HP (HPQ) Q3 2026 Earnings Call Transcript

Morgan Stanley downgraded HP Inc. (HPQ), citing concerns over profit margins despite revenue growth. The firm maintained an Underweight rating and raised its price target to $19, suggesting a 30%+ drop from current levels. HP's revenue grew 12.5% in Q3, but Morgan Stanley expects unit declines and rising costs to pressure margins. HP's management disagrees, forecasting margin recovery. Bank of America also issued a bearish note on HP before earnings. HPQ closed at $30.52 on Aug 28, 2026.

HP Q3 FY 2026 revenue rose 13% YoY to $15.68B, beating estimates. Personal Systems revenue grew 18% YoY, while Printing revenue fell 2.2%. Adjusted EPS was $0.83, supported by tariff refunds. The company cited premium PC mix, commercial demand, and AI PCs as growth drivers, but noted memory cost pressure and delayed demand due to higher prices.

HP Inc. reported Q3 2026 revenue of $15.68B, net income of $661M, and raised full-year EPS guidance to $2.52–$2.62. The company completed a $19.91B buyback program and highlighted a shift toward premium AI-focused PCs, despite margin pressure from rising component costs.

HP Inc (HPQ) reported Q2 revenue of $14.41B, up 9% YoY, and adjusted EPS of $0.86, beating estimates. The company lowered FY26 GAAP EPS guidance to $2.15-$2.45 from $2.47-$2.77. Shares initially rose 11% after hours but later fell 0.20%. HPQ expects Q3 GAAP EPS of $0.47-$0.63 and FY26 non-GAAP EPS of $2.90-$3.10, slightly above consensus.

HP Inc. (HPQ) reported Q3 fiscal 2026 revenue of $15.68B, up 12.5% YoY, beating estimates. Adjusted EPS was $0.83, above the $0.69 consensus. The company raised its full-year adjusted EPS guidance to $3.19-$3.29. Shares rebounded 1.77% after a post-earnings drop, supported by strong revenue growth and raised outlook. However, margin pressures in Personal Systems and print revenue declines were noted. Analysts revised price targets, with TD Cowen raising it to $30. AI PCs accounted for 46% of shi

Barclays' Tim Long maintained a Sell rating on HP (HPQ) with a $23.00 price target. Morgan Stanley also issued a Sell, while Citi kept a Hold. HP reported Q4 revenue of $15.68B and net profit of $661M, down from $763M last year.