Slide 1: Q1 2026 Dell Technologies Inc Earnings Call
DELL – Q1 2026 Dell Technologies Inc Earnings Call EVENT DATE/TIME: May 29, 2025 / 8:30PM GMT ELL.N - Q1 2026 Dell Technologies Inc Earnings Call EVENT DATE/TIME: MAY 29, 2025 / 8:30PM GMT OVERVIEW: Company Summary
Slide 2: Corporate and Conference Call Participants
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call CORPORATE PARTICIPANTS Paul Frantz Dell Technologies Inc - Vice President, Investor Relations Jeffrey Clarke Dell Technologies Inc - Vice Chairman of the Board, Chief Operating Officer Yvonne McGill Dell Technologies Inc - C
Slide 3: Jeffrey Clarke: Q1 results and AI demand
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Jeffrey Clarke - Dell Technologies Inc - Vice Chairman of the Board, Chief Operating Officer Thanks Paul. Thanks, everyone, for joining us. This quarter, we executed very well, achieving growth across our core markets and ex
Slide 4: Dell AI Factory advancements and announcements
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Over the past three months, we have made significant advancements to the Dell AI Factory, from industry-first AI PCs to the edge and data center enhancements. We are pushing the boundaries with highly-dense, powerful, and en
Slide 5: Yvonne McGill: Q1 financial performance
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Yvonne McGill - Dell Technologies Inc - Chief Financial Officer, Corporate Controller Thanks, Jeff. Let me begin with an overview of our Q1 performance. Then, I’ll move to ISG, CSG, cash, and guidance. In the first quarter,
Slide 6: Full-year FY26 guidance
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Moving to the full year. It is early in what has been a very dynamic year. We’re optimistic on our portfolio and our ability to execute. However, we want to be thoughtful of how customers think through their IT spend, relati
Slide 7: Q&A: AI orders and backlog
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call $12.1 billion of orders in Q1, more than all of last year. We're off to a good start. But we have much in front of us. The customer deployments that we have in front of us are large. They're complex. They have very detailed
Slide 8: Q&A: AI server shipments and pipeline
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Jeffrey Clarke - Dell Technologies Inc - Vice Chairman of the Board, Chief Operating Officer Let's see if we can parse our way through that. I believe, first of all, Yvonne made reference that we expect to ship $7 billion of
Slide 9: Q&A: Storage portfolio and attach rates
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Jeffrey Clarke - Dell Technologies Inc - Vice Chairman of the Board, Chief Operating Officer Sure. I think part of the answer lies in what we announced at Dell Technology World, which is an expansion of our storage portfolio
Slide 10: Q&A: Pricing and AI margin dollars
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call We did not make any price moves in the quarter. We were steady. We have been through this before. And I think we weathered the storm quite well and ultimately, took, care of our customers and served them quite well. When I t
Slide 11: Q&A: Enterprise AI customers
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call We're looking at it in absolute dollars in every scenario that we've now conveyed to you in our guidance for both the quarter and the year, which drives operating income dollar growth and gross margin dollar growth. So I thi
Slide 12: Q&A: Competitive dynamics
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call But when you look at traditional servers, you look at storage, the other two businesses that I was referring to: again, both were growing nicely. North America speed bumped Week 10 through 12 in month 3, worked our way throu
Slide 13: Q&A: Storage platform and AI inference
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Operator Krish Sankar, TD Cowen. Krish Sankar - TD Cowen - Analyst Yeah. Hi. Thanks for taking my question. Jeff, I just want to follow up on an earlier question on the historic attach rate. Last week, at Dell Technology Wor
Slide 14: Q&A: Backlog composition
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call So what are you doing differently? What are you seeing from customers? And when you think about that backlog that you're sitting at 14 ,spot 4, how would you characterize the flavor of that backlog, from a technology perspec
Slide 15: Q&A: Margins and operating income
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call But slightly more than -- in Q1, slightly more than what we're expecting. That's because of a few things. Traditional servers were impacted by lower North America mix, which we've already talked about, which is higher margin
Slide 16: Q&A: Traditional servers and cash flow
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Yvonne McGill - Dell Technologies Inc - Chief Financial Officer, Corporate Controller But we're optimistic about the additional opportunity that's there. Jeffrey Clarke - Dell Technologies Inc - Vice Chairman of the Board, C
Slide 17: Q&A: Cash flow commentary
MAY 29, 2025 / 8:30PM, DELL.N - Q1 2026 Dell Technologies Inc Earnings Call Tyler Johnson - Dell Technologies Inc - Director, Senior Vice President Matt, let me jump in. This is Tyler. Let me jump in on the cash flow question. You said it: really strong quarterly cash flow. I'll remind you that when