Stratrix

Company profile

SEC EDGAR ↗
Industry
Computer & office Equipment
Listed
NYSE: HPQ
Incorporated
DE
Headquarters
Palo Alto, CA
Fiscal year end
Oct 31

Financials

FY2025
Revenue
$55.3B
Net income
$2.53B
Total assets
$41.8B
HP — reported revenue, net income and total assets by fiscal year, from SEC filings
Fiscal yearRevenueNet incomeTotal assets
FY2025$55.3B$2.53B$41.8B
FY2024$53.6B$2.77B$39.9B
FY2023$53.7B$3.26B$37.0B
FY2022$62.9B$3.13B$38.5B
FY2021$63.5B$6.54B$38.6B
FY2020$56.6B$2.81B$34.7B

Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.

In depth

Strategic Fork
HP Acquires Autonomy (2011)
When HP CEO Leo Apotheker paid $11.1 billion for Autonomy in 2011, he was trying to transform HP from a hardware manufacturer into a software powerhouse. Instead, the deal produced an $8.8 billion write-down, allegations of massive fraud, criminal charges, and a case study in due diligence failure that continues to haunt corporate boardrooms — one where, more than a decade on, a U.S. jury ultimately rejected the fraud allegation at the center of HP's own account.

Decisions on record

5 verified Decision Records on HP, and the casebook each one belongs to.

Fork dateDecision typeThe storyCasebook
2001Adjacency ExpansionRead the story →Adjacency Expansion Casebook →
2011Succession QuestionRead the story →Succession Question Casebook →
2014The ForkRead the story →The Fork Casebook →
2015Succession QuestionRead the story →Succession Question Casebook →
2015Adjacency ExpansionRead the story →Adjacency Expansion Casebook →
Run one of these yourself

The decisions HP faced, as kits you can run.

Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.

Business ModelThe Loss LeaderWhat share of the units you sell cheap has to come back for the subsidy to be repaid?See the pack →Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Decision ForksThe Road Not TakenWhat did the decision you did not take actually cost?See the pack →

The analyses

The Loss Leader · Business Model
The Printer Is the Bait: How HP Sells Hardware at a Loss to Win the Ink War
HP's CEO said the quiet part out loud: the company loses money on the printer and makes it back on the ink. That single sentence explains the cheap hardware, the firmware that bricks third-party cartridges, and the lawsuits - the whole architecture of a loss leader defended to the death.
7 min
The Adjacency Expansion · Growth & Portfolio
HP's Best Expansions Followed Its Customers — the $25B Compaq Bet Chased Scale and Destroyed Value
HP built its first computer in 1966 just to run its own instruments. Its first desktop PC flopped. The lesson: HP's adjacency moves won when they followed the installed base - and its $25B Compaq bet, chasing scale instead, won a shareholder vote by 45 million shares and destroyed value doing it.
8 min
The Adjacency Expansion · Growth & Portfolio
HP Spent 76 Years Chasing the Next Business. The Split Was an Admission It Caught Too Many.
HP started with a $538 audio oscillator and ended up two companies. From test gear to PCs, PCs to services via Compaq, services to software via Autonomy — each leap destroyed value, and 2015 wasn't a masterstroke. It was a confession.
8 min
The Fork · Decision Forks
HP's 2015 split promised two equal twins — only one kept coming apart
In 2015 HP became two companies, and the tidy story says each one then splintered further. It didn't. Only the enterprise twin kept separating — spinning off two businesses in 2017 and exiting China by 2023 — while HP Inc., legally the original firm renamed, never split again.
8 min
The Succession Question · People & Control
HP Kept Hiring CEOs to Fix It. The Thing They Were Fixing Was Its Soul.
After its founders, HP burned through five CEOs in sixteen years - two forced out, one in eleven months - chasing a single transformational thesis. The 2015 split wasn't a triumph. It was the board admitting no one person could carry both halves of the legacy.
8 min
The Succession Question · People & Control
Three Fired CEOs, $83M in Severance, an $8.8B Write-Down: HP's Board Kept Making the Same Hire
Three CEOs forced out in under a decade, a fourth departure that the filing called voluntary, more than $83M in severance, an $8.8B write-down. The revolving door wasn't a run of bad leaders. It was the same dysfunctional board making the same hire, then firing it, then doing it again.
8 min