Filing Flows › HP (HPQ) › Q2 FY26 › vs Q1 FY26
HP (HPQ) Q2 FY26 vs Q1 FY26 (quarter over quarter)
HP's revenue fell $30.0M (-0.2%) from $14.4B in Q1 FY26 to $14.4B in Q2 FY26. The biggest changes: Products −$35.0M (-0.3%); Services +$5.0M (+0.6%). Gross margin 20.9% against 19.6% (+1.3 pts).
HP, Q2 FY26: revenue $14.4B (+9% year over year), operating margin 4.2%, net earnings $450M, operating cash flow $926M. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q2 FY26 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 20.9% | 19.6% | +1.3 pts |
| Operating margin | 4.2% | 5.3% | -1.0 pts |
| Net margin | 3.1% | 3.8% | -0.7 pts |
| Free cash flow margin | 5.2% | 1.0% | +4.2 pts |
Every line
| Line | Q2 FY26 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Products | $13.6B | $13.6B | −$35.0M | -0.3% |
| Services | $845M | $840M | $5.0M | +0.6% |
| Revenue | $14.4B | $14.4B | −$30.0M | -0.2% |
| Gross profit | $3.0B | $2.8B | $181M | +6% |
| Cost of revenue | $11.4B | $11.6B | −$211M | -2% |
| Operating profit | $612M | $759M | −$147M | -19% |
| Operating expenses | $2.4B | $2.1B | $328M | +16% |
| Pre-tax earnings | $493M | $671M | −$178M | -27% |
| Other expense, net | $119M | $88.0M | $31.0M | +35% |
| Research & development | $432M | $392M | $40.0M | +10% |
| SG&A | $1.5B | $1.5B | $10.0M | +0.7% |
| Other operating costs | $458M | $180M | $278M | +154% |
| Net earnings | $450M | $545M | −$95.0M | -17% |
| Income tax | $43.0M | $126M | −$83.0M | -66% |
| Depreciation & amortization | $264M | $214M | $50.0M | +23% |
| Share-based compensation | $112M | $182M | −$70.0M | -38% |
| Working capital & other | $100M | −$558M | $658M | — |
| Operating cash flow | $926M | $383M | $543M | +142% |
| Free cash flow (OCF − capex) | $756M | $150M | $606M | +404% |
| Capital expenditures | $170M | $233M | −$63.0M | -27% |
Questions
How much did HP's revenue grow quarter over quarter in Q2 FY26?
HP's revenue fell $30.0M (-0.2%) from $14.4B in Q1 FY26 to $14.4B in Q2 FY26.
What drove HP's revenue change in Q2 FY26?
Products −$35.0M (-0.3%); Services +$5.0M (+0.6%).