NYSE$DELL
Dell Technologies Inc C · Q1 2026 earnings
Q1 2026 earnings · · After market close · Investor relations
Briefing
Dell Technologies reported strong AI server demand and record operating cash flow in Q1 FY26.
Dell delivered $23.4B in revenue and generated $2.8B in operating cash flow, with notable growth in AI server orders and ISG revenue.
- Revenue reached $23.4B, up from $22.2B in Q1 FY25.
- Net income was $965M, slightly down from the prior year.
- Non-GAAP EPS grew to $1.55, a 17% increase year over year.
- Dell reported $12.1B in AI orders and a $14.4B backlog.
Headline financials
Revenue & EPS history
Dell · Revenue · Quarterly
$23.4B
Revenue by segment
Dell · $43.6B total across 3 segments · Q1 2027
- Infrastructure Solutions Group$29B—66.5%
- Commercial Clients$13B—29.9%
- Consumer Clients$1.59B—3.6%
Forward guidance
Dell expects strong performance in Q2 FY26 driven by AI infrastructure demand and robust commercial segment momentum.
Tailwinds
- Q2 FY26 revenue expected between $28.5B and $29.5B.
- Q2 GAAP EPS forecasted at $1.85 at midpoint.
- Q2 Non-GAAP EPS forecasted at $2.25 at midpoint.
- Full-year revenue guidance between $101B and $105B.
- AI-driven infrastructure momentum expected to continue.
Headwinds
- Consumer revenue declined 19% YoY in Q1 FY26.
- CSG operating income dropped 16% YoY.
- Storage segment growth was modest at 6%.
- Total net income declined 3% YoY.
- Gross margin slightly decreased from 21.8% to 21.1%.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q1 2026
+1.0%
Avg return
Earnings day
+0.8%
Avg return
5 days after
+2.3%
Avg return
30 days after
53%
21 / 40 earnings
Positive
+33.6%
Q4 2024
Best reaction
-22.1%
Q1 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2027 | — | — | — | |
| Q4 2026 | +10.1% | +21.1% | +41.5% | |
| Q3 2026 | +3.1% | +4.9% | +2.6% | |
| Q2 2026 | -4.8% | -7.5% | -2.5% | |
| Q1 2026 | -2.0% | -0.8% | +9.1% | |
| Q4 2025 | -4.7% | -9.8% | -14.4% | |
| Q3 2025 | -13.7% | -11.5% | -17.3% | |
| Q2 2025 | +3.6% | -0.7% | +7.8% | |
| Q1 2025 | -22.1% | -24.2% | -23.0% | |
| Q4 2024 | +33.6% | +26.3% | +22.4% | |
| Q3 2024 | -4.2% | -7.7% | +1.9% | |
| Q2 2024 | +22.4% | +22.3% | +23.7% | |
| Q1 2024 | +5.5% | +4.6% | +20.8% | |
| Q4 2023 | -1.6% | -6.0% | -0.6% | |
| Q3 2023 | +4.3% | +6.2% | -6.9% | |
| Q2 2023 | -11.1% | -14.9% | -23.8% | |
| Q1 2023 | +14.5% | +15.3% | +16.1% | |
| Q4 2022 | -9.4% | -12.2% | -3.5% | |
| Q3 2022 | +3.9% | +1.9% | +1.4% | |
| Q2 2022 | -5.0% | -4.5% | +1.8% | |
| Q1 2022 | -1.0% | +3.2% | -0.2% | |
| Q4 2021 | -0.7% | +1.2% | +8.9% | |
| Q3 2021 | -0.1% | +0.6% | +5.2% | |
| Q2 2021 | +6.6% | +6.8% | +5.8% | |
| Q1 2021 | +9.0% | +7.9% | +14.7% | |
| Q4 2020 | -11.9% | -9.0% | -15.6% | |
| Q3 2020 | -8.6% | -11.9% | -5.5% | |
| Q2 2020 | +13.7% | +12.7% | +12.5% | |
| Q1 2020 | -10.0% | -12.9% | -23.3% | |
| Q4 2019 | +0.7% | -2.0% | +4.3% | |
| Q3 2019 | -1.1% | -2.0% | -23.0% | |
| Q2 2019 | +0.6% | +1.1% | +1.3% | |
| Q1 2019 | +2.1% | +4.1% | +11.8% | |
| Q4 2018 | +1.5% | +0.1% | -7.8% | |
| Q3 2018 | +2.9% | +5.6% | +13.8% | |
| Q2 2018 | -0.6% | +2.1% | +5.8% | |
| Q1 2018 | -7.8% | -7.4% | -9.3% | |
| Q4 2016 | +0.3% | +0.4% | +5.0% | |
| Q3 2016 | +0.1% | -0.2% | +5.4% | |
| Q2 2017 | +11.7% | +14.2% | +12.6% | |
| Q2 2015 | +11.7% | +14.2% | +12.6% | |
| Q1 2015 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — |
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