HP Past Earnings Performance
Past criteria checks 1/6
HP's earnings have been declining at an average annual rate of -18%, while the Tech industry saw earnings growing at 11.1% annually. Revenues have been declining at an average rate of 3.7% per year.
Key information
-18.04%
Earnings growth rate
-12.09%
EPS growth rate
| Tech Industry Growth | 14.32% |
| Revenue growth rate | -3.70% |
| Return on equity | n/a |
| Net Margin | 4.45% |
| Last Earnings Update | 30 Apr 2026 |
Recent past performance updates
Recent updates
Seeking Alpha • May 28
HP Inc.: The Discount Still Makes No Sense
Summary HP Inc. remains a Strong Buy, with a compelling valuation and robust free cash flow amid macro headwinds and a CEO transition. Q2 FY26 results beat expectations, with strong EMEA/APJ growth and $780 million free cash flow, supporting solid shareholder returns. HPQ guides FY26 non-GAAP EPS of $2.90–$3.10 and $2.8–$3.0 billion FCF, enabling a ~4.9% dividend yield and ongoing buybacks. Risks include inflationary pressures from Middle East conflict and rising component costs, but significant buybacks and a new replacement wave support long-term potential. Read the full article on Seeking Alpha
Narrative Update • May 26
HPQ: Rising Memory Costs Will Pressure AI PC Refresh Outlook
HP's updated fair value estimate edges up by about $0.25 per share as analysts modestly lift long term revenue growth assumptions and future P/E expectations, following recent price target increases that cite easing memory concerns and more resilient IT hardware spending. Analyst Commentary Recent research on HP reflects a split view, with some firms acknowledging easing memory worries and more stable IT hardware spending, while others still highlight execution and margin risks tied to memory costs and PC demand.
Narrative Update • May 12
HPQ: Rising Memory Costs Will Compress Margins And Challenge 2026 EPS Guide
Analysts have broadly reduced HP's targets, with several firms cutting their price targets by $2 to $9 to a range of around $16 to $22, citing rising memory costs, pressure on PC and printer demand, and questions around the durability of the company's FY26 EPS guidance. Analyst Commentary Recent research on HP clusters around a similar message for investors: the stock may look inexpensive on headline metrics, but many bearish analysts see that as a value trap risk rather than a clear opportunity, given the pressures on earnings and cash flow guidance.Narrative Update • Apr 22
HPQ: Rising Memory Costs Will Pressure Margins And Undercut 2026 Outlook
Analysts reduced the HP price target to $16 from $18, citing concerns about rising memory costs, softer PC demand, margin pressure, and leadership uncertainty, even as they update their models to reflect current valuation metrics such as a lower assumed future P/E. Analyst Commentary Recent research on HP centers on how higher memory costs, softer PC demand, and leadership changes could weigh on the company’s ability to hit its long term earnings and free cash flow targets.Narrative Update • Apr 08
HPQ: AI PC Refresh And Memory Costs Will Test Leadership Transition
Analysts have trimmed the base case fair value estimate for HP to $19.43 from $19.99. This reflects updated assumptions around slightly softer revenue growth, modestly better profit margins, and a lower future P/E multiple in light of recent price target cuts tied to memory cost headwinds, PC demand risks, and leadership uncertainty.
New Narrative • Apr 06
HP Inc. (HPQ): The "Intelligence Layer" Pivot in the PC Recovery
HP Inc. (HPQ) , the global leader in personal computing and printing solutions, closed the April 6, 2026, trading session at $18.94 USD on the NYSE.
Narrative Update • Mar 25
HPQ: AI PCs And Memory Sourcing Shifts Will Define Future Upside Potential
Analysts have reset expectations on HP, with the internal fair value estimate moving from about $38.00 to $25.18 as they factor in lower profit margins, a reduced future P/E of 8.8x versus 10.9x, and ongoing memory cost headwinds reflected in a string of lower price targets across the Street. Analyst Commentary Street research on HP Inc.Narrative Update • Mar 10
HPQ: AI PC Refresh And Memory Costs Will Shape Future Outcomes
Narrative Update: HP Inc. (HPQ) The updated analyst price target for HP has been reduced by about $3, with analysts pointing to lower fair value estimates, more cautious assumptions on revenue growth and profit margins, and rising memory cost headwinds as key reasons for the reset.Narrative Update • Feb 24
HPQ: Cost Restructuring And AI PC Refresh Will Support Future Upside
Analysts have reduced their average price expectations for HP. Our updated fair value estimate has eased from about $25.01 to $23.21, reflecting recent target cuts to a $20 to $26 range and concerns around memory costs and end demand.Narrative Update • Feb 10
HPQ: Memory Costs Leadership Change And AI PCs Will Shape 2026 Outlook
Analysts have trimmed their HP Inc. price targets, with our fair value estimate moving from $21.17 to $18.00 as they factor in leadership changes, expected memory cost headwinds into 2026, and more conservative revenue growth assumptions, despite slightly firmer margin expectations and a lower future P/E multiple.Narrative Update • Jan 25
HPQ: Memory Supercycle Will Pressure Margins While Cost Plan Supports Future Upside
Analysts have trimmed their HP Inc. price expectations, with the updated fair value estimate moving slightly lower to about $25.01 from $25.88 as they factor in more cautious revenue growth, a modestly higher discount rate, and recent Street target cuts related to memory cost headwinds and softer printing trends.Narrative Update • Jan 11
HPQ: Memory Cost Pressures And AI PC Push Will Shape 2026 Outlook
Analysts have trimmed their HP Inc. price targets to a range of about US$21 to US$26, reflecting updated views on fair value around US$21.17 as they factor in memory cost headwinds, softer margin expectations, and lower future P/E assumptions.Narrative Update • Dec 25
HPQ: Memory Supercycle Will Pressure Margins While Restructuring Supports Future Upside
HP Inc.'s analyst price target has edged lower by a few dollars to the mid $20s range as analysts factor in weaker printing trends, higher memory costs impacting FY26 earnings, and the need for additional cost restructuring. Analyst Commentary Street research on HP reflects a more cautious stance overall, with most firms trimming price targets into the low to mid $20s as they reassess earnings power through FY26.Narrative Update • Dec 11
HPQ: Memory Supercycle And Print Weakness Will Shape Balanced Future Returns
Analysts have trimmed their average price target on HP Inc. by about $2 to the mid $20s, as rising memory costs, a weaker printing outlook, and the resulting $1B cost restructuring plan temper the benefit of slightly better expected revenue growth and broadly stable margins.Analysis Article • Nov 28
HP Inc. (NYSE:HPQ) Just Reported, And Analysts Assigned A US$25.88 Price Target
As you might know, HP Inc. ( NYSE:HPQ ) recently reported its annual numbers. Results were roughly in line with...Narrative Update • Nov 27
HPQ: Supply Pressures And Competitive Threats Will Offset Personal Computer Resilience
HP’s analyst price target has moved lower, dropping from $28 to $25. Analysts cite supply challenges, particularly rising memory costs and a weaker outlook for the company’s printing segment.Narrative Update • Nov 12
HPQ: Commercial PC Strength Will Drive Outperformance Even Amidst Rising Risks
HP's analyst price target saw a modest reduction to $27 from $28, reflecting analysts' view that while the company delivered in-line Q3 performance, gross margins remain pressured by elevated tariff costs and a less favorable product mix. Analyst Commentary Recent commentary from Street researchers on HP Inc.Narrative Update • Oct 29
AI Demand And Margin Pressures Will Shape Performance Amid Digital Sector Shifts
Analysts have slightly lowered their price target for HP Inc. to $27 from $28.Narrative Update • Oct 15
AI Computing And Digital Services Will Drive Future Market Expansion
Analysts have modestly increased their fair value estimate for HP to $28.28 per share, citing a slightly improved revenue growth outlook. However, they continue to expect stable profit margins and valuation multiples in light of recent sector trends.Narrative Update • Aug 29
AI And Software Investments Will Build Intelligent Ecosystem Across Devices
Despite a modest decline in HP’s consensus revenue growth forecast, a higher future P/E ratio suggests increased investor optimism, resulting in a slight upward revision of the analyst price target to $27.73. What's in the News HP issued Q4 FY25 GAAP diluted net EPS guidance of $0.75 to $0.85.Analysis Article • Jul 11
Take Care Before Diving Into The Deep End On HP Inc. (NYSE:HPQ)
HP Inc.'s ( NYSE:HPQ ) price-to-earnings (or "P/E") ratio of 9.6x might make it look like a buy right now compared to...Seeking Alpha • Mar 11
HP: Still In Hibernation
Summary HPQ shares dropped 7% post Q1 FY 2025 results due to weaker-than-expected Q2 EPS guidance and flat revenue and EPS growth projections. Management's Q2 EPS guidance of $0.75–$0.85 fell short of consensus, raising concerns over HP's ability to reaccelerate growth amid market challenges. Despite cost-saving initiatives, investors should be prepared that mounting component expenses and the ongoing risk of U.S. tariffs on Chinese imports continue to tighten margin. Based on my valuation framework—which uses consensus estimates through 2027—HP shares currently trade at roughly a 24% discount to fair value. Read the full article on Seeking AlphaRevenue & Expenses Breakdown
Revenue & Expenses Breakdown
How HP makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 30 Apr 26 | 57,417 | 2,553 | 5,862 | 1,628 |
| 31 Jan 26 | 56,229 | 2,509 | 5,836 | 1,597 |
| 31 Oct 25 | 55,295 | 2,529 | 5,795 | 1,602 |
| 31 Jul 25 | 54,711 | 2,640 | 5,785 | 1,596 |
| 30 Apr 25 | 54,298 | 2,517 | 5,737 | 1,603 |
| 31 Jan 25 | 53,878 | 2,718 | 5,719 | 1,638 |
| 31 Oct 24 | 53,559 | 2,775 | 5,646 | 1,640 |
| 31 Jul 24 | 53,321 | 2,843 | 5,489 | 1,659 |
| 30 Apr 24 | 52,998 | 2,969 | 5,377 | 1,600 |
| 31 Jan 24 | 53,105 | 3,416 | 5,303 | 1,574 |
| 31 Oct 23 | 53,718 | 3,263 | 5,242 | 1,578 |
| 31 Jul 23 | 54,675 | 2,266 | 5,287 | 1,549 |
| 30 Apr 23 | 56,127 | 2,622 | 5,107 | 1,563 |
| 31 Jan 23 | 59,680 | 2,515 | 5,150 | 1,638 |
| 31 Oct 22 | 62,910 | 3,132 | 4,869 | 1,653 |
| 31 Jul 22 | 64,811 | 6,254 | 5,604 | 1,716 |
| 30 Apr 22 | 65,452 | 6,240 | 5,861 | 1,825 |
| 31 Jan 22 | 64,869 | 6,521 | 5,875 | 1,854 |
| 31 Oct 21 | 63,460 | 6,541 | 5,728 | 1,848 |
| 31 Jul 21 | 62,070 | 4,072 | 5,541 | 1,843 |
| 30 Apr 21 | 61,075 | 3,698 | 5,272 | 1,725 |
| 31 Jan 21 | 57,667 | 3,234 | 4,944 | 1,549 |
| 31 Oct 20 | 56,639 | 2,844 | 4,689 | 1,478 |
| 31 Jul 20 | 56,788 | 2,564 | 4,804 | 1,486 |
| 30 Apr 20 | 57,097 | 3,009 | 5,113 | 1,540 |
| 31 Jan 20 | 58,664 | 3,027 | 5,325 | 1,555 |
| 31 Oct 19 | 58,756 | 3,152 | 5,284 | 1,499 |
| 31 Jul 19 | 58,715 | 4,215 | 5,174 | 1,464 |
| 30 Apr 19 | 58,698 | 3,916 | 4,996 | 1,398 |
| 31 Jan 19 | 58,665 | 4,192 | 4,930 | 1,401 |
| 31 Oct 18 | 58,472 | 5,327 | 4,866 | 1,404 |
| 31 Jul 18 | 57,033 | 4,536 | 4,827 | 1,341 |
| 30 Apr 18 | 55,507 | 4,352 | 4,696 | 1,283 |
| 31 Jan 18 | 53,889 | 3,853 | 4,527 | 1,241 |
| 31 Oct 17 | 52,056 | 2,526 | 4,382 | 1,190 |
| 31 Jul 17 | 50,641 | 2,379 | 4,279 | 1,217 |
| 30 Apr 17 | 49,473 | 2,526 | 3,901 | 1,226 |
| 31 Jan 17 | 48,676 | 2,627 | 3,813 | 1,213 |
| 31 Oct 16 | 48,238 | 2,666 | 3,833 | 1,209 |
| 31 Jul 16 | 47,992 | 3,668 | 3,970 | 1,173 |
| 30 Apr 16 | 48,462 | 3,525 | 4,309 | 1,175 |
| 31 Jan 16 | 49,851 | 3,598 | 4,535 | 1,179 |
| 31 Oct 15 | 51,463 | 3,718 | 4,719 | 1,191 |
| 31 Jul 15 | 67,603 | 3,533 | 6,872 | 1,785 |
Quality Earnings: HPQ has a large one-off loss of $708.0M impacting its last 12 months of financial results to 30th April, 2026.
Growing Profit Margin: HPQ's current net profit margins (4.4%) are lower than last year (4.6%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: HPQ's earnings have declined by 18% per year over the past 5 years.
Accelerating Growth: HPQ's earnings growth over the past year (1.4%) exceeds its 5-year average (-18% per year).
Earnings vs Industry: HPQ earnings growth over the past year (1.4%) did not outperform the Tech industry 17.2%.
Return on Equity
High ROE: HPQ's liabilities exceed its assets, so it is difficult to calculate its Return on Equity.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/05/29 21:35 |
| End of Day Share Price | 2026/05/29 00:00 |
| Earnings | 2026/04/30 |
| Annual Earnings | 2025/10/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
HP Inc. is covered by 48 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| James Kelleher | Argus Research Company |
| Jayson Noland | Baird |
| Benjamin Reitzes | Barclays |