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                                   EXHIBIT 99

                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                   FORM 11-K
(MARK ONE)
  [ X ]          ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]

                   For the fiscal year ended October 31, 1994

                                       OR

  [   ]         TRANSITION REPORT PURSUANT TO SECTION 15(d) OF
             THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

                For the transition period from ______ to ______

                         Commission File Number: 1-4423

A. Full title of the plan and address of the plan, if different from that of
   the issuer named below:

                            HEWLETT-PACKARD COMPANY
                          EMPLOYEE STOCK PURCHASE PLAN

B. Name of issuer of the securities held pursuant to the plan and the address
   of its principal executive office:

                            HEWLETT-PACKARD COMPANY
                              3000 HANOVER STREET
                          PALO ALTO, CALIFORNIA 94304

                              REQUIRED INFORMATION

Not applicable.

                                   SIGNATURES

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE ACT OF 1934, THE
ADMINISTRATOR OF THE PLAN HAS DULY CAUSED THIS ANNUAL REPORT TO BE SIGNED ON
ITS BEHALF BY THE UNDERSIGNED THEREUNTO DULY AUTHORIZED.

                                      HEWLETT-PACKARD COMPANY
                                      EMPLOYEE STOCK PURCHASE PLAN

Date: January 27, 1995                By:       D. CRAIG NORDLUND   
                                         ------------------------------------
                                                D. Craig Nordlund
                                      Associate General Counsel and Secretary