HP: still smaller than it was.

1. Still smaller than it was. Revenue reached $55.3 billion in fiscal 2025, 13% below its fiscal 2021 peak of $63.5 billion.
2. Leaders came and went. HP filed 34 leadership changes since 2016, more than 83% of large manufacturers (the median is 20). The day after each, its shares moved a median 0.0 points against its sector. The news was rarely news.
3. Five decisions on record. Stratrix has verified five of HP's big decisions, each with what happened next. The hardest year after: "HP's Best Expansions Followed Its Customers — the $25B Compaq Bet Chased Scale and Destroyed Value", with its shares 22 points behind the S&P 500 over the next three years. The best: "HP Spent 76 Years Chasing the Next Business. The Split Was an Admission It Caught Too Many", 65 points ahead of the S&P 500 over the next three years.
4. Profitable every year. HP made money in each of its last ten fiscal years, from $2.5 billion (fiscal 2016) to $6.5 billion (fiscal 2021).

Financial results

As reported in its annual filings. Losses in red.

Stratrix Decision Cases

• 2015HP Spent 76 Years Chasing the Next Business. The Split Was an Admission It Caught Too Many.Too early to call · shares +65 pts vs the S&P 500 over 3 years
• 2015HP Kept Hiring CEOs to Fix It. The Thing They Were Fixing Was Its Soul.Stood
• 2014HP's 2015 split promised two equal twins — only one kept coming apartStood · shares −9 pts vs the S&P 500 over 3 years
• 2011Three Fired CEOs, $83M in Severance, an $8.8B Write-Down: HP's Board Kept Making the Same HireStood · shares −21 pts vs the S&P 500 over 3 years
• 2001HP's Best Expansions Followed Its Customers — the $25B Compaq Bet Chased Scale and Destroyed ValueHeld in part · shares −22 pts vs the S&P 500 over 3 years