HP Inc.

Q3 performance: record revenue + EPS beat; strong PS-led momentum - Revenue $15.7B, +13% YoY (9th consecutive quarter of growth) — record Q3. - Personal Systems (PS) revenue $11.8B, +18% YoY; Print down but broadly in-line with expectations. - EPS $0.83 (+11% YoY) included $0.11 tariff-refund benefit; EPS without tariff benefit still above the top end of guidance. - Management framed execution as delivered “what we said we would do,” while navigating commodity/tariff uncertainty.

Segment updates: PS growth accelerating high-value mix; Print pressured but improving profitability - PS: Volume down as expected, but offset by higher-value unit mix, repricing, and services expansion. - AI PCs strong: continued growth; still expected ~50% of shipment mix by end of FY26. - Key growth areas growing double-digit YoY (e.g., advanced compute solutions, Workforce Solutions, hybrid systems). - PS operating margin 4.6%, below long-term range (higher commodity costs + variable comp), but managed via mitigation/repricing. - Print: Revenue -2% YoY (competitive market). - Big tank strategy working: gained +4 share points in the quarter; +42% unit growth in tank printers. - Industrial Print delivered 12 straight quarters of revenue growth. - Print operating margin 18.1% (+~1 point YoY) benefited from tariff refunds; excluding them, margin in line with low end of long-term range.

AI/edge strategy is a central “opportunity”; concrete product + ecosystem initiatives - “Future is hybrid AI”: HP pushing cloud-to-edge economics (cost, latency, security, governance). - Edge AI infrastructure/products: - HP Z Boost (GPU sharing) integrated with WXP (management layer). - HP ZGX Fury for data-center-class AI at desk side; expanding to more form factors over the next month. - On-device/agentic PCs: - OmniBook Ultra 6 (NVIDIA RTX Spark) targeting thin mainstream PCs with agent capabilities. - OmniDesk Mini compact desktop with built-in AI. - Print AI: - Precise Print expanded to 150+ countries; reduces paper up to 38% and ink up to 47%. - Nio AI companion recognized by European Digital Press Association award; signed 3-year $100M strategic agreement with RRD (Print services). - Internal “customer 0” proof points; scaling pilots with OpenAI across HP Store/support/WXP telemetry.