HP (HPQ) Goldman Sachs Communacopia + Technology Conference 2026 summary

Financial performance and outlook

• Achieved record revenue in Personal Systems, up 18%, and increased annual guidance following strong execution and tariff refunds.

• Print segment results were in line, with notable share gains in Big Tank, Industrial, and 3D Printing, and continued growth in subscription offerings.

• Guidance was raised even excluding tariff benefits, with confidence in execution and outlook for the year.

• Q4 margins in Personal Systems expected to trough, with recovery into the 5%-7% range by FY 2027.

• Tariff refunds provided $0.11 per share benefit in Q3 and are expected to add $0.08 in Q4, mainly benefiting Print.

Strategic focus and operational initiatives

• Emphasis on premium PCs, AI PCs, workstations, and peripherals, especially in commercial markets, to drive revenue and margin mix.

• Regained market leadership in the Americas and North America, aligning with strategic goals.

• AI PC demand is now driven by enterprise needs for local, secure, and cost-effective AI solutions, shifting from future-proofing to hybrid AI compute.

• Workforce Experience Platform (WXP) enables device management, predictive maintenance, and operational efficiency, recently recognized in Gartner's Magic Quadrant.

• Four-pillar mitigation plan addresses supply, demand shaping, cost reduction, and pricing, with mix and premium focus driving ASPs.

Supply chain and cost management

• Secured supply for current and next fiscal year through long-term supplier relationships and rapid qualification of new, including Chinese, suppliers.

• Newly qualified suppliers, including those in China, are a smaller but important part of the supply base.

• Rising input costs, especially memory and resin, are being managed through cost reduction, mix, and selective price increases.

• Long-term customer agreements, mainly with enterprise clients, are being repriced to reflect new cost realities, with commercial business making up about 70% of the portfolio.