The company said net revenue rose 6% in 2025 Fiscal Q1, and ISG net revenue rose 22%. It attributed the ISG increase to growth in its AI-optimized server offerings and said other businesses net revenue declined.

10-QQuarterly reportFiled Jun 11, 2024Period of report May 3, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said net revenue rose 6% in 2025 Fiscal Q1, and ISG net revenue rose 22%. It attributed the ISG increase to growth in its AI-optimized server offerings and said other businesses net revenue declined.
The company said operating income fell 14% to $0.9 billion in Fiscal 2025 Q1, and non-GAAP operating income fell 8% to $1.5 billion. It cited the decline in CSG operating income as the main factor.
The company said gross margin for the first 3 months of Fiscal 2025 fell 4% to $4.8 billion, and gross margin as a percentage of net revenue declined 240 basis points to 21.6%. It cited a competitive pricing environment and a shift in mix toward AI-optimized server offerings as factors behind the decline.
Dell Technologies said cash provided by operating activities for the first 3 months of Fiscal 2025 was $1.0 billion, compared with $1.8 billion for the same period of Fiscal 2024. Cash and cash equivalents fell $1.5 billion over the same period, and the company cited shareholder returns and capital expenditures as factors that reduced cash.

Key figures

Quarter ended May 3, 2024

Revenue: $22.2B
Operating income: $920M
Net income: $960M
EPS: $1.32
Gross profit: $4.8B
Operating cash flow: $1.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

ISG net revenue up 22%

The company said net revenue rose 6% in 2025 Fiscal Q1, and ISG net revenue rose 22%. It attributed the ISG increase to growth in its AI-optimized server offerings and said other businesses net revenue declined.

Source · Based on the MD&A text of the filing

Operating income down 14%

The company said operating income fell 14% to $0.9 billion in Fiscal 2025 Q1, and non-GAAP operating income fell 8% to $1.5 billion. It cited the decline in CSG operating income as the main factor.

Source · Based on the MD&A text of the filing

Gross margin rate down 240 basis points

The company said gross margin for the first 3 months of Fiscal 2025 fell 4% to $4.8 billion, and gross margin as a percentage of net revenue declined 240 basis points to 21.6%. It cited a competitive pricing environment and a shift in mix toward AI-optimized server offerings as factors behind the decline.

Source · Based on the MD&A text of the filing

Operating cash flow $1.0 billion

Dell Technologies said cash provided by operating activities for the first 3 months of Fiscal 2025 was $1.0 billion, compared with $1.8 billion for the same period of Fiscal 2024. Cash and cash equivalents fell $1.5 billion over the same period, and the company cited shareholder returns and capital expenditures as factors that reduced cash.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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