HP Inc F2Q26 Review: Beat & Raise Highlights Execution Strength Amid Mounting Headwinds

Research evidence excerpt

HP Inc F2Q26 Review: Beat & Raise Highlights Execution Strength Amid Mounting Headwinds

J P M O R G A N North America Equity Research

28 May 2026

HP Inc Neutral

HPQ, HPQ US

F2Q26 Review: Beat & Raise Highlights Execution Price (27 May 26):$25.49

Strength Amid Mounting Headwinds ▲Price Target (Dec-26):$26.00 Prior (Dec-26):$22.00

IT Hardware/ Telecom & Networking

Equipment

Samik Chatterjee, CFA AC

(1-212) 622-0798

samik.x.chatterjee@jpmorgan.com

HP delivered better-than-expected F2Q results which, in our view, stands out both

Joseph Cardoso

for the magnitude of the beat and for what it signals about management's ability to (1-212) 622-9036

execute in an increasingly complex environment. Earnings came in above the joseph.cardoso@jpmchase.com

guided range on stronger revenue and healthier operating margins, with PS doing Manmohanpreet Singh

the heavy lifting as both Commercial and Consumer posted double-digit growth (1-212) 622-4527

and PS operating margin expanded sequentially and year-over-year. While HP manmohanpreet.singh@jpmchase.com

noted some pull-forward benefits in Commercial (e.g., a low-single-digit Marc Vitenzon

percentage of revenue), it also highlighted a confluence of other drivers, including (1-212) 622-3342

accelerated product reconfiguration, qualification of lower cost memory, marc.vitenzon@jpmchase.com

disciplined use of strategic inventory, a mix shift toward premium PCs, and Akanksh Chauhan

repricing as drivers of the beat on revenue and earnings. Looking ahead, (1-212) 622-0045

management raised full-year EPS guidance despite calling out a heavier set of akanksh.chauhan@jpmorgan.com

J.P. Morgan Securities LLC

back-half headwinds than previously contemplated with expected trends around