.3% |
| Printing | $3.1 billion | 18.7% |
| Corporate Investments | -$130 million | -209.7% |

Segment operating income is the profit measure HP Inc. reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within HP Inc. more safely than against another company.

## What Does HP Inc. Sell?

HP Inc. also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Product | $52.0 billion | $50.5 billion | 94.0% | 3.1% |
| Service | $3.3 billion | $3.1 billion | 6.0% | 6.0% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of HP Inc.'s reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value HP Inc. reported in the segment note and revenue disclosures of its Form 10-K filed December 10, 2025 (accession 0000047217-25-000071), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are HP Inc.'s business segments?

In its fiscal 2025 Form 10-K, HP Inc. reports revenue for Personal Systems, Printing and Corporate Investments.

### Which part of HP Inc. brings in the most revenue?

Personal Systems, with $38.5 billion of revenue in fiscal 2025, or 70% of the total.

### Where does HP Inc. report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed December 10, 2025, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: HP INC Form 10-K filed December 10, 2025](https://www.sec.gov/Archives/edgar/data/47217/000004721725000071/hpq-20251031.htm)
- [SEC EDGAR: HP INC annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=47217&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [HP Inc. company dossier](https://www.getswoopr.com/stocks/companies/hp-inc/)
- [HP Inc. financial metrics](https://www.getswoopr.com/stocks/companies/hp-inc/metrics/)
- [HP Inc. financial risk indicators](https://www.getswoopr.com/stocks/companies/hp-inc/risks/)
- [HP Inc. peer comparison](https://www.getswoopr.com/stocks/companies/hp-inc/competitors/)
- [HP Inc. business model and revenue mix](https://www.getswoopr.com/stocks/companies/hp-inc/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).