Analyst Consensus ?
ConsensusHold52 ratings
Bullish1630.8%
Neutral2853.8%
Bearish815.4%
HP Inc. · HPQ · FY2025 Q4 · Calendar Q4 2025
HP grows revenue as AI PCs gain share, but memory costs pressure margins
The quarter supports a constructive but qualified view: HP is showing resilient revenue growth and expanding AI PC adoption, while cost savings and cash-generation initiatives provide support. The main counterweights are memory-cost inflation, pricing elasticity, continued print softness and the need to sustain premium-PC share gains.
Reported After market closeNYSETechnology
$28.61B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.93
Consensus $0.92
EPS surprise
+1.0%
Reported versus consensus
Reported revenue
$14.64B
Consensus $14.50B
Revenue surprise
+1.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-1.4%
Event window
SPY move
+0.7%
Same window
Abnormal move
-2.1%
Stock minus SPY
Volume
1.7×
Versus trailing sessions
Subsequent drift
-3.0%
Up to 20 sessions
HPQSPY benchmark
Ask FN2 about HPQ FY2025 Q4
Transcript, numbers and history already loaded
Why did HPQ fall 1.4% after beating EPS estimates in FY2025 Q4?What changed in HPQ's guidance and outlook in FY2025 Q4?Give me the bull and bear case for HPQ after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue growth accelerated to 4% year over year in the supplied analysis, AI PC penetration exceeded 30% of shipments, and management emphasized memory-cost pressure in the second half. The call also highlighted $2.2 billion of cumulative Future Ready savings, a new approximately $1 billion run-rate savings target, and a raised dividend.
Guidance delta
Guidance sentiment was maintained; management highlighted H2 margin pressure from memory costs and mitigation actions, while targeting approximately $1 billion of run-rate savings over three years.
Key takeaways
- Revenue increased 4% year over year, extending the growth streak to six consecutive quarters.
- AI PCs exceeded 30% of shipments, with management targeting 40%–50% penetration in FY26.
- Memory-cost inflation is expected to pressure margins in the second half; mitigation actions are in place.
- Future Ready has delivered $2.2 billion in cumulative gross annualized savings, while management targets approximately $1 billion of run-rate savings over three years.
- Print remained soft, leaving pricing, elasticity and the durability of premium-PC share gains as key watchpoints.
Management priorities
- Embed AI across the product portfolio and launch AI-driven devices
- Expand big-tank and industrial printing offerings
- Scale the Workforce Experience Platform in key verticals
- Continue cost mitigation and pursue approximately $1 billion of gross run-rate savings over three years
- Use Investor Day to detail the AI transformation roadmap
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Analyst 52W Price Targets
$31.28Previous close
$17Low
$28.1Average
$37High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Barclays | Underweight | Underweight | Maintain | Aug 28, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 27, 2026 |
| TD Cowen | Hold | Hold | Maintain | Aug 27, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | Aug 27, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Aug 24, 2026 |
| Goldman Sachs | Sell | Sell | Maintain | Aug 12, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | May 28, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 28, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 28, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | May 28, 2026 |
| HSBC | Buy | Hold | Upgrade | Oct 14, 2025 |
| Loop Capital | Hold | Hold | Maintain | Mar 4, 2025 |
| Bernstein | Market Perform | Market Perform | Maintain | Jan 3, 2025 |
| Edward Jones | Buy | Hold | Upgrade | Nov 7, 2023 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 30, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Nov 23, 2022 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Aug 31, 2022 |
| Jefferies | Hold | Hold | Maintain | Aug 9, 2021 |
| CFRA | Hold | Hold | Maintain | May 28, 2020 |
| Longbow Research | Hold | Hold | Maintain | Apr 1, 2020 |
| Argus Research | Buy | Hold | Upgrade | Mar 31, 2020 |
| Bank of America | Underperform | Underperform | Maintain | Oct 4, 2019 |
| Citi | Neutral | Neutral | Maintain | Aug 23, 2019 |
| BMO Capital | Market Perform | Market Perform | Maintain | Feb 28, 2019 |
| Standpoint Research | Buy | Buy | Maintain | Dec 26, 2018 |
| Maxim Group | Buy | Buy | Maintain | Oct 4, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Mizuho | Neutral | Buy | Downgrade | Feb 2, 2018 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Jul 20, 2017 |
| Susquehanna | Neutral | Neutral | Maintain | Jul 13, 2017 |
| Guggenheim | Neutral | Neutral | Maintain | Jan 4, 2017 |
| Brean Capital | Buy | Buy | Maintain | Nov 6, 2015 |
| Sterne Agee CRT | Neutral | Neutral | Maintain | Sep 28, 2015 |
| FBR Capital | Sector Perform | Sector Perform | Maintain | Aug 21, 2015 |
| Cantor Fitzgerald | Hold | Hold | Maintain | Aug 21, 2015 |
| Cross Research | Buy | Hold | Upgrade | May 14, 2015 |
| Tigress Financial | Neutral | Buy | Downgrade | Mar 6, 2015 |
| Pacific Crest | Sector Perform | Outperform | Downgrade | Jan 13, 2015 |
| FBN Securities | Outperform | Sector Perform | Upgrade | Aug 21, 2014 |
| Monness, Crespi, Hardt | Buy | Neutral | Upgrade | Aug 18, 2014 |
| Monness Crespi Hardt | Buy | Neutral | Upgrade | Aug 18, 2014 |
| S&P Capital IQ | Strong Buy | Buy | Upgrade | Jul 1, 2014 |
| Argus Capital | Buy | Hold | Upgrade | Feb 24, 2014 |
| Evercore Partners | Equal Weight | Underweight | Upgrade | Nov 27, 2013 |
| Needham | Hold | Underperform | Upgrade | Oct 10, 2013 |
| Topeka Capital | Sell | Hold | Downgrade | Dec 18, 2012 |
| Topeka | Sell | Hold | Downgrade | Dec 18, 2012 |
| Raymond James | Market Perform | Outperform | Downgrade | Nov 20, 2012 |
| Sterne Agee | Neutral | Buy | Downgrade | Oct 5, 2012 |
| ISI Group | Buy | Buy | Maintain | Oct 3, 2012 |
| Bank oferica | Buy | Buy | Maintain | May 24, 2012 |
| Oxen Group | Hold | Hold | Maintain | Mar 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $31.28. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| RBC Capital | Analyst unavailable | $33 | $32.73 | +5.5% | Sep 10, 2026 |
| Barclays | Tim Long | $23 | $29.63 | -26.5% | Aug 28, 2026 |
| Bernstein | Mark Newman | $32 | $30.52 | +2.3% | Aug 27, 2026 |
| UBS | David Vogt | $28 | $30.52 | -10.5% | Aug 27, 2026 |
| Evercore ISI | Analyst unavailable | $32 | $29.15 | +2.3% | Aug 24, 2026 |
| Goldman Sachs | Analyst unavailable | $19 | $29.34 | -39.3% | Jun 2, 2026 |
| Morgan Stanley | Erik Woodring | $19 | $25.49 | -39.3% | May 28, 2026 |
| Wells Fargo | Analyst unavailable | $20 | $25.49 | -36.1% | May 28, 2026 |
| Barclays | Analyst unavailable | $19 | $25.49 | -39.3% | May 28, 2026 |
| Morgan Stanley | Analyst unavailable | $17 | $21.07 | -45.7% | May 21, 2026 |
| UBS | David Vogt | $20 | $18.38 | -36.1% | Feb 19, 2026 |
| Evercore ISI | Analyst unavailable | $22 | $18.45 | -29.7% | Feb 19, 2026 |
| Morgan Stanley | Analyst unavailable | $18 | $20.37 | -42.5% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $18 | $20.61 | -42.5% | Jan 16, 2026 |
| Goldman Sachs | Analyst unavailable | $21 | $21.18 | -32.9% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $20 | $24.32 | -36.1% | Nov 26, 2025 |
| UBS | Analyst unavailable | $24 | $24.32 | -23.3% | Nov 26, 2025 |
| UBS | David Vogt | $26 | $24.32 | -16.9% | Nov 26, 2025 |
| Morgan Stanley | Erik Woodring | $21 | $22.61 | -32.9% | Nov 21, 2025 |
| HSBC | Stephen Bersey | $30 | $27.35 | -4.1% | Oct 14, 2025 |
| Evercore ISI | Analyst unavailable | $29 | $28.37 | -7.3% | Sep 10, 2025 |
| Barclays | Analyst unavailable | $28 | $24.95 | -10.5% | May 29, 2025 |
| Morgan Stanley | Analyst unavailable | $35 | $30.87 | +11.9% | Feb 28, 2025 |
| Barclays | Analyst unavailable | $36 | $30.87 | +15.1% | Feb 28, 2025 |
| Bernstein | Toni Sacconaghi | $34 | $32.74 | +8.7% | Jan 3, 2025 |
| Citigroup | Asiya Merchant | $37 | $36 | +18.3% | Oct 9, 2024 |
| Bank of America Securities | Wamsi Mohan | $37 | $36.85 | +18.3% | Sep 27, 2024 |
| Loop Capital Markets | Ananda Baruah | $35 | $34.85 | +11.9% | Sep 5, 2024 |
| Morgan Stanley | Erik Woodring | $37 | $32.8 | +18.3% | May 30, 2024 |
| Goldman Sachs | Michael Ng | $33 | $32.8 | +5.5% | May 30, 2024 |
| Barclays | Tim Long | $30 | $31.82 | -4.1% | May 21, 2024 |
| Barclays | Tim Long | $24 | $30.22 | -23.3% | Apr 1, 2024 |
| HSBC | Stephen Bersey | $33 | $28.58 | +5.5% | Feb 14, 2024 |
| Morgan Stanley | Erik Woodring | $31 | $28.68 | -0.9% | Nov 22, 2023 |
| Morgan Stanley | Erik Woodring | $24 | $29.91 | -23.3% | Nov 23, 2022 |
| Citigroup | Jim Suva | $31 | $29.36 | -0.9% | Nov 18, 2022 |
| Bernstein | Toni Sacconaghi Sacconaghi | $30 | $25.35 | -4.1% | Sep 24, 2022 |
| Barclays | Tim Long | $27 | $29.33 | -13.7% | Aug 31, 2022 |
| Wells Fargo | Aaron Rakers | $30 | $35.23 | -4.1% | Aug 19, 2022 |
| Barclays | Tim Long | $32 | $40.37 | +2.3% | Jun 1, 2022 |
| UBS | David Vogt | $40 | $38.19 | +27.9% | Apr 11, 2022 |
| Morgan Stanley | Erik Woodring | $34 | $36.64 | +8.7% | Apr 4, 2022 |
| Bernstein | Toni Sacconaghi | $40 | $38.42 | +27.9% | Jan 17, 2022 |
| Loop Capital Markets | Ananda Baruah | $50 | $30.82 | +59.8% | Nov 1, 2021 |
| Citigroup | Jim Suva | $40 | $28.46 | +27.9% | May 28, 2021 |
| Cowen & Co. | Krish Sankar | $27 | $31.46 | -13.7% | May 24, 2021 |
Track every rating change on HPQ the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationHP Inc. is a global technology company specializing in personal computing devices, imaging and printing solutions, and a variety of related technologies, software, and support services, serving clients both in the United States and worldwide. Its operations are structured into three main divisions: Personal Systems, Printing, and Corporate Investments. The Personal Systems segment offers a broad array of computing hardware, including desktop and laptop personal computers for both business and individual consumers, along with specialized workstations, thin clients, commercial mobile devices, retail point-of-sale systems, displays, and various peripherals. This division also encompasses essential software, support, and associated services.…
Historical context
All HPQ earningsTechnology peers this season
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Get the HPQ recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-01T06:46:07.164280+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T06:46:07.161542+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-01. For educational purposes only; not investment advice.