Live Earnings: Will Dell Technologies (DELL) Spike After Q4 Results
Quick Read
-
Dell Technologies (DELL) reports Q4 fiscal 2026 results with an $18.4B AI server backlog. Analysts expect $3.52 non-GAAP EPS.
-
Dell recorded $12.3B in AI server orders last quarter. The company accumulated $30B in AI server orders year to date.
-
Dell’s ISG operating margin reached 13.3% despite AI servers typically compressing margins. The stock trades at 16x trailing earnings.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.(Sponsor)
Live Updates
LIVE UPDATES IN PROGRESS — Stay on This Page
We are updating this story in real time as new information breaks. Stay on this page for the latest developments, key quotes, numbers, and market reaction as they happen.
FY27 Guidance — This Is What’s Moving the Stock
Dell now expects:
-
FY27 revenue: $138B–$142B (midpoint $140B), +23% YoY
-
FY27 GAAP EPS midpoint: $11.52 (+33% YoY)
-
FY27 Non-GAAP EPS midpoint: $12.90 (+25% YoY)
-
AI-Optimized Servers FY27 revenue: ~$50B (+103% YoY)
For context, management disclosed they:
-
Closed $64B in AI-optimized server orders
-
Shipped $25B during the year
-
Enter FY27 with record $43B backlog
That backlog visibility is the critical credibility bridge.
Dell Numbers Are In And They Are Good
Shares are up ~7.7% after Dell delivered a clear beat-and-raise quarter, with AI server revenue scaling sharply and FY27 guidance well ahead of prior expectations.
| Metric | Actual | Prior Consensus* | Beat / Miss |
|---|---|---|---|
| Q4 Revenue | $33.4B | ~$31.6B | ✅ Beat |
| Q4 Non-GAAP EPS | $3.89 | ~$3.51 | ✅ Beat |
| FY26 Revenue | $113.5B | ~$111.9B | ✅ Beat |
| FY26 Non-GAAP EPS | $10.30 | ~$9.90 | ✅ Beat |
Dell Technologies (NYSE: DELL) reports its fourth-quarter and full-year fiscal 2026 results today. With an AI server backlog heading into the print, this is one of the more consequential tech earnings reports of the quarter.
A Record Backlog Meets a Margin Recovery Story
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.
Since that November report, the stock has pulled back modestly. Shares are trading well below their 52-week high. The gap between where Dell trades and where analysts think it belongs remains notable.
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.
Consensus Estimates at a Glance
| Metric | Q4 FY26 Consensus | Full-Year FY26 Consensus |
|---|---|---|
| Revenue | $31.63B | $111.85B |
| Non-GAAP EPS | $3.51 | $9.90 |
5 Things to Watch
- AI Backlog Conversion. 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.
- ISG Margin Trajectory. ISG operating income improved sequentially last quarter despite the heavier AI server mix. Management said to expect further improvement in Q4. Whether that holds is a key test of the thesis.
- Storage Returning to Growth. Storage revenue was roughly flat year over year in Q3. Dell’s storage portfolio, including PowerScale and PowerStore, remains a higher-margin business than AI servers. A return to growth here would meaningfully support the overall margin story.
- PC Refresh Cycle Timing. Management acknowledged the PC refresh keeps pushing out, with Windows 10 end-of-life driving eventual demand but enterprise buyers moving slowly. Worth monitoring is whether commercial PC growth accelerated in Q4 or whether the refresh is still lagging.
- Full-Year Guidance Confirmation. Dell guided FY26 revenue to roughly $111.7 billion at the midpoint. Tonight’s Q4 print will either confirm that target was achievable or reveal whether component timing issues created a shortfall. Management’s tone on FY27 will matter just as much as the FY26 close.
Dell has spent the last year building one of the more compelling AI infrastructure businesses outside of pure-play chip designers. But the stock’s valuation suggests the market remains cautious about how cleanly backlog converts into durable profit growth. Tonight’s report is Dell’s opportunity to close that credibility gap.
Joel South has been an avid investor and financial writer for over 15 years, publishing thousands of articles analyzing stocks, markets, and investment strategies across multiple leading financial media platforms. He spent 12 years at The Motley Fool, where he worked as an investment analyst and Bureau Chief before ascending to direct the Fool.com investing news desk, overseeing editorial operations and content strategy. During his tenure, Joel co-hosted an investing podcast and became a recognized voice in financial media through numerous TV and radio appearances discussing stock market trends and investment opportunities.
Currently serving as General Manager and Managing Editor at 24/7 Wall Street, Joel has published hundreds of in-depth analyses focusing on large-cap stocks, dividend-paying equities, and market-moving developments. His comprehensive coverage spans earnings previews, price predictions, and investment forecasts for major companies across all sectors—from technology giants and semiconductor manufacturers to consumer brands and financial institutions. Joel's expertise encompasses t fundamental analysis, options market interpretation, institutional investor behavior, and translating complex market dynamics into clear, actionable insights for individual investors.
© Justin Sullivan / Getty Images News via Getty Images
Top Gaining Stocks
Top Losing Stocks