HP Inc. has announced an 11% increase in net earnings for the second quarter of the 2026 financial year (Q2 FY26) due to higher demand for artificial intelligence (AI)-optimised personal computers and business laptops.
The technology company best known for selling computers, printers and other equipment said net earnings rose to $450 million in the three months ended 30 April 2026 from $406 million in the previous corresponding period (pcp).
Diluted earnings per share rose 21% to 86 cents on net revenue, which grew 9% to $14.4 billion compared with the pcp.
“We delivered strong second-quarter results, with 9% revenue growth and even stronger earnings and free cash flow,” Chief Financial Officer Karen Parkhill said in a press release.
“With two solid quarters behind us, we are executing with discipline in a dynamic environment and are strengthening our outlook for the fiscal year to reflect this.”
Interim Chief Executive Officer Bruce Broussard said HP continued executing its future of work strategy through intelligent devices, edge AI and connected experiences while navigating rising commodity costs.
“We introduced innovations across AI PCs, Z workstations, AI-powered print, and HP IQ that simplify work and improve productivity,” he said.
“These reflect our progress in building intelligent devices and services that capture the value of AI at the edge and support long-term growth.”
HP warned earlier this year that profits might be lower because memory chips had become harder and more expensive to find due to high demand, especially from AI data centres, and in response, it had raised some prices and looked for cheaper suppliers.
The results exceeded LSEG-compiled forecasts with net revenue above the average estimate of $14.07 billion and adjusted EPS more than the 71 cents estimate.
But it lowered its forecast for FY26 results, now expecting EPS of between $2.15 and $2.45 a share compared with $2.47 to $2.77 previously, and adjusted EPS of $2.90 to $3.10 a share versus $2.90 to $3.20.
HP shares (NYSE: HPQ) closed US$1.06 (4.34%) higher at $25.49, before falling 0.9% in after-hours deals, capitalising the company at $23.31 billion (A$32.7 billion).
The company was formed in 1939 and was known as Hewlett-Packard until 2015.
