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HP cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$1.5B in Q3 FY26 · $3.9B over twelve months

Operating cash flow$1.7B
Capital spending−$187M
Free cash flow+$1.5B
Cash / net income2.6×
Cash conversion cycle-37 days

Analysis

In Q3 FY26, HP generated $1.7B of operating cash flow and spent $187M on capital projects, leaving free cash flow of $1.5B. That is $102M more than in Q3 FY25 ($1.4B).

Over the twelve months to Jul 31, 2026, operating cash flow was $4.7B; the largest uses were buybacks ($1.2B), dividends ($1.1B), other financing ($952M); besides operations, cash came from net borrowing (+) / repaid (−) ($428M), other investing ($176M); the cash balance rose by $1.3B.

Operating cash flow was $1.7B against net income of $661M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: payables +$2.2B, inventory −$1.2B, receivables −$1.1B.

Its cash conversion cycle was -37 days (receivables 39 + inventory 71 − payables 147): suppliers fund its working capital.

Free cash flow

HP: free cash flow by quarterHP: free cash flow by quarter$1.5BQ4 FY24$72.0MQ1 FY25−$145MQ2 FY25$1.4BQ3 FY25$1.4BQ4 FY25$150MQ1 FY26$756MQ2 FY26$1.5BQ3 FY26
Operating cash flow less capital spending.
HP: operating cash flow against capital spendingHP: operating cash flow against capital spendingOperating cash flowCapital spending$1.6B$153MQ4 FY24$374M$302MQ1 FY25$38.0M$183MQ2 FY25$1.7B$215MQ3 FY25$1.6B$197MQ4 FY25$383M$233MQ1 FY26$926M$170MQ2 FY26$1.7B$187MQ3 FY26
Latest (Q3 FY26): Operating cash flow $1.7B, Capital spending $187M.

Capital allocation, year by year

HP: where the cash came from (up) and went (down), by fiscal yearHP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY21: Operating cash flow $6.4BFY21: Net borrowing $1.3BFY21: Capital spending −$582MFY21: Acquisitions −$854MFY21: Buybacks −$6.2BFY21: Dividends −$938M$7.7BFY21FY22: Operating cash flow $4.5BFY22: Net borrowing $3.1BFY22: Asset sales $26.0MFY22: Capital spending −$765MFY22: Acquisitions −$2.8BFY22: Buybacks −$4.3BFY22: Dividends −$1.0B$7.6BFY22FY23: Operating cash flow $3.6BFY23: Net borrowing −$1.4BFY23: Asset sales $16.0MFY23: Capital spending −$593MFY23: Acquisitions −$7.0MFY23: Buybacks −$100MFY23: Dividends −$1.0B$3.6BFY23FY24: Operating cash flow $3.7BFY24: Net borrowing $167MFY24: Capital spending −$592MFY24: Acquisitions −$58.0MFY24: Buybacks −$2.1BFY24: Dividends −$1.1B$3.9BFY24FY25: Operating cash flow $3.7BFY25: Net borrowing −$2.0MFY25: Asset sales $66.0MFY25: Capital spending −$897MFY25: Acquisitions −$116MFY25: Buybacks −$850MFY25: Dividends −$1.1B$3.8BFY25
Over these 5 years operating cash flow totalled $21.9B; the largest uses were buybacks ($13.6B) and dividends ($5.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.2B
Debt$9.7B
Net debt$5.6B
Due within a year$847M

HP funds itself: free cash flow was $3.9B over the last twelve months, and $4.2B of cash and investments stands against $9.7B of debt ($847M due within a year, 4.9× covered by cash).

HP: debt maturities by year (FY25)HP: debt maturities by year (FY25)$847MYear 1$1.2BYear 2$1.1BYear 3$1.1BYear 4$1.0BYear 5$4.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.2B of cash and investments now.

Where the cash came from and went

HP: sources (+) and uses (−) of cash, Q3 FY26HP: sources (+) and uses (−) of cash, Q3 FY26Operating cash flow$1.7BNet borrowing (+) / repaid (−)−$502MCash drawn (+) / kept (−)−$466MBuybacks−$300MDividends−$274MCapital spending−$187MOther financing−$11.0MOther investing$5.0M
HP: sources (+) and uses (−) of cash, TTM to Q3 FY26HP: sources (+) and uses (−) of cash, TTM to Q3 FY26Operating cash flow$4.7BCash drawn (+) / kept (−)−$1.3BBuybacks−$1.2BDividends−$1.1BOther financing−$952MCapital spending−$787MNet borrowing (+) / repaid (−)$428MOther investing$176MAsset & business sales$92.0MAcquisitions−$10.0M

From profit to cash

HP: net income to operating cash flow, Q3 FY26HP: net income to operating cash flow, Q3 FY26Net income$661MDepreciation & amortization$244MStock-based pay$95.0MDeferred taxes−$42.0MOther non-cash$104MReceivables−$1.1BInventory−$1.2BPayables$2.2BIncome taxes payable$85.0MOther operating capital$671MOperating cash flow$1.7B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 FY263971147-37
Q2 FY263570146-41
Q1 FY263568144-40
Q4 FY253466138-38
Q3 FY253169134-34
Q2 FY252971134-35
Q1 FY253270144-43
Q4 FY243265135-38

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 FY26$1.7B−$187M—−$300M−$274M−$502M−$466M$1.5B
Q2 FY26$926M−$170M—−$100M−$274M$21.0M−$549M$756M
Q1 FY26$383M−$233M—−$325M−$277M$2.0M$559M$150M
Q4 FY25$1.6B−$197M—−$500M−$270M$137M−$839M$1.4B
Q3 FY25$1.7B−$215M—−$200M−$272M−$1.1B−$144M$1.4B
Q2 FY25$38.0M−$183M—−$100M−$273M$1.0B$164M−$145M
Q1 FY25$374M−$302M—−$100M−$273M$32.0M$359M$72.0M
Q4 FY24$1.6B−$153M−$43.0M−$900M−$263M$54.0M−$375M$1.5B

HP: income statement and cash flow

HP, Q3 FY26: revenue $15.7B (+12% year over year), operating margin 5.7%. The chart follows the revenue to costs, profit and cash.

HP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.