OpenNashEarnings

Consumer Technology · NYSE: DELL

Dell Technologies earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends January · next results expected around 24 Nov 2026

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q2 FY2027

Dell Technologies delivered record revenue of $47.0 billion, up 58% year over year, and record diluted earnings per share (EPS) of $6.34, up 273% year over year, and record non-GAAP diluted EPS of $7.04, up 203%.

Dell had a record second quarter. Revenue rose 58% to $47.0 billion and non-GAAP diluted EPS rose 203% to $7.04. AI servers drove much of it: $60.9 billion in orders, $16.4 billion in revenue and a $95 billion backlog. Traditional servers and networking grew 122%, storage 26% and PCs 20%. Cash flow from operations was $2.2 billion, and Dell returned a record $4.3 billion to shareholders.

Read the Q2 FY2027 summary →Q2 FY2027 slides (PDF) ↗Official transcript (PDF) ↗

Quarters

KPI history

Revenue$47.0B+57.7% y/yQ2 FY27
Q3 FY25: $24.4BQ3 25$24.4BQ4 FY25: $23.9BQ4 25$23.9BQ1 FY26: $23.4BQ1 26$23.4BQ2 FY26: $29.8BQ2 26$29.8BQ3 FY26: $27.0BQ3 26$27.0BQ4 FY26: $33.4B (worked out from the annual figure)Q4 26$33.4BQ1 FY27: $43.8BQ1 27$43.8BQ2 FY27: $47.0BQ2 27$47.0B

Fourth quarter worked out from the annual figure.

Data
Q3 FY25$24.4B
Q4 FY25$23.9B
Q1 FY26$23.4B
Q2 FY26$29.8B
Q3 FY26$27.0B
Q4 FY26$33.4B *
Q1 FY27$43.8B
Q2 FY27$47.0B
Diluted EPS (GAAP)$6.34+272.9% y/yQ2 FY27
Q3 FY25: $1.64Q3 25$1.64Q4 FY25: $2.15Q4 25$2.15Q1 FY26: $1.37Q1 26$1.37Q2 FY26: $1.70Q2 26$1.70Q3 FY26: $2.28Q3 26$2.28Q1 FY27: $5.24Q1 27$5.24Q2 FY27: $6.34Q2 27$6.34
Data
Q3 FY25$1.64
Q4 FY25$2.15
Q1 FY26$1.37
Q2 FY26$1.70
Q3 FY26$2.28
Q1 FY27$5.24
Q2 FY27$6.34

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin11.5%+5.5 pts y/yQ2 FY27
Q3 FY25: 7.1%Q3 257.1%Q4 FY25: 9.0%Q4 259.0%Q1 FY26: 5.0%Q1 265.0%Q2 FY26: 6.0%Q2 266.0%Q3 FY26: 7.8%Q3 267.8%Q4 FY26: 9.3%Q4 269.3%Q1 FY27: 8.3%Q1 278.3%Q2 FY27: 11.5%Q2 2711.5%
Data
Q3 FY257.1%
Q4 FY259.0%
Q1 FY265.0%
Q2 FY266.0%
Q3 FY267.8%
Q4 FY269.3%
Q1 FY278.3%
Q2 FY2711.5%
Free cash flow$986.0M−47.2% y/yQ2 FY27
Q3 FY25: $914.0MQ3 25$914.0MQ4 FY25: -$150.0MQ4 25-$150.0MQ1 FY26: $2.2BQ1 26$2.2BQ2 FY26: $1.9BQ2 26$1.9BQ3 FY26: $503.0MQ3 26$503.0MQ4 FY26: $4.0BQ4 26$4.0BQ1 FY27: $3.1BQ1 27$3.1BQ2 FY27: $986.0MQ2 27$986.0M
Data
Q3 FY25$914.0M
Q4 FY25-$150.0M
Q1 FY26$2.2B
Q2 FY26$1.9B
Q3 FY26$503.0M
Q4 FY26$4.0B
Q1 FY27$3.1B
Q2 FY27$986.0M

Operating cash flow minus capital expenditure, from cash flow statements.

Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27Q2 FY27
Revenue$24.4B$23.9B$23.4B$29.8B$27.0B$33.4Bd$43.8B$47.0B
Gross margin22.0%23.7%21.1%18.3%20.7%20.2%17.8%20.9%
Operating income$1.7B$2.2B$1.2B$1.8B$2.1B$3.1Bd$3.7B$5.4B
Operating margin7.1%9.0%5.0%6.0%7.8%9.3%8.3%11.5%
Net income$1.2B$1.5B$965.0M$1.2B$1.5B$2.3Bd$3.4B$4.1B
Diluted EPS$1.64$2.15$1.37$1.70$2.28—$5.24$6.34
Operating cash flow$1.6Bd$585.0Md$2.8B$2.5Bd$1.2Bd$4.7Bd$4.1B$2.2Bd
Capital expenditure$639.0Md$735.0Md$568.0M$675.0Md$669.0Md$721.0Md$963.0M$1.2Bd
Free cash flow$914.0M-$150.0M$2.2B$1.9B$503.0M$4.0B$3.1B$986.0M
R&D expense$745.0M$773.0Md$808.0M$785.0M$752.0M$797.0Md$983.0M$1.1B

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings