DELL Q1 2026 Earnings
Reported May 29, 2025 at 4:07 PM ET · SEC Source
Q1 26 EPS
$1.55
MISS 8.38%
Est. $1.69
Q1 26 Revenue
$23.38B
BEAT +0.80%
Est. $23.19B
vs S&P Since Q1 26
+61.7%
BEATING MARKET
DELL +83.9% vs S&P +22.3%
Market Reaction
Did DELL Beat Earnings? Q1 2026 Results
Dell Technologies posted a mixed fiscal Q1 2026, with revenue clearing the bar while earnings fell short of Wall Street's expectations. The company reported revenue of $23.38 billion, up 5.1% year over year and edging past the $23.19 billion consensu… Read more Dell Technologies posted a mixed fiscal Q1 2026, with revenue clearing the bar while earnings fell short of Wall Street's expectations. The company reported revenue of $23.38 billion, up 5.1% year over year and edging past the $23.19 billion consensus by 0.80%, but non-GAAP diluted EPS of $1.55 missed the $1.69 estimate by 8.38%, underscoring the margin pressure that comes with selling high-volume, lower-margin AI server hardware. The standout driver was an extraordinary surge in AI infrastructure demand, with Dell generating $12.10 billion in AI orders during the quarter alone and exiting with a $14.40 billion AI backlog, helping servers and networking revenue reach a first-quarter record of $6.32 billion, up 16% year over year. Analysts tracking the broader server market have noted intensifying competition from rivals, yet Dell's order momentum suggests durable positioning. Looking ahead, Dell guided Q2 revenue of $28.50 to $29.50 billion and full-year revenue of $101.00 to $105.00 billion, with full-year non-GAAP EPS of $9.40, reflecting confidence in sustained AI-driven demand.
Key Takeaways
- • Record first-quarter servers and networking revenue of $6.3 billion driven by unprecedented AI-optimized server demand
- • $12.1 billion in AI orders in Q1, surpassing all FY25 AI shipments
- • AI backlog of $14.4 billion
- • Commercial client revenue growth of 9% year over year
- • Record first-quarter cash flow from operations of $2.8 billion
- • Operating expense reduction of 3% year over year
- • SG&A expenses declined 5% year over year
DELL YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
DELL Revenue by Segment
With YoY comparisons, source: SEC Filings
DELL Earnings Trends
DELL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DELL EPS Trend
Earnings per share: estimate vs actual
DELL Revenue Trend
Quarterly revenue: estimate vs actual
DELL Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $3.51 | $3.89 | +10.83% | $33.38B | +5.34% |
| FY Full Year | $9.90 | $10.30 | +4.09% | $113.54B | +1.51% |
| Q3 26 BEAT | $2.48 | $2.59 | +4.46% | $27.01B | -1.03% |
| Q2 26 BEAT | $2.29 | $2.32 | +1.13% | $29.78B | +2.00% |
| Q1 26 MISS | $1.69 | $1.55 | -8.38% | $23.38B | +0.80% |