Company Reports

Dell reported extraordinary fiscal 2027 second-quarter results, exceeding even the greatly increased expectations established after its first quarter. Revenue grew 58% year over year to $47.0 billion, while non-GAAP earnings per share increased 203% to $7.04.

Dell is a tech titan with a substantial share in personal computers, servers, and storage arrays. The PC market is relatively consolidated, with the top players controlling the majority of the market. Servers and storage are less consolidated, but Dell is a leading player in both segments. Just under half of Dell’s revenue comes from its PC business, and just over half comes from the servers and storage segment. Dell primarily sells to enterprises.

Dell reported staggering fiscal 2027 first-quarter results that shattered both our expectations and management's previous outlook. Revenue grew 88% year over year, while non-GAAP earnings per share surged 214%, driven by a near-vertical ramp in AI infrastructure deployments.

Dell is a tech titan with a substantial share in personal computers, servers, and storage arrays. The PC market is relatively consolidated, with the top players controlling the majority of the market. Servers and storage are less consolidated, but Dell is a leading player in both segments. Just under half of Dell’s revenue comes from its PC business, and just over half comes from the servers and storage segment. Dell primarily sells to enterprises.

Dell reported excellent fiscal 2026 fourth-quarter results. Revenue grew 40% year over year, and earnings per share grew 45%, both ahead of our and FactSet consensus expectations. The fiscal 2027 outlook was also quite strong.

Dell is a tech titan with a substantial share in personal computers, servers, and storage arrays. The PC market is relatively consolidated, with the top players controlling the majority of the market. Servers and storage are less consolidated, but Dell is a leading player in both segments. Just under half of Dell’s revenue comes from its PC business, and just over half comes from the servers and storage segment. Dell primarily sells to enterprises.

Dell reported revenue growth of 11% year over year, with non-GAAP diluted EPS up 17%. The AI server backlog jumped to $18.4 billion, a new record, signaling continued health for artificial intelligence demand.

Dell is a tech titan with a substantial share in personal computers, servers, and storage arrays. The PC market is relatively consolidated, with the top players controlling the majority of the market. Servers and storage are less consolidated, but Dell is a leading player in both segments. Just under half of Dell’s revenue comes from its PC business, and just over half comes from the servers and storage segment. Dell primarily sells to enterprises.

At its securities analyst event, Dell Technologies raised its long-term targets, increasing compounded annual revenue growth expectations from 3%-4% to 7%-9%, and non-GAAP EPS growth from 8% to 15%.

Dell is a tech titan with a substantial share in personal computers, servers, and storage arrays. The PC market is relatively consolidated, with the top players controlling the majority of the market. Servers and storage are less consolidated, but Dell is a leading player in both segments. Just under half of Dell’s revenue comes from its PC business, and just over half comes from the servers and storage segment. Dell primarily sells to enterprises.

Dell reported solid fiscal second-quarter results on the top line, largely driven by AI server sales, which exceeded $8 billion in the quarter; however, gross margins declined from 21.1% to 18.3%.

Dell is a tech titan with a substantial share in personal computers, servers, and storage arrays. The PC market is relatively consolidated, with the top players controlling the majority of the market. Servers and storage are less consolidated, but Dell is a leading player in both segments. Just under half of Dell’s revenue comes from its PC business, and just over half comes from the servers and storage segment. Dell primarily sells to enterprises.

No-moat Dell Technologies released first-quarter 2026 earnings that lightly beat our top-line and bottom-line estimates. However, the real story was Dell’s surging artificial intelligence server orderbook, with the backlog soaring from $4.1 billion last quarter to $14.4 billion in the current quarter. This development supports Dell’s overall AI revenue goals for the year and supports our overall thesis on the company.

Dell is a technology titan with a strong share in the personal computer, server, and storage array markets, which we view as mature, and commoditylike. The PC market is fairly consolidated, with the top several players controlling the majority of the market, while servers and storage are less consolidated—but Dell is one of the highest market share players in both. Just over half of Dell’s revenue comes from its PC business and just under half comes from the servers and storage segment. Dell primarily sells to enterprises.

No-moat Dell Technologies reported fiscal 2025 fourth-quarter earnings that missed our top-line estimate but surpassed our bottom-line forecast. The top-line miss was almost entirely driven by lumpiness in artificial intelligence server deliveries resulting in AI server sales of $2.1 billion versus the $2.8 billion projected. However, margins were better than we expected, and we would not read into quarterly deliveries too much. Rather, the more important indicators, backlog and pipeline, remained as strong as ever. This gives us the confidence to maintain our overall AI growth outlook for Dell, and we are maintaining our fair value estimate of $121. With shares selling off recently, they are starting to look marginally undervalued.

Dell is a technology titan with a strong share in the personal computer, server, and storage array markets, which we view as mature, and commoditylike. The PC market is fairly consolidated, with the top several players controlling the majority of the market, while servers and storage are less consolidated—but Dell is one of the highest market share players in both. Just over half of Dell’s revenue comes from its PC business and just under half comes from the servers and storage segment. Dell primarily sells to enterprises.

No-moat Dell Technologies reported fiscal 2025 third-quarter earnings that mildly beat our EPS estimates. However, the big story was all the moving parts within artificial intelligence revenue. We think weakness in AI-server revenue caused Dell shares to drop by 11% after hours, to $126 per share. We would look past these near-term speed bumps, as other long-term demand metrics remain healthy. We raise our fair value estimate to $121 per share from $114, and we now view shares as fairly valued following the after-hours drop. We think the long-term story remains bright for Dell, but the market had gotten ahead of itself in anticipation of results.

Dell is a technology titan with a strong share in the personal computer, server, and storage array markets, which we view as mature, and commoditylike. The PC market is fairly consolidated, with the top several players controlling the majority of the market, while servers and storage are less consolidated—but Dell is one of the highest market share players in both. Just over half of Dell’s revenue comes from its PC business and just under half comes from the servers and storage segment. Dell primarily sells to enterprises.

No-moat Dell Technologies reported robust fiscal second-quarter earnings, with AI-server sales dramatically exceeding our expectations, $3.1 billion versus $2.4 billion expected. The firm continues to ride the AI wave and exceeded our revenue expectations by 5%, driven by AI server sales. We were also impressed with the firm’s improving margin profile, as Dell seems to be winning business while also maintaining better margins than peers. We have lifted our revenue and profitability estimates to reflect our more optimistic outlook given current results. As a result, we are raising our fair value estimate to $112 from $92. Shares rose 4% during after-hours trading (likely driven by the AI server-driven top-line guidance beat) and screen as fairly valued compared with our raised valuation.

Dell is a technology titan with a strong share in the personal computer, server, and storage array markets, which we view as mature, and commoditylike. The PC market is fairly consolidated, with the top several players controlling the majority of the market, while servers and storage are less consolidated—but Dell is one of the highest market share players in both. Just over half of Dell’s revenue comes from its PC business and just under half comes from the servers and storage segment. Dell primarily sells to enterprises.