HP Inc. Reports Fiscal 2024 Full Year, Fourth Quarter Results

HP reported its results for its fourth quarter and fiscal year 2024.

HP Inc. and its subsidiaries announced fiscal 2024 net revenue of $53.6 billion, down 0.3% (down 0.2% in constant currency) from the prior-year period.

Fourth quarter net revenue was $14.1 billion, up 1.7% (up 2.3% in constant currency) from the prior-year period.

“We are pleased with our Q4 performance where we saw revenue growth for the second consecutive quarter, driven by steady progress in Personal Systems and Print,” said Enrique Lores, HP president and CEO. “With momentum heading into FY25, we are well-positioned to capitalize on the commercial opportunity and lead the future of work.”

“In FY24 we drove non-GAAP EPS and free cash flow growth which allowed us to return approximately $3.2 billion to shareholders,” said Karen Parkhill, HP CFO. “As we look ahead, we are well positioned to deliver solid growth across revenue, non-GAAP net earnings, EPS and free cash flow in FY25. And given our confidence in the future, we are raising our annual dividend by 5 percent.”

HP generated $3.7 billion in net cash provided by operating activities and $3.3 billion of free cash flow in fiscal 2024. Free cash flow includes net cash provided by operating activities of $3.7 billion adjusted for net investments in leases from integrated financing of $165 million and net investments in property, plant and equipment of $592 million.

HP utilized $2.1 billion of cash during fiscal 2024 to repurchase approximately 62.7 million shares of common stock in the open market. When combined with the $1.1 billion of cash used to pay dividends, HP returned 96% of its free cash flow to shareholders in fiscal 2024.

HP generated $1.5 billion of free cash flow in the fourth quarter. Free cash flow includes net cash provided by operating activities of $1.6 billion adjusted for net investments in leases from integrated financing of $42 million and net investments in property, plant and equipment of $153 million.

In the fourth quarter, Personal Systems net revenue was $9.6 billion, up 2% year over year (up 3% in constant currency) with a 5.7% operating margin. Consumer PS net revenue was down 4% and Commercial PS net revenue was up 5%.

Printing net revenue was $4.5 billion, up 1% year over year (up 2% in constant currency) with a 19.6% operating margin. Consumer Printing net revenue was up 3% and Commercial Printing net revenue was down 1%. Supplies net revenue was up 2% (up 3% in constant currency). Total hardware units were up 9.5%, with Consumer Printing units up 10% and Commercial Printing units up 9%.