Q1 Earnings Highs And Lows: Dell (NYSE:DELL) Vs The Rest Of The Hardware & Infrastructure Stocks

Looking back on hardware & infrastructure stocks’ Q1 earnings, we examine this quarter’s best and worst performers, including Dell (NYSE:DELL) and its peers.

The Hardware & Infrastructure sector will be buoyed by demand related to AI adoption, cloud computing expansion, and the need for more efficient data storage and processing solutions. Companies with tech offerings such as servers, switches, and storage solutions are well-positioned in our new hybrid working and IT world. On the other hand, headwinds include ongoing supply chain disruptions, rising component costs, and intensifying competition from cloud-native and hyperscale providers reducing reliance on traditional hardware. Additionally, regulatory scrutiny over data sovereignty, cybersecurity standards, and environmental sustainability in hardware manufacturing could increase compliance costs.

The 9 hardware & infrastructure stocks we track reported a very strong Q1. As a group, revenues beat analysts’ consensus estimates by 7.3% while next quarter’s revenue guidance was 12.9% above.

Thankfully, share prices of the companies have been resilient as they are up 9.6% on average since the latest earnings results.

Dell (NYSE:DELL)

Founded by Michael Dell in his University of Texas dorm room in 1984 with just $1,000, Dell Technologies (NYSE:DELL) provides hardware, software, and services that help organizations build their IT infrastructure, manage cloud environments, and enable digital transformation.

Dell reported revenues of $43.84 billion, up 87.5% year on year. This print exceeded analysts’ expectations by 21.5%. Overall, it was an incredible quarter for the company with an impressive beat of analysts’ EPS guidance for next quarter estimates.

“Our record Q1 performance reflects strong in-quarter demand, as well as our pace of innovation across the full stack of PCs, compute and storage,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies.

Dell scored the highest guidance raise and highest full-year guidance raise in the group. Unsurprisingly, the stock is up 37.3% since reporting and currently trades at $435.38.

Read why we think that Dell is one of the best hardware & infrastructure stocks, our full report is free.

Hewlett Packard Enterprise (NYSE:HPE)

Born from the 2015 split of the iconic Silicon Valley pioneer Hewlett-Packard, Hewlett Packard Enterprise (NYSE:HPE) provides edge-to-cloud technology solutions that help businesses capture, analyze, and act upon their data across hybrid IT environments.

Hewlett Packard Enterprise reported revenues of $10.68 billion, up 40% year on year, outperforming analysts’ expectations by 9.2%. The business had an incredible quarter with a solid beat of analysts’ ARR and EPS estimates.

The market seems content with the results as the stock is up 1.4% since reporting. It currently trades at $47.65.

Is now the time to buy Hewlett Packard Enterprise? Access our full analysis of the earnings results here, it’s free.

Slowest Q1: Xerox (NASDAQ:XRX)

Pioneering the modern office copier and inventing technologies like Ethernet and the laser printer, Xerox (NASDAQ:XRX) provides document management systems, printing technology, and workplace solutions to businesses of all sizes across the globe.

Xerox reported revenues of $1.85 billion, up 26.7% year on year, exceeding analysts’ expectations by 6.6%. Still, it was a slower quarter as it posted a significant miss of analysts’ EPS estimates and full-year revenue guidance slightly missing analysts’ expectations.

Interestingly, the stock is up 63.7% since the results and currently trades at $2.57.

Read our full analysis of Xerox’s results here.

Everpure (NYSE:P)

Founded in 2009 as a pioneer in enterprise all-flash storage technology, Everpure (NYSE:P) provides all-flash data storage hardware and software that helps organizations manage their data more efficiently across on-premises and cloud environments.

Everpure reported revenues of $1.05 billion, up 35.2% year on year. This print beat analysts’ expectations by 5%. Overall, it was a stunning quarter as it also recorded a solid beat of analysts’ billings estimates.

Everpure had the weakest guidance update of the whole group. The stock is down 13% since reporting and currently trades at $74.56.

Read our full, actionable report on Everpure here, it’s free.

IonQ (NYSE:IONQ)

Founded by quantum physics pioneers from the University of Maryland and Duke University in 2015, IonQ (NYSE:IONQ) develops quantum computers that process information using trapped ions to solve complex computational problems beyond the capabilities of traditional computers.

IonQ reported revenues of $64.67 million, up 755% year on year. This result surpassed analysts’ expectations by 30%. It was a very strong quarter as it also logged revenue guidance for next quarter exceeding analysts’ expectations.

IonQ scored the biggest analyst estimate beat and fastest revenue growth among its peers. The stock is down 37.3% since reporting and currently trades at $32.98.

Read our full, actionable report on IonQ here, it’s free.

Market Update

Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.

Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.

By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.

Want to invest in winners with rock-solid fundamentals? Check out our Top 5 Growth Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.