DELL Dell Technologies (DELL) Q3 FY26 earnings call
Dell Technologies delivered record Q3 FY26 revenue and EPS, primarily fueled by exceptional momentum in AI server orders and shipments, alongside strong performance in its ISG and commercial CSG segments. The company is navigating an unprecedented environment of rising commodity costs by leveraging its supply chain and direct model to mitigate impacts and maintain profitability. Management expressed strong conviction in its AI business and the ongoing PC refresh cycle, expecting continued EPS growth through strategic execution and capital returns.
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DELL operating KPIs by quarter
| KPI | Jan 2025 Q4 FY25 | Apr 2025 Q1 FY26 | This call Oct 2025 Q3 FY26 | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| AI orders demand ISG | $1.7BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $12.1BWe booked $12.1 billion in orders in the first quarter, surpassing the entirety of shipments in all of FY '25.Source: earnings call transcript | $12.3BWe booked $12.3 billion in orders in the quarter, bringing year-to-date orders to $30 billion, both record figures.Source: earnings call transcript | $34.1BIn Q4, we booked $34.1 billion in AI orders, evidence that demand is accelerating as customers deploy AI at scale.Source: earnings call transcript | $24.4BIn Q1, we booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue.Source: earnings call transcript | $60.9BIn Q2, we booked a record $60.9 billion in AI orders and recognized $16.4 billion in AI server revenue.Source: earnings call transcript | +149.6% |
| AI shipments ISG | $2.1BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $1.8BWe shipped $1.8 billion, leaving us with a backlog of $14.4 billion.Source: earnings call transcript | $5.6BWe shipped $5.6 billion in AI servers during the quarter for a total of $15.6 billion year-to-date.Source: earnings call transcript | $9.5BWe shipped $9.5 billion in AI servers in the quarter.Source: earnings call transcript | — | — | +69.6% |
| AI backlog ISG | $4.1BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $14.4BWe shipped $1.8 billion, leaving us with a backlog of $14.4 billion.Source: earnings call transcript | $18.4BWe ended the quarter with a record backlog of $18.4 billion.Source: earnings call transcript | $43BWe exited Q4 with a record $43 billion in AI backlog, and our pipeline continued to grow sequentially even after converting $34.1 billion of orders, a clear sign of sustained momentum.Source: earnings call transcript | $51.3BWe exited the quarter with a record $51.3 billion of AI backlog, and our pipeline continued to grow sequentially and remains multiples of our backlog, even after converting $24.4 billion into orders.Source: earnings call transcript | $95BWe exited the quarter with a record $95 billion of AI backlog, and our pipeline continue to grow sequentially and remains multiples of our backlog even after converting $131.7 billion into orders over the past 12 months.Source: earnings call transcript | +85.2% |
| Customers | — | — | — | — | 5,000+Our customer count surpassed 5,000 with growth across neocloud, sovereigns and enterprise customers.Source: earnings call transcript | 6,500+Demand is broadening across neoclouds, sovereigns and enterprise customers and our customer count has surpassed 6,500.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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