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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Amit Daryanani | Evercore ISI | 8 questions · 25% challenging |
| Ben Reitzes | Melius Research | 8 questions · 13% challenging |
| Asiya Merchant | Citigroup | 8 questions · 0% challenging |
| Erik Woodring | Morgan Stanley | 8 questions · 0% challenging |
| Wamsi Mohan | Bank of America | 8 questions · 13% challenging |
| Dave Vogt | UBS | 8 questions · 0% challenging |
| Samik Chatterjee | JPMorgan | 7 questions · 14% challenging |
| Aaron Rakers | Wells Fargo | 6 questions · 0% challenging |
| Simon Leopold | Raymond James | 6 questions · 0% challenging |
| Krish Sankar | TD Cowen | 5 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 analyst | 8 questions · 13% challenging |
| Citigroup | 1 analyst | 8 questions · 0% challenging |
| Evercore ISI | 1 analyst | 8 questions · 25% challenging |
| JPMorgan | 2 analysts | 8 questions · 13% challenging |
| Melius Research | 1 analyst | 8 questions · 13% challenging |
| Morgan Stanley | 1 analyst | 8 questions · 0% challenging |
| UBS | 1 analyst | 8 questions · 0% challenging |
| Goldman Sachs | 2 analysts | 7 questions · 0% challenging |
Calendar quarter Q2 2026Earnings call May 28, 2026
FY2027 Q1 in brief
Dell posted a record first quarter, with revenue up 88% to $43.8 billion and non-GAAP EPS up 214% to $4.86, as a surge in AI server demand nearly doubled the top line.
Newest quarter FY2027 Q2 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Dell Technologies (DELL), FY2027 Q1: 9/10. Scores: Dell Technologies’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: DELL daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Dell posted a record first quarter, with revenue up 88% to $43.8 billion and non-GAAP EPS up 214% to $4.86, as a surge in AI server demand nearly doubled the top line. AI was the engine: $24.4 billion in orders, $16.1 billion of recognized AI server revenue, and a record $51.3 billion backlog, while traditional servers reaccelerated (+92%) and CSG grew 17%. Operating leverage was the story beneath the headline, with operating expenses falling to 8.4% of revenue, the lowest in over 20 years, even as gross margin rate compressed to 18.1% on lower-margin AI server mix. Management raised full-year FY27 guidance sharply, to revenue of $165-169 billion (midpoint $167 billion) and non-GAAP EPS of $17.90, lifting the prior guide by roughly $27 billion and $5. The main constraint is supply, not demand: memory (DRAM and NAND) inflation and component availability cap the second-half outlook, which management framed with deliberate prudence.
Cloud & AI | Demand | Margin | Revenue Growth | Competitive Dynamics | Supply Chain | Guidance Reliability | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 11 | 9 | 3 | 3 | 4 | 3 | 2 | 1 |
| 2025Q4 | 6 | 6 | 4 | 4 | 2 | 2 | 2 | 1 |
| 2026Q1 | 9 | 4 | 3 | 3 | 4 | 3 | 1 | |
| 2026Q2 | 7 | 5 | 8 | 1 | 4 | 1 | 3 | 1 |
| 2026Q3 | 6 | 4 | 5 | 3 | 3 | 3 | 1 | 2 |
| 2026Q4 | 6 | 5 | 5 | 6 | 3 | 3 | 4 | |
| 2027Q1 | 1 | 3 | 3 | 4 | 1 | 3 | 4 | 2 |
| '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | '27Q1 | |
|---|---|---|---|---|---|---|---|
| Cloud & AI | 11 | 6 | 9 | 7 | 6 | 6 | 1 |
| Demand | 9 | 6 | 4 | 5 | 4 | 5 | 3 |
| Margin | 3 | 4 | 3 | 8 | 5 | 5 | 3 |
| Revenue Growth | 3 | 4 | 3 | 1 | 3 | 6 | 4 |
| Competitive Dynamics | 4 | 2 | 4 | 4 | 3 | 3 | 1 |
| Supply Chain | 3 | 2 | 1 | 3 | 3 | 3 | |
| Guidance Reliability | 2 | 2 | 3 | 3 | 1 | 4 | |
| Pricing | 1 | 1 | 1 | 1 | 2 | 4 | 2 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q3 | $24.37B | +9.5% | $1.58 | +16.2% | 21.8% | 6.8% | 4.6% | $914M |
| FY2025 Q4 | $23.81B | +6.7% | $2.15 | +31.1% | 23.0% | 9.1% | 6.4% | $-150M |
| FY2026 Q1 | $23.38B | +5.1% | $1.37 | 0.0% | 21.1% | 5.0% | 4.1% | $2.23B |
| FY2026 Q2 | $29.78B | +19.0% | $1.70 | +45.3% | 18.3% | 6.0% | 3.9% | $1.87B |
| FY2026 Q3 | $27.00B | +10.8% | $2.28 | +44.3% | 20.7% | 7.8% | 5.7% | $503M |
| FY2026 Q4 | $33.38B | +40.2% | $3.37 | +56.7% | 20.2% | 9.4% | 6.8% | $3.95B |
| FY2027 Q1Selected | $43.84B | +87.5% | $5.24 | +282.5% | 17.8% | 8.3% | 7.8% | $3.12B |
| FY2027 Q2 | $46.97B | +57.7% | $6.34 | +272.9% | 20.9% | 11.5% | 8.8% | $0 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
GAAP revenue YoY +87.5% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
What DELL and other companies said about each other on FY2027 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Whether that be in PCs where you have 1/3 of the units that are 4 years or older, were lagging in a Windows 11 refresh and caught up through the quarter.”
The Windows 11 upgrade cycle is driving Dell's PC refresh, a signal for Microsoft's Windows-driven hardware refresh demand.
“We continue to expand the Dell AI factory ecosystem with partners including NVIDIA, Google Cloud, OpenAI, SpaceX AI, ServiceNow, Palantir, Mistral, and CrowdStrike.”
CrowdStrike is named as a Dell AI factory ecosystem partner.
“We continue to expand the Dell AI factory ecosystem with partners including NVIDIA, Google Cloud, OpenAI, SpaceX AI, ServiceNow, Palantir, Mistral, and CrowdStrike.”
Palantir is named as a Dell AI factory ecosystem partner.
“We continue to expand the Dell AI factory ecosystem with partners including NVIDIA, Google Cloud, OpenAI, SpaceX AI, ServiceNow, Palantir, Mistral, and CrowdStrike.”
ServiceNow is named as a Dell AI factory ecosystem partner.
“For example, with Google Distributed Cloud, we are bringing Gemini models on premises with confidential compute so customers can run AI closer to the data while meeting data residency, privacy, and sovereignty requirements.”
Dell partners with Google to run Gemini models on-premises via Google Distributed Cloud, a signal for Google's sovereign/on-prem AI reach.
“At GTC, we marked the 2-year anniversary of the Dell AI factory with NVIDIA and extended our leadership in accelerated computing.”
Dell's AI factory is built around NVIDIA's accelerated computing platforms (Vera Rubin, Rubin GPU, RTX), a signal for sustained demand pull-through for NVIDIA silicon.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DELL Dell Technologies | 9 | +87.5% | |
| ANET Arista Networks | 10 | +37.7% | |
| HPQ HP Inc. | 6 | +9.0% | |
| IONQ IonQ, Inc. | 9 | +286.8% | |
| NTAP NetApp | 9 | +12.5% | |
| P Everpure, Inc. | 9 | +35.3% | |
| QBTS D-Wave Quantum Inc. | 4 | -0.6% | |
| RGTI Rigetti Computing, Inc. | 8 | +185.3% | |
| SMCI Supermicro | 9 | +93.2% | |
| STX Seagate Technology Holdings | 10 | +48.5% | |
| WDC Western Digital | 9 | +43.8% |