HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
GAAP CONSOLIDATED CONDENSED STATEMENT OF EARNINGS
(Unaudited)
(In millions except per share amounts)

	Three months ended												Twelve months ended			Three months ended												Twelve months ended
	Jan. 31, 2004			Apr. 30, 2004			Jul. 31, 2004			Oct. 31, 2004			Oct. 31, 2004			Jan. 31, 2005			Apr. 30, 2005			Jul. 31, 2005			Oct. 31, 2005			Oct. 31, 2005
Net Revenue	$	19,514		$	20,113		$	18,889		$	21,389		$	79,905		$	21,454		$	21,570		$	20,759		$	22,913		$	86,696
Cost of sales		14,691			15,182			14,545			16,393			60,811			16,537			16,429			15,942			17,532			66,440
Research and development		889			924			877			873			3,563			878			890			863			859			3,490
Selling, general and administrative		2,578			2,665			2,621			2,632			10,496			2,704			2,933			2,761			2,786			11,184
Pension curtailment		--			--			--			--			--			--			--			--			(199	)		(199	)
Restructuring charges		54			38			9			13			114			3			4			112			1,565			1,684
Amortization of purchased intangible assets		144			148			146			165			603			167			151			168			136			622
In-process research and development charges		--			9			28			--			37			--			--			--			2			2
Acquisition-related charges		15			9			6			24			54			--			--			--			--			--
Total costs and expenses		18,371			18,975			18,232			20,100			75,678			20,289			20,407			19,846			22,681			83,223
Earnings from operations		1,143			1,138			657			1,289			4,227			1,165			1,163			913			232			3,473
Operating margin %		5.9	%		5.7	%		3.5	%		6.0	%		5.3	%		5.4	%		5.4	%		4.4	%		1.0	%		4.0	%
Interest and other, net		11			2			20			2			35			25			(87	)		119			132			189
Gains (losses) on investments		9			(5	)		1			(1	)		4			(24	)		3			(6	)		14			(13	)
Dispute settlement		--			(70	)		--			--			(70	)		(116	)		--			7			3			(106	)
Earnings before taxes		1,163			1,065			678			1,290			4,196			1,050			1,079			1,033			381			3,543
Provision for (benefit from) taxes		227			181			92			199			699			107			113			960			(35	)		1,145
Net earnings	$	936		$	884		$	586		$	1,091		$	3,497		$	943		$	966		$	73		$	416		$	2,398
Net earnings per share:
Basic	$	0.31		$	0.29		$	0.19		$	0.37		$	1.16		$	0.32		$	0.33		$	0.03		$	0.15		$	0.83
Diluted	$	0.30		$	0.29		$	0.19		$	0.37		$	1.15		$	0.32		$	0.33		$	0.03		$	0.14		$	0.82

HEWLETT-PACKARD COMPANY AND SUBSIDIARIES
GAAP COMPANY SEGMENT INFORMATION (Revised)
(Unaudited)
(In millions)

	Three months ended																				Twelve months ended			Three months ended																						Twelve months ended
	Jan. 31, 2004					Apr. 30, 2004					Jul. 31, 2004					Oct. 31, 2004					Oct. 31, 2004					Jan. 31, 2005					Apr. 30, 2005					Jul. 31, 2005					Oct. 31, 2005					Oct. 31, 2005
Net revenue: (1)
Enterprise Storage and Servers	$	3,702				$	3,964				$	3,335				$	4,083				$	15,084				$	4,051				$	4,187				$	4,003				$	4,476				$	16,717
HP Services		3,176					3,508					3,483					3,681					13,848					3,815					3,984					3,837					3,900					15,536
Software		201					222					223					277					923					236					274					245					306					1,061
Technology Solutions Group		7,079					7,694					7,041					8,041					29,855					8,102					8,445					8,085					8,682					33,314
Personal Systems Group		6,187					5,991					5,904					6,540					24,622					6,873					6,369					6,386					7,113					26,741
Imaging and Printing Group		5,910					6,098					5,648					6,543					24,199					6,067					6,390					5,913					6,785					25,155
HP Financial Services		441					469					488					497					1,895					555					544					489					514					2,102
Corporate Investments		103					114					113					119					449					115					123					143					142					523
Total segments		19,720					20,366					19,194					21,740					81,020					21,712					21,871					21,016					23,236					87,835
Eliminations of intersegment
net revenue and other		(206	)				(253	)				(305	)				(351	)				(1,115	)				(258	)				(301	)				(257	)				(323	)				(1,139	)
Total HP Consolidated	$	19,514				$	20,113				$	18,889				$	21,389				$	79,905				$	21,454				$	21,570				$	20,759				$	22,913				$	86,696
Earnings from operations: (1)				Op %					Op %					Op %					Op %					Op %					Op %					Op %					Op %					Op %					Op %
Enterprise Storage and Servers	$	152			4.1%	$	118			3.0%	$	(213	)		-6.4%	$	100			2.4%	$	157			1.0%	$	69			1.7%	$	180			4.3%	$	147			3.7%	$	404			9.0%	$	800			4.8%
HP Services		261			8.2%		332			9.5%		314			9.0%		375			10.2%		1,282			9.3%		281			7.4%		292			7.3%		256			6.7%		322			8.3%		1,151			7.4%
Software		(48	)	-	23.9%		(51	)	-	23.0%		(46	)	-	20.6%		(7	)		-2.5%		(152	)	-	16.5%		(38	)	-	16.1%		(2	)		-0.7%		(37	)	-	15.1%		28			9.2%		(49	)		-4.6%
Technology Solutions Group		365			5.2%		399			5.2%		55			0.8%		468			5.8%		1,287			4.3%		312			3.9%		470			5.6%		366			4.5%		754			8.7%		1,902			5.7%
Personal Systems Group		61			1.0%		44			0.7%		23			0.4%		77			1.2%		205			0.8%		147			2.1%		147			2.3%		163			2.6%		200			2.8%		657			2.5%
Imaging and Printing Group		967			16.4%		952			15.6%		836			14.8%		1,088			16.6%		3,843			15.9%		932			15.4%		814			12.7%		771			13.0%		896			13.2%		3,413			13.6%
HP Financial Services		29			6.6%		35			7.5%		42			8.6%		19			3.8%		125			6.6%		45			8.1%		58			10.7%		58			11.9%		52			10.1%		213			10.1%
Corporate Investments		(36	)	-	35.0%		(48	)	-	42.1%		(52	)	-	46.0%		(43	)	-	36.1%		(179	)	-	39.9%		(51	)	-	44.3%		(51	)	-	41.5%		(37	)	-	25.9%		(35	)	-	24.6%		(174	)	-	33.3%
Total segments		1,386			7.0%		1,382			6.8%		904			4.7%		1,609			7.4%		5,281			6.5%		1,385			6.4%		1,438			6.6%		1,321			6.3%		1,867			8.0%		6,011			6.8%
Corporate and unallocated costs,
and eliminations		(30	)				(40	)				(58	)				(118	)				(246	)				(50	)				(120	)				(128	)				(131	)				(429	)
Pension curtailment gain		--					--					--					--					--					--					--					--					199					199
Restructuring charges		(54	)				(38	)				(9	)				(13	)				(114	)				(3	)				(4	)				(112	)				(1,565	)				(1,684	)
In-process research & development     charge		--					(9	)				(28	)				--					(37	)				--					--					--					(2	)				(2	)
Acquisition-related charges		(15	)				(9	)				(6	)				(24	)				(54	)				--					--					--					--					--
Amortization of purchased intangible
assets		(144	)				(148	)				(146	)				(165	)				(603	)				(167	)				(151	)				(168	)				(136	)				(622	)
Interest and other, net		11					2					20					2					35					25					(87	)				119					132					189
(Losses) gains on investments		9					(5	)				1					(1	)				4					(24	)				3					(6	)				14					(13	)
Dispute settlement		--					(70	)				--					--					(70	)				(116	)				--					7					3					(106	)
Total HP Consolidated Earnings
Before Taxes	$	1,163				$	1,065				$	678				$	1,290				$	4,196				$	1,050				$	1,079				$	1,033				$	381				$	3,543

(1)     Reflects certain fiscal 2006 organizational realignments retroactively to provide improved visibility and comparability. For each of the quarters in fiscal years 2004 and 2005, the realignments primarily resulted in revenue and operating profit movement of $5 million or less between ESS and SW segments within TSG. There was no impact to the remaining segments.