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 remaining performance obligations surged 325% to $553B
- Nebius delivered explosive 479% revenue growth to $529.8M, projecting $7B–$9B in annual recurring revenue by late 2026
- Palantir achieved $4.475B in fiscal 2025 revenue, climbing 56% year-over-year, with remarkable 50% adjusted operating margins
- While AI infrastructure demand fuels growth across the board, valuation multiples vary significantly among these four players
Dell’s fiscal 2026 performance showed revenue climbing to $113.5 billion, marking a substantial 19% increase compared to the previous year. The Infrastructure Solutions Group segment delivered even stronger results with 40% growth year-over-year.
Throughout the fiscal year, the company secured over $64 billion worth of AI-optimized server orders. By fiscal year-end, Dell maintained a staggering $43 billion backlog in AI server orders, positioning it among the industry leaders in this category.
Operating income reached $8.1 billion, representing 31% growth. This expansion occurred while Dell simultaneously fulfilled substantial customer orders at unprecedented volumes.
Yet the market continues to value Dell more as a traditional hardware vendor than an AI infrastructure powerhouse. Market observers suggest this valuation disconnect presents a compelling opportunity for forward-thinking investors.
Oracle’s Cloud Momentum and Contract Book
Oracle delivered $17.2 billion in revenue during its fiscal Q3 2026, representing 22% growth. The cloud division specifically accelerated with 44% growth, while Oracle Cloud Infrastructure posted an impressive 84% increase.
Remaining performance obligations — essentially contracted revenue yet to be recognized — climbed to $553 billion, a remarkable 325% surge from the prior year. This metric signals a substantial and committed customer base already under contract.
Oracle sustained a 43% non-GAAP operating margin throughout the quarter. This profitability level persisted despite aggressive investments in expanding AI cloud infrastructure.
A significant portion of Oracle’s momentum stems from enterprise commercial clients rather than solely government engagements. This diversified revenue base has helped transform perceptions beyond its traditional database software roots.
Nebius and Palantir: Contrasting Growth Stories
Nebius posted full-year 2025 revenue of $529.8 million, representing extraordinary 479% growth versus the previous year. By year-end, annual recurring revenue had climbed to $1.25 billion.
The company achieved its inaugural quarter of positive adjusted EBITDA in Q4 2025. Cash holdings stood at $3.7 billion at year-end.
Management projects annual recurring revenue between $7 billion and $9 billion by the conclusion of 2026. This ambitious guidance has attracted investors seeking high-growth AI infrastructure opportunities.
Palantir posted fiscal 2025 revenue of $4.475 billion, climbing 56% from the prior year. The company’s fiscal 2026 revenue guidance sits around $7.19 billion.
Adjusted operating margins for the full year reached an impressive 50%. Deal activity hit record levels, fueled by strength in both government and commercial segments.
Palantir’s current valuation already incorporates elevated growth assumptions. Trading at a premium relative to Dell and Oracle, some market participants believe there’s limited cushion if actual results disappoint expectations.
Bottom Line
Each of these four companies demonstrates robust expansion, and artificial intelligence infrastructure demand is undeniably accelerating. The critical distinction lies in the price you’re paying for that growth trajectory. Dell and Oracle appear more reasonably valued at current levels, Nebius presents higher risk alongside greater potential rewards, while Palantir operates an exceptional business that may already be fully priced for flawless execution.
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