HP (HPQ) Q1 2026 Earnings
How Did HPQ Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: −8.52%.
Did HPQ Beat Earnings? Q1 2026 Results
Yes. HP reported Q1 2026 earnings of $0.81 a share on Feb 24, 2026, beating the $0.77 consensus estimate by 5.2%. Revenue was $14.4B against a $13.9B estimate.
HP Inc. delivered a stronger-than-expected fiscal first quarter, posting non-GAAP diluted EPS of $0.81 against a consensus estimate of $0.77, a 5.26% beat, while revenue climbed 6.9% year over year to $14.44 billion, clearing the $13.93 billion Wall Street estimate by 3.68%. The primary engine behind the quarter was a resurgent Personal Systems segment, which grew revenue 11% to $10.25 billion as AI PC demand accelerated and total PC unit shipments rose 12% year over year, more than offsetting continued softness in Printing, where revenue slipped 2% to $4.19 billion. It was also the first quarter under Interim CEO Bruce Broussard, who highlighted AI PC momentum as a durable growth catalyst going forward. As <a href="https://247wallst.com/investing/2026/02/24/hp-inc-earnings-preview-what-wall-street-is-watching/">analysts had been watching closely</a>, the company maintained its full-year non-GAAP EPS guidance of $2.90 to $3.20 and free cash flow of $2.80 billion to $3.00 billion, though rising memory costs and trade-related headwinds are expected to push results toward the lower end of those ranges.
- Robust growth in Personal Systems driven by AI PC momentum
- Consumer PS revenue up 16% and units up 14% year over year
- Commercial PS revenue up 9% and units up 11% year over year
- Non-GAAP diluted EPS up 9.5% year over year to $0.81
- Total net revenue up 6.9% year over year (5.2% in constant currency)
“We are pleased to report a strong first quarter, highlighted by robust growth in Personal Systems, including the continued momentum in AI PCs. Our performance reflects the strength of our portfolio and our disciplined execution of our Future of Work strategy, even as we navigate industry-wide headwinds.”
HP CEO, on the earnings call
What Was HP's Outlook in Q1 2026?
For fiscal Q2 2026, HP estimates GAAP diluted net EPS of $0.52 to $0.58 and non-GAAP diluted net EPS of $0.70 to $0.76. For full fiscal year 2026, HP maintains its annual guidance with GAAP diluted net EPS of $2.47 to $2.77 and non-GAAP diluted net EPS of $2.90 to $3.20, with free cash flow of $2.8 billion to $3.0 billion. However, given the increasingly fluid operating environment including rising memory costs and U.S. trade-related regulations, HP expects results to be at the lower end of these ranges.
HPQ YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $14.4B | $13.5B | +6.9% |
| Gross Profit | $2.8B | $2.8B | −0.2% |
| Operating Income | $759.0M | $845.0M | −10.2% |
| Net Income | $545.0M | $565.0M | −3.5% |
HPQ Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.