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HP

HPQ Q2 2025 Earnings

Reported May 28, 2025 at 4:18 PM ET · SEC Source

Q2 25 EPS

$0.71

MISS 11.63%

Est. $0.80

Q2 25 Revenue

$13.22B

BEAT +0.69%

Est. $13.13B

vs S&P Since Q2 25

-34.9%

TRAILING MARKET

HPQ -12.8% vs S&P +22.1%

Market Reaction

Did HPQ Beat Earnings? Q2 2025 Results

HP Inc. Delivered a mixed fiscal Q2 2025, with tariff headwinds cutting deeply into profits even as revenue held up. The company posted non-GAAP EPS of $0.71, missing the $0.80 consensus estimate by 11.63%, while revenue of $13.22 billion grew 3.3% y… Read more HP Inc. Delivered a mixed fiscal Q2 2025, with tariff headwinds cutting deeply into profits even as revenue held up. The company posted non-GAAP EPS of $0.71, missing the $0.80 consensus estimate by 11.63%, while revenue of $13.22 billion grew 3.3% year over year and edged fractionally ahead of the $13.13 billion consensus. The primary culprit was a punishing tariff environment that compressed Personal Systems operating margins to 4.5% from 6.0% a year ago and sent free cash flow to negative $95 million, compared to $462 million in the prior-year quarter. HP is aggressively accelerating its exit from China-based manufacturing for North American products, aiming to have nearly all such production relocated by June, six months ahead of schedule. The turbulence prompted the company to lower its full-year non-GAAP EPS guidance to $3.00 to $3.30 and issue a cautious Q3 non-GAAP EPS outlook of $0.68 to $0.80, though management expects to fully offset trade-related costs by Q4 assuming current conditions persist.

Key Takeaways

  • • Strong Commercial Personal Systems revenue growth of 9% YoY with units up 11%
  • • Personal Systems segment revenue up 7% YoY driven by commercial demand
  • • Constant currency revenue growth of 4.5%
  • • Tariff-related costs and dynamic regulatory environment pressured margins
24/7 Wall St

HPQ YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

HPQ Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“In Q2, we delivered solid revenue growth, led by strong Commercial performance in Personal Systems and continued momentum behind our future of work strategy. While results in the quarter were impacted by a dynamic regulatory environment, we responded quickly to accelerate the expansion of our manufacturing footprint and further reduce our cost structure. These decisive actions strengthen our foundation and position us to deliver long-term sustainable growth.”

— Enrique Lores, Q2 2025 Earnings Press Release

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