Dell Technologies: Fiscal 1Q26 Financial Results

Dell Technologies, Inc. announces financial results for its fiscal 2026 first quarter, the company also provides guidance for its fiscal 2026 second quarter and full year.

First-Quarter Summary

• First-quarter revenue of $23.4 billion, up 5% Y/Y
• First-quarter operating income of $1.2 billion, up 21% Y/Y, and non-GAAP operating income of $1.7 billion, up 10%
• First-quarter diluted EPS of $1.37, flat Y/Y, and non-GAAP diluted EPS of $1.55, up 17%

“All of our core businesses grew as we reached $23.4 billion in revenue in our first quarter, and non-GAAP EPS grew three times faster than revenue,” said Yvonne McGill, chief financial office. “We generated record first-quarter cash flow from operations of $2.8 billion and returned $2.4 billion to shareholders, more than double our quarterly average since we started our capital allocation program in FY23.“

“We achieved first-quarter record servers and networking revenue of $6.3 billion, and we’re experiencing unprecedented demand for our AI-optimized servers,” said Jeff Clarke, vice chairman and chief operating officer. “We generated $12.1 billion in AI orders this quarter alone, surpassing the entirety of shipments in all of FY25 and leaving us with $14.4 billion in backlog.“

Infrastructure Solutions Group (ISG)

• Revenue: $10.3 billion, up 12% Y/Y
• Servers and Networking revenue: First-quarter record $6.3 billion, up 16%
• Storage revenue: $4.0 billion, up 6%
• Operating income: $1.0 billion, up 36% Y/Y

Client Solutions Group (CSG)

• Revenue: $12.5 billion, up 5% Y/Y
• Commercial Client revenue: $11.0 billion, up 9%
• Consumer revenue: $1.5 billion, down 19%
• Operating income: $653 million, down 16% Y/Y

Capital Return
Dell Technologies returned a record $2.4 billion to shareholders in the first quarter through share repurchases and dividends.

Guidance Summary

• Full-year FY26 revenue expected between $101.0 billion and $105.0 billion, up 8% Y/Y at the midpoint of $103.0 billion
• Full-year FY26 GAAP diluted EPS expected to be $7.99 at the midpoint, up 25% year over year, and non-GAAP diluted EPS to be $9.40 at the midpoint, up 15%
• Second-quarter FY26 revenue expected between $28.5 billion and $29.5 billion, up 16% Y/Y at the midpoint of $29.0 billion
• Second-quarter FY26 GAAP diluted EPS expected to be $1.85 at the midpoint, up 50% Y/Y, and non-GAAP diluted EPS to be $2.25 at the midpoint, up 15%

First Quarter Fiscal 2026 Financial Results

Operating Segments Results

Resources:
The company hosted a conference call to discuss its performance and financial guidance on May 29. A webcast will be available for one year.    
View PDF version with financial tables.