Slide 1: Q1 FY26 Earnings Announcement
Q1 FY26 Earnings Announcement February 24, 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 consolidated financial statements presented on a generally accepted accounting principles (“GAAP”) basis. Definitions of these non-GAAP financial measures and reconciliations of
Slide 4: Highlights
Net revenue of $14.4B, up 6.9% from the prior-year period and up 5.2% in constant currency1 Q1FY26 Non-GAAP diluted net earnings per share2 of $0.81, within the previously provided outlook of $0.73 to $0.81 per share Highlights GAAP diluted net earnings per share of $0.58, within the previously prov
Slide 5: Q1 FY26 Mix by Segment and Region
Q1 FY26 Mix by Segment and Region Net revenue Non-GAAP operating profit2 Net revenue By key segment and business unit1 By key segment3 By region Personal Systems Printing Commercial Supplies5 50% 19% $1.3 billion AMERICAS EMEA APJ Printing5 18.3% 39% 36% 25% $14.4 Printing Commercial 60% of total OP
Slide 6: Q1 FY26 Results Overview
Q1 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 $4,187 (2.2)% (3.2)% $765 18.3% $(36) (0.4) pts Personal $10,251 11.1% 9.1% $511 5.0% $4 (0.5) pts Systems Corporate Investment
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 (%) 1 2 1. CC = constant currency; adjusted to exclude the effect of foreign currency exchange fluctuations calculated by translating current period revenue using monthly exchange rates from th
Slide 8: Regional Revenue Trend
Regional Revenue Trend Billions % growth Billions % growth Americas United (including U.S.) States Billions % growth Billions % growth Asia EMEA Pacific y/y revenue growth % y/y revenue growth in constant currency %1 1. Adjusted to exclude the effect of foreign currency exchange fluctuations calcula
Slide 9: Personal Systems Q1 FY26
Personal Systems Q1 FY26 Revenue Operating profit $10.3 $511 11% y/y Revenue up 11% y/y driven by continued 5.0% Win11 refresh and growth in AI PCs and 9% y/y CC1 of revenue strength in Consumer. Marks the eighth billion million consecutive quarter of y/y revenue growth. Revenue breakdown Revenue an
Slide 10: Printing Q1 FY26
Printing Q1 FY262 Revenue Operating profit $4.2 $765 (2)% y/y Revenue down 2% y/y on lower supplies 18.3% volumes and market driven hardware declines, (3)% y/y CC1 of revenue offset in part by continued growth in Consumer Subscriptions, Industrial Print and 3D. billion million OP rate of 18.3%, down
Slide 11: Leading the future of work
Leading the future of work Better Together Best-in-class Leveraging the:power e experiences across solutions of customer data for A the portfolio empowering ClOs vertical solutions "
Slide 12: Key Growth Areas
Key Growth Areas Collectively grew revenue double-digits year over year AI PC Consumer Subscriptions Maintaining strong momentum reaching over 35% of total Revenue grew double-digits across Instant Ink, compute shipments. Introduced the OmniBook Ultra 14, Instant Paper and the All-In-Plan (AIP) with
Slide 13: Select Cash & Debt Balances
Select Cash & Debt Balances Billions 1 Net Cash (Debt) $ Billions 1Q25 2Q25 3Q25 4Q25 1Q26 Gross cash2 2.9 2.7 2.9 3.7 3.2 Gross debt3 9.8 10.8 9.7 9.7 9.8 Net cash (debt)1,4 (6.9) (8.1) (6.8) (6.0) (6.6) 2 3 1. Net cash (debt) is defined as gross cash less gross debt 2. Gross cash includes cash, ca
Slide 14: Cash Flow & Shareholder Return
Cash Flow & Shareholder Return Millions Cash Flow Millions Shareholder Return 1 Shares repurchased 2.7 million 13.3 million 2.7 million 13.3 million Dividend per share $0.2894 $0.3000 $0.2894 $0.3000 1. Free cash flow = Net cash provided by (used in) operating activities adjusted for net investment
Slide 15: Outlook
Outlook FY26 Key Assumptions FY26 Outlook Q2’26 Outlook Due to increased memory costs, currently anticipate to be at the low Revenue end of the ranges Grow faster than market, with GAAP diluted net EPS GAAP diluted net EPS growth moderating in 2H $2.47-$2.77 $0.52-$0.58 Non-GAAP OI&E1,3 Non-GAAP dil
Slide 16: Non-GAAP Financial Information
Non-GAAP1 Financial Information $ in millions, except per share amounts Q1 FY26 Q4 FY25 Q1 FY25 % of Revenue % of Revenue % of Revenue Revenue $14,438 $14,639 $13,504 Cost of revenue 11,603 80.4% 11,677 79.8% 10,664 79.0% Total OpEx 1,840 12.7% 1,793 12.2% 1,856 13.7% Operating profit $995 6.9% $1,1
Slide 17: 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
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Slide 19: Supplemental Slides
Supplemental Slides el Ang ja
Slide 20: Inventory & Accounts Receivable
Inventory & Accounts Receivable Inventory Accounts Receivable In Billions Percentage of Revenue1 In Billions Percentage of Revenue1 1. % of revenue calculations based on trailing 4-quarter net revenue 20
Slide 21: PP&E & Accounts Payable
PP&E & Accounts Payable PP&E Accounts Payable In Billions Percentage of Revenue1 In Billions 1. % of revenue calculations based on trailing 4-quarter net revenue 21
Slide 22: Working Capital Metrics
Working Capital Metrics In Days 1 1. Cash conversion cycle = Days receivables + Days inventory – Days payable 22
Slide 23: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in millions 2Q24 3Q24 4Q24 FY24 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 Net cash provided by $581 $1,424 $1,623 $3,749 $374 $38 $1,661 $1,624 $3,697 $383 operating activities Net investment in property, plant, equipment and (119) (162) (153) (592) (302) (183) (215) (197) (897)
Slide 24: FY25 GAAP to Non-GAAP Bridge
FY25 GAAP to Non-GAAP Bridge Certain Non-operating $ in millions, except Amortization Restructuring Acquisition litigation retirement tax rate and per of intangible and other and divestiture charges related (credits) / Tax share amounts GAAP assets charges charges (benefits), net charges adjustments
Slide 25: 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 26: 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 27: 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
Slide 28: Q1 FY25 GAAP to Non-GAAP Bridge
Q1 FY25 GAAP to Non-GAAP Bridge $ in millions, except Acquisition and Non-operating tax rate and per Amortization of Restructuring and divestiture retirement related Tax share amounts GAAP intangible assets other charges charges (credits) / charges adjustments Non-GAAP Revenue $13,504 $13,504 Cost o
Slide 29: FY24 GAAP to Non-GAAP Bridge
FY24 GAAP to Non-GAAP Bridge Non-operating $ in millions, except Amortization Restructuring Acquisition Certain Debt retirement tax rate and per of intangible and other and divestiture litigation extinguishment related (credits) / Tax share amounts GAAP assets charges charges charges costs charges a
Slide 30: Q4 FY24 GAAP to Non-GAAP Bridge
Q4 FY24 GAAP to Non-GAAP Bridge Non-operating $ in millions, except Amortization Restructuring Acquisition and Certain Debt retirement tax rate and per of intangible and other divestiture litigation extinguishment related (credits) / Tax share amounts GAAP assets charges charges charges costs charge
Slide 31: Q3 FY24 GAAP to Non-GAAP Bridge
Q3 FY24 GAAP to Non-GAAP Bridge Non-operating $ in millions, except Amortization Restructuring Acquisition and retirement tax rate and per of intangible and other divestiture Certain litigation related (credits) / Tax share amounts GAAP assets charges charges charges charges adjustments Non-GAAP Rev
Slide 32: Q2 FY24 GAAP to Non-GAAP Bridge
Q2 FY24 GAAP to Non-GAAP Bridge $ in millions, except Restructuring Acquisition and Non-operating tax rate and per Amortization and other divestiture retirement related Tax share amounts GAAP of intangible assets charges charges (credits) / charges adjustments Non-GAAP Revenue $12,800 $12,800 Cost o
Slide 33: Q1 FY24 GAAP to Non-GAAP Bridge
Q1 FY24 GAAP to Non-GAAP Bridge $ in millions, except Restructuring Acquisition and Non-operating tax rate and per Amortization and other divestiture retirement related Tax share amounts GAAP of intangible assets charges charges (credits) / charges adjustments Non-GAAP Revenue $13,185 $13,185 Cost o