Dell Technologies
DELLQ3 2025(DELL Q2 FY2026)Estimated23% AI
AI Revenue %
23%
AI Fair Value
$16.9B
AI Revenue (Q)
$10.9B
Total Revenue (Q)
$47.3B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q2 FY2026 (ended August 1, 2025). Total revenue surged to $29,776M, a major YoY increase from $25,026M. Product revenue was $23,935M (up from $18,954M). The segment note is truncated in the extracted filing. ISG revenue was reported by Dell at approximately $14.6B for the quarter. The massive revenue jump is driven by AI server shipments, particularly Blackwell-based systems. Based on the trajectory, estimated AI server revenue ~$6.8B. $6,800M / $29,776M = 22.8%, rounded to 23.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Total net revenue 29,776
10-Q Q2 FY2026, Condensed Consolidated Statements of Income
Products $ 23,935
10-Q Q2 FY2026, Condensed Consolidated Statements of Income
AI Products Identified (Ring 1)
PowerEdge XE9680PowerEdge XE9680LNVIDIA Blackwell-based serversDell AI Factory solutions
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