Dell Technologies announces financial results for its fiscal 2025 fourth quarter and full year. The company also provides guidance for its fiscal 2026 first quarter and full year.

Full-Year Summary

• Full-year revenue of $95.6 billion, up 8% year over year
• Full-year operating income of $6.2 billion, up 15% year over year, and non-GAAP operating income of $8.5 billion, up 8%
• Record full-year diluted earnings per share of $6.38, up 39% year over year, and record non-GAAP diluted EPS of $8.14, up 10%
• Cash flow from operations was $4.5 billion
• Announcing a cash dividend increase of 18% and $10 billion increase in share repurchase authorization
• FY26 guidance: Full-year revenue growth of 8%, diluted EPS growth of 23% and non-GAAP diluted EPS growth of 14%

Fourth-Quarter Summary

• Fourth-quarter revenue of $23.9 billion, up 7% year over year
• Fourth-quarter operating income of $2.2 billion, up 40% year over year, and non-GAAP operating income of $2.7 billion, up 22%
• Record fourth-quarter diluted EPS of $2.15, up 30% year over year, and record non-GAAP diluted EPS of $2.68, up 18%

"FY25 was a transformative year - we hit $95.6 billion in revenue, grew our core business double digits, unlocked efficiencies, and drove record EPS," said Yvonne McGill, chief financial officer, Dell Technologies. "We're raising our annual dividend by 18%, demonstrating our commitment to shareholder return and confidence in our opportunity to grow in FY26."

"In Q4 we grew our Infrastructure Solutions Group revenue by 22%, and we're well positioned to capture growth across every segment of our business," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. "Our prospects for AI are strong, as we extend AI from the largest cloud service providers, into the enterprise at-scale, and out to the edge with the PC. The deals we've booked with xAI and others puts our AI server backlog at roughly $9 billion as of today."

Infrastructure Solutions Group (ISG)

• Full-year revenue: $43.6 billion, up 29% year over year
• Full-year operating income: $5.6 billion, up 30% year over year
• Fourth-quarter revenue: $11.4 billion, up 22% year over year
• Fourth-quarter Servers and Networking revenue: $6.6 billion, up 37%, driven by AI and traditional server demand
• Fourth-quarter Storage revenue: $4.7 billion, up 5%
• Record fourth-quarter operating income: $2.1 billion, up 44% year over year

Client Solutions Group (CSG)

• Full-year revenue: $48.4 billion, down 1% year over year
• Full-year operating income: $3.0 billion, down 20% year over year
• Fourth-quarter revenue: $11.9 billion, up 1% year over year
• Fourth-quarter Commercial Client revenue: $10.0 billion, up 5%
• Fourth-quarter Consumer revenue: $1.9 billion, down 12%
• Fourth-quarter operating income: $631 million, down 19% year over year

Capital Return
Dell Technologies is increasing its annual cash dividend by 18% to an expected $2.10 per common share, with $0.525 per common share for the first quarterly distribution payable on May 2, 2025, to shareholders of record as of April 22, 2025. Additionally, the company's board of directors approved a $10 billion increase in its share repurchase authorization.

Guidance Summary

• Full-year FY26 revenue expected between $101.0 billion and $105.0 billion, up 8% year over year at the midpoint of $103.0 billion
• Full-year FY26 GAAP diluted EPS expected to be $7.85, up 23% year over year, and non-GAAP diluted EPS to be $9.30, up 14%
• First-quarter FY26 revenue expected between $22.5 billion and $23.5 billion, up 3% year over year at the midpoint of $23.0 billion
• First-quarter FY26 GAAP diluted EPS expected to be $1.29, down 6% year over year, and non-GAAP diluted EPS to be $1.65, up 25%