Filing Flows › Dell Technologies (DELL) › Q1 FY27 › vs Q4 FY26
Dell Technologies (DELL) Q1 FY27 vs Q4 FY26 (quarter over quarter)
Dell Technologies's revenue rose $10.5B (+31%) from $33.4B in Q4 FY26 to $43.8B in Q1 FY27. The biggest changes: Products +$10.5B (+38%); Services −$26.0M (-0.5%). Gross margin 17.8% against 20.2% (-2.4 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 Q4 FY26, the increases inside each band.
Margins
| Q1 FY27 | Q4 FY26 | Change | |
|---|---|---|---|
| Gross margin | 17.8% | 20.2% | -2.4 pts |
| Operating margin | 8.3% | 9.3% | -0.9 pts |
| Net margin | 7.8% | 6.8% | +1.1 pts |
| Free cash flow margin | 7.1% | 11.8% | -4.7 pts |
Every line
| Line | Q1 FY27 | Q4 FY26 | Change | % |
|---|---|---|---|---|
| Products | $38.1B | $27.6B | $10.5B | +38% |
| Services | $5.7B | $5.8B | −$26.0M | -0.5% |
| Revenue | $43.8B | $33.4B | $10.5B | +31% |
| Gross profit | $7.8B | $6.7B | $1.1B | +16% |
| Cost of revenue | $36.1B | $26.6B | $9.4B | +35% |
| Other income, net | $292M | −$293M | $585M | — |
| Operating profit | $3.7B | $3.1B | $564M | +18% |
| Operating expenses | $4.1B | $3.6B | $488M | +13% |
| Pre-tax earnings | $3.9B | $2.8B | $1.1B | +41% |
| Research & development | $983M | $797M | $186M | +23% |
| SG&A | $3.1B | $2.8B | $302M | +11% |
| Net earnings | $3.4B | $2.3B | $1.2B | +52% |
| Income tax | $510M | $540M | −$30.0M | -6% |
| Depreciation & amortization | $758M | $773M | −$15.0M | -2% |
| Share-based compensation | $189M | $189M | $0 | 0% |
| Working capital & other | $304M | −$1.5B | $1.8B | — |
| Operating cash flow | $4.1B | $4.7B | −$593M | -13% |
| Free cash flow (OCF − capex) | $3.1B | $4.0B | −$835M | -21% |
| Capital expenditures | $963M | $721M | $242M | +34% |
Questions
How much did Dell Technologies's revenue grow quarter over quarter in Q1 FY27?
Dell Technologies's revenue rose $10.5B (+31%) from $33.4B in Q4 FY26 to $43.8B in Q1 FY27.
What drove Dell Technologies's revenue change in Q1 FY27?
Products +$10.5B (+38%); Services −$26.0M (-0.5%).