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- **Revenue & Profit Records**: Q3 revenue $27B (+11% YoY), EPS $2.59 (+17% YoY), both records. AI server orders $12.3B (Q3) and $30B (YTD), shipments $5.6B.
- **Margin Expansion**: ISG operating margin 12.4% (up 360 bps), Dell-IP storage growth driving margin improvement. Q4 EPS guidance $3.50 (+31% YoY).
- **Supply Chain Resilience**: 99% uptime for AI racks, 24-36hr deployment. Commodity cost recovery strategies in place, with Q4 outlook unchanged.
- **FY '26 Outlook**: Full-year revenue $111.7B (+17% YoY), EPS $9.92 (+22% YoY). FY '27 framework: mid-teens EPS growth, leveraging AI scale and cost management.
- **Strategic Focus**: AI leadership with Neoclouds/Sovereigns expansion, Dell-IP storage mix shift, and PC refresh cycle share gain.

**【CEO Summary Section】**
- **Record Q3 Results**: Total revenue reached $27 billion, up 11% YoY, with ISG and CSG combined growing 13%. EPS rose 17% to $2.59, driven by AI and storage profitability.
- **AI Momentum**: AI server orders hit $12.3 billion (Q3 record), year-to-date $30 billion. Shipments reached $5.6 billion, with a backlog of $18.4 billion. Sequential margin improvement in AI servers.
- **Segment Growth**: ISG revenue up 24% YoY ($14.1 billion), CSG commercial up 5% YoY. Storage saw strong Dell-IP demand, with PowerStore growing 7 consecutive quarters.
- **Supply Chain Resilience**: 24-36-hour AI rack deployment, 99% uptime. Cost outlook for Q4 largely unchanged despite rising commodity costs.

**【CFO Financial Commentary】**
- **Profitability**: Gross margin $5.7 billion (21.1% of revenue), up 4% YoY. Operating income $2.5 billion (9.3% of revenue), up 11% YoY. ISG operating margin improved 360 bps to 12.4%.
- **Cash Flow & Returns**: Cash flow from ops $1.2 billion. Returned $1.6 billion to shareholders (shares repurchased: 8.9M at $140 avg price). Q4 guidance: revenue $31.5B (32% YoY), EPS $3.50 (31% YoY).
- **FY '26 Outlook**: Full-year revenue $111.7B (17% YoY), EPS $9.92 (22% YoY). FY '27 framework: mid-teens EPS growth, leveraging go-to-market scale and cost management.

**【Q&A Highlights】**
- **Commodity Cost Management**: 2/3 cost recovery in 90 days (historical norm), but current cycle may allow better recovery. Direct model flexibility in pricing and mix adjustment.
- **AI Server Margins**: Mid-single-digit target maintained, with sequential improvement in Q3. Customer mix shift to higher-margin Neoclouds/Sovereigns.
- **PC Refresh Cycle**: Windows 11 upgrade opportunity remains (500M units eligible, 500M ineligible). FY '27 PC market outlook flat YoY, but Dell targeting share gain.
- **Storage Strategy**: Dell-IP growth (PowerStore, PowerMax) driving margin expansion. HCI unwind slower than expected, but Dell-IP mix improving.
- **Pipeline Visibility**: 5-quarter pipeline multiples of current backlog, across Neoclouds, Sovereigns, and Enterprises.

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