Live Earnings: Will Dell Technologies (DELL) Spike After Q4 Results

"Last quarter, Dell posted revenue of $27.0 billion, a slight miss against consensus, but non-GAAP EPS of $2.59 beat estimates. The real headline was the AI server business, where management highlighted record AI server orders and significant year-to-date demand."

"Management guided Q4 revenue to $31.0 billion to $32.0 billion, with a GAAP EPS midpoint around $3.05. That is a meaningful step up from Q3, and it's the number the market will hold them to tonight."

"The AI server backlog is only valuable if it ships. Last quarter, management flagged component availability as a wildcard. I'll be watching how much of that backlog converted to revenue in Q4 and whether the new backlog figure grows or shrinks."

Dell Technologies is reporting fourth-quarter and full-year fiscal 2026 results with significant focus on AI server business performance. The company posted Q3 revenue of $27.0 billion with non-GAAP EPS of $2.59 beating estimates, highlighted by record AI server orders and substantial year-to-date demand. Management guided Q4 revenue between $31.0 billion and $32.0 billion with GAAP EPS midpoint of $3.05, representing meaningful sequential improvement. Key areas of focus include AI server backlog conversion to revenue, ISG operating margin trajectory improvement, storage business return to growth, and PC refresh cycle timing. The stock has pulled back modestly since the November report despite analyst expectations of higher valuations.

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