Catalyst Calendar

Dell Technologies [DELL]

Dell Technologies [DELL] — Catalyst Calendar

No date in this file is invented. Unannounced dates are marked ESTIMATE with the prior-year basis stated.

Fiscal year ends the Friday nearest 31 January (FY2027 ends ~29 January 2027). Reporting cadence: Q1 late May, Q2 late August, Q3 late November, Q4/FY late February.

Date	Status	Event	What it tests
28 May 2026 (passed)	actual	Q1 FY2027 results	Delivered: revenue $43,842m +87.5%, AI-optimized servers $16,132m +757%, $24.4bn AI orders booked, gross margin 17.8% (−330bp), operating margin 8.3% (+330bp), GAAP EPS $5.24. FY2027 guide raised to $167bn / ~$60bn AI
25 Jun 2026 (passed)	actual	Annual meeting (8-K Item 5.07)	—
~27 Aug – 3 Sep 2026	ESTIMATE (2025-08-28, 2024-08-29, 2023-08-31 actuals)	Q2 FY2027 results	The single most important print, and it resolves four things at once: (1) AI-server revenue against the ~$60bn FY2027 path — Q2 needs ~$15bn to stay on track; (2) AI orders against the $24.4bn Q1 figure — orders below recognised revenue means backlog is shrinking; (3) blended gross margin against 17.75% — the §4 arithmetic predicts further compression as mix rises; (4) DSO against 53.1 days and the credit-loss allowance against 0.30% of receivables
Q2 FY2027 guidance already given	announced	Revenue $44.0–45.0bn (+49% at the $44.5bn midpoint); GAAP diluted EPS $4.48 (+164%); non-GAAP $4.80 (+107%)	Note the sequential deceleration the guide embeds: $43.8bn → $44.5bn is +1.6% quarter-on-quarter after +31% in Q1
~24 Nov – 1 Dec 2026	ESTIMATE (2025-11-25, 2024-11-26, 2023-11-30)	Q3 FY2027 results	Same four tests. Also the first read on whether the "next generation of these components… subject to supply constraints" has bitten
~25 Feb – 4 Mar 2027	ESTIMATE (2026-02-26, 2025-02-27, 2024-02-29)	Q4/FY2027 results and the FY2028 guide	Whether the $167bn revenue and ~$60bn AI-server guides were met, and what growth rate FY2028 is guided at — this is the number that tests the 18.8% four-year post-guide CAGR the implied path requires. End of the 12-month target window
~mid-Mar 2027	ESTIMATE (2026-03-16, 2025-03-25, 2024-03-25)	FY2027 10-K	Full-year AI-server revenue, the annual gross-margin bridge, purchase obligations, and the first annual disclosure of whatever backlog language the company settles on
FY2027, undated	flagged by the company, no date	Next-generation GPU component transition	10-Q: "we anticipate the next generation of these components, for which demand remains high, will be subject to supply constraints." A transition creates both an air pocket in shipments and an obsolescence risk against $15.1bn of inventory. No date is given and none is invented
Throughout FY2027	flagged by the company, no date	Component-cost inflation	10-Q: "We expect the notable inflationary environment for component costs will persist throughout the remainder of Fiscal 2027." Tests the 13.8% product gross margin

What is NOT on this calendar, and why

No AI backlog disclosure event. Dell has never published a backlog balance in any of the ten quarterly releases examined. It publishes an orders flow ($24.4bn in Q1 FY2027). There is no filing requirement that would force a balance, and none is scheduled. The disclosure that would turn one year of evidence into five has no dated resolution — that is the most important line in this file, and it is the same structural gap that makes Oracle's undisclosed RPO concentration unresolvable.
No AI-server gross margin disclosure event. The ~10.3% figure in this memo is derived from a two-equation solve (DELL_Research.md §4), not disclosed. Dell reports product gross margin (13.8%) and blended gross margin (17.8%) but not the AI line separately, and there is no scheduled change to that.
No customer names or customer-concentration disclosure. None given for the AI-server line, and no event would compel one.
No product launch dates. Dell names AI-optimized server categories, not dated SKUs, in its releases and filings.
No dividend or buyback authorisation dates. Q1 FY2027 returned $2,092m ($1,628m buyback + $464m dividends); the programme is continuous and no expiry or new authorisation date was read.
No investor or analyst day. None announced in the filings read for this memo.

Monitoring checklist, per print — in priority order

AI-optimized server revenue (ISG table). $16,132m in Q1 FY2027; ~$15bn/quarter needed for the ~$60bn FY2027 guide.
AI orders booked (CEO quote in the release). $24.4bn in Q1. If orders < recognised revenue, backlog is shrinking — that is the earliest available signal.
Blended gross margin. 17.75% in Q1. The §4 arithmetic predicts ~17.85% at the guided full-year mix and below 16.2% at a 50% AI mix.
Product gross margin. 13.8% in Q1, down only 30bp. This is where component-cost inflation will appear first, distinct from mix.
DSO and the credit-loss allowance rate. 53.1 days (from 37.7) and 0.30% of receivables (from 0.44%). The one earnings-quality flag, and it is falsifiable here.
Inventory. $15,052m, +103% YoY. An inventory build ahead of a component transition is the obsolescence risk.
Operating margin versus gross margin. The whole thesis risk is the day gross margin keeps falling and the opex leverage stops offsetting it.
Traditional servers & networking. +92% in Q1, attributed to ASP not units. Price-driven growth is less repeatable and Dell says so.

Generated from each name's analysis.json. Figures are research output, not investment advice. Gaps are shown as “—” rather than filled: a missing input is recorded as indeterminate, never estimated.