Dell Technologies (DELL) Company Report

Revenue of $27.0 billion, up 11 % YoY, and non-GAAP EPS of $2.59, up 17 % YoY.
AI server orders reached $12.3 billion in Q3 (YTD $30 billion), with shipments of $5.6 billion and backlog of $18.4 billion exiting Q3.
Cash flow from operations was $1.2 billion (YTD $6.5 billion); capital returned of $1.6 billion (YTD $5.3 billion).
Q4 guidance: revenue of $31.5 billion ± $0.5 billion, non-GAAP EPS of $3.50 ± $0.10; FY26 guidance: revenue of $111.7 billion ± $0.5 billion, non-GAAP EPS of $9.92 ± $0.10.

4 days ago

Presentation

Dell Technologies announces Q3 2026 results

DELL

Earnings

Guidance Update

CFO Change

Delivered record Q3 revenue of $27 billion (up 11%) and diluted EPS of $2.59 (up 17%).
AI server momentum accelerated with $12.3 billion of orders in Q3, $30 billion year-to-date, $5.6 billion shipped in the quarter, and a backlog of $18.4 billion.
Infrastructure Solutions Group (ISG) revenue hit a Q3 record of $14.1 billion (up 24%), while Client Solutions Group (CSG) revenue was $12.5 billion (up 3%), driven by 5% commercial growth and a 7% decline in consumer.
Q4 guidance calls for $31–32 billion in revenue, $9.4 billion of AI server shipments, and full-year FY2026 revenue of $111.7 billion with non-GAAP EPS of $9.92.
Generated $1.2 billion of operating cash flow, ended Q3 with $11.3 billion in cash and investments, a core leverage ratio of 1.6x, and returned $1.6 billion to shareholders, including share repurchases and a $0.53 dividend.

4 days ago

Transcript

Dell announces record Q3 2026 results

DELL

Earnings

Guidance Update

Dell appointed David as CFO and delivered Q3 revenue of $27 billion (+11%) and diluted EPS of $2.59 (+17%), both quarterly records.
Infrastructure Solutions Group (ISG) revenue hit a Q3 record of $14.1 billion (+24%), while Client Solutions Group (CSG) revenue rose 3% to $12.5 billion (commercial +5%, consumer –7%).
AI server momentum continued with $12.3 billion in Q3 orders (ytd $30 billion), $5.6 billion in Q3 shipments (ytd $15.6 billion), and a backlog of $18.4 billion; Q4 AI shipments are guided at $9.4 billion.
Q4 guidance calls for revenue of $31–32 billion (+32% at midpoint) and non-GAAP EPS of $3.50 ± $0.10; FY2026 is guided to $111.7 billion in revenue and $9.92 in EPS.

4 days ago

Transcript

Dell reports Q3 2026 results

DELL

Earnings

Guidance Update

Share Buyback

Record Q3 revenue of $27 billion (+11%) and diluted EPS of $2.59 (+17%) driven by AI and storage.
AI server momentum with $12.3 billion in Q3 orders (year-to-date $30 billion), Q3 shipments of $5.6 billion, and a record $18.4 billion backlog.
ISG revenue at a Q3 record $14.1 billion (+24%; servers & networking $10.1 billion, +37%) and CSG revenue of $12.5 billion (+3%; commercial +5%, consumer ‑7%).
Q4 guidance: revenue of $31–32 billion (+32% midpoint) and non-GAAP EPS of $3.50 ± $0.10, implying FY 2026 revenue of $111.7 billion (+17%) and EPS of $9.92 (+22%).
Strong cash flow: operating cash flow of $1.2 billion, cash and investments of $11.3 billion, core leverage at 1.6x, and $1.6 billion returned to shareholders in Q3.

4 days ago

Transcript

Dell Technologies delivers Q3 FY26 results

DELL

Earnings

CFO Change

Guidance Update

Dell reported record Q3 revenue of $27.0 billion, an 11% year-over-year increase, and GAAP diluted EPS of $2.28 (up 39%) and non-GAAP EPS of $2.59 (up 17%).
Infrastructure Solutions Group revenue reached $14.1 billion (up 24%) with record Servers & Networking at $10.1 billion, while Client Solutions Group delivered $12.5 billion (up 3%) in Q3 FY26.
Generated $1.2 billion in cash flow from operations and returned $1.6 billion to shareholders via share repurchases and dividends in the quarter.
Named David Kennedy as permanent Chief Financial Officer.
Raised full-year FY26 revenue guidance to $111.7 billion (up 17%) and Q4 revenue guidance to $31.5 billion (up 32%), with AI server shipment guidance of $25 billion+ (up over 150%).

4 days ago

8-K

Dell announces long-term financial framework and AI strategy

DELL

Guidance Update

Revenue Acceleration/Inflection

Product Launch

Dell raised its long-term targets to 7–9% revenue growth, 15%+ EPS growth, 100% net income to free cash flow conversion, and plans to return 80%+ of free cash flow to shareholders while growing the dividend through FY30.
Management highlighted a surge in AI investment: AI CapEx is now expected to exceed $400 billion in 2025 (vs. $200 billion prior), with AI hardware and services spend rising from $124 billion to >$310 billion by 2027, and inference demand jumping from 1 quadrillion to 57 quadrillion tokens by 2028.
The Dell AI Factory has been deployed in 3,000+ enterprises and leverages a disaggregated storage architecture that delivers 83% faster read throughput for unstructured AI data.
In Infrastructure Solutions Group, Dell lifted its long-term revenue CAGR target to 11–14% (from 6–8%), underpinned by market‐leading compute and storage share gains.
Client Solutions Group will prioritize commercial PC share gains, improved fixed-consumer profitability, and expanded peripheral attach to drive scale and margins.

Oct 7, 2025, 1:30 PM

Transcript

Dell Technologies outlines long-term financial framework and AI-driven strategy

DELL

Guidance Update

Dividends

Share Buyback

Dell sets a long-term financial framework targeting 7–9% revenue CAGR, 15%+ EPS growth, >100% NI to adj. FCF conversion, and >80% of FCF returned to shareholders, with 10%+ annual dividend growth through FY30.
Since FY21, Dell has delivered a 14% diluted EPS CAGR, generated ~$4.9 B average annual adjusted FCF, and returned $14.5 B to shareholders since FY23.
AI adoption is positioned as a key growth driver, with AI capex estimated to drive ~45% of US GDP growth and contribute $15 T to global GDP by 2030.
Committed to capital returns, Dell repurchased $2.9 B of shares in FY25 and increased dividends from $1.32 in FY23 to $1.78 in FY25, targeting >80% FCF return.

Oct 7, 2025, 1:30 PM

Presentation

Dell Technologies raises long-term growth targets amid AI demand

DELL

Guidance Update

Dividends

Revenue Acceleration/Inflection

Raises long-term revenue growth target to 7–9% annually from 3–4%, reflecting strong AI infrastructure demand.
Boosts adjusted EPS growth forecast to 15%+ per year, nearly doubling its prior 8% estimate.
Commits to 10%+ annual dividend increases through 2030, extending the previous dividend policy by two years.
Reaffirms Q3 and FY2026 guidance, including Q3 revenue of $26.5–27.5 billion and FY2026 revenue of $105–109 billion alongside EPS targets.
CEO Michael Dell cites robust customer demand for AI compute, storage, and networking as the growth driver.

Oct 7, 2025, 12:44 PM

Bloomberg

Dell Technologies raises long-term financial framework targets

DELL

Guidance Update

Dividends

Share Buyback

Annual revenue growth target increased to 7–9%, up from 3–4%.
Annual non-GAAP diluted EPS growth target lifted to 15% or better, from 8%.
Dividend growth commitment extended through FY2030 with over 80% of adjusted free cash flow to be returned to shareholders via dividends and share repurchases.
Plans to grow AI business to $20 billion in two years and has returned $14.5 billion to shareholders since FY23.

Oct 7, 2025, 12:30 PM

Press Release

Dell files supplemental indentures for senior notes due 2029, 2031, 2032 and 2036

DELL

Debt Issuance

Dell International LLC and EMC Corporation entered into a supplemental indenture dated October 6, 2025 to issue $750 million 4.150% Senior Notes due 2029 at 99.961% of face value, maturing February 15, 2029.
The issuers also established terms under supplemental indentures for $1.25 billion 4.750% Senior Notes due 2032 at 99.717%, maturing October 6, 2032 , and $1.25 billion 5.100% Senior Notes due 2036 at 99.633%, maturing February 15, 2036.
A supplemental indenture for 4.500% Senior Notes due 2031 was filed as Exhibit 4.2, alongside global note forms for all four series, under the base indenture dated January 24, 2023.

Oct 6, 2025, 8:15 PM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Dell Technologies.