HP Inc F2Q26 First Take Beat on Strong PC Pricing Despite Soft Unit Shipments

HPQ reported F2Q26 EPS of $0.86, beating expectations due to strong pricing in the Personal Systems segment. While unit shipments were down 7%, revenue and margins benefited from a shift toward higher-value products.

Key Takeaways

• 1.HPQ delivered a significant EPS beat of $0.86 vs guidance of $0.70-$0.76, driven by strong PC pricing power.
• 2.Personal Systems revenue grew 13% YoY, as the company prioritized higher-value units to offset a 7% decline in PC unit shipments.
• 3.Full-year Non-GAAP EPS guidance was narrowed to $2.90-$3.10 from the previous $2.90-$3.20 range.

Table of Contents

• F2Q26 First Take: Beat on strong PC pricing despite soft unit shipments
• Price Target Risks and Methodology - HP Inc.
• Disclosure Appendix

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