Dell Technologies
DELLQ2 2025(DELL Q1 FY2026)Estimated18% AI
AI Revenue %
18%
AI Fair Value
$13.2B
AI Revenue (Q)
$4.0B
Total Revenue (Q)
$22.2B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q1 FY2026 (ended May 2, 2025). Total revenue $23,378M. ISG revenue was $10,317M with servers and networking at $6,321M (up 16% YoY from $5,466M) and storage at $3,996M. The filing references 'AI-optimized servers' in the segment description. No AI-specific revenue line item. AI server demand continued to accelerate with next-generation NVIDIA Blackwell-based systems shipping. Based on the trajectory and public disclosures, estimated AI server revenue ~$4.2B. $4,200M / $23,378M = 18.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Servers and networking $ 6,321 $ 5,466 Storage 3,996 3,761 Total ISG net revenue $ 10,317 $ 9,227
10-Q Q1 FY2026, Note 15 Segment Information, ISG Disaggregation
The Company s server portfolio includes high-performance general-purpose and AI-optimized servers.
10-Q Q1 FY2026, Note 15 Segment Information
Total net revenue 23,378
10-Q Q1 FY2026, Condensed Consolidated Statements of Income
AI Products Identified (Ring 1)
PowerEdge XE9680PowerEdge XE9680LPowerEdge R760xaNVIDIA Blackwell-based servers
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
ISG servers and networkingISG storage
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix