Analyst Consensus ?
ConsensusHold52 ratings
Bullish1630.8%
Neutral2853.8%
Bearish815.4%
HP Inc. · HPQ · FY2026 Q2 · Calendar Q2 2026
HP Q2 FY2026: Revenue Up 9%, EPS Beat, Outlook Raised - Margin Pressures Loom
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…
Reported After market closeNYSETechnology
$25.98B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$0.86
Consensus $1
EPS surprise
+21.0%
Reported versus consensus
Reported revenue
$14.41B
Consensus $13.99B
Revenue surprise
+3.0%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$26.86Current
$17Low
$27.05Average
$37High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 30, 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 |
|---|---|---|---|---|
| Goldman Sachs | Sell | Sell | Maintain | Jun 2, 2026 |
| Wells Fargo | Underweight | Underweight | Maintain | May 28, 2026 |
| UBS | Neutral | Neutral | Maintain | May 28, 2026 |
| TD Cowen | Hold | Hold | Maintain | May 28, 2026 |
| Morgan Stanley | Underweight | Underweight | Maintain | May 28, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 28, 2026 |
| Citigroup | Neutral | Neutral | Maintain | May 28, 2026 |
| Barclays | Underweight | Underweight | Maintain | May 28, 2026 |
| B of A Securities | Underperform | Underperform | Maintain | May 28, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Feb 25, 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 $26.86. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Goldman Sachs | Analyst unavailable | $19 | $29.34 | -29.3% | Jun 2, 2026 |
| Morgan Stanley | Erik Woodring | $19 | $25.49 | -29.3% | May 28, 2026 |
| Wells Fargo | Analyst unavailable | $20 | $25.49 | -25.5% | May 28, 2026 |
| Barclays | Analyst unavailable | $19 | $25.49 | -29.3% | May 28, 2026 |
| Morgan Stanley | Analyst unavailable | $17 | $21.07 | -36.7% | May 21, 2026 |
| UBS | David Vogt | $20 | $18.38 | -25.5% | Feb 19, 2026 |
| Evercore ISI | Analyst unavailable | $22 | $18.45 | -18.1% | Feb 19, 2026 |
| Morgan Stanley | Analyst unavailable | $18 | $20.37 | -33.0% | Jan 20, 2026 |
| Barclays | Analyst unavailable | $18 | $20.61 | -33.0% | Jan 16, 2026 |
| Goldman Sachs | Analyst unavailable | $21 | $21.18 | -21.8% | Jan 13, 2026 |
| Morgan Stanley | Analyst unavailable | $20 | $24.32 | -25.5% | Nov 26, 2025 |
| UBS | Analyst unavailable | $24 | $24.32 | -10.6% | Nov 26, 2025 |
| UBS | David Vogt | $26 | $24.32 | -3.2% | Nov 26, 2025 |
| Morgan Stanley | Erik Woodring | $21 | $22.61 | -21.8% | Nov 21, 2025 |
| HSBC | Stephen Bersey | $30 | $27.35 | +11.7% | Oct 14, 2025 |
| Evercore ISI | Analyst unavailable | $29 | $28.37 | +8.0% | Sep 10, 2025 |
| Barclays | Analyst unavailable | $28 | $24.95 | +4.2% | May 29, 2025 |
| Morgan Stanley | Analyst unavailable | $35 | $30.87 | +30.3% | Feb 28, 2025 |
| Barclays | Analyst unavailable | $36 | $30.87 | +34.0% | Feb 28, 2025 |
| Bernstein | Toni Sacconaghi | $34 | $32.74 | +26.6% | Jan 3, 2025 |
| Citigroup | Asiya Merchant | $37 | $36 | +37.8% | Oct 9, 2024 |
| Bank of America Securities | Wamsi Mohan | $37 | $36.85 | +37.8% | Sep 27, 2024 |
| Loop Capital Markets | Ananda Baruah | $35 | $34.85 | +30.3% | Sep 5, 2024 |
| Morgan Stanley | Erik Woodring | $37 | $32.8 | +37.8% | May 30, 2024 |
| Goldman Sachs | Michael Ng | $33 | $32.8 | +22.9% | May 30, 2024 |
| Barclays | Tim Long | $30 | $31.82 | +11.7% | May 21, 2024 |
| Barclays | Tim Long | $24 | $30.22 | -10.6% | Apr 1, 2024 |
| HSBC | Stephen Bersey | $33 | $28.58 | +22.9% | Feb 14, 2024 |
| Morgan Stanley | Erik Woodring | $31 | $28.68 | +15.4% | Nov 22, 2023 |
| Morgan Stanley | Erik Woodring | $24 | $29.91 | -10.6% | Nov 23, 2022 |
| Citigroup | Jim Suva | $31 | $29.36 | +15.4% | Nov 18, 2022 |
| Bernstein | Toni Sacconaghi Sacconaghi | $30 | $25.35 | +11.7% | Sep 24, 2022 |
| Barclays | Tim Long | $27 | $29.33 | +0.5% | Aug 31, 2022 |
| Wells Fargo | Aaron Rakers | $30 | $35.23 | +11.7% | Aug 19, 2022 |
| Barclays | Tim Long | $32 | $40.37 | +19.1% | Jun 1, 2022 |
| UBS | David Vogt | $40 | $38.19 | +48.9% | Apr 11, 2022 |
| Morgan Stanley | Erik Woodring | $34 | $36.64 | +26.6% | Apr 4, 2022 |
| Bernstein | Toni Sacconaghi | $40 | $38.42 | +48.9% | Jan 17, 2022 |
| Loop Capital Markets | Ananda Baruah | $50 | $30.82 | +86.2% | Nov 1, 2021 |
| Citigroup | Jim Suva | $40 | $28.46 | +48.9% | May 28, 2021 |
| Cowen & Co. | Krish Sankar | $27 | $31.46 | +0.5% | May 24, 2021 |
Track every rating change on HPQ the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-1.9%
Event window
SPY move
+0.6%
Same window
Abnormal move
-2.4%
Stock minus SPY
Volume
1.9×
Versus trailing sessions
Subsequent drift
-8.5%
Up to 20 sessions
HPQSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue growth accelerated from 7% in Q1 to 9% in Q2, with Personal Systems strengthening to 13% YoY. Management raised the FY EPS outlook to $2.90-$3.10 from the prior stance of EPS trending toward the lower end of $2.90-$3.20. Memory and storage supply has now been secured for the full fiscal year via long-term agreements. New product launches include z workstations, AI stations, AI-enabled LaserJet printers, and the HP Multi Jet Fusion 1.2k 3D printer. A voluntary early retirement plan was announced, impacting Q2 restructuring charges. The software partnership portfolio expanded to include Zoom, CrowdStrike, GoodNotes, and 51+ partners.
Guidance delta
FY2026 EPS guidance was raised to $2.90-$3.10, up from the prior expectation of EPS at the lower end of $2.90-$3.20. Management introduced a target of $1 billion in gross annualized run-rate savings by FY28. The Q1 free cash flow target of $2.8-$3.0 billion was not explicitly revised in the Q2 commentary, which instead highlighted quarterly FCF of over $800 million and nearly $400 million in shareholder returns.
Key takeaways
- Revenue grew 9% YoY with Personal Systems up 13%, driven by AI-focused devices and the Windows 11 refresh cycle
- EPS of $0.86 beat consensus by approximately 21%, and the full-year EPS outlook was raised to $2.90-$3.10
- Memory and storage supply secured for the full fiscal year through long-term agreements
- Free cash flow exceeded $800 million with nearly $400 million returned to shareholders
- New product launches include z workstations, AI stations, AI-enabled LaserJet printers, and the HP Multi Jet Fusion 1.2k 3D printer
Management priorities
- Roll out new AI-focused z workstations and AI stations
- Expand AI-enabled LaserJet printers and the HP IQ intelligence platform
- Scale the All-In Plan subscription model globally
- Continue HP Multi Jet Fusion 3D printer rollout
- Achieve $1 billion in gross annualized run-rate savings by FY28
Related earnings events
TechnologySources
- Earnings call transcript and parsed analysis · 2026-05-28T01:22:28.571771+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T20:43:11.936059+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T20:43:11.932915+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 . For educational purposes only; not investment advice.