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Dell Technologies Inc. 8-K Report, Financial Results (Feb 26, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 26, 2026
Period End
February 26, 2026
Security
DELL
In the record · 2016–202610-K1010-Q328-K174

DELL filed 10 annual reports (10-K), 32 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’17Oct ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Deal closed8-K · Nov ’21Nov ’21
  4. Material agreement8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed February 26, 2026. Cited figures are marked; the original filing is the authoritative source.

Dell Technologies reported record fiscal 2026 fourth-quarter and full-year results for the periods ended January 30, 2026, driven overwhelmingly by AI infrastructure demand.

Q4 revenue rose 39% year over year to $33.4 billiona, GAAP diluted EPS rose 57% to $3.37, and non-GAAP diluted EPS rose 45% to $3.89. For the full year, revenue grew 19% to a record $113.5 billion, GAAP diluted EPS rose 36% to $8.68, non-GAAP diluted EPS rose 27% to $10.30, and cash flow from operations reached a record $11.2 billion. The Infrastructure Solutions Group (ISG) was the engine of growth, with Q4 AI-optimized server revenue of $9.0 billion (up 342%) and quarterly ISG revenue up 73%.

The Client Solutions Group (CSG) grew more modestly, with full-year operating income down 5%, and Q4 consumer revenue flat year over year. Management cited a record backlog of $43 billionb heading into FY27. Looking forward, Dell guided FY27 revenue to $138–142 billion (midpoint $140 billion, up 23%), with AI-optimized server revenue of roughly $50 billion (up 103%).

Midpoint GAAP diluted EPS is guided to $11.52c (up 33%) and non-GAAP diluted EPS to $12.90 (up 25%). First-quarter FY27 guidance calls for revenue of $34.7–35.7 billion (up 51% at midpoint) and non-GAAP EPS of $2.90 at the midpoint (up 87%). The company also raised its quarterly cash dividend by 20% and increased its share repurchase authorization by $10 billion, signaling confidence in sustained cash generation.

Investors should weigh the strong growth against the concentration of that growth in lower-margin AI server sales: gross margin fell to 20.0% for the year from 22.2%, and Q4 operating margin of 9.3% was slightly above the prior year's level, but the mix shift is pressuring margins. Balance sheet items also warrant attention, including total stockholders' deficit of $(2.5) billion, a sharp rise in accounts payable to $33.6 billiond, and total debt of roughly $31.5 billion.

02—Key points

Key Highlights

  1. Record FY26 revenue of $113.5 billion (up 19%) and record Q4 revenue of $33.4 billion (up 39%), led by ISG's 40% full-year growth.
  2. AI-optimized server revenue surged to $9.0 billion in Q4 (up 342%) and $24.7 billion for the full year (up 166%); the company closed over $64 billion in AI server orders and entered FY27 with a $43 billion backlog.
  3. Q4 GAAP diluted EPS of $3.37 (up 57%) and non-GAAP diluted EPS of $3.89 (up 45%); full-year non-GAAP EPS of $10.30 (up 27%).
  4. Full-year gross margin declined to 20.0% from 22.2% as revenue mix shifted toward lower-margin AI servers; CSG operating income fell 5% for the year.
  5. FY27 guidance calls for revenue of $138–142 billion (midpoint up 23%) and non-GAAP EPS of $12.90 at the midpoint (up 25%); Q1 FY27 revenue guided up 51% at the midpoint.
  6. Capital returns increased: dividend raised 20%, share repurchase authorization expanded by $10 billion, and $7.5 billion returned to shareholders in FY26.
  7. Record cash flow from operations of $11.2 billion for FY26, with adjusted free cash flow of $11.5 billion, though the balance sheet shows a stockholders' deficit of $(2.5) billion and rising debt and payables.

03—Questions

Frequently Asked Questions

  1. What drove Dell's strong fiscal 2026 fourth-quarter results?

    The growth was driven primarily by the Infrastructure Solutions Group, where AI-optimized server revenue rose 342% year over year to $9.0 billion in the quarter. Total ISG revenue rose 73% to $19.6 billion. Commercial client revenue in CSG also grew 16%, while consumer revenue was flat.

  2. Is Dell's profitability keeping pace with its revenue growth?

    Partially. Q4 operating income rose 43% to $3.1 billion and full-year operating income rose 31% to $8.1 billion, so operating income is growing. However, gross margin is compressing as the mix shifts toward AI servers: full-year gross margin fell to 20.0% from 22.2%, and Q4 gross margin fell to 20.2% from 23.7%. ISG's operating margin also declined to 11.7% for the year from 12.8%.

  3. What is the outlook for fiscal 2027?

    Management guided FY27 revenue of $138–142 billion, which implies roughly 23% growth at the midpoint, and expects AI-optimized server revenue of about $50 billion, up roughly 103%. Midpoint non-GAAP diluted EPS is $12.90, up 25%, and GAAP diluted EPS is $11.52, up 33%. Q1 FY27 revenue is guided to $34.7–35.7 billion.

  4. How is Dell returning capital to shareholders?

    Dell returned a record $7.5 billion to shareholders in FY26 through buybacks and dividends, repurchasing roughly 54 million shares. The board increased the quarterly cash dividend by 20% and expanded the share repurchase authorization by $10 billion.

  5. What balance sheet and cash flow risks should investors monitor?

    Total stockholders' equity is a deficit of $(2.5) billion, down from $(1.4) billion a year earlier, largely reflecting heavy treasury stock purchases. Accounts payable rose to $33.6 billion from $20.8 billion, and total debt (short-term plus long-term) is about $31.5 billion. Operating cash flow of $11.2 billion was strong, but working capital build-up tied to rapid AI server growth could pressure cash generation if growth slows or payment terms change.

04—Continue

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