Dell Technologies Inc. Q4 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Key Highlights

  • FY 2026 was a record year with revenue of $113.5B, up 19% year over year, and EPS of $10.30, up 27%.
  • Record annual cash flow above $11B; $7.5B returned to shareholders, including 54M shares repurchased (more than double FY 2025 levels).
  • AI momentum accelerated sharply: $64.1B in AI orders for the year, $25.2B shipped, and a record $43B AI backlog exiting the year.

Q4 FY 2026 Performance

  • Record Q4 revenue of $33.4B, up 39% year over year.
  • EPS of $3.89, up 45% year over year.
  • Gross margin of $6.8B (20.5%), slightly above expectations.
  • Operating income up 32% to $3.5B; net income up 36% to $2.6B.
  • Cash flow from operations a record $4.7B for the quarter.

AI Business

  • Q4 AI orders reached $34.1B; AI shipments were $9.5B.
  • AI backlog remained record-high at $43B despite strong fulfillment.
  • Full-year AI revenue grew 150% from $10B in FY 2025 to $25B in FY 2026.
  • Mid-single-digit operating margins in AI maintained throughout the year, and expected to continue.
  • Enterprise AI adoption expanding significantly; customer base surpassed 4,000 (fastest growth observed in enterprise pipeline).

ISG (Infrastructure Solutions Group)

  • Record ISG revenue: $19.6B for the quarter, up 73% year over year.
  • AI server revenue: $9B in Q4; AI server demand exceptionally strong.

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Operator: Good afternoon, and welcome to the Fiscal Year 2026 Fourth Quarter Financial Results Conference Call for Dell Technologies Inc. I would like to inform all participants this call is recorded at the request of Dell Technologies Inc. This broadcast is the copyrighted property of Dell Technologies Inc. Any rebroadcast of this information, in whole or in part, without the prior written permission of Dell Technologies Inc. is prohibited. Following prepared remarks, we will conduct a question-and-answer session. At any time during the presentation, I would like to turn the call over to Paul Frantz, Head of Investor Relations. Mr. Frantz, you may begin. Thanks, everyone, for joining us. With me today are Jeffrey W. Clarke, David Kennedy, and Tyler Johnson. Paul Frantz: Our earnings materials are available on our IR website, and I encourage you to review these materials. Also, please take some time to view the presentation, which includes additional content to complement our discussion this afternoon. Guidance will be covered on today's call. During this call, unless otherwise indicated, all references to financial measures refer to non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating income, net income, diluted earnings per share, free cash flow, and adjusted free cash flow. A reconciliation of these measures to their most directly comparable GAAP measures can be found in our web deck and our press release. Growth percentages refer to

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