Key Takeaways DELL beat Q3 earnings estimates with 11% revenue growth driven by record AI server shipments. DELL's ISG sales jumped 24% as servers and networking rose 37% on broad AI and traditional demand. DELL expects strong Q4 and FY26 growth with AI server shipments projected to reach about $25B. Dell Technologies (DELL) reported non-GAAP earnings of $2.59 per share in the third quarter of fiscal 2026, beating the Zacks Consensus Estimate by 4.44%. The bottom line increased 17% year over year.Revenues i ...

Dell Technologies (DELL) reported $27.01 billion in revenue for the quarter ended October 2025, representing a year-over-year increase of 10.8%. EPS of $2.59 for the same period compares to $2.15 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $27.27 billion, representing a surprise of -0.98%. The company delivered an EPS surprise of +4.44%, with the consensus EPS estimate being $2.48.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Financial Data and Key Metrics Changes - Total revenue reached $27 billion, up 11% year-over-year, with year-to-date revenue up 12% [5][12] - Earnings per share (EPS) increased 17% to $2.59, driven by improved profitability in AI and storage [5][13] - Gross margin rose 4% to $5.7 billion, or 21.1% of revenue, primarily due to a shift towards AI servers [12][14] - Operating income grew 11% to $2.5 billion, or 9.3% of revenue, supported by higher revenue and lower operating expenses [12][14] Business Line Data and Key Metrics Changes - Infrastructure Solutions Group (ISG) revenue was a record $14.1 billion, up 24%, marking seven consecutive quarters of double-digit growth [14] - Client Solutions Group (CSG) revenue increased 3% to $12.5 billion, with commercial revenue up 5% [15] - AI server orders reached $12.3 billion in the quarter, with year-to-date orders totaling $30 billion [7][14] - Storage revenue was $4 billion, down 1%, but demand for Dell's IP portfolio remained strong, particularly in PowerStore [8][14] Market Data and Key Metrics Changes - Demand for traditional servers grew double digits, particularly in EMEA and North America [8] - International growth in CSG accelerated sequentially, up double digits year-over-year [9] - The backlog for AI servers reached a record $18.4 billion, indicating strong future demand [7][14] Company Strategy and Development Direction - The company aims to capitalize on AI infrastructure buildouts and the ongoing PC refresh cycle [11][19] - Focus on engineering bespoke, high-performance solutions and rapid deployment capabilities in AI [11] - Continued emphasis on operational discipline and capital returns to shareholders [6][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current commodity supply environment, expecting Q4 to remain largely unchanged from Q3 [10][19] - The outlook for Q4 includes revenue guidance between $31 billion and $32 billion, with ISG expected to grow mid-60s percentage [17] - Management remains optimistic about the AI business, supported by a strong backlog and pipeline [18][19] Other Important Information - The company returned $1.6 billion to shareholders, including share repurchases and dividends [15][16] - The core leverage ratio stands at 1.6x, indicating a strong balance sheet [15] Q&A Session Summary Question: Customer reaction to pricing discussions across product categories - Management acknowledged the unique situation of rising costs across all products and emphasized their experience in navigating such cycles [24][26] Question: Impact of NVIDIA's vertical integration on Dell's strategy - Management remains confident in their ability to differentiate and deliver complex solutions at scale, despite potential changes in the supply chain [36][38] Question: AI server margins and future expectations - AI server margins improved sequentially, with expectations to maintain mid-single-digit margins moving forward [42][44] Question: Outlook on the PC refresh cycle - Management highlighted that the Windows 11 transition is not complete, presenting significant upgrade opportunities [51][52] Question: AI business growth and financing issues - Management expressed strong conviction in AI demand across various customer segments, with a robust pipeline supporting future growth [58][61] Question: ISG margins and future guidance - ISG margins improved significantly, driven by strong demand for Dell's IP storage portfolio and pricing discipline [70][72] Question: Traditional server demand and upgrade cycle - Management noted that a significant portion of the install base consists of older generation servers, indicating ongoing modernization opportunities [76][77]

Dell Technologies (NYSE:DELL) Q3 2026 Earnings Call November 25, 2025 04:30 PM ET Company ParticipantsMichael Eng - VP of Corporate DevelopmentAmit Daryanani - Senior Managing DirectorSimon Leopold - Managing DirectorJeff Clarke - COOPaul Frantz - Head of Investor RelationsDavid Kennedy - CFOErik Woodring - Managing DirectorBen Reitzes - Managing Director and Head of Technology ResearchAsiya Merchant - Technology Equity ResearchConference Call ParticipantsDavid Vogt - Managing Director and Senior Equity Ana ...

CALGARY, Alberta, Nov. 25, 2025 (GLOBE NEWSWIRE) -- Gibson Energy Inc. (TSX: GEI) (“Gibson” or the “Company”) announced today that it will host an Investor Day on the morning of December 2, 2025, in Toronto, Ontario. A live webcast will be available for all interested participants. Members of Gibson’s senior executive team will provide an update on the Company’s strategy, operations, recent developments and long-term plan. Event DetailsDate: December 2, 2025Time: 8:30am Eastern Time (6:30am Mountain Time)We ...

Dell Technologies Inc. (NYSE:DELL) is one of the Must-Watch AI Stocks on Wall Street. On November 20, BofA Securities reduced its price target on the stock to $160.00 from $170.00 while maintaining a Buy rating. The price target cut comes ahead of the company’s fiscal third-quarter earnings report scheduled for November 25. The firm is cautiously positive on Dell, citing near-term margin pressure from rising memory costs. However, it anticipates the company to manage this through pricing and Opex controls ...

Core Insights - The article discusses the top 9 undervalued asset management stocks to buy, highlighting the resilience of wealth management and brokerage stocks amid economic uncertainties [1] - The asset management sector has seen a rebound, with global assets under management reaching a record high of $147 trillion by the end of June [2] - Private credit is emerging as a significant trend in asset management, with non-bank institutions reshaping capital investment [3][4] Industry Overview - The asset management sector is characterized by a robust US economy and accommodative monetary policies, which have supported its resilience despite uncertainties [1] - Global private credit markets are projected to grow rapidly, potentially reaching $3 trillion by 2028, driven by lower interest rates and economic strength in the US and Europe [4] Investment Opportunities - Analysts at Goldman Sachs suggest that the current challenges faced by alternative asset manager stocks present opportunities for investment in undervalued names [5] - A methodology was employed to identify undervalued asset management stocks, focusing on companies with a price-to-earnings ratio of less than 20 and an upside potential of over 20% [7] Company Highlights - HA Sustainable Infrastructure Capital (NYSE:HASI) shows a stock upside potential of 42.42% with a forward price-to-earnings ratio of 10.74, supported by strong third-quarter results and a significant investment pipeline [9][10][12] - Burford Capital (NYSE:BUR) has a stock upside potential of 121.94% despite disappointing third-quarter results, with a focus on growing its platform and securing new firm commitments [13][14][15][17]

Core Insights - Brookfield Business Partners reported a net loss of $59 million for Q3 2025, a significant decline from a net income of $301 million in Q3 2024, primarily due to lower tax recoveries and gains on dispositions [2][3][43] - The company achieved an Adjusted EBITDA of $575 million for Q3 2025, down from $844 million in the same period last year, reflecting the impact of lower ownership in three businesses following partial sales [3][4][30] - The CEO highlighted successful acquisitions and capital recycling initiatives, including the acquisition of a Canadian mortgage lender for $2.6 billion, which is expected to enhance growth [2][11] Financial Performance - For the three months ended September 30, 2025, net income attributable to unitholders was a loss of $59 million, translating to a loss of $0.28 per unit, compared to a profit of $301 million or $1.39 per unit in the prior year [2][3] - Adjusted EBITDA by segment for Q3 2025 was as follows: Industrials $316 million, Business Services $188 million, Infrastructure Services $104 million, and Corporate $(33) million [3][4] - The total revenue for Q3 2025 was $6.919 billion, down from $9.232 billion in Q3 2024, with direct operating costs also decreasing to $5.663 billion from $7.069 billion [30] Operational Highlights - The Industrials segment saw a 17% increase in Adjusted EBITDA to $316 million, excluding tax recoveries, driven by contributions from recent acquisitions [4][5] - The Business Services segment's Adjusted EBITDA was $188 million, impacted by the sale of a partial interest in dealer software operations [6] - The Infrastructure Services segment reported Adjusted EBITDA of $104 million, affected by the sale of offshore oil services operations [8] Strategic Initiatives - The company is simplifying its corporate structure by converting into a single listed corporation, which has been positively received by investors [2][12] - A special meeting for security holders is scheduled for January 13, 2026, to vote on the proposed corporate reorganization [14][15] - The company ended Q3 2025 with approximately $2.3 billion in liquidity, which is expected to increase to $2.9 billion post-announced transactions [18] Distribution and Shareholder Information - The Board declared a quarterly distribution of $0.0625 per unit, payable on December 31, 2025, to unitholders of record as of November 28, 2025 [19][44] - The company aims to align dividends on exchangeable shares with distributions on partnership units to provide equivalent economic returns [45][47]

Financial Data and Key Metrics Changes - Third quarter consolidated net sales were $5.7 billion, up 4% year-over-year [5][19] - Gross profit was $1.3 billion, up 5% [5][19] - Non-GAAP operating income was $531 million, down 1% [5][24] - Non-GAAP net income per share was $2.71, up 3% [5][25] - Adjusted free cash flow was $209 million [5][26] - Gross margin was 21.9%, up 10 basis points year-over-year [20][24] Business Line Data and Key Metrics Changes - Small business delivered double-digit growth in top line and gross profit, driven by cloud and client device solutions [8][9] - Corporate delivered mid-single-digit top line growth with low single-digit gross profit [9] - Government net sales increased 8%, with state and local showing double-digit growth [9][10] - Education net sales declined 9%, with higher education growth offset by K-12 decline [10] - Services grew 9% in top line, contributing 9% of total CDW top line [12][19] Market Data and Key Metrics Changes - U.K. and Canadian operations reported a 9% increase in net sales [10][11] - Healthcare gross profit grew faster than its 7% top line growth, driven by cloud solutions [10] - Demand for client devices increased mid-single digits in top line and double digits in gross profit [9][11] Company Strategy and Development Direction - The company is embedding AI into operations to drive productivity and efficiency [14][15] - Focus on delivering enterprise-grade AI solutions to help customers unlock value [15][17] - Maintaining a prudent full-year outlook with expectations of low single-digit growth in the U.S. IT market [17][30] Management's Comments on Operating Environment and Future Outlook - Management highlighted the complexity and volatility of the current operating environment, impacting customer investment decisions [44] - The company is navigating uncertainties such as government shutdowns and economic conditions while focusing on execution [18][30] - Expectations for 2026 are still being planned, with a focus on maintaining competitive strength [18][31] Other Important Information - Non-GAAP SG&A totaled $725 million, up 8.7% year-over-year [23][24] - The company returned approximately $150 million in share repurchases and $82 million in dividends [26][28] - The dividend was increased by approximately 1% to $2.52 annually [28] Q&A Session Summary Question: Impact of government shutdown on federal contributions - Management acknowledged a conservative view for Q4, anticipating some pipeline and backlog but recognizing constraints from agencies not open [35][36] Question: Drivers of small business growth - Small businesses are leaning more into technology for competitive advantage, showing resilience and strong execution [37][38] Question: Outlook for PC and endpoint market - Demand remains solid, driven by Windows 10 end-of-life transitions and AI productivity initiatives [39][40] Question: Federal funding for education and healthcare - Federal funding for K-12 is primarily state-funded, while higher education is focused on technology to attract students [41][42] Question: Complexity of the current spending environment - The primary issue is volatility and uncertainty, affecting investment commitments [44] Question: Gross profit dollar growth needed for EPS growth - Sustaining gross profit growth and focusing on operating leverage are essential for returning to high single-digit EPS growth [46][47] Question: Opportunities in services and M&A - Strong growth in services is expected, with a focus on data, AI, and cloud [49][50]

Core Insights - Hewlett Packard Enterprise Company (HPE) is valued at $27.4 billion and specializes in enterprise technology solutions, including servers, storage, networking, cloud infrastructure, and data management [1] Performance Overview - HPE shares have outperformed the broader market over the past year, gaining 20% compared to the S&P 500 Index's 17.4% increase [2] - In 2025, HPE stock is up 14.3%, trailing the S&P 500's 16% rise [2] - HPE has lagged behind the Technology Select Sector SPDR Fund (XLK), which has gained 30.8% over the past year [3] Recent Developments - On October 16, HPE shares fell 10.9% after the company provided a weaker-than-expected fiscal 2026 outlook, forecasting revenue growth of 5%–10% compared to the 17% expected by analysts [4] - HPE guided adjusted EPS to be between $2.20 and $2.40, below the consensus estimate of $2.42, leading to disappointment among investors [4] Earnings Expectations - For the current fiscal year ending in October, analysts expect HPE's EPS to decline by 12.1% year over year to $1.52 on a diluted basis [5] - HPE's earnings surprise history is mixed, with two beats and two misses in the last four quarters [5] Analyst Ratings - Among 20 analysts covering HPE, the consensus rating is a "Moderate Buy," consisting of seven "Strong Buy" ratings, one "Moderate Buy," and 12 "Holds" [5] - The analyst configuration has become more bearish, with only eight analysts suggesting a "Strong Buy" [6] - Evercore ISI's Amit Daryanani reiterated a "Buy" rating on HPE with a price target of $28 on October 17 [6]