Tech Hardware
Tech Hardware Hardware
Who shipped the PCs in 2025
Gartner put 270 million traditional PCs into the channel in 2025. HP Inc. and Dell are the two S&P 500 OEMs on this roster. Apple is dual-homed. Lenovo still leads and is not on this page.
HP Inc. is a PC company with a shrinking print annuity
Personal Systems grew to $38.5B in FY2025. Printing fell to $16.7B. Supplies still fund the print margin. The mix is drifting toward boxes and away from toner.
Apple's hardware stack, with Services shown so the mix is honest
FY2025 product sales were $307B. iPhone is still more than half of the company. Mac and iPad are the PC-adjacent slices. Services is $109B and is not the reason Apple sits on this roster.
Garmin is five hardware businesses, not a watch stock
Fitness led FY2025 at $2.36B, up 33 percent. Outdoor, Marine, and Aviation are material. Auto OEM is the smallest slice and still lost money.
