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Sentiment · FY2026 Q3
HP INC. delivered 9% revenue growth driven by a 13% surge in Personal Systems, with AIPC shipment mix climbing from 35% to 44%, while Print revenue remained flat in a competitive market. Non-GAAP EPS of $0.86 rose over 20% year-over-year, aided by disciplined pricing, favorable mix toward premium categories, and lower financing costs, though GAAP operating income declined 6% due to voluntary early retirement restructuring charges. Management narrowed full-year EPS guidance to $2.90-$3.10 from $2.90-$3.20, reflecting confidence in cost mitigation progress but acknowledging rising memory, storage, and oil-related input costs through the back half, with Q4 PS margins expected to trough. The Windows 11 refresh cycle with roughly 30% of the installed base remaining and growing enterprise demand for AI at the edge provide near-term tailwinds, though unit TAM is expected to decline high teens in the second half of calendar 2026.
Margin | Demand | Cost Pressure | Pricing | Cloud & AI | Competitive Dynamics | Supply Chain | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 4 | 1 | 4 | 4 | 3 | 3 | 3 |
| 2025Q1 | 2 | 5 | 1 | 2 | 5 | 4 | 1 | 4 |
| 2025Q2 | 6 | 4 | 1 | 5 | 3 | 1 | 4 | 2 |
| 2025Q3 | 5 | 6 | 3 | 2 | 5 | |||
| 2025Q4 | 4 | 3 | 7 | 3 | 4 | 1 | 2 | 3 |
| 2026Q1 | 6 | 5 | 9 | 4 | 2 | 3 | 3 | |
| 2026Q2 | 6 | 5 | 8 | 3 | 2 | 1 | 4 | 2 |
| '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 | |
| Competitive Dynamics | 3 | 4 | 1 | 5 | 1 | 2 | 1 |
| Supply Chain | 3 | 1 | 4 | 2 | 3 | 4 | |
| Revenue Growth | 3 | 4 | 2 | 3 | 3 | 2 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $14.05B | +1.7% | $0.92 | -5.2% | 21.4% | 7.1% | 6.4% | $1.47B |
| FY2025 Q1 | $13.50B | +2.4% | $0.59 | -4.8% | 21.0% | 6.3% | 4.2% | $72M |
| FY2025 Q2 | $13.22B | +3.3% | $0.42 |
| 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 | 16 (31%) |
| Erik Woodring | Morgan Stanley | 10 (20%) |
| Amit Daryanani | Evercore ISI |
| -31.1% |
| 20.7% |
| 4.9% |
| 3.1% |
| $-145M |
| FY2025 Q3 | $13.93B | +3.1% | $0.80 | +23.1% | 20.5% | 5.1% | 5.5% | $1.45B |
| FY2025 Q4 | $14.64B | +4.2% | $0.84 | -8.7% | 19.8% | 7.4% | 5.4% | $1.43B |
| FY2026 Q1 | $14.44B | +6.9% | $0.58 | -1.7% | 19.6% | 5.3% | 3.8% | $150M |
| FY2026 Q2 | $14.41B | +9.0% | $0.49 | +16.7% | 20.9% | 4.2% | 3.1% | $756M |
| FY2026 Q3 | $15.68B | +12.5% | $0.71 | -11.3% | 18.8% | 5.7% | 4.2% | $1.55B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| 8 (0%) |
| Samik Chatterjee | JPMorgan | 8 (0%) |
| Mike Ng | Goldman Sachs | 7 (0%) |
| Krish Sankar | TD Cowen | 6 (0%) |
| Alek Valero | Loop Capital | 6 (0%) |
| Dave Vogt | UBS | 6 (0%) |
| Brian Luke | UBS | 6 (0%) |
| Asiya Merchant | 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. |
|---|---|---|
| Morgan Stanley | 3 | 16 (25%) |
| Bank of America | 1 | 16 (31%) |
| Evercore ISI | 2 | 13 (0%) |
| JPMorgan | 2 | 12 (8%) |
| UBS | 2 | 12 (0%) |
| Loop Capital | 2 | 11 (0%) |
| Goldman Sachs | 2 | 11 (0%) |
| Citigroup | 2 | 10 (0%) |
What HPQ and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Previously, we highlighted our collaboration with partners like Zoom and CrowdStrike.”
HP cited CrowdStrike among its software partners collaborating on its AI PC / edge software stack.
“the continued Win 11 refresh cycle in Asia and Europe, helped to drive strong performance as expected.”
The Microsoft Windows 11 refresh cycle (with ~30% of the installed base still on Windows 10) is a key demand driver for HP's PC business.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
HPQ HP Inc. | 6 | +9.0% | |
| ANET Arista Networks | 10 | +37.7% | |
| DELL Dell Technologies | 9 | +87.5% | |
| IONQ IonQ, Inc. | 9 | +286.8% | |
| NTAP NetApp | 9 | +12.5% | |
| QBTS D-Wave Quantum Inc. | 4 | -0.6% | |
| RGTI Rigetti Computing, Inc. | 8 | +185.3% | |
| SMCI Supermicro | 9 | +93.2% | |
| STX Seagate Technology Holdings | 10 | +48.5% | |
| WDC Western Digital | 9 | +43.8% |