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HP Inc. (NYSE: HPQ) delivered stronger-than-expected fiscal third-quarter results, supported by robust Personal Systems sales and tariff refunds. However, HP stock fell more than 9% in after-hours trading Wednesday as investors locked in profits following an 18.5% rally over the past month.
HP reported adjusted earnings per share of $0.83, comfortably exceeding Wall Street’s $0.66 estimate. Revenue climbed 12.5% year over year to $15.7 billion, beating analyst expectations of $14.34 billion. Results benefited from an $0.11-per-share favorable impact related to tariff refunds.
Following the earnings beat, HP raised its fiscal 2026 adjusted EPS guidance to between $3.19 and $3.29. The midpoint of $3.24 is above the $3.04 analyst consensus. The company also increased its full-year free cash flow forecast to $3.0 billion-$3.2 billion.
Interim CEO Bruce Broussard said HP increased overall sales and its share of premium products while attracting new customers through innovations spanning WXP, printing, workstations and AI PCs.
For the fiscal fourth quarter, HP expects adjusted EPS of $0.69-$0.79, including an estimated $0.08 benefit from tariff refunds.
Personal Systems remained HP’s primary growth driver, generating $11.8 billion in revenue, an 18% increase from the previous year despite a 16% decline in total units. Commercial Personal Systems revenue surged 22%, while Consumer Personal Systems sales advanced 10%.
HP’s Printing business remained under pressure. Segment revenue declined 2% year over year to $3.9 billion, while supplies revenue fell 3%.
The technology company generated $1.6 billion in free cash flow during the quarter and returned $574 million to shareholders. That included $300 million in share buybacks and $274 million in dividend payments.
HP finished the quarter with $4.2 billion in gross cash. Despite the earnings and revenue beat and improved full-year guidance, HP shares dropped sharply after hours, suggesting investors focused on taking profits after the stock’s recent strong run.
