Dell Q4 2025 Earnings Report
Key Takeaways
Dell Technologies reported a strong Q4 FY25 with revenue growing 7% YoY to $23.93 billion. GAAP EPS was $2.15, while non-GAAP EPS reached $2.68. Operating income increased by 40% to $2.16 billion, driven by significant growth in the Infrastructure Solutions Group. The company also announced an 18% increase in its annual dividend and a $10 billion share repurchase authorization.
Revenue grew 7% YoY to $23.93 billion.
GAAP EPS was $2.15, and non-GAAP EPS was $2.68.
Operating income increased by 40% to $2.16 billion.
Infrastructure Solutions Group revenue surged 22% YoY to $11.4 billion.
Dell
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Dell Revenue by Segment
Forward Guidance
Dell Technologies expects FY26 revenue to range between $101.0 billion and $105.0 billion, reflecting an 8% growth at the midpoint. Non-GAAP EPS is projected between $9.30 and $9.67.
Positive Outlook
- Full-year FY26 revenue expected to grow 8% YoY.
- Non-GAAP EPS projected to increase by 14%.
- Strong backlog in AI server demand, estimated at $9 billion.
- Dividend increase of 18% demonstrating confidence in cash flow.
- Infrastructure and commercial segments expected to drive growth.
Challenges Ahead
- First-quarter FY26 GAAP EPS expected to decline by 6% YoY.
- Consumer revenue segment saw a 12% decline in Q4 FY25.
- Ongoing macroeconomic uncertainties could impact demand.
- Stock repurchases may reduce available cash reserves.
- Potential supply chain constraints in high-demand AI server segment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income