On October 7, 2025, Dell Technologies Inc. (NYSE: DELL) announced an ambitious increase to its long-term financial framework during its Securities Analyst Meeting. The announcement, made by Chairman and CEO Michael Dell along with other members of the executive leadership team, signals a robust growth trajectory for the company, leveraging the unprecedented demand for artificial intelligence (AI) solutions.

1. Updated Long-Term Financial Targets

The press release highlighted significant updates to Dell's long-term financial goals. The company aims to bolster its annual revenue growth target from a previous 3-4% to a more aggressive 7-9%. Additionally, the annual non-GAAP diluted earnings per share (EPS) growth target has been raised from 8% or better to 15% or better.

The updated financial framework includes:

Long-Term Financial Framework	Previous Target	Updated Target
Annual Revenue Growth	3 - 4%	7 - 9%
Annual Non-GAAP Diluted EPS Growth	8% or better	15% or better
Net Income to Adjusted Free Cash Flow Conversion	100% or better	100% or better
Shareholder Returns via Share Repurchases and Dividends	Over 80% of adjusted free cash flow	Over 80% of adjusted free cash flow
Dividend Growth Commitment	10% or more annually through FY 2028	10% or more annually through FY 2030

2. Drivers of Long-Term Value

Dell Technologies is banking on its strong performance over the past five years, wherein it has nearly doubled its non-GAAP diluted EPS. The company projects that it will achieve this feat again, targeting a 15%+ growth in non-GAAP diluted EPS while returning over 80% of adjusted free cash flow to shareholders through share repurchases and dividends.

In the face of rapid technological advancements, especially in AI, Dell believes it is uniquely positioned with a comprehensive product portfolio spanning data center infrastructure to personal computing. Dell's competitive advantages are bolstered by its engineering, deployment, services, ecosystem, and financing capabilities, placing it as a leader in AI infrastructure solutions.

“Customers are hungry for AI and the compute, storage, and networking we provide to deploy intelligence at scale. We’re successfully translating that demand into growth and strong cash flow that we’ve largely returned to shareholders,” said Michael Dell. He emphasized the massive opportunities that lie ahead as AI technologies continue to permeate businesses and governments globally.

Jeff Clarke, Vice Chairman and COO, reaffirmed Dell's commitment to its operational model, stating, “We will continue to execute the unique operating model we’ve strengthened over the past four decades. We’re actively driving the changes that are shaping the future of AI infrastructure as evidenced by growing AI into a $20 billion business in two years.”

3. Shareholder Returns and Financial Commitment

Highlighting the company’s commitment to returning value to shareholders, David Kennedy, interim CFO, noted that Dell has returned $14.5 billion to shareholders since the inception of its dividend program in FY23. With the newly increased EPS target, he is optimistic about doubling EPS once again.

Dell is also reaffirming its financial guidance for the third quarter and full fiscal year 2026, as previously provided on August 28, 2025. This consistency in guidance alongside the newly adjusted targets reflects a strong confidence in the company’s strategic direction.

4. Conclusion

Dell Technologies' updated financial targets are a testament to its commitment to growth and innovation in an era defined by rapid technological advancements, particularly in AI. With a solid operational model and a clear focus on delivering shareholder value, Dell is poised to capitalize on the growing demand for AI solutions, projecting a bright future for the company in the coming years. The Securities Analyst Meeting, which was broadcast live, provided investors with an optimistic outlook on the company's financial health and strategic direction as it continues to shape the digital future.

Original press release