For a decade Dell was a low-growth hardware company that compounded quietly on cash flow and buybacks — revenue went from $56.9 billion in fiscal 2013 to $95.6 billion in fiscal 2025, about 4.4% a year across a period that included the largest acquisition in the history of the technology industry. Then, in the six months to July 2026, it grew revenue +71% YoY %, booked $85 billion of AI orders, and raised its full-year outlook by $52 billion to $192 billion (+37% since beginning of the year).
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