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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Dell Technologies reported $23.931 billion in revenue for the quarter ended January 31, 2025, up 7% from $22.318 billion a year earlier. The February 27, 2025 results showed stronger growth in infrastructure and commercial PCs, while consumer revenue fell. Operating income rose 40% and net income rose 27%, but quarterly operating cash flow dropped 62%.
These are historical fiscal 2025 results, not Dell’s latest results. The company later reported fiscal 2026 revenue of $113.538 billion for the year ended January 30, 2026 (Dell’s fiscal 2026 results).
What Dell’s 7% revenue increase included
Dell’s fourth quarter was also its fiscal-year-end quarter for FY2025. Its year-over-year revenue gain was concentrated in infrastructure rather than evenly spread across the business: Infrastructure Solutions Group (ISG) revenue grew 22%, while Client Solutions Group (CSG) revenue increased 1%.
| Metric | Q4 FY2025 | Q4 FY2024 | Year-over-year change |
|---|---|---|---|
| Revenue | $23.931 billion | $22.318 billion | +7% |
| Operating income | $2.159 billion | $1.547 billion | +40% |
| Net income | $1.532 billion | $1.208 billion | +27% |
| GAAP diluted EPS | $2.15 | $1.66 | +30% |
| Non-GAAP diluted EPS | $2.68 | $2.27 | +18% |
| Operating cash flow | $585 million | $1.533 billion | -62% |
Profit growth outpaced revenue growth, but cash generation moved in the opposite direction. The results therefore look stronger on earnings than on quarterly operating cash flow. Figures and comparisons are from Dell’s FY2025 earnings release.
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Infrastructure was the main growth engine
ISG generated $11.4 billion in Q4 revenue, up 22% year over year—about 48% of Dell’s reported quarterly revenue. Within the segment, Servers and Networking grew faster than storage:
| ISG business | Q4 FY2025 revenue | Year-over-year change |
|---|---|---|
| Servers and Networking | $6.6 billion | +37% |
| Storage | $4.7 billion | +5% |
Dell attributed server demand to both AI deployments and traditional server needs. That distinction matters: the segment’s 37% growth should not be read as a measure of AI revenue alone. ISG’s Q4 operating income was $2.1 billion, up 44%; full-year ISG revenue reached $43.6 billion, up 29%.
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PC results diverged between business and consumer customers
CSG reported $11.9 billion in quarterly revenue, up 1%, but the segment’s operating income fell 19% to $631 million. Commercial-client revenue was $10.0 billion, up 5%; consumer revenue was $1.9 billion, down 12%. The commercial improvement did not make the consumer-PC business broadly strong. For FY2025, CSG revenue was $48.4 billion, down 1%.
AI backlog signaled demand, not booked quarterly sales
On the February 27, 2025 earnings announcement, COO Jeff Clarke put Dell’s AI-server backlog at approximately $9 billion. That was management’s backlog estimate, not revenue recognized in Q4 or a direct indication of near-term profit. Dell also described AI deployments expanding beyond hyperscale cloud providers toward enterprises and edge use cases. The earnings release does not establish what share of total quarterly growth came solely from AI servers.
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Full-year FY2025 results and capital returns
For the fiscal year, Dell reported $95.567 billion in revenue, up 8%, and $4.576 billion in net income, up 36%. Operating income was $6.2 billion, up 15%; non-GAAP operating income was $8.5 billion, up 8%. GAAP diluted EPS was $6.38, up 39%, while non-GAAP diluted EPS was $8.14, up 10%. Full-year operating cash flow was $4.5 billion.
Dell also announced dated shareholder-return actions with the results: an 18% increase in expected annual cash dividends to $2.10 per common share, beginning with a quarterly distribution of $0.525 payable May 2, 2025, to shareholders of record April 22, 2025; and a $10 billion increase in its share-repurchase authorization. These were announcements made in February 2025, not a statement of current dividend or repurchase terms.
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February 2025 FY2026 guidance is historical
Dell’s outlook at the time projected FY2026 revenue of $101 billion to $105 billion, with approximately 8% growth at the midpoint. It forecast GAAP diluted EPS of $7.85 and non-GAAP diluted EPS of $9.30. For Q1 FY2026, it guided to revenue of $22.5 billion to $23.5 billion, with GAAP diluted EPS of $1.29 and non-GAAP diluted EPS of $1.65 at the stated guidance points. Dell subsequently reported FY2026 results, so these February 2025 projections should not be treated as current guidance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Financial-statement revision note
Dell’s release said it had revised previously issued financial statements to correct an overstatement of cost of goods sold, net of the related tax effect, affecting certain FY2024 and FY2025 interim periods and the fiscal year ended February 2, 2024. The Q4 comparison above uses the revised figures presented in that release; the notice does not by itself establish that the Q4 FY2025 headline figures were invalid.
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