HP makes and sells personal computers and printers. The Personal Systems segment (~65% of revenue) sells desktops, notebooks, workstations, and thin clients to commercial customers (enterprises, government, SMBs) and consumers. The Printing segment (~35% of revenue) covers office and consumer printers, industrial/graphics printing, and supplies (ink and toner cartridges). The two segments operate on different business models: Personal Systems is a transactional hardware business where margins are thin and driven by unit volumes and product mix, while Printing follows a razor-and-blades model where HP places printer hardware to build an installed base, then earns recurring, higher-margin revenue selling supplies. HP also offers print subscriptions (Instant Ink, All-In Plan, approaching $1B in annual revenue) and sells PCs on an as-a-service basis to generate more recurring revenue. HP sells through direct channels and a broad indirect channel of retailers, resellers, and distributors. Key growth areas include AI PCs (devices with dedicated neural processors, representing over 30% of shipments and carrying a 5-10% price premium), industrial graphics printing (over $1.8B in annual revenue), and workforce software and managed services for enterprises. A major near-term headwind is rising memory costs, which HP estimates will have a net ~$0.30 EPS impact in FY26. HP targets returning ~100% of free cash flow to shareholders via dividends and buybacks.