10-Q · May 27, 2026
HP Inc. reported strong second quarter results for fiscal 2026, with net revenue of $14.4 billion, up 9.0% year-over-year, and a non-GAAP diluted EPS of $0.86, exceeding the consensus estimate. The Personal Systems…
Earnings analysis · 10-Q
HPQ earnings analysis
Filed August 26, 2026 · Our reading of the company's report
The latest report
HP delivered $15.677 billion of revenue and $0.83 of EPS, with revenue up approximately 8.8% sequentially and 12.5% year over year. The company raised FY26 GAAP EPS guidance to $2.52-$2.62 and free cash flow guidance to…
Read full summary
HP delivered $15.677 billion of revenue and $0.83 of EPS, with revenue up approximately 8.8% sequentially and 12.5% year over year. The company raised FY26 GAAP EPS guidance to $2.52-$2.62 and free cash flow guidance to $3.0-$3.2 billion, supporting a bullish view. Printing remained a key weakness, declining 2%, while the filing reported no material changes to the risk factors from the prior 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.83
What stood out
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Revenue accelerated meaningfully
Revenue was $15.677 billion, up approximately 8.8% from $14.41 billion in the prior quarter and 12.5% from $13.93 billion in the prior-year quarter.
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EPS improved sequentially
Reported EPS was $0.83 versus $0.49 in the prior quarter and $0.80 in the prior-year quarter, representing sequential improvement and a modest year-over-year increase.
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Full-year EPS outlook raised
FY26 GAAP EPS guidance increased to $2.52-$2.62 from the prior $1.90-$2.10 range, a $0.62 increase at the low end and $0.52 increase at the high end.
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Cash return outlook strengthened
FY26 free cash flow guidance was raised to $3.0-$3.2 billion, while the company returned $0.3 billion through repurchases of 12.2 million shares during the quarter.
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Substantial buyback capacity remains
The remaining share-repurchase authorization was $7.68694 billion at July 31, 2026, following $0.3 billion of quarterly repurchases.
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Controls remained effective
Management concluded that disclosure controls were effective as of the evaluation date and reported no material change in internal control during the quarter ended July 31, 2026.
What to watch
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Printing revenue continued to contract
Printing revenue declined 2%, indicating continued weakness in the printing business despite overall company revenue growth of 12.5% year over year.
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Capital-return pace may remain uneven
The quarter included only $0.3 billion of share repurchases, and the remaining authorization declined to $7.68694 billion at July 31, 2026, limiting the near-term pace of capital return relative to the $10.0 billion authorization.
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No updated risk-factor disclosure
The filing states there were no material changes in risk factors since the October 31, 2025 Form 10-K; therefore, the 10-Q does not provide updated quantified mitigation for existing risks.
Management's outlook
FY26 GAAP EPS guidance was raised from $1.90-$2.10 to $2.52-$2.62, including an estimated $0.19 favorable tariff-refund impact. FY26 free cash flow guidance was raised to $3.0-$3.2 billion; Q4 GAAP EPS guidance is $0.74-$0.84. Revenue guidance was not provided.
Earlier filings 4
10-Q · February 25, 2026
HP reported net revenue of $14,438 million for the quarter ended January 31, 2026, up $934 million versus $13,504 million in the year‑ago quarter, but with margin compression (gross profit $2,835 million). Diluted EPS…
10-Q · August 28, 2025
HP reported quarterly net revenue of $13,932 million, up $413 million (+3.1%) versus $13,519 million in the year-ago quarter, while gross profit declined to $2,851 million (gross margin ~20.5%) from $2,906 million…
10-K · December 13, 2024
HP’s 10-K emphasizes its strategy to accelerate AI-enabled devices and services (notably a "new line of AI PCs and workstations"), maintain security and sustainability differentiation, and drive structural cost savings…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.