| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'27 | September 1, 2026 | 7/12 | 1 high, 3 medium, 1 low flags | 1 | 1 | Call sheet → |
| Q1'27 | May 28, 2026 | 5/12 | 3 high, 4 medium, 1 low flags | 3 | 1 | Call sheet → |
| Q4'26 | February 26, 2026 | 8/12 | 1 high, 2 medium, 3 low flags | 4 | 2 | Call sheet → |
| Q3'26 | November 25, 2025 | 9/12 | 3 medium, 3 low flags | 6 | 0 | Call sheet → |
| Q1'26 | May 29, 2025 | 9/12 | 3 medium, 3 low flags | 3 | 0 | Call sheet → |
| Q4'25 | February 28, 2025 | 10/12 | 3 medium, 3 low flags | 4 | 2 | Call sheet → |
| Q3'25 | November 26, 2024 | 10/12 | 2 medium, 4 low flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'27 | Exceeded | Maintain operating expense rate below 9% of revenue (Q1) Q2 Opex rate 8.5% of revenue, better than 9% target |
| Q2'27 | Missed | Deliver AI server revenue growth >800% YoY (Q1) Q2 AI revenue only $16.4 bn versus $16.1 bn prior, growth ~102% YoY, far below 800% target |
| Q1'27 | Delivered | Continue share repurchase program Bought 11M shares though at higher prices ($147 vs $125) |
| Q1'27 | Delivered | Operating expense discipline OpEx at 8.4% of revenue, lowest in 20 years |
| Q1'27 | Pending | CSG margins to improve after January 6 price increases Guiding Q2 CSG margins to moderate to ~6%, needs verification |
| Q1'27 | Pending | Maintain mid-single digit operating margins on AI Still claiming this but with massive mix shift ahead |
| Q1'27 | Exceeded | $50B AI revenue for FY2027 Now guiding to $60B at midpoint, 20% increase |
| Q1'27 | Missed | Lightning storage general availability in first half of fiscal year Zero mention this quarter despite being a key initiative last quarter |
| Q4'26 | Missed | Disciplined cost management and OpEx scaling OpEx up 5% vs down 2% prior quarter, citing 'variable compensation tied to outperformance' |
| Q4'26 | Exceeded | CSG momentum would continue with commercial growth Commercial up 16% vs 5% in Q3, sixth consecutive quarter of growth |
| Q4'26 | Delivered | Storage Dell IP portfolio continued outperformance Revenue turned positive at +2% with 'continued outperformance' |
| Q4'26 | Exceeded | Traditional server demand momentum continuing Went from double-digit growth to 'demand significantly outpaced supply' |
| Q4'26 | Missed | Q4 outlook for commodity costs 'largely unchanged from last quarter' Now calling environment 'unprecedented' and 'highly dynamic' - clearly worse than expected |
| Q4'26 | Delivered | AI server profitability would improve sequentially in Q3 ISG operating margin up 240 bps to 14.8%, though still calling it mid-single-digits |
| Q3'26 | Exceeded | $20B AI server shipments for full year Now guiding $25B with $9.4B in Q4 alone |
| Q3'26 | Delivered | Operating expenses down low single digits OpEx down 2% in Q3, maintaining discipline despite revenue growth |
| Q3'26 | Delivered | Improved profitability in second half across CSG and ISG ISG operating income rate up 360 bps to 12.4%, CSG stable at 6% |
| Q3'26 | Delivered | CSG to grow low to mid-single digits Q3 up 3% YoY, commercial up 5%, on track for full-year guidance |
| Q3'26 | Exceeded | Traditional server business to grow in second half Delivered double-digit demand growth, though pricing pressure showed in P&L conversion |
| Q3'26 | Pending | Storage expected to be flat for the year Still tracking toward flat but Q3 was down 1%, needs Q4 improvement |
| Q3'26 | Delivered | AI margin rates to improve in the second half Achieved mid-single digits, though framed as cost normalization rather than sustainable improvement |
| Q1'26 | Exceeded | Traditional server momentum continues Sixth consecutive quarter of growth but moderating |
| Q1'26 | Delivered | Storage business growth continuation Third consecutive quarter of growth at 6% |
| Q1'26 | Delivered | OpEx down low single digits Q1 OpEx down 2% and guiding continued reductions |
| Q1'26 | Pending | CSG to grow low to mid-single digits Maintained despite consumer weakness |
| Q1'26 | Pending | ISG operating margins roughly flat year-over-year Still committed despite AI margin dilution |
| Q1'26 | Pending | $15B AI server shipments for FY26 (minimum) Reiterated with more confidence, now '$15B plus' with emphasis |
| Q4'25 | Delivered | Continue to drive efficiencies in the business OpEx down 6% in Q4, 4% for full year while growing revenue |
| Q4'25 | Exceeded | Operating income rate up sequentially Hit 11.2% vs 9.0% in Q3, driven by ISG margin expansion |
| Q4'25 | Exceeded | Q4 EPS $2.50 plus or minus $0.10 Delivered $2.68, beat by $0.18 on better ISG margins |
| Q4'25 | Delivered | CSG revenue growth rate up low-single-digits CSG up 1%, technically in range but barely |
| Q4'25 | Missed | ISG revenue growth rate up mid-20s ISG grew 22%, below mid-20s range due to AI shipment timing |
| Q4'25 | Missed | Q4 revenues between $24B-$25B Came in at $23.9B, below $24B floor despite strong AI and storage performance |
| Q3'25 | Pending | OpEx down low single digits for full year OpEx down 2% in Q3, tracking toward full-year commitment |
| Q3'25 | Delivered | Traditional server demand continues to improve Fourth consecutive quarter of YoY growth with double-digit demand improvement |
| Q3'25 | Exceeded | AI server backlog remains healthy at $3.8B Backlog grew to $4.5B, up $700M from Q2 |
| Q3'25 | Delivered | Storage profitability improvement through price discipline Storage revenue turned positive 4% YoY with double-digit Dell IP growth |
| Q3'25 | Delivered | ISG operating margin rate to continue to improve in second half ISG margins expanded from 11% to 13.3%, exceeding expectations |
| Q3'25 | Missed | We expect CSG growth in the second half of the year CSG down 1% in Q3, now pushing growth expectations into FY26 |
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