Dell Technologies Delivers Third Quarter Fiscal 2025 Financial Results

Information about Dell Technologies' use of non-GAAP financial information is provided under "Non-GAAP Financial Measures" below. All comparisons in this press release are year over year unless otherwise noted.

Infrastructure Solutions Group (ISG) delivered record third-quarter revenue of $11.4 billion, up 34% year over year. Servers and networking revenue was $7.4 billion, up 58%, with demand growth across AI and traditional servers. Storage revenue was $4.0 billion, up 4%. Operating income was $1.5 billion.

"AI is a robust opportunity for us with no signs of slowing down," said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. "Interest in our portfolio is at an all-time high, driving record AI server orders demand of $3.6 billion in Q3 and a pipeline that grew more than 50%, with growth across all customer types."

Client Solutions Group (CSG) delivered third quarter revenue of $12.1 billion, down 1% year over year. Commercial client revenue was up 3% at $10.1 billion, and Consumer revenue was $2.0 billion, down 18%. Operating income was $694 million.

Operating Segments Results


Three Months Ended




Nine Months Ended




November 1, 2024


November 3, 2023


Change


November 1, 2024


November 3, 2023


Change


(in millions, except percentages; unaudited)

Infrastructure Solutions Group (ISG):












Net revenue:












Servers and networking

$        7,364


$         4,656


58 %


$     20,502


$      12,767


61 %

Storage

4,004


3,843


4 %


11,739


11,786


— %

Total ISG net revenue

$      11,368


$         8,499


34 %


$     32,241


$      24,553


31 %













Operating Income:












ISG operating income

$        1,508


$         1,069


41 %


$        3,528


$        2,858


23 %

% of ISG net revenue

13.3 %


12.6 %




10.9 %


11.6 %



% of total reportable segment operating income

68 %


54 %




62 %


51 %















Client Solutions Group (CSG):












Net revenue:












Commercial

$     10,138


$         9,835


3 %


$     30,848


$      30,251


2 %

Consumer

1,993


2,441


(18) %


5,664


6,950


(19) %

Total CSG net revenue

$     12,131


$       12,276


(1) %


$     36,512


$      37,201


(2) %













Operating Income:












CSG operating income

$           694


$            925


(25) %


$        2,193


$        2,786


(21) %

% of CSG net revenue

5.7 %


7.5 %




6.0 %


7.5 %



% of total reportable segment operating income

32 %


46 %




38 %


49 %




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