Earnings Date: Monday, June 1, 2026 (after market close)
Consensus Estimates:
* Expected Non-GAAP EPS: ~$0.51 to $0.55 (Consensus is around $0.54, representing a substantial year-over-year increase) * Expected Revenue: ~$9.75B – $9.78B
HP shares have been buoyed by strong financial results from Lenovo Group, HP soared over 15.0%, and Dell surged to a fresh historic record high as investors preemptively positioned ahead of earnings next week.
Latest Reported Earnings: Q1 Fiscal 2026 (Reported March 9, 2026) HPE delivered a highly profitable first quarter, notably beating profitability and cash flow expectations, driven by strong networking demand and early synergy capture from the Juniper Networks integration:
Revenue:$9.3 billion, up 18% year-over-year (matching consensus expectations of ~$9.31 billion).
Non-GAAP Diluted EPS:$0.65, beating analyst expectations of $0.59 and exceeding the company’s guidance of $0.57 – $0.61.
GAAP Diluted EPS:$0.31.
Free Cash Flow (FCF):$708 million, up $1.6 billion year-over-year (a strong result as Q1 is seasonally a cash outflow quarter).
Key Segment & Business Highlights
Networking Surge: Revenue in the Networking segment soared 151.5% YoY to $2.7 billion (representing nearly 30% of total revenue). This was driven by WiFi-7 uptake, strong data center switching orders, and the rapid integration of Juniper.
AI Backlog: HPE built up a record $5 billion AI systems backlog, primarily from enterprise and sovereign customers, which is expected to translate into revenue in the second half of fiscal 2026.
Supply Chain Management: The company has been managing industry-wide DRAM and NAND shortages via multi-year supply agreements and agile surcharge pricing.
Raised Fiscal Year 2026 Outlook On the back of the Q1 results, HPE management raised its outlook for the full fiscal year:
FY26 Non-GAAP EPS Guidance: Raised to $2.30 to $2.50 (up from previous guidance).
FY26 Free Cash Flow Guidance: Increased to at least $2.0 billion (up from the previous target of $1.7B – $2.0B).
Quantum Computing Stocks Explode: The quantum sector was the standout performer of the session, fueled by reports of an impending $2 billion government award program to support domestic quantum firms.
Infleqtion (INFQ) skyrocketed 31.44% to $14.70 after signing a $100 million potential funding Letter of Intent with the US Department of Commerce under the CHIPS Act.
Rigetti Computing surged 30.57%, and IonQ climbed 12.25%.
IBM (NYSE: IBM) also rallied over 12% on the back of the broader quantum momentum.
The most significant latest development regarding Honeywell’s quantum computing business, Quantinuum, is its official move to go public. Below is a breakdown of the latest milestones, filing details, financials, and recent catalysts as of May 2026:—
The IPO Filing (May 2026)
Official S-1 Filed: On May 7, 2026, Quantinuum filed its Form S-1 registration statement with the SEC for an initial public offering.
Ticker & Exchange: The company plans to list on the Nasdaq under the ticker symbol “QNT”.
Underwriters: J.P. Morgan, Morgan Stanley, Jefferies, and Evercore ISI are leading the offering.
Ownership: Honeywell remains the majority owner (holding approximately 54% of the company). Other high-profile backers include Nvidia, JPMorgan Chase, Fidelity, Mitsui, and Amgen.
Valuation and Offering Details
Target Valuation: Market reports and chatter indicate Quantinuum is targeting a valuation of $20 billion or more. This is double its $10 billion private valuation from a funding round in late 2025.
Target Proceeds: The IPO is expected to raise upwards of $1.5 billion.
Financial Disclosures (from the Prospectus) The filing revealed the highly speculative, high-burn nature of the pure-play quantum computing sector:
Q1 2026 Performance: Quantinuum brought in $5.2 million in revenue (a 73% drop YoY from $19.1 million in Q1 2025) and suffered a net loss of $136.6 million.
FY 2025 Performance: For the full year 2025, the company posted $30.9 million in revenue and a net loss of $192.6 million.
Cash Position: As of March 31, 2026, the company held $677.0 million in cash and cash equivalents.
Note:* At a $20 billion valuation, the stock would trade at an implied Price-to-Sales (P/S) multiple exceeding 600x. Investors are paying a premium for future potential, specifically pointing to their universal fault-tolerant machine, “Apollo,” slated for 2029.4. 4. Recent Catalysts (May 21, 2026)
On May 21, 2026, Quantinuum announced it received a letter of intent from the U.S. Department of Commerce.
The proposal offers federal R&D funding under the CHIPS and Science Act to help solve bottlenecks in building fault-tolerant trapped-ion quantum computers.
This government validation boosted broader market sentiment for quantum computing, and pushed Honeywell’s stock ($HON) up over 2% following the announcement.
NVIDIA Corporation – Common is under Algo Engine buy conditions. NVIDIA announces $80.0 billion additional share repurchase authorisation.
beat with $81.6bn Q1 FY27 revenue (up 85% year-on-year), guided Q2 to $91bn vs $86bn consensus, raised dividend and added $80bn buyback, shares fell ~1.5% after-hours
Financial Results for First Quarter Fiscal 2027 Record revenue of $81.6 billion, up 85% from a year ago Record Data Center revenue of $75.2 billion, up 92% from a year ago
Announces $80.0 billion additional share repurchase authorization and increases its quarterly cash dividend from $0.01 per share to $0.25 per share. Record revenue for the first quarter ended April 26, 2026, of $81.6 billion, up 20% from the previous quarter and up 85% from a year ago. For the quarter, GAAP and non-GAAP earnings per diluted share were $2.39 and $1.87, respectively.
Rio Tinto (RIO) should benefit from improved mining productivity and fewer weather-related disruptions during El Niño conditions, supporting stronger export volumes and margins. Over the next 1–3 years, additional growth from copper and lithium projects also provides leverage to electrification and AI infrastructure demand.
Fortescue (FMG) is highly leveraged to operational efficiency in the Pilbara, where dry conditions improve haulage, port throughput, and mine uptime. Its low-cost iron ore position and longer-term green energy optionality support a constructive medium-term earnings outlook.
Whitehaven Coal (WHC) is positioned to benefit from stronger coal export reliability and sustained global energy demand, particularly in Asia. The acquisition of BHP’s coal assets materially expands production scale and free cash flow generation over the next several years.
New Hope (NHC) combines low-cost coal production with strong leverage to improved operating conditions during dry weather periods. Macquarie highlights NHC as one of its preferred El Niño beneficiaries with supportive earnings momentum and consensus upgrades.
Mineral Resources (MIN) has one of the strongest growth outlooks because it benefits from both mining services activity and commodity production. Dry conditions improve contractor utilisation and operational efficiency, while its lithium exposure adds upside if battery material markets recover
