DELL Dell Technologies (DELL) Q1 FY26 earnings call
Dell Technologies reported strong Q1 FY26 results, driven by unprecedented demand for AI-optimized servers, with $12.1 billion in orders and a growing pipeline. While core markets like commercial PCs and storage showed growth, the company noted moderation in traditional servers and continued challenges in the consumer PC segment. Management reiterated full-year revenue guidance and raised EPS guidance, emphasizing AI momentum and disciplined capital allocation.
You’re reading a preview. Opening the full call uses 1 concall credit.
Sign in to use your monthly call allowance.
DELL operating KPIs by quarter
| KPI | Jan 2025 Q4 FY25 | This call Apr 2025 Q1 FY26 | Oct 2025 Q3 FY26 | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| AI orders demand ISG | $1.7BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $12.1BWe booked $12.1 billion in orders in the first quarter, surpassing the entirety of shipments in all of FY '25.Source: earnings call transcript | $12.3BWe booked $12.3 billion in orders in the quarter, bringing year-to-date orders to $30 billion, both record figures.Source: earnings call transcript | $34.1BIn Q4, we booked $34.1 billion in AI orders, evidence that demand is accelerating as customers deploy AI at scale.Source: earnings call transcript | $24.4BIn Q1, we booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue.Source: earnings call transcript | $60.9BIn Q2, we booked a record $60.9 billion in AI orders and recognized $16.4 billion in AI server revenue.Source: earnings call transcript | +149.6% |
| AI shipments ISG | $2.1BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $1.8BWe shipped $1.8 billion, leaving us with a backlog of $14.4 billion.Source: earnings call transcript | $5.6BWe shipped $5.6 billion in AI servers during the quarter for a total of $15.6 billion year-to-date.Source: earnings call transcript | $9.5BWe shipped $9.5 billion in AI servers in the quarter.Source: earnings call transcript | — | — | +69.6% |
| AI backlog ISG | $4.1BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $14.4BWe shipped $1.8 billion, leaving us with a backlog of $14.4 billion.Source: earnings call transcript | $18.4BWe ended the quarter with a record backlog of $18.4 billion.Source: earnings call transcript | $43BWe exited Q4 with a record $43 billion in AI backlog, and our pipeline continued to grow sequentially even after converting $34.1 billion of orders, a clear sign of sustained momentum.Source: earnings call transcript | $51.3BWe exited the quarter with a record $51.3 billion of AI backlog, and our pipeline continued to grow sequentially and remains multiples of our backlog, even after converting $24.4 billion into orders.Source: earnings call transcript | $95BWe exited the quarter with a record $95 billion of AI backlog, and our pipeline continue to grow sequentially and remains multiples of our backlog even after converting $131.7 billion into orders over the past 12 months.Source: earnings call transcript | +85.2% |
| Customers | — | — | — | — | 5,000+Our customer count surpassed 5,000 with growth across neocloud, sovereigns and enterprise customers.Source: earnings call transcript | 6,500+Demand is broadening across neoclouds, sovereigns and enterprise customers and our customer count has surpassed 6,500.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.