HP Inc

Strong Q3 results; momentum led by Personal Systems (PS) - HP delivered record Q3 revenue of ~$15.7B, +13% YoY (and 9th consecutive quarter of top-line growth). - EPS $0.83 (+11% YoY) and above guidance even excluding ~$0.11 tariff-refund benefit. - Growth acceleration came from key growth areas +46% YoY, faster than core. - PS drove performance: PS revenue $11.8B, +18% YoY (notably volume down as expected, offset by mix, repricing, and services).

Print was pressured but partially protected by “big tank” and industrial + subscription - Print revenue down ~2% YoY in a competitive market. - HP continued pricing/placement discipline and “big tank” printer market share rose +4 points this quarter; tank units +42% (unit growth in that profitable category). - Industrial Print delivered 12th straight quarter of revenue growth. - Print operating margin ~18.1%, but included tariff-refund tailwind; excluding tariff, margin roughly in line with guidance (low end of long-term range).

Q4 outlook: revenue expected to grow YoY despite high-teens PC unit decline; margins pressured then stabilize - Industry expects PC units down high teens YoY in the second half/calendar H2, so HP expects Q4 revenue to be down sequentially but still up YoY through mix (premium/commercial/AI/workstations) + pricing + attach. - Q4 EPS guide: $0.69–$0.79, includes ~$0.08 tariff-refund benefit. - Q4 margin expected “low point” in PS (costs rising, inventory cost effects continuing), with improvement thereafter. - Full-year updated guide: FY EPS $3.19–$3.29 (up from $2.90–$3.10); includes ~$0.19 tariff-refund benefit. - Free cash flow (FCF) upgraded: ~$3.0B–$3.2B for FY.