Filing Flows › Dell Technologies (DELL) › Q2 FY27 › vs Q1 FY27
Dell Technologies (DELL) Q2 FY27 vs Q1 FY27 (quarter over quarter)
Dell Technologies's revenue rose $3.1B (+7%) from $43.8B in Q1 FY27 to $47.0B in Q2 FY27. The biggest changes: Products +$3.0B (+8%); Services +$122M (+2%). Gross margin 20.9% against 17.8% (+3.2 pts).
Dell Technologies, Q2 FY27: revenue $47.0B (+58% year over year), operating margin 11.5%, net earnings $4.1B, operating cash flow $2.2B. The chart draws each line against Q1 FY27, the increases inside each band.
Margins
| Q2 FY27 | Q1 FY27 | Change | |
|---|---|---|---|
| Gross margin | 20.9% | 17.8% | +3.2 pts |
| Operating margin | 11.5% | 8.3% | +3.1 pts |
| Net margin | 8.8% | 7.8% | +1.0 pts |
| Free cash flow margin | 2.1% | 7.1% | -5.0 pts |
Every line
| Line | Q2 FY27 | Q1 FY27 | Change | % |
|---|---|---|---|---|
| Products | $41.1B | $38.1B | $3.0B | +8% |
| Services | $5.9B | $5.7B | $122M | +2% |
| Revenue | $47.0B | $43.8B | $3.1B | +7% |
| Gross profit | $9.8B | $7.8B | $2.0B | +26% |
| Cost of revenue | $37.1B | $36.1B | $1.1B | +3% |
| Operating profit | $5.4B | $3.7B | $1.7B | +47% |
| Operating expenses | $4.4B | $4.1B | $319M | +8% |
| Pre-tax earnings | $5.1B | $3.9B | $1.2B | +30% |
| Other expense, net | $254M | −$292M | $546M | — |
| Research & development | $1.1B | $983M | $126M | +13% |
| SG&A | $3.3B | $3.1B | $193M | +6% |
| Net earnings | $4.1B | $3.4B | $695M | +20% |
| Income tax | $998M | $510M | $488M | +96% |
| Depreciation & amortization | $754M | $758M | −$4.0M | -0.5% |
| Share-based compensation | $184M | $189M | −$5.0M | -3% |
| Working capital & other | $2.8B | $304M | $2.5B | +836% |
| Operating cash flow | $2.2B | $4.1B | −$1.9B | -45% |
| Free cash flow (OCF − capex) | $986M | $3.1B | −$2.1B | -68% |
| Capital expenditures | $1.2B | $963M | $276M | +29% |
Questions
How much did Dell Technologies's revenue grow quarter over quarter in Q2 FY27?
Dell Technologies's revenue rose $3.1B (+7%) from $43.8B in Q1 FY27 to $47.0B in Q2 FY27.
What drove Dell Technologies's revenue change in Q2 FY27?
Products +$3.0B (+8%); Services +$122M (+2%).