Analyst Consensus ?
ConsensusBuy45 ratings
Bullish2657.8%
Neutral1737.8%
Bearish24.4%
Dell Technologies Inc. · DELL · FY2027 Q1 · Calendar Q2 2026
Dell Q1 FY27: AI Demand Drives 88% Revenue Surge, Guidance Raised Sharply
Dell's Q1 FY27 results mark a step-change in the company's AI-driven growth trajectory. Revenue of $43.8 billion (up 88% year-over-year) and EPS of $4.86 (up 214%) shattered consensus estimates, with AI server demand generating $24.4 billion in new orders and pushing the AI backlog to $51.3 billion. The stock surged over 32% on the report. Management raised full-year guidance by approximately $27 billion in revenue and $5 in EPS, signaling confidence that demand will sustain even as supply constraints persist. The key question for investors is whether this represents sustainable demand or a pull-forward effect from customers racing to secure capacity amid memory shortages.
Reported After market closeNYSETechnology
$283.33B market cap
100quality score
Company context
Snapshot as of publicationDell Technologies Inc. is a worldwide technology leader that designs, develops, manufactures, markets, sells, and provides support for a broad spectrum of information technology (IT) solutions, products, and services. The company's business activities are structured into three primary segments: the Infrastructure Solutions Group (ISG), the Client Solutions Group (CSG), and VMware. The ISG division focuses on delivering enterprise-grade offerings, including both traditional and next-generation storage solutions, alongside various server configurations such as rack, blade, tower, and hyperscale models. This segment also provides networking products and related services aimed at helping corporate clients modernize their IT infrastructure, enrich end-user experiences, and accelerate critical business applications and processes. Complementary software, peripherals, and extensive support services—encompassing deployment, configuration, and extended warranties—are also part of its portfolio.…
Earnings scorecard
Reported versus consensus
Reported EPS
$4.86
Consensus $3
EPS surprise
+64.2%
Reported versus consensus
Reported revenue
$43.84B
Consensus $35.74B
Revenue surprise
+22.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$434.83Current
$47.5Low
$272.04Average
$565High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Aug 24, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | Outperform | Outperform | Maintain | Aug 19, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 24, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 23, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jun 1, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 1, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jun 1, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 29, 2026 |
| TD Cowen | Hold | Hold | Maintain | May 29, 2026 |
| Susquehanna | Positive | Neutral | Upgrade | May 29, 2026 |
| Raymond James | Outperform | Outperform | Maintain | May 29, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | May 29, 2026 |
| Loop Capital | Buy | Buy | Maintain | May 29, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 29, 2026 |
| B of A Securities | Buy | Buy | Maintain | May 29, 2026 |
| Argus Research | Buy | Buy | Maintain | May 29, 2026 |
| UBS | Neutral | Buy | Downgrade | May 11, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Dec 2, 2024 |
| Melius Research | Buy | Buy | Maintain | Nov 27, 2024 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Sep 19, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jun 2, 2023 |
| Jefferies | Hold | Hold | Maintain | Oct 31, 2022 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Aug 26, 2022 |
| OTR Global | Positive | Mixed | Upgrade | Aug 5, 2021 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Aug 28, 2020 |
| Nomura Instinet | Neutral | Neutral | Maintain | May 29, 2020 |
| Nomura | Neutral | Neutral | Maintain | May 29, 2020 |
| BMO Capital | Market Perform | Market Perform | Maintain | Mar 4, 2019 |
| Wolfe Research | Outperform | Outperform | Maintain | Jan 9, 2019 |
| Gabelli & Co. | Buy | Buy | Maintain | Jan 31, 2018 |
| Topeka | Buy | Buy | Maintain | Mar 7, 2013 |
| FBN Securities | Sector Perform | Sector Perform | Maintain | Feb 20, 2013 |
| Brean Capital | Hold | Buy | Downgrade | Feb 14, 2013 |
| Maxim Group | Hold | Buy | Downgrade | Feb 13, 2013 |
| Credit Agricole | Underperform | Outperform | Downgrade | Feb 6, 2013 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Feb 5, 2013 |
| Cross Research | Hold | Buy | Downgrade | Feb 5, 2013 |
| Argus Capital | Hold | Buy | Downgrade | Jan 16, 2013 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Jan 15, 2013 |
| Monness Crespi Hardt | Buy | Buy | Maintain | Sep 10, 2012 |
| Edward Jones | Sell | Hold | Downgrade | Sep 7, 2012 |
| Bank of America | Buy | Buy | Maintain | Aug 22, 2012 |
| Sterne Agee | Neutral | Neutral | Maintain | May 17, 2012 |
| Oxen Group | Buy | Buy | Maintain | Mar 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $434.83. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $550 | $468.61 | +26.5% | Aug 19, 2026 |
| Wells Fargo | Analyst unavailable | $545 | $494.46 | +25.3% | Aug 14, 2026 |
| Morgan Stanley | Analyst unavailable | $430 | $453.78 | -1.1% | Aug 10, 2026 |
| Evercore ISI | Analyst unavailable | $500 | $416.98 | +15.0% | Jul 8, 2026 |
| Truist Financial | Matthew Niknam | $360 | $458.52 | -17.2% | Jun 1, 2026 |
| Goldman Sachs | Analyst unavailable | $500 | $421.3 | +15.0% | Jun 1, 2026 |
| Mizuho Securities | Analyst unavailable | $500 | $421.3 | +15.0% | Jun 1, 2026 |
| Morgan Stanley | Erik Woodring | $448 | $421.3 | +3.0% | Jun 1, 2026 |
| Bernstein | Mark Newman | $500 | $421.3 | +15.0% | Jun 1, 2026 |
| Argus Research | Jim Kelleher | $460 | $408.38 | +5.8% | May 29, 2026 |
| Susquehanna | Analyst unavailable | $289 | $408.84 | -33.5% | May 29, 2026 |
| Barclays | Tim Long | $550 | $318.01 | +26.5% | May 29, 2026 |
| UBS | David Vogt | $440 | $318.01 | +1.2% | May 29, 2026 |
| Melius Research | Ben Reitzes | $565 | $318.01 | +29.9% | May 29, 2026 |
| Piper Sandler | James Fish | $497 | $318.01 | +14.3% | May 29, 2026 |
| Mizuho Securities | Analyst unavailable | $350 | $305.02 | -19.5% | May 28, 2026 |
| Wells Fargo | Aaron Rakers | $270 | $252.86 | -37.9% | May 22, 2026 |
| Morgan Stanley | Erik Woodring | $170 | $242.97 | -60.9% | May 21, 2026 |
| Bernstein | Mark Newman | $280 | $235.38 | -35.6% | May 20, 2026 |
| Mizuho Securities | Analyst unavailable | $300 | $246.9 | -31.0% | May 12, 2026 |
| UBS | Analyst unavailable | $243 | $260.31 | -44.1% | May 10, 2026 |
| Mizuho Securities | Analyst unavailable | $260 | $216.39 | -40.2% | May 6, 2026 |
| Goldman Sachs | Analyst unavailable | $215 | $177.33 | -50.6% | Apr 16, 2026 |
| Evercore ISI | Analyst unavailable | $205 | $175.82 | -52.9% | Mar 26, 2026 |
| Evercore ISI | Analyst unavailable | $160 | $116.78 | -63.2% | Feb 19, 2026 |
| Morgan Stanley | Analyst unavailable | $101 | $113.53 | -76.8% | Feb 18, 2026 |
| Morgan Stanley | Erik Woodring | $111 | $120.53 | -74.5% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $165 | $120.44 | -62.1% | Jan 13, 2026 |
| UBS | Analyst unavailable | $167 | $125.92 | -61.6% | Nov 26, 2025 |
| Morgan Stanley | Analyst unavailable | $113 | $125.92 | -74.0% | Nov 26, 2025 |
| Mizuho Securities | Vijay Rakesh | $175 | $131.63 | -59.8% | Nov 26, 2025 |
| Barclays | Analyst unavailable | $148 | $126.21 | -66.0% | Nov 26, 2025 |
| Evercore ISI | Analyst unavailable | $180 | $160.11 | -58.6% | Nov 3, 2025 |
| Piper Sandler | Analyst unavailable | $172 | $149.43 | -60.4% | Oct 21, 2025 |
| Raymond James | Simon Leopold | $161 | $147.87 | -63.0% | Oct 21, 2025 |
| Argus Research | Jim Kelleher | $200 | $157.09 | -54.0% | Oct 9, 2025 |
| UBS | David Vogt | $186 | $162.45 | -57.2% | Oct 8, 2025 |
| Mizuho Securities | Analyst unavailable | $170 | $156.33 | -60.9% | Oct 8, 2025 |
| Bernstein | Mark Newman | $180 | $150.87 | -58.6% | Oct 8, 2025 |
| Wells Fargo | Aaron Rakers | $180 | $150.87 | -58.6% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $151 | $150.87 | -65.3% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $133 | $130.34 | -69.4% | Sep 17, 2025 |
| Bernstein | Mark Newman | $175 | $126.8 | -59.8% | Sep 15, 2025 |
| UBS | Analyst unavailable | $155 | $134.05 | -64.4% | Aug 29, 2025 |
| Raymond James | Analyst unavailable | $152 | $122.15 | -65.0% | Aug 29, 2025 |
| Barclays | Tim Long | $131 | $134.05 | -69.9% | Aug 29, 2025 |
| Goldman Sachs | Michael Ng | $140 | $134.05 | -67.8% | Aug 28, 2025 |
| Morgan Stanley | Analyst unavailable | $144 | $127.83 | -66.9% | Aug 21, 2025 |
| Susquehanna | Mehdi Hosseini | $125 | $139.41 | -71.3% | Aug 13, 2025 |
| UBS | Analyst unavailable | $150 | $102.76 | -65.5% | Feb 28, 2025 |
| Barclays | Analyst unavailable | $116 | $102.76 | -73.3% | Feb 28, 2025 |
| Wells Fargo | Aaron Rakers | $160 | $92.55 | -63.2% | Nov 18, 2024 |
| Mizuho Securities | Vijay Rakesh | $135 | $115.4 | -69.0% | Sep 16, 2024 |
| Susquehanna | Mehdi Hosseini | $120 | $105.75 | -72.4% | Sep 10, 2024 |
| Goldman Sachs | Michael Ng | $155 | $115.91 | -64.4% | Aug 30, 2024 |
| Wells Fargo | Aaron Rakers | $140 | $110.74 | -67.8% | Aug 30, 2024 |
| Bank of America Securities | Wamsi Mohan | $155 | $110.74 | -64.4% | Aug 30, 2024 |
| Citigroup | Asiya Merchant | $155 | $102.95 | -64.4% | Aug 15, 2024 |
| Evercore ISI | Amit Daryanani | $140 | $92.55 | -67.8% | Aug 12, 2024 |
| Morgan Stanley | Erik Woodring | $155 | $169.92 | -64.4% | May 31, 2024 |
| Barclays | Tim Long | $97 | $169.92 | -77.7% | May 31, 2024 |
| Loop Capital Markets | Ananda Baruah | $185 | $160.18 | -57.5% | May 28, 2024 |
| Evercore ISI | Amit Daryanani | $165 | $149.16 | -62.1% | May 16, 2024 |
| UBS | David Vogt | $141 | $118.37 | -67.6% | Apr 19, 2024 |
| Raymond James | Simon Leopold | $82 | $93.97 | -81.1% | Feb 29, 2024 |
| Morgan Stanley | Erik Woodring | $70 | $68.7 | -83.9% | Sep 1, 2023 |
| Morgan Stanley | Erik Woodring | $55 | $43.82 | -87.4% | May 2, 2023 |
| Morgan Stanley | Erik Woodring | $45 | $43.86 | -89.7% | Nov 22, 2022 |
| Wells Fargo | Aaron Rakers | $52 | $43.62 | -88.0% | Nov 22, 2022 |
| Credit Suisse | Analyst unavailable | $53 | $42.48 | -87.8% | Nov 22, 2022 |
| Citigroup | Analyst unavailable | $55 | $41.7 | -87.4% | Nov 18, 2022 |
| Raymond James | Simon Leopold | $51 | $41.74 | -88.3% | Aug 26, 2022 |
| Morgan Stanley | Erik Woodring | $60 | $44.16 | -86.2% | Aug 26, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $43.72 | -87.6% | Aug 26, 2022 |
| Deutsche Bank | Analyst unavailable | $55 | $44.08 | -87.4% | Aug 26, 2022 |
| UBS | Analyst unavailable | $65 | $44.1 | -85.1% | Aug 26, 2022 |
| Barclays | Analyst unavailable | $49 | $47.9 | -88.7% | Aug 26, 2022 |
| Morgan Stanley | Erik Woodring | $54 | $47.9 | -87.6% | Aug 26, 2022 |
| Barclays | Tim Long | $54 | $50.73 | -87.6% | Jun 6, 2022 |
| Wells Fargo | Aaron Rakers | $35 | $51.02 | -92.0% | Jun 1, 2022 |
| Morgan Stanley | Analyst unavailable | $56 | $50.09 | -87.1% | May 27, 2022 |
| Citigroup | Analyst unavailable | $65 | $40.91 | -85.1% | May 23, 2022 |
| Barclays | Tim Long | $53 | $49.38 | -87.8% | Apr 4, 2022 |
| Bank of America Securities | Wamsi Mohan | $76 | $51.46 | -82.5% | Feb 26, 2022 |
| Bernstein | Toni Sacconaghi | $72 | $60.53 | -83.4% | Jan 14, 2022 |
| Societe Generale | Richard Nguyen | $52 | $49.3 | -88.0% | Aug 31, 2021 |
| Deutsche Bank | Sidney Ho | $60 | $49.05 | -86.2% | Aug 18, 2021 |
| UBS | David Vogt | $55 | $50.04 | -87.4% | Apr 15, 2021 |
| RBC Capital | Robert Muller | $47.5 | $50.04 | -89.1% | Apr 15, 2021 |
Track every rating change on DELL the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
+32.8%
Event window
SPY move
+0.2%
Same window
Abnormal move
+32.5%
Stock minus SPY
Volume
5.3×
Versus trailing sessions
Subsequent drift
-1.5%
Up to 20 sessions
DELLSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Dell's Q1 FY27 results dramatically exceeded expectations on both top and bottom lines. Revenue of $43.8 billion beat consensus estimates of $35.7 billion by 22.7%, while EPS of $4.86 surpassed estimates of $2.96 by 64.2%. The most significant change was the acceleration in AI orders: $24.4 billion in the quarter alone, growing the AI backlog from $43 billion at year-end FY26 to $51.3 billion. The company raised full-year FY27 guidance by roughly $27 billion in revenue and approximately $5 in EPS. The stock responded with an abnormal move of +32.5% in the session following the report, on volume 5.3x the baseline. Cash generation remained strong at $4.1 billion, enabling $2.1 billion in shareholder returns. Traditional servers, storage, and PCs also posted double-digit growth, indicating the AI tailwind is spilling into adjacent segments.
Guidance delta
Management raised full-year FY27 guidance significantly, increasing revenue guidance by approximately $27 billion and EPS guidance by roughly $5. The guidance sentiment is 'raised' and management tone is 'confident.' In the prior quarter, FY27 guidance had called for 23% revenue growth and 25% EPS growth; the Q1 results and raised guidance suggest these figures substantially undershot actual demand. The company's prior target of $50 billion in AI revenue for FY27 now appears more achievable given the $51.3 billion AI backlog and the $24.4 billion already booked in Q1 alone.
Key takeaways
- Record Q1 FY27 revenue of $43.8 billion (up 88% YoY) and EPS of $4.86 (up 214% YoY), both beating consensus by wide margins.
- AI orders reached $24.4 billion in the quarter, pushing the total AI backlog to $51.3 billion, up from $43 billion at FY26 year-end.
- Full-year FY27 guidance raised by approximately $27 billion in revenue and roughly $5 in EPS, reflecting heightened confidence in sustained AI demand.
- Cash flow of $4.1 billion supported $2.1 billion in shareholder returns via buybacks and dividends.
- The stock surged 32.5% on the report, with volume 5.3x the baseline, before drifting down approximately 1.5% in subsequent sessions.
Management priorities
- Scale the AI factory with new rack-scale solutions (Power Rack) and AI desktops (Promax with GB300).
- Expand the Dell IP storage portfolio (PowerStore Elite, PowerMax, PowerScale).
- Broaden ecosystem partnerships with NVIDIA, Google Cloud, OpenAI, SpaceX AI, ServiceNow, Palantir, Mistral, and CrowdStrike.
- Invest in supply-chain initiatives to alleviate memory and component constraints.
- Maintain aggressive share-buyback program and dividend while targeting operating leverage.
Sources
- Earnings call transcript and parsed analysis · 2026-05-29T00:25:13.724061+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-28T11:11:09.915660+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T11:11:09.912625+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.