(https://www.cnbc.com/2026/09/01/dell-q2-earnings-report-2027.html) and the headlines are screaming 'backlog just hit $95B.' The cash generation puzzle: Dell posted $43.8B in annual revenue with $5.24 in quarterly EPS, but generated only $3.1B (Q1 FY2027 10-Q) :: OCF ($4.1B) - CapEx = $3.1B] | $3.12B (Q1 FY2027 10-Q) :: OCF ($4.1B) - CapEx = $3.1B]] | $5.24 (Q1 FY2027 10-Q) :: EPS (Diluted): $5.24] | $4.08B (Q1 FY2027 10-Q) :: Operating Cash Flow: $4.1B] | $5.24 (Q1 FY2027 10-Q) :: EPS (Diluted): $5.24] in free cash flow against $4.1B | $3.12B (Q1 FY2027 10-Q) :: OCF ($4.1B) - CapEx = $3.1B] in operating cash flow. That $1B gap signals working capital is tightening—receivables or inventory are stretching despite the 11.9% revenue YoY growth.

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