HP Releases Fiscal 2026 Q1 Results

HP Inc. and its subsidiaries announced fiscal 2026 first quarter net revenue of $14.4 billion, up 6.9% (up 5.2% in constant currency) from the prior-year period.

Interim CEO, Bruce Broussard, commented, “We are pleased to report a strong first quarter, highlighted by robust growth in Personal Systems, including the continued momentum in AI PCs.  Our performance reflects the strength of our portfolio and our disciplined execution of our Future of Work strategy, even as we navigate industry-wide headwinds.”

Segment Results

Personal Systems’ net revenue was $10.3 billion, up 11% year over year (up 9% in constant currency), with a 5.0% operating margin. 

Consumer PS net revenue was up 16%, and Commercial PS net revenue was up 9%. Total units were up 12%, with Consumer PS units up 14% and Commercial PS units up 11%.

Printing net revenue was $4.2 billion, down 2% year over year (down 3% in constant currency), with an 18.3% operating margin. 

Consumer Printing net revenue was down 8%, and Commercial Printing net revenue was down 3%. 

Supplies net revenue was down 1% (down 2% in constant currency). Total hardware units were down 6%, with both Consumer and Commercial Printing units reflecting similar declines.

“We are pleased with our execution in Q1, driving better than expected revenue growth and non-GAAP EPS above consensus,” said Karen Parkhill, CFO, HP Inc.  “With just one quarter behind us in a dynamic environment marked by increasing memory costs, we are holding our outlook for the year, yet currently anticipate results to be closer to the low end of our range. We are well practiced at managing through headwinds and remain focused on executing our mitigation plans.”