HP Inc.

(2) Services cost of net revenue as a percentage of net revenue is calculated as a percentage of services net revenue.

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Net Revenue

Products net revenue includes revenue from the sale of hardware, supplies, subscriptions and software licenses. Services net revenue includes revenue from our service offerings and support on hardware devices.

For the three months ended July 31, 2026, net revenue increased 12.5% (increased 10.9% on a constant currency basis) as compared to the prior-year period. Net revenue from international operations increased 16.8% to $10.4 billion, while U.S. net revenue increased 5.1% to $5.3 billion. The increase in net revenue was primarily driven by products net revenue due to pricing actions to mitigate higher commodity costs in Personal Systems and favorable currency impacts, partially offset by demand softness in Printing. Services net revenue increased due to support services on hardware devices.

(Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | | Change (pts)
| | July 31, 2026 | | April 30, 2026 | | July 31, 2025 | | Q/Q | | Y/Y
|

Segment operating margin:

| | | | | | | | |
|

Personal Systems

| 4.6 | % | | 5.2 | % | | 5.4 | % | | (0.6) | pts | | (0.8) | pts
|

Printing(a)

| 18.1 | % | | 18.3 | % | | 17.0 | % | | (0.2) | pts | | 1.1 | pts
|

Corporate Investments(b)

| NM | | NM | | NM | | NM | | NM
| Total segment | 7.8 | % | | 8.8 | % | | 8.6 | % | | (1.0) | pts | | (0.8) | pts
| | | | | | | | | | | | | | | | | |
| | Nine months ended | | Change (pts)
| | July 31, 2026 | | July 31, 2025 | | Y/Y
|

Segment operating margin:

| | | | |
|

Personal Systems

| 4.9 | % | | 5.2 | % | | (0.3) | pts
|

Printing(a)

| 18.2 | % | | 18.3 | % | | (0.1) | pts
|

Corporate Investments(b)

| NM | | NM | | NM
| Total segment | 8.4 | % | | 9.0 | % | | (0.6) | pts

(a)Effective at the beginning of its first quarter of fiscal year 2026, HP realigned its business unit financial reporting to reflect the transition of the Print-as-a-Service business from Corporate Investments to Printing. HP reflected this change to its business unit information in prior reporting periods on an as-if basis which resulted in the reclassification of segment net revenue, cost of net revenue and operating expenses from the Corporate Investments segment to Supplies and Consumer Printing. The reporting change had no impact to previously reported consolidated net revenue, earnings from operations, net earnings or net earnings per share.

(b)"NM" represents not meaningful either because the amount is too small or large to be meaningful for comparative purposes.

A downgrade of the current credit rating could increase borrowing costs under credit facilities, reduce access to capital markets and/or market capacity for commercial paper, or require posting additional collateral under some derivative contracts.

Acquisition and Divestiture Charges

Acquisition and divestiture charges for the three and nine months ended July 31, 2026 decreased by $4 million and $25 million, respectively, primarily due to lower acquisition and integration activities.

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Amortization of Intangible Assets

Amortization of intangible assets decreased $84 million and $67 million for the three and nine months ended July 31, 2026, respectively, primarily driven by higher impairment charges of $69 million and $37 million, respectively, in the prior periods.

Although historically we have announced regular cash dividend payments and we have adopted a share repurchase program, we are not obligated to pay cash dividends or to repurchase a specified number or dollar value of shares under our share repurchase program or at all. The declaration and payment of any future dividends is at the discretion of our Board of Directors. The level of dividends and amount, timing, and purchases under our share repurchase program, if any, are influenced by many factors and may fluctuate based on our operating results, cash flows, and priorities for the use of cash, the market price of our common stock, and, with respect to share repurchases, our possession of potentially material nonpublic information. In addition, we cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term shareholder value.