Dell Revenues Up 5 Percent to $23.4 Billion

Dell Technologies reported a net income of $965 million on revenues of $23.4 billion in the quarter ending May 2, 2025. Those figures represent a decline of 3 percent and a gain of 5 percent year-over-year (YOY), respectively.

“We achieved first-quarter record servers and networking revenue of $6.3 billion, and we’re experiencing unprecedented demand for our AI-optimized servers,” Dell vice chairman and CEO Jeff Clarke said. “We generated $12.1 billion in AI orders this quarter alone, surpassing the entirety of shipments in all of FY25 and leaving us with $14.4 billion in backlog.”

That milestone is a big deal, but Dell’s PC business, the Client Solutions Group, is still bigger by revenues, earning $12.5 billion, a gain of 5 percent YOY. The vast majority of that–$11 billion, up 9 percent–came from commercial PC sales, while revenues from Dell’s consumer PC business fell 19 percent YOY to $1.5 billion.

Dell reported double-digit growth across small, medium, and large enterprise business customers, and said that “many” of the upgrades credited to the Windows 11 refresh/Windows 10 EOL cycle are AI PCs. This was the fifth consecutive quarter of revenue growth in commercial PCs. The consumer market “remains challenged,” though Dell feels its products are price competitive. Maybe it’s the terrible new branding.

Dell’s Infrastructure Solutions Group delivered another $10.3 billion in revenues, up 12 percent YOY. Servers and networking accounted for $6.3 billion of those revenues, a gain of 16 percent YOY, while Storage added $4 billion in revenues, up 6 percent YOY. Here, Dell cited the “unprecedented demand” for its AI servers, with Q1 demand being larger than its entire fiscal year 2025 shipments.