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HP (HPQ) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 28, 2026
HP (HPQ) reported revenue of $14.4B for the second quarter fiscal 2026 (Q2 FY26), +9% from a year earlier and -0.2% from the quarter before. Operating margin was 4.2%, net earnings $450M (3.1% of revenue).
HP, Q2 FY26: revenue $14.4B (+9% year over year), operating margin 4.2%, net earnings $450M, operating cash flow $926M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.4B | -0.2% | +9% |
| Gross profit | $3.0B | +6% | +10% |
| Operating profit | $612M | -19% | -6% |
| Net earnings | $450M | -17% | +11% |
| Operating cash flow | $926M | +142% | 24× |
| Free cash flow | $756M | +404% | — |
What changed
Revenue was $14.4B in Q2 FY26, up 9% year over year and roughly flat from the previous quarter. Products was the largest line at 94% of revenue. Products added $1.1B year over year (up 9%), 96% of the total change.
Gross margin was 20.9%, up 0.2 points from Q2 FY25. Operating profit was $0.61B, a 4.2% margin (down 0.7 points year over year). Operating profit fell $0.04B even though revenue rose $1.2B versus Q2 FY25, so costs grew faster than sales. Operating expenses grew 15% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+125%). Net earnings were $0.45B, up 11% year over year. The effective tax rate was 8.7%.
Operating cash flow was $0.93B (up 2337% year over year), 206% of net earnings. Non-cash charges added back $0.26B of depreciation and amortization and $0.11B of share-based compensation. Working capital and other items added $0.10B. Capital expenditures of $0.17B left free cash flow of $0.76B.
Questions
What was HP's revenue in the second quarter fiscal 2026?
HP (HPQ) reported revenue of $14.4B for the second quarter fiscal 2026 (Q2 FY26), +9% from a year earlier and -0.2% from the quarter before.
Was HP profitable in the second quarter fiscal 2026?
Operating profit was $612M (4.2% of revenue) and net earnings $450M.
Source: HP 10-Q on SEC EDGAR.