Q1 2026 HP Inc Earnings Call Transcript
Key Points
- HP Inc (HPQ) reported a 7% year-over-year revenue growth, reaching $14.4 billion, driven by strong performance in Personal Systems.
- The company achieved PC market share gains in both commercial and consumer categories, contributing to double-digit revenue growth in the segment.
- HP Inc (HPQ) saw continued momentum in Consumer Subscriptions and industrial print, with both areas experiencing revenue growth.
- Non-GAAP EPS increased by 9% year-over-year, reaching $0.81, which was at the top of the company's guidance range.
- HP Inc (HPQ) is making significant advancements in AI integration, with AI PCs accounting for over 35% of PC shipments, up from 30% in the previous quarter.
- The company is facing increased input costs due to rising DRAM and NAND prices, which are expected to remain volatile throughout fiscal '26 and into fiscal '27.
- HP Inc (HPQ) anticipates that Personal Systems operating margins will be below the long-term range for the remainder of the year due to memory cost pressures.
- The print segment experienced a 2% decline in revenue, driven by lower supplies volumes and market-driven hardware declines.
- HP Inc (HPQ) expects the PC unit TAM to decline double digits in calendar year '26, reflecting the impact of industry-wide pricing actions on demand.
- The company is operating in a fluid environment with uncertainties around memory costs, which could impact future financial performance.
Good day, everyone, and welcome to the first-quarter 2026 HP Inc. earnings conference call. My name is Regina, and I will be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the call over to Alok Juyal, Global Treasurer and Head of Investor Relations. Please go ahead.
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Good afternoon, everyone, and welcome to HP's first-quarter 2026 earnings conference call. With me today are Bruce Broussard, HP's Interim Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer. Before handing the call over to Bruce, let me remind you that this call is a webcast, and a replay will be available on our website shortly after the call for approximately one year.
We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com. As always, elements of this presentation are forward
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