Analyst Consensus ?
ConsensusHold45 ratings
Bullish2555.6%
Neutral1840.0%
Bearish24.4%
Dell Technologies Inc. · DELL · FY2025 Q2 · Calendar Q3 2024
Dell’s AI server growth accelerates as margins improve
The call supports a constructive near-term operating case for Dell: AI-server demand is scaling, AI-server profitability improved, storage IP demand remained resilient, and management maintained higher FY25 revenue guidance. The key counterweights are supply availability, competitive and mix-related margin pressure, and execution on the anticipated PC recovery.
Reported After market closeNYSETechnology
$381.15B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.89
Consensus $1.70
EPS surprise
+11.2%
Reported versus consensus
Reported revenue
$25.03B
Consensus $24.14B
Revenue surprise
+3.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+4.3%
Event window
SPY move
+1.0%
Same window
Abnormal move
+3.4%
Stock minus SPY
Volume
2.9×
Versus trailing sessions
Subsequent drift
+2.6%
Up to 20 sessions
DELLSPY benchmark
Ask FN2 about DELL FY2025 Q2
Transcript, numbers and history already loaded
Why did DELL rise 4.3% after beating EPS estimates in FY2025 Q2?What changed in DELL's guidance and outlook in FY2025 Q2?Give me the bull and bear case for DELL after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, AI-server revenue growth accelerated from the previously reported 22% rate to 38% year over year, while the AI-server operating-income rate reached 11%. FY25 revenue guidance moved to $95.5–$98.5 billion from the prior $93.5–$97.5 billion range, and management added emphasis on AI services, engineering, and cost optimization. The call also included a $328 million workforce-reduction charge and identified GPU availability as a concern.
Guidance delta
Management maintained FY25 guidance, now targeting $95.5–$98.5 billion of revenue, approximately 10% growth, with ISG expected to grow about 30% year over year.
Key takeaways
- AI-server revenue grew 38% year over year, and the AI-server operating-income rate expanded to 11%.
- Revenue was $25.026 billion versus a supplied consensus estimate of $24.139 billion; EPS was $1.89 versus $1.70 consensus.
- Management expects the PC business to recover in Q4 as Windows 10 end-of-life and an aging installed base support refresh demand.
- Storage IP products grew at a double-digit rate despite a 5% decline in total storage revenue.
- A $328 million workforce-reduction charge accompanied lower operating expenses and ongoing cost-optimization efforts.
Management priorities
- Broaden rack-level AI systems and L11/L12 services.
- Invest in data-center networking, engineering, storage, and AI-related professional services.
- Continue cost-optimization initiatives, including AI-enabled productivity efforts.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$574Previous close
$47.5Low
$385.17Average
$735High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Sep 29, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Sep 21, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 9, 2026 |
| UBS | Neutral | Neutral | Maintain | Sep 2, 2026 |
| Truist Securities | Hold | Hold | Maintain | Sep 2, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Sep 2, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Sep 2, 2026 |
| Melius Research | Buy | Buy | Maintain | Sep 2, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Sep 2, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Sep 2, 2026 |
| Citigroup | Buy | Buy | Maintain | Sep 2, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Sep 2, 2026 |
| Barclays | Overweight | Overweight | Maintain | Sep 2, 2026 |
| B of A Securities | Buy | Buy | Maintain | Sep 2, 2026 |
| Deutsche Bank | Hold | Buy | Downgrade | Sep 1, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 14, 2026 |
| Susquehanna | Positive | Neutral | Upgrade | May 29, 2026 |
| Loop Capital | Buy | Buy | Maintain | May 29, 2026 |
| Argus Research | Buy | Buy | Maintain | May 29, 2026 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Sep 19, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Jun 2, 2023 |
| Jefferies | Hold | Hold | Maintain | Oct 31, 2022 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Aug 26, 2022 |
| OTR Global | Positive | Mixed | Upgrade | Aug 5, 2021 |
| RBC Capital | Outperform | Sector Perform | Upgrade | Aug 28, 2020 |
| Nomura Instinet | Neutral | Neutral | Maintain | May 29, 2020 |
| Nomura | Neutral | Neutral | Maintain | May 29, 2020 |
| BMO Capital | Market Perform | Market Perform | Maintain | Mar 4, 2019 |
| Wolfe Research | Outperform | Outperform | Maintain | Jan 9, 2019 |
| Gabelli & Co. | Buy | Buy | Maintain | Jan 31, 2018 |
| Topeka | Buy | Buy | Maintain | Mar 7, 2013 |
| FBN Securities | Sector Perform | Sector Perform | Maintain | Feb 20, 2013 |
| Brean Capital | Hold | Buy | Downgrade | Feb 14, 2013 |
| Maxim Group | Hold | Buy | Downgrade | Feb 13, 2013 |
| Credit Agricole | Underperform | Outperform | Downgrade | Feb 6, 2013 |
| Stifel Nicolaus | Hold | Buy | Downgrade | Feb 5, 2013 |
| Cross Research | Hold | Buy | Downgrade | Feb 5, 2013 |
| Argus Capital | Hold | Buy | Downgrade | Jan 16, 2013 |
| Monness, Crespi, Hardt | Neutral | Buy | Downgrade | Jan 15, 2013 |
| Monness Crespi Hardt | Buy | Buy | Maintain | Sep 10, 2012 |
| Edward Jones | Sell | Hold | Downgrade | Sep 7, 2012 |
| Bank of America | Buy | Buy | Maintain | Aug 22, 2012 |
| Sterne Agee | Neutral | Neutral | Maintain | May 17, 2012 |
| Oxen Group | Buy | Buy | Maintain | Mar 14, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $574. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Vijay Rakesh | $650 | $552.06 | +13.2% | Oct 6, 2026 |
| Morgan Stanley | Analyst unavailable | $511 | $570.04 | -11.0% | Sep 21, 2026 |
| RBC Capital | David Paige | $640 | $506.68 | +11.5% | Sep 10, 2026 |
| Evercore ISI | Analyst unavailable | $650 | $533.27 | +13.2% | Sep 9, 2026 |
| Deutsche Bank | Gianmarco Conti | $520 | $506.36 | -9.4% | Sep 3, 2026 |
| US Capital Advisors | Analyst unavailable | $625 | $492 | +8.9% | Sep 2, 2026 |
| Evercore ISI | Analyst unavailable | $575 | $450.5 | +0.2% | Sep 2, 2026 |
| Bernstein | Analyst unavailable | $650 | $424.68 | +13.2% | Sep 2, 2026 |
| UBS | Analyst unavailable | $500 | $424.68 | -12.9% | Sep 2, 2026 |
| Goldman Sachs | Katherine Murphy | $570 | $424.68 | -0.7% | Sep 2, 2026 |
| Truist Financial | Analyst unavailable | $505 | $424.68 | -12.0% | Sep 2, 2026 |
| Morgan Stanley | Erik Woodring | $499 | $424.68 | -13.1% | Sep 2, 2026 |
| Barclays | Analyst unavailable | $603 | $424.68 | +5.1% | Sep 2, 2026 |
| Raymond James | Simon Leopold | $617 | $424.68 | +7.5% | Sep 2, 2026 |
| Mizuho Securities | Vijay Rakesh | $600 | $424.68 | +4.5% | Sep 2, 2026 |
| Melius Research | Ben Reitzes | $735 | $424.68 | +28.0% | Sep 2, 2026 |
| Piper Sandler | James Fish | $558 | $424.68 | -2.8% | Sep 2, 2026 |
| UBS | Analyst unavailable | $575 | $424.68 | +0.2% | Sep 2, 2026 |
| Deutsche Bank | Analyst unavailable | $480 | $457.39 | -16.4% | Aug 31, 2026 |
| Goldman Sachs | Analyst unavailable | $505 | $455.85 | -12.0% | Aug 31, 2026 |
| UBS | David Vogt | $455 | $451.02 | -20.7% | Aug 26, 2026 |
| Morgan Stanley | Erik Woodring | $434 | $425.14 | -24.4% | Aug 24, 2026 |
| Evercore ISI | Analyst unavailable | $550 | $468.61 | -4.2% | Aug 19, 2026 |
| Wells Fargo | Analyst unavailable | $545 | $494.46 | -5.1% | Aug 14, 2026 |
| Morgan Stanley | Analyst unavailable | $430 | $453.78 | -25.1% | Aug 10, 2026 |
| Evercore ISI | Analyst unavailable | $500 | $416.98 | -12.9% | Jul 8, 2026 |
| Truist Financial | Matthew Niknam | $360 | $458.52 | -37.3% | Jun 1, 2026 |
| Goldman Sachs | Analyst unavailable | $500 | $421.3 | -12.9% | Jun 1, 2026 |
| Mizuho Securities | Analyst unavailable | $500 | $421.3 | -12.9% | Jun 1, 2026 |
| Morgan Stanley | Erik Woodring | $448 | $421.3 | -22.0% | Jun 1, 2026 |
| Bernstein | Mark Newman | $500 | $421.3 | -12.9% | Jun 1, 2026 |
| Argus Research | Jim Kelleher | $460 | $408.38 | -19.9% | May 29, 2026 |
| UBS | Analyst unavailable | $700 | $408.84 | +22.0% | May 29, 2026 |
| Barclays | Tim Long | $550 | $318.01 | -4.2% | May 29, 2026 |
| UBS | David Vogt | $440 | $318.01 | -23.3% | May 29, 2026 |
| Melius Research | Ben Reitzes | $565 | $318.01 | -1.6% | May 29, 2026 |
| Piper Sandler | James Fish | $497 | $318.01 | -13.4% | May 29, 2026 |
| Mizuho Securities | Analyst unavailable | $350 | $305.02 | -39.0% | May 28, 2026 |
| Wells Fargo | Aaron Rakers | $270 | $252.86 | -53.0% | May 22, 2026 |
| Morgan Stanley | Erik Woodring | $170 | $242.97 | -70.4% | May 21, 2026 |
| Bernstein | Mark Newman | $280 | $235.38 | -51.2% | May 20, 2026 |
| Mizuho Securities | Analyst unavailable | $300 | $246.9 | -47.7% | May 12, 2026 |
| UBS | Analyst unavailable | $243 | $260.31 | -57.7% | May 10, 2026 |
| Mizuho Securities | Analyst unavailable | $260 | $216.39 | -54.7% | May 6, 2026 |
| Goldman Sachs | Analyst unavailable | $215 | $177.33 | -62.5% | Apr 16, 2026 |
| Evercore ISI | Analyst unavailable | $205 | $175.82 | -64.3% | Mar 26, 2026 |
| Evercore ISI | Analyst unavailable | $160 | $116.78 | -72.1% | Feb 19, 2026 |
| Morgan Stanley | Analyst unavailable | $101 | $113.53 | -82.4% | Feb 18, 2026 |
| Morgan Stanley | Erik Woodring | $111 | $120.53 | -80.7% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $165 | $120.44 | -71.3% | Jan 13, 2026 |
| UBS | Analyst unavailable | $167 | $125.92 | -70.9% | Nov 26, 2025 |
| Morgan Stanley | Analyst unavailable | $113 | $125.92 | -80.3% | Nov 26, 2025 |
| Mizuho Securities | Vijay Rakesh | $175 | $131.63 | -69.5% | Nov 26, 2025 |
| Barclays | Analyst unavailable | $148 | $126.21 | -74.2% | Nov 26, 2025 |
| Evercore ISI | Analyst unavailable | $180 | $160.11 | -68.6% | Nov 3, 2025 |
| Piper Sandler | Analyst unavailable | $172 | $149.43 | -70.0% | Oct 21, 2025 |
| Raymond James | Simon Leopold | $161 | $147.87 | -72.0% | Oct 21, 2025 |
| Argus Research | Jim Kelleher | $200 | $157.09 | -65.2% | Oct 9, 2025 |
| UBS | David Vogt | $186 | $162.45 | -67.6% | Oct 8, 2025 |
| Mizuho Securities | Analyst unavailable | $170 | $156.33 | -70.4% | Oct 8, 2025 |
| Bernstein | Mark Newman | $180 | $150.87 | -68.6% | Oct 8, 2025 |
| Wells Fargo | Aaron Rakers | $180 | $150.87 | -68.6% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $151 | $150.87 | -73.7% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $133 | $130.34 | -76.8% | Sep 17, 2025 |
| Bernstein | Mark Newman | $175 | $126.8 | -69.5% | Sep 15, 2025 |
| UBS | Analyst unavailable | $155 | $134.05 | -73.0% | Aug 29, 2025 |
| Raymond James | Analyst unavailable | $152 | $122.15 | -73.5% | Aug 29, 2025 |
| Barclays | Tim Long | $131 | $134.05 | -77.2% | Aug 29, 2025 |
| Goldman Sachs | Michael Ng | $140 | $134.05 | -75.6% | Aug 28, 2025 |
| Morgan Stanley | Analyst unavailable | $144 | $127.83 | -74.9% | Aug 21, 2025 |
| Susquehanna | Mehdi Hosseini | $125 | $139.41 | -78.2% | Aug 13, 2025 |
| UBS | Analyst unavailable | $150 | $102.76 | -73.9% | Feb 28, 2025 |
| Barclays | Analyst unavailable | $116 | $102.76 | -79.8% | Feb 28, 2025 |
| Wells Fargo | Aaron Rakers | $160 | $92.55 | -72.1% | Nov 18, 2024 |
| Mizuho Securities | Vijay Rakesh | $135 | $115.4 | -76.5% | Sep 16, 2024 |
| Susquehanna | Mehdi Hosseini | $120 | $105.75 | -79.1% | Sep 10, 2024 |
| Goldman Sachs | Michael Ng | $155 | $115.91 | -73.0% | Aug 30, 2024 |
| Wells Fargo | Aaron Rakers | $140 | $110.74 | -75.6% | Aug 30, 2024 |
| Bank of America Securities | Wamsi Mohan | $155 | $110.74 | -73.0% | Aug 30, 2024 |
| Citigroup | Asiya Merchant | $155 | $102.95 | -73.0% | Aug 15, 2024 |
| Evercore ISI | Amit Daryanani | $140 | $92.55 | -75.6% | Aug 12, 2024 |
| Morgan Stanley | Erik Woodring | $155 | $169.92 | -73.0% | May 31, 2024 |
| Barclays | Tim Long | $97 | $169.92 | -83.1% | May 31, 2024 |
| Loop Capital Markets | Ananda Baruah | $185 | $160.18 | -67.8% | May 28, 2024 |
| Evercore ISI | Amit Daryanani | $165 | $149.16 | -71.3% | May 16, 2024 |
| UBS | David Vogt | $141 | $118.37 | -75.4% | Apr 19, 2024 |
| Loop Capital Markets | Ananda Baruah | $125 | $93.97 | -78.2% | Feb 29, 2024 |
| Morgan Stanley | Erik Woodring | $70 | $68.7 | -87.8% | Sep 1, 2023 |
| Morgan Stanley | Erik Woodring | $55 | $43.82 | -90.4% | May 2, 2023 |
| Morgan Stanley | Erik Woodring | $45 | $43.86 | -92.2% | Nov 22, 2022 |
| Wells Fargo | Aaron Rakers | $52 | $43.62 | -90.9% | Nov 22, 2022 |
| Credit Suisse | Analyst unavailable | $53 | $42.48 | -90.8% | Nov 22, 2022 |
| Citigroup | Analyst unavailable | $55 | $41.7 | -90.4% | Nov 18, 2022 |
| Raymond James | Simon Leopold | $51 | $41.74 | -91.1% | Aug 26, 2022 |
| Morgan Stanley | Erik Woodring | $60 | $44.16 | -89.5% | Aug 26, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $43.72 | -90.6% | Aug 26, 2022 |
| Deutsche Bank | Analyst unavailable | $55 | $44.08 | -90.4% | Aug 26, 2022 |
| UBS | Analyst unavailable | $65 | $44.1 | -88.7% | Aug 26, 2022 |
| Barclays | Analyst unavailable | $49 | $47.9 | -91.5% | Aug 26, 2022 |
| Morgan Stanley | Erik Woodring | $54 | $47.9 | -90.6% | Aug 26, 2022 |
| Barclays | Tim Long | $54 | $50.73 | -90.6% | Jun 6, 2022 |
| Wells Fargo | Aaron Rakers | $35 | $51.02 | -93.9% | Jun 1, 2022 |
| Morgan Stanley | Analyst unavailable | $56 | $50.09 | -90.2% | May 27, 2022 |
| Citigroup | Analyst unavailable | $65 | $40.91 | -88.7% | May 23, 2022 |
| Barclays | Tim Long | $53 | $49.38 | -90.8% | Apr 4, 2022 |
| Bank of America Securities | Wamsi Mohan | $76 | $51.46 | -86.8% | Feb 26, 2022 |
| Bernstein | Toni Sacconaghi | $72 | $60.53 | -87.5% | Jan 14, 2022 |
| Societe Generale | Richard Nguyen | $52 | $49.3 | -90.9% | Aug 31, 2021 |
| Deutsche Bank | Sidney Ho | $60 | $49.05 | -89.5% | Aug 18, 2021 |
| UBS | David Vogt | $55 | $50.04 | -90.4% | Apr 15, 2021 |
| RBC Capital | Robert Muller | $47.5 | $50.04 | -91.7% | Apr 15, 2021 |
Track every rating change on DELL the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationDell Technologies Inc. is a worldwide technology leader that designs, develops, manufactures, markets, sells, and provides support for a broad spectrum of information technology (IT) solutions, products, and services. The company's business activities are structured into three primary segments: the Infrastructure Solutions Group (ISG), the Client Solutions Group (CSG), and VMware. The ISG division focuses on delivering enterprise-grade offerings, including both traditional and next-generation storage solutions, alongside various server configurations such as rack, blade, tower, and hyperscale models. This segment also provides networking products and related services aimed at helping corporate clients modernize their IT infrastructure, enrich end-user experiences, and accelerate critical business applications and processes. Complementary software, peripherals, and extensive support services—encompassing deployment, configuration, and extended warranties—are also part of its portfolio.…
Historical context
All DELL earningsTechnology peers this season
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|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
- LWFY2027 Q1 · October 6, 2026+27.8% EPS+7.5% move
- RPMFY2027 Q1 · October 6, 2026+1.5% EPS+3.2% move
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
Get the DELL recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-07T07:00:40.816938+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T07:00:40.814077+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.