Dell Technologies
DELLQ4 2025(DELL Q3 FY2026)Estimated22% AI
AI Revenue %
22%
AI Fair Value
$17.0B
AI Revenue (Q)
$15.8B
Total Revenue (Q)
$71.6B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
Q3 FY2026 (ended October 31, 2025). Total revenue $27,005M, down sequentially from Q2's $29,776M but up 11% YoY from $24,366M. Product revenue was $21,255M. The segment note is truncated in the extracted filing. The moderate sequential decline suggests some normalization after Q2's surge, but AI server revenue remains elevated. Estimated AI server revenue ~$6.0B. $6,000M / $27,005M = 22.2%, rounded to 22.0%.
Analyzed by claude-opus-4-6
Quoted Figures
Total net revenue 27,005
10-Q Q3 FY2026, Condensed Consolidated Statements of Income
Products $ 21,255
10-Q Q3 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