Dell Technologies (DELL) Q4 2026 earnings summary

Executive summary

• Achieved record FY26 revenue of $113.5B, up 19% year-over-year, with Q4 revenue of $33.4B, up 39% year-over-year.

• Non-GAAP diluted EPS for FY26 was $10.30, up 27%; Q4 non-GAAP EPS was $3.89, up 45%.

• Generated record annual cash flow from operations of $11.2B and returned $7.5B to shareholders, including $2.2B in Q4 and 54M shares repurchased.

• Closed $64.1B in AI-optimized server orders for FY26, shipped $25.2B, and exited with a $43B AI backlog.

• Gained share in PC business and saw strong margins in servers and storage.

Financial highlights

• FY26 revenue: $113.5B (+19% YoY); Q4 revenue: $33.4B (+39% YoY).

• FY26 operating income: $8.1B (+31% YoY); Q4 operating income: $3.1B (+43% YoY).

• FY26 net income: $5.9B (+30% YoY); Q4 net income: $2.3B (+47% YoY).

• FY26 adjusted free cash flow: $11.5B (+272% YoY); Q4 adjusted free cash flow: $5.1B (+973% YoY).

• Ended Q4 with $13.3B in cash and investments; core leverage ratio at 1.4x.

Outlook and guidance

• FY27 revenue expected at $138B–$142B, up 23% at midpoint; ISG to grow mid-40s, CSG up ~1%.

• FY27 AI-optimized server revenue projected at $50B, up over 100% YoY.

• FY27 non-GAAP diluted EPS expected at $12.90 ±$0.25, up 25% YoY; GAAP diluted EPS at $11.52, up 33%.

• Q1 FY27 revenue guidance: $34.7B–$35.7B, up 51% at midpoint; non-GAAP diluted EPS: $2.90, up 87% YoY.

• Annual dividend raised 20% to $2.52/share; $10B increase in share repurchase authorization.