NYSE:HPQ

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HP Drops 9% Premarket as Margin Pressure and Weak Unit Trends Overshadow Strong Revenue

HP Inc. (NYSE: HPQ) shares are down about 9% in premarket trading despite reporting record fiscal third-quarter revenue and raising its full-year EPS and free cash flow outlook. The selloff appears centered on underlying profitability and hardware demand rather than headline revenue growth.

Revenue increased 12.5% year over year to $15.7 billion, while non-GAAP EPS rose 11% to $0.83. However, the quarter received a significant boost from tariff refunds, which added $0.11 per share. Excluding that benefit, underlying EPS would have been approximately $0.72.

Margin and unit weakness weigh on shares

The biggest concern was margin pressure. Non-GAAP operating margin fell to 6.5% from 7.1% a year earlier despite double-digit revenue growth, highlighting the challenging cost environment.

Personal Systems revenue jumped 18% to $11.8 billion, helped by commercial PCs and premium products, but total PC units actually fell 16%. That divergence suggests higher pricing and product mix were doing much of the work rather than expanding shipment volumes.

Printing remained another weak spot, with revenue falling 2%, supplies revenue down 3% and hardware units declining 7%.

HP raised FY2026 non-GAAP EPS guidance to $3.19-$3.29 and free cash flow guidance to $3.0-$3.2 billion. However, the outlook includes an estimated $0.19 EPS benefit from tariff refunds.

The 9% premarket decline therefore appears to reflect investor concern that strong headline revenue and raised guidance mask softer underlying trends, particularly contracting non-GAAP margins, declining PC unit volumes, continued weakness in printing and meaningful earnings support from temporary tariff refunds.
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Author
European Investor 08-27-26
HP Falls 4.1% as Morgan Stanley Cuts Price Target to $17

HP Inc. (NYSE: HPQ) shares fell about 4.1% after Morgan Stanley lowered its price target on the PC and printing technology company, reinforcing a bearish view on the stock.

Morgan Stanley analyst Erik Woodring maintained an Underweight rating on HP while reducing the price target to $17 from $19. The new target represents roughly 40% downside from the current stock price of about $28.50.

Morgan Stanley maintains bearish stance

The decision to retain an Underweight rating while cutting the target further suggests Morgan Stanley sees continued downside risk for HP. From a sector perspective, HP remains heavily exposed to mature PC and printing markets, where growth tends to be more cyclical and slower than in higher-growth areas of the technology sector. That positioning can make the stock particularly sensitive to expectations around PC demand, corporate IT spending, hardware pricing and margins.

HP also competes in a technology market increasingly dominated by investor enthusiasm for AI infrastructure, semiconductors, cloud computing and data-center spending. While AI-enabled PCs offer a potential upgrade cycle for traditional hardware manufacturers, the near-term financial impact remains an important consideration for investors.

The 4.1% decline indicates that the market is reacting negatively to Morgan Stanley's lower valuation assessment. With the firm maintaining its Underweight recommendation and cutting its target from $19 to $17, the analyst action adds further pressure to sentiment around HP shares.
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Author
European Investor 08-24-26
HP Inc. (NYSE: HPQ) has declared a cash dividend of $0.3000 per share on the company’s common stock.

The dividend, the second in HP’s fiscal year 2026, is payable on April 1, 2026, to stockholders of record as of the close of business on March 11, 2026.
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Author
WS Investor 01-28-26
HP Inc. Closes Public Offering of Notes

PALO ALTO, CALIFORNIA, – HP Inc. (NYSE: HPQ) has successfully closed its public offering of two series of notes: $500 million in 5.400% notes due 2030 and $500 million in 6.100% notes due 2035. These notes were issued under an Indenture dated June 17, 2020, and are part of the Company’s shelf registration statement filed with the Securities and Exchange Commission on February 29, 2024.

The proceeds from the offering will be used for general corporate purposes. The offering was finalized under the Third Supplemental Indenture dated April 14, 2025. Legal opinions and consents regarding the issuance have been provided by Gibson, Dunn & Crutcher LLP.

This marks another key step in HP Inc.'s ongoing strategy to optimize its financing options.
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M
ME NEWS 04-28-25
HP Inc. Prices $1 Billion in Notes Offering and Appoints New Trustee for Future Securities

HP Inc. entered into a Third Supplemental Indenture to appoint U.S. Bank Trust Company, N.A. as the successor trustee for all new securities issued going forward. The Bank of New York Mellon Trust Company will remain trustee for previously issued securities.

On the same day, HP signed an Underwriting Agreement with BNP Paribas Securities Corp., BofA Securities, Inc., and Goldman Sachs & Co. LLC to issue and sell $1 billion in notes. The offering includes $500 million of 5.400% notes due 2030 and $500 million of 6.100% notes due 2035. These notes are registered under HP’s shelf registration statement filed on February 29, 2024.
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Author
WS News 04-17-25
HP Inc. Board Reduces Size Following Director Departures

HP Inc. (NYSE: HPQ) announced that its Board of Directors has approved amendments to the company’s bylaws to reduce the number of authorized directorships from 15 to 13. This change will take effect following the annual meeting on April 14, 2025.

The reduction in board size is in connection with Aida Alvarez and Robert Bennett not standing for re-election. Both directors will officially step down from the Board at the conclusion of the meeting.
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Author
European Investor 04-03-25
HP Inc. announced that its Board of Directors has expanded to 15 members with the election of Gianluca Pettiti as a new director. Pettiti, who is Executive Vice President and President of Life Sciences, Diagnostics, and Applied at Thermo Fisher Scientific Inc., has been deemed an independent director under NYSE listing standards. He will serve on the Finance, Investment, and Technology Committee, as well as the HR and Compensation Committee.

Pettiti will receive compensation consistent with other non-employee directors, including an annual cash retainer of $105,000 (which can be taken as equity), an annual equity grant of $220,000, and additional compensation for excess board and committee meetings. His first-year compensation will be prorated.

Additionally, the Board amended HP’s bylaws to formally increase the number of directorships from 14 to 15, reflecting Pettiti’s appointment. The amendments took effect on February 21, 2025.
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Author
WS Investor 02-22-25
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