HP Inc. Q3 FY26: revenue up 12.5%, guidance raised, margin slips
Revenue grew 12.5% to $15.68 billion and HP raised its full-year EPS and free cash flow outlook, so the quarter beat on the headline numbers. The catch is quality: gross margin fell to 18.8% from 20.5% a year ago, and $0.11 of the $0.71 GAAP EPS came from tariff refunds. Read the scorecard as growth bought partly with one-time money.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $0.71, down 11.3% from $0.80 a year ago, while non-GAAP diluted EPS was $0.83, up 10.7% from $0.75. Both include an $0.11 favorable impact from tariff refunds, and the GAAP decline also reflects one-time tax and litigation benefits in the prior-year period. Even with the refund, GAAP EPS landed above the top of HP's own $0.47 to $0.63 outlook.
Revenue of $15.68 billion rose 12.5% year over year, or 10.9% in constant currency, which HP describes as record third quarter revenue. Almost all of it came from Personal Systems, up 18% to $11.77 billion, while Printing slipped 2% to $3.91 billion. Volume did not drive it: total Personal Systems units fell 16%, so the gain is price and mix.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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