The earnings call reflects strong financial performance with significant growth in ISG and AI server demand. However, there are notable challenges in consumer PC sales and delays in expected PC refresh cycles. The overall sentiment is mixed, with strong operational and financial metrics countered by specific market challenges.

Company Guidance

During Dell Technologies' Q3 2025 earnings call, executives provided detailed guidance on the company's financial performance and future outlook. The company reported a revenue of $24.4 billion, a 10% increase year-over-year, driven by strong infrastructure solutions group (ISG) growth. Diluted earnings per share (EPS) rose by 14% to $2.15, while cash flow from operations reached $1.6 billion. Dell's ISG revenue surged 34% to $11.4 billion, with servers and networking revenue up 58% and storage revenue increasing by 4%. The client solutions group (CSG) saw a modest decline in revenue by 1% to $12.1 billion, with commercial revenue up 3% and consumer revenue down 18%. For Q4, Dell projected revenues between $24 billion and $25 billion, with ISG and CSG combined expected to grow 13% at the midpoint. The company anticipates a diluted non-GAAP EPS of $2.50 for Q4 and full-year revenue growth of 9% with EPS up 10% to $7.81. Dell's forward-looking statements reflect optimism around AI demand, an aging installed base ripe for refresh, and a continued focus on growth and profitability.

Strong ISG Revenue Growth

ISG revenue was $11.4 billion, up 34%, with servers and networking revenue up 58%.

AI Server Momentum

AI server orders demand was a record $3.6 billion, up 11% sequentially, with a substantial expansion in the 5-quarter pipeline, growing more than 50% sequentially.

Improved Operating Income and EPS

Operating income increased by 12% to $2.2 billion. Diluted EPS was $2.15, up 14%.

Continued Commercial PC Demand

Commercial PC revenue was up 3% to $10.1 billion, indicating stability and demand growth for the third quarter in a row.

Cash Flow Performance

Cash flow from operations was $1.6 billion, driven by profitability.

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Dell Technologies (DELL) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DELL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 25, 2025	2025 (Q4)	2.51 / 2.20	2.2	0.00% (0.00)	―	―
Nov 26, 2024	2025 (Q3)	2.06 / 2.15	1.88	14.36% (+0.27)
Aug 29, 2024	2025 (Q2)	1.71 / 1.89	1.74	8.62% (+0.15)
May 30, 2024	2025 (Q1)	1.26 / 1.27	1.31	-3.05% (-0.04)
Feb 29, 2024	2024 (Q4)	1.73 / 2.20	1.8	22.22% (+0.40)
Nov 30, 2023	2024 (Q3)	1.46 / 1.88	2.3	-18.26% (-0.42)
Aug 31, 2023	2024 (Q2)	1.14 / 1.74	1.68	3.57% (+0.06)
Jun 01, 2023	2024 (Q1)	0.86 / 1.31	1.84	-28.80% (-0.53)
Mar 02, 2023	2023 (Q4)	1.64 / 1.80	1.72	4.65% (+0.08)
Nov 21, 2022	2023 (Q3)	1.60 / 2.30	2.37	-2.95% (-0.07)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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DELL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 26, 2024	$141.74	$124.38	-12.25%
Aug 29, 2024	$110.35	$115.13	+4.33%
May 30, 2024	$168.73	$138.58	-17.87%
Feb 29, 2024	$93.63	$123.24	+31.62%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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