Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2026 fourth quarter and full year ended January 30, 2026. The company also provides guidance for its fiscal 2027 first quarter and full year.

Full-Year Summary

• Record full-year revenue of $113.5 billion, up 19% year-over-year
• Record full-year diluted earnings per share (EPS) of $8.68, up 36% year over year, and record full-year non-GAAP diluted EPS of $10.30, up 27%
• Record full-year cash flow from operations of $11.2 billion
• Announcing a cash dividend increase of 20% and $10 billion increase in share repurchase authorization
• FY27 guidance: Full-year revenue growth of 23% at the midpoint, diluted EPS growth of 33% at the midpoint, and non-GAAP diluted EPS growth of 25% at the midpoint

Fourth-Quarter Summary

• Record revenue of $33.4 billion, up 39% year-over-year
• Record fourth-quarter diluted EPS of $3.37, up 57% year over year, and record non-GAAP diluted EPS of $3.89, up 45%
• Record cash flow from operations of $4.7 billion

"FY26 was a defining year in our company's history, with record full-year revenue of $113.5 billion, record EPS, and record cash generation," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. "The AI opportunity is transforming our company. We closed more than $64 billion in AI-optimized server orders, shipped more than $25 billion throughout the year, and are entering FY27 with record backlog of $43 billion—powerful proof that our engineering leadership and differentiated AI solutions are winning."

"We delivered record revenue of $33.4 billion in our fourth quarter, capping a record year for the company," said David Kennedy, chief financial officer, Dell Technologies. "Our strong execution drove record annual cash flow of more than $11 billion and record capital returned to shareholders of $7.5 billion. We have the portfolio, operating model and growing customer base to exceed our long-term growth targets in FY27, with expected revenue of $140 billion at the midpoint of our range and EPS growth of 25%."

Infrastructure Solutions Group (ISG)

• Record full-year revenue: $60.8 billion, up 40% year-over-year
• Record full-year operating income: $7.1 billion, up 27% year-over-year
• Record quarterly revenue: $19.6 billion, up 73% year-over-year
• Record quarterly AI-Optimized Servers revenue: $9.0 billion, up 342% year-over-year
• Record quarterly Traditional Servers and Networking revenue: $5.9 billion, up 27% year-over-year
• Fourth-quarter Storage revenue: $4.8 billion, up 2% year-over-year
• Record quarterly operating income: $2.9 billion, up 41% year-over-year

Client Solutions Group (CSG)

• Full-year revenue: $51.0 billion, up 5% year-over-year
• Full-year operating income: $2.8 billion, down 5% year-over-year
• Fourth-quarter revenue: $13.5 billion, up 14% year-over-year
• Fourth-quarter Commercial Client revenue: $11.6 billion, up 16% year-over-year
• Fourth-quarter Consumer revenue: $1.9 billion, flat year-over-year
• Fourth-quarter operating income: $629 million, flat year-over-year

Capital Return
The company also announced a cash dividend increase of 20% and $10 billion increase in share repurchase authorization. Dell Technologies returned $2.2 billion to shareholders in the fourth quarter through share repurchases and dividends. During the year, the company returned a record $7.5 billion to shareholders and repurchased roughly 54 million shares.

Guidance Summary

• Full-year FY27 revenue expected between $138.0 billion and $142.0 billion, up 23% year over year at the midpoint of $140.0 billion
• Full-year AI-Optimized Servers revenue expected to be roughly $50 billion, up 103% year over year
• Full-year FY27 GAAP diluted EPS expected to be $11.52 at the midpoint, up 33% year over year, and non-GAAP diluted EPS to be $12.90 at the midpoint, up 25%
• First-quarter FY27 revenue expected between $34.7 billion and $35.7 billion, up 51% year over year at the midpoint of $35.2 billion
• First-quarter FY27 GAAP diluted EPS expected to be $2.55 at the midpoint, up 86% year over year, and non-GAAP diluted EPS to be $2.90 at the midpoint, up 87%