Key Takeaways
- Dell’s fiscal 2026 revenue reached $113.5B with 19% growth, backed by a massive $43B AI server order backlog
- Oracle saw cloud revenue jump 44% while future contracted revenue climbed 325% to $553B
- Nebius achieved explosive 479% revenue growth to $529.8M, projecting $7B–$9B annual recurring revenue by late 2026
- Palantir delivered $4.475B in fiscal 2025 revenue with 56% growth and exceptional 50% operating margins
- Strong AI infrastructure momentum exists across the board, but pricing multiples vary significantly
Dell’s fiscal 2026 performance showcased revenue totaling $113.5 billion, representing a 19% year-over-year increase. The Infrastructure Solutions Group segment delivered particularly impressive results with 40% expansion during the same timeframe.
Throughout the fiscal year, the company secured over $64 billion worth of AI-optimized server commitments from customers. By fiscal year-end, Dell maintained an outstanding AI server backlog valued at $43 billion, positioning it among the industry leaders in this category.
Operating income climbed to $8.1 billion, marking a 31% uptick. This financial performance emerged while Dell simultaneously executed on massive enterprise-scale deployments.
Interestingly, market perception continues treating Dell primarily as a traditional hardware vendor rather than recognizing its AI infrastructure capabilities. Market observers suggest this valuation disconnect presents a potential opportunity for forward-thinking investors.
Oracle’s Expansion in Cloud Services and Contracted Revenue
Oracle’s fiscal third quarter of 2026 generated $17.2 billion in revenue, representing 22% growth. The cloud division accelerated with 44% expansion, while Oracle Cloud Infrastructure specifically surged 84%.
Remaining performance obligations—essentially revenue already contracted but not yet recognized—climbed to $553 billion, an extraordinary 325% year-over-year jump. This metric demonstrates substantial committed business from customers extending well into the future.
Oracle preserved a robust 43% non-GAAP operating margin throughout the quarter. This profitability level persisted despite significant capital allocation toward expanding AI-focused cloud infrastructure.
A notable shift involves Oracle’s customer composition, with substantial commercial enterprise demand complementing its traditional government business. This broader customer base has helped modernize perceptions beyond the company’s legacy database roots.
Nebius and Palantir: Aggressive Expansion Versus Premium Valuation
Nebius posted complete-year 2025 revenue of $529.8 million, reflecting remarkable 479% growth compared to 2024. By year-end, annual recurring revenue had climbed to $1.25 billion.
The fourth quarter of 2025 marked a significant milestone with the company’s initial positive adjusted EBITDA quarter. Nebius closed 2025 holding $3.7 billion in cash reserves.
Management’s outlook calls for annual recurring revenue between $7 billion and $9 billion by 2026’s conclusion. This ambitious projection drives investor interest in Nebius as a potentially explosive AI infrastructure play.
Palantir’s fiscal 2025 results showed revenue of $4.475 billion, up 56% from the previous year. Forward guidance indicates expectations for approximately $7.19 billion in fiscal 2026 revenue.
The software company maintained exceptional adjusted operating margins of 50% across the full year. Transaction volume reached record levels, fueled by sustained momentum in both public sector and commercial enterprise segments.
Palantir’s current market valuation incorporates substantial growth assumptions. Compared to Dell and Oracle, it commands a significant premium, which certain market participants believe reduces margin of safety should execution falter.
Bottom Line
Each of these four companies demonstrates genuine momentum benefiting from authentic AI infrastructure demand. The critical distinction centers on valuation relative to growth trajectories. Dell and Oracle appear more conservatively priced at present, Nebius presents a higher-risk, higher-reward profile, while Palantir represents quality execution that may already be fully reflected in its share price.
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