Slide 1: Q2 FY26 Earnings Announcement
Q2 FY26 Earnings Announcement May 27, 2026
Slide 2: Forward-looking Statements
Forward-looking Statements This presentation contains forward-looking statements based on current expectations and assumptions that involve risks and uncertainties. If the risks or uncertainties ever materialize or the assumptions prove incorrect, they could affect the business and results of operat
Slide 3: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information HP has included non-GAAP financial measures in this presentation to supplement HP’s condensed consolidated financial statements presented on a generally accepted accounting principles (“GAAP”) basis. Definitions of these non- GAAP financial measures and reconcil
Slide 4: Q2 FY26 Highlights
Net revenue of $14.4B, up 9.0% from the prior-year period and up 6.3% in constant currency1 Non-GAAP diluted net earnings per share2 of $0.86, above the previously Q2 FY26 provided outlook of $0.70 to $0.76 per share Highlights GAAP diluted net earnings per share of $0.49, below the previously provi
Slide 5: Q2 FY26 Mix by Segment and Region
Q2 FY26 Mix by Segment and Region Net revenue Non-GAAP operating profit2 Net revenue 1 3 By region By key segment and business unit By key segment Personal Systems Commercial Printing 54% Supplies 19% $1.3 billion AMERICAS EMEA APJ Printing 40% 35% 25% Commercial Printing 18.3% $14.4 8% 59% of total
Slide 6: Q2 FY26 Results Overview
Q2 FY26 Results Overview Growth Growth CC1 Non-GAAP Non-GAAP Non-GAAP Non-GAAP $ in millions Net revenue y/y % y/y % OP $3 OP % of rev3 OP $ y/y3 OP % of rev y/y3 Printing4 $4,195 —% (1.9)% $767 18.3% $(37) (0.9) pts Personal $10,213 13.2% 10.0% $530 5.2% $121 0.7 pts Systems Corporate Investments /
Slide 7: Revenue & Non-GAAP Diluted Net EPS
Revenue & Non-GAAP Diluted Net EPS 2 Revenue (Billions) y/y growth (%) Non-GAAP diluted net EPS y/y growth (%) $16 40% $1.00 40% $14.6 $0.93 $14.4 $14.4 $13.9 $0.86 $13.2 30% $0.81 $0.75 $12 $0.75 $0.71 20% 20% 21.1% 9.0% 6.9% 10% 9.5% 3.3% 3.1% 4.2% $8 $0.50 0% 5.2% 6.3% 4.5% 3.3% 3.8% 0% (3.1)% (1
Slide 8: Personal Systems Q2 FY26
Personal Systems Q2 FY26 Revenue Operating profit Revenue up 13% y/y driven by prioritization of higher $530 13% y/y $10.2 value unit placements, services expansion and 5.2% disciplined pricing, partly offset by lower volumes. Strong performance in key growth areas, with double- 1 10% y/y CC of reve
Slide 9: Printing Q2 FY26
Printing Q2 FY26 2 Revenue Operating profit Revenue flat y/y. Driven by continued improvement in Flat y/y $4.2 $767 18.3% the Office market and share gains sequentially across big Tank and all A4 Office categories offset by unit 1 declines. Also, saw growth from Industrial, 3D and (2)% y/y CC of rev
Slide 10: Leading the future of work
Leading the future of work 7 ) ae Innovating Better Together Best-in-class new devices experiences across solutions with,Al at the edge the portfolio empowering ClOs Leveraging the:power of customer data for vertical solutions 10
Slide 11: Key Growth Areas
Key Growth Areas Collectively grew revenue strong double digit year over year AI PC Consumer Subscriptions AI PC momentum continues to accelerate, 44% mix of total Revenue grew double-digits across Instant ink, compute shipments. This strong adoption is further Instant paper and All-In-Plan (AIP). A
Slide 12: Cash & Debt Balances
Cash & Debt Balances 1 Billions Net Cash (Debt) $4.0 $0.0 $ Billions 2Q25 3Q25 4Q25 1Q26 2Q26 $(4.0) Gross cash2 2.7 2.9 3.7 3.2 3.7 Gross debt3 10.8 9.7 9.7 9.8 9.7 $(8.0) Net cash (debt)1,4 (8.1) (6.8) (6.0) (6.6) (6.0) $(12.0) 2Q25 3Q25 4Q25 1Q26 2Q26 2 3 Gross cash Gross debt 1. Net cash (debt)
Slide 13: Cash Flow & Shareholder Return
Cash Flow & Shareholder Return Millions Cash Flow Millions Shareholder Return Net cash provided by operations Free cash flow 1 Dividend payment Share repurchase $1,500 $1,500 $1,309 $955 $926 $1,000 $780 $976 $1,000 $746 $500 $412 $425 $200 $38 $500 $373 $374 $0 $100 $100 $(25) $546 $551 $(95) $273
Slide 14: Outlook
Outlook FY26 Assumptions FY26 Guidance 3Q26 Guidance Revenue GAAP diluted net EPS GAAP diluted net EPS Revenue in 2H roughly equal to 1H $2.15-$2.45 $0.47-$0.63 Non-GAAP OI&E1,3 Non-GAAP diluted net EPS1,2 Non-GAAP diluted net EPS1,2 ~($0.5B) $2.90-$3.10 $0.61-$0.71 Corporate Other Expense Free cash
Slide 15: Non-GAAP Financial Information
Non-GAAP1 Financial Information $ in millions, except Q2 FY26 Q1 FY26 Q2 FY25 per share amounts % of Revenue % of Revenue % of Revenue Revenue $14,408 $14,438 $13,220 Cost of revenue 11,392 79.1% 11,603 80.4% 10,481 79.3% Total OpEx 1,941 13.4% 1,840 12.7% 1,778 13.4% Operating profit $1,075 7.5% $9
Slide 16: Q2 FY26 GAAP to Non-GAAP Bridge
Q2 FY26 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and Non-operating tax rate and per Amortization of Restructuring and divestiture Certain litigation retirement related Tax share amounts GAAP intangible assets other charges charges charges, net (credits) / charges adjustments Non-GAA
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Slide 18: Supplemental Slides
Supplemental Slides
Slide 19: Working Capital Metrics
Working Capital Metrics In Days 160 151 138 139 141 130 120 70 73 80 68 66 68 35 38 30 33 33 40 0 (30) (37) (38) (40) (40) (40) Apr25 Jul25 Oct25 Jan26 Apr26 Days receivable Days inventory Days payable Cash conversion cycle1 1. Cash conversion cycle = Days receivables + Days inventory – Days payable
Slide 20: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in millions 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 YTD26 Net cash provided by $38 $1,661 $1,624 $3,697 $383 $926 $1,309 operating activities Net investments in property, plant, equipment and (183) (215) (197) (897) (233) (170) (403) purchased intangibles Net investment in leas
Slide 21: Q1 FY26 GAAP to Non-GAAP Bridge
Q1 FY26 GAAP to Non-GAAP Bridge Acquisition and $ in millions, except divestiture Non-operating tax rate and per Amortization of Restructuring and (credits) Certain litigation retirement related Tax share amounts GAAP intangible assets other charges charges, net charges (credits) / charges adjustmen
Slide 22: FY25 GAAP to Non-GAAP Bridge
FY25 GAAP to Non-GAAP Bridge Non-operating Certain retirement $ in millions, except Amortization Restructuring Acquisition litigation related tax rate and per of intangible and other and divestiture charges (credits) / Tax share amounts GAAP assets charges charges (benefits), net charges adjustments
Slide 23: Q4 FY25 GAAP to Non-GAAP Bridge
Q4 FY25 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and tax rate and per Amortization of Restructuring and divestiture Certain litigation Tax share amounts GAAP intangible assets other charges charges charges, net adjustments Non-GAAP Revenue $14,639 $14,639 Cost of revenue 11,677 11,6
Slide 24: Q3 FY25 GAAP to Non-GAAP Bridge
Q3 FY25 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and Certain litigation Non-operating tax rate and per Amortization of Restructuring and divestiture (benefits) charges, retirement related Tax share amounts GAAP intangible assets other charges charges net (credits) / charges adjustme
Slide 25: Q2 FY25 GAAP to Non-GAAP Bridge
Q2 FY25 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and Non-operating tax rate and per Amortization of Restructuring and divestiture Certain litigation retirement related Tax share amounts GAAP intangible assets other charges charges charges (credits) / charges adjustments Non-GAAP Rev