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HP (HPQ) investor relations material

HP Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Morgan Stanley Technology, Media & Telecom Conference 2026 summary2 Mar, 2026

Financial performance and outlook

  • Achieved 7% revenue growth in Q1 with EPS at the high end of guidance, gaining share in key segments and print markets.

  • Memory supply constraints and rising costs are being managed with mitigation strategies, including cost reductions and price increases.

  • Revenue growth expected to moderate in the second half, with EPS likely at the lower end of the annual range.

  • Print operating margins are expected at the high end of the 16%-19% range for the fiscal year.

  • Free cash flow remains a priority, with actions to protect it despite unit declines and market volatility.

Strategic initiatives and business drivers

  • Focused on driving share gains and higher pricing in Personal Systems, especially in commercial and premium categories.

  • AI PCs now represent 35% of shipments, with continued growth expected; Windows 11 refresh is 60% complete, with remaining opportunity in Europe and Asia.

  • Non-PC businesses, including peripherals and workforce solutions, are targeted for growth and offer higher margins.

  • Print strategy emphasizes profitable unit placement, Big Tank expansion, and subscription models like the All-In Plan.

  • Industrial print has grown for 10 consecutive quarters, benefiting from the analog-to-digital shift.

Cost management and operational efficiency

  • Implementing a $1 billion AI-enabled cost savings program by FY 2028, with $300 million targeted for this fiscal year.

  • AI is being used to automate supply chain processes and support channel partners.

  • Additional cost actions are being accelerated to offset headwinds, with flexibility to increase spending for savings.

  • Working capital stewardship continues, with no major changes anticipated for 2026.

Specific AI-enabled cost actions accelerated
Why maintain 16-19% print margin target?
Detail growth drivers for non-core PS and Print
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Frequently asked questions

Computers & Printers

Hewlett-Packard, universally known as HP, is an iconic name in the global tech landscape. HP is an American company and was founded in a Palo Alto garage in 1939 by Stanford graduates, Bill Hewlett and Dave Packard. HP's expansive portfolio encompasses computing, printing, and digital technology, with a consistent emphasis on mixing technological innovation with user-centric design. As a testament to its pioneering spirit, the brand remains at the forefront of technological evolution, consistently reshaping the way individuals and businesses interact with the digital world.

Born in a Garage

HP's origin traces back to 1939 when Stanford University graduates, Bill Hewlett, and Dave Packard, initiated a venture from a garage with a mere investment of just a couple of hundred dollars. They called the company Hewlett-Packard (HP for short), and their first noteworthy product was an audio oscillator, with Walt Disney Studios being one of their initial clients, acquiring multiple oscillators for the movie "Fantasia". Over the years, HP expanded its product line and reach, continually establishing itself as a reputable name in the electronic and tech spheres. In 2015, Hewlett-Packard was renamed to HP Inc. In conjunction with this, the company spun off its enterprise business as well as renamed it Hewlett Packard Enterprise.

Computer Experts

HP's offerings of computers are segmented into different categories to serve various market segments. For personal users, the HP Pavilion and HP Envy lines bring together modern design and robust performance, ideal for everyday tasks. For professionals demanding high-performance systems, the HP ZBook and HP EliteBook series offers powerful computing solutions, often fortified with enhanced security features. Gaming enthusiasts are catered to by the HP Omen line, which is packed with high-end specs for an immersive experience. Moreover, their HP Chromebooks provide lightweight, cloud-based computing, suitable for students and consumers with a lower budget. The HP of today is a major player in the computer manufacturing industry and competes with companies such as Microsoft, Dell, Apple, and several other large manufacturers.

Not Just Computers

Parallel to their work in computer manufacturing, HP has maintained a significant presence in the world of printing. The introduction of the HP LaserJet series in the 1980s introduced a new dimension of efficiency and quality to both office and home printing. Over time, the company diversified its printer portfolio, introducing products like the DeskJet series for home users and multifunctional printers that combined scanning, copying, and faxing capabilities. Even if computers remain the main focus for HP, their printers are still an important part of their business operations.

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