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Dell Technologies (DELL) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Jun 10, 2025
Dell Technologies (DELL) reported revenue of $23.4B for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and -2% from the quarter before. Operating margin was 5.0%, net earnings $965M (4.1% of revenue).
Dell Technologies, Q1 FY26: revenue $23.4B (+5% year over year), operating margin 5.0%, net earnings $965M, operating cash flow $2.8B. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $23.4B | -2% | +5% |
| Gross profit | $4.9B | -13% | +2% |
| Operating profit | $1.2B | -46% | +21% |
| Net earnings | $965M | -37% | -3% |
| Operating cash flow | $2.8B | +378% | +168% |
| Free cash flow | $2.2B | — | +398% |
What changed
Revenue was $23.4B in Q1 FY26, up 5% year over year and down 2% from the previous quarter. Products was the largest line at 75% of revenue. Products added $1.5B year over year (up 9%), 130% of the total change. Services declined 6%.
Gross margin was 21.1%, down 0.7 points from a year earlier. Operating profit was $1.2B, a 5.0% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 18% reached operating profit, above the 4% margin then. Operating expenses fell 3% while revenue rose 5%. Net earnings were $1.0B, down 3% year over year. The effective tax rate was 10.9%.
Operating cash flow was $2.8B (up 168% year over year), 290% of net earnings. Non-cash charges added back $0.74B of depreciation and amortization and $0.19B of share-based compensation. Working capital and other items added $0.90B. Capital expenditures of $0.57B left free cash flow of $2.2B.
Questions
What was Dell Technologies' revenue in the first quarter fiscal 2026?
Dell Technologies (DELL) reported revenue of $23.4B for the first quarter fiscal 2026 (Q1 FY26), +5% from a year earlier and -2% from the quarter before.
Was Dell Technologies profitable in the first quarter fiscal 2026?
Operating profit was $1.2B (5.0% of revenue) and net earnings $965M.
Source: Dell Technologies 10-Q on SEC EDGAR.