Filing Flows › Dell Technologies (DELL) › Q1 FY27 › vs Q1 FY26
Dell Technologies (DELL) Q1 FY27 vs Q1 FY26 (year over year)
Dell Technologies's revenue rose $20.5B (+88%) from $23.4B in Q1 FY26 to $43.8B in Q1 FY27. The biggest changes: Products +$20.5B (+117%); Services −$42.0M (-0.7%). Gross margin 17.8% against 21.1% (-3.4 pts).
Dell Technologies, Q1 FY27: revenue $43.8B (+88% year over year), operating margin 8.3%, net earnings $3.4B, operating cash flow $4.1B. The chart draws each line against Q1 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q1 FY26 | Change | |
|---|---|---|---|
| Gross margin | 17.8% | 21.1% | -3.4 pts |
| Operating margin | 8.3% | 5.0% | +3.4 pts |
| Net margin | 7.8% | 4.1% | +3.7 pts |
| Free cash flow margin | 7.1% | 9.5% | -2.4 pts |
Every line
| Line | Q1 FY27 | Q1 FY26 | Change | % |
|---|---|---|---|---|
| Products | $38.1B | $17.6B | $20.5B | +117% |
| Services | $5.7B | $5.8B | −$42.0M | -0.7% |
| Revenue | $43.8B | $23.4B | $20.5B | +88% |
| Gross profit | $7.8B | $4.9B | $2.8B | +58% |
| Cost of revenue | $36.1B | $18.4B | $17.6B | +96% |
| Other income, net | $292M | −$82.0M | $374M | — |
| Operating profit | $3.7B | $1.2B | $2.5B | +214% |
| Operating expenses | $4.1B | $3.8B | $354M | +9% |
| Pre-tax earnings | $3.9B | $1.1B | $2.9B | +265% |
| Research & development | $983M | $808M | $175M | +22% |
| SG&A | $3.1B | $3.0B | $179M | +6% |
| Net earnings | $3.4B | $965M | $2.5B | +256% |
| Income tax | $510M | $118M | $392M | +332% |
| Depreciation & amortization | $758M | $738M | $20.0M | +3% |
| Share-based compensation | $189M | $190M | −$1.0M | -0.5% |
| Working capital & other | $304M | −$903M | $1.2B | — |
| Operating cash flow | $4.1B | $2.8B | $1.3B | +46% |
| Free cash flow (OCF − capex) | $3.1B | $2.2B | $890M | +40% |
| Capital expenditures | $963M | $568M | $395M | +70% |
Questions
How much did Dell Technologies's revenue grow year over year in Q1 FY27?
Dell Technologies's revenue rose $20.5B (+88%) from $23.4B in Q1 FY26 to $43.8B in Q1 FY27.
What drove Dell Technologies's revenue change in Q1 FY27?
Products +$20.5B (+117%); Services −$42.0M (-0.7%).