Filing Flows › HP (HPQ) › Q3 FY26 › vs Q2 FY26
HP (HPQ) Q3 FY26 vs Q2 FY26 (quarter over quarter)
HP's revenue rose $1.3B (+9%) from $14.4B in Q2 FY26 to $15.7B in Q3 FY26. The biggest changes: Products +$1.3B (+9%); Services +$7.0M (+0.8%). Gross margin 18.8% against 20.9% (-2.1 pts).
HP, Q3 FY26: revenue $15.7B (+12% year over year), operating margin 5.7%, net earnings $661M, operating cash flow $1.7B. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 18.8% | 20.9% | -2.1 pts |
| Operating margin | 5.7% | 4.2% | +1.4 pts |
| Net margin | 4.2% | 3.1% | +1.1 pts |
| Free cash flow margin | 9.9% | 5.2% | +4.6 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| Products | $14.8B | $13.6B | $1.3B | +9% |
| Services | $852M | $845M | $7.0M | +0.8% |
| Revenue | $15.7B | $14.4B | $1.3B | +9% |
| Gross profit | $2.9B | $3.0B | −$71.0M | -2% |
| Cost of revenue | $12.7B | $11.4B | $1.3B | +12% |
| Operating profit | $892M | $612M | $280M | +46% |
| Operating expenses | $2.1B | $2.4B | −$351M | -15% |
| Pre-tax earnings | $798M | $493M | $305M | +62% |
| Other expense, net | $94.0M | $119M | −$25.0M | -21% |
| Research & development | $389M | $432M | −$43.0M | -10% |
| SG&A | $1.5B | $1.5B | $23.0M | +2% |
| Other operating costs | $127M | $458M | −$331M | -72% |
| Net earnings | $661M | $450M | $211M | +47% |
| Income tax | $137M | $43.0M | $94.0M | +219% |
| Depreciation & amortization | $244M | $264M | −$20.0M | -8% |
| Share-based compensation | $95.0M | $112M | −$17.0M | -15% |
| Working capital & other | $735M | $100M | $635M | +635% |
| Operating cash flow | $1.7B | $926M | $809M | +87% |
| Free cash flow (OCF − capex) | $1.5B | $756M | $792M | +105% |
| Capital expenditures | $187M | $170M | $17.0M | +10% |
Questions
How much did HP's revenue grow quarter over quarter in Q3 FY26?
HP's revenue rose $1.3B (+9%) from $14.4B in Q2 FY26 to $15.7B in Q3 FY26.
What drove HP's revenue change in Q3 FY26?
Products +$1.3B (+9%); Services +$7.0M (+0.8%).