Filing Flows › HP (HPQ) › Q2 FY26 › vs Q2 FY25
HP (HPQ) Q2 FY26 vs Q2 FY25 (year over year)
HP's revenue rose $1.2B (+9%) from $13.2B in Q2 FY25 to $14.4B in Q2 FY26. The biggest changes: Products +$1.1B (+9%); Services +$48.0M (+6%). Gross margin 20.9% against 20.7% (+0.2 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 Q2 FY25, the increases inside each band.
Margins
| Q2 FY26 | Q2 FY25 | Change | |
|---|---|---|---|
| Gross margin | 20.9% | 20.7% | +0.2 pts |
| Operating margin | 4.2% | 4.9% | -0.7 pts |
| Net margin | 3.1% | 3.1% | +0.1 pts |
| Free cash flow margin | 5.2% | -1.1% | +6.3 pts |
Every line
| Line | Q2 FY26 | Q2 FY25 | Change | % |
|---|---|---|---|---|
| Products | $13.6B | $12.4B | $1.1B | +9% |
| Services | $845M | $797M | $48.0M | +6% |
| Revenue | $14.4B | $13.2B | $1.2B | +9% |
| Gross profit | $3.0B | $2.7B | $277M | +10% |
| Cost of revenue | $11.4B | $10.5B | $911M | +9% |
| Operating profit | $612M | $654M | −$42.0M | -6% |
| Operating expenses | $2.4B | $2.1B | $319M | +15% |
| Pre-tax earnings | $493M | $506M | −$13.0M | -3% |
| Other expense, net | $119M | $148M | −$29.0M | -20% |
| Research & development | $432M | $401M | $31.0M | +8% |
| SG&A | $1.5B | $1.5B | $34.0M | +2% |
| Other operating costs | $458M | $204M | $254M | +125% |
| Net earnings | $450M | $406M | $44.0M | +11% |
| Income tax | $43.0M | $100M | −$57.0M | -57% |
| Depreciation & amortization | $264M | $205M | $59.0M | +29% |
| Share-based compensation | $112M | $140M | −$28.0M | -20% |
| Working capital & other | $100M | −$713M | $813M | — |
| Operating cash flow | $926M | $38.0M | $888M | 24× |
| Free cash flow (OCF − capex) | $756M | −$145M | $901M | — |
| Capital expenditures | $170M | $183M | −$13.0M | -7% |
Questions
How much did HP's revenue grow year over year in Q2 FY26?
HP's revenue rose $1.2B (+9%) from $13.2B in Q2 FY25 to $14.4B in Q2 FY26.
What drove HP's revenue change in Q2 FY26?
Products +$1.1B (+9%); Services +$48.0M (+6%).