What did HP (NYSE:HPQ) report in fiscal Q2 2026 earnings?

HP reported fiscal second-quarter 2026 revenue of $14.4 billion, up 9% year over year. GAAP diluted EPS increased to $0.49, while non-GAAP diluted EPS rose to $0.86, beating analyst expectations. The company also maintained strong cash flow generation during the quarter.

Why did HP’s (NYSE:HPQ) revenue grow in Q2 2026?

Growth was mainly driven by the Personal Systems segment, which includes consumer and commercial PCs. Revenue in that division increased 13% year over year to $10.2 billion. The results suggest improving demand for computer refresh cycles among businesses and consumers.

Why is HP’s (NYSE:HPQ) PC business recovering?

The company appears to be benefiting from stabilizing global demand after several weaker years in the PC market. Businesses are gradually upgrading older devices, while consumers continue replacing aging laptops and desktops. AI-related computing needs and hybrid work trends may also be supporting demand.

How did HP’s (NYSE:HPQ) printing business perform?

HP’s Printing segment remained flat year over year at $4.2 billion in revenue. Weakness in commercial printing volumes offset steadier demand elsewhere. Investors often pay close attention to printing because it has historically been one of HP’s higher-margin businesses.

Why are investors concerned about HP’s (NYSE:HPQ) printing segment?

Printing has traditionally generated strong recurring profits through supplies like ink and toner. Flat growth in that segment may raise concerns about long-term demand trends as workplaces continue digitizing workflows. Slower printing growth can also pressure overall margin stability.

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HP revenue climbs 9% on PC rebound as printing sales flatline

Written by Brie CarterPublished May. 27 2026Last Updated May. 27 2026

HP (NYSE:HPQ) reported a 9% increase in fiscal second-quarter net revenue, driven by a double-digit resurgence in personal computer shipments that countered stagnant demand within its printing division.

The legacy hardware manufacturer also updated its full-year earnings projections while signaling stable cash generation ahead.

Total revenue for the three-month period ended April 30, 2026, rose to $14.4 billion, up from the prior-year period.

Profitability metrics strengthened across the board during the quarter.

On a GAAP basis, diluted earnings per share advanced to $0.49 compared to $0.42 a year earlier.

Non-GAAP diluted earnings per share, which strip out one-time restructuring and operational adjustments, expanded to $0.86 from $0.71, surpassing average analyst estimates.

The performance highlighted a widening divergence between the company's two core operational segments.

The Personal Systems division, which encompasses consumer and commercial personal computers, generated $10.2 billion in revenue, marking a 13% increase year-over-year.

This growth reflects stabilizing global demand for corporate and consumer device refreshes.

Meanwhile, HP's traditionally high-margin Printing segment underperformed relative to hardware growth, ending the quarter completely flat at $4.2 billion due to shifting commercial printing volumes.

Cash generation remained steady alongside the operational expansion.

The Palo Alto, California-based company pulled in $0.9 billion in net cash from operating activities, while quarterly free cash flow reached $0.8 billion.

Backed by its first-half financial momentum, management adjusted its fiscal 2026 full-year earnings per share guidance ranges to reflect current market dynamics.

Furthermore, the company reiterated its expectation to generate total full-year free cash flow between $2.8 billion and $3 billion, indicating sustained capital flexibility for the remainder of the fiscal year.