HP 2026 Q1 Printing Revenue Declines

HP 2026 Q1 Printing Revenue Declines

HP Inc. reported fiscal 2026 first-quarter net revenue of $14.4 billion, up 6.9% year over year (5.2% in constant currency), driven by strong performance in Personal Systems, while the Printing segment continued to face demand pressure.

Personal Systems net revenue increased 11% year over year to $10.3 billion, with operating margin of 5.0%. Consumer revenue grew 16%, while commercial revenue rose 9%. Total units were up 12%, supported by continued demand for AI PCs.

Printing net revenue declined 2% year over year to $4.2 billion (down 3% in constant currency), with operating margin of 18.3%. Consumer Printing revenue fell 8%, and Commercial Printing revenue declined 3%. Supplies revenue decreased 1% (2% in constant currency). Total hardware units were down 6%, with both consumer and commercial categories reflecting similar declines.

Despite revenue softness, the Printing segment maintained significantly higher operating margin than Personal Systems, underscoring its role as HP’s primary profit contributor.

For the full fiscal year 2026, HP maintained guidance, projecting GAAP diluted EPS between $2.47 and $2.77 and non-GAAP diluted EPS between $2.90 and $3.20. The company expects free cash flow of $2.8 billion to $3.0 billion but anticipates results to be near the lower end of the range, citing rising memory costs and U.S. trade-related regulations.

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