来源：Gangtise投研

戴尔(DELL.US) 2025财年第三季度业绩电话会分享了公司业务增长和未来展望。ISG业务表现出色，AI服务器订单需求创纪录，达到36亿美元，主要得益于二级云服务提供商的推动和企业客户需求的增长。CSG业务中，商业PC需求稳定增长，尽管消费者需求面临挑战。公司预计第四季度营收将继续增长，并预计2026财年AI需求强劲，PC和传统服务器安装基数老化将推动更新需求。在财务方面，运营现金流为16亿美元，现金和投资为66亿美元，公司回购了370万股股票并支付了股息，向股东返还了98亿美元。公司预计第四季度营收在240-250亿美元之间，中点为245亿美元，同比增长10%。展望2026财年，公司预计有多个增长动力，包括更强劲的AI需求、PC和传统服务器的安装基数老化带来的机会。

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