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In its fiscal Q3 2025 results, HP Inc. reported a 4% year-over-year decline in revenue from its printing supplies segment, continuing a gradual slide driven by lower print volumes and a shift toward subscription models.
The drop in supplies revenue aligns with broader trends in HP’s printing business, where consumer printing declined 8% and commercial printing fell 3%. Despite the decline, the segment maintained a strong 17.3% operating margin, showing HP’s ability to preserve profitability. HP is increasingly focused on long-term customer value through services like Instant Ink and Managed Print Services, which trade short-term revenue for predictable, recurring income. While the supplies business faces structural headwinds, HP remains committed to evolving the model toward more sustainable growth.
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