Dell Technologies achieved record full-year revenue and EPS driven by strong performance in AI-optimized servers and overall growth across its Infrastructure Solutions Group. The company demonstrated robust cash generation and returned significant capital to shareholders, while also providing optimistic guidance for the upcoming fiscal year.
Record full-year revenue of $113.5 billion, up 19% year over year.
positiveRecord full-year diluted EPS of $8.68, up 36% year over year.
positiveRecord full-year cash flow from operations of $11.2 billion, up 147% year over year.
positiveRecord fourth-quarter revenue of $33.4 billion, up 39% year over year.
positiveRecord fourth-quarter diluted EPS of $3.37, up 57% year over year.
positiveAI-Optimized Servers revenue in Q4 FY26 was $9.0 billion, up 342% year over year.
positiveAnnounced a cash dividend increase of 20% and a $10 billion increase in share repurchase authorization.
positiveCSG operating income decreased 5% year over year for the full fiscal year 2026, despite a 5% revenue increase.
attentionCSG operating margin declined from 6.1% in FY2025 to 5.6% in FY2026.
attentionConsumer revenue was flat year over year in Q4 FY2026.
neutralThe company reported a net loss attributable to Dell Technologies Inc. of $1,482 million in FY2025, which has now turned into a net income of $5,936 million in FY2026.
neutralMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Infrastructure Solutions Group (ISG) | N/A | — | — | — |
Client Solutions Group (CSG) | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| AI revenue | $50 billion | FY2027 | — | — |
| revenue | 138 billion to 142 billion | FY2027 | — | — |
| ISG revenue | mid-40s | FY2027 | — | — |
| Traditional servers and storage revenue | mid-single digits | FY2027 | — | — |
| CSG revenue | 1% | FY2027 | — | — |
| operating expense dollars | low single digits | FY2027 | — | — |
| operating income | 18% | FY2027 | — | — |
| diluted non-GAAP earnings per share | 12.90 plus or minus 25 | FY2027 | — | — |
| revenue | 34.7 billion to 35.7 billion | Q1 FY2027 | — | — |
| ISG revenue | over 100% | Q1 FY2027 | — | — |
| CSG revenue | 2% | Q1 FY2027 | — | — |
| operating expenses | low single digits | Q1 FY2027 | — | — |
| operating income | 60% | Q1 FY2027 | — | — |
| diluted share count | 664 million | Q1 FY2027 | — | — |
| diluted non-GAAP earnings per share | 2.90 plus or minus 10 | Q1 FY2027 | — | — |
FY26 was a defining year in our company’s history, with record full-year revenue of $113.5 billion, record EPS, and record cash generation.
The AI opportunity is transforming our company.
We closed more than $64 billion in AI-optimized server orders, shipped more than $25 billion throughout the year, and are entering FY27 with record backlog of $43 billion — powerful proof that our engineering leadership and differentiated AI solutions are winning.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.