The strong non-GAAP beat and raised full-year guidance signal operational momentum, particularly in Personal Systems. However, the GAAP EPS miss due to elevated restructuring charges and the narrowing of the full-year non-GAAP range to the lower end warrant monitoring. The stock should react positively to the headline beat, but watch for potential pressure from the GAAP miss and restructuring costs.
Price Chart
Executive Summary
HP Inc. reported fiscal Q2 2026 non-GAAP diluted EPS of $0.86, a 21.1% YoY increase and a 30.8% beat vs. the $0.66 consensus estimate. Revenue of $14.4B grew 9.0% YoY, slightly above the $14.34B consensus. The company raised its full-year non-GAAP EPS guidance to $2.90-$3.10 (from $2.90-$3.20, narrowing the range) and tightened GAAP EPS guidance to $2.15-$2.45 (from $2.47-$2.77). Strong Personal Systems revenue growth (+13% YoY) and robust free cash flow of $0.8B were key positives, while GAAP EPS of $0.49 missed the company's own outlook range of $0.52-$0.58 due to higher restructuring charges.
Key Financial Metrics
Key Facts
- Non-GAAP diluted EPS of $0.86 beat consensus of $0.66 by 30.8% and grew 21.1% YoY
- Revenue of $14.4B grew 9.0% YoY, above consensus of $14.34B
- Personal Systems revenue up 13% YoY to $10.2B, with Commercial PS up 14%
- Free cash flow of $0.8B vs. -$0.1B in prior year quarter
- Full-year non-GAAP EPS guidance raised to $2.90-$3.10 (narrowed from $2.90-$3.20)
- GAAP EPS of $0.49 missed company's own Q2 outlook of $0.52-$0.58 due to $365M in restructuring charges
- Printing revenue flat YoY at $4.2B, with Supplies revenue up 1%
- Returned $374M to shareholders via dividends and buybacks in Q2
Financial Impact
Non-GAAP EPS beat consensus by $0.20 (30.8%), revenue beat by $0.06B (0.4%)
Risk Factors
- GAAP EPS of $0.49 missed company's own outlook of $0.52-$0.58 due to $365M restructuring charges
- Printing segment revenue flat YoY with declining hardware units (-7%)
- Full-year non-GAAP EPS guidance narrowed to $2.90-$3.10, implying H2 EPS of $2.04-$2.24 vs H1 $1.66 — requires acceleration
- Rising commodity costs and trade-related headwinds cited by management
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000047217-26-000027 |
| Document: hpq-20260527.htm | 0000047217-26-000027 |
| Document: 0000047217-26-000027-index-headers.html | 0000047217-26-000027 |
| Document: 0000047217-26-000027-index.html | 0000047217-26-000027 |
| Document: 0000047217-26-000027.txt | 0000047217-26-000027 |
| 8-K Data (Synthetic) | 0000047217-26-000027 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 26, 2026 5w ago | Press Release | $29.63 $31.41 | ▲ +5.99% | ▲ +6.09% | $32.12 (+8.40%) |
Jul 21, 2026 10w ago | Institutional Cluster | $24.81 $29.97 | ▲ +20.78% | ▲ +18.22% | $32.12 (+29.46%) |
Jun 29, 2026 13w ago | Press Release | $22.64 $25.75 | ▲ +13.74% | ▲ +14.02% | $32.12 (+41.87%) |
Jun 16, 2026 15w ago | Press Release | $23.18 $24.14 | ▲ +4.14% | ▲ +2.82% | $32.12 (+38.57%) |
May 27, 2026 18w ago | 8-K | $24.97 $22.92 | ▼ −8.20% | ▼ −5.50% | $32.12 (+28.65%) |
May 27, 2026 18w ago | Press Release | $24.97 $22.92 | ▼ −8.20% | ▼ −5.50% | $32.12 (+28.65%) |
May 26, 2026 18w ago | Press Release | $24.40 $23.67 | ▼ −2.98% | ▼ −0.71% | $32.12 (+31.66%) |
May 19, 2026 19w ago | Press Release | $21.05 $23.18 | ▲ +10.13% | ▲ +10.17% | $32.12 (+52.61%) |
Mar 30, 2026 26w ago | Court Ruling | $19.03 $19.73 | ▲ +3.68% | ▼ −8.91% | $32.12 (+68.82%) |
Mar 24, 2026 27w ago | Press Release | $18.90 $20.44 | ▲ +8.15% | ▼ −0.75% | $32.12 (+69.98%) |
US Market Status
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