HPQ earnings analysis
What we found in HPQ's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- Substantial buyback capacity remains
- The remaining share-repurchase authorization was $7.68694 billion at July 31, 2026, following $0.3 billion of quarterly repurchases.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.83
What they said about what is next.
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.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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