Yesterday we were watching whether Dell‘s (NYSE: DELL) AI server momentum could carry the headline numbers. The answer was mixed on revenue but strong where it counts. Shares were trading at $126.42 at the time of the filing, and at the time of writing on Friday, DELL is trading for $147.01 — 21% higher than where it was at the open on Thursday.
The Numbers That Defined the Quarter
- Q4 Revenue: $33.38 billion (vs. $31.6B-$31.73B estimates), up 39.5%.
- Q4 Adjusted EPS: $3.89 (vs. $3.53-$3.54 estimates), up 45%.
- Full-Year FY26 Revenue: $113.5 billion, up 19%.
- Full-Year EPS: $10.30 (non-GAAP), up 27%.
Management Confidence, Market Caution
CEO Jeff Clarke leaned hard into the AI narrative. “AI momentum is accelerating in the second half of the year, leading to record AI server orders of $12.3 billion and an unprecedented $30 billion in orders year to date,” he said. Dell also raised its full-year FY26 revenue guidance to $111.2 billion to $112.2 billion, representing approximately 17% growth year-over-year. Despite the bullish setup, retail sentiment on r/stocks shifted only modestly, moving from neutral pre-earnings to a score of 62 (bullish) by Thursday evening on low overall activity. The revenue miss appears to be the sticking point for investors who expected the AI order surge to translate more directly into top-line outperformance.
What to Watch Into the Next Quarter
With 26 analysts covering the stock and a consensus target price of $160.65, there is significant upside priced into expectations. Watch whether analysts revise targets following this morning’s open, and whether the AI order backlog converts to revenue at a pace that closes the gap between Dell’s server momentum and its headline growth story.
With a P/E of 19.45, Dell’s earnings are expected to grow 17.75% next year. We’ll continue tracking DELL through the next print. For more, visit the DELL ticker page on 247wallst.com.
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