Filing Flows › HP (HPQ) › Q1 FY26
HP (HPQ) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Feb 25, 2026
HP (HPQ) reported revenue of $14.4B for the first quarter fiscal 2026 (Q1 FY26), +7% from a year earlier and -1% from the quarter before. Operating margin was 5.3%, net earnings $545M (3.8% of revenue).
HP, Q1 FY26: revenue $14.4B (+7% year over year), operating margin 5.3%, net earnings $545M, operating cash flow $383M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.4B | -1% | +7% |
| Gross profit | $2.8B | -4% | -0.2% |
| Operating profit | $759M | -21% | -10% |
| Net earnings | $545M | -31% | -4% |
| Operating cash flow | $383M | -76% | +2% |
| Free cash flow | $150M | -89% | +108% |
What changed
Revenue was $14.4B in Q1 FY26, up 7% year over year and down 1% from the previous quarter. Products was the largest line at 94% of revenue. Products added $0.90B year over year (up 7%), 97% of the total change.
Gross margin was 19.6%, down 1.4 points from a year earlier. Operating profit was $0.76B, a 5.3% margin (down 1.0 points year over year). Operating profit fell $0.09B even though revenue rose $0.93B versus a year earlier, so costs grew faster than sales. Operating expenses grew 4% against revenue growth of 7%. The fastest-growing cost line was Other operating costs (+29%). Net earnings were $0.55B, down 4% year over year. The effective tax rate was 18.8%.
Operating cash flow was $0.38B (up 2% year over year), 70% of net earnings. Non-cash charges added back $0.21B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items used $0.56B. Capital expenditures of $0.23B left free cash flow of $0.15B.
Questions
What was HP's revenue in the first quarter fiscal 2026?
HP (HPQ) reported revenue of $14.4B for the first quarter fiscal 2026 (Q1 FY26), +7% from a year earlier and -1% from the quarter before.
Was HP profitable in the first quarter fiscal 2026?
Operating profit was $759M (5.3% of revenue) and net earnings $545M.
Source: HP 10-Q on SEC EDGAR.