Reflecting On Hardware & Infrastructure Stocks’ Q2 Earnings: Dell (NYSE:DELL)

September 17, 2025 at 23:31 PM EDT

DELL Cover Image

Wrapping up Q2 earnings, we look at the numbers and key takeaways for the hardware & infrastructure stocks, including Dell (NYSE: DELL) and its peers.

The Hardware & Infrastructure sector will be buoyed by demand related to AI adoption, cloud computing expansion, and the need for more efficient data storage and processing solutions. Companies with tech offerings such as servers, switches, and storage solutions are well-positioned in our new hybrid working and IT world. On the other hand, headwinds include ongoing supply chain disruptions, rising component costs, and intensifying competition from cloud-native and hyperscale providers reducing reliance on traditional hardware. Additionally, regulatory scrutiny over data sovereignty, cybersecurity standards, and environmental sustainability in hardware manufacturing could increase compliance costs.

The 9 hardware & infrastructure stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 3.8% while next quarter’s revenue guidance was in line.

Thankfully, share prices of the companies have been resilient as they are up 9.5% on average since the latest earnings results.

Dell (NYSE: DELL)

Founded by Michael Dell in his University of Texas dorm room in 1984 with just $1,000, Dell Technologies (NYSE: DELL) provides hardware, software, and services that help organizations build their IT infrastructure, manage cloud environments, and enable digital transformation.

Dell reported revenues of $29.78 billion, up 19% year on year. This print exceeded analysts’ expectations by 1.9%. Despite the top-line beat, it was still a mixed quarter for the company with full-year revenue guidance topping analysts’ expectations.

Unsurprisingly, the stock is down 2.7% since reporting and currently trades at $130.83.

Is now the time to buy Dell? Access our full analysis of the earnings results here, it’s free.

Best Q2: Pure Storage (NYSE: PSTG)

Founded in 2009 as a pioneer in enterprise all-flash storage technology, Pure Storage (NYSE: PSTG) provides all-flash data storage hardware and software that helps organizations manage their data more efficiently across on-premises and cloud environments.

Pure Storage reported revenues of $861 million, up 12.7% year on year, outperforming analysts’ expectations by 1.7%. The business had a very strong quarter with an impressive beat of analysts’ billings and EPS estimates.

The market seems happy with the results as the stock is up 41.3% since reporting. It currently trades at $86.02.

Is now the time to buy Pure Storage? Access our full analysis of the earnings results here, it’s free.

Weakest Q2: Xerox (NASDAQ: XRX)

Pioneering the modern office copier and inventing technologies like Ethernet and the laser printer, Xerox (NASDAQ: XRX) provides document management systems, printing technology, and workplace solutions to businesses of all sizes across the globe.

Xerox reported revenues of $1.58 billion, flat year on year, exceeding analysts’ expectations by 1.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS estimates.

As expected, the stock is down 29.1% since the results and currently trades at $3.70.

Read our full analysis of Xerox’s results here.

Super Micro (NASDAQ: SMCI)

Founded in Silicon Valley in 1993 and known for its modular "building block" approach to server design, Super Micro Computer (NASDAQ: SMCI) designs and manufactures high-performance, energy-efficient server and storage systems for data centers, cloud computing, AI, and edge computing applications.

Super Micro reported revenues of $5.76 billion, up 7.5% year on year. This number came in 4.2% below analysts' expectations. It was a slower quarter as it also produced a significant miss of analysts’ operating income estimates.

Super Micro pulled off the highest full-year guidance raise but had the weakest performance against analyst estimates among its peers. The stock is down 21.3% since reporting and currently trades at $45.07.

Read our full, actionable report on Super Micro here, it’s free.

IonQ (NYSE: IONQ)

Founded by quantum physics pioneers from the University of Maryland and Duke University in 2015, IonQ (NYSE: IONQ) develops quantum computers that process information using trapped ions to solve complex computational problems beyond the capabilities of traditional computers.

IonQ reported revenues of $20.69 million, up 81.8% year on year. This print topped analysts’ expectations by 21.5%. Overall, it was a strong quarter as it also put up full-year revenue guidance exceeding analysts’ expectations.

IonQ scored the biggest analyst estimates beat and fastest revenue growth among its peers. The stock is up 70% since reporting and currently trades at $70.06.

Read our full, actionable report on IonQ here, it’s free.

Market Update

As a result of the Fed’s rate hikes in 2022 and 2023, inflation has come down from frothy levels post-pandemic. The general rise in the price of goods and services is trending towards the Fed’s 2% goal as of late, which is good news. The higher rates that fought inflation also didn't slow economic activity enough to catalyze a recession. So far, soft landing. This, combined with recent rate cuts (half a percent in September 2024 and a quarter percent in November 2024) have led to strong stock market performance in 2024. The icing on the cake for 2024 returns was Donald Trump’s victory in the U.S. Presidential Election in early November, sending major indices to all-time highs in the week following the election. Still, debates around the health of the economy and the impact of potential tariffs and corporate tax cuts remain, leaving much uncertainty around 2025.

Want to invest in winners with rock-solid fundamentals? Check out our Hidden Gem Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

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