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AI核心结论
HPQ delivered Q2 FY2026 revenue of $14.4B (+9.0% YoY) and net income of $450M (+10.8% YoY), but operating income declined 6.4% as higher SG&A and R&D costs compressed operating margin to 4.2%.
营业收入
$14.41B
同比 ++8.99%
每股收益（基本）
$0.49
同比 ++13.95%
毛利率
20.9%
同比 ++0.21%
营业利润
$612M
同比 -6.42%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Hp (HPQ) Q2 FY2026 营收 $14.41B，同比增长 9.0%。 净利润 $450M，同比增长 10.8%，稀释每股收益 $0.49。 毛利率 20.9%。
HPQ grew Q2 FY2026 revenue to $14.4B, up 9.0% YoY from $13.2B, reflecting solid demand momentum. Gross profit rose 10.1% to $3.0B, slightly outpacing revenue growth and nudging gross margin up ~21 basis points to 20.9%.
来源: Source: 10-Q Income Statement Data
Despite the top-line expansion, operating income fell 6.4% YoY to $612M from $654M, as SG&A expenses of $1.51B (+2.3% YoY) and R&D of $432M (+7.7% YoY) together consumed a larger share of gross profit. Operating margin compressed to 4.2% from 4.9% in the prior-year period.
来源: Source: 10-Q Income Statement Data
Net income grew 10.8% YoY to $450M, and diluted EPS rose 16.7% to $0.49 from $0.42, suggesting below-the-line items (e.g., lower interest expense or tax benefits) provided a meaningful tailwind that offset the operating-level weakness.
来源: Source: 10-Q Income Statement Data
Fiscal year-to-date operating cash flow reached $1.31B, up 217.7% versus the same period last year ($412M), indicating a significant improvement in working capital management or earnings quality. Free cash flow generation appears substantially stronger than the prior year.
来源: Source: 10-Q Cash Flow Statement Data
Current ratio stands at 0.79, meaning current liabilities of $30.2B exceed current assets of $24.0B, a structural feature of HP's business model. However, cash and equivalents grew 37.3% YoY to $3.7B, and stockholders' equity improved sharply from -$1.28B to -$144M, signaling balance sheet recovery.
来源: Source: 10-Q Balance Sheet Data
HPQ carries negative stockholders' equity of -$144M, though this has improved significantly from -$1.28B a year ago. Long-term debt remains elevated at $8.86B, and the current ratio of 0.79 indicates current liabilities substantially exceed current assets, leaving limited short-term financial flexibility.
来源: Source: 10-Q Balance Sheet Data
Operating margin declined to 4.2% in Q2 FY2026 from 4.9% in Q2 FY2025, a 70 basis point contraction, even as revenue grew 9.0%. Rising R&D (+7.7%) and persistent SG&A costs (+2.3%) are outpacing the benefit of gross profit expansion, which could pressure profitability if revenue growth moderates.
来源: Source: 10-Q Income Statement Data
HPQ's net margin of 3.1% on $14.4B in revenue means small adverse changes in costs, pricing, or demand could quickly erode profitability. The company operates in highly competitive PC and printing markets where pricing power is limited and commodity input costs can be volatile.
来源: Source: 10-Q Income Statement Data
Year-to-date financing cash flow swung to -$1.04B from +$198M in the prior-year period, a 623% deterioration. This likely reflects debt repayments or reduced borrowings, which, while positive for leverage reduction, reduces financial flexibility and signals a shift in capital allocation strategy.
来源: Source: 10-Q Cash Flow Statement Data
Total assets grew 10.7% YoY to $42.9B while stockholders' equity remains deeply negative, implying the asset base is almost entirely debt- and liability-funded. ROE of -312.5% is technically meaningless as a performance metric but underscores the structural leverage risk embedded in the balance sheet.
来源: Source: 10-Q Balance Sheet Data
Q2 FY2026 实际 EPS $0.86，分析师一致预期 $0.72，超预期 +19.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $14.41B | $13.22B | +8.99% |
营业成本 | $11.39B | $10.48B | +8.69% |
毛利润 | $3.02B | $2.74B | +10.11% |
营业利润 | $612M | $654M | -6.42% |
净利润 | $450M | $406M | +10.84% |
每股收益（基本） | $0.49 | $0.43 | +13.95% |
每股收益（稀释） | $0.49 | $0.42 | +16.67% |
研发费用 | $432M | $401M | +7.73% |
销售及管理费用 | $1.51B | $1.48B | +2.30% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $42.94B | $38.8B | +10.66% |
流动资产 | $23.98B | $19.46B | +23.26% |
流动负债 | $30.21B | $26.56B | +13.74% |
股东权益 | $-144M | $-1.28B | +88.71% |
现金及等价物 | $3.7B | $2.7B | +37.30% |
长期债务 | $8.86B | $9.29B | -4.68% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $1.31B | $412M | +217.72% |
投资活动现金流YTD | $-283M | $-1.13B | +75.02% |
筹资活动现金流YTD | $-1.04B | $198M | -623.23% |
股票回购 | $100M | $100M | 0.00% |
折旧及摊销YTD | $478M | $402M | +18.91% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 20.9% | 20.7% | +0.21% |
营业利润率 | 4.2% | 4.9% | -0.70% |
净利率 | 3.1% | — | — |
净资产收益率 | -312.5% | — | — |
总资产收益率 | 1.0% | — | — |
流动比率 | $0.794 | — | — |
预计发布日期、分析师预期与关注要点
Technology Hardware, Storage & Peripherals 行业其他公司
Based on the filing data, HPQ reported diluted EPS of $0.49 in Q2 FY2026, up 16.7% from $0.42 in Q2 FY2025, and net income of $450M, up 10.8% YoY. Whether this beat Wall Street consensus estimates would require external analyst data not available in this filing.
HPQ's revenue grew 9.0% YoY to $14.4B in Q2 FY2026, up from $13.2B in Q2 FY2025. This top-line growth was broad-based and drove gross profit up 10.1% to $3.0B, though operating income declined due to higher operating expenses.
The key takeaways are: revenue grew 9% to $14.4B, net income rose 11% to $450M, but operating margin compressed to 4.2% from 4.9% due to rising R&D and SG&A costs. Year-to-date operating cash flow surged 218% to $1.31B, and the balance sheet showed improvement with stockholders' equity recovering from -$1.28B to -$144M.
The financial data points to several key risks: HPQ's balance sheet carries negative stockholders' equity and $8.86B in long-term debt, its current ratio of 0.79 signals tight liquidity, and operating margin compression to 4.2% shows cost pressures are outpacing revenue growth. The thin 3.1% net margin leaves little buffer against demand or pricing headwinds.
HPQ's financial health is mixed: cash grew 37.3% YoY to $3.7B and operating cash flow surged to $1.31B YTD, but the company carries negative stockholders' equity of -$144M and a current ratio below 1.0 at 0.79, meaning short-term liabilities exceed short-term assets. Long-term debt of $8.86B is declining (-4.7% YoY), which is a positive trend.