Dell Technologies Inc.

Record quarter with broad growth (good): Dell posted Q3 FY26 revenue of $27B (+11% YoY) and non-GAAP diluted EPS of $2.59 (+17% YoY, record). ISG+CSG combined revenue grew 13%, with YTD total revenue +12% and ISG YTD +28%. Profitability improved as AI and storage helped, and they emphasized continued operational scaling.

AI momentum is the standout (surprising/opportunity): - AI server orders: $12.3B in the quarter → $30B YTD (both record figures) - AI server shipments: $5.6B in Q3 → $15.6B YTD - Backlog: $18.4B (record) and a five-quarter pipeline growing sequentially, described as multiples of backlog - They claim operational execution advantage: AI racks operational in 24–36 hours with uptime >99%. - Mix note: backlog shifted toward GB300 (expected).

Q4 outlook / guidance (key forecasts): - AI servers: expected ~$9.4B AI server shipments in Q4 (largest quarter mentioned). - Total Q4 revenue: $31B–$32B (+32% YoY at midpoint); ISG+CSG combined +34% at midpoint with ISG mid-60s growth and CSG low–mid single digits. - Operating expenses: flat sequentially. - Operating income: ~+21% with sequential improvement in ISG operating income rate. - Non-GAAP EPS (Q4): $3.5 ± $0.10 (+31% YoY at midpoint). - Full FY26 guidance: Revenue $111.7B (+17% YoY) and non-GAAP EPS $9.92 (+22% YoY at midpoint)—positioned as well above their long-term framework.