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Jan 30
Dell Q4 2026 Earnings Report
Dell reported record fourth-quarter fiscal 2026 results with strong revenue growth driven by AI-optimized servers and significant margin expansion.
Key Takeaways
Revenue increased 39% year over year to 33379000000, driven by a 73% surge in ISG revenue. Net income rose 47% to 2259000000, while operating income grew 43%, reflecting strong operating leverage and AI server momentum.
Total revenue grew 39% year over year to 33379000000.
ISG revenue surged 73% year over year, led by AI-optimized servers up 342%.
Operating income increased 43% to 3092000000.
Adjusted free cash flow reached 5088000000 in the quarter.
Revenue by Segment
Forward Guidance
For fiscal 2027, Dell expects full-year revenue between 138000000000 and 142000000000, with GAAP diluted EPS of 11.52 at the midpoint and non-GAAP diluted EPS of 12.90. First-quarter FY27 revenue is expected between 34700000000 and 35700000000.
Positive Outlook
- FY27 revenue expected to grow 23% at the midpoint.
- FY27 GAAP diluted EPS expected to grow 33% at the midpoint.
- FY27 non-GAAP diluted EPS expected to grow 25% at the midpoint.
- Q1 FY27 revenue expected to grow 51% year over year at midpoint.
- AI-optimized servers FY27 revenue expected around 50000000000.
Challenges Ahead
- Non-GAAP operating margin declined year over year in Q4.
- Consumer revenue was flat year over year.
- ISG operating margin declined versus prior year.
- Cost of revenue increased 46% year over year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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