Dell Technologies (DELL) Q1 FY2027 earnings: revenue $43.8 billion, up 87.5% on the year

Dell Technologies Inc. (DELL) reported revenue of $43.8 billion for Q1 FY2027, the quarter ended 1 May 2026, up 87.5% on the same quarter a year earlier. Net income was $3.4 billion, up 256.3% on the year, and diluted earnings per share $5.24. The figures are the company's own, from the 10-Q it filed with the SEC on 9 June 2026.

Revenue

$43.8 billion

+87.5% on the year · +31.3% on the quarter

Q2 FY2025Q1 FY2027

Operating margin

8.3%

5.0% a year earlier

Q2 FY2025Q1 FY2027

Net income

$3.4 billion

+256.3% on the year · +52.2% on the quarter

Q2 FY2025Q1 FY2027

Diluted EPS

$5.24

+282.5% on the year · +55.5% on the quarter

Q2 FY2025Q1 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 raised, 3 new, 1 kept.

Revenue rose 88% to $43.8 billion: Net revenue was $43.8 billion, up 88% from $23.4 billion. Operating income was $3.7 billion, up 214%, from $1.2 billion.
GAAP EPS includes equity investment gain: GAAP diluted EPS was $5.24 and non-GAAP diluted EPS was $4.86. GAAP net income includes a $631 million fair value gain on equity investments that non-GAAP excludes.
ISG revenue rose 181%: ISG revenue was $29.0 billion, up 181%, and was the larger of the two reported segments this quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Revenue	43,842	33,379	23,378	+31.3%	+87.5%
Cost of revenue	36,060	26,649	18,441	+35.3%	+95.5%
Gross profit	7,782	6,730	4,937	+15.6%	+57.6%
Gross margin	17.8%	20.2%	21.1%
Research and development	983	797	808	+23.3%	+21.7%
Selling, general and administrative	3,143	2,841	2,964	+10.6%	+6.0%
Operating income	3,656	3,092	1,165	+18.2%	+213.8%
Operating margin	8.3%	9.3%	5.0%
Interest expense	391	411	354	-4.9%	+10.5%
Pre-tax income	3,948	2,799	1,083	+41.1%	+264.5%
Income tax	510	540	118	-5.6%	+332.2%
Effective tax rate	12.9%	19.3%	10.9%
Net income	3,438	2,259	965	+52.2%	+256.3%
Net margin	7.8%	6.8%	4.1%
Diluted EPS	$5.24	$3.37	$1.37	+55.5%	+282.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Operating cash flow	4,081	4,674	2,796	-12.7%	+46.0%
Capital expenditure	963	721	568	+33.6%	+69.5%
Free cash flow	3,118	3,953	2,228	-21.1%	+39.9%
Free cash flow margin	7.1%	11.8%	9.5%
Cash from investing	-1,067	-695	-88.0
Cash from financing	-2,954	-2,093	1,237
Depreciation and amortisation	758	773	738	-1.9%	+2.7%
Share-based compensation	189	189	190	0.0%	-0.5%
Buybacks	1,628	1,847	1,980	-11.9%	-17.8%
Dividends paid	464	346	396	+34.1%	+17.2%
Dividend per share	$0.63	$0.53	$0.53	+20.0%	+20.0%
Diluted shares, weighted	656m	684m	702m	-4.1%	-6.6%
Shares outstanding at period end	649m	652m	683m	-0.5%	-5.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Shareholders' equity	-1,404	-2,470	-3,024
Non-controlling interest	n/a	0.0	0.0
Debt	31,161	31,503	28,781	-1.1%	+8.3%
Operating lease liabilities	495	481	555	+2.9%	-10.8%
Other liabilities	84,661	71,772	60,557	+18.0%	+39.8%
Total liabilities and equity	114,913	101,286	86,869	+13.5%	+32.3%
Fixed assets	6,945	6,676	6,383	+4.0%	+8.8%
Goodwill	19,504	19,547	19,315	-0.2%	+1.0%
Intangible assets	4,439	4,533	4,868	-2.1%	-8.8%
Investments	2,484	1,730	1,591	+43.6%	+56.1%
Cash and equivalents	11,578	11,528	7,700	+0.4%	+50.4%
Receivables	25,854	17,585	9,785	+47.0%	+164.2%
Inventory	15,052	10,437	7,415	+44.2%	+103.0%
Other assets	29,057	29,250	29,812	-0.7%	-2.5%
Total assets	114,913	101,286	86,869	+13.5%	+32.3%

Questions

What was Dell Technologies' revenue in Q1 FY2027?

Dell Technologies (DELL) reported revenue of $43.8 billion for Q1 FY2027, the quarter ended 1 May 2026, up 87.5% on the same quarter a year earlier.

How much did Dell Technologies earn in Q1 FY2027?

Net income for Q1 FY2027 was $3.4 billion, up 256.3% on the year, and diluted earnings per share $5.24.

When did Dell Technologies report Q1 FY2027 results?

Dell Technologies filed its 10-Q for the quarter ended 1 May 2026 with the SEC on 9 June 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022 †	Q4 FY2022 †	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 †	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	26,424	27,992	26,116	26,425	24,721	25,039	20,922	22,934	22,251	22,318	22,244	25,026	24,366	23,931	23,378	29,776	27,005	33,379	43,842	46,971
Cost of revenue	20,890	22,374	20,332	20,986	19,014	19,283	15,842	17,547	17,050	16,946	17,393	19,665	19,006	18,253	18,441	24,329	21,412	26,649	36,060	37,141
Gross profit	5,534	5,618	5,784	5,439	5,707	5,756	5,080	5,416	5,201	5,372	4,851	5,361	5,360	5,678	4,937	5,447	5,593	6,730	7,782	9,830
Gross margin	21%	20%	22%	21%	23%	23%	24%	24%	23%	24%	22%	21%	22%	24%	21%	18%	21%	20%	18%	21%
R&D	650	611	681	626	677	795	688	705	692	716	763	780	745	773	808	785	752	797	983	1,109
SG&A	3,838	3,398	3,553	3,543	3,268	3,772	3,261	3,517	2,970	3,109	3,123	3,189	2,894	2,746	2,964	2,889	2,722	2,841	3,143	3,336
Operating income	1,046	1,609	1,550	1,270	1,762	1,189	1,131	1,194	1,539	1,547	965	1,392	1,721	2,159	1,165	1,773	2,119	3,092	3,656	5,385
Operating margin	4%	6%	6%	5%	7%	5%	5%	5%	7%	7%	4%	6%	7%	9%	5%	6%	8%	9%	8%	11%
Interest expense	406	287	265	298	272	387	405	352	371	373	343	387	321	343	354	399	396	411	391	400
Pre-tax income	4,547	-48.0	1,213	635	454	923	767	743	1,233	1,344	592	1,039	1,445	1,972	1,083	1,440	1,941	2,799	3,948	5,131
Tax rate	19%	n/a	12%	20%	47%	34%	18%	35%	15%	10%	-68%	15%	19%	22%	11%	19%	20%	19%	13%	19%
Net income	3,843	2.0	1,072	511	245	614	637	489	1,052	1,210	997	887	1,175	1,533	965	1,164	1,548	2,259	3,438	4,133
Net margin	15%	0%	4%	2%	1%	2%	3%	2%	5%	5%	4%	4%	5%	6%	4%	4%	6%	7%	8%	9%
Diluted EPS	$4.87	n/a	$1.37	$0.68	$0.33	$0.86	$0.79	$0.63	$1.36	$1.66	$1.37	$1.23	$1.64	$2.15	$1.37	$1.70	$2.28	$3.37	$5.24	$6.34
Operating cash flow	3,251	3,093	-269	724	396	2,714	1,777	3,214	2,152	1,533	1,043	1,340	1,553	585	2,796	2,543	1,172	4,674	4,081	2,225
Capital expenditure	799	740	690	807	747	759	701	624	704	727	596	682	639	735	568	675	669	721	963	1,239
Free cash flow	2,452	2,353	-959	-83.0	-351	1,955	1,076	2,590	1,448	806	447	658	914	-150	2,228	1,868	503	3,953	3,118	986
Buybacks	18.0	628	1,436	689	622	182	240	260	702	878	700	725	429	734	1,980	940	1,247	1,847	1,628	3,796
Dividends paid	0.0	0.0	248	242	238	236	276	269	266	261	336	316	312	311	396	366	351	346	464	405
Shares outstanding	767m	757m	747m	734m	718m	716m	729m	724m	715m	705m	710m	705m	702m	696m	683m	675m	667m	652m	649m	640m
Filing	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 1 May 2026, filed 9 June 2026: the filing.