Analyst Consensus ?
ConsensusHold45 ratings
Bullish2555.6%
Neutral1840.0%
Bearish24.4%
Dell Technologies Inc. · DELL · FY2025 Q4 · Calendar Q1 2025
Dell: AI demand supports outlook, but margins remain the test
The supplied analysis supports a constructive view of Dell's operating trajectory: AI-server demand, storage adoption, PC refresh activity, and cost discipline are reinforcing growth. The thesis is not risk-free because the same mix shift may pressure margins, while ODM competition, tariffs, and consumer PC weakness remain material counterweights.
Reported After market closeNYSETechnology
$358.48B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.51
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $24.58B
Revenue surprise
—
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-4.7%
Event window
SPY move
+1.6%
Same window
Abnormal move
-6.3%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
-10.2%
Up to 20 sessions
DELLSPY benchmark
Ask FN2 about DELL FY2025 Q4
Transcript, numbers and history already loaded
What drove DELL's -4.7% move after FY2025 Q4 earnings?What changed in DELL's guidance and outlook in FY2025 Q4?Give me the bull and bear case for DELL after FY2025 Q4 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, management's stance was more constructive: guidance was maintained rather than lowered, AI-server ambitions broadened, and the company emphasized storage expansion, AI-enabled PCs, operational modernization, and continued capital returns.
Guidance delta
Management maintained its outlook and described continued growth in AI servers, storage, and refreshed PCs, while acknowledging modest margin pressure.
Key takeaways
- Management described strong AI-server demand and a growing backlog as central growth drivers.
- The company is expanding AI-optimized servers, storage, services, and AI-enabled PCs.
- Cost controls and capital returns remain priorities alongside product investment.
- The main counterweights are ODM competition, tariffs, PC softness, and mix-related margin dilution.
Management priorities
- Expand AI-optimized server shipments and portfolio breadth
- Accelerate Dell IP storage offerings
- Broaden AI-enabled PC options across silicon platforms
- Improve operations through automation, standardization, and digital twins
- Continue cost discipline and shareholder returns
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$539.59Current
$47.5Low
$381.51Average
$735High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 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 |
|---|---|---|---|---|
| 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 |
| TD Cowen | 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 current price $539.59. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $511 | $570.04 | -5.3% | Sep 21, 2026 |
| RBC Capital | David Paige | $640 | $506.68 | +18.6% | Sep 10, 2026 |
| Evercore ISI | Analyst unavailable | $650 | $533.27 | +20.5% | Sep 9, 2026 |
| Deutsche Bank | Gianmarco Conti | $520 | $506.36 | -3.6% | Sep 3, 2026 |
| US Capital Advisors | Analyst unavailable | $625 | $492 | +15.8% | Sep 2, 2026 |
| Evercore ISI | Analyst unavailable | $575 | $450.5 | +6.6% | Sep 2, 2026 |
| Bernstein | Analyst unavailable | $650 | $424.68 | +20.5% | Sep 2, 2026 |
| UBS | Analyst unavailable | $500 | $424.68 | -7.3% | Sep 2, 2026 |
| Goldman Sachs | Katherine Murphy | $570 | $424.68 | +5.6% | Sep 2, 2026 |
| Truist Financial | Analyst unavailable | $505 | $424.68 | -6.4% | Sep 2, 2026 |
| Morgan Stanley | Erik Woodring | $499 | $424.68 | -7.5% | Sep 2, 2026 |
| Barclays | Analyst unavailable | $603 | $424.68 | +11.8% | Sep 2, 2026 |
| Raymond James | Simon Leopold | $617 | $424.68 | +14.3% | Sep 2, 2026 |
| Mizuho Securities | Vijay Rakesh | $600 | $424.68 | +11.2% | Sep 2, 2026 |
| Melius Research | Ben Reitzes | $735 | $424.68 | +36.2% | Sep 2, 2026 |
| Piper Sandler | James Fish | $558 | $424.68 | +3.4% | Sep 2, 2026 |
| UBS | Analyst unavailable | $575 | $424.68 | +6.6% | Sep 2, 2026 |
| Deutsche Bank | Analyst unavailable | $480 | $457.39 | -11.0% | Aug 31, 2026 |
| Goldman Sachs | Analyst unavailable | $505 | $455.85 | -6.4% | Aug 31, 2026 |
| UBS | David Vogt | $455 | $451.02 | -15.7% | Aug 26, 2026 |
| Morgan Stanley | Erik Woodring | $434 | $425.14 | -19.6% | Aug 24, 2026 |
| Evercore ISI | Analyst unavailable | $550 | $468.61 | +1.9% | Aug 19, 2026 |
| Wells Fargo | Analyst unavailable | $545 | $494.46 | +1.0% | Aug 14, 2026 |
| Morgan Stanley | Analyst unavailable | $430 | $453.78 | -20.3% | Aug 10, 2026 |
| Evercore ISI | Analyst unavailable | $500 | $416.98 | -7.3% | Jul 8, 2026 |
| Truist Financial | Matthew Niknam | $360 | $458.52 | -33.3% | Jun 1, 2026 |
| Goldman Sachs | Analyst unavailable | $500 | $421.3 | -7.3% | Jun 1, 2026 |
| Mizuho Securities | Analyst unavailable | $500 | $421.3 | -7.3% | Jun 1, 2026 |
| Morgan Stanley | Erik Woodring | $448 | $421.3 | -17.0% | Jun 1, 2026 |
| Bernstein | Mark Newman | $500 | $421.3 | -7.3% | Jun 1, 2026 |
| Argus Research | Jim Kelleher | $460 | $408.38 | -14.8% | May 29, 2026 |
| Susquehanna | Analyst unavailable | $289 | $408.84 | -46.4% | May 29, 2026 |
| Barclays | Tim Long | $550 | $318.01 | +1.9% | May 29, 2026 |
| UBS | David Vogt | $440 | $318.01 | -18.5% | May 29, 2026 |
| Melius Research | Ben Reitzes | $565 | $318.01 | +4.7% | May 29, 2026 |
| Piper Sandler | James Fish | $497 | $318.01 | -7.9% | May 29, 2026 |
| Mizuho Securities | Analyst unavailable | $350 | $305.02 | -35.1% | May 28, 2026 |
| Wells Fargo | Aaron Rakers | $270 | $252.86 | -50.0% | May 22, 2026 |
| Morgan Stanley | Erik Woodring | $170 | $242.97 | -68.5% | May 21, 2026 |
| Bernstein | Mark Newman | $280 | $235.38 | -48.1% | May 20, 2026 |
| Mizuho Securities | Analyst unavailable | $300 | $246.9 | -44.4% | May 12, 2026 |
| UBS | Analyst unavailable | $243 | $260.31 | -55.0% | May 10, 2026 |
| Mizuho Securities | Analyst unavailable | $260 | $216.39 | -51.8% | May 6, 2026 |
| Goldman Sachs | Analyst unavailable | $215 | $177.33 | -60.2% | Apr 16, 2026 |
| Evercore ISI | Analyst unavailable | $205 | $175.82 | -62.0% | Mar 26, 2026 |
| Evercore ISI | Analyst unavailable | $160 | $116.78 | -70.3% | Feb 19, 2026 |
| Morgan Stanley | Analyst unavailable | $101 | $113.53 | -81.3% | Feb 18, 2026 |
| Morgan Stanley | Erik Woodring | $111 | $120.53 | -79.4% | Jan 20, 2026 |
| Goldman Sachs | Analyst unavailable | $165 | $120.44 | -69.4% | Jan 13, 2026 |
| UBS | Analyst unavailable | $167 | $125.92 | -69.1% | Nov 26, 2025 |
| Morgan Stanley | Analyst unavailable | $113 | $125.92 | -79.1% | Nov 26, 2025 |
| Mizuho Securities | Vijay Rakesh | $175 | $131.63 | -67.6% | Nov 26, 2025 |
| Barclays | Analyst unavailable | $148 | $126.21 | -72.6% | Nov 26, 2025 |
| Evercore ISI | Analyst unavailable | $180 | $160.11 | -66.6% | Nov 3, 2025 |
| Piper Sandler | Analyst unavailable | $172 | $149.43 | -68.1% | Oct 21, 2025 |
| Raymond James | Simon Leopold | $161 | $147.87 | -70.2% | Oct 21, 2025 |
| Argus Research | Jim Kelleher | $200 | $157.09 | -62.9% | Oct 9, 2025 |
| UBS | David Vogt | $186 | $162.45 | -65.5% | Oct 8, 2025 |
| Mizuho Securities | Analyst unavailable | $170 | $156.33 | -68.5% | Oct 8, 2025 |
| Bernstein | Mark Newman | $180 | $150.87 | -66.6% | Oct 8, 2025 |
| Wells Fargo | Aaron Rakers | $180 | $150.87 | -66.6% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $151 | $150.87 | -72.0% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $133 | $130.34 | -75.4% | Sep 17, 2025 |
| Bernstein | Mark Newman | $175 | $126.8 | -67.6% | Sep 15, 2025 |
| UBS | Analyst unavailable | $155 | $134.05 | -71.3% | Aug 29, 2025 |
| Raymond James | Analyst unavailable | $152 | $122.15 | -71.8% | Aug 29, 2025 |
| Barclays | Tim Long | $131 | $134.05 | -75.7% | Aug 29, 2025 |
| Goldman Sachs | Michael Ng | $140 | $134.05 | -74.1% | Aug 28, 2025 |
| Morgan Stanley | Analyst unavailable | $144 | $127.83 | -73.3% | Aug 21, 2025 |
| Susquehanna | Mehdi Hosseini | $125 | $139.41 | -76.8% | Aug 13, 2025 |
| UBS | Analyst unavailable | $150 | $102.76 | -72.2% | Feb 28, 2025 |
| Barclays | Analyst unavailable | $116 | $102.76 | -78.5% | Feb 28, 2025 |
| Wells Fargo | Aaron Rakers | $160 | $92.55 | -70.3% | Nov 18, 2024 |
| Mizuho Securities | Vijay Rakesh | $135 | $115.4 | -75.0% | Sep 16, 2024 |
| Susquehanna | Mehdi Hosseini | $120 | $105.75 | -77.8% | Sep 10, 2024 |
| Goldman Sachs | Michael Ng | $155 | $115.91 | -71.3% | Aug 30, 2024 |
| Wells Fargo | Aaron Rakers | $140 | $110.74 | -74.1% | Aug 30, 2024 |
| Bank of America Securities | Wamsi Mohan | $155 | $110.74 | -71.3% | Aug 30, 2024 |
| Citigroup | Asiya Merchant | $155 | $102.95 | -71.3% | Aug 15, 2024 |
| Evercore ISI | Amit Daryanani | $140 | $92.55 | -74.1% | Aug 12, 2024 |
| Morgan Stanley | Erik Woodring | $155 | $169.92 | -71.3% | May 31, 2024 |
| Barclays | Tim Long | $97 | $169.92 | -82.0% | May 31, 2024 |
| Loop Capital Markets | Ananda Baruah | $185 | $160.18 | -65.7% | May 28, 2024 |
| Evercore ISI | Amit Daryanani | $165 | $149.16 | -69.4% | May 16, 2024 |
| UBS | David Vogt | $141 | $118.37 | -73.9% | Apr 19, 2024 |
| Raymond James | Simon Leopold | $82 | $93.97 | -84.8% | Feb 29, 2024 |
| Morgan Stanley | Erik Woodring | $70 | $68.7 | -87.0% | Sep 1, 2023 |
| Morgan Stanley | Erik Woodring | $55 | $43.82 | -89.8% | May 2, 2023 |
| Morgan Stanley | Erik Woodring | $45 | $43.86 | -91.7% | Nov 22, 2022 |
| Raymond James | Simon Leopold | $50 | $43.62 | -90.7% | Nov 22, 2022 |
| Credit Suisse | Analyst unavailable | $53 | $42.48 | -90.2% | Nov 22, 2022 |
| Citigroup | Analyst unavailable | $55 | $41.7 | -89.8% | Nov 18, 2022 |
| Raymond James | Simon Leopold | $51 | $41.74 | -90.5% | Aug 26, 2022 |
| Morgan Stanley | Erik Woodring | $60 | $44.16 | -88.9% | Aug 26, 2022 |
| Morgan Stanley | Analyst unavailable | $54 | $43.72 | -90.0% | Aug 26, 2022 |
| Deutsche Bank | Analyst unavailable | $55 | $44.08 | -89.8% | Aug 26, 2022 |
| UBS | Analyst unavailable | $65 | $44.1 | -88.0% | Aug 26, 2022 |
| Barclays | Analyst unavailable | $49 | $47.9 | -90.9% | Aug 26, 2022 |
| Morgan Stanley | Erik Woodring | $54 | $47.9 | -90.0% | Aug 26, 2022 |
| Barclays | Tim Long | $54 | $50.73 | -90.0% | Jun 6, 2022 |
| Wells Fargo | Aaron Rakers | $35 | $51.02 | -93.5% | Jun 1, 2022 |
| Morgan Stanley | Analyst unavailable | $56 | $50.09 | -89.6% | May 27, 2022 |
| Citigroup | Analyst unavailable | $65 | $40.91 | -88.0% | May 23, 2022 |
| Barclays | Tim Long | $53 | $49.38 | -90.2% | Apr 4, 2022 |
| Bank of America Securities | Wamsi Mohan | $76 | $51.46 | -85.9% | Feb 26, 2022 |
| Bernstein | Toni Sacconaghi | $72 | $60.53 | -86.7% | Jan 14, 2022 |
| Societe Generale | Richard Nguyen | $52 | $49.3 | -90.4% | Aug 31, 2021 |
| Deutsche Bank | Sidney Ho | $60 | $49.05 | -88.9% | Aug 18, 2021 |
| UBS | David Vogt | $55 | $50.04 | -89.8% | Apr 15, 2021 |
| RBC Capital | Robert Muller | $47.5 | $50.04 | -91.2% | 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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| 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 |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
Latest beats and misses
Who reports nextBeat on EPS
- COSTFY2026 Q4 · September 24, 2026+3.2% EPS+2.9% move
- SNXFY2026 Q3 · September 24, 2026+20.9% EPS-9.9% move
- DRIFY2027 Q1 · September 24, 20260.0% EPS-3.0% move
- CTASFY2027 Q1 · September 23, 2026+3.0% EPS-3.4% move
- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% 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 · 2025-02-13T00:00:14.471520+00:00
- Polygon adjusted daily market bars · 2026-09-30T03:16:11.524549+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T03:16:11.521585+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 2026-09-30. For educational purposes only; not investment advice.