Dell Non-GAAP EPS of $2.59 beats by $0.11, revenue of $27B misses by $300M

Guidance Summary

• Full-year FY26 revenue expected between $111.2 billion and $112.2 billion, up 17% year over year at the midpoint of $111.7 billion vs consensus of $108.04B.
• Full-year AI server shipments expected to be roughly $25 billion, up over 150%
• Full-year FY26 GAAP diluted EPS expected to be $8.38 at the midpoint, up 31% year over year, and non-GAAP diluted EPS to be $9.92 at the midpoint vs consensus of $9.53, up 22%.
• Fourth-quarter FY26 revenue expected between $31.0 billion and $32.0 billion, up 32% year over year at the midpoint of $31.5 billion vs consensus of $27.67B
• Fourth-quarter FY26 GAAP diluted EPS expected to be $3.05 at the midpoint, up 42% year over year, and non-GAAP diluted EPS to be $3.50 at the midpoint vs consensus of $3.21, up 31%.