In Q4, revenue grew 9% to $16.7 billion.
Non-GAAP earnings per share grew 52% to $0.94 and we generated more than $900 million of free cash flow, while returning $2 billion to shareholders through share repurchases and dividends.
For the full year, we grew revenue 12% to $63.5 billion and generated $1.7 billion of incremental non-GAAP operating profit.
Non-GAAP earnings per share grew 66%.
And we returned a record $7.2 billion to shareholders, while continuing to invest in strategic growth opportunities across the business.
At our Analyst Day, I shared that we expect our five key growth areas to grow double-digit and generate over $10 billion in revenue in fiscal '22.
These businesses collectively grew 12% this quarter.
This includes more than 30% growth for our Instant Ink business, as well as more than 20% growth for our industrial graphics portfolio.
We continue to increase our direct engagement with Tier 2 and Tier 3 suppliers.
This includes a new lineup of Windows 11 devices that enable premium computing experiences for work and home.
Seven out of 10 companies are already investing in technologies that improve hybrid work experience for their employees.
Turning to Print, we grew revenue 1% in the quarter.
We continue to grow our HP+ Plus portfolio globally, including a rollout to our Envy in 5000 -- 7000 series that is designed for families working, learning and creating new memories from home.
Importantly, it is built with sustainability in mind and made from over 45% recycled plastic content.
We believe our share remains undervalued and we are committed to aggressive reported levels of at least $4 billion in fiscal year '22.
We are working to restore, protect and improve the management of nearly 1 million acres of forest landscape.
Revenue was $63.5 billion, up 12%.
Non-GAAP operating profit was $5.8 billion, up 42%.
We grew non-GAAP earnings per share even faster, up 66% to $3.79.
Our $4.2 billion of free cash flow was consistent with our full year guidance and adjusting for the net Oracle litigation proceeds and we returned a record $7.2 billion to shareholders.
That's a 172% of free cash flow.
Net revenue was $16.7 billion in the quarter, up 9% nominally and 7% in constant currency.
Regionally, in constant currency: Americas declined 4%, EMEA increased 15% and APJ increased 18%.
Gross margin was 19.6% in the quarter, up 2 points year-on-year.
Non-GAAP operating expenses were $1.9 billion or 11.5% of revenue.
Non-GAAP operating profit was $1.3 billion, up 28% and non-GAAP net OI&E expense was $64 million for the quarter.
Non-GAAP diluted net earnings per share increased $0.32, up 52% to $0.94 with a diluted share count of approximately 1.1 billion shares.
As a result, Q4 GAAP diluted net earnings per share was $2.71.
In Q4, Personal Systems revenue was $11.8 billion, up 13% year-on-year.
Total units were down 9% given the expected supply chain challenges and lower chrome mix.
Drilling into the details, Consumer revenue was down 3% and commercial was up 25%.
By product category, revenue was up 13% for notebooks, 11% for desktops and 39% for workstations.
Personal Systems delivered $764 billion in operating profit with operating margins of 6.5%.
Our margin improved 1.4 points, primarily due to continued favorable pricing, product mix and currency, partially offset by higher cost including commodity costs and investments in innovation and go-to-market.
Q4 total print revenue with $4.9 billion, up 1%, driven by favorable pricing in hardware and growth in services, partially offset by a decline in supplies.
Total hardware units declined 26% due to consumer replenishment last year in Q4 and increased manufacturing and component constraints.
By customer segment, consumer revenue was down 6%, with units down 28%.
Commercial revenue grew 19%, with units down 12%.
Supplies revenue was $3.1 billion, declining 2% year-on-year, driven primarily by prior year channel inventory replenishment.
Print operating profit increased $117 million to $830 million and operating margins were 17%.
Operating margin grew 2.2 points, driven primarily by favorable pricing and improved performance in industrial including graphics 3D, partially offset by unfavorable mix at higher cost including commodity costs and investments in innovation and go-to-market.
As we completed the second year of our cost savings program, we have now delivered more than 80% of our $1.2 billion gross run rate structural cost reduction plan and we continue to look at new cost savings opportunities.
Q4 cash flow from operations was $2.8 billion and free cash flow was $0.9 billion after the additional adjustment for the net Oracle litigation proceeds of $1.8 billion.
The cash conversion cycle was minus 25 days in the quarter.
This deteriorated 4 days sequentially as lower days payable outstanding and higher days sales outstanding was only partially offset by the decrease in days of inventory.
For the quarter, we returned a total of $2 billion to shareholders, which represented 210% of free cash flow.
This included $1.75 billion in share repurchases and $219 million in cash dividends.
For FY '21, we returned a record $7.2 billion to shareholders or a 170% of free cash flow.
Looking ahead to FY '22, we expect to continue aggressively buying back shares at elevated levels of at least $4 billion.
Our share repurchase program, combined with our recently increased annual dividend of a $1 per share, has us on track to exceed our $16 billion return of capital target set in our value creation plan.
We expect PS margins to be toward the high-end of our 5% to 7% long-term range.
We expect Print margins to be toward the high end, about 16% to 18% long-term range.
In addition, we expect a slight headwind year-on-year, approximately $20 million per quarter from corporate Investments and other.
Taking these considerations into account, we are providing the following outlook: we expect growth quarter non-GAAP diluted net earnings per share to be in the range of $0.99 to $1.05 and first quarter GAAP diluted net earnings per share to be in the range of $0.92 to $0.98.
We expect full year non-GAAP diluted net earnings per share to be in the range of $4.07 to $4.27 and FY '22 GAAP diluted net earnings per share to be in the range of $3.86 to $4.06.
For FY '22, we expect free cash flow to be at least $4.5 billion.

Summary:
In Q4, revenue grew 9% to $16.7 billion.
Non-GAAP earnings per share grew 52% to $0.94 and we generated more than $900 million of free cash flow, while returning $2 billion to shareholders through share repurchases and dividends.
Non-GAAP diluted net earnings per share increased $0.32, up 52% to $0.94 with a diluted share count of approximately 1.1 billion shares.
As a result, Q4 GAAP diluted net earnings per share was $2.71.
Taking these considerations into account, we are providing the following outlook: we expect growth quarter non-GAAP diluted net earnings per share to be in the range of $0.99 to $1.05 and first quarter GAAP diluted net earnings per share to be in the range of $0.92 to $0.98.
We expect full year non-GAAP diluted net earnings per share to be in the range of $4.07 to $4.27 and FY '22 GAAP diluted net earnings per share to be in the range of $3.86 to $4.06.