Research Reports

Q4 revenue grew 4% YoY, driven by Personal Systems gains in commercial and consumer; Print revenue declined 4% due to market softness (CEO, prepared).
Personal Systems revenue up 8% YoY, with 7% unit growth and higher ASPs; AIPC revenue doubled YoY (CFO, prepared).
Print operating margin 18.9%, in line with guidance and at top end of range; supplies revenue down 3% YoY in constant currency (CFO, prepared).
Full-year FY2025 revenue grew 3% YoY; key growth areas grew double-digit and represented over a third of revenue (CEO, prepared).
Q4 non-GAAP operating margin 8%, down YoY but up ~1 point sequentially; non-GAAP EPS $0.93, up 24% sequentially (CFO, prepared).
Q4 free cash flow ~$1.5B; FY2025 free cash flow $2.9B, consistent with outlook (CFO, prepared).
Future-ready program delivered $2.2B cumulative gross annualized savings vs. original $1.4B target; savings-to-charge ratio 1.8x (CFO, prepared).
New AI-driven cost program targets ~$1B gross run rate savings by FY2028, with ~$300M expected in FY2026; workforce reductions of 4,000–6,000 over next years (CEO, CFO, prepared).
Memory costs now 15%–18% of typical PC cost; expected to impact Personal Systems margins in H2 FY2026 (CEO, prepared).
Quarterly dividend raised to $0.30 per share, tenth consecutive annual increase since separation (CFO, prepared).

Official Guidance:

FY2026 non-GAAP diluted EPS: $2.90–$3.20; GAAP diluted EPS: $2.47–$2.77 (CFO, prepared).
Q1 FY2026 non-GAAP diluted EPS: $0.73–$0.81; GAAP diluted EPS: $0.58–$0.66 (CFO, prepared).
FY2026 free cash flow: $2.8B–$3.0B (CFO, prepared).
Personal Systems OP rate: H1 in 5%–6% range; full-year could be at low end of 5%–7% long-term range (CFO, prepared).
Print operating margin: full-year in upper half of 16%–19% range (CFO, prepared).

Mgmt Quotes:

“We have driven sequential profit improvement the last two quarters, demonstrating our ability to quickly respond to the challenging trade environment we began to face in Q2.” (CEO)
“Our performance, both for the quarter and the full year, underscores the strength of our strategy, the power of our portfolio, and the tenacity of our team.” (CEO)
“We have a proven track record of managing challenges, and this one will be no different.” (CFO)
“We are prudently including these pressures in our outlook, yet we remain confident in the strength of our organization and partnerships we’ve built with our suppliers.” (CFO)
“We intend to drive greater growth in this important base of higher-margin, more stable recurring revenue.” (CFO)

Metric	Value	Speaker/Context
Q4 revenue growth (YoY)	+4%	CFO, prepared
Personal Systems revenue growth (YoY)	+8%	CFO, prepared
Print revenue decline (YoY)	-4%	CFO, prepared
Q4 non-GAAP operating margin	8%	CFO, prepared
Q4 non-GAAP diluted EPS	$0.93	CFO, prepared
Q4 free cash flow	~$1.5B	CFO, prepared
FY2025 free cash flow	$2.9B	CFO, prepared
FY2026 non-GAAP diluted EPS guidance	$2.90–$3.20	CFO, prepared
Q1 FY2026 non-GAAP diluted EPS guidance	$0.73–$0.81	CFO, prepared
FY2026 free cash flow guidance	$2.8B–$3.0B	CFO, prepared
Future-ready cumulative gross annualized savings	$2.2B	CFO, prepared
AI cost program target gross run rate savings by FY2028	~$1B	CEO, CFO, prepared
Workforce reductions planned	4,000–6,000	CEO, prepared
Quarterly dividend (new)	$0.30 per share	CFO, prepared

Topic: 自由现金流指引与内存成本压力抵消因素
Key points:
- 2026年自由现金流指引持平，抵消因素包括营运资本改善与PS业务现金转换周期
- CapEx与重组成本同比略降
- 重组成本预计约2.5亿美元
- 内存成本压力预计影响EPS约0.30美元
Mgmt stance: 中性，因采取审慎指引，同时表示若能超预期将努力实现

Topic: 定价策略与Windows 11刷新周期
Key points:
- 定价调整按国家与品类逐案评估，影响将全面但程度有差异
- Windows 11转换率已达60%，第一半年为尾风，可能延续更久
- 2026年AIPC出货占比预计40%-50%
Mgmt stance: 中性，强调按具体情况灵活定价以应对内存成本

Topic: PC/PS动能与2026年季节性
Key points:
- 剩余40% Windows 11转换基数主要在SMB与非北美地区
- 2026年营收上半年较弱、下半年更强
- PS营业利润率上半年维持5%-6%，全年处于5%-7%低端
- EPS上半年与下半年分布更均匀
Mgmt stance: 中性，依赖Windows 11与AIPC混合改善，同时关注内存成本后半影响

Topic: 服务订阅增长与内存成本缓解措施
Key points:
- Instant Ink等订阅业务接近10亿美元，PCaaS与软件业务强劲增长
- 内存占PC成本15%-18%，毛利影响大于0.30美元净影响
- 对缓解措施信心较高，库存可覆盖上半年影响
Mgmt stance: 乐观，视 recurring revenue 为重点资本配置方向，逐步转型

Topic: AI PC渗透率及关税/大宗商品成本影响；PC与打印定价行动
Key points:
- AI PC渗透率季末已超30%，高于25-30%预期
- 内部部署AI PC后生产力提升最高达17%
- 打印商业渠道因日元优势竞争对手未同步涨价导致Q4份额流失，消费渠道无影响且耗材份额增长
- PC涨价幅度小于打印，因关税影响较小
Mgmt stance: 乐观，因AI PC附加价值、软件合作及内部验证推动渗透率持续上升

Topic: 内存库存与供应链；打印业务策略及经营利润
Key points:
- 目前库存可支撑上半年，无短期影响；与关键供应商签订长期协议
- COVID后优化供需匹配与预测流程
- 打印策略不变：提升每客户价值、减少非盈利客户、加大大墨水投入、加速订阅转型
- 工业图形业务已连续9个季度增长，2026年预计继续增长；2026年将推出新产品组合
- 内存成本影响已纳入全年指引约0.30美元，主要在下半年
Mgmt stance: 中性偏谨慎，采取审慎指引并持续采取缓解措施，对供应链伙伴关系有信心