The strong beat and raised guidance suggest HPQ's PC refresh cycle and AI PC adoption are driving upside. Monitor Q4 guidance ($0.69-$0.79 non-GAAP EPS) for signs of sustainability; the stock may re-rate higher if the momentum continues into the holiday season.
Price Chart
Executive Summary
HPQ reported fiscal Q3 2026 non-GAAP diluted EPS of $0.83, beating consensus of $0.69 by 20.3%, and revenue of $15.7B (+12.5% YoY) above the $14.39B estimate. The company raised its full-year non-GAAP EPS guidance to $3.19-$3.29 and free cash flow outlook to $3.0-$3.2B, signaling strong operational momentum despite a GAAP EPS decline due to one-time items. The beat was driven by 18% growth in Personal Systems revenue, partially offset by a 2% decline in Printing revenue, and included a $0.11 favorable impact from tariff refunds in the quarter.
Key Financial Metrics
Key Facts
- Non-GAAP diluted EPS of $0.83 beat consensus of $0.69 by 20.3%
- Revenue of $15.7B (+12.5% YoY) beat consensus of $14.39B
- Personal Systems revenue grew 18% YoY to $11.8B; Printing revenue declined 2% YoY to $3.9B
- Full-year FY26 non-GAAP EPS guidance raised to $3.19-$3.29 (from prior range)
- Full-year FY26 free cash flow guidance raised to $3.0-$3.2B
- GAAP diluted EPS was $0.71, down 11.3% YoY due to prior-year one-time tax and litigation benefits
- Operating cash flow of $1.7B and free cash flow of $1.6B in Q3
- Returned $0.6B to shareholders via $300M in buybacks and $274M in dividends
Financial Impact
Non-GAAP EPS beat consensus by $0.14 (20.3%); revenue beat by $1.3B (9.1%); FY26 EPS guidance raised by $0.10-$0.20 at midpoint
Risk Factors
- Printing revenue continues to decline (-2% YoY), with supplies down 3%
- GAAP EPS declined 11% YoY due to one-time benefits in the prior year
- Inventory increased to $10.3B, up 21% from Oct 2025, signaling potential demand risk
- Tariff refunds contributed $0.11 to EPS; sustainability of this benefit is uncertain
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3351698 |
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access