Dell Technologies Inc - Ordinary Shares - Class C

Strong FY '25 Performance: Dell Technologies reported FY '25 revenue of $95.6 billion, reflecting an 8% year-over-year increase, and record EPS of $8.14, up 10%. Operating income stood at $8.5 billion, with a cash flow of $4.5 billion.

ISG and AI Growth: Dell's Infrastructure Solutions Group (ISG) revenue for Q4 was $11.4 billion, up 22%, driven primarily by server and AI demand. The company expects ISG to grow in the high teens for FY '26, fueled by $15 billion in AI server shipments and sustainable growth in traditional servers and storage.

CSG Recovery Challenges: The Client Solutions Group (CSG) reported a revenue increase of 1% to $11.9 billion, with commercial revenue up 5% while consumer revenue declined 12%. The outlook suggests low-to-mid single-digit growth for CSG in FY '26, suggesting volatility amidst softer consumer demand and competitive pricing pressures.