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Key Takeaways
- Dell (DELL) achieved $113.5B in fiscal 2026 revenue with 19% growth and maintains a massive $43B AI server order backlog
- Oracle (ORCL) saw cloud revenue jump 44% while remaining performance obligations surged 325% to $553B
- Nebius delivered explosive 479% revenue growth to $529.8M and projects $7B–$9B in annual recurring revenue by late 2026
- Palantir (PLTR) generated $4.475B in fiscal 2025 revenue, marking 56% growth with impressive 50% adjusted operating margins
- Each company benefits from surging AI infrastructure demand, though their valuations present different risk-reward profiles
Dell Technologies posted fiscal 2026 revenue totaling $113.5 billion, representing a solid 19% increase year-over-year. The Infrastructure Solutions Group segment delivered particularly impressive results with 40% growth.
Throughout the fiscal year, the company secured over $64 billion in orders for AI-optimized servers. By fiscal year-end, Dell had accumulated an outstanding $43 billion backlog in AI server commitments, positioning it among industry leaders.
Operating income reached $8.1 billion, marking a 31% improvement. This profitability expansion occurred while the company scaled operations to fulfill substantial enterprise orders.
Interestingly, Dell’s market valuation often reflects traditional hardware company multiples rather than those of an AI infrastructure provider. Market observers suggest this valuation disconnect may present an opportunity for investors.
Oracle’s Cloud Momentum and Contracted Revenue Pipeline
Oracle delivered $17.2 billion in revenue during its fiscal Q3 2026, achieving 22% growth. The cloud segment posted particularly strong results with 44% expansion, while Oracle Cloud Infrastructure specifically surged 84%.
Remaining performance obligations — representing future contracted revenue — climbed to $553 billion, a remarkable 325% year-over-year increase. This metric signals substantial committed business already in the pipeline.
Oracle preserved a 43% non-GAAP operating margin throughout the quarter. The company achieved this profitability level despite aggressive capital investments in expanding AI cloud infrastructure.
Notably, Oracle’s growth is increasingly driven by enterprise commercial clients rather than solely government contracts. This customer diversification is helping transform perceptions of Oracle beyond its legacy database business.
Nebius and Palantir: Contrasting Growth Stories
Nebius announced full-year 2025 revenue of $529.8 million, representing extraordinary 479% growth compared to the previous year. By year-end, annual recurring revenue had reached $1.25 billion.
The company achieved positive adjusted EBITDA for the first time in Q4 2025. It concluded the year with a robust cash position of $3.7 billion.
Management’s outlook calls for annual recurring revenue between $7 billion and $9 billion by the close of 2026. This aggressive growth target attracts investors seeking high-risk, high-reward AI infrastructure opportunities.
Palantir announced fiscal 2025 revenue of $4.475 billion, up 56% from the prior year. The company’s fiscal 2026 guidance targets approximately $7.19 billion in revenue.
Full-year adjusted operating margins hit 50%, demonstrating exceptional profitability. Deal activity reached new highs, fueled by demand from both government agencies and commercial enterprises.
Palantir’s current market valuation incorporates substantial growth expectations. It commands premium multiples relative to Dell and Oracle, which some market watchers believe limits upside potential if execution falters.
Bottom Line
Each of these four companies is experiencing rapid expansion driven by genuine AI infrastructure demand. The critical factor for investors is valuation relative to growth prospects. Dell and Oracle appear more conservatively valued at present, Nebius presents higher risk alongside greater potential returns, while Palantir operates as a quality business that may already reflect optimistic future scenarios in its current price.
