DELL

EX-99.1

2 exhibit991earnings8kq1fy27.htm

EX-99.1

Document

Exhibit 99.1

Dell Technologies Delivers First Quarter Fiscal 2027 Financial Results

ROUND ROCK, Texas — May 28, 2026 — Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2027 first quarter and provides guidance for its fiscal 2027 second quarter and full year.

First-Quarter Summary

•Record revenue of $43.8 billion, up 88% year over year

•Record diluted earnings per share (EPS) of $5.24, up 282% year over year, and record non-GAAP diluted EPS of $4.86, up 214%

•Record first-quarter cash flow from operations of $4.1 billion

“Our record Q1 performance reflects strong in-quarter demand, as well as our pace of innovation across the full stack of PCs, compute and storage,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “We booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue. We’re increasing our AI server revenue expectations for FY27 to $60 billion, which only goes to show the AI opportunity shows no signs of slowing.”

“Execution was exceptionally strong across the business – from supply chain to sales to pricing – driving record revenue of $43.8 billion, record EPS, record Q1 cash flow of $4.1 billion and continued strong shareholder returns of $2.1 billion,” said David Kennedy, chief financial officer, Dell Technologies. “We entered FY27 with clear momentum, raising our full-year revenue outlook to $167 billion at the midpoint, up nearly 50% year over year.”

Infrastructure Solutions Group (ISG)

•Record revenue: $29.0 billion, up 181% year over year

•Record AI-Optimized Servers revenue: $16.1 billion, up 757% year over year

•Record Traditional Servers and Networking revenue: $8.5 billion, up 92% year over year

•Record first-quarter Storage revenue: $4.3 billion, up 8% year over year

•Record operating income: $3.1 billion, up 206% year over year

Client Solutions Group (CSG)

•Revenue: $14.6 billion, up 17% year over year

•Record Commercial Client revenue: $13.0 billion, up 18% year over year

•Consumer revenue: $1.6 billion, up 9% year over year

•Record operating income: $1.2 billion, up 79% year over year

Capital Return

Dell Technologies returned $2.1 billion to shareholders in the first quarter through share repurchases and dividends.

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Guidance Summary

•Second-quarter FY27 revenue expected between $44.0 billion and $45.0 billion, up 49% year over year at the midpoint of $44.5 billion

•Second-quarter FY27 GAAP diluted EPS expected to be $4.48 at the midpoint, up 164% year over year, and non-GAAP diluted EPS to be $4.80 at the midpoint, up 107%

•Full-year FY27 revenue expected between $165.0 billion and $169.0 billion, up 47% year over year at the midpoint of $167.0 billion

•Full-year AI-Optimized Servers revenue expected to be roughly $60 billion, up 144% year over year

•Full-year FY27 GAAP diluted EPS expected to be $17.31 at the midpoint, up 99% year over year, and non-GAAP diluted EPS to be $17.90 at the midpoint, up 74%

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First Quarter Fiscal 2027 Financial Results

Three Months Ended

May 1, 2026May 2, 2025Change

(in millions, except per share amounts and percentages; unaudited)

Net revenue$43,842 $23,378 88%

Operating income$3,656 $1,165 214%

Net income$3,438 $965 256%

Change in cash from operating activities$4,081 $2,796 46%

Earnings per share — diluted$5.24 $1.37 282%

Non-GAAP operating income$4,235 $1,666 154%

Non-GAAP net income$3,190 $1,086 194%

Adjusted free cash flow$3,165 $2,232 42%

Non-GAAP earnings per share — diluted$4.86 $1.55 214%

Information about Dell Technologies’ non-GAAP financial measures is provided under “Non-GAAP Financial Measures” below. All comparisons in this press release are year over year unless otherwise noted.

Operating Segments Results

Three Months Ended

May 1, 2026May 2, 2025Change

(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):

Net revenue:

AI-optimized servers$16,132 $1,882 757%

Traditional servers and networking8,543 4,439 92%

Storage4,334 3,996 8%

Total ISG net revenue$29,009 $10,317 181%

Operating income:

ISG operating income$3,055 $998 206%

% of ISG net revenue10.5 %9.7 %

% of total reportable segment operating income72 %60 %

Client Solutions Group (CSG):

Net revenue:

Commercial$13,020 $11,046 18%

Consumer1,589 1,463 9%

Total CSG net revenue$14,609 $12,509 17%

Operating income:

CSG operating income$1,170 $653 79%

% of CSG net revenue8.0 %5.2 %

% of total reportable segment operating income28 %40 %

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Conference call information

As previously announced, the company will hold a conference call to discuss its performance and financial guidance on May 28 at 3:30 p.m. CST. Prior to the start of the conference call, prepared remarks and a presentation containing additional financial and operating information may be downloaded from investors.delltechnologies.com. The conference call will be presented live over the internet and can

dell-202602262/26/20260001571996false00015719962026-02-262026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 26, 2026

Dell Technologies Inc. (Exact name of registrant as specified in its charter)

Delaware 001-37867 80-0890963 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

One Dell Way Round Rock, Texas 78682 (Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (800) 289-3355 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Class C Common Stock, par value $0.01 per shareDELLNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02    Results of Operations and Financial Condition.

On February 26, 2026, Dell Technologies Inc. (the “Company” or “Dell”) issued a press release announcing its financial results for its fiscal quarter and fiscal year ended January 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this current report.

In accordance with General Instruction B.2 to Form 8-K, the information contained in this Item 2.02 and in Exhibit 99.1 to this current report is being “furnished” with the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under such section. Further, such information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless specifically identified as being incorporated therein by reference.

Item 9.01    Financial Statements and Exhibits.

(d)  Exhibits.

The following documents are herewith filed or furnished as exhibits to this report:

Exhibit Number  Description 99.1 Press Release of Dell Technologies Inc. dated February 26, 2026.

104Cover Page Interactive Data File — the cover page XBRL tags are embedded within the Inline XBRL document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 26, 2026Dell Technologies Inc. By:/s/ Christopher Garcia Christopher Garcia Senior Vice President and Assistant Secretary (Duly Authorized Officer)

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dell-2025112511/25/20250001571996false00015719962025-11-252025-11-25

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 25, 2025

Dell Technologies Inc. (Exact name of registrant as specified in its charter)

Delaware 001-37867 80-0890963 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)

One Dell Way Round Rock, Texas 78682 (Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (800) 289-3355 Not Applicable (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered Class C Common Stock, par value $0.01 per shareDELLNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02    Results of Operations and Financial Condition.

On November 25, 2025, Dell Technologies Inc. (the “Company” or “Dell”) issued a press release announcing its financial results for its fiscal quarter ended October 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this current report.

In accordance with General Instruction B.2 to Form 8-K, the information contained in this Item 2.02 and in Exhibit 99.1 to this current report is being “furnished” with the Securities and Exchange Commission and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under such section. Further, such information shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, unless specifically identified as being incorporated therein by reference.

Item 9.01    Financial Statements and Exhibits.

(d)  Exhibits.

The following documents are herewith filed or furnished as exhibits to this report:

Exhibit Number  Description 99.1 Press Release of Dell Technologies Inc. dated November 25, 2025.

104Cover Page Interactive Data File — the cover page XBRL tags are embedded within the Inline XBRL document.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 25, 2025Dell Technologies Inc. By:/s/ Christopher Garcia Christopher Garcia Senior Vice President and Assistant Secretary (Duly Authorized Officer)

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