Dell Technologies reported QQ1 2026 results showing a modest revenue decline alongside sustained profitability and strong cash generation. Revenue totaled $23.378 billion, down 6.6% year-over-year and 2.3% quarter-over-quarter, while net income reached $0.965 billion and earnings per share (EPS) at $1.39. The company delivered free cash flow of $2.229 billion and operating cash flow of $2.796 billion, underscoring its ability to convert earnings into hard liquidity despite a competitive hardware environment. On the balance sheet, Dell carries a substantial debt load with total liabilities of $89.893 billion and negative shareholders’ equity of roughly $-3.024 billion, paired with a cash balance of about $7.70 billion, resulting in a net debt position of approximately $21.08 billion. Near-term pressures include PC cycle softness and competitive pricing in Client Solutions, even as the ESG and services mix supports margin resilience.