Dell Technologies Q1 Fiscal 2026 Financial Results

Dell Technologies has released its financial results for the first quarter of fiscal 2026, showcasing a robust performance across its core business segments. The company reported a notable increase in revenue and operating income, alongside significant cash flow generation and shareholder returns.

Financial Highlights

For the first quarter of fiscal 2026, Dell Technologies reported:

• Revenue of $23.4 billion, marking a 5% increase year over year.
• Operating income of $1.2 billion, up 21% from the previous year, and non-GAAP operating income of $1.7 billion, up 10%.
• Diluted EPS remained flat at $1.37, while non-GAAP diluted EPS rose by 17% to $1.55.
• Record first-quarter cash flow from operations of $2.8 billion.
• Returned $2.4 billion to shareholders through share repurchases and dividends.

Business and Operational Highlights

The Infrastructure Solutions Group (ISG) achieved a revenue of $10.3 billion, a 12% increase year over year, driven by record servers and networking revenue of $6.3 billion, up 16%. The Client Solutions Group (CSG) reported a revenue of $12.5 billion, a 5% increase, with commercial client revenue up 9% to $11.0 billion, though consumer revenue declined by 19% to $1.5 billion.

Strategic Initiatives and Corporate Developments

Dell Technologies returned a record $2.4 billion to shareholders in the first quarter through share repurchases and dividends. The company also highlighted unprecedented demand for its AI-optimized servers, generating $12.1 billion in AI orders this quarter alone, surpassing the entirety of shipments in all of FY25 and leaving a backlog of $14.4 billion.

Management's Perspective

Yvonne McGill, CFO of Dell Technologies, emphasized the growth across all core businesses and the significant increase in non-GAAP EPS. Jeff Clarke, Vice Chairman and COO, noted the record revenue in servers and networking and the strong demand for AI-optimized servers.

Future Outlook

For the full fiscal year 2026, Dell Technologies expects revenue between $101.0 billion and $105.0 billion, with GAAP diluted EPS projected at $7.99 and non-GAAP diluted EPS at $9.40. For the second quarter, the company anticipates revenue between $28.5 billion and $29.5 billion, with GAAP diluted EPS expected to be $1.85 and non-GAAP diluted EPS at $2.25.

SEC Filing: Dell Technologies Inc. [ DELL ] - 8-K - May. 29, 2025