HP Inc. recently released its latest 10-Q report. HP Inc. sells personal computing, printing, 3D printing, hybrid work, gaming, and related technologies in the United States and abroad, operating through Personal Systems, Printing, and Corporate Investments. Personal Systems covers desktops, notebooks, workstations, thin clients, displays, software, hybrid systems, endpoint security, and lifecycle services; Printing covers printer hardware, supplies, solutions, and commercial graphics and 3D printing; Corporate Investments covers business incubation and investment projects.
In Item 2, Management’s Discussion and Analysis, HP said its first-half fiscal 2026 results were shaped by a Windows-based PC operating system refresh, pricing actions tied to higher commodity costs, and softer demand in Printing. For the three months ended April 30, 2026, net revenue rose 9.0% to $14.408 billion from $13.220 billion, or 6.3% on a constant-currency basis. For the six months ended April 30, 2026, net revenue increased 7.9% to $28.846 billion from $26.724 billion, or 5.7% on a constant-currency basis.
Product revenue for the quarter was $13.563 billion, up from $12.423 billion, while services revenue rose to $845 million from $797 million. For the six months, product revenue climbed to $27.161 billion from $25.118 billion and services revenue increased to $1.685 billion from $1.606 billion. International revenue reached $9.8 billion in the quarter, up 14.4%, while U.S. revenue slipped 0.9% to $4.7 billion; for the half year, international revenue rose 12.2% to $19.7 billion and U.S. revenue edged down 0.3% to $9.1 billion.
Gross margin was 20.9% in the quarter, up from 20.7%, and 20.3% for the six months, down from 20.9%. Operating expenses rose to $2.404 billion in the quarter from $2.085 billion and to $4.480 billion for the half year from $4.080 billion, driven in part by restructuring and other charges of $365 million in the quarter and $491 million for the six months. Earnings from operations were $612 million for the quarter and $1.371 billion for the half year, compared with $654 million and $1.499 billion a year earlier.
Net earnings were $450 million in the quarter, up from $406 million, and $995 million for the six months, up from $971 million. Earnings before taxes were $493 million in the quarter and $1.164 billion for the half year, while the tax provision was $43 million and $169 million, respectively. HP also said more than 65% of net revenue comes from outside the United States, leaving results sensitive to foreign-currency swings, tariffs, and commodity costs, especially memory and storage in Personal Systems. As a result of these announcements, the company's shares have moved 2.93% on the market, and are now trading at a price of $25.145. If you want to know more, read the company's complete 10-Q report here.
