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HP

HP (HPQ) Q2 2026 Earnings

Reported May 27, 2026 at 4:17 PM ET · SEC Source

Q2 26 EPS

$0.86

BEAT +19.44%

Est. $0.72

Q2 26 Revenue

$14.41B

BEAT +2.40%

Est. $14.07B

vs S&P Since Q2 26

-5.9%

TRAILING MARKET

HPQ -7.7% vs S&P -1.8%

Market Reaction

Did HPQ Beat Earnings? Q2 2026 Results

HP Inc. Delivered a strong fiscal second quarter, posting non-GAAP EPS of $0.86 against a consensus estimate of $0.72, a beat of more than 20%, while revenue of $14.41 billion grew 9.0% year over year and topped expectations by 2.40%. The standout dr… Read more HP Inc. Delivered a strong fiscal second quarter, posting non-GAAP EPS of $0.86 against a consensus estimate of $0.72, a beat of more than 20%, while revenue of $14.41 billion grew 9.0% year over year and topped expectations by 2.40%. The standout driver was a resurgent Personal Systems segment, which generated $10.21 billion in revenue, up 13% year over year, as commercial PC demand accelerated sharply, with average selling prices climbing even as total unit volumes declined, a dynamic consistent with growing AI PC and premium workstation adoption that investors had been watching closely heading into the report. Printing held steady at $4.20 billion, though margin pressure there was modest. Free cash flow swung to $800 million from negative $100 million in the year-ago quarter, underscoring improved operational execution. Looking ahead, HP raised its full-year fiscal 2026 non-GAAP EPS guidance to $2.90 to $3.10 and guided free cash flow to $2.80 to $3.00 billion, signaling management's confidence that AI-driven product mix upgrades can continue to offset cost headwinds in a complex trade environment.

Key Takeaways

  • • Personal Systems revenue up 13% YoY driven by Commercial PS growth of 14%
  • • Non-GAAP diluted EPS up 21% YoY to $0.86
  • • Free cash flow improved to $0.8 billion from negative $0.1 billion in prior-year period
  • • Revenue growth of 9% (6.3% in constant currency)
  • • Personal Systems operating margin expanded to 5.2% from 4.5% YoY

HPQ Forward Guidance & Outlook

For fiscal Q3 2026, HP estimates GAAP diluted net EPS of $0.47 to $0.63 and non-GAAP diluted net EPS of $0.61 to $0.71. For the full fiscal year 2026, HP raised its guidance: GAAP diluted net EPS is estimated at $2.15 to $2.45 and non-GAAP diluted net EPS at $2.90 to $3.10. HP anticipates generating free cash flow in the range of $2.8 to $3.0 billion for fiscal 2026.

24/7 Wall St

HPQ YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

HPQ Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“During the second quarter, we continued executing our future of work strategy through intelligent devices, edge AI, and connected experiences while navigating rising commodity costs. We introduced innovations across AI PCs, Z workstations, AI-powered print, and HP IQ that simplify work and improve productivity. These reflect our progress in building intelligent devices and services that capture the value of AI at the edge and support long-term growth.”

— Bruce Broussard, Q2 2026 Earnings Press Release

Back to HPQ Stock Page