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Sentiment · FY2026 Q2
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“During the brief transition period through early March, as Enrique steps away from his role at HP, I will serve as interim CEO”
PayPal's incoming CEO Enrique Lores is departing his role as CEO of HP, a leadership loss for HP.
“And we've got great partners, everybody from, of course, TSMC and Amphenol, the connector company, incredible company, Vertiv and SK Hynix and Micron Spill, Amkor and KYEC and there's Foxconn and the many the factories that they've built and Quanta and Wiwynn and gosh, Dell and HP and Super Micro, Lenovo and the number of companies is just really quite incredible, Quanta.”
HP is named among the system-building partners in NVIDIA's Blackwell supply chain.
“GitHub Copilot is increasingly the tool of choice for both digital natives like ASOS and Spotify as well as world's largest enterprises like HP, HSBC and KPMG.”
Microsoft names HP as an enterprise example of large companies adopting GitHub Copilot for software development.
“HP established an exploratory partnership with OpenAI to pilot OpenAI Frontier, their new enterprise platform for building and managing AI agents.”
HP is piloting OpenAI's Frontier enterprise platform, positioning OpenAI as an enterprise-AI partner in HP's Future of Work strategy.
“we continue to see the positive impact on PC demand in the Windows 11 refresh cycle”
The Windows 11 upgrade cycle is a key demand driver for HP PCs, a positive read-through for Microsoft's OS refresh.
“We also expanded our partnership with Microsoft, embedding Microsoft 360 Copilot directly into HP printers to improve how employees manage documents on the device.”
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wamsi Mohan | Bank of America | 14 (43%) |
| Erik Woodring | Morgan Stanley | 8 (25%) |
| Samik Chatterjee | JPMorgan | 8 (0%) |
| Mike Ng | Goldman Sachs | 7 (0%) |
| Amit Daryanani | Evercore ISI | 6 (33%) |
| Brian Luke | UBS | 6 (0%) |
| Alek Valero | Loop Capital | 6 (0%) |
| Dave Vogt | UBS | 5 (0%) |
| Irvin Liu | Evercore ISI | 5 (0%) |
| Mike Cadiz | Citigroup | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 14 (43%) |
| Morgan Stanley | 3 | 14 (29%) |
| JPMorgan | 2 | 12 (8%) |
| Evercore ISI | 2 |
HP is embedding Microsoft's Copilot into its printers, deepening the Microsoft partnership as a source of AI-enabled document features.
“We have made progress with other software companies like Adobe in leveraging those assets.”
HP is working with software partners including Adobe to leverage GPU/NPU capabilities in its AI PCs.
“With the announcements that Microsoft made last week on the consumer side, the ability to manage PCs with voice, think are going to be exciting very exciting for our consumers.”
HP expects Microsoft's new consumer AI/voice PC features to drive AI PC adoption and value for its devices.
“With its new integration with Microsoft Security Covalent, we are bringing generative AI directly into IT management for faster, smarter responses to critical issues.”
HP integrated Microsoft Security Copilot into its Workforce Experience Platform to bring generative AI into IT management.
“we introduced a new edge class device, the AI station powered by NVIDIA, which can run up to 200 billion parameter models.”
HP's new AI station edge device is built on NVIDIA compute, positioning NVIDIA in HP's high-end AI hardware.
“We announced a very innovative solution on 3D video collaboration that we did with Google.”
HP co-developed a 3D video collaboration solution (HP Dimension with Google Beam) with Google, a partnership read-through in HP's hybrid-systems video portfolio.
“We have seen security companies like CrowdStrike taking advantage of the ability to use the NPUs to scan the memory faster, which means for many of their applications, this brings a significant advantage.”
HP cites CrowdStrike using AIPC NPUs to scan memory faster for a performance advantage, a read-through on CrowdStrike building on-device AI security capabilities.
“Key ISV partners, such as Adobe and Zoom, are shifting workloads locally to take advantage of the NPU.”
Zoom is cited as a key ISV partner shifting application workloads locally to run on the AIPC NPU, a read-through on Zoom adopting on-device AI.
“Key ISV partners, such as Adobe and Zoom, are shifting workloads locally to take advantage of the NPU.”
Adobe is cited as a key ISV partner shifting application workloads locally to run on the AIPC NPU, a read-through on Adobe adopting on-device AI.
“Also, Microsoft is doing a remarkable job continuing to improve the libraries that they offer to other companies so they can do a lot of activities in the PCs that before they had to do in the cloud.”
HP credits Microsoft with steadily improving developer libraries that push AI workloads from the cloud onto AIPCs, a partner read-through supporting HP's Windows 11 / AIPC refresh cycle.
| 11 (18%) |
| UBS | 2 | 11 (0%) |
| Loop Capital | 2 | 10 (0%) |
| Goldman Sachs | 2 | 10 (0%) |
| Citigroup | 2 | 9 (0%) |
HP delivered Q1 revenue growth of 7% with strong Personal Systems performance as AI PC mix reached 35% of shipments, up from 30% in the prior quarter. Non-GAAP EPS of $0.81 grew 9% year-over-year, though management signaled the company was skewing to the lower end of the $2.90-$3.20 FY2026 guidance range due to accelerating memory costs with BOM share rising from 18% to 35%. The CEO transition was announced with interim leadership in place, and PC unit TAM was expected to decline double digits in calendar 2026.
Margin | Demand | Cost Pressure | Pricing | Cloud & AI | Revenue Growth | Competitive Dynamics | Supply Chain | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 1 | 4 | 4 | 3 | 3 | 3 |
| 2025Q1 | 2 | 5 | 1 | 2 | 5 | 4 | 4 | 1 |
| 2025Q2 | 6 | 4 | 1 | 5 | 3 | 2 | 1 | 4 |
| 2025Q3 | 5 | 6 | 3 | 2 | 5 | |||
| 2025Q4 | 4 | 3 | 7 | 3 | 4 | 3 | 1 | 2 |
| 2026Q1 | 6 | 5 | 9 | 4 | 3 | 2 | 3 | |
| 2026Q2 | 6 | 5 | 8 | 3 | 2 | 2 | 1 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Margin | 4 | 2 | 6 | 5 | 4 | 6 | 6 |
| Demand | 4 | 5 | 4 | 6 | 3 | 5 | 5 |
| Cost Pressure | 1 | 1 | 1 | 7 | 9 | 8 | |
| Pricing | 4 | 2 | 5 | 3 | 3 | 4 | 3 |
| Cloud & AI | 4 | 5 | 3 | 2 | 4 | 2 | |
| Revenue Growth | 3 | 4 | 2 | 3 | 3 | 2 | |
| Competitive Dynamics | 3 | 4 | 1 | 5 | 1 | 2 | 1 |
| Supply Chain | 3 | 1 | 4 | 2 | 3 | 4 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
HPQ HP Inc. | 6 | +9.0% | |
| ANET Arista Networks | 9 | +35.1% | |
| DELL Dell Technologies | 9 | +87.5% | |
| NTAP NetApp | 9 | +12.5% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |