Dell Technologies Inc. Q1 FY2027 Earnings Call

· Earnings call transcript and AI-powered summary

Period: Fiscal Year 2027 First Quarter (ended ~April 2026). All growth rates are year-over-year (YoY) unless noted. Prepared remarks by Jeffrey Clarke (Vice Chairman) and David Kennedy (CFO); moderated by Paul Frantz (IR).

Key Financial Highlights

  • Revenue: $43.8 billion, +88% YoY (record). Driven by AI server strength and broad demand across segments.
  • Non-GAAP Gross Margin: $7.9 billion (+57% YoY); rate 18.1% (AI mix shift primary driver; ex-AI rate improved).
  • Operating Income: $4.2 billion (+154% YoY); 9.7% margin. OpEx at 8.4% of revenue (lowest in >20 years, -610 bps YoY).
  • Net Income: $3.2 billion (+194% YoY).
  • Diluted EPS: $4.86 (+214% YoY, record).
  • Cash Flow from Operations: $4.1 billion (Q1 record), up sequentially on revenue/profit growth. Ended quarter with $14.1 billion cash & investments (+$800M sequentially). Core leverage 1.2x.
  • Shareholder Returns: $2.1 billion returned (11M shares repurchased at avg $147/share + $0.63/share dividend).

Segment Performance

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Operator: Please stand by. Good afternoon. And welcome to the fiscal year 2 thousand 27 first quarter financial results conference call for Dell Technologies Inc. I would like to inform all participants this call is being recorded at the request of Dell Technologies. This broadcast is the copyrighted property of Dell Technologies Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. Following prepared remarks, we will conduct a question and answer session. If you have a question, simply press *1 on your telephone keypad at any time during the presentation. I would like to turn the call over to Paul Frantz. Head of Investor Relations. Mr. Frantz, you may begin. Paul Frantz: Thanks, everyone, for joining us. With me today are Jeffrey W. Clarke, David Kennedy and Tyler Johnson. Our earnings materials are available on our IR website and I encourage you to review these materials. Also, please take some time to review the presentation, which includes additional content to complement our discussion this afternoon. During this call, unless otherwise indicated, all references to financial measures refer to non GAAP financial measures including non GAAP gross margin, operating expenses, operating income, net income, diluted earnings per share, free cash flow, and adjusted free cash flow. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and our pres

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