Message from Our President and CEO

“Our results show that we are building a stronger HP, and they set the stage for a new period of growth for the company.”

Dear Shareholders,

From our earliest days as a company, HP has been a place where innovation drives extraordinary contributions to humanity. Time and again, our people have displayed the vision to see entirely new possibilities for the role we can play in the world—and the ingenuity to create technology that inspires ambitious progress.

Today, these qualities are more important than ever.

Great leaps forward in innovation are driving a profound shift in the role technology plays in our lives and our companies, setting the stage for new opportunities that will shape the future.

We are also confronting generational challenges—from the ongoing pandemic to our climate crisis to persistent inequality—that call on companies like ours to take bold action.

To succeed—and lead—in this environment, we must have the courage to challenge the status quo. We must reimagine the role we can play in the lives of our customers and in the world. And we must remain agile in the face of change while driving relentless execution against our priorities.

This is exactly what we are doing at HP, and it’s why we delivered an exceptional year of financial performance.

Building a Stronger HP

In fiscal 2021, we grew revenue 12 percent to $63.5 billion. Our non-GAAP diluted net EPS grew 66 percent to $3.79, exceeding our Value Creation Plan target a full year early. And we returned a record $7.2 billion to our shareholders while making strategic investments in the long-term growth of our business.

Our results show that we are building a stronger HP, and they set the stage for a new period of growth for the company.

This starts with continually strengthening our core business. Hybrid work is becoming the norm and the traditional boundaries between home and office are being erased. These trends play to our strengths, and we are capitalizing across our categories.

In fiscal 2021, Personal Systems delivered 11 percent revenue growth and operating margins of 7.2 percent. In Print, revenue grew 14 percent with operating margins of 18.1 percent. These results reflect continued progress against our strategy to innovate at the heart of hybrid and drive profitable growth.

A More Growth-Oriented Portfolio

A big reason why we delivered these strong results is the work we are doing to build a more growth-oriented portfolio across HP.

Our growth strategy is built on three pillars: modernizing our core, expanding into valuable adjacencies, and creating new businesses. We have made significant progress in each of these areas.

For example, our gaming business generated more than $2 billion in revenue in fiscal 2021. Our acquisition of HyperX bolstered our position in peripherals—a large and growing market with attractive opportunities spanning gaming, video conferencing, and retail solutions.

Our acquisition of Teradici strengthened our capabilities in remote computing services and subscriptions. And our Instant Ink subscription business surpassed 10 million subscribers and $500 million in revenue.

We are also integrating and expanding our Managed Print Services and Device as a Service offerings to accelerate digital services growth. Our strength in these two areas has allowed us to build a workforce solutions business that generated approximately $4 billion in revenue in fiscal 2021—and we see a much larger market opportunity ahead as customers invest in solutions to deploy, manage and secure hybrid IT ecosystems.

We also continue to disrupt new industries. We have built an Industrial Graphics business that generated approximately $2 billion in revenue in fiscal 2021. In 3D Printing, we have strong positions in the two fastest-growing segments of the market—production plastics and metals—and we continue to develop, launch and scale end-to-end solutions for key vertical markets where we believe we can capture much more value.

Collectively, we expect our Gaming, Peripherals, Workforce Solutions, Consumer Subscriptions, and Industrial Graphics & 3D businesses to deliver more than $10 billion in revenue in fiscal 2022 while growing double digits. These are large businesses in growing markets with margins significantly above our historical norms, creating attractive opportunities for value creation.

Our Strategy


  • Driving innovation
  • Expanding into adjacencies
  • Strengthened value proposition


  • Investing in disruptive categories
  • Unlocking opportunity
  • Capturing new sources of value


  • Reducing structural costs
  • Building new operational capabilities
  • Digitizing systems to enable data

A More Digital Company

To enable our accelerated growth, we are becoming a more digital company.

Our investments in software and data science are providing better end-to-end visibility across our supply chain, while also enabling us to innovate faster and transform our go-to-market system.

Data sharing with our channel partners is helping to improve demand-shaping and advance new business models in support of our strategy for growth. And as we continue to transform our digital capabilities, it will help pave the way for entirely new customer value propositions and experiences.

A Purpose-Driven Brand and ESG Leader

We’re doing all of this while deepening our commitment to Sustainable Impact. We aspire to become the world’s most sustainable and just technology company, and we set aggressive new goals last year to drive continued progress.

We are working to double our number of Black and African American executives by 20251 and reach 50/50 gender equality in management by 2030.

We have also committed to achieving net zero greenhouse gas emissions across our entire value chain by 2040, with a 50% reduction by 20302.

And we have pledged to accelerate digital equity for 150 million people by the end of the decade.

Our leadership in these areas has been consistently recognized. For three straight years, we have been named “America’s Most Responsible Company” by Newsweek. HP was listed as one of the top 10 “Best Managed Companies of 2021” by the Wall Street Journal. And we were the only company in our sector to be included on Fortune’s annual “Change the World” list.

Beyond being the right thing to do, our efforts in these areas are also driving new business. Last year, our Sustainable Impact programs contributed to more than $3 billion in new sales wins.

A School for Talent

Our results reflect the strength of our talent across the company, as well as the high-performance, purpose-driven culture that united our teams.

Our people are—as they always have been—at the heart of our success. It has not been easy to get to where we are today, but our 50,000 employees continue to show remarkable resilience and agility while always keeping the needs of our customers front and center.

Because of their hard work and determination, HP is a stronger company today than a year ago—and we continue growing stronger.

We are confident in our ability to deliver sustained revenue, operating profit, EPS, and free cash flow growth in fiscal 2022 while advancing our mission to create technology that inspires ambitious and meaningful progress.

Thank you for your investment in HP. I look forward to sharing the progress we will continue to make together.


President and CEO


Versus 2020 baseline


Compared with 2015 baseline