Dell Technologies Inc. (DELL) Earnings Call Summary — Q3 FY26
Dell sells PCs, laptops and the servers powering many corporate and AI data centers.
Dell Technologies Inc. (DELL) reported Q3 FY26 results on September 1, 2026. Earnings per share came in at $7.04 against a $4.91 consensus, so the company beat on the bottom line. Revenue of $46.97B landed above the $44.89B estimate. DELL has beaten consensus EPS in 7 of its last 8 reported quarters. Highlights from management's remarks on the call are below.
Key highlights from the call
Vice Chairman and Chief Operating Officer: “We delivered a strong third quarter, with a record for both revenue and earnings per share, and an all-time high in AI server orders.”
Chief Financial Officer: “I'm pleased with the team's strong execution this quarter, delivering Q3 records for both revenue and EPS along with strong cash generation and above-trend capital return.”
Analyst: “Jeff and David, since this is the topic of investor conversation at this point, can you flesh out your thoughts on the kind of reaction you expect from customers in relation to pricing discussions by product category?”
Vice Chairman and Chief Operating Officer: “As we navigate this, we'll lean on what we've always done: secure supply and manage mix, minimize the impact to our customers, and adjust configurations and pricing as needed.”
Vice Chairman and Chief Operating Officer: “The engineering required for increasing power density—toward 500 kilowatts per rack or a megawatt—gives us further opportunity to differentiate.”
What moved the stock
Dell beat on both lines, with EPS of $7.04 well above the $4.91 consensus and revenue of $46.97B versus the $44.89B estimate. Coverage centered on Dell's roughly $95B AI server backlog, and several analysts raised their forecasts after the report.