Dell Technologies (DELL) Company Report

Dell guides to FY27 25% EPS growth and notes $43 billion AI backlog underpinning revenue, leveraging four levers: revenue, margin, OpEx, and capital returns.
AI server momentum: $34 billion net new Q4 AI demand with AI server business set to double (~$50 billion), and over 4,000 enterprise AI customers.
Core business: targets 1% PC revenue growth with event-driven pricing (pulled/re-priced quotes in 36 h) and high single-digit traditional server growth to protect margins.
Storage: Dell IP storage grew 12% in demand last year—twice market growth—achieving eight consecutive quarters of growth; Project Lightning to GA in H1 for AI workloads.
Capital allocation: commits to return >80% of FCF, board authorized an additional $10 billion buyback; repurchased 54 million shares in FY26, including 14.9 million in Q4.

13 hours ago

Transcript

Dell Technologies outlines FY27 guidance and AI momentum

DELL

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

Dell expects FY27 revenue growth underpinned by a $43 billion AI backlog and targets 25% EPS growth after record Q4 results.
AI server business delivered $34 billion of orders in Q4, a record $43 billion backlog, and its enterprise AI customer base grew to 4,000+ (from 3,300), with the pipeline at an all-time high.
Core segments are guided as follows: PC revenue up ~1%, CSG low-single-digit growth, and storage up low-single digits with margin expansion driven by Dell IP portfolio and Project Lightning ramping in H1.
Operational expenses have been reduced by $1 billion over five years while revenue rose by $40 billion; FY27 OpEx is guided to flat to +1%, leveraging modernization and AI-driven automation.
Capital allocation includes returning 80%+ of free cash flow (84% inception-to-date), a $10 billion buyback authorization, and opportunistic repurchases of $1.9 billion in Q4 (14.9 million shares).

14 hours ago

Transcript

Dell outlines fiscal 2027 outlook and AI growth

DELL

Guidance Update

Revenue Acceleration/Inflection

Share Buyback

Guides to 25% EPS growth for fiscal 2027, underpinned by $43 billion AI backlog and record Q4 revenue and EPS performance.
AI server demand reached net $34 billion in Q4, with backlog of $43 billion and a pipeline serving 4,000+ enterprise AI customers, expecting to double AI server sales to $50 billion next year.
Core segments: PCs guided to low single-digit revenue growth, storage to low single-digit growth driven by Dell IP portfolio margin expansion, and traditional servers to high single-digit growth with strong Q1 acceleration.
Board approved an additional $10 billion share buyback; Dell commits to returning 80%+ of free cash flow, having repurchased 54 million shares in FY 26, including 14.9 million in Q4.

14 hours ago

Transcript

Dell Technologies reports Q4 FY26 results

DELL

Earnings

Guidance Update

Share Buyback

Dell delivered record FY26 revenue of $113.5 billion (+19%) and EPS of $10.30 (+27%), generated over $11 billion in cash flow, and returned $7.5 billion to shareholders.
In Q4 FY26, revenue was $33.4 billion (+39%) with EPS of $3.89 (+45%); ISG revenue hit $19.6 billion (+73%) driven by $34.1 billion in AI orders, $9 billion of AI revenue and a $43 billion AI backlog.
For FY27, Dell guides to $138–142 billion in revenue (+23%), $50 billion in AI revenue (+100%) and $12.90 EPS (+25%), reflecting pricing discipline and supply‐chain leverage.
The board approved a $10 billion increase in share repurchase authorization and raised the annual dividend by 20% to $2.52 per share, underscoring confidence in cash generation.

7 days ago

Transcript

Dell Technologies reports Q4 FY26 results

DELL

Earnings

Guidance Update

Share Buyback

Dell Technologies reports Q4 FY26 revenue of $33.4B (up 39% Y/Y) and non-GAAP diluted EPS of $3.89 (up 45% Y/Y)
Infrastructure Solutions Group revenue of $19.6B (up 73% Y/Y) was driven by AI-optimized server shipments of $9.0B (up 342% Y/Y)
Operating cash flow of $4.7B in Q4 contributed to a record $11.2B for FY26, with $2.2B returned to shareholders in Q4 and $7.5B in the full year
Q1 FY27 revenue guidance of $35.2B ± $0.5B (up ~51% Y/Y) and FY27 revenue guidance of $140.0B ± $2.0B (up ~23% Y/Y), with non-GAAP EPS guidance of $2.90 for Q1 and $12.90 for FY27

7 days ago

Presentation

Dell Technologies reports Q4 2026 results

DELL

Earnings

Guidance Update

Share Buyback

Record Q4 revenue of $33.4 B (+39%) and EPS of $3.89 (+45%), driving FY26 revenue to $113.5 B (+19%) and EPS to $10.30 (+27%)
Q4 operating cash flow of $4.7 B, contributing to FY26 cash generation of >$11 B; returned $7.5 B to shareholders, including repurchase of 54 M shares
AI orders of $34.1 B in Q4, shipments of $9.5 B, and ending AI backlog of $43 B; FY26 AI orders totaled $64.1 B, with over 4,000 AI customers
FY27 guidance: revenue $138 B–$142 B (+23% at midpoint), AI revenue $50 B (+100% YoY), and EPS $12.90 ± $0.25 (+25%)
ISG revenue reached $19.6 B (+73%), while CSG revenue was $13.5 B (+14%) in Q4

7 days ago

Transcript

Dell reports Q4 and FY2026 earnings and raises FY27 guidance

DELL

Earnings

Guidance Update

Share Buyback

Record FY26 revenue of $113.5 billion (up 19%) and EPS of $10.30 (up 27%), with Q4 revenue of $33.4 billion (up 39%) and EPS of $3.89 (up 45%)
Generated $11 billion+ in cash from operations and returned $7.5 billion to shareholders in FY26, including repurchasing 54 million shares
Secured $64.1 billion in full-year AI orders, shipped $25.2 billion, and exited Q4 with a $43 billion AI backlog; Q4 AI orders were $34.1 billion
FY27 guidance: revenue of $138–142 billion (up ~23%), AI revenue of $50 billion (100% growth), and EPS of $12.90 ± $0.25 (up ~25%)

7 days ago

Transcript

Dell reports record fiscal 2026 results

DELL

Earnings

Guidance Update

Dividends

Dell reported record fiscal 2026 results: annual revenue of $113.5 billion; Q4 sales of $33.38 billion (+39% YoY); Q4 adjusted EPS of $3.89.
AI infrastructure drove growth: AI-optimized server revenue rose 342% to $9.0 billion in Q4, with $64 billion in AI server orders closed for FY26 and a $43 billion backlog entering FY27.
Management expects $50 billion in AI server sales in FY27 and guided FY27 revenue to $138–142 billion (midpoint $140 billion) with expanding margins and higher EPS.
The company raised its dividend by 20% and authorized an additional $10 billion for share buybacks, reporting its strongest operating cash flow ever.
Dell’s AI infrastructure customer base expanded to over 4,000 customers, amid supply constraints that led to late-year price increases and a close partnership with Nvidia.

7 days ago

Bloomberg

Dell Technologies reports Q4 and FY26 results

DELL

Earnings

Guidance Update

Share Buyback

Dell delivered record full-year revenue of $113.5 billion (up 19% YoY) and Q4 revenue of $33.4 billion (up 39% YoY).
Full-year diluted EPS reached a record $8.68 (up 36% YoY) and Q4 diluted EPS was $3.37 (up 57% YoY).
Cash flow from operations hit a record $11.2 billion for the year and $4.7 billion in Q4; the company returned $7.5 billion to shareholders in FY26.
Dell closed over $64 billion in AI-optimized server orders, shipped $25 billion, and ended FY26 with a $43 billion AI backlog.
FY27 guidance calls for 23% revenue growth to a midpoint of $140 billion and 33% GAAP EPS growth to a midpoint of $11.52.

7 days ago

8-K

Dell Technologies reports Q4 and FY26 results

DELL

Earnings

Guidance Update

Share Buyback

Record FY26 revenue of $113.5 billion (up 19% y/y), diluted EPS of $8.68 (up 36%), and operating cash flow of $11.2 billion
Q4 FY26 revenue of $33.4 billion (up 39%), diluted EPS of $3.37 (up 57%), non-GAAP EPS of $3.89 (up 45%), and operating cash flow of $4.7 billion
Infrastructure Solutions Group delivered record FY revenue of $60.8 billion (up 40%), Q4 revenue of $19.6 billion (up 73%), including AI-optimized servers revenue of $9.0 billion (up 342%)
Client Solutions Group posted FY revenue of $51.0 billion (up 5%) and Q4 revenue of $13.5 billion (up 14%), with Q4 operating income of $629 million
Announced a 20% dividend increase, $10 billion boost to share repurchase authorization, and FY27 guidance of $140 billion revenue midpoint (up 23%) with diluted EPS growth of 33%

7 days ago

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for Dell Technologies.

Q4 2026

Feb 26, 2026

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Q3 2026

Nov 25, 2025

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Q2 2026

Aug 28, 2025

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