Dell: Fiscal 2FQ25 Financial Results

For storage revenue only

(in $ million)	2FQ24	2FQ25	6 mo. 2024	6 mo. 2025
Revenue	4,187	3,974	7,943	7,735
*Growth*		-5%		-3%

Global second quarter revenue was $25.0 billion, up 9% Y/Y.

Storage revenue, on its side, was $4.0 billion, down 5% Y/Y and up 6% Q/Q.

The company is pleased to see double-digit demand growth across its core storage portfolio, including PowerMax, PowerScale, PowerStore, and PowerProtect Data Domain.

This strong storage performance was offset by headwinds in the partner IP portion of its HCI portfolio. ISG operating income was up 22% to $1.3 billion, due in large part to AI optimized server revenue growth and associated gross margin dollars. ISG operating income rate was up 300 basis points sequentially to 11.0% of revenue. This rate improvement was the result of operating expense scaling, driven by higher server revenue and storage profitability.

With the sequential improvement in storage profitability, the company gained scale with 6% sequential revenue growth, it were more disciplined in its pricing. It had a higher mix of Dell IP storage solutions, and a better geographic mix with more North America activity.

Storage revenue of Dell
(in $ million)

Period	Revenue	Y/Y growth
FY11*	2,295	5%
FY12*	1,943	-15%
FY13*	1,699	-13%
FY14*	1,518	-11%
FY15*	1,437	-5%
FY16*	2,217	54%
FY17**	8,942	303%
FY18	15,254	71%
FY19	16,767	10%
FY20	16,767	-0%
FY21	16,091	-4%
FY22	16,465	0%
1FQ23	4,237	9%
2FQ23	4,327	6%
3FQ23	4,429	11%
4FQ23	4,965	10%
FY23	17,958	9%
1FQ24	3,756	-11%
2FQ24	4,187	-3%
3FQ24	3,843	-13%
4FQ24	4,475	-10%
FY24	16,261	-10%
1FQ25	3,761	0%
2FQ25	3,974	-5%

* Without EMC
**without EMC for 1FQ17 and 2FQ17 following acquisition for $63 billion

Earnings call transcript