HP earnings
MyStockButler's October 2026 analysis: HP's next results are expected on November 24, 2026. The key watch is whether PC units, pricing and margins improve together as component costs rise.
What has HP guided for fiscal 2026?
HP’s August 26, 2026 guidance calls for fiscal 2026 non-GAAP diluted EPS of $3.19–$3.29. It forecasts free cash flow of $3.0–$3.2 billion, with estimated tariff refunds contributing $0.19 per share to the EPS outlook. Case probabilities are bear 30%, base 52% and bull 18%.
non-GAAP diluted net EPS (Fiscal 2026) — Management included $0.19 a share of estimated tariff refunds; without them, its adjusted earnings forecast was $3.00–$3.10 a share.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| GAAP diluted net EPS (Fiscal 2026) | Fiscal 2026 | 2.52 | 2.62 | August 26, 2026 |
| non-GAAP diluted net EPS (Fiscal 2026) | Fiscal 2026 | 3.19 | 3.29 | August 26, 2026 |
| free cash flow (US$ billions) (Fiscal 2026) | Fiscal 2026 | 3.0 | 3.2 | August 26, 2026 |
| GAAP diluted net EPS (Quarter to Oct 2026) | Quarter to Oct 2026 | 0.74 | 0.84 | August 26, 2026 |
| non-GAAP diluted net EPS (Quarter to Oct 2026) | Quarter to Oct 2026 | 0.69 | 0.79 | August 26, 2026 |
| favorable impact from estimated tariff refunds, diluted EPS (Fiscal 2026) | Fiscal 2026 | 0.19 | 0.19 | August 26, 2026 |
Did HP keep its past promises?
Management’s record is mixed. It has not missed its adjusted EPS promise across six quarters, but it has missed reported EPS twice across eight quarters. Its annual outlook also moved down during fiscal 2025, and HP lowered its full-year GAAP forecast in May 2026. Changes in what adjusted earnings exclude make comparisons harder, so the original promise must be compared with results on the same basis.
| What management forecast | Checked | Above | Within | Below |
|---|---|---|---|---|
| GAAP diluted net EPS | 8 quarters | 3 | 3 | 2 |
| non-GAAP diluted net EPS | 6 quarters | 1 | 5 | 0 |
| Personal Systems operating margin | 5 quarters | 0 | 3 | 2 |
What has HP's revenue and profit trend been over the last eight quarters?
For the fiscal quarter ending July 2026, revenue reached $15,677 million, up 12.5% from a year earlier. Constant-currency growth was 10.9%; that measure removes exchange-rate effects. Gross margin fell to 18.8% from 20.5%. Operating income rose to $892 million from $716 million, but net income fell to $661 million from $763 million. Diluted EPS fell to $0.71 from $0.80. Sales, operating earnings and final earnings were moving in different directions.
| Jul 2026 | Apr 2026 | Jan 2026 | Oct 2025 | Jul 2025 | Apr 2025 | Jan 2025 | Oct 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15,677 | 14,408 | 14,438 | 14,639 | 13,932 | 13,220 | 13,504 | 14,055 |
| Gross margin | 18.8% | 20.9% | 19.6% | 20.2% | 20.5% | 20.7% | 21.0% | 21.4% |
| Operating income | 892 | 612 | 759 | 959 | 716 | 654 | 845 | 991 |
| Net income | 661 | 450 | 545 | 795 | 763 | 406 | 565 | 906 |
| EPS, diluted | 0.71 | 0.49 | 0.58 | 0.84 | 0.80 | 0.42 | 0.59 | 0.93 |
What this means. The April and July cash figures cover only three months, so they are not full-year totals like the other reported figures.
What should you watch in HP's next results?
The immediate checkpoint is the October-quarter report, provisionally expected on November 24, 2026. In Personal Systems, HP’s PC business, memory and storage are taking a larger share of the bill of materials—the parts required to build each machine. In the July quarter, revenue rose 18% while total units fell 16%; operating margin was 4.6%. Investors should therefore watch units, prices and margin together. Worldwide PC shipments fell 20.1% in Q3 2026, making profitable pricing especially important.