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21:30
Aug 26 ◎

HPQ FY2026 Q3 Watch

HP Inc. (HPQ) FY2026 Q3 Earnings Call

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Karen Parkhill

HP's PC market view for the second half of calendar 2026 anticipates unit declines of 'high teens,' which is a more pessimistic outlook than typical seasonality and a result of component-driven price increases dampening demand. — Confirms that component price increases are leading to significant unit demand destruction, a negative signal for the entire PC supply chain.

"we remain aligned with industry experts, projecting the PC unit TAM to decline high teams year-over-year for the second half of the calendar year."

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Bruce Broussard

HP is confident of its memory supply for this fiscal year and beyond, indicating allocations are holding despite a 'constrained memory environment'. — This suggests that major memory suppliers are prioritizing high-margin enterprise customers like HP, potentially at the expense of others.

"We remain confident in our memory and storage supply availability for this fiscal year and our focus on our needs into next year and beyond."

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Bruce Broussard

Validation of HP's software portfolio by a major industry analyst firm.

"WXP was named a leader in the 2026 Gartner Magic Quadrant for digital employee experience management tools."

IT WATCH

Bruce Broussard

HP is using NVIDIA's AI compute platforms in its premium PCs to capitalize on the edge AI trend.

"powered by NVIDIA RTX Spark."

NVDA WATCH

Bruce Broussard

HP is scaling its use of OpenAI tools, indicating a deepening partnership and growing dependency on OpenAI's technology for its own operations.

"As Passport, we scaled our work with OpenAI. Through OpenAI Frontier, we are integrating AI across the customer and partner experiences"

OPENAI WATCH

Bruce Broussard

A significant new customer win for HP's Industrial printing and AI solutions, validating its strategy.

"In Q3, we also signed a three-year, $100 million strategic agreement with RRD, one of the world's leading print service providers."

RRD WATCH

Karen Parkhill

Management guides to a trough in Q4 margins before a recovery into FY27, reflecting a conviction in its mitigation plan and mix shift.

"...we expect our Q4 margin to be below Q3 levels and then to sequentially improve as we look ahead into FY27."

HPQ WATCH

Karen Parkhill

HP gained significant share in the premium PC and workstation categories (2.6 and 1.8 points, respectively) during a quarter with steep price increases, showing it is winning in high-value segments while its overall unit volumes declined. — Suggests HP is successfully shifting its product mix to higher-ASP, higher-margin categories, potentially taking share from competitors in these segments.

"We now expect diluted net earnings per share to be in the range of 319 to 329, up from our previous range of 290 to 310, and including a 19 cent favorable impact from estimated tariff refunds."

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Katen Patel

"We grew 2.6 points of share on premium and 1.8 points of share on workstation. Those are categories which are growing and something which we are pleased that we continue to take share."

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HIGH

21:30
May 27 ◎

HPQ FY2026 Q2 Watch

HP Inc. (HPQ) FY2026 Q2 Earnings Call

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Bruce Broussard

HP is collaborating with Zoom to integrate AI capabilities into its AI PC ecosystem, which could expand Zoom's enterprise reach.

"Previously, we highlighted our collaboration with partners like Zoom and CrowdStrike."

ZM WATCH

Bruce Broussard

HP is partnering with CrowdStrike to enhance the security capabilities of its AI PCs, potentially increasing the value proposition of CrowdStrike's security offerings.

"Previously, we highlighted our collaboration with partners like Zoom and CrowdStrike."

CRWD WATCH

Karen Parkhill

Guidance for the fiscal year was raised, but the tone is cautious due to rising input costs expected to pressure margins in the second half, particularly in Personal Systems, with Q4 seen as the low point.

"We are now more confident in our ability to deliver higher EPS this fiscal year. As such, we now expect diluted net earnings per share to be in the range of $2.90 to $3.10."

HPQ WATCH

Katen Patel

HP says it has secured the memory and storage it needs for the fiscal year through long-term agreements, mitigating near-term supply risk but locking in higher costs. — This signals that memory suppliers have pricing power and that HP's margins will be squeezed until supply normalizes in its fiscal 2027.

"We have secured the memory and storage we need for the fiscal year through strong supplier relationship and long-term agreements."

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Karen Parkhill

HP is seeing demand pull-forward in commercial PCs ahead of rising commodity prices, with an estimated 2-3% revenue boost in Q2 that is expected to reverse in the second half. — This suggests PC industry-wide demand is being pulled ahead, leading to a sharper expected decline in unit shipments in 2H26 across the industry.

"There was some pull forward in commercial PS, as we mentioned. And we estimate that that added roughly 2% to 3% of revenue."

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HIGH

22:00
Feb 24 ◎

HPQ FY2026 Q1 Watch

HP Inc. (HPQ) FY2026 Q1 Earnings Call

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Bruce Broussard

HP is piloting OpenAI's enterprise agent platform, indicating OpenAI's push into enterprise AI deployment and potential broader enterprise adoption.

"this month HP established an exploratory partnership with OpenAI to pilot OpenAI Frontier, their new enterprise platform"

OPENAI WATCH

Bruce Broussard

HP is embedding Microsoft 365 Copilot into printers, deepening the partnership and potentially driving Copilot adoption in print workflows.

"We also expanded our partnership with Microsoft embedding Microsoft 365 Copilot directly into HP printers"

MSFT WATCH

Karen Parkhill

Guidance reflects significant memory cost inflation, tempered revenue growth in the back half, and PS margins below long-term range, though EPS guidance is maintained.

"we anticipate being at the lower end of our guidance range"

HPQ WATCH

Karen Parkhill

HP is qualifying new memory suppliers and cutting qualification time in half, adding supply flexibility and potentially easing memory procurement constraints. — Increased qualified supplier base could weaken incumbents' pricing power over time.

"memory and storage costs made up roughly 15 to 18 percent of our PC bill of materials, and we now currently estimate this to be roughly 35 percent for the year"

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Karen Parkhill

HP expects PC unit TAM to decline double digits in CY26 due to industry-wide pricing actions to offset memory costs, signaling potential demand destruction. — Competitors will face similar pressure, and the overall PC market could shrink materially.

"we are aligned with industry experts now projecting the PC unit TAM to decline double digits in calendar year 26"

DELL WATCH

HIGH

22:00
Nov 25 ◎

HPQ FY2025 Q4 Watch

HP Inc. (HPQ) FY2025 Q4 Earnings Call

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Enrique Lores

HP is partnering with Adobe to bring AI capabilities to the edge, increasing the value proposition of its AIPCs.

"We have made progress with other software companies like Adobe in leveraging those assets with more local vendors..."

ADBE WATCH

Enrique Lores

Partnership with Rakuten to bring AI models to edge devices could expand HP's AIPC appeal in Japan.

"...like Rakuten or in Japan to take their models and the systems that they have in the cloud and bring them to the edge, an announcement we made a few weeks ago."

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Enrique Lores

Guidance is cautious, driven by significant memory cost headwinds impacting the back half of FY26, partially offset by pricing actions and cost savings.

"Therefore, we are taking a prudent approach to our guide while implementing aggressive actions to mitigate this."

HPQ WATCH

Enrique Lores

HP's mitigation strategy includes de-spec'ing memory configurations and using its Workforce Experience Platform telemetry to steer commercial customers to lower-memory configurations, potentially dampening long-term ASP growth for memory makers in the PC segment. — This proactive de-spec'ing could cap the amount of memory content per PC, a slight counter-trend to the AI PC push for higher specs.

"We have shared that the cost of memory is between 15 and 18 percent of PCs. But from there, you can calculate the gross impact that you will see is significantly bigger than the 30 cents that we are quantifying."

MU WATCH

Enrique Lores

Memory cost increases are expected to be a significant headwind, with a net EPS impact of $0.30, but management implies the gross impact is much larger, indicating aggressive mitigation through pricing and mix shifts. — This confirms a sharp, rapid price increase in the memory market that HP will attempt to pass through, potentially affecting PC demand elasticity and competitor cost structures.

SKHNY WATCH

Enrique Lores

HP estimates that 60% of the Windows 11 install base has been converted, with the remaining 40% concentrated in SMB and Asia/Europe, implying a longer tailwind for PC refresh demand than previously thought. — The PC refresh cycle is only about halfway through, with the bulk of the opportunity still ahead, which is positive for the broader PC supply chain.

"With the announcements that Microsoft made last week on the consumer side, The ability to manage PCs with voice I think are going to be exciting, very exciting for our consumers."

MSFT WATCH

HIGH

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