Analyst Consensus ?
ConsensusHold52 ratings
Bullish1630.8%
Neutral2853.8%
Bearish815.4%
HP Inc. · HPQ · FY2026 Q1 · Calendar Q1 2026
HPQ: AI PC adoption rises as memory costs pressure FY2026 outlook
HP's growth case is supported by AI PC adoption, premium PC share gains and print initiatives, but memory inflation and a declining PC market temper the outlook.
Reported After market closeNYSETechnology
$29.41B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.81
Consensus $0.77
EPS surprise
+5.9%
Reported versus consensus
Reported revenue
$14.44B
Consensus $13.94B
Revenue surprise
+3.6%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+0.1%
Event window
SPY move
+0.8%
Same window
Abnormal move
-0.8%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
+6.9%
Up to 20 sessions
HPQSPY benchmark
Ask FN2 about HPQ FY2026 Q1
Transcript, numbers and history already loaded
Why did HPQ rise 0.1% after beating EPS estimates in FY2026 Q1?What changed in HPQ's guidance and outlook in FY2026 Q1?Give me the bull and bear case for HPQ after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
AI PC penetration increased to 35% of shipments from 30% a quarter earlier. Memory components now represent roughly 35% of the PC bill of materials, up from 15%-18% previously, and management expects FY2026 EPS toward the lower end of its unchanged range.
Guidance delta
FY2026 guidance was maintained, with EPS expected toward the lower end of the $2.90-$3.20 range and free-cash-flow target reaffirmed at $2.8-$3.0 billion.
Key takeaways
- Q1 FY2026 revenue grew 7% year over year to $14.4 billion.
- AI PCs reached 35% of shipments, up from 30% in the prior quarter.
- Memory costs are a significant headwind, while premium PC and print share gains remain supports.
Management priorities
- Expand the AI PC portfolio
- Scale HP Digital Passport and AI-enabled platforms
- Pursue premium PC and print share gains
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Beat
Miss
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Analyst 52W Price Targets
$31.14Current
$17Low
$28.1Average
$37High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 24, 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 current price $31.14. 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 | +6.0% | Sep 10, 2026 |
| Barclays | Tim Long | $23 | $29.63 | -26.1% | Aug 28, 2026 |
| Bernstein | Mark Newman | $32 | $30.52 | +2.8% | Aug 27, 2026 |
| UBS | David Vogt | $28 | $30.52 | -10.1% | Aug 27, 2026 |
| Evercore ISI | Analyst unavailable | $32 | $29.15 | +2.8% | Aug 24, 2026 |
| Goldman Sachs | Analyst unavailable | $19 | $29.34 | -39.0% | Jun 2, 2026 |
| Morgan Stanley | Erik Woodring | $19 | $25.49 | -39.0% | May 28, 2026 |
| Wells Fargo | Analyst unavailable | $20 | $25.49 | -35.8% | May 28, 2026 |
| Barclays | Analyst unavailable | $19 | $25.49 | -39.0% | May 28, 2026 |
| Morgan Stanley | Analyst unavailable | $17 | $21.07 | -45.4% | May 21, 2026 |
| UBS | David Vogt | $20 | $18.38 | -35.8% | Feb 19, 2026 |
| Evercore ISI | Analyst unavailable | $22 | $18.45 | -29.4% | Feb 19, 2026 |
| Morgan Stanley | Analyst unavailable | $18 | $20.37 | -42.2% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $18 | $20.61 | -42.2% | Jan 16, 2026 |
| Goldman Sachs | Analyst unavailable | $21 | $21.18 | -32.6% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $20 | $24.32 | -35.8% | Nov 26, 2025 |
| UBS | Analyst unavailable | $24 | $24.32 | -22.9% | Nov 26, 2025 |
| UBS | David Vogt | $26 | $24.32 | -16.5% | Nov 26, 2025 |
| Morgan Stanley | Erik Woodring | $21 | $22.61 | -32.6% | Nov 21, 2025 |
| HSBC | Stephen Bersey | $30 | $27.35 | -3.7% | Oct 14, 2025 |
| Evercore ISI | Analyst unavailable | $29 | $28.37 | -6.9% | Sep 10, 2025 |
| Barclays | Analyst unavailable | $28 | $24.95 | -10.1% | May 29, 2025 |
| Morgan Stanley | Analyst unavailable | $35 | $30.87 | +12.4% | Feb 28, 2025 |
| Barclays | Analyst unavailable | $36 | $30.87 | +15.6% | Feb 28, 2025 |
| Bernstein | Toni Sacconaghi | $34 | $32.74 | +9.2% | Jan 3, 2025 |
| Citigroup | Asiya Merchant | $37 | $36 | +18.8% | Oct 9, 2024 |
| Bank of America Securities | Wamsi Mohan | $37 | $36.85 | +18.8% | Sep 27, 2024 |
| Loop Capital Markets | Ananda Baruah | $35 | $34.85 | +12.4% | Sep 5, 2024 |
| Morgan Stanley | Erik Woodring | $37 | $32.8 | +18.8% | May 30, 2024 |
| Goldman Sachs | Michael Ng | $33 | $32.8 | +6.0% | May 30, 2024 |
| Barclays | Tim Long | $30 | $31.82 | -3.7% | May 21, 2024 |
| Barclays | Tim Long | $24 | $30.22 | -22.9% | Apr 1, 2024 |
| HSBC | Stephen Bersey | $33 | $28.58 | +6.0% | Feb 14, 2024 |
| Morgan Stanley | Erik Woodring | $31 | $28.68 | -0.4% | Nov 22, 2023 |
| Morgan Stanley | Erik Woodring | $24 | $29.91 | -22.9% | Nov 23, 2022 |
| Citigroup | Jim Suva | $31 | $29.36 | -0.4% | Nov 18, 2022 |
| Bernstein | Toni Sacconaghi Sacconaghi | $30 | $25.35 | -3.7% | Sep 24, 2022 |
| Barclays | Tim Long | $27 | $29.33 | -13.3% | Aug 31, 2022 |
| Wells Fargo | Aaron Rakers | $30 | $35.23 | -3.7% | Aug 19, 2022 |
| Barclays | Tim Long | $32 | $40.37 | +2.8% | Jun 1, 2022 |
| UBS | David Vogt | $40 | $38.19 | +28.5% | Apr 11, 2022 |
| Morgan Stanley | Erik Woodring | $34 | $36.64 | +9.2% | Apr 4, 2022 |
| Bernstein | Toni Sacconaghi | $40 | $38.42 | +28.5% | Jan 17, 2022 |
| Loop Capital Markets | Ananda Baruah | $50 | $30.82 | +60.6% | Nov 1, 2021 |
| Citigroup | Jim Suva | $40 | $28.46 | +28.5% | May 28, 2021 |
| Cowen & Co. | Krish Sankar | $27 | $31.46 | -13.3% | 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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| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
Latest beats and misses
Who reports nextBeat on EPS
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
Get the HPQ recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-24T21:00:56.495531+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-24T21:00:56.491647+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 2026-09-24. For educational purposes only; not investment advice.