惠普 (HPQ) 2026 Q2 法說會逐字稿

Good day, everyone, and welcome to the second-quarter 2026 HP Inc. earnings conference call. My name is Krista, and I'll be your conference moderator for today's call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

各位大家好，歡迎參加 HP Inc. 2026 會計年度第二季財報電話會議。我是 Krista，將擔任今天會議的主持人。(接線員指示) 提醒各位，本次會議將錄音以供重播。

I would now like to turn the call over to Alok Juyal, Global Treasurer and Head of Investor Relations. Please go ahead.

現在我想把電話會議交給全球財務長兼投資人關係主管 Alok Juyal。請開始。

Good afternoon, everyone, and welcome to HP's second quarter 2026 earnings conference call. With me today are Bruce Broussard, HP's Interim Chief Executive Officer; and Karen Parkhill, HP's Chief Financial Officer. Before handing the call over to Bruce, let me remind you that this call is a webcast, and a replay will be available on our website shortly after the call for approximately one year.

各位下午好，歡迎參加 HP 2026 會計年度第二季財報電話會議。今天與我一同出席的有 HP 臨時執行長 Bruce Broussard，以及 HP 財務長 Karen Parkhill。在把電話交給 Bruce 之前，提醒各位本次會議為網路直播，會後不久將在我們網站提供重播，約可供回放一年。

We posted the earnings release and accompanying slide presentation on our Investor Relations web page at investor.hp.com. As always, elements of this presentation are forward-looking and are based on our best view of the world and our business as we see them today.

我們已在 investor.hp.com 的投資人關係網頁上發布財報新聞稿及隨附的簡報投影片。如同以往，本簡報中的部分內容屬於前瞻性陳述，係基於我們對當前世界與業務狀況的最佳判斷。

For more detailed information, please see disclaimers in the earnings materials relating to forward-looking statements that involve risks, uncertainties, and assumptions. For a discussion of some of these risks, uncertainties, and assumptions, please refer to HP's SEC reports, including our most recent Form 10-K. HP assumes no obligation and does not intend to update any such forward-looking statements.

如需更詳細資訊，請參閱財報資料中與前瞻性陳述相關的免責聲明，其中涉及風險、不確定性與假設。關於其中部分風險、不確定性與假設的討論，請參閱 HP 向 SEC 提交的報告，包括我們最新的 Form 10-K。HP 不承擔且無意更新任何此類前瞻性陳述之義務。

We also note that the financial information discussed on this call reflects estimates based on information available now and could differ materially from the amounts ultimately reported in HP's SEC filings. During this webcast, unless otherwise specifically noted, all comparisons are year-over-year comparisons with the corresponding year ago period. In addition, unless otherwise noted, references to HP channel inventory refer to Tier 1 channel inventory, and market share references are based on calendar quarter information.

我們亦提醒，本次電話會議所討論的財務資訊反映的是基於目前可得資訊的估計，且可能與最終在 HP 向 SEC 申報文件中所報告的金額存在重大差異。在本次網路直播中，除非另有特別說明，所有比較均為與去年同期的年對年比較。此外，除非另有說明，提及 HP 通路庫存係指第一級（Tier 1）通路庫存，而市占率的提及係以曆年季度資料為基礎。

Unless otherwise specified, all financial measures discussed today are non-GAAP, and EPS refers to non-GAAP diluted net earnings per share. Please refer to the tables in today's earnings release and the accompanying slide presentation on our website for reconciliations of these non-GAAP measures to the most directly comparable GAAP measures.

除非另有說明，今天討論的所有財務衡量指標均為非 GAAP，且 EPS 指非 GAAP 稀釋後每股淨利。請參閱今日財報新聞稿中的表格，以及我們網站上隨附的簡報投影片，以取得這些非 GAAP 指標與最直接可比 GAAP 指標之間的調節表。

With that, I will now turn the call over to Bruce.

接下來，我把電話交給 Bruce。

Thank you, Alok, and thanks, everyone, for joining us today. I want to start by saying how much I appreciate the opportunity to lead HP during this important time for the company. Through the efforts of our team around the world, we continue to advance our Future of Work strategy and help our customers navigate one of the most significant technology shifts ever due to AI.

謝謝你，Alok，也謝謝各位今天加入我們。我想先表示，我非常珍惜在公司這個關鍵時刻領導 HP 的機會。在全球團隊的努力下，我們持續推進「未來工作（Future of Work）」策略，並協助客戶因應 AI 所帶來、堪稱史上最重大的科技轉變之一。

I want to recognize and thank the entire HP team for the focus, discipline, and agility they demonstrate every day. As interim CEO, I have spent significant time with customers, partners and employees. What I've seen is an organization that's moving with speed, focus, and urgency to strengthen our market position and accelerate innovation that benefits our customers.

我想表揚並感謝整個 HP 團隊每天展現的專注、紀律與敏捷。作為臨時執行長，我花了大量時間與客戶、合作夥伴及員工交流。我所看到的是一個以速度、聚焦與緊迫感前進的組織，致力於強化我們的市場地位，並加速能為客戶帶來效益的創新。

This is translating into strong results in a complex operating environment. Our second quarter performance underscores both the resilience of the business today and the opportunities we see ahead. Today, I'll share the innovations we're bringing to market across our portfolio, the results we delivered this quarter, as well as how we're planning for the environment ahead.

這正轉化為在複雜營運環境中的強勁成果。我們第二季的表現凸顯了當前業務的韌性，以及我們對未來所看到的機會。今天我將分享我們在整體產品組合中推向市場的創新、本季交出的成果，以及我們如何為未來環境進行規劃。

But first, let me address one topic I know is top of mind, the CEO search. As a reminder, the Board established a search committee and engaged an external search firm. We're looking for a leader with the following attributes: first, a proven track record of creating long-term value for customers and shareholders.

但首先，我想談一個我知道大家最關心的議題：執行長遴選。提醒各位，董事會已成立遴選委員會並聘請外部獵才公司。我們正在尋找具備以下特質的領導者：第一，具備為客戶與股東創造長期價值的實績。

Second, the ability to operate effectively in a complex and rapidly changing environment like many companies are navigating today. Lastly, global and multisegment business experience. We are engaged in a comprehensive process to select the best leader for HP. While we're not in a position to provide a time line, the Board is actively evaluating candidates who align with HP's needs.

第二，能在如同許多公司目前所面臨的複雜且快速變動環境中有效運作的能力。最後，具備全球化與多事業（multisegment）經營經驗。我們正進行全面性的流程，以為 HP 選出最合適的領導者。雖然目前無法提供時間表，但董事會正積極評估符合 HP 需求的候選人。

Turning to innovation. Let me share how we're bringing our strategy to life across the company. As work evolves, organizations face critical decisions about their IT infrastructure, and employees are adapting to new ways of working, especially in the age of AI. AI innovation is accelerating, adoption growing rapidly across enterprises. Customers are becoming more thoughtful about where AI workflows run.

接著談創新。我想分享我們如何在全公司落實策略。隨著工作型態演進，組織在 IT 基礎架構方面面臨關鍵決策，而員工也在適應新的工作方式，尤其是在 AI 時代。AI 創新正在加速，企業端的採用也快速成長。客戶對於 AI 工作流程應在何處運行，正變得更加審慎。

AI is transforming computing from passive devices to context-aware intelligence systems. Companies like HP that own the trusted edge, the workflow context, and the orchestration layer between local and cloud intelligence will be positioned to thrive in this environment. Rising cloud costs associated with agentic AI, along with latency, privacy, and security considerations are driving demand for AI workloads at the edge.

AI 正將運算從被動裝置轉變為具情境感知的智慧系統。像 HP 這樣掌握可信任的邊緣端（trusted edge）、工作流程情境（workflow context），以及本地與雲端智慧之間協同編排層（orchestration layer）的公司，將有望在此環境中蓬勃發展。與代理式 AI（agentic AI）相關的雲端成本上升，加上延遲、隱私與安全考量，正推動市場對邊緣端 AI 工作負載的需求。

As a result, customers are building AI at the edge using smaller, open source and proprietary models with more capable hardware and secure software layers. HP is enabling the Future of Work by providing the essential tools and technology necessary for this transformation. Our devices and software stack support the shift with strong architectural capabilities for edge inferencing and new AI workload.

因此，客戶正以更強大的硬體與安全的軟體層，在邊緣端建置 AI，採用更小型的開源與專有模型。HP 透過提供此轉型所需的關鍵工具與技術，推動「未來工作」。我們的裝置與軟體堆疊支援這項轉變，具備強大的架構能力，可用於邊緣端推論（edge inferencing）與新的 AI 工作負載。

We are becoming the trusted intelligent edge provider, connecting devices, workflows, context, and physical environment. We continue to believe the future of AI is hybrid, with edge playing an increasingly important role over time. Building on this opportunity, we recently unveiled a wave of innovation at our HP Imagine event, our annual global technology showcase of new products and solutions.

我們正成為可信任的智慧邊緣供應商，連結裝置、工作流程、情境與實體環境。我們持續相信 AI 的未來是混合式（hybrid），且邊緣端將隨時間扮演愈來愈重要的角色。基於這項機會，我們近期在年度全球科技展示活動 HP Imagine 上，發表了一波新產品與解決方案的創新。

In Personal Systems, we introduced the next-generation AI PC and expanded local AI capabilities with an ecosystem of more than 150 software companies of all sizes. Previously, we highlighted our collaboration with partners like Zoom and CrowdStrike. Today, I want to showcase other software partners.

在個人系統（Personal Systems）方面，我們推出新一代 AI PC，並透過超過 150 家各種規模的軟體公司所組成的生態系，擴展本地端 AI 能力。先前我們已重點介紹與 Zoom、CrowdStrike 等合作夥伴的協作。今天，我想展示其他軟體合作夥伴。

Goodnotes, for example, is leveraging the NPU for local audio transcription and summarization, while AI Producer is transforming our AI PCs into professional production studios. These are just a few examples of how we are enhancing productivity, output, and workflow experience for our customers.

例如，Goodnotes 正利用 NPU 進行本地端音訊轉錄與摘要，而 AI Producer 則把我們的 AI PC 轉變為專業製作工作室。這些只是我們如何為客戶提升生產力、產出與工作流程體驗的幾個例子。

To bring data center capabilities directly to the desktop in order to support the most demanding AI and compute workloads, we introduced new Z workstations and AI stations. These purpose-built devices enable customers to develop, run inference, and scale AI workloads, providing greater control over token costs, latency, and enterprise data security.

為了將資料中心能力直接帶到桌面端，以支援最嚴苛的 AI 與運算工作負載，我們推出全新的 Z 工作站與 AI 工作站（AI stations）。這些為特定用途打造的裝置，讓客戶能開發、執行推論並擴展 AI 工作負載，並在代幣成本（token costs）、延遲與企業資料安全方面提供更高的掌控度。

In print, we launched a new LaserJet series with AI-enabled document workflows, quantum-resistant security and up to 50% faster document handling, making work easier and more secure. We're also extending innovation into areas like construction and design, connecting physical and digital workflows to help teams stay aligned from the office to the job site.

在列印方面，我們推出全新的 LaserJet 系列，具備 AI 驅動的文件工作流程、抗量子（quantum-resistant）安全性，以及最高可達 50% 更快的文件處理速度，讓工作更輕鬆且更安全。我們也將創新延伸至建築與設計等領域，連結實體與數位工作流程，協助團隊從辦公室到工地現場都能保持一致。

Also this quarter, we introduced the HP Multi Jet Fusion 1200, bringing industrial 3D printing capabilities into a more compact, accessible system design to help customers move from prototyping to production closer to where work happens. We're also creating better together experiences across our portfolio with the introduction of HP IQ.

此外，在本季度，我們推出了 HP Multi Jet Fusion 1200，將工業級 3D 列印能力帶入更精巧、易於取得的系統設計，協助客戶把流程從原型製作推進到更貼近實際作業現場的量產。我們也透過推出 HP IQ，在我們的產品組合中打造更佳的「更好在一起」體驗。

This is a groundbreaking intelligence layer that coordinates seamless integrated experiences across all our products. A key feature is HP NearSense, a new spatial intelligence that helps devices easily discover and connect to each other. The goal is to make task like file sharing, joining meetings, and moving between environments feel more intuitive and effortless.

這是一個突破性的智慧層，可在我們所有產品之間協調並提供無縫整合的體驗。其中一項關鍵功能是 HP NearSense，這是一種新的空間智慧，可協助裝置更容易彼此發現並連線。目標是讓檔案分享、加入會議，以及在不同環境間切換等任務更直覺、更省力。

As work becomes more connected, yet distributed, IT teams need simpler ways to manage, secure, and optimize environments. That's why we've enhanced our Workforce Experience Platform, known as WXP, with AI-driven tools for proactive management of personal endpoints and shared spaces. WXP actively manages over 5.2 million devices across 180 countries.

隨著工作變得更互聯、但也更分散，IT 團隊需要更簡化的方法來管理、保護並最佳化環境。因此，我們以 AI 驅動的工具強化了我們的 Workforce Experience Platform（WXP），用於主動管理個人端點與共享空間。WXP 目前在 180 個國家主動管理超過 520 萬台裝置。

These innovations represent our commitment to creating more connected experiences across devices, software, services, and security. They reflect our One HP approach in action, which we believe positions us well to create more value for our customers and partners. We're seeing strong customer interest in these new innovations, which underscores our approach and a growing customer demand for our solutions.

這些創新代表我們致力於在裝置、軟體、服務與安全性之間打造更互聯的體驗。它們展現了我們 One HP 方法的落實，我們相信這使我們能更好地為客戶與合作夥伴創造更多價值。我們看到客戶對這些新創新有強勁興趣，這凸顯了我們的方法，也反映客戶對我們解決方案的需求正在成長。

Let me turn to our quarterly results. In February, I said our focus would be on prudent execution, taking the right cost action and continuing to advance our Future of Work strategy. I'm pleased to report we delivered against those commitments in Q2. Revenue grew 9% year-over-year, marking the eighth consecutive quarter of top line growth, led by strong Personal Systems performance, while print results were in line with expectations.

接下來我談談本季業績。在 2 月時，我曾表示我們將聚焦於審慎執行、採取適當的成本行動，並持續推進我們的「未來工作」策略。我很高興向各位報告，我們在第二季達成了這些承諾。營收年增 9%，為連續第八季營收成長，主要由個人系統的強勁表現帶動，而列印業務的結果也符合預期。

Importantly, the quarter reflected not just growth, but disciplined execution. We continue to grow in high-value categories and accelerate our mitigation strategy to manage commodity cost pressures, which allowed us to deliver EPS above our guidance. Let me turn to segment performance. In Personal Systems, revenue grew 13% year-over-year with strong growth in both Commercial and Consumer.

重要的是，本季不僅呈現成長，也展現了有紀律的執行。我們持續在高價值品類中成長，並加速推進我們的緩解策略以管理大宗商品成本壓力，因而使我們的 EPS 高於指引。接下來我談談各事業部門表現。在個人系統方面，營收年增 13%，商用與消費兩大領域皆有強勁成長。

This includes continued momentum in AI PCs, which increased from more than 35% to 44% of our shipment mix in the quarter, as well as continued strength in Advanced Compute Solutions and Workforce Solutions. In print, revenue was flat year-over-year in a competitive market, as expected.

其中包括 AI PC 的持續動能，本季其出貨組合占比由超過 35% 提升至 44%，同時先進運算解決方案與勞動力解決方案也持續強勁。在列印方面，面對競爭激烈的市場，營收如預期與去年同期持平。

We remain focused on pricing discipline and placement of profitable units and gained share in Big Tank printers, in line with our strategy. Industrial Graphics delivered its 11th straight quarter of revenue growth with momentum in hardware, supplies, and services.

我們仍專注於價格紀律與獲利機種的投放，並依照策略在大容量墨水匣（Big Tank）印表機取得市占提升。工業圖形（Industrial Graphics）在硬體、耗材與服務的動能帶動下，達成連續第 11 季營收成長。

Turning to the external environment. We continue to navigate a challenging supply and cost environment while remaining focused on disciplined execution. In Q2, as anticipated, memory and storage costs increased sequentially. We expect this trend to continue in the second half of 2026, with costs increasing in fiscal Q3 and Q4. Our strong execution of the mitigation strategies we outlined in February has strengthened our ability to navigate future headwinds.

接著談外部環境。我們持續在充滿挑戰的供應與成本環境中前行，同時仍專注於有紀律的執行。如第二季所預期，記憶體與儲存成本較前一季上升。我們預期此趨勢將在 2026 年下半年延續，並在會計年度第三季與第四季成本進一步上升。我們在 2 月所提出的緩解策略執行有力，已強化我們因應未來逆風的能力。

Let me walk through the strong progress we have made in our 4-pillar plan. First, through our strong supplier relationships and long-term agreements, we are confident we have the memory and storage that we need for this fiscal year. Second, we fully operationalized a planning model that tightly aligns supply, demand, and product configuration decisions. This gives us greater flexibility to respond in real time and better positions the right products, the right markets to meet customer demand.

我來說明我們在四大支柱計畫上取得的強勁進展。第一，透過我們與供應商的穩固關係與長期協議，我們有信心本會計年度所需的記憶體與儲存供應充足。第二，我們已全面落地一套規劃模型，緊密對齊供給、需求與產品配置決策。這讓我們能更靈活地即時回應，並更好地把合適的產品投放到合適的市場以滿足客戶需求。

Third, our strategic inventory helped us remain cost competitive and maintain supply continuity. We continue enrolling new suppliers, taking strategic inventory positions, strengthening our operational muscle through demand steering activities and expanding our attached businesses.

第三，我們的策略性庫存協助我們維持成本競爭力並確保供應連續性。我們持續導入新供應商、採取策略性庫存布局，並透過需求導引活動強化營運能力，同時擴大我們的附加業務。

Lastly, we remain disciplined on both pricing and cost. We executed a differentiated repricing strategy, prioritizing strategic customers, distributors, and countries. We also executed across multiple cost levers, including sourcing optimization, platform cost reduction and company-wide productivity actions to help offset ongoing pressures while continuing to invest in the business.

最後，我們在定價與成本兩方面都維持紀律。我們執行差異化的重新定價策略，優先聚焦策略性客戶、經銷商與國家/地區。我們也在多項成本槓桿上採取行動，包括採購最佳化、平台成本降低，以及全公司生產力提升措施，以在持續投資業務的同時抵銷持續的壓力。

Looking ahead, we expect the memory and storage environment to remain constrained. In addition, we also anticipate broader inflationary pressures beyond memory and storage, including oil prices and their downstream effects. To help mitigate these headwinds, we will continue to leverage the operational capabilities and discipline we strengthened in Q2. We remain focused on driving long-term growth by leveraging our strong portfolio, go-to-market reach, supplier relationships, and innovation pipeline.

展望未來，我們預期記憶體與儲存的環境仍將維持緊俏。此外，我們也預期記憶體與儲存以外將出現更廣泛的通膨壓力，包括油價及其下游影響。為協助緩解這些逆風，我們將持續運用並延續我們在第二季所強化的營運能力與紀律。我們仍專注於運用我們強大的產品組合、上市推廣觸及能力、供應商關係與創新管線，推動長期成長。

In closing, we're confident in our Future of Work strategy and the significant opportunity ahead as AI continues moving to the edge. We believe our continued focus on innovation and disciplined execution positions us well to drive sustainable growth and long-term shareholder value.

最後，我們對「未來工作」策略以及 AI 持續走向邊緣所帶來的重大機會充滿信心。我們相信，持續聚焦創新與有紀律的執行，將使我們具備推動永續成長與長期股東價值的良好條件。

With that, I'll turn it over to Karen.

接下來，我把時間交給 Karen。

Thank you, Bruce, and good afternoon, everyone. We are pleased with our second quarter results and the progress we've made against our financial commitments for the year. We delivered solid top line growth, driven by continued strength in Personal Systems and momentum in our key growth areas.

謝謝你，Bruce，各位下午好。我們對第二季的結果以及我們在達成年度財務承諾方面取得的進展感到滿意。在個人系統持續強勁以及我們關鍵成長領域的動能帶動下，我們實現了穩健的營收成長。

And through disciplined execution and an emphasis on what we can control, we also delivered EPS above our guidance range. Our results reflect the progress we have made on executing to the playbook we laid out at the beginning of the year to mitigate higher input costs. We took deliberate actions to lower our memory cost by accelerating product reconfiguration and qualifying lower-cost components.

同時，透過有紀律的執行並聚焦於我們可控的事項，我們也交出了高於指引區間的 EPS。我們的結果反映了我們在年初所提出、用以緩解較高投入成本的作戰手冊之執行進展。我們採取了審慎行動，透過加速產品重新配置並認證較低成本的零組件，以降低記憶體成本。

We optimized the use of lower-cost inventory on hand while shaping demand to higher-margin units. And lastly, we took action to reprice for commodity increases. Together, these actions had a meaningful impact on our operating profit in the quarter, enabling us to deliver results above expectations.

我們最佳化使用現有的較低成本庫存，同時將需求導向毛利較高的機種。最後，我們也針對大宗商品成本上升採取重新定價行動。綜合而言，這些行動對本季營業利益帶來顯著影響，使我們得以交出高於預期的表現。

Now let me walk you through more details on our second quarter performance. We delivered 9% revenue growth year-over-year or 6% in constant currency. By geography, the continued Win 11 refresh cycle in Asia and Europe helped to drive strong performance as expected, with constant currency revenue in APJ up 18%, EMEA up 6%, and Americas flat.

現在我將帶各位更深入了解第二季表現的細節。我們的營收年增 9%，若以固定匯率計算則成長 6%。按地區來看，亞洲與歐洲持續的 Windows 11 換機週期如預期帶動強勁表現；以固定匯率計算，APJ 營收成長 18%，EMEA 成長 6%，美洲則持平。

Gross margin was 20.9%, up year-over-year, driven by favorable pricing and contributions from key growth areas, partly offset by higher commodity costs and increased mix from Personal Systems. Operating expenses as a percent of revenue remained flat year-over-year with continued investment in innovation, product promotion and people, offset in part by disciplined cost management.

毛利率為 20.9%，較去年同期上升，主要受惠於有利的定價以及關鍵成長領域的貢獻，但部分被較高的大宗商品成本與個人系統占比提高所抵銷。營業費用占營收比重與去年同期持平；我們持續投資於創新、產品推廣與人才，同時部分由有紀律的成本管理所抵銷。

All in, our operating margin was 7.5%, up 20 basis points year-over-year. Below operating profit, lower financing costs contributed to better-than-expected other income and expense in the quarter. And with a diluted share count of approximately 925 million shares, our net earnings per share was $0.86, up over 20% year-over-year.

整體而言，我們的營業利益率為 7.5%，年增 20 個基點。在營業利益以下，較低的融資成本使本季其他收益與費用優於預期。在稀釋後股數約 9.25 億股的情況下，我們的每股淨利為 0.86 美元，年增超過 20%。

Now let's turn to segment performance. We delivered 13% top line growth in Personal Systems, reflecting prioritization of higher-value unit placements, continued services expansion and disciplined pricing, partly offset by lower volumes. Consistent with our strategy, we gained share in the premium PC categories.

現在讓我們來看各事業部門的表現。個人系統（Personal Systems）營收年增 13%，反映我們優先配置更高價值的出貨組合、服務持續擴張以及嚴謹的定價策略，部分被較低的出貨量所抵銷。與我們的策略一致，我們在高階 PC 類別中提升了市占。

We also drove strong performance in key growth areas, with double-digit year-over-year revenue growth in AI PCs, Advanced Compute Solutions, and Workforce Solutions. We also delivered double-digit revenue growth year-over-year in both Consumer, up 10%, and Commercial, up 14%, driven by repricing actions to cover commodity headwinds and favorable mix.

我們也在關鍵成長領域推動強勁表現，AI PC、先進運算解決方案（Advanced Compute Solutions）與工作力解決方案（Workforce Solutions）營收皆呈現兩位數年增。同時，消費端營收年增 10%，商用端年增 14%，主要受惠於為因應大宗商品逆風而採取的重新定價措施以及有利的產品組合。

As expected, Commercial showed above seasonal sequential performance, which we attribute in part to some demand pull-in ahead of rising commodity prices. All in, we drove Personal Systems operating profit growth of 30% year-over-year, with operating margins at 5.2%, above expectations, and due to the accelerated mitigation actions, we took to offset higher input costs.

如預期，商用端的季對季表現優於季節性水準，我們認為部分原因是因應大宗商品價格上漲前的提前拉貨。整體而言，個人系統營業利益年增 30%，營業利益率達 5.2%，高於預期，主要因我們加速採取緩解措施以抵銷較高的投入成本。

Print revenue was flat year-over-year as expected, with hardware volume declines offset by favorable pricing and currency. Momentum in key growth areas continued, with double-digit revenue growth in Consumer Subscriptions, including an increase in subscribers to our All-In Plan. And industrial print delivered another solid quarter, with year-over-year revenue growth across all regions. We also drove double-digit growth in 3D printing for the fifth straight quarter.

列印業務營收如預期與去年同期持平，硬體出貨量下滑被有利的定價與匯率所抵銷。關鍵成長領域動能延續，消費者訂閱（Consumer Subscriptions）營收年增達兩位數，其中包括我們 All-In 計畫訂閱戶的增加。工業列印再度交出穩健的一季，各地區營收皆較去年同期成長。我們也連續第五季在 3D 列印實現兩位數成長。

By customer segment, Consumer revenue declined 10% year-over-year due to lower traditional printer volume in what continues to be a competitive pricing environment. Aligned with our strategy, we delivered double-digit unit growth in tank printers, gaining share both year-over-year and sequentially.

按客戶別來看，消費端營收年減 10%，主因在競爭性定價環境持續下，傳統印表機出貨量較低。與我們的策略一致，我們在連供式（tank）印表機的出貨量實現兩位數成長，市占不論年對年或季對季皆提升。

Commercial revenue was flat year-over-year, with higher ASPs helping to offset lower volumes. We saw continued improvement in the office market and drove share gains sequentially across all A4 office categories. Supplies was flat year-over-year in constant currency, with pricing and share gains offsetting headwinds from installed base and usage.

商用端營收年對年持平，較高的平均售價（ASP）有助於抵銷較低的出貨量。我們看到辦公市場持續改善，並在所有 A4 辦公類別中於季對季取得市占提升。以固定匯率計，耗材（Supplies）營收年對年持平，定價與市占提升抵銷了裝機基數與使用量帶來的逆風。

We delivered an operating margin of 18.3%, down year-over-year as expected, with higher trade-related costs and promotional investment, particularly in Big Tanks, partly offset by pricing. Across HP, we continue to advance our AI-enabled transformation, including modernizing our software development and delivery capabilities.

我們的營業利益率為 18.3%，如預期較去年同期下滑，主因貿易相關成本上升與促銷投資增加，尤其是在 Big Tanks 產品上，部分被定價所抵銷。在 HP 全公司，我們持續推進 AI 賦能的轉型，包括現代化我們的軟體開發與交付能力。

We are consolidating platforms, simplifying applications and using AI to boost developer productivity, speed innovation, and deliver better customer experiences faster. And we are also scaling similar initiatives across the company, including in our supply chain, go-to-market, and customer support organizations. We remain on track to generate approximately $1 billion in gross annualized run rate savings by the end of fiscal year 2028.

我們正在整併平台、簡化應用程式，並運用 AI 提升開發者生產力、加速創新，並更快提供更佳的客戶體驗。我們也在全公司擴大推行類似計畫，包括供應鏈、上市推廣（go-to-market）以及客戶支援組織。我們仍按計畫在 2028 會計年度末前，實現約 10 億美元的年度化毛額執行率節省（gross annualized run rate savings）。

As part of our efforts, we announced a voluntary early retirement plan in the quarter, and the expenses associated with that plan are included in our Q2 restructuring charges. Our cost-saving efforts remain an important lever to help offset macro headwinds while continuing to fuel investment in key strategic and go-to-market initiatives.

作為相關努力的一部分，我們在本季宣布自願提前退休方案，與該方案相關的費用已納入我們第二季的重組費用。我們的節省成本措施仍是重要槓桿，有助於抵銷總體環境逆風，同時持續支持對關鍵策略與上市推廣計畫的投資。

Now let me move to cash flow and capital allocation. We generated over $900 million in cash from operations and roughly $800 million in free cash flow in the quarter, above our expectations, on the strength of Personal Systems performance. And we returned nearly $400 million to shareholders through dividends and share repurchase and finished the quarter within our target leverage ratio.

接下來談現金流與資本配置。本季我們營運活動產生超過 9 億美元現金，並創造約 8 億美元自由現金流，高於預期，主要受惠於個人系統的強勁表現。我們也透過股利與庫藏股回購向股東返還近 4 億美元，並在本季結束時維持在目標槓桿比率範圍內。

We remain committed to returning approximately 100% of our free cash flow to shareholders over time as long as our gross leverage remains under 2x and there aren't better return opportunities. Looking ahead to the second half of the year, we expect to continue to drive revenue growth. And as Bruce mentioned, we also expect rising input costs to put increasing pressure on our operating margins, particularly in Personal Systems. So we are taking a prudent approach to our outlook.

只要我們的總槓桿（gross leverage）維持在 2 倍以下，且沒有更好的報酬機會，長期而言我們仍致力於向股東返還約 100% 的自由現金流。展望下半年，我們預期將持續推動營收成長。同時，如 Bruce 所提，我們也預期投入成本上升將對營業利益率造成愈來愈大的壓力，特別是在個人系統。因此，我們對展望採取審慎的態度。

That said, we have a strong track record of navigating near-term headwinds, and we'll remain focused on building on our Q2 momentum. By segment, in Personal Systems, we remain aligned with industry experts, projecting the PC unit TAM to decline at a rate in the high teens for the second half of the calendar year.

儘管如此，我們在因應短期逆風方面有良好紀錄，並將持續專注於延續第二季的動能。按部門來看，在個人系統方面，我們與產業專家看法一致，預估在曆年下半年 PC 單位總可服務市場（TAM）將以接近 20% 的高十幾％幅度下滑。

Against this market backdrop, we continue to expect revenue growth in our fiscal year, driven by pricing actions, share gains in premium categories and increased attach of higher-margin offerings. For Q3, we expect below seasonal revenue performance, given first half demand pull forward ahead of commodity price increases. And as signaled, we expect input costs to continue to increase through the back half.

在此市場背景下，我們仍預期本會計年度營收將成長，動能來自定價措施、高階品類市占提升，以及更高毛利產品與服務的附加率（attach）增加。第三季方面，考量上半年在大宗商品價格上漲前的需求提前拉動，我們預期營收表現將低於季節性水準。並如先前所示，我們預期投入成本將在下半年持續上升。

Given that, along with a decreasing benefit from the lower cost inventory on hand, we continue to expect Personal Systems OP rate to be below our long-term range for the remainder of the year. In print, we are aligned with industry experts, anticipating a low single-digit decline in the hardware market in the second half of the calendar year.

因此，加上手上較低成本庫存帶來的效益逐步減少，我們仍預期個人系統的營業利益率（OP rate）在今年剩餘期間將低於我們的長期區間。在列印方面，我們與產業專家看法一致，預期曆年下半年硬體市場將出現低個位數的下滑。

We are executing our plans to gain additional share both in tank printers through portfolio extensions and targeted promotions and in office as we fully roll out our latest AI-enabled laser portfolio. We also expect sustained momentum in key growth areas by expanding subscribers to our All-In Plan and driving growth in industrial. And while we continue to project Supplies revenue will be down low single digit for the year in constant currency, we expect to drive both pricing and share gains.

我們正執行計畫以取得更多市占：一方面透過產品組合延伸與精準促銷提升連供式（tank）印表機市占；另一方面在我們最新 AI 賦能雷射產品組合全面推出後，於辦公市場擴大滲透。我們也預期關鍵成長領域將維持動能，透過擴大 All-In 計畫訂閱戶並推動工業列印成長。此外，雖然我們仍預估以固定匯率計耗材營收全年將呈低個位數下滑，但我們預期可同時推動定價與市占提升。

For Q3, we expect print revenue generally in line with normal seasonality. And we expect operating margins near the lower end of our long-term range, reflecting typical seasonality, incremental hardware unit placement and near-term input cost pressures, which we are actively working to mitigate.

第三季方面，我們預期列印營收大致符合正常季節性。我們預期營業利益率將接近長期區間的低端，反映典型季節性、額外的硬體裝機（unit placement），以及短期投入成本壓力；我們正積極採取措施加以緩解。

That said, for the full year, we expect operating margins solidly in the range. Beyond the segments, we continue to expect OI&E to be approximately $500 million for the year and corporate other expense to be slightly under $1 billion. In summary, with two solid quarters behind us, we are strengthening our outlook for the fiscal year.

儘管如此，就全年而言，我們預期營業利益率將穩健落在該區間內。除各部門外，我們仍預期全年其他收益與費用（OI&E）約為 5 億美元，企業其他費用略低於 10 億美元。總結來說，在連續兩季穩健表現之後，我們正在上調本會計年度的展望。

As you recall, last quarter, we signaled that earnings per share could be closer to the lower end of our guidance range. However, with the meaningful progress we have made against our mitigation playbook, we are now more confident in our ability to deliver higher EPS this fiscal year.

如各位所記得，上季我們曾表示每股盈餘可能更接近指引區間的低端。然而，隨著我們在緩解行動手冊（mitigation playbook）上取得顯著進展，我們現在更有信心在本會計年度交出更高的每股盈餘（EPS）。

As such, we now expect diluted net earnings per share to be in the range of $2.90 to $3.10. For Q3, we expect diluted net earnings per share to be in the range of $0.61 to $0.71. Lastly, given our expectations for improved earnings performance, we expect our annual free cash flow to be solidly in the range of $2.8 billion to $3 billion.

因此，我們現在預期稀釋後每股淨利將落在 2.90 美元至 3.10 美元之間。就第三季而言，我們預期稀釋後每股淨利將落在 0.61 美元至 0.71 美元之間。最後，鑑於我們對獲利表現改善的預期，我們預期全年自由現金流將穩健落在 28 億美元至 30 億美元的區間。

In closing, we are pleased with our first half performance and progress we are making against our strategic and financial priorities. While we expect the external environment to remain dynamic in the back half of the year, we are focused on disciplined execution, accelerating our mitigation actions, and continued investment in innovation and growth to drive long-term value.

總結來說，我們對上半年表現以及在策略與財務優先事項上的推進進展感到滿意。雖然我們預期今年下半年外部環境仍將持續變動，我們將專注於嚴謹執行、加速我們的緩解措施，並持續投資創新與成長，以驅動長期價值。

As we turn to Q&A, given the current dynamics in our PC business, we've invited Ketan Patel, who leads Personal Systems, to join us, similar to last quarter.

接下來進入問答環節，鑑於我們 PC 業務目前的態勢，我們邀請了負責個人系統（Personal Systems）的 Ketan Patel 一同加入，與上一季相同。

So with that, I would like to hand it back to the operator and open the call for your questions.

那麼，我想把時間交還給接線員，並開放各位提問。

(Operator Instructions)

（接線員指示）

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Thanks for taking my question. Maybe for the first one, pretty strong margin performance in the PS segment. I know you're talking about that moderating as you go into the back half with memory costs continue to go up. Maybe if you could talk about the offsets in the back half. You've talked about cost decreases or moderation of cost that you worked on as well as price increases.

謝謝讓我提問。第一個問題可能是，PS 部門的毛利率表現相當強勁。我知道你們提到進入下半年後，隨著記憶體成本持續上升，這種表現會趨於緩和。能否談談下半年有哪些抵銷因素？你們提到過你們也在推動成本下降或成本增幅放緩，以及價格上調。

As you look to offset some of the memory cost increase in the back half, do you have more room to go on the cost reduction? Or is it -- is the back half more dictated by price increases that you potentially need to take? And I have a follow-up as well.

在下半年要抵銷部分記憶體成本上升時，你們在成本削減方面還有多少空間？還是說——下半年更多將取決於你們可能需要採取的價格上調？我也還有一個追問。

Yes. Thanks for the question, Samik. We talked about the fact that we continue to expect input costs to rise in the back half. And we also have the reducing benefit of lower cost inventory from our strategic inventory positions that we had this current quarter, this past quarter. So we do expect our operating margins to be below our long-term range for the balance of the year.

是的。謝謝你的問題，Samik。我們談到過，我們仍預期下半年投入成本會上升。同時，我們在本季、上一季因策略性庫存配置而享有的較低成本庫存所帶來的效益也會減弱。因此，我們確實預期今年剩餘期間的營業利益率將低於我們的長期區間。

But that said, we are actively executing our mitigation actions. And if those actions prove more effective or the environment improves, there could be some upside. I would note, though, that based on what we're seeing today, we would expect Q4 to be a low point, followed by sequential improvement into next fiscal year. And we are, of course, continuing to drive cost reduction. That will continue to benefit us in the back half and into FY27.

不過即便如此，我們正積極執行我們的緩解措施。如果這些措施的效果更佳，或外部環境改善，仍可能帶來一些上行空間。但我也要指出，依據我們目前所見，我們預期第四季將是低點，之後在下一個會計年度將逐季改善。當然，我們也持續推動成本降低。這將在下半年以及延伸至 FY27 持續帶來效益。

Got it. Got it. Great. And maybe on print, you mentioned the increasing input cost on that front as well, including resins. Is the playbook there in terms of margin resilience pretty similar to what you've executed in PS? Or are you thinking about it differently in terms of how to pass some of those costs -- increase in cost to customers?

了解。了解。很好。另外關於列印業務，你提到那邊的投入成本也在上升，包括樹脂。在維持毛利韌性方面，你們的作法是否與在 PS 所執行的策略相當類似？還是你們在如何把部分成本上升——把成本增加轉嫁給客戶方面，有不同的思考？

Yes. Our playbook is very similar to what we executed in Q2, and we're going to continue to drive that in the back half of the year and beyond.

是的。我們的作法與我們在第二季所執行的非常相似，而且我們將在今年下半年及之後持續推動。

Yes. And just to add, just to remind on the Personal Systems, the mitigation strategy were around leveraging our strong supply chain scale. And we demonstrated that in Q2, our ability to have the right level of silicon diversity and strong supply relationships.

是的。另外補充一下，也提醒大家，在個人系統方面，我們的緩解策略是利用我們強大的供應鏈規模。我們在第二季已展現出我們具備適當程度的晶片多元化，以及強健的供應關係。

The other one is about driving cost actions across other commodity baskets as well as the overall design for cost initiative. And lastly is our demand shaping to optimize platforms and configs.

另一項是推動其他大宗商品類別的成本行動，以及整體的「以成本為導向的設計」（design for cost）計畫。最後則是透過需求引導（demand shaping）來最佳化平台與配置。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Good afternoon, everyone. Thanks for taking my question. I guess maybe the first one to start with, could you just help us frame or help us think about the size of the extent of which the first half commercial strength that we saw in the Personal Systems side benefit from pull-forward dynamics versus what you think is a more durable underlying demand given the fact you do have a Windows refresh in AI PC transition?

各位下午好。謝謝讓我提問。我想第一個問題是，你們能否協助我們界定或思考一下：上半年我們在個人系統端看到的商用強勁表現，有多大程度受益於提前拉貨（pull-forward）的動態，相較於更具持續性的基本需求？畢竟你們正面臨 Windows 更新以及 AI PC 轉換。

So I'd love to just understand on the Commercial PC side, how much of the strength you saw was pull forward versus underlying trends?

所以我很想了解，在商用 PC 端，你們看到的強勁表現有多少是提前拉貨、多少是基本趨勢所致？

Yes. Thanks for the question, Amit. We were pleased with the double-digit growth we delivered in both Consumer and Commercial PS, and that was supported by disciplined pricing, along with a richer mix and continued services expansion. There was some pull forward in Commercial PS, as we mentioned, and we estimate that, that added roughly 2% to 3% of revenue. I hope that helps.

是的。謝謝你的問題，Amit。我們對消費與商用個人系統（PS）都實現雙位數成長感到滿意，而這得益於嚴謹的定價策略、更高端的產品組合，以及服務業務的持續擴張。如我們所提，商用 PS 確實有一些提前拉貨，我們估計這大約為營收增加了 2% 到 3%。希望這能有所幫助。

That's super helpful. And then just as a follow-up, right? If I think about the back half guide, the EPS run rate, I think, is around $0.65 to $0.70 a quarter. Is that the right baseline for us to think about as we think about fiscal '27, such that we actually imply EPS in the $2.70 to $2.75 range, perhaps fiscal '27? Or are there vectors or things that you can execute on to ensure that there's EPS growth in fiscal '27 versus the '26 guide? I'm just getting a little bit ahead, but I would appreciate any insights on that.

這非常有幫助。接著追問一下，對吧？如果我看你們對下半年的指引，每季 EPS 的運行水準我認為大約在 0.65 到 0.70 美元。這是否是我們在思考 2027 會計年度時應採用的正確基準，因而推導出 2027 會計年度 EPS 可能在 2.70 到 2.75 美元區間？或者你們是否有一些槓桿或可執行的事項，能確保 2027 會計年度的 EPS 相較於 2026 指引仍能成長？我知道我問得有點超前，但希望能聽到一些看法。

Yes. Thanks, Amit. We are still in our planning process, so it's too early to give guidance for next fiscal year. But I would note that with this increasing cost of memory in Q3 and Q4, we do expect our Q4 PS margins to reach a trough or a low point in Q4, and we do expect sequential improvement in those margins as we move ahead from there.

是的。謝謝，Amit。我們仍在規劃流程中，因此現在要對下一個會計年度提供指引還太早。但我想指出，隨著第三季與第四季記憶體成本上升，我們確實預期第四季 PS 利潤率將在第四季觸底或達到低點，並且我們預期之後隨著時間推進，這些利潤率將逐季改善。

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利。

Thank you so much for taking my questions. Karen, can you just maybe -- just building on Amit's question, first question there. Can you maybe just build a bit on how you're thinking about demand elasticity in the second half of the year and then into 2027? Just kind of given the higher pricing environment and then kind of the evolution of the Windows 11 upgrades.

非常感謝讓我提問。Karen，我想在 Amit 的問題基礎上延伸一下，先問第一個問題。你能否再多談一些你們如何看待今年下半年的需求價格彈性，以及延伸到 2027 年？考量到較高的定價環境，以及 Windows 11 升級的演進。

And maybe my question really is, as you guys sit here today, how do you think about visibility into two, three, four quarters out as you just kind of alluded to some of those statements with Amit? I would just love to kind of understand how you kind of take that view today, how much visibility do you actually have and how you think that impacts demand elasticity? And then a quick follow-up, please.

而我真正的問題是，當你們今天坐在這裡時，你們如何看待未來兩、三、四個季度的能見度？你剛才在與 Amit 的對話中也提到了一些相關說法。我很想了解你們今天如何形成這樣的觀點、實際上有多少能見度，以及你們認為這會如何影響需求的價格彈性？然後我還有一個簡短的追問，謝謝。

Yes. Thanks, Erik. Appreciate it. We did say that we are aligned with industry experts out there that we expect unit TAM to be down high teens in the second half. And that's really given the fact that we see this rising price environment along with, for us, the slight pull forward that we had in Q2.

是的。謝謝你，Erik。感謝。我們確實提到，我們與業界專家的看法一致，預期下半年單位TAM將下滑約高十幾個百分點。這主要是因為我們看到價格環境上升，再加上對我們而言，第二季有些許需求提前拉動。

So we do expect unit demand to be down, but that to be offset in revenue with what -- exactly what we've been driving, increased prices, increased mix to premium, higher attach businesses, et cetera. So Ketan, I'll let you add anything here.

因此我們確實預期單位需求會下滑，但營收方面會被我們一直在推動的因素所抵銷——也就是提高價格、提升高階產品組合、提高附加業務等。所以Ketan，我讓你在這裡補充一下。

Yes. On top of it, we believe there is an intrinsic strength and strength in the demand in both Commercial and Consumer businesses and driven by two factors. One, still Windows 11, 30% of the installed base is still to be refreshed. So that's one tailwind which we see as an opportunity in short run.

是的。此外，我們相信商用與消費兩大業務的需求本身具有韌性與強勁動能，主要由兩個因素驅動。第一，仍然是Windows 11，目前安裝基礎中仍有30%需要汰換更新。所以這是一個我們在短期內視為機會的順風因素。

But in both short run and long run, as a lot of customers are moving workloads to the edge with rising cost of excess AI, that's a great opportunity, we believe, which is structurally available to us for AI at the edge, which will help us drive better mix and share gains, particularly in premium categories. And that's why we will see commercial demand remain strong on account of these two factors.

但無論短期或長期，隨著許多客戶在過高AI成本上升的情況下把工作負載移往邊緣端，我們認為這是很好的機會；在邊緣端AI方面，這對我們而言在結構上是可取得的機會，將有助於我們推動更好的產品組合與市占提升，特別是在高階品類。也因此，基於這兩個因素，我們將看到商用需求維持強勁。

Okay. Super. And then just a quick follow-up. At least in the quarter, I know you guys are in this on a multiyear cost-savings program. OpEx was up 9% year-over-year in the quarter. Just can you please provide a little bit more detail? What drove that? How sustainable is that, just as we look into the second half?

好的。很棒。接著快速追問一下。至少就本季而言，我知道你們正在推動一項為期多年的成本節省計畫。本季營業費用（OpEx）年增9%。能否請你們提供更多細節？是什麼因素推動的？展望下半年，這樣的水準有多可持續？

Yes. Thanks for the question. So our OpEx was flat as a percent of revenue year-over-year as we expected. We do continue to invest in innovation and product promotion, particularly in our Big Tank units and also in our people while we're still maintaining cost discipline.

是的。謝謝你的問題。如我們預期，營業費用占營收比重與去年同期相比持平。我們仍持續投資於創新與產品推廣，特別是在我們的Big Tank機種，同時也投資於人才，但我們仍維持成本紀律。

And just as we look ahead, we would continue to expect OpEx to be roughly flat as a percentage of revenue. We're obviously still driving cost savings that are important levers to enable us to continue to invest in AI and innovation and also help offset some of the macro headwinds. But we expect OpEx to be roughly flat as a percent of revenue ahead.

而展望未來，我們仍預期營業費用大致會維持在占營收比重約持平。我們顯然仍在推動成本節省，這些是重要槓桿，使我們能持續投資於AI與創新，也有助於抵銷部分總體環境逆風。但我們預期未來營業費用占營收比重將大致持平。

David Vogt, UBS.

David Vogt，瑞銀（UBS）。

Hey, thanks for taking the question. This is Brian on for David. So regarding my first one, it's on memory sources/allocation. Can you just speak to the ability to access new or incremental sources to offset the pricing pressures you're seeing? And then I have a quick follow-up.

嗨，謝謝讓我提問。我是Brian，代David提問。第一個問題是關於記憶體來源／配置。你能否談談取得新的或額外來源的能力，以抵銷你們所看到的價格壓力？然後我有個快速追問。

Thanks for the question. I'll take this. We have secured the memory and storage we need for the fiscal year through strong supplier relationship and long-term agreements. And on top of it, we have fully operationalized our supply from planning model that aligns demand, supply, and configuration details, decisions in real time.

謝謝你的問題。我來回答。透過強健的供應商關係與長期協議，我們已確保本財年所需的記憶體與儲存供應。此外，我們已全面落實供應規劃模型，能即時對齊需求、供給與組態細節等決策。

And our strategic inventory position helped us to remain cost competitive while we remain disciplined on pricing and cost, executing a differentiated repricing and multiple cost actions across sourcing, platforms, and productivity. And the speed of recovery is -- differs by customer segment, by geography, by channel type. We're balancing this mix to maximize meeting the customer expectations, and cost recovery will continue to remain our focus.

而我們的策略性庫存部位，讓我們在維持定價與成本紀律的同時，仍能保持成本競爭力；我們也在採購、平台與生產力等面向，執行差異化再定價與多項成本行動。而成本回收的速度——會因客戶區隔、地理區域與通路型態而異。我們正在平衡這個組合，以最大化滿足客戶期待，而成本回收仍將是我們持續聚焦的重點。

Got it. That's helpful. So my second one is going to be on print. Are you seeing any demand spill across from PCs into print hardware and supplies? Are you seeing like a correlation between higher PC pricing, customers may be spending less on other hardware-related products?

了解。很有幫助。第二個問題是關於列印。你們是否看到需求從PC外溢到列印硬體與耗材？例如PC價格較高時，客戶是否可能在其他硬體相關產品上花得更少，兩者是否有相關性？

Yes. Thanks for the question. On print right now, we continue to see a competitive environment and mainly enterprises prioritizing PC right now ahead of print. But over time, we do expect that to improve. And in fact, we're seeing less decline in office over the last three quarters, which is a good sign. And we continue to see print usage trends remain pretty strong.

是的。謝謝你的問題。就目前列印業務而言，我們仍看到競爭環境存在，且企業目前主要優先配置PC而非列印。但隨著時間推進，我們確實預期情況會改善。事實上，過去三個季度我們看到辦公列印的下滑幅度變小，這是個好跡象。而我們也持續看到列印使用量趨勢仍相當強勁。

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行（Bank of America）。

The Supplies revenue flat constant currency, it's a lot higher than your long-term expectations. Would you say like there was some impact also from a channel inventory step-up? Or is this purely related to maybe the mix of like higher hardware in the quarter or something like that?

耗材營收以固定匯率計算持平，這比你們的長期預期高很多。你會說這其中也有通路庫存增加的影響嗎？或者這純粹與本季較高的硬體組合之類因素有關？

Can you just help us think through what drove that sort of much better supplies trajectory, and as you think through the course of the year, how that might play out? And I do have a follow-up.

能否協助我們理解，是什麼推動了耗材這樣明顯更好的走勢？以及你們看待今年接下來的進展，可能會如何演變？我也有一個追問。

Yes. Thanks for the question, Wamsi. I would start with our channel inventories remain in line and healthy to what we would expect. But our supplies revenue was flat year-over-year in constant currency, a little bit better than our expectations this year to decline low single digit in constant currency.

是的。謝謝你的問題，Wamsi。我先從通路庫存談起：我們的通路庫存仍符合預期且維持健康水準。但我們的耗材營收以固定匯率計算年對年持平，表現略優於我們今年原先預期的固定匯率下滑低個位數。

And that was really driven by pricing that we've implemented to help offset the trade-related headwinds as well as share gains. And all of that is helping to offset the headwinds from a lower installed base. That said, we aren't changing our expectations for supplies revenue to decline low single digit in constant currency this fiscal year.

這主要是由我們已實施的定價所驅動，用以抵銷貿易相關逆風，同時也有市占提升。而這些因素共同幫助抵銷因裝機基礎較低所帶來的逆風。不過，我們並未改變本財年耗材營收以固定匯率計算下滑低個位數的預期。

And then we do expect them to continue to decline low to mid-single digits over the long term. But of course, we're focused on managing this trend by continuing to drive market share, also deliver growth in subscriptions and industrial and 3D, which are our key growth areas and our focus on maintaining strong margins.

此外，長期來看我們也預期其將持續下滑低到中個位數。但當然，我們的重點是透過持續提升市占、同時在訂閱制以及工業與3D等關鍵成長領域帶動成長，並專注維持強勁毛利率，以管理這一趨勢。

Okay. Thanks, Karen. And on print margins, you called out different factors that are impacting the third quarter to be at the low end of the print margin range. Should we expect the usual bounce back in Q4? Or will the commodity price increases, whether it be resin or other areas, will that create sort of a different dynamic going into Q4? And in your guidance, are you expecting any tariff refunds? And if so, could you quantify those, please?

好的。謝謝你，Karen。關於列印毛利率，你提到有不同因素使第三季落在列印毛利率區間的低端。我們是否應該預期第四季如往常般回升？或者大宗商品價格上漲（不論是樹脂或其他項目）會讓第四季出現不同的動態？另外，在你們的指引中，是否預期會有任何關稅退稅？若有，能否請你量化一下？

Yes. Thank you. So as we look at the back half of the year with our print margins, we did say that we expect our Q3 op margins to be near the lower end of our long-term range. And that's reflecting not just typical seasonality, but also a focus that we have on placing incremental hardware units.

是的。謝謝。因此，當我們看今年下半年列印業務的利潤率時，我們確實提到，我們預期第三季的營業利潤率會接近我們長期區間的下緣。這反映的不僅是典型的季節性因素，也反映我們著重於投放更多新增的硬體出貨量。

And we do also see some pressure from increased oil-related commodities and transportation costs. But that said, we do see improvement in Q4 in those margins. And as we said, we expect print margins to be solidly in the range for the full fiscal year.

我們也確實看到來自油品相關大宗商品與運輸成本上升所帶來的一些壓力。但即便如此，我們確實看到第四季這些利潤率會有所改善。而且如我們所說，我們預期全年會計年度的列印利潤率將穩健落在該區間內。

And on tariffs, we're monitoring the government refund process, which continues to evolve. But currently, the government is not processing refunds for complex multinational companies like us. So of course, when we're able, we will apply for refunds. But at this stage, it doesn't apply to us.

至於關稅，我們正在監控政府的退稅流程，該流程仍在持續演變。但目前政府並未為像我們這樣複雜的跨國公司處理退稅。因此，當我們可以申請時，當然會提出退稅申請。但在現階段，這不適用於我們。

Asiya Merchant, Citi.

Asiya Merchant，花旗。

Hey, good afternoon. This is Mike Cadiz for Asiya Merchant at Citi. So my first question is, are you able to give any color on the performance by geography and why it's perhaps more disparate? It seems that the -- all the acceleration was mainly from APJ. And just wanted to know if there was any elasticity there and why, or any other factors that we should consider?

嗨，午安。我是花旗 Asiya Merchant 的 Mike Cadiz。我第一個問題是，你們能否就各地區的表現提供一些說明，以及為何可能出現較大的差異？看起來——所有的加速主要都來自 APJ。想了解那裡是否存在某種彈性以及原因，或是還有其他我們應該考量的因素？

Yes. Thanks for the question, Mike. We did see good growth in both EMEA and APJ this quarter, and some of that was driven by the expected tailwinds from Win 11. And I would say at this point, we have roughly 30% of the installed base still on Windows 10, so we still have some more to go.

是的。謝謝你的問題，Mike。本季我們在 EMEA 與 APJ 都看到不錯的成長，其中一部分是由 Windows 11 帶來的預期順風所驅動。而且我想目前我們大約仍有 30% 的既有裝機基礎還在 Windows 10 上，所以還有一些升級空間。

But the growth that we saw in EMEA and APJ reflected that. And I would say the Win 11 refresh that we've driven now in EMEA and APJ is now on par with North America. Geographies?

因此，我們在 EMEA 與 APJ 看到的成長反映了這一點。而且我會說，我們目前在 EMEA 與 APJ 推動的 Windows 11 換機更新，現在已與北美持平。各地區？

Yes, I'll just add that the -- Karen covered it in terms of Europe and APJ growth, mainly because of Windows 11. Americas went earlier in 2025, back half of 2025. So you see that difference between the geographies. But across the three geographies, you see structural demand coming on AI PCs and premium PCs, largely because of the AI and the edge opportunity, which I called out before, and that remains strong even for Q3 and Q4.

是的，我再補充一下——Karen 已就歐洲與 APJ 的成長做了說明，主要是因為 Windows 11。美洲地區是在 2025 年較早、也就是 2025 年下半年開始。所以你會看到各地區之間的差異。但在三大地區，你都能看到 AI PC 與高階 PC 的結構性需求正在浮現，主要是因為 AI 與邊緣端的機會（我先前提到過），而且即使到第三季與第四季，這股動能仍然強勁。

Ananda Baruah, Loop Capital.

Ananda Baruah，Loop Capital。

Yeah, thanks guys for taking the question. I really appreciate it. I was wondering, Ketan, how do you -- you mentioned memory available procured through fiscal '26. What's the useful way to think about how you're feeling about fiscal '27 since it begins not so long from now? And then I have a quick follow-up.

是的，謝謝各位回答問題。我非常感謝。我想請教一下，Ketan，你提到記憶體供應已確保到 2026 會計年度。那麼，對於不久之後就要開始的 2027 會計年度，你們的感受應該如何理解才比較有用？然後我有一個簡短的追問。

Yes, the way you saw our approach in 2026 of securing memory and storage and even CPUs throughout the fiscal year through our strong supplier relationship and long-term agreements, the same process we will continue to make sure is ahead for '27 and beyond.

是的，你看到我們在 2026 年的做法，是透過強健的供應商關係與長期協議，在整個會計年度內確保記憶體、儲存，甚至 CPU 的供應；同樣的流程我們也會持續，確保在 2027 年及更長期都能超前部署。

On top of it, we need to qualify new suppliers as we see further opportunities as we already qualified a lot of suppliers this year. And also accelerating our process of qualifying those components with the right level of quality checks into our entire portfolio. So that effort will continue to drive in terms of securing supply for next year.

此外，隨著我們看到更多機會，我們也需要認證新的供應商，因為今年我們已經認證了很多供應商。同時也在加速把這些元件以適當的品質檢驗水準，導入並認證到我們的整體產品組合中。因此，這些努力將持續推進，以確保明年的供應。

And it sounds like you feel pretty good at this point with being able to procure what you need?

聽起來你們目前對於能夠採購到所需的供應量感覺相當不錯？

Yes. There's always a moving piece, but yes, we have been confident as you see in our '26 situation, and that same playbook will apply moving forward.

是的。總是會有變動因素，但沒錯，正如你看到我們在 2026 年的情況，我們一直很有信心，而同樣的作法手冊也會在未來持續適用。

Katherine Murphy, Goldman Sachs.

Katherine Murphy，高盛。

Thank you for the question. I was wondering if you could help frame how big resin may be in the bill of materials for printing hardware and if there's any consideration for supplies across ink and toner. And then just as a quick follow-up, is there any consideration for higher resin prices across the PC and peripheral category as well?

謝謝提問。我想請你們協助說明，樹脂在列印硬體的物料清單（BOM）中大約占比有多大，以及在墨水與碳粉等耗材方面是否也有任何考量。另外作為一個簡短追問，在 PC 與周邊品類上，是否也有對樹脂價格上升的考量？

Thanks for the question, Katherine. We are seeing a rising cost for resin based on the oil situation right now. But that said, it's not too significant for us, and it is built into our outlook. We're not going to quantify what it is as a percent of the BOM, but we believe it's manageable.

謝謝你的問題，Katherine。基於目前的油價情勢，我們確實看到樹脂成本正在上升。但即便如此，對我們而言影響並不算太顯著，而且已納入我們的展望之中。我們不會量化其占 BOM 的百分比，但我們認為是可控的。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Hi, thanks for taking my questions. This is Steven calling on behalf of Krish. I had two as well. First one is actually on component supply as it pertains to processors. Just kind of curious just with the strength in the data center server CPUs. Any potential ripple effects on the CPU supply for your procurement in the second half of the year, especially across the different SKUs that you guys are focusing on?

嗨，謝謝回答我的問題。我是 Steven，代表 Krish 來提問。我也有兩個問題。第一個其實是關於處理器相關的零組件供應。考量到資料中心伺服器 CPU 的強勁需求，這是否可能在今年下半年對你們的 CPU 採購供應造成任何連鎖影響，特別是你們所聚焦的不同 SKU？

Thanks for the question. We have a required supply we need on CPUs. We have known about small core specifically having constraints since the beginning of the year, and we have been working to secure the supply we need. And with our process of moving towards higher-end mix, that supply mitigation is already part of our plans in terms of execution in Q2 and beyond.

謝謝你的問題。我們在 CPU 上有必須滿足的供應需求。我們從年初就已知道小核心（small core）特別存在供應限制，因此一直在努力確保我們所需的供應量。而且隨著我們的產品組合朝更高階的組合移動，這些供應緩解措施已經納入我們在第二季及之後的執行計畫中。

We are also managing price increases as we typically do across our entire commodities basket on CPU pricing too. And finally, our silicon diversity helps us to work across multiple CPU suppliers and is beneficial to us in being able to secure both supply and pricing.

我們也如同一貫作法，針對整體大宗原物料籃子中的 CPU 價格上漲進行管理。最後，我們的矽晶多元化策略讓我們能與多家 CPU 供應商合作，這有助於我們同時確保供應與價格。

Thank you so much for that. Got it. And as my quick follow-up, I was kind of curious if you could provide some more commentary or anecdotes related to agentic AI for the client and edge compute space. I know that we're still in early days of agentic AI in the enterprise, but from the comments earlier, was that specifically focused on companies or customers that have large software developer bases?

非常感謝。了解。作為簡短追問，我想請你們就用於用戶端與邊緣運算領域的 agentic AI，提供更多評論或案例。我知道企業端的 agentic AI 還在早期階段，但從先前的評論來看，那是否特別聚焦在擁有大量軟體開發者基礎的公司或客戶？

Or was it a common, I guess, anecdotes from customers that are kind of debating between purchasing hardware that can run, call it, the open-source agents versus -- or the subscription models, whether it's Copilot or other frontier models?

或者說，那是否是一些更普遍的客戶案例：客戶正在權衡要購買能夠執行（例如）開源代理（agents）的硬體，還是——或是採用訂閱模式，不論是 Copilot 或其他前沿模型？

Thank you. There is a real shift happening towards the AI at the edge with workloads moving for reasons stated by Bruce earlier. Fundamentally, benefits like latency, privacy, sovereign AI and the cost associated. And with this shift, the PC is becoming strategically relevant, and HP has the right capabilities and proof points to shape how AI shows up at the edge.

謝謝。確實正在發生一個明顯的轉變：工作負載正朝向邊緣端的 AI 移動，原因如 Bruce 先前所述。根本性的好處包括延遲、隱私、主權 AI，以及相關成本。隨著這個轉變，PC 正變得具有策略性的重要性，而 HP 具備正確的能力與實證案例，能夠塑造 AI 在邊緣端的呈現方式。

And in order to make sure that we are capitalizing on this, we are innovating on AI execution platforms, starting from how systems are designed around and for AI workloads, where you see AI PCs and workstations are capable for running AI models locally.

而為了確保我們能把握這個機會，我們正在 AI 執行平台上持續創新，從系統如何圍繞 AI 工作負載、並為 AI 工作負載而設計開始；在這方面，你可以看到 AI PC 與工作站已具備在本機端運行 AI 模型的能力。

And we demonstrated this through some amazing product innovations earlier at HP Imagine, including HP IQ and Wolf Security solution, which is unique in protecting at BIOS level instruction. So yes, this is a great opportunity, and our partnership with 150-plus software partners who are also working on different use cases, like productivity, developer needs and creative needs for building -- bringing in local workloads is also helping.

我們也在先前的 HP Imagine 上，透過一些令人驚豔的產品創新展示了這點，包括 HP IQ 與 Wolf Security 解決方案；後者在 BIOS 層級提供指令保護，具備獨特性。所以，是的，這是一個很好的機會；而我們與超過 150 家軟體合作夥伴的合作，他們也在不同使用情境上努力，例如生產力、開發者需求與創作需求，以建置——導入本機端工作負載，也同樣帶來助益。

And Krish, I would also add that our AI PC mix that we shipped this quarter increased pretty substantially from 35% last quarter to 44% this quarter, as Bruce noted. And we continue to expect AI PCs to be a greater part of our shipments going forward, reaching 60% to 70% next fiscal year, and then above 70% by FY28.

另外，Krish，我也想補充，正如 Bruce 提到的，我們本季出貨的 AI PC 組合占比，從上季的 35% 相當大幅提升到本季的 44%。我們也持續預期，未來 AI PC 將在我們的出貨中占比更高，於下一個會計年度達到 60% 到 70%，並在 FY28 前提升至 70% 以上。

Maybe I'll just add a few things to what Karen and Ketan talked about is we are seeing use of agentic with our technology. We're seeing it both on the governmental side and on the enterprise side. And the applications are both in using cloud, but more importantly, really utilizing the edge computing.

我或許再補充幾點 Karen 和 Ketan 提到的內容：我們正看到代理式（agentic）在我們的技術上被使用。我們在政府端與企業端都看到了。而這些應用既包含使用雲端，但更重要的是，真正善用邊緣運算。

And what we're seeing over time, and we're hearing it from our customers that they're really moving from a centralized cloud intelligence where models were formed to being able to create real-time intelligence closer to the employee, the consumer, and the workflow.

隨著時間推進，我們看到的情況、也從客戶那裡聽到的是：他們正從模型在集中式雲端智慧中形成的模式，轉向能在更靠近員工、消費者與工作流程的地方，建立即時智慧。

Tim Long, Barclays.

Tim Long，巴克萊。

Two for me, if I could. I wanted to ask a little bit on the move towards subscriptions in both print and PC. Just curious if anything's changed in there. We've heard in other pockets of the industry where inflation or component availability might push enterprises or consumers more towards those type of models. I'm wondering if that's something you're seeing or expecting to start to see?

我有兩個問題，如果可以的話。我想先問一下在列印與 PC 兩個領域朝訂閱制轉移的情況，只是好奇這方面是否有任何變化。我們在產業的其他角落聽到，通膨或零組件供應情況可能會推動企業或消費者更傾向採用這類模式。我想知道你們是否也看到這種現象，或預期會開始看到？

And then second, I just did want to dig in on the Consumer side. I think you talked about -- a little bit about price elasticity and units versus ASPs. I'm just curious if that dynamic would be different in your view in the Consumer side of the PC and print businesses as far as looking out into the second half of the year and next year.

第二個，我想再深入問一下消費者端。我想你們談到——一些關於價格彈性、出貨量與 ASP（平均售價）的內容。我只是好奇，展望今年下半年與明年，在你看來，這種動態在 PC 與列印業務的消費者端是否會有所不同？

Sure. I'll start, Tim, and I'll ask Ketan to add on. But on subscriptions, we are focused on driving more and more recurring revenue where we can across our businesses. We're seeing great traction, particularly in print, in our All-In Plan, which continues to ramp, and we expect to expand it outside of the US next year.

當然。Tim，我先回答，然後請 Ketan 補充。在訂閱制方面，我們專注於在各項業務中，盡可能推動更多經常性收入。我們看到很好的進展，特別是在列印方面，我們的 All-In Plan 持續加速成長，我們也預期明年會把它擴展到美國以外的市場。

Really, that subscription provides a simple, frictionless experience for customers and an ability to attach additional services like paper that make these customers more profitable over the long term versus a regular traditional print customer. Ketan, I'll let you add.

實際上，這種訂閱提供了簡單、無摩擦的客戶體驗，並能附加像紙張等額外服務；與一般傳統列印客戶相比，這讓這些客戶在長期上更具獲利性。Ketan，我讓你補充。

On top of it, on PC, especially on the Consumer side, we are working on things like Flex PC, which has a simplified financing model for customers to choose from, and that makes their procurement much more simpler than buying upfront.

此外，在 PC 方面，特別是在消費者端，我們正在推動像 Flex PC 這類方案，為客戶提供簡化的融資模式選擇，讓他們的採購流程比起一次性預付購買更為簡單。

And on price elasticity and consumer, we'll clearly see how this plays out, but we do anticipate obviously, lower unit demand going forward given the price increases, and that includes in Consumer.

至於價格彈性與消費者端，我們會清楚觀察其發展，但我們確實預期，鑑於價格上調，未來整體出貨量需求會下降，消費者端也包含在內。

Yes. And I think just to add on the price elasticity, even where the price increases are, we see demand going down on the low end of the units, while you will see strength in the mainstream and premium price bands as we see price increases happening because the overall relative percentage on the mainstream and premium is lower than what you see on the low end side of the pricing.

是的。我想再補充價格彈性：即使在價格上調的情況下，我們看到低階機種的需求下滑；但在主流與高階價位帶，你會看到較強的表現，因為相較於低階端，主流與高階端的整體相對漲幅百分比更低。

Mark Newman, Bernstein.

Mark Newman，Bernstein。

Thanks for taking my question. You mentioned earlier that supply was locked in, I think I heard correctly, for memory and HDD for the rest of the year. I think I heard that. Have you also locked in prices too? I'm just curious if you could talk more about how your long-term agreements work. And I have a follow-on.

謝謝讓我提問。你先前提到供應已經鎖定——如果我沒聽錯的話——記憶體與 HDD 在今年剩餘期間都已鎖定。我想我有聽到這個。你們也把價格鎖定了嗎？我只是好奇，你能否多談談你們的長期協議是如何運作的。我還有一個追問。

Yes. We are confident in our supply position for the rest of the year. And as Ketan already noted, are working on our supply for next fiscal year, but feeling very confident and comfortable there. In terms of prices, we lock in prices a little bit ahead. We don't lock them in for the very long term because we want to make sure that as prices stabilize and go down, we have an ability to benefit from that. Anything you would add, Ketan?

是的。我們對今年剩餘期間的供應狀況很有信心。而如同 Ketan 已經提到的，我們也正在為下一個會計年度的供應做準備，並且對此感到非常有信心、也很安心。在價格方面，我們會提前一段時間鎖定價格。我們不會把價格鎖定得非常長期，因為我們希望在價格趨於穩定並下滑時，仍能有能力從中受益。Ketan，你還要補充什麼嗎？

It's been covered. Thank you.

已經涵蓋了。謝謝。

That concludes our question-and-answer session. I will now turn it back over to Bruce Broussard for closing comments.

問答環節到此結束。我現在把時間交回給 Bruce Broussard 作結語。

Thank you all for joining us today. I'm proud of how HP executed this past quarter. In a complex market, we delivered with resilience and discipline while continuing to innovate and position the company for a significant opportunity ahead as AI moves to the edge.

感謝各位今天加入我們。我為 HP 在上一季的執行表現感到自豪。在複雜的市場中，我們以韌性與紀律交出成果，同時持續創新，並在 AI 走向邊緣端之際，讓公司為前方的重要機會做好定位。

And of course, thank you to our employees around the world for their hard work and commitment and to our investors for the continued confidence you place in HP. I look forward to keeping you updated on our progress. Have a good afternoon. Thank you.

當然，也要感謝全球員工的辛勤工作與投入，以及投資人持續給予 HP 的信任。我期待持續向各位更新我們的進展。祝各位下午愉快。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與，現在可以掛線。