HP INC

Previous wording

•In Personal Systems, we face challenges with a competitive pricing environment, variability in commodity costs, especially increasing memory and storage costs, and the uncertainty of the market’s ability to absorb price increases.

Current wording

•In Personal Systems, we face challenges with a competitive pricing environment, increasing commodity costs, particularly in memory and storage costs, and the uncertainty of the market’s ability to absorb price increases.

Previous wording

Since April 2025, new, substantial tariffs have been imposed on imports to the United States. On February 20, 2026, the U.S. Supreme Court held that tariffs imposed under the International Emergency Economic Powers Act were not authorized by statute which removed the obligation for and collection of related tariffs. We are continuing to assess the impact of subsequent developments, including the potential recovery of tariffs previously paid, as well as the effects of any additional tariffs or trade actions that may be imposed.

Current wording

Since April 2025, new, substantial tariffs have been imposed on imports to the United States. On February 20, 2026, the U.S. Supreme Court held that tariffs imposed under the IEEPA were not authorized by statute which removed the obligation for and collection of related tariffs. As of July 31, 2026, we have applied for the recovery of approximately $0.3 billion of previously paid IEEPA tariffs. We have received $127 million of refunds during the three and nine months ended July 31, 2026, and $91 million subsequent to the reporting period. Refunds are recognized as a reduction of Products cost of net revenue when received. We are continuing to assess the recoverability of additional IEEPA tariffs previously paid, as well as the effects of any additional tariffs or trade actions that may be imposed.

Previous wording

During fiscal year 2025 and the first half of fiscal year 2026, we experienced higher commodity and trade related costs and implemented pricing and other mitigation actions during the period. Additionally, during the first half of fiscal year 2026, we experienced higher inflationary pressure in memory and storage costs and supply constraints in our Personal Systems business, which we anticipate will continue. We continue to evaluate and implement further mitigating actions, including potential supply chain resiliency movements and cost and pricing measures, as the trade and supply environments evolve.

Current wording

During the nine months ended July 31, 2026, we experienced higher inflationary pressure in memory and storage costs and supply constraints in our Personal Systems business, which we anticipate will continue. We continue to evaluate and implement mitigating actions, including potential supply chain resiliency movements and cost and pricing measures, as the trade and supply environments evolve.

Previous wording

On November 25, 2025, we announced our Fiscal 2026 Plan intended to drive customer satisfaction, product innovation, and productivity primarily through artificial intelligence adoption and enablement that HP expects will be implemented through fiscal 2028. We are on-track to achieve our expected gross reductions in cost by the end of fiscal year 2028. During the first half of fiscal 2026, we took actions to integrate AI into our channel partner experience and scale additional AI agents in our supply chain operations and expect to continue to accelerate and scale these initiatives. We additionally took actions to reduce headcount through the EER program of which a significant portion of which will get executed during fiscal year 2026.

Current wording

On November 25, 2025, we announced our Fiscal 2026 Plan intended to drive customer satisfaction, product innovation, and productivity primarily through artificial intelligence adoption and enablement that HP expects will be implemented through fiscal 2028. During the nine months ended July 31, 2026, we took actions to integrate AI into our channel partner experience and scale additional AI agents in our supply chain operations and expect to continue to accelerate and scale these initiatives. We additionally took actions to reduce headcount through the EER program of which a significant portion will get executed during fiscal year 2026.

Previous wording

See “Risk Factors—Strategic and Operational Risks—We may not achieve some or all of the expected benefits of our restructuring and other plans and such plans may adversely affect our business” in Item 1A of Part I in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025. For more information on our Fiscal 2026 Plan, see Note 3,

Current wording

See “Risk Factors—Strategic and Operational Risks—We may not achieve some or all of the expected benefits of our restructuring and other plans and such plans may adversely affect our business” in Item 1A of Part I in our Annual Report on

Previous wording

MD&A is based on our Condensed Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, net revenue and expenses, and the disclosure of contingent liabilities. Management believes that there have been no significant changes during the six months ended April 30, 2026 to the items that we disclosed as our critical accounting estimates in MD&A in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Current wording

MD&A is based on our Condensed Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, net revenue and expenses, and the disclosure of contingent liabilities. Management believes that there have been no significant changes during the nine months ended July 31, 2026 to the items that we disclosed as our critical accounting estimates in MD&A in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Previous wording

For the three months ended April 30, 2026, net revenue increased 9.0% (increased 6.3% on a constant currency basis) as compared to the prior-year period. Net revenue from international operations increased 14.4% to $9.8 billion primarily driven by the Windows-based PC operating system refresh, while U.S. net revenue decreased 0.9% to $4.7 billion. The increase in net revenue was primarily driven by products net revenue due to pricing actions to mitigate higher commodity costs in Personal Systems as well as an increase in services net revenue due to support services on hardware devices.

Current wording

For the three months ended July 31, 2026, net revenue increased 12.5% (increased 10.9% on a constant currency basis) as compared to the prior-year period. Net revenue from international operations increased 16.8% to $10.4 billion, while U.S. net revenue increased 5.1% to $5.3 billion. The increase in net revenue was primarily driven by products net revenue due to pricing actions to mitigate higher commodity costs in Personal Systems and favorable currency impacts, partially offset by demand softness in Printing. Services net revenue increased due to support services on hardware devices.

Previous wording

For the six months ended April 30, 2026, total net revenue increased 7.9% (increased 5.7% on a constant currency basis) as compared to the prior-year period. Net revenue from international operations increased 12.2% to $19.7 billion primarily driven by the Windows-based PC operating system refresh, while U.S. net revenue decreased 0.3% to $9.1 billion. The increase in net revenue was primarily driven by products net revenue due to pricing actions to mitigate higher commodity costs in Personal Systems as well as an increase in services net revenue due to support services on hardware devices, partially offset by demand softness and competitive pressures in Printing.

Current wording

For the nine months ended July 31, 2026, total net revenue increased 9.5% (increased 7.5% on a constant currency basis) as compared to the prior-year period. Net revenue from international operations increased 13.7% to $30.1 billion, while U.S. net revenue increased 1.6% to $14.4 billion. The increase in net revenue was primarily driven by products net revenue due to pricing actions to mitigate higher commodity costs in Personal Systems, partially offset by demand softness and competitive pressures in Printing. Services net revenue increased due to support services on hardware devices.

Previous wording

For the three months ended April 30, 2026, gross margin increased 0.2 percentage points primarily driven by products gross margin due to higher average selling prices (“ASPs”) including favorable foreign currency impacts, partially offset by higher commodity costs and unfavorable mix shifts towards Personal Systems. Services gross margin increased due to favorable mix shifts.

Current wording

For the three months ended July 31, 2026, gross margin decreased 1.7 percentage points primarily driven by higher commodity costs and unfavorable mix shifts towards Personal Systems, partially offset by pricing actions including favorable currency impacts, and IEEPA tariff refunds. Services gross margin increased due to favorable mix shifts.

Previous wording

For the six months ended April 30, 2026, gross margin decreased 0.6 percentage points primarily driven by products gross margin due to higher commodity and supply chain costs and unfavorable mix shifts towards Personal Systems, partially offset by pricing actions, including favorable foreign currency impacts. Services gross margin increased due to favorable mix shifts.

Current wording

For the nine months ended July 31, 2026, gross margin decreased 0.9 percentage points primarily driven by products gross margin due to higher commodity costs and unfavorable mix shifts towards Personal Systems, partially offset by pricing actions including favorable currency impacts, and IEEPA tariff refunds. Services gross margin increased due to favorable mix shifts.

Previous wording

R&D expense increased 7.7% and 3.3% for the three and six months ended April 30, 2026, respectively primarily driven by higher variable compensation.

Current wording

R&D expense increased 0.7% for the nine months ended July 31, 2026 primarily driven by higher variable compensation.

Previous wording

SG&A expense increased 2.3% and 2.7% for the three and six months ended April 30, 2026 primarily driven by higher variable compensation.

Current wording

SG&A expense increased 5.9% and 3.7% for the three and nine months ended July 31, 2026 primarily driven by higher variable compensation, partially offset by disciplined cost management.

Previous wording

Restructuring and other charges increased $243 million and $299 million for the three and six months ended April 30, 2026, respectively, primarily driven by the EER program under the Fiscal 2026 Plan. For more information, see Note 3, “Restructuring and other charges”, to the Condensed Consolidated Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Current wording

For more information, see Note 3, “Restructuring and other charges”, to the Condensed Consolidated Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Previous wording

Acquisition and divestiture charges for the three and six months ended April 30, 2026 decreased by $13 million and $21 million, respectively, primarily due to lower acquisition and integration activities.

Current wording

Acquisition and divestiture charges for the three and nine months ended July 31, 2026 decreased by $4 million and $25 million, respectively, primarily due to lower acquisition and integration activities.

Previous wording

Interest and other, net expense decreased $29 million and $82 million for the three and six months ended April 30, 2026, respectively, primarily due to a lower interest expense on debt and factoring costs.

Current wording

Interest and other, net expense decreased $80 million for the nine months ended July 31, 2026 primarily due to lower interest expense on debt and factoring costs in the current period, partially offset by a gain from a single litigation matter that does not relate to HP’s ongoing business operations recorded in the prior period.

Previous wording

Our effective tax rate was 8.7% for the three months ended April 30, 2026 and 14.5% for the six months ended April 30, 2026. The difference between the U.S. federal statutory tax rate of 21% and our effective tax rate for the three and six months ended April 30, 2026 was primarily due to audit settlements in various jurisdictions.

Current wording

Our effective tax rate was 17.2% for the three months ended July 31, 2026 and 15.6% for the nine months ended July 31, 2026. The difference between the U.S. federal statutory tax rate of 21% and our effective tax rate for the three months ended July 31, 2026 was primarily due to decreases in unrecognized tax benefits. For the nine months ended July 31, 2026, the difference was primarily due to decreases in unrecognized tax benefits and audit settlements in various jurisdictions.

Previous wording

Personal Systems net revenue increased 13.2% (increased 10.0% on a constant currency basis) for the three months ended April 30, 2026. The net revenue increase was primarily due to a 22.3% increase in ASPs with a focus on higher value units in a dynamic commodity environment contributing to a 7.0% decrease in PCs unit volume. The increase in ASPs is primarily due to pricing actions, favorable currency impacts and mix shifts.

Current wording

Personal Systems net revenue increased 18.5% (increased 16.7% on a constant currency basis) for the three months ended July 31, 2026. The net revenue increase was primarily due to a 40.8% increase in ASPs, partially offset by a 15.8% decrease in PCs unit volume driven by a focus on higher value units in an increasing commodity cost environment. The increase in ASPs is primarily due to pricing actions to mitigate higher commodity costs, favorable currency impacts and mix shifts.

Previous wording

Commercial PS net revenue increased 14.1% primarily due to a 23.0% increase in ASPs, partially offset by a 6.7% decline in units. The increase in ASPs is primarily due to pricing actions, favorable currency impacts and mix shifts.

Current wording

Commercial PS net revenue increased 21.9% primarily due to a 41.1% increase in ASPs, partially offset by a 13.6% decrease in units. The increase in ASPs is primarily due to pricing actions, favorable currency impacts and mix shifts towards premium.

Previous wording

Consumer PS net revenue increased 10.4% primarily due to a 19.9% increase in ASPs, partially offset by a 7.8% decline in units. The increase in ASPs was primarily due to pricing actions and favorable currency impacts.

Current wording

Consumer PS net revenue increased 10.1% primarily due to a 37.1% increase in ASPs, partially offset by a 19.4% decrease in units. The increase in ASPs was primarily due to pricing actions and favorable currency impacts partially offset by unfavorable mix shifts.

Previous wording

Personal Systems earnings from operations as a percentage of net revenue increased by 0.1 percentage points driven by a decrease in operating expenses as a percentage of revenue, partially offset by a decrease in gross margin. Operating expenses as a percentage of revenue decreased due to disciplined cost management, partially offset by higher variable compensation. Gross margin decreased primarily due to higher commodity and supply chain costs, partially offset by disciplined pricing actions, including favorable foreign currency impacts.

Current wording

Personal Systems earnings from operations as a percentage of net revenue decreased by 0.3 percentage points driven by a decrease in gross margin, partially offset by a decrease in operating expenses as a percentage of revenue. Gross margin decreased primarily due to higher commodity costs, partially offset by pricing actions including favorable currency impacts. Operating expenses as a percentage of revenue decreased due to disciplined cost management, partially offset by higher variable compensation.

Previous wording

Printing net revenue remained flat (decreased 1.9% on a constant currency basis) for the three months ended April 30, 2026. Net revenue for Supplies increased 1.0%, primarily due to favorable currency impacts and pricing actions, partially offset by a decline in the installed base and usage. Printer units decreased by 6.6% primarily due to demand softness and competitive pressures, while ASPs increased by 5.0%.

Current wording

Printing net revenue decreased 2.2% (decreased 3.6% on a constant currency basis) for the three months ended July 31, 2026. The decrease in net revenue across Supplies, Commercial and Consumer Printing was partially offset by favorable currency impacts. Net revenue for Supplies decreased 2.8%, primarily due to a decline in installed base and usage, partially offset by pricing actions and favorable currency impacts. Printer units decreased by 6.8% primarily due to demand softness, particularly in China, as well as competitive pressures, while ASPs increased by 5.8%. The increase in ASPs was primarily driven by favorable mix shifts towards Commercial, pricing actions and currency impacts.

Previous wording

Net revenue for Commercial Printing decreased by 1.6%, primarily due to a 5.3% decrease in printer unit volume and a 1.7% increase in ASPs. The increase in ASPs was primarily driven by favorable foreign currency impacts, partially offset by unfavorable mix shifts.

Current wording

Net revenue for Commercial Printing decreased 1.1%, due to a 2.4% decrease in printer unit volume and a 1.7% decrease in ASPs. The decrease in ASPs was primarily driven by unfavorable mix shifts, partially offset by favorable pricing actions and currency impacts.

Previous wording

Net revenue for Consumer Printing decreased 9.6% primarily due to an 8.1% decrease in printer unit volume, partially offset by a 5.3% increase in ASPs. The increase in ASPs was primarily driven by favorable mix shifts towards Big Tank and foreign currency impacts, partially offset by competitive pricing.

Current wording

Net revenue for Consumer Printing decreased 1.8% primarily due to a 9.1% decrease in printer unit volume, partially offset by a 16.5% increase in ASPs. The increase in ASPs was primarily driven by favorable mix shifts towards Big Tank and currency impacts.

Previous wording

Personal Systems earnings from operations as a percentage of net revenue increased by 0.7 percentage points driven by an increase in gross margin, partially offset by an increase in operating expenses as a percentage of revenue. Gross margin increased primarily due to pricing actions including favorable foreign currency impacts, partially offset by increased commodity costs. Operating expenses as a percentage of revenue increased primarily driven by higher variable compensation.

Current wording

Printing earnings from operations as a percentage of net revenue increased by 1.1 percentage points driven by an increase in gross margin as a percentage of revenue, partially offset by an increase in operating expenses as a percentage of revenue. The increase in gross margin is primarily due to IEEPA tariff refunds and pricing actions, partially offset by unfavorable mix shifts. Operating expenses as a percentage of revenue increased primarily due to higher variable compensation.

Previous wording

Printing net revenue decreased 1.1% (decreased 2.5% on a constant currency basis) for the six months ended April 30, 2026. The decrease in net revenue was driven by Commercial, Consumer Printing and Supplies, partially offset by favorable currency impacts. Net revenue for Supplies remained flat, primarily due to decline in the installed base and usage, offset by favorable currency impacts. Printer unit volume decreased 6.5% driven by demand softness and competitive pressures, while hardware ASPs increased 3.0%.

Current wording

Printing net revenue decreased 1.5% (decreased 2.9% on a constant currency basis) for the nine months ended July 31, 2026. The decrease in net revenue across Supplies, Commercial and Consumer Printing was partially offset by favorable currency impacts. Net revenue for Supplies decreased, primarily due to a decline in installed base and usage, partially offset by pricing actions and favorable currency impacts. Printer unit volume decreased 6.6% driven by demand softness and competitive pressures, while hardware ASPs increased 3.9%. The increase in ASPs was primarily driven by favorable pricing actions, mix shifts and currency impacts.

Previous wording

Net revenue for Commercial Printing remained flat, primarily due to a 2.7% increase in ASPs, offset by a 4.0% decrease in printer unit volume. The increase in ASPs was primarily driven by pricing actions, favorable currency impacts, partially offset by unfavorable mix shifts.

Current wording

Net revenue for Commercial Printing decreased by 1.5%, primarily due to a 4.5% decrease in printer unit volume, partially offset by a 0.6% increase in ASPs. The increase in ASPs was primarily driven by pricing actions, partially offset by unfavorable mix shifts.

Previous wording

Net revenue for Consumer Printing decreased 8.7%, primarily due to a 7.2% decrease in printer unit volume, partially offset by a 3.6% increase in ASPs. The increase in ASPs was primarily driven by favorable mix shifts towards Big Tank and foreign currency impacts, partially offset by competitive pricing.

Current wording

Net revenue for Consumer Printing decreased 6.5%, primarily due to a 7.8% decrease in printer unit volume, partially offset by a 7.6% increase in ASPs. The increase in ASPs was primarily driven by favorable mix shifts towards Big Tank and currency impacts, partially offset by competitive pricing.

Previous wording

Printing earnings from operations as a percentage of net revenue decreased 0.6 percentage points driven by an increase in operating expenses as a percentage of revenue, partially offset by an increase in gross margin. Operating expenses as a percentage of revenue increased primarily driven by higher variable compensation and go-to market initiatives. Gross margin increased primarily due to pricing actions and favorable mix shift towards Supplies, partially offset by trade related costs.

Current wording

Printing earnings from operations as a percentage of net revenue decreased 0.1 percentage points driven by an increase in operating expenses as a percentage of revenue, partially offset by an increase in gross margin. Operating expenses as a percentage of revenue increased primarily driven by higher variable compensation. Gross margin increased primarily due to IEEPA tariff refunds and pricing actions, partially offset by unfavorable mix shifts.

Previous wording

The loss from operations in Corporate Investments for the three and six months ended April 30, 2026 was primarily due to expenses associated with our incubation projects and investments in digital enablement.

Current wording

The loss from operations in Corporate Investments for the three and nine months ended July 31, 2026 was primarily due to expenses associated with our incubation projects and investments in digital enablement.

Previous wording

Compared to the corresponding period in fiscal year 2025, net cash provided by operating activities increased $0.9 billion for the six months ended April 30, 2026, primarily due to favorable cash conversion cycle, partially offset by changes in receivables from contract manufacturers.

Current wording

Compared to the corresponding period in fiscal year 2025, net cash provided by operating activities increased $1.0 billion for the nine months ended July 31, 2026, primarily due to favorable changes in working capital, partially offset by changes in receivables from contract manufacturers.

Previous wording

DSO measures the average number of days our receivables are outstanding. DSO is calculated by dividing ending accounts receivable, net of allowance for credit losses, by a 90-day average net revenue. The increase in DSO was primarily due to lower factoring.

Current wording

DSO measures the average number of days our receivables are outstanding. DSO is calculated by dividing ending accounts receivable, net of allowance for credit losses, by a 90-day average net revenue. The increase in DSO was primarily due to lower factoring, partially offset by favorable revenue linearity.

Previous wording

DIO measures the average number of days from procurement to sale of our product. DIO is calculated by dividing ending inventory by a 90-day average cost of goods sold. The increase in DIO was primarily due to higher commodity costs, partially offset by inventory optimization in Printing.

Current wording

DIO measures the average number of days from procurement to sale of our product. DIO is calculated by dividing ending inventory by a 90-day average cost of goods sold. The increase in DIO was primarily due to higher commodity costs, partially offset by inventory optimization.

Previous wording

DPO measures the average number of days our accounts payable balances are outstanding. DPO is calculated by dividing ending accounts payable by a 90-day average cost of goods sold. The increase in DPO was primarily due to higher commodity cost, partially offset by lower advance buys.

Current wording

DPO measures the average number of days our accounts payable balances are outstanding. DPO is calculated by dividing ending accounts payable by a 90-day average cost of goods sold. The increase in DPO was primarily due to higher commodity costs, partially offset by working capital management activities.

Previous wording

Compared to the corresponding period in fiscal year 2025, net cash used in investing activities decreased by $0.9 billion for the six months ended April 30, 2026, primarily due to a $0.6 billion favorable net decrease in collateral posted for derivative instruments, lower payments in connection with business acquisitions of $0.1 billion, and lower investment in property, plant, equipment and purchased intangible of $0.1 billion.

Current wording

Compared to the corresponding period in fiscal year 2025, net cash used in investing activities decreased by $0.6 billion for the nine months ended July 31, 2026, primarily due to a $0.4 billion favorable net decrease in collateral posted for derivative instruments, lower payments in connection with business acquisitions of $0.1 billion, and lower investment in property, plant, equipment and purchased intangible of $0.1 billion.

Previous wording

Compared to the corresponding period in fiscal year 2025, net cash used in financing activities increased by $1.2 billion for the six months ended April 30, 2026, primarily due to a $1.0 billion decrease in net proceeds from debt and a $0.2 billion increase in share repurchases.

Current wording

Compared to the corresponding period in fiscal year 2025, net cash used in financing activities increased by $0.8 billion for the nine months ended July 31, 2026, primarily due to a $0.4 billion increase in net debt repayments and $0.4 billion increase in share repurchases.

Previous wording

During the six months ended April 30, 2026, HP returned $1.0 billion to shareholders in the form of share repurchases of $0.4 billion and cash dividends of $0.6 billion. As of April 30, 2026, HP had approximately $8.0 billion remaining under the share repurchase authorization approved by HP’s Board of Directors.

Current wording

During the nine months ended July 31, 2026, HP returned $1.5 billion to shareholders in the form of cash dividends of $0.8 billion and share repurchases of $0.7 billion. As of July 31, 2026, HP had approximately $7.7 billion remaining under the share repurchase authorization approved by HP’s Board of Directors.

Previous wording

As of April 30, 2026, we had available borrowing resources of $1.0 billion from uncommitted lines of credit in addition to funds available under the revolving credit facility.

Current wording

As of July 31, 2026, we had available borrowing resources of $0.9 billion from uncommitted lines of credit in addition to funds available under the revolving credit facility.

Previous wording

Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on HP and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Unconditional purchase obligations exclude agreements that are cancellable without penalty. The Company's purchase obligations under variable price provisions approximate market prices at the time of purchase and are estimated using current period pricing. Actual future variable price purchase commitments may significantly vary depending on market prices and product mix at the time of purchase. The Company's unconditional purchase obligations are primarily related to inventory and service support. As of April 30, 2026, the Company had outstanding purchase commitments of $2.2 billion. The majority of these commitments are due within five years. For more information, see Note 13, “Commitments,” to the Condensed Consolidated Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Current wording

Purchase obligations include agreements to purchase goods or services that are enforceable and legally binding on HP and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Unconditional purchase obligations exclude agreements that are cancellable without penalty. The Company's purchase obligations under variable price provisions approximate market prices at the time of purchase and are estimated using current period pricing. Actual future variable price purchase commitments may significantly vary depending on market prices and product mix at the time of purchase. The Company's unconditional purchase obligations are primarily related to inventory and service support. As of July 31, 2026, the Company had outstanding purchase commitments of $2.1 billion. The majority of these commitments are due within five years. For more information, see Note 13, “Commitments,” to the Condensed Consolidated Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Previous wording

As of April 30, 2026, we anticipate making contributions for the remainder of fiscal year 2026 of approximately $8.0 million to our non-U.S. pension plans and $16.0 million to cover benefit payments to U.S. non-qualified pension plan participants. Our policy is to fund our pension plans so that we meet the minimum contribution required by local government, funding and taxing authorities. For more information on our retirement and post-retirement benefit plans, see Note 4, “Retirement and Post-Retirement Benefit Plans”, to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Current wording

As of July 31, 2026, we anticipate making contributions for the remainder of fiscal year 2026 of approximately $9 million to our non-U.S. pension plans and $7 million to cover benefit payments to U.S. non-qualified pension plan participants, and $1 million to cover benefit claims for our post-retirement benefit plans. Our policy is to fund our pension plans so that we meet the minimum contribution required by local government, funding and taxing authorities. During the nine months ended July 31, 2026, HP contributed $60 million to its non-U.S. pension plans, paid $20 million to cover benefit payments to U.S. non-qualified plan participants and paid $5 million to cover benefit claims under HP’s post-retirement benefit plans. For more information on our retirement and post-retirement benefit plans, see Note 4, “Retirement and Post-Retirement Benefit Plans”, to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended October 31, 2025.

Previous wording

As a result of our approved restructuring plans, we expect to make future cash payments of approximately $0.3 billion. For more information on our restructuring activities that are part of our cost improvements, see Note 3, “Restructuring and Other Charges”, to the Condensed Consolidated Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.

Current wording

As a result of our approved restructuring plans, we expect to make future cash payments of approximately $0.2 billion. For more information on our restructuring activities that are part of our cost improvements, see Note 3, “Restructuring and Other Charges”, to the Condensed Consolidated Financial Statements in Item 1 of Part I of this report, which is incorporated herein by reference.