<div id="readability-page-1">Money Investing Dell Raises FY26 Outlook As AI Infrastructure Demand Surges ByAnkita Dhawan ,  Contributor.  Forbes contributors publish independent expert analyses and insights. Ankita Dhawan is a Delhi-based equities expert analyzing U.S. stocks. Follow Author Nov 29, 2025, 12:17pm EST Share Save Comment  Dell posts a strong quarter backed by accelerated AI demand and has revised its outlook for the rest of the year. (Photo Illustration by Budrul Chukrut/SOPA Images/LightRocket via Getty Images) SOPA Images/LightRocket via Getty Images Dell Technologies (NYSE: DELL), one of the largest technology giants, delivered a strong third quarter for fiscal 2026, with earnings improving 39% to $2.28 per share and non-GAAP diluted EPS increasing 17% to $2.59 per share. While the revenue missed the market estimate slightly, it grew 11% year-over-year (y-o-y) to $27 billion, indicating that the company’s accelerated push into AI infrastructure is paying off at scale. Dell’s AI server orders for the quarter were $12.3 billion, pushing total year-to-date orders to $30 billion. The company’s backlog now stands at $18.4 billion, supported by a growing pipeline led by enterprise, sovereign infrastructure, and Tier-2 cloud service providers. Backed by the visible momentum in AI deployment, Dell has raised its full-year 2026 revenue outlook to $111.7 billion, implying 17% y-o-y growth, and its AI server shipment guidance to $25 billion, up from the previous forecast of $20 billion.  Operational and Segment Performance Dell’s 3Q growth was majorly driven by the Infrastructure Solutions Group (ISG), which is now central to its strategic pivot toward high-performance computing, large-scale AI deployments, and data center modernization. ISG revenue rose 24% to $14.1 billion, fueled by a 37% increase in servers and networking revenue to $10.1 billion. Operating income for the segment increased to $1.7 billion, up 16% from a year ago. Storage revenue remained relatively flat at $4.0 billion, reflecting ongoing transitions toward next-generation architectures and stronger demand for all-flash and unstructured data platforms. Management highlighted sequential profitability improvements tied to an increasing mix of proprietary storage products and attach-driven sales linked to AI environments. Lastly, the Client Solutions Group (CSG) delivered modest growth, with revenue rising 3% y-o-y to $12.5 billion, supported by improving commercial demand and stabilizing device refresh cycles. Commercial revenue increased 5%, while consumer revenue declined 7%, consistent with industry-wide fatigue in discretionary spending. The segment’s operating profit held steady at $748 million.  Strong Liquidity And Balance Sheet Dell ended the quarter with a cash balance of $9.6 billion, up from $3.6 billion at the start of the year, while the total debt on the books stood at $31.2 billion. The PC giant generated $1.2 billion in operating cash flow during the quarter and $6.5 billion year-to-date, demonstrating continued strength in working-capital discipline and balance-sheet optimization. The company returned $1.6 billion to shareholders through dividends and buybacks during Q3, bringing the total capital returned to $5.3 billion, and repurchased shares to over 39 million year-to-date. The balance sheet reflects continued investment in scaling AI infrastructure capabilities, with total assets increasing to $87.5 billion. Core leverage remained stable at 1.6x, maintaining strategic flexibility as enterprise and public-sector demand ramps.  AI Deployment To Shape Up Dell’s Future Dell’s differentiated position in AI deployment, that includes integrated rack-scale systems, cooling innovation, large-cluster design, and enterprise services, is creating a decisive competitive advantage for it. The company is now the first vendor to deliver rack-scale NVIDIA GB200 and GB300-based configurations, a milestone underscoring its manufacturing and systems-engineering scale. Further, the management noted that customer engagement is increasingly becoming “at architecture, not product.” Enterprises are now prioritizing sovereignty, secure data paths, and operational continuity, and these factors are favoring Dell’s vertically integrated ecosystem rather than commodity infrastructure procurement.  Improved Outlook Powered By Robust AI Demand Considering the sustained strong performance and surging demand for AI infrastructure, Dell has updated its financial projections for fourth quarter. Revenue is estimated to be between $31.0 and $32.0 billion, representing 32% y-o-y growth, while the non-GAAP diluted EPS is expected to be $3.50 per share, an increase of 31% from last year. Management reiterated expectations that FY26 will be a record year, powered by accelerated AI infrastructure deployments globally, with revenue projected to be in the range of $111.2 billion to $112.2 billion, implying 17% y-o-y.  MORE FOR YOU Additionally, Dell has revised its guidance for AI server shipments, now expecting $25 billion in shipments for the year, a remarkable increase of over 150% compared to fiscal year 2025. This growth will be driven by accelerated adoption of AI-optimized computing solutions across enterprise and public-sector customers. The updated outlook highlights Dell’s strengthened market position and commitment to scaling its AI infrastructure offerings in response to robust customer demand.  Conclusion Dell Technologies enters the final quarter of FY 2026 with visible momentum and a stronger leadership position at the heart of the AI infrastructure wave. The company’s execution, particularly in scaling AI server manufacturing, expanding enterprise adoption, and capturing long-dated infrastructure commitments, suggests a structural demand cycle rather than a short-lived spike. With record orders, rising profitability, and revised guidance, Dell is positioning itself not merely as a hardware supplier but as an end-to-end architectural partner for the AI era. The next test will be sustaining execution as deployments scale toward full production and enterprises move from experimentation to mainstream adoption.  Editorial Standards Reprints &amp; Permissions LOADING VIDEO PLAYER... FORBES’ FEATURED Video</div>

戴爾科技-C

<p>戴爾科技公佈了強勁的 2026 財年第三季度業績，得益於人工智能基礎設施的需求，收益增長 39%，達到每股 2.28 美元。收入同比增長 11%，達到 270 億美元。戴爾將 2026 財年的收入預期上調至 1117 億美元，並將人工智能服務器出貨指導提高至 250 億美元。基礎設施解決方案集團引領了增長，收入增長 24%。戴爾的現金餘額上升至 96 億美元，並向股東返還了 16 億美元。公司預計 2026 財年將創下紀錄業績，主要受益於人工智能基礎設施的部署</p>

由於人工智能基礎設施需求激增，戴爾科技-C 上調了 2026 財年的展望