DELL
Dell Technologies Inc.133.75
+3.24+2.48%
Dec 16, 4:01:15 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '26
Pricing agility affirms AI margins
Q&A detailed Dell's pricing agility—servers repriced December 10, PCs January 6—stabilizing margins amid DRAM up 5.5x and NAND 4x spot prices, reaffirming mid-single-digit AI profitability through Rubin transition. Enterprise AI pipeline grew fastest, with over 4,000 customers and inference driving demand. Traditional servers face demand outpacing supply into Q1 double-digits; Dell IP storage mix expands accretively. Customers prioritize supply access over hikes, spurring some PC pull-forward. No walk-backs; tone confident on guide. Margins hold firm. Investors watch supply hunts and CSG share gains.
Key Stats
Market Cap
89.64BP/E (TTM)
17.88Basic EPS (TTM)
7.48Dividend Yield
0.02%Recent Filings
10-K
10-Q
Q3 FY2026 results
Dell Technologies posted Q3 revenue of $27.0B, up 11% y/y from $24.4B, with products up 16% y/y to $21.3B on 24% ISG growth led by 37% servers and networking surge, while services dipped 5% y/y to $5.8B. Gross margin held at 20.7% despite AI server mix shift; operating income climbed 23% y/y to $2.1B as expenses fell 5% y/y. Diluted EPS rose 39% y/y to $2.28 on 680M shares (derived). Cash swelled to $9.6B with $6.5B YTD operating cash flow; total debt $31.2B after Senior Notes issuances, $6B revolver undrawn. Sold Secureworks Feb 2025 for $0.6B cash, $0.2B gain. Supply constraints shadow AI ramps.
8-K
Record Q3 revenue, AI surge
Dell Technologies posted record Q3 revenue of $27.0 billion, up 11% year over year, driven by 24% ISG growth to $14.1 billion on 37% servers surge. AI server orders hit $12.3 billion in the quarter, with $30 billion year to date. AI shipments accelerating. FY26 revenue guidance raised to $111.7 billion midpoint. David Kennedy named permanent CFO.
8-K
Dell ups long-term targets
Dell Technologies raised its long-term framework at the October 7, 2025 analyst meeting, targeting 7-9% annual revenue growth (up from 3-4%) and 15%+ non-GAAP diluted EPS growth while committing to 10%+ annual dividend hikes through FY30. AI tailwinds boost infrastructure demand; the firm plans 80%+ adjusted FCF returns to shareholders. Cash flow averaged ~$4.9B yearly since FY21.
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