HP Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.04%.
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 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.
- 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
“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.”
HP CEO, on the earnings call
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.
HPQ YoY Financials
HPQ Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.