Dell Technologies (DELL) official guidance

We anticipate a diluted share count of approximately 651 million shares.

For the full year, we are raising our revenue guide by $25 billion to $192 billion at the midpoint, up roughly 70%, with diluted non-GAAP EPS of $25.50, up approximately 150%.

Diluted non-GAAP earnings per share is expected to be $6.50, up over 150% at the midpoint.

Excluding the mix impact of AI servers, gross margin rates are up year-over-year.

I&O is expected to be between $1.4 billion and $1.5 billion.

Operating expenses are expected to be down low single digits sequentially.

Our modernization efforts are paying off, simplifying, standardizing, automating, and enhancing our operating model with AI, delivering significant operating leverage with operating expenses to be approximately 8% of revenue, the lowest level in the company's 42-year history.

With gross margin improvement and the benefits of significant scale, operating income is expected to grow approximately 120%, with over 2 points of rate improvement year-over-year.

Operating income is expected to grow roughly 120%.

We expect CSG operating income rate to moderate to roughly 6% as we balance demand, share, and profitability.

We expect ISG operating income rate to be up just over a point year-over-year, even as AI server revenue more than triples year-over-year.

With gross margin improvement and the benefits of significant scale, operating income is expected to grow approximately 120%, with over 2 points of rate improvement year-over-year.

We expect ISG to grow roughly 120%, driven by AI server revenue up 3x year-over-year to $74 billion.

We expect ISG to grow roughly 145%, supported by $19 billion in AI server revenue.

For the full year, we are raising our revenue guide by $25 billion to $192 billion at the midpoint, up roughly 70%, with diluted non-GAAP EPS of $25.50, up approximately 150%.

For Q3, we expect revenue to be $49 billion at the midpoint, up roughly 80% year-on-year.

We expect traditional servers to grow just over 100%, storage up in the mid-teens, and CSG revenue to grow in the mid-teens.

CSG revenue is expected to be up roughly 15%.

We expect ISG to grow roughly 120%, driven by AI server revenue up 3x year-over-year to $74 billion.

We expect ISG to grow roughly 145%, supported by $19 billion in AI server revenue.

We expect traditional servers to grow just over 100%, storage up in the mid-teens, and CSG revenue to grow in the mid-teens.

We expect traditional servers to grow just over 100%, storage up in the mid-teens, and CSG revenue to grow in the mid-teens.

| GAAP diluted EPS | $ | 17.31 | $ | 24.37 | 181 | % |

| GAAP diluted EPS | $ | 6.10 | 168 | % |

We anticipate a diluted share count of roughly 652 million shares.

Diluted non-GAAP earnings per share is expected to be $4.80, ±$0.10, up over 100% at the midpoint.

Excluding the impact of AI mix, our gross margin outlook is higher than it was 90 days ago and remains up year-over-year.

I&O is expected to be between $1.4 billion and $1.5 billion.

We expect operating expense dollars to be up high single digits, driven primarily by variable compensation.

Operating expenses are expected to be down low single digits sequentially.

Operating income is expected to grow roughly 80%.

We expect sequential improvement in ISG operating income rate, while CSG operating income rates moderates to roughly 6% as we balance demand, share, and profitability.

We expect sequential improvement in ISG operating income rate, while CSG operating income rates moderates to roughly 6% as we balance demand, share, and profitability.

ISG is expected to grow roughly 75%, supported by $15.5 billion in AI server revenue.

For Q2, we expect revenue of $44 billion-$45 billion, up roughly 50% at the midpoint of $44.5 billion.

CSG is expected to be up roughly 20%.

ISG is expected to grow roughly 75%, supported by $15.5 billion in AI server revenue.

Second-quarter FY27 GAAP diluted EPS expected to be $4.48 at the midpoint, up 164% year over year, and non-GAAP diluted EPS to be $4.80 at the midpoint

We anticipate a diluted share count of roughly 664 million shares.

Diluted non-GAAP earnings per share is expected to be $2.90 ±$0.10, up 87% at the midpoint.

Operating expenses are expected to be down low single digits.

We expect operating income to be up roughly 60%, with sequential improvements in CSG operating income rate.

We believe we can operate in the mid-single digits with the backlog at hand, with the new orders that we'll take on over the course of the year, which will include Vera Rubin, and that's our outlook and guidance and what we've implied in the numbers that David has given.

We expect ISG and CSG operating income rates to be at the lower end of our long-term framework, reflecting the rapid mix shift to AI and the near term CSG margin dynamics we discussed earlier.

We expect ISG and CSG operating income rates to be at the lower end of our long-term framework, reflecting the rapid mix shift to AI and the near term CSG margin dynamics we discussed earlier.

Our current assessment of the market is double digit, probably in around that -11%, -12% range as we look at the year ahead.

ISG is expected to grow over 100%, supported by $13 billion of AI server revenue.

CSG is expected to be up roughly 2%.

ISG is expected to grow over 100%, supported by $13 billion of AI server revenue.

Q1 guide, you know, a strong reflection. We see that momentum continuing, a strong double-digit growth in Q1.

Traditional servers and storage are expected to be up mid-single digits, with growth concentrated in traditional servers and more weighted towards the first half.

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%

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

In ISG, we expect to ship roughly $9.4 billion of AI servers in Q4, a record, bringing full-year shipments to roughly $25 billion, or over 150% year-over-year.

In ISG, we expect to ship roughly $9.4 billion of AI servers in Q4, a record, bringing full-year shipments to roughly $25 billion, or over 150% year-over-year.

We anticipate a diluted share count of roughly 672 million shares and an 18% non-GAAP tax rate.

We anticipate a diluted share count of roughly 672 million shares and an 18% non-GAAP tax rate.

Our Q4 guidance implies a strong FY 2026, with revenue of $111.7 billion, up 17%, and non-GAAP EPS of $9.92, up 22% at the midpoint, both well above our long-term framework.

Our diluted non-GAAP EPS is expected to be $3.50, ±$0.10, up 31% at the midpoint.

Operating Expenses will be flat sequentially.

We expect Operating Income to be up roughly 21%, with continued sequential improvement in ISG Operating Income Rate.

We expect Operating Income to be up roughly 21%, with continued sequential improvement in ISG Operating Income Rate.

Our Q4 guidance implies a strong FY 2026, with revenue of $111.7 billion, up 17%, and non-GAAP EPS of $9.92, up 22% at the midpoint, both well above our long-term framework.

Given that backdrop, we expect Q4 revenue between $31 billion and $32 billion, up 32% at the midpoint of $31.5 billion.

ISG and CSG combined are expected to grow 34% at the midpoint, with ISG growing mid-60s and CSG up low to mid-single digits.

ISG and CSG combined are expected to grow 34% at the midpoint, with ISG growing mid-60s and CSG up low to mid-single digits.

ISG and CSG combined are expected to grow 34% at the midpoint, with ISG growing mid-60s and CSG up low to mid-single digits.

I think you can expect high single-digit growth in that business for Q4, which would end us on a high point as we exit the quarter.

Full-year FY26 GAAP diluted EPS expected to be $8.38 at the midpoint, up 31% year over year, and non-GAAP diluted EPS to be $9.92 at the midpoint, up 22%

Fourth-quarter FY26 GAAP diluted EPS expected to be $3.05 at the midpoint, up 42% year over year, and non-GAAP diluted EPS to be $3.50 at the midpoint, up 31%

| Dividend Growth Commitment3 | 10% or more annually through FY 2028 | **10% or more annually through FY 2030** |