| HP INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS (Unaudited) (In millions, except per share amounts) | |||||||
| Nine months ended | |||||||
| July 31, 2024 | July 31, 2023 | ||||||
| Net revenue:(a) | |||||||
| Products | $ | 37,212 | $ | 37,615 | |||
| Services | 2,292 | 2,286 | |||||
| Total net revenue | 39,504 | 39,901 | |||||
| Cost of net revenue:(a) | |||||||
| Products | 29,359 | 30,085 | |||||
| Services | 1,328 | 1,293 | |||||
| Total cost of net revenue | 30,687 | 31,378 | |||||
| Research and development | 1,248 | 1,167 | |||||
| Selling, general and administrative | 4,249 | 4,031 | |||||
| Restructuring and other charges | 180 | 416 | |||||
| Acquisition and divestiture charges | 71 | 205 | |||||
| Amortization of intangible assets | 242 | 262 | |||||
| Total costs and expenses | 36,677 | 37,459 | |||||
| Earnings from operations | 2,827 | 2,442 | |||||
| Interest and other, net | (410 | ) | (357 | ) | |||
| Earnings before taxes | 2,417 | 2,085 | |||||
| (Provision for) benefit from taxes | (548 | ) | 204 | ||||
| Net earnings | $ | 1,869 | $ | 2,289 | |||
| Net earnings per share: | |||||||
| Basic | $ | 1.90 | $ | 2.31 | |||
| Diluted | $ | 1.88 | $ | 2.29 | |||
| Cash dividends declared per share | $ | 1.10 | $ | 1.05 | |||
| Weighted-average shares used to compute net earnings per share: | |||||||
| Basic | 986 | 991 | |||||
| Diluted | 994 | 999 | |||||
(a) Effective first quarter of fiscal 2024, HP presents consolidated net revenue and cost of net revenue bifurcated between products and services. HP has reflected this change to its prior reporting periods on an as-if basis. The reporting change had no impact to previously reported segment net revenue, consolidated net revenue, earnings from operations, net earnings or net EPS. Services include revenues from support and maintenance contracts and other services, and excludes product hardware and supplies revenues associated with as-a-service offerings and instant ink subscriptions which are categorized within product revenues.
