HP Inc. Reports Fiscal 2Q 2026 Results

HP Inc. reported its fiscal 2026 second-quarter results.

HP Inc. and its subsidiaries announced fiscal 2026 second-quarter net revenue of $14.4 billion, up 9.0% (up 6.3% in constant currency) from the prior-year period.

“During the second quarter, we continued executing our future of work strategy through intelligent devices, edge AI, and connected experiences while navigating rising commodity costs,” says Bruce Broussard, interim CEO, HP Inc. “We introduced innovations across AI PCs, Z workstations, AI-powered print, and HP IQ that simplify work and improve productivity. These reflect our progress in building intelligent devices and services that capture the value of AI at the edge and support long-term growth.”

“We delivered strong second-quarter results, with 9% revenue growth and even stronger earnings and free cash flow,” adds Karen Parkhill, CFO, HP Inc. “With two solid quarters behind us, we are executing with discipline in a dynamic environment and are strengthening our outlook for the fiscal year to reflect this.”

Second quarter GAAP diluted net EPS was $0.49, up from $0.42 in the prior-year period and below the previously provided outlook of $0.52 to $0.58. Second quarter non-GAAP diluted net EPS was $0.86, up from $0.71 in the prior-year period and above the previously provided outlook of $0.70 to $0.76.

HP’s net cash provided by operating activities in the second quarter of fiscal 2026 was $0.9 billion. HP generated $0.8 billion of free cash flow in the second quarter of fiscal 2026.

HP’s dividend payment of $0.30 per share in the second quarter resulted in cash usage of $274 million. HP also utilized $100 million of cash during the quarter to repurchase approximately 5.2 million shares of common stock in the open market.

HP exited the quarter with $3.7 billion in gross cash, which includes cash and cash equivalents of $3.7 billion and short-term investments of $3 million included in other current assets.

Fiscal 2026 Second-Quarter Segment Results

Personal Systems net revenue was $10.2 billion, up 13% year over year (up 10% in constant currency) with a 5.2% operating margin. Consumer PS net revenue was up 10% and Commercial PS net revenue was up 14%. Total units were down 7% with Consumer PS units down 8% and Commercial PS units down 7%.

Printing net revenue was $4.2 billion, flat year over year (down 2% in constant currency) with an 18.3% operating margin. Consumer Printing net revenue was down 10% and Commercial Printing net revenue was flat. Supplies net revenue was up 1% (flat in constant currency). Total hardware units were down 7%, with Consumer Printing units down 8% and Commercial Printing units down 4%.

For fiscal 2026, HP anticipates generating free cash flow in the range of $2.8 to $3.0 billion.