Companies /Technology

HP Inc

NYSE: HPQ Computer Hardware
$29.63
▼ $0.89 (−2.92%) today
Markets closed · 10:34pm ET

Q2 2026 Earnings

Reported May 27, 2026, 4:17pm ET · SEC source
$0.86
Beat +19.44%
EPS · est. $0.72
$14.4B
Beat +2.40%
Revenue · est. $14.1B
−11.2%
Trailing market
HPQ vs S&P since report
5 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−9%−6%−3%0May 27May 28report 4:17pm ETearnings+0.5%−3.3%
−9%−6%−3%0May 27May 28earnings+0.5%−3.3%
HPQ −3.3%S&P 500 +0.5%
−9%−6%−3%0May 27May 28report 4:17pm ETearnings+0.6%−3.3%
−9%−6%−3%0May 27May 28earnings+0.6%−3.3%
HPQ −3.3%NASDAQ +0.6%
0+7%+14%May 26Jun 4report 4:17pm ETearnings+0.5%+3.6%
0+7%+14%May 26Jun 4earnings+0.5%+3.6%
HPQ +3.6%S&P 500 +0.5%
0+7%+14%May 26Jun 4report 4:17pm ETearnings+1.1%+3.6%
0+7%+14%May 26Jun 4earnings+1.1%+3.6%
HPQ +3.6%NASDAQ +1.1%
−1.88%
Day of report
+8.12%
Next session
+5.16%
One week
−12.28%
30 days

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.

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

“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

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$4.0B$8.0B$12.0B$13.2B$14.4BRevenue$2.7B$3.0BGross Profit$654.0M$612.0MOperating Income$406.0M$450.0MNet Income
$0$4.0B$8.0B$12.0BRevenueGross ProfitOperating IncomeNet Income

HPQ Revenue by Segment

Personal Systems$10.2B+13.0%
Commercial PS$7.7B+14.0%
Printing$4.2B+0.0%
Consumer PS$2.5B+10.0%
Supplies$2.8B+1.0%
Commercial Printing$1.2B+0.0%
Consumer Printing$273.0M−10.0%
Corporate Investments

Figures from SEC filings and company reports. Not investment advice.