HP Inc. earnings overview

HPQ FY2026 Q2 · Calendar Q2 2026

HP Inc.

HP delivered a strong Q2 FY2026, with revenue growing 9% year over year driven by 13% growth in Personal Systems and continued momentum in AI-focused devices. EPS of $0.86 exceeded consensus by approximately 21%, and management raised the full-year EPS outlook to $2.90-$3.10. The company has secured memory and storage supply for the full fiscal year through long-term agreements, partially mitigating commodity cost pressures. However, rising memory, storage, oil, and resin costs are expected to pressure margins in the second half, and the overall PC unit TAM continues to decline. Confidence is medium: management tone was confident and guidance was raised (bullish score 70), but persistent commodity cost headwinds, a declining PC unit TAM, and a negative market reaction despite the earnings beat temper the outlook. The stock trades at $26.86, well above the analyst consensus target of…