Dell Technologies (DELL) Company Report

Dell posted $27 billion in revenue (up 11% YoY) and $2.59 EPS (up 17% YoY); ISG grew 24% with operating margin rising to 12.4% (+360 bps).
Record AI server orders of $12.3 billion (YTD $30 billion) and shipments of $5.6 billion (YTD $15.6 billion) drove backlog to $18.4 billion; full-year guide raised to $111 billion+ and AI shipments target to $25 billion.
Differentiation anchored in forward-deployed engineering pods for hyperscale and enterprise customers, coupled with integrated software, services and financing to command mid-single-digit AI server margins.
Supply chain strategy emphasizes long-term partnerships and dynamic pricing, ensuring parts availability and pass-through of memory cost inflation with minimal demand impact.
Sequential demand strengthened across commercial PCs, storage and servers, with North America server demand up double digits QoQ and international markets also improving.

Dec 2, 2025, 6:35 PM

Transcript

Dell Technologies reports strong AI-driven growth and supply chain resilience

DELL

Guidance Update

Dell delivered $27 B revenue (+11%) and EPS $2.59 (+17%), and raised its full-year guide to $111 + B with AI shipment targets of $25 B.
AI infrastructure orders hit $12.3 B in the quarter ($30 B YTD) and backlog grew to $18.4 B, underpinned by a expanding five-quarter pipeline across Neocloud, Sovereign, and Enterprise customers.
A “never run out of parts” supply-chain strategy, backed by long-term partnerships, enables dynamic pricing to offset memory cost inflation while maintaining mid-single-digit ISG margins.

Dec 2, 2025, 6:35 PM

Transcript

Dell Technologies raises AI guidance and reports strong quarterly results

DELL

Guidance Update

In the most recent quarter, Dell posted $27 billion in revenue (+11%), EPS $2.59 (+17%), and returned $1.6 billion to shareholders.
Dell’s AI segment set a record with $12.3 billion in orders (bringing YTD orders to $30 billion), $5.6 billion shipped (YTD $15.6 billion), backlog grew to $18.4 billion, and full-year AI shipments guidance was raised to $25 billion alongside a >$111 billion revenue outlook.
The Infrastructure Solutions Group expanded 24% and improved operating margin by 360 bps to 12.4%, driven by core Dell IP storage growth that outpaced declines in third-party offerings.
Dell’s supply chain strategy—emphasizing forward-deployed engineering, securing critical components via long-term partnerships, and dynamic pricing—aims to sustain mid-single-digit margins and reinforce its value-leadership position.

Dec 2, 2025, 6:35 PM

Transcript

Dell Technologies reports Q3 FY26 earnings

DELL

Earnings

Guidance Update

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.

Nov 25, 2025, 9:30 PM

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.

Nov 25, 2025, 9:30 PM

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.

Nov 25, 2025, 9:30 PM

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.

Nov 25, 2025, 9:30 PM

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%).

Nov 25, 2025, 9:10 PM

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

Earnings Transcripts

Quarterly earnings call transcripts for Dell Technologies.

Q3 2026

Nov 25, 2025

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Q2 2026

Aug 28, 2025

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Q1 2026

May 29, 2025

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Dell Technologies (DELL)

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