HP Inc. reported fiscal third-quarter Personal Systems revenue of $11.8 billion, up 18% year over year, even as unit shipments fell 16%, implying a roughly 40% increase in revenue per unit. The growth was driven by a shift toward commercial, premium, and AI-enabled PCs, with AI PCs making up 46% of shipment mix and commercial products generating over 70% of segment revenue. However, consumer units declined 19% and commercial units fell 14%, and management expects the broader PC unit market to decline by a high-teens percentage in the second half of calendar 2026. Personal Systems operating margin fell to 4.6%, below its long-term range, and is expected to decline further in the fourth quarter due to higher memory and storage costs. Printing revenue fell 2% to $3.9 billion, with supplies down 3% and hardware units down 7%, though print operating margin rose to 18.1%. The company raised its fiscal-year free-cash-flow outlook to $3.0 billion to $3.2 billion and reported non-GAAP diluted EPS of $0.83, including an $0.11 benefit from tariff refunds.
HP IncPersonal Systems revenue up 18% on AI and commercial PC mix, despite unit declines
Chevron Corp