HP (HPQ) Q2 FY2026 earnings: revenue $14.4 billion, up 9.0% on the year

HP Inc. (HPQ) reported revenue of $14.4 billion for Q2 FY2026, the quarter ended 30 April 2026, up 9.0% on the same quarter a year earlier. Net income was $450 million, up 10.8% on the year, and diluted earnings per share $0.49. The figures are the company's own, from the 10-Q it filed with the SEC on 28 May 2026.

Revenue

$14.4 billion

+9.0% on the year · -0.2% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

4.2%

4.9% a year earlier

Q3 FY2024Q2 FY2026

Net income

$450 million

+10.8% on the year · -17.4% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$0.49

+16.7% on the year · -15.5% on the quarter

Q3 FY2024Q2 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 lowered, 1 narrowed, 3 new, 1 kept.

Revenue rose 9% to $14.4 billion: Products revenue was $13.6 billion and services $845 million, against $12.4 billion and $797 million a year earlier.
Diluted EPS up on both measures: GAAP diluted EPS was $0.49 and non-GAAP diluted EPS was $0.86, against $0.42 and $0.71 a year earlier. GAAP net earnings were $450 million, up from $406 million.
Personal Systems revenue up 13%: Personal Systems operating margin was 5.2%, up 0.7 points, with segment earnings from operations of $530 million against $409 million a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	14,408	14,438	13,220	-0.2%	+9.0%
Cost of revenue	11,392	11,603	10,481	-1.8%	+8.7%
Gross profit	3,016	2,835	2,739	+6.4%	+10.1%
Gross margin	20.9%	19.6%	20.7%
Research and development	432	392	401	+10.2%	+7.7%
Selling, general and administrative	1,514	1,504	1,480	+0.7%	+2.3%
Operating income	612	759	654	-19.4%	-6.4%
Operating margin	4.2%	5.3%	4.9%
Interest expense	98.0	99.0	114	-1.0%	-14.0%
Pre-tax income	493	671	506	-26.5%	-2.6%
Income tax	43.0	126	100	-65.9%	-57.0%
Effective tax rate	8.7%	18.8%	19.8%
Net income	450	545	406	-17.4%	+10.8%
Net margin	3.1%	3.8%	3.1%
Diluted EPS	$0.49	$0.58	$0.42	-15.5%	+16.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	926	383	38.0	+141.8%	+2,336.8%
Capital expenditure	170	233	183	-27.0%	-7.1%
Free cash flow	756	150	-145	+404.0%
Free cash flow margin	5.2%	1.0%	-1.1%
Cash from investing	-14.0	-269	-833
Cash from financing	-363	-673	631
Depreciation and amortisation	264	214	205	+23.4%	+28.8%
Share-based compensation	112	182	140	-38.5%	-20.0%
Buybacks	100	325	100	-69.2%	0.0%
Dividends paid	274	277	273	-1.1%	+0.4%
Dividend per share	n/a	$0.60	n/a
Diluted shares, weighted	925m	932m	956m	-0.8%	-3.2%
Shares outstanding at period end	914m	917m	942m	-0.3%	-3.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	-144	-766	-1,276
Debt	9,666	9,699	10,737	-0.3%	-10.0%
Operating lease liabilities	786	819	766	-4.0%	+2.6%
Other liabilities	32,628	31,783	28,572	+2.7%	+14.2%
Total liabilities and equity	42,936	41,535	38,799	+3.4%	+10.7%
Fixed assets	3,079	3,053	2,951	+0.9%	+4.3%
Goodwill	8,730	8,724	8,713	+0.1%	+0.2%
Intangible assets	878	957	1,228	-8.3%	-28.5%
Cash and equivalents	3,703	3,154	2,697	+17.4%	+37.3%
Receivables	6,125	5,332	4,336	+14.9%	+41.3%
Inventory	9,203	8,737	8,175	+5.3%	+12.6%
Other assets	11,218	11,578	10,699	-3.1%	+4.9%
Total assets	42,936	41,535	38,799	+3.4%	+10.7%

Questions

What was HP's revenue in Q2 FY2026?

HP (HPQ) reported revenue of $14.4 billion for Q2 FY2026, the quarter ended 30 April 2026, up 9.0% on the same quarter a year earlier.

How much did HP earn in Q2 FY2026?

Net income for Q2 FY2026 was $450 million, up 10.8% on the year, and diluted earnings per share $0.49.

When did HP report Q2 FY2026 results?

HP filed its 10-Q for the quarter ended 30 April 2026 with the SEC on 28 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 * †	Q1 FY2023 †	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 * †	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	16,675	17,028	16,490	14,664	14,801	13,798	12,913	13,196	13,781	13,185	12,800	13,519	14,055	13,504	13,220	13,932	14,639	14,438	14,408	15,677
Cost of revenue	13,410	13,643	13,157	11,764	12,084	11,019	9,984	10,374	10,833	10,297	9,777	10,613	11,054	10,664	10,481	11,081	11,677	11,603	11,392	12,732
Gross profit	3,265	3,385	3,333	2,900	2,717	2,787	2,914	2,822	2,985	2,888	3,023	2,906	3,001	2,840	2,739	2,851	2,962	2,835	3,016	2,945
Gross margin	20%	20%	20%	20%	18%	20%	23%	21%	22%	22%	24%	21%	21%	21%	21%	20%	20%	20%	21%	19%
R&D	445	478	425	368	382	403	410	354	411	399	436	413	392	397	401	406	398	392	432	389
SG&A	1,474	1,468	1,464	1,143	1,189	1,331	1,398	1,302	1,326	1,383	1,462	1,404	1,409	1,459	1,480	1,452	1,430	1,504	1,514	1,537
Operating income	1,238	1,305	1,257	1,256	741	743	747	952	1,014	935	952	940	991	845	654	716	959	759	612	892
Operating margin	7%	8%	8%	9%	5%	5%	6%	7%	7%	7%	7%	7%	7%	6%	5%	5%	7%	5%	4%	6%
Interest expense	59.0	61.0	74.0	96.0	128	143	153	134	118	116	122	111	103	104	114	111	101	99.0	98.0	96.0
Pre-tax income	3,553	1,275	1,216	1,186	647	562	587	936	852	793	797	827	862	704	506	624	834	671	493	798
Tax rate	13%	17%	19%	5%	104%	17%	-80%	18%	-14%	22%	24%	23%	-5%	20%	20%	-22%	5%	19%	9%	17%
Net income	3,099	1,052	981	1,122	-23.0	469	1,054	766	974	622	607	640	906	565	406	763	795	545	450	661
Net margin	19%	6%	6%	8%	-0%	3%	8%	6%	7%	5%	5%	5%	6%	4%	3%	5%	5%	4%	3%	4%
Diluted EPS	$2.60	$0.99	$0.94	$1.08	n/a	$0.47	$1.06	$0.76	$0.97	$0.62	$0.61	$0.65	$0.93	$0.59	$0.42	$0.80	$0.84	$0.58	$0.49	$0.71
Operating cash flow	2,848	1,657	508	394	1,904	-16.0	636	976	1,975	121	581	1,424	1,623	374	38.0	1,661	1,624	383	926	1,735
Capital expenditure	172	273	179	195	144	192	130	137	150	158	119	162	153	302	183	215	197	233	170	187
Free cash flow	2,676	1,384	329	199	1,760	-208	506	839	1,825	-37.0	462	1,262	1,470	72.0	-145	1,446	1,427	150	756	1,548
Buybacks	1,771	1,508	1,000	1,000	789	100	0.0	0.0	0.0	500	100	600	900	100	100	200	450	325	100	300
Dividends paid	219	271	262	255	249	259	259	259	260	275	269	268	263	273	273	272	270	277	274	274
Shares outstanding	1,092m	1,060m	1,033m	1,006m	980m	985m	986m	988m	989m	980m	978m	963m	939m	945m	942m	939m	921m	917m	914m	903m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 April 2026, filed 28 May 2026: the filing.