DELL released FY2027 Q2 results after hours, Beijing time Sep 2. The quarter ended in Jul 2026.
1) AI revenue: Within ISG, the high-growth AI server line delivered only modest QoQ incremental revenue. This is not a concern, as the backlog swelled again on massive order intake.
AI server revenue was approx. $16.4bn, up $0.3bn QoQ and ahead of the Street's $15.8bn. New AI orders surged to $60.9bn...
+11Q2 AI orders reached $60.9bn and ending backlog stood at $95.0bn, both record highs. Full-year revenue guidance was raised by $25.0bn to $192.0bn.
However, demand continues to outstrip supply, with DRAM and NAND remaining the tightest constraints. CSG OPM is expected to slip from 7.6% to around 6% in Q3.
Below is Dolphin Research's Trans of DELL FY27 Q1 earnings call. For our earnings analysis, see 'Dell: AI is surging, legacy is warming up, fully fired up!'.
1) Key takeaways for $Dell Tech(DELL.US). Shareholder returns: DELL returned $2.1bn to shareholders in Q1, repurchasing 11 mn shares at an Avg. price of $147 and paying a dividend of approx. $0.63 per share. The company reaffirmed its capital return framework, with buybacks to remain strong.
In after-hours trading on May 29 (Beijing time), DELL.N reported FY2027 Q1 results (quarter ended Apr 2026).
1) Core metrics: $Dell Tech(DELL.US) revenue was $43.8bn (+87% YoY), beating cons. of $39.0bn.Sequential revenue increased by $10.5bn, mainly driven by growth in AI server shipments. GPM was 17.8%, down 240bps QoQ, above the 16% cons.The margin decline...Below is Dolphin Research's Trans of Dell's FY2026 Q4 earnings call. For our earnings analysis, see 'DELL: AI Is Doubling; Can It Ease 'Storage Tightness' Concerns?'
Key takeaways from management: 1) Next-quarter guide: revenue of $34.7-35.7bn (midpoint +51% YoY). AI server revenue is expected to contribute ~$13bn, up ~$4bn QoQ. Infrastructure Solutions Group (ISG) revenue is guided to grow over 100% YoY...Dell Technologies (DELL) released FY2026 Q4 results after-hours on Feb 27 (Beijing time). The quarter ended Jan 2026.
1) Core metrics: $Dell Tech(DELL.US) posted revenue of $33.4bn (+39.5% YoY). This beat consensus ($31.8bn).
Revenue rose $6.4bn QoQ, driven mainly by AI server shipments. AI servers contributed most of the increase.
GPM was 20.2%, down 50bps QoQ. This was slightly below street expectations (20.4%). Compared with service revenue...
The following are the minutes of Dell's FY2026 Q3 earnings call organized by Dolphin Research. For earnings interpretation, please refer to "Dell DELL: Storage Price Hike Adds Pressure? AI Guidance Provides Support Again." 1. $Dell Tech(DELL.US) Key Financial Information Review 1. Cash Flow and Capital Return a. Cash Flow: Operating cash flow of $1.2 billion, with an ending cash and investment balance of $11.3 billion (an increase of $1.6 billion quarter-over-quarter). b. Shareholder Return: $1.6 billion returned this quarter (repurchase of 8.9 million shares + dividend distribution)...
Dell Technologies (DELL.N) released its financial report for the third quarter of fiscal year 2026 (ending October 2025) after the U.S. stock market closed on November 26, Beijing time: 1. Core performance: $Dell Tech(DELL.US) reported revenue of $27 billion for the quarter, an increase of 10.8% year-on-year, close to market expectations ($27.3 billion). The company's revenue growth of nearly $2.7 billion this quarter was primarily driven by contributions from AI server shipments. The company's gross margin for the quarter was 20.7%, down 1.1 percentage points year-on-year, slightly better than market expectations (20%). Compared to service revenue...
The following are the minutes of Dell Technologies' (DELL) Q2 FY2026 earnings call. For an interpretation of the earnings report, please refer to the article "Dell Technologies: AI Server 'Frenzy Orders', Just a 'Flash in the Pan'?". 1. $Dell Tech(DELL.US) Key Financial Information Review: (1) Business Unit Performance Infrastructure Solutions Group (ISG): 1. Record revenue of $16.8 billion, up 44% year-over-year, achieving double-digit growth for six consecutive quarters. 2. Server and networking revenue was $12.9 billion, up 69% year-over-year...
Dell Technologies (DELL.N) released its financial report for the second quarter of fiscal year 2026 (ending July 2025) in the early morning of August 29th, Beijing time, after the U.S. stock market closed: 1. Core Performance: This quarter's revenue was $29.7 billion, a year-on-year increase of 19%, better than market expectations ($29.1 billion). The company's revenue growth of nearly $5 billion this quarter was primarily contributed by shipments of AI servers. The company's gross margin this quarter was 18.3%, a year-on-year decline of 2.9 percentage points, below market expectations (19.4%). Compared to service revenue, the gross margin of AI servers and other products is relatively lower...
