FinDog Earnings CheckupEarnings release 05-28 · 10-Q 06-09Data from SEC filings

Dell FY27 Q1 revenue $43.84 billion, EPS $5.24 on AI server surge

Dell's fiscal 2027 first quarter was a blowout: revenue of $43.84 billion, up 88.0%, and GAAP EPS of $5.24, up 282.0%, with $24.4 billion of AI orders booked. The trade-off is mix: gross margin fell to 17.8% from 21.1% as AI servers did the heavy lifting. Read the results as an AI-infrastructure ramp with thinner margins, not a broad-based margin story.

1 · Expected vs. Actual

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EPS (non-GAAP)

$4.86

No consensus · YoY —

GAAP diluted EPS was $5.24, up 282.0%, while non-GAAP diluted EPS was $4.86, up 214.0% — the rare quarter where GAAP comes in above non-GAAP. The gap is mostly a $0.96 per share fair value gain on equity investments, partly offset by other corporate charges. Share count helped too: diluted shares fell 7.0% to 656 million while Dell repurchased $1.63 billion of stock.

Revenue

$43.84B

No consensus · YoY +87.5%

Revenue was $43.84 billion, up 88.0% from $23.38 billion a year earlier, and it was a record. Infrastructure Solutions Group did the damage: $29.01 billion, up 181%, including $16.13 billion of AI-optimized servers (up 757%) and $8.54 billion of traditional servers and networking (up 92%). Client Solutions Group grew 17.0% to $14.61 billion, but storage at $4.33 billion, up 8.0%, was the slowest piece.

Next-quarter revenue guidance

Below estimates

$44.50B ±1.1%

Est. $45.81B · −2.9%

For the second quarter Dell guides revenue of $44.0 billion to $45.0 billion, midpoint $44.5 billion, up 49%, with GAAP EPS of $4.48 and non-GAAP EPS of $4.80 at the midpoint. Full-year revenue is now $165.0 billion to $169.0 billion, midpoint $167.0 billion, up 47%, with GAAP EPS of $17.31 and non-GAAP EPS of $17.90. AI-optimized server revenue is expected at roughly $60 billion for the year, up 144%.

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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17

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