Dell Technologies (DELL) Q4 2026 Financial Results Summary

Released on February 26, 2026, Dell Technologies (NYSE: DELL) has announced its financial results for the fourth quarter and the full year of fiscal 2026, ending January 30, 2026. The results showcase significant growth across various metrics, reflecting the company's strong positioning in the AI sector and overall market.

Full-Year Summary Highlights

• Record Revenue: $113.5 billion, up 19% year over year.
• Earnings Per Share (EPS):
  • Diluted EPS: $8.68, up 36% year over year.
  • Non-GAAP Diluted EPS: $10.30, up 27% year over year.
• Cash Flow from Operations: $11.2 billion.
• Shareholder Returns:
  • Cash dividend increase of 20%.
  • $10 billion increase in share repurchase authorization.
• Fiscal Year 2027 Guidance:
  • Expected revenue growth of 23% at the midpoint ($140 billion).
  • Expected diluted EPS growth of 33% at the midpoint.
  • Expected non-GAAP diluted EPS growth of 25% at the midpoint.

Fourth-Quarter Summary Highlights

• Record Revenue: $33.4 billion, up 39% year over year.
• Earnings Per Share (EPS):
  • Diluted EPS: $3.37, up 57% year over year.
  • Non-GAAP Diluted EPS: $3.89, up 45% year over year.
• Cash Flow from Operations: $4.7 billion.

Segment Performance Overview

Infrastructure Solutions Group (ISG)

• Full-Year Revenue: $60.8 billion, up 40% year over year.
• Fourth-Quarter Revenue: $19.6 billion, up 73% year over year.
• AI-Optimized Servers Revenue: $9.0 billion in Q4, up 342% year over year.
• Traditional Servers and Networking Revenue: $5.9 billion in Q4, up 27% year over year.
• Storage Revenue: $4.8 billion in Q4, up 2% year over year.
• Operating Income:
  • Q4: $2.9 billion, up 41% year over year.
  • Full-Year: $7.1 billion, up 27% year over year.

Client Solutions Group (CSG)

• Full-Year Revenue: $51.0 billion, up 5% year over year.
• Fourth-Quarter Revenue: $13.5 billion, up 14% year over year.
• Commercial Client Revenue: $11.6 billion in Q4, up 16% year over year.
• Consumer Revenue: $1.9 billion in Q4, flat compared to the prior year.
• Operating Income:
  • Q4: $629 million, flat year over year.
  • Full-Year: $2.8 billion, down 5% year over year.

Capital Return

The company returned $2.2 billion to shareholders in Q4 through share repurchases and dividends, contributing to a record total of $7.5 billion returned throughout the fiscal year, with roughly 54 million shares repurchased.

Guidance Summary for Fiscal Year 2027

• Revenue expected to be between $138.0 billion and $142.0 billion, reflecting a 23% year-over-year increase at the midpoint.
• Revenue from AI-Optimized Servers projected to be approximately $50 billion, up 103% year over year.
• Expected GAAP diluted EPS of $11.52 at the midpoint, up 33% year over year.
• Non-GAAP diluted EPS expected to be $12.90 at the midpoint, up 25% year over year.
• For the first quarter of FY27, revenue is expected to be between $34.7 billion and $35.7 billion, up 51% year over year at the midpoint.
• First-quarter GAAP diluted EPS expected to be $2.55 at the midpoint, up 86% year over year.
• First-quarter non-GAAP diluted EPS expected to be $2.90 at the midpoint, up 87% year over year.

In summary, Dell Technologies has experienced substantial growth in revenue, earnings, and shareholder returns in the fourth quarter and the full fiscal year 2026, solidifying its strong market position ahead of fiscal 2027.

Note: The following tables represent amounts in millions.

DELL TECHNOLOGIES INC. Consolidated Statements of Income and Related Financial Highlights	Three Months Ended	January 30, 2026	January 31, 2025	Fiscal Year Ended	January 30, 2026	January 31, 2025
Net revenue:
Products	$27,616	$18,049	$90,405	$71,420
Services	$5,763	$5,882	$23,133	$24,147
Total net revenue	$33,379	$23,931	$113,538	$95,567
Cost of net revenue:
Products	$23,618	$14,924	$78,057	$60,162
Services	$3,031	$3,329	$12,774	$14,155
Total cost of net revenue	$26,649	$18,253	$90,831	$74,317
Gross margin	$6,730	$5,678	$22,707	$21,250
Operating expenses:
Selling, general, and administrative	$2,841	$2,746	$11,416	$11,952
Research and development	$797	$773	$3,142	$3,061
Total operating expenses	$3,638	$3,519	$14,558	$15,013
Operating income	$3,092	$2,159	$8,149	$6,237
Interest and other, net	$-293	$-187	$-886	$-1,189
Income before income taxes	$2,799	$1,972	$7,263	$5,048
Income tax expense	$540	$440	$1,327	$472
Net income	$2,259	$1,532	$5,936	$4,576
Less: Net loss attributable to	$—	$-1	$—	$-16
non-controlling interests
Net income attributable to	$2,259	$1,533	$5,936	$4,592
Dell Technologies Inc.
Percentage of Total Net Revenue:
Gross margin	20.2%	23.7%	20.0%	22.2%
Selling, general, and administrative	8.5%	11.5%	10.0%	12.5%
Research and development	2.4%	3.2%	2.8%	3.2%
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