HP Inc. stock research
FY2026 Q2
HP (HPQ) Gross Margin & Quarterly History
Explore HP Inc. (HPQ) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Apr 30, 2026 · FY2026 Q2
Revenue was unchanged from the prior quarter, while cost of revenue decreased, leading to higher gross profit and an improved gross margin. Compared to the same quarter last year, revenue and gross profit were higher, and gross margin was slightly higher.
- The reduction in cost of revenue relative to revenue was the primary observable driver of the sequential gross margin improvement.
- Sequentially, gross margin improved as cost of revenue declined while revenue remained stable. Year-over-year, gross margin was slightly higher, with revenue and gross profit both increasing.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
20.9%
Gross profit
$3.0B
Revenue
$14.4B
Cost of revenue
$11.4B
Quarter-over-quarter change
+1.3 pts
Year-over-year change
+0.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jul 31, 2025 | $13.9B | $2.9B | $11.1B | 20.5% |
| Oct 31, 2025 | $14.6B | $3.0B | $11.7B | 20.2% |
| Jan 31, 2026 | $14.4B | $2.8B | $11.6B | 19.6% |
| Apr 30, 2026 | $14.4B | $3.0B | $11.4B | 20.9% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 31, 2026
+1.3 pts
Year-over-year change
Apr 30, 2025
+0.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The reduction in cost of revenue relative to revenue was the primary observable driver of the sequential gross margin improvement.
Sequentially, gross margin improved as cost of revenue declined while revenue remained stable. Year-over-year, gross margin was slightly higher, with revenue and gross profit both increasing.
Monitor the trend of cost of revenue relative to revenue, as it is the key variable affecting gross margin movement.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| HP Inc. (HPQ) | 20.9% |