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Sentiment · FY2027 Q1
Reporting soon: earnings call Tuesday, Sep 1
A pre-earnings brief is ready for DELL: the setup, what peers and partners said this season, and which analysts to watch. Reading it is a Tellvest Pro feature.
Dell capped a defining year with record Q4 revenue of $33.4 billion, up 40%, and EPS surging 57% as AI orders exploded to $34.1 billion in the quarter alone. FY2027 guidance was introduced at $138-142 billion revenue (up 23%) and EPS of $12.90 with a $50 billion AI revenue target. Traditional server demand outpaced supply, CSG gained share with 14% growth, and Dell IP storage returned to growth with margin expansion.
Cloud & AI | Demand | Margin | Competitive Dynamics | Revenue Growth | Supply Chain | Guidance Reliability | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2025Q3 | 11 | 9 | 3 | 4 | 3 | 3 | 2 | 1 |
| 2025Q4 | 6 | 6 | 4 | 2 | 4 | 2 | 2 | 1 |
| 2026Q1 | 9 | 4 | 3 | 4 | 3 | 3 | 1 | |
| 2026Q2 | 7 | 5 | 8 | 4 | 1 | 1 | 3 | 1 |
| 2026Q3 | 6 | 4 | 5 | 3 | 3 | 3 | 1 | 2 |
| 2026Q4 | 6 | 5 | 5 | 3 | 6 | 3 | 4 |
| '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | '26Q4 | |
|---|---|---|---|---|---|---|
| Cloud & AI | 11 | 6 | 9 | 7 | 6 | 6 |
| Demand | 9 | 6 | 4 | 5 | 4 | 5 |
| Margin | 3 | 4 | 3 | 8 | 5 | 5 |
| Competitive Dynamics | 4 | 2 | 4 | 4 | 3 | 3 |
| Revenue Growth | 3 | 4 | 3 | 1 | 3 | 6 |
| Supply Chain | 3 | 2 | 1 | 3 | 3 | |
| Guidance Reliability | 2 | 2 | 3 | 3 | 1 | |
| Pricing | 1 | 1 | 1 | 1 | 2 | 4 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2025 Q2 | $25.03B | +9.1% | $1.17 | +85.7% | 21.2% | 5.4% | 3.4% | $658M |
| FY2025 Q3 | $24.37B | +9.5% | $1.58 | +16.2% | 21.8% | 6.8% | 4.6% | $914M |
| FY2025 Q4 | $23.81B | +6.7% | $2.15 | +31.1% | 23.0% | 9.1% | 6.4% | $-150M |
| FY2026 Q1 | $23.38B | +5.1% | $1.37 | 0.0% | 21.1% | 5.0% | 4.1% | $2.23B |
| FY2026 Q2 | $29.78B | +19.0% | $1.70 | +45.3% | 18.3% | 6.0% | 3.9% | $1.87B |
| FY2026 Q3 | $27.00B | +10.8% | $2.28 | +44.3% | 20.7% | 7.8% | 5.7% | $503M |
| FY2026 Q4 | $33.38B | +40.2% | $3.37 | +56.7% | 20.2% | 9.4% | 6.8% | $3.95B |
| FY2027 Q1 | $43.84B | +87.5% | $5.24 | +282.5% | 17.8% | 8.3% | 7.8% | $3.12B |
| Year | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2023 | $102.30B | +7.2% | $3.22 | -54.3% | 22.2% | 5.6% | 2.4% | $562M |
| FY2024 | $88.42B | -13.6% | $4.42 | +37.3% | 23.6% | 5.9% | 3.6% | $5.92B |
| FY2025 | $95.44B | +7.9% | $6.27 | +41.9% | 22.0% | 6.4% | 4.7% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Ben Reitzes | Melius Research | 7 (14%) |
| Erik Woodring | Morgan Stanley | 7 (0%) |
| Asiya Merchant | Citigroup | 7 (0%) |
| Amit Daryanani | Evercore ISI | 7 (14%) |
| Wamsi Mohan | Bank of America | 7 (14%) |
| Samik Chatterjee | JPMorgan | 7 (14%) |
| Dave Vogt | UBS | 7 (0%) |
| Simon Leopold | Raymond James | 6 (0%) |
| Aaron Rakers | Wells Fargo | 5 (0%) |
| Mike Ng | Goldman Sachs | 5 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Bank of America | 1 | 7 (14%) |
| Citigroup | 1 | 7 (0%) |
| Evercore ISI | 1 | 7 (14%) |
| JPMorgan | 1 |
| $1.87B |
| FY2026 | $113.54B | +19.0% | $8.72 | +39.1% | 20.0% | 7.2% | 5.2% | $8.55B |
| 7 (14%) |
| Melius Research | 1 | 7 (14%) |
| Morgan Stanley | 1 | 7 (0%) |
| UBS | 1 | 7 (0%) |
| Goldman Sachs | 2 | 6 (0%) |
What DELL and other companies said about each other on FY2026 Q4 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Commercial was a key highlight in the quarter with sell-through of Ryzen Pro PCs increasing more than 50% year-over-year as Dell, HP and Lenovo broadened their AMD offerings.”
Dell broadened its AMD-based commercial PC offerings, contributing to over 50% year-over-year Ryzen Pro sell-through growth.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
DELL Dell Technologies | 10 | +40.2% | |
| ANET Arista Networks | 9 | +35.1% | |
| HPQ HP Inc. | 5 | +6.9% | |
| IONQ IonQ, Inc. | 9 | +754.7% | |
| NTAP NetApp | 8 | +4.4% | |
| QBTS D-Wave Quantum Inc. | 2 | -81.0% | |
| RGTI Rigetti Computing, Inc. | 8 | +198.9% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |