Steven Chin's questions to HP (HPQ) leadership • Q3 2025
Question
Steven Chin inquired about the quantifiable impact of tariffs on Q3 margins and the extent to which mitigation efforts were successful. He also asked about the outlook for the Print business, questioning why return-to-office trends were not translating into a more positive forecast for fiscal 2026.
Answer
CFO Karen Parkhill stated that HP mitigated the 'majority' of tariff costs in Q3 through supply chain optimization, cost reductions, and pricing actions, with a goal to fully offset them over time. CEO Enrique Lores added that in the short-term, enterprises are prioritizing investments in AI and PCs over Print hardware. However, he noted that the volume of pages printed remains stable, suggesting long-term demand for hardware will return as companies eventually need to refresh their fleets.