NYSE$DELL

Dell Technologies Inc C · Q3 2025 earnings

Q3 2025 earnings · · Investor relations

Briefing

Dell's Q3 2025 financial performance was marked by revenue growth and strong performance in ISG, particularly in servers and networking.

Dell Technologies reported a 10% increase in revenue to $24.4 billion for Q3 2025. The Infrastructure Solutions Group (ISG) saw a significant increase in revenue, driven by strong demand in servers and networking. Diluted earnings per share increased by 16% to $1.58, and non-GAAP diluted earnings per share increased by 14% to $2.15.

  • Dell Technologies' Q3 2025 revenue increased by 10% year-over-year to $24.4 billion.
  • Infrastructure Solutions Group (ISG) revenue was up 34% year-over-year, with significant growth in servers and networking.
  • Client Solutions Group (CSG) revenue decreased by 1% year-over-year, while commercial client revenue increased by 3%.
  • Diluted earnings per share increased by 16% to $1.58, and non-GAAP diluted earnings per share increased by 14% to $2.15.

Headline financials

Total Revenue

$24.4B

Previous: $22.3B+9.5%
EPS

$1.58

Previous: $1.88-16.0%
Cash Flow from Operations

$1.55B

No prior period
Non-GAAP Operating Margin

9.2%

No prior period
Adjusted Free Cash Flow

$716M

No prior period
Capital Expenditures

-$1.92B

Previous: -$2.03B+5.5%
Free Cash Flow

-$785M

Previous: -$1.02B+23.3%
Net Income

$1.13B

Previous: $1.01B+12.5%
Operating Income

$1.67B

Previous: $1.49B+12.2%
Gross Profit

$5.31B

Previous: $5.15B+3.1%
Cash & Equivalents

$5.23B

Previous: $8.3B-37.0%
Total Assets

$82B

Previous: $83.3B-1.6%
R&D Expense

$745M

Previous: $692M+7.7%
Stock-Based Comp

$198M

Previous: $227M-12.8%

Revenue & EPS history

Dell · Revenue · Quarterly

$24.4B

Q3 2025+9.5%vs Q3 2024
Beat estimate in 9 of 16 quarters(56%)
ActualEstimate

Revenue by segment

Dell · $43.6B total across 3 segments · Q1 2027

  • Infrastructure Solutions Group
    $29B
  • Commercial Clients
    $13B
  • Consumer Clients
    $1.59B

Forward guidance

The company will hold a conference call to discuss its performance and financial guidance on Nov. 26 at 3:30 p.m. CST.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

+1.0%

Avg return

Earnings day

+0.8%

Avg return

5 days after

+2.3%

Avg return

30 days after

53%

21 / 40 earnings

Positive

+33.6%

Q4 2024

Best reaction

-22.1%

Q1 2025

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2027
Q4 2026+10.1%+21.1%+41.5%
Q3 2026+3.1%+4.9%+2.6%
Q2 2026-4.8%-7.5%-2.5%
Q1 2026-2.0%-0.8%+9.1%
Q4 2025-4.7%-9.8%-14.4%
Q3 2025-13.7%-11.5%-17.3%
Q2 2025+3.6%-0.7%+7.8%
Q1 2025-22.1%-24.2%-23.0%
Q4 2024+33.6%+26.3%+22.4%
Q3 2024-4.2%-7.7%+1.9%
Q2 2024+22.4%+22.3%+23.7%
Q1 2024+5.5%+4.6%+20.8%
Q4 2023-1.6%-6.0%-0.6%
Q3 2023+4.3%+6.2%-6.9%
Q2 2023-11.1%-14.9%-23.8%
Q1 2023+14.5%+15.3%+16.1%
Q4 2022-9.4%-12.2%-3.5%
Q3 2022+3.9%+1.9%+1.4%
Q2 2022-5.0%-4.5%+1.8%
Q1 2022-1.0%+3.2%-0.2%
Q4 2021-0.7%+1.2%+8.9%
Q3 2021-0.1%+0.6%+5.2%
Q2 2021+6.6%+6.8%+5.8%
Q1 2021+9.0%+7.9%+14.7%
Q4 2020-11.9%-9.0%-15.6%
Q3 2020-8.6%-11.9%-5.5%
Q2 2020+13.7%+12.7%+12.5%
Q1 2020-10.0%-12.9%-23.3%
Q4 2019+0.7%-2.0%+4.3%
Q3 2019-1.1%-2.0%-23.0%
Q2 2019+0.6%+1.1%+1.3%
Q1 2019+2.1%+4.1%+11.8%
Q4 2018+1.5%+0.1%-7.8%
Q3 2018+2.9%+5.6%+13.8%
Q2 2018-0.6%+2.1%+5.8%
Q1 2018-7.8%-7.4%-9.3%
Q4 2016+0.3%+0.4%+5.0%
Q3 2016+0.1%-0.2%+5.4%
Q2 2017+11.7%+14.2%+12.6%
Q2 2015+11.7%+14.2%+12.6%
Q1 2015
Q1 2017
Q2 2014
Q1 2013
Q4 2012
Q3 2012
Q2 2012

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