DELL Q3 2026 Earnings
Reported Nov 25, 2025 at 4:10 PM ET · SEC Source
Q3 26 EPS
$2.59
BEAT +4.46%
Est. $2.48
Q3 26 Revenue
$27.01B
MISS 1.03%
Est. $27.29B
vs S&P Since Q3 26
+56.5%
BEATING MARKET
DELL +62.5% vs S&P +6.0%
Market Reaction
Did DELL Beat Earnings? Q3 2026 Results
Dell Technologies delivered a strong but nuanced third quarter in fiscal 2026, beating on profit while falling just short on the top line, as the AI server boom reshaped the company's financial profile in real time. Non-GAAP diluted EPS came in at $2… Read more Dell Technologies delivered a strong but nuanced third quarter in fiscal 2026, beating on profit while falling just short on the top line, as the AI server boom reshaped the company's financial profile in real time. Non-GAAP diluted EPS came in at $2.59, topping the $2.48 consensus by 4.46%, driven by record profitability in the quarter; revenue of $27.00 billion grew 10.8% year over year but missed the $27.29 billion estimate by 1.03%, largely because the explosive mix shift toward lower-margin AI server products compressed gross margin to 20.7% from 22.0%. The standout driver was the Infrastructure Solutions Group, where AI server orders hit a record $12.30 billion in the quarter alone, bringing the year-to-date total to an unprecedented $30.00 billion. As the quarter unfolded, the AI backlog swelled to $18.40 billion, reinforcing Dell's confidence in raising full-year revenue guidance to a $111.70 billion midpoint, up 17%, with Q4 revenue guided to a $31.50 billion midpoint implying 32% year-over-year growth.
Key Takeaways
- • Record AI server orders of $12.3 billion in Q3 with unprecedented $30 billion in orders year to date
- • Servers and Networking revenue surged 37% YoY driven by AI demand
- • Commercial Client revenue grew 5% YoY
- • Product revenue grew 16% YoY while cost discipline reduced operating expenses 5%
- • AI backlog of $18.4 billion with five-quarter pipeline at multiples of backlog
DELL YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
DELL Revenue by Segment
With YoY comparisons, source: SEC Filings
DELL Earnings Trends
DELL vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
DELL EPS Trend
Earnings per share: estimate vs actual
DELL Revenue Trend
Quarterly revenue: estimate vs actual
DELL Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 26 BEAT FY | $3.51 | $3.89 | +10.83% | $33.38B | +5.34% |
| FY Full Year | $9.90 | $10.30 | +4.09% | $113.54B | +1.51% |
| Q3 26 BEAT | $2.48 | $2.59 | +4.46% | $27.01B | -1.03% |
| Q2 26 BEAT | $2.29 | $2.32 | +1.13% | $29.78B | +2.00% |
| Q1 26 MISS | $1.69 | $1.55 | -8.38% | $23.38B | +0.80% |