회사 소식 Dell's revenue bonanza benefits from killer AI workloads

Enterprise AI adoption has lifted Dell’s revenues, with no visible slow‑down in its growth momentum.

For the quarter ending July 31, revenue hit $47 billion, surpassing the $45 billion upper guidance and rising 58 % year‑over‑year. GAAP net income reached $4 billion, a 225 % increase from the prior‑year $1.2 billion.

Dell Vice Chairman and COO Jeff Clarke commented that it was “another outstanding quarter”. “IT environments have evolved from cost centers into value‑driving assets that deliver growth and competitive advantage, and customers are investing accordingly across our portfolio. This is most evident within our AI server business, where we booked record orders of $60.9 billion, realized $16.4 billion in revenue, and closed the quarter with a $95 billion record backlog. Broader revenue expansion is also underway. Our Q2 results reflect compounding benefits from our competitive strengths, broad product lineup and solid operating model.”

Memory‑driven server price inflation lends further support to this performance.

Financial summary

‑ Gross margin: 20.9 %, versus 18.3 % YoY

‑ Operating cash flow: $2.2 billion, compared to $2.5 billion YoY and $4.1 billion prior quarter 

‑ Free cash flow: $8.15 billion vs $2.5 billion YoY

‑ Cash, cash equivalents & restricted cash: $14.2 billion versus $11.75 billion prior quarter

 ‑ Diluted EPS: $6.34, up 273 % YoY

Dell’s two operating segments delivered these results:

Infrastructure Solutions Group (ISG) (servers, networking, storage)

‑ Revenue: $31.8 billion (+89 % YoY)

‑ AI‑Optimized Servers: $16.4 billion (+100 % YoY)

‑ Traditional Servers and Networking: $10.5 billion (+122 % YoY)

‑ Storage: $4.9 billion (+26 % YoY)

‑ Operating income: $4.8 billion (+225 % YoY)

Client Solutions Group (CSG) (PCs, workstations, laptops for business and consumer)

‑ Revenue: $15.0 billion (+20 % YoY) 

‑ Commercial Client: $13.2 billion (+22 % YoY), four‑year high for commercial growth

‑ Consumer: $1.8 billion (+7 % YoY)

‑ Operating income: $1.1 billion (+42 % YoY)

Dell has transformed into a server‑heavy business, moving away from its historical PC‑centric profile. ISG metrics set new records alongside overall CSG and commercial‑client revenue. “CSG remains our most capital‑efficient division, generating substantial cash flow and shareholder returns,” Dell noted.

On storage, Clarke stated: “Storage returned to growth and market share gains on strong demand for Dell‑native IP storage products.”

“AI acts as a key catalyst, yet opportunities extend far beyond AI‑optimized hardware. AI demands modern disaggregated architectures that maintain accessible, fluid data across compute, storage and networking. It also accelerates spending across conventional IT as customers pursue higher performance, efficiency and resilience.”

Dell‑branded storage has recorded six consecutive quarters beating market growth, even amid competitive pressure from rival backup and unstructured‑storage vendors. “PowerStore has grown for ten straight quarters; PowerScale five; ObjectScale four; Data Domain three; our all‑flash arrays ten. End‑user demand persists, our portfolio is more competitive, and this plays out across enterprise down to SMB segments,” Clarke said. While competitors capture partial wins, Dell retains large and expanding market share.

Dell’s Neocloud, Sovereign and Enterprise customer base exceeded 6,500; 3,300 added in the last three quarters, matching the total achieved over the preceding eight quarters, signalling rapid enterprise adoption.

“Agentic workloads are reshaping underlying data‑center infrastructure. Inferencing has outpaced training as a core industry demand. We project inferencing‑generated tokens will multiply 87‑fold to 3,600 quadrillion by 2030, with training workloads growing 5x to 850 Zettaflops. Agentic enterprise workloads are set to become the single largest workload by 2028. AI will account for 75 % of total data‑center demand by 2030, adding 200 GW power consumption, half of which sits within our target Neocloud, sovereign and enterprise customer base. The total addressable opportunity exceeds $1 trillion over this timeframe.”

Dell became the first vendor to ship rack‑scale systems built on NVIDIA Vera Rubin platform. Clarke also pointed to AI‑driven tailwinds for traditional servers, networking and rising storage requirements for data preparation and protection.

“PowerFlex, PowerStore, PowerProtect and PowerVault all posted solid gains; PowerStore delivered double‑digit expansion for its ninth consecutive quarter. PowerScale and ObjectScale sustained outstanding unstructured‑storage results with multiple quarters of double‑digit growth. Storage contributes more heavily to overall growth and profitability. Rising Dell‑IP proportion within storage improves margins and bolsters ISG profitability. Share gains, enriched Dell‑IP mix and faster product development fuel our forward‑looking confidence.”

Enterprise storage upgrades are ongoing alongside emerging AI‑originated data workload demand.

During the quarter, Dell executed $4.3 billion in share buybacks and dividend payouts. A $0.63 per‑share quarterly cash dividend was declared, payable Oct 30 to shareholders of record Oct 20.

Q3 revenue guidance stands at $49 billion ± $500 million, representing an 81 % YoY mid‑point increase. CFO David Kennedy forecasts ISG growth of roughly 120 %, driven by AI‑server revenue tripling YoY to $74 billion; traditional servers above 100 % growth, storage mid‑teens growth, and CSG revenue mid‑teens growth.

Full‑year FY27 revenue outlook was raised by $25 billion to $192 billion (± $2 billion), nearly 70 % YoY increase. This marks a $25 billion upward revision versus three months earlier, powered overwhelmingly by AI training and inferencing‑led expansion.

Beijing Qianxing Jietong Technology Co., Ltd.
Sandy Yang/Global Strategy Director
WhatsApp / WeChat: +86 13426366826
Email: yangyd@qianxingdata.com
Website: www.qianxingdata.com/www.storagesserver.com
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