Record AI Orders Pushed Dell to a $33.4 Billion Quarter and Wall Street Still Has Doubts

1 week ago 10

David Beren

Mon, March 16, 2026 astatine 9:44 AM CDT 4 min read

Dell Technologies (DELL) reported Q4 FY2026 gross of $33.4B, beating statement by $1.8B, with non-GAAP EPS of $3.89 versus $3.51 expected, portion guiding FY2027 gross to $140B with AI-optimized server gross projected to astir treble to ~$50B. Hewlett Packard Enterprise (HPE) warned that representation shortages volition persist done 2027, a captious constituent for Dell’s high-density AI server configurations.
Dell’s $43B AI server backlog entering FY2027 is converting backlog into realized gross and profit, but the halfway skepticism hinges connected whether the institution tin support operating margins supra 13% portion shipping into this grounds request arsenic representation costs fluctuate.
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It mightiness not beryllium the computing elephantine it erstwhile was, but Dell Technologies (NYSE:DELL) had a Q4 net bushed that settled a statement retail investors had been moving for weeks: whether a grounds AI server backlog would construe into existent profit.

When it comes to elaborate show numbers, Dell's Q4 FY2026 results, reported February 26, delivered a cleanable beat: it saw Q4 gross of $33.4 billion, good up of the astir $31.6 cardinal consensus, with non-GAAP EPS of $3.89 against an estimation of astir $3.51. Full-year FY2026 gross came successful astatine $113.5 billion. FY2027 guidance projects $140 cardinal successful gross astatine the midpoint, with AI-optimized server gross expected to astir treble to ~$50 billion. Dell besides raised its quarterly dividend 20% to $2.52 per stock and expanded its stock repurchase authorization by $10 billion.

Before earnings, r/stocks hosted an analytical thread: "Dell reports time with an $18.4B AI server backlog and a borderline communicative that yet started recovering."

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Dell reports time with an $18.4B AI server backlog and a borderline communicative that yet started recovering
by u/corenellius successful stocks

"My work is the betterment is existent but fragile. If margins clasp astatine 12%+ portion shipping $9.4B successful AI servers, the bull lawsuit gets a batch stronger." After the print, r/wallstreetbets responded with "Why nary 1 posted DELL gains?". One commenter wrote: "Finally, DELL doing what it was expected to do."

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