Article Resultados Resultados Financieros de Hewlett Packard (Q3 2025)

$HPQ (Hewlett Packard)

HEWLETT-PACKARD INC. — Executive Summary of Results: Q3 FY2025
Period: Fiscal quarter ended July 31, 2025 | Reported: August 27, 2025
Current context: September 20, 2025

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Key Financial Results

Concept	Q3 FY2025	Q3 FY2024	YoY variation
Net Revenue	US$ 13.90 billion	US$ 13.50 billion	+3,1 %
GAAP Diluted EPS	US$ 0,80	US$ 0,65	+23% approx.
Adjusted EPS (non-GAAP)	US$ 0,75	US$ 0,84	−10.7% approx.
GAAP Operating Margin	≈ 5.1 %	≈ 7.0 %	−1.9 percentage points
Adjusted Operating Margin (non-GAAP)	≈ 7.1 %	≈ 8.2 %	−1.1 percentage points
Free Cash Flow	US$ 1.50 billion	US$ 1.30 billion	+13 %
Operating Cash Flow	US$ 1.70 billion	US$ 1.40 billion	+17 %

• Highlights:
• Revenue grew +3.1% year-over-year, driven by the good performance of the Personal Systems segment.
• GAAP EPS showed significant improvement +23%, exceeding estimates.
• Robust free cash flow generation increased by +13%.
• Printing segment continues to face revenue pressure, although it maintains decent adjusted margins.

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Breakdown by Business Segment

Segment	YoY Performance / Comment
Personal Systems	Revenue ~US$9.9 billion, up +6%. Strong performance in both consumer and commercial units.
Printing	Revenue ~US$4.0 billion, down ≈ -4%. Hardware and consumables sales down; printer units down around -9%.

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Margins and Other Key Indicators

Indicator	Q3 FY2025
Total Personal Systems Units	≈ growth +5%
Inventory / Inventories	≈ US$ 8.36 billion (inventory ≈ 68 days)
Cash and Cash Equivalents	≈ US$2.90 billion
Share Buyback + Dividends	≈ US$ 0.40 billion returned to shareholders

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Risks and Relevant Factors

• Pressure on Printing due to drop in demand for hardware and consumables.
• Operating margin compressed by product costs, trade fees and changes in product mix.
• Intense competition in PCs and price pressure in Printing segments.
• Supply chain tensions, tariffs, logistics costs and component supply.

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FY2025 Q4 Outlook / Guidance

Concept	Estimate/Range
Expected GAAP Diluted EPS	US$ 0,75 – 0,85
Expected Non-GAAP Adjusted EPS	$0.87 – $0.97
Free Cash Flow FY2025 estimado	≈ US$ 2.60 – 3.00 billion

Note on the guide and strategic context
HP aims to maintain momentum in its PCs, capitalize on demand for AI PCs and Windows 11 refreshes, while managing weakness in Printing through efficiency improvements, portfolio adjustments, and capital returns.

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Executive Conclusion
- Hewlett-Packard achieved moderate revenue growth (+3.1%) and a significant improvement in GAAP EPS (+23%), reflecting strong operating performance in Personal Systems.
- The Printing segment remains under pressure, with declines in hardware and consumables, although non-GAAP margins remain relatively solid.
- The company generates strong free cash flow and returns capital to shareholders.
- Guidance for the fourth quarter of FY2025 reflects confidence, albeit with recognition of risks in printing demand, costs, and macroeconomic conditions.

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The content of this analysis is for informational purposes only and does not constitute any investment recommendation.