CleanSpark, NetApp, Workday, Dell, Zscaler Q3-Q4 2025 Earnings

November 26, 2025 at 08:15 UTC

8 min read

AI-driven earnings growth for CleanSpark, NetApp, Workday, Dell, Zscaler with rising stock charts

Key Points

CleanSpark reported record fiscal 2025 revenue of $766.3 million, more than doubling year-over-year, with net income of $346.5 million and operational hash rate reaching 50 exahash per second.
NetApp beat Q2 fiscal 2026 estimates with revenue of $1.71 billion and EPS of $2.05, driven by strong demand for AI solutions, cloud storage, and all-flash offerings; raised full-year EPS guidance.
Workday posted Q3 fiscal 2026 subscription revenue growth of 15%, with AI products contributing over 1.5 points of ARR growth; announced acquisitions and expanded AI capabilities.
Dell achieved record Q3 revenue of $27 billion, driven by AI server demand with $12.3 billion in orders; expects Q4 AI server shipments of $9.4 billion and full-year revenue of $111.7 billion.
Zscaler beat Q1 fiscal 2026 earnings and revenue estimates with $0.96 EPS and $788 million revenue; raised full-year revenue and EPS guidance despite after-hours share decline.

CleanSpark's Fiscal 2025 Performance and Strategic Evolution

CleanSpark reported fiscal 2025 revenue of $766.3 million, representing a 102.2% increase year-over-year, driven by growth in Bitcoin mining capacity and favorable Bitcoin prices. The company achieved net income of $346.5 million, or $1.25 per share, compared to a net loss of $145.8 million the prior year. Operationally, CleanSpark reached 50 exahash per second in Bitcoin mining hash rate, up from 27.6 exahash at the end of fiscal 2024. The company maintained a gross margin of 55% for the year, a slight 1% decrease attributed to the post-halving environment. CleanSpark's Bitcoin treasury grew nearly 62% to over 13,000 BTC, generated solely from owned hashing power. The company completed deployment of 19,000 S21X XP immersion units with industry-leading efficiency and expects completion by calendar 2026. CleanSpark expanded its contracted power portfolio by 43% to over 1 gigawatt, including nearly 300 megawatts in Texas scheduled for energization in early 2027, with a multi-gigawatt pipeline of additional opportunities. The company is evolving into a diversified compute platform supporting both AI and Bitcoin workloads, leveraging expertise in power procurement, infrastructure development, and scaling. A $1.15 billion zero-percent convertible note was issued to fund infrastructure development and land and power acquisitions, accompanied by a $460 million stock repurchase reducing shares outstanding by 10.9%. CleanSpark's digital asset management (DAM) program generated $9.3 million in Q4 option premiums, with annualized yields of approximately 12% on covered call strategies and 8% on put writing, enhancing cash flow and capital efficiency. The company is actively pursuing AI data center development, securing tenants for flagship AI-ready locations such as Sandersville, Georgia, and Sealy, Texas, and partnering with Submer for modular, liquid-cooled data center solutions to accelerate AI campus deployment.

NetApp's Strong Q2 Fiscal 2026 Results and AI-Focused Innovation

NetApp reported second-quarter fiscal 2026 revenue of $1.71 billion, exceeding estimates and representing 3% year-over-year growth. The company achieved non-GAAP earnings per share of $2.05, surpassing consensus estimates. All-flash array revenue grew 9% year-over-year to $1 billion, with an annualized net revenue run rate of $4.1 billion. Public cloud revenue reached $171 million, driven by first-party and marketplace storage services growing 32% year-over-year. Billings increased 4% year-over-year to $1.65 billion, marking the eighth consecutive quarter of growth. NetApp launched several AI-focused innovations, including NetApp AFX, a unified AI-ready enterprise data platform; NetApp AI Data Engine integrating NVIDIA accelerated computing; and NetApp Keystone Storage-as-a-Service for enterprise AI. The company enhanced ransomware resilience capabilities with AI-powered data breach detection and isolated recovery environments. NetApp also updated StorageGRID 12.0 for scalable object storage supporting AI initiatives and released Trident 25.10 for Kubernetes storage orchestration with AI/ML workload integration. Collaborations with Google Cloud, Amazon AWS, Cisco, and Red Hat expanded hybrid cloud flexibility and AI workload support. NetApp raised its fiscal 2026 adjusted EPS guidance to a range of $7.75 to $8.05 and affirmed revenue guidance between $6.63 billion and $6.88 billion. The company emphasized strong customer alignment with data initiatives, competitive advantages in AI and cloud storage, and leadership recognition in Gartner Magic Quadrants and industry awards.

Workday's Q3 Fiscal 2026 Growth Fueled by AI and Strategic Acquisitions

Workday reported third-quarter fiscal 2026 subscription revenue of $2.244 billion, up 15% year-over-year, contributing to total revenue of $2.432 billion, a 13% increase. The company achieved non-GAAP diluted net income per share of $2.32, beating estimates. Annual recurring revenue (ARR) reached $8.21 billion, up 17.6%, including contributions from the Paradox acquisition. AI products contributed more than 1.5 percentage points of ARR growth this quarter, excluding Paradox. Workday expanded its AI portfolio with acquisitions of Paradox, an AI-native recruiting platform, and Sana, an AI-native learning platform, and announced intent to acquire Pipedream, a low-code integration platform for AI agents. The company launched Workday Go expansion with global payroll, an expanded partner network, and an AI deployment agent reducing implementation time by up to 25%. Healthcare surpassed $1 billion in ARR, and public sector momentum continued despite a government shutdown. Workday's international business showed solid regional performance, with new offices and AI centers of excellence established. The company raised fiscal 2026 subscription revenue guidance to $8.828 billion, representing 14% growth, and expects a non-GAAP operating margin of approximately 29%. Workday plans to repurchase $5 billion in shares through fiscal 2027 and continues to invest in AI-driven innovation to unify HR, finance, and AI agents on one trusted platform.

Dell's Record Q3 2025 Revenue Driven by AI Server Demand and Operational Efficiency

Dell Technologies reported record third-quarter 2025 revenue of $27 billion, up 11% year-over-year, with combined Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG) growth of 13%. ISG revenue reached $14.1 billion, up 24%, marking seven consecutive quarters of double-digit growth. AI server orders totaled $12.3 billion in the quarter, with shipments of $5.6 billion, contributing to a record backlog of $18.4 billion. The company expects Q4 AI server shipments of approximately $9.4 billion, bringing full-year shipments to $25 billion, a 150% increase year-over-year. Dell's AI server margins improved sequentially to mid-single digits, supported by mix shifts towards higher-end GB300 chipsets and a diverse customer base including Neo Clouds, sovereigns, and enterprises. Storage revenue was $4 billion, down 1%, with strong demand for Dell IP storage platforms such as PowerStore, PowerMax, ObjectScale, and PowerFlex. Commercial PC revenue grew 5%, while consumer revenue declined 7%, with a return to growth in consumer demand noted. Dell's gross margin was 21.1%, driven by AI mix improvement, and operating expenses decreased 2%. The company generated $1.2 billion in cash from operations and returned $1.6 billion to shareholders through share repurchases and dividends. Dell projects fiscal 2026 revenue of $111.7 billion, up 17%, and non-GAAP EPS of $9.92, up 22%, with a mid-teens EPS growth framework for 2027.

Zscaler's Q1 Fiscal 2026 Earnings Beat Estimates Amid Strong AI Security Demand

Zscaler reported first-quarter fiscal 2026 earnings of $0.96 per share, surpassing the consensus estimate of $0.86, and revenue of $788.1 million, up 26% year-over-year, exceeding estimates. The company achieved annual recurring revenue (ARR) of over $3.2 billion, growing more than 25% year-over-year, and maintained a rule-of-78 performance metric. Zscaler's AI security ARR grew over 80% year-over-year, surpassing the fiscal 2026 target of $400 million three quarters early, with expectations to exceed $500 million by year-end. The company expanded its Zero Trust Everywhere customer base to over 450 enterprises, achieving the target ahead of schedule. Data Security Everywhere ARR accelerated to approximately $450 million. Zscaler completed acquisitions of Red Canary and SPLXAI, enhancing AI security capabilities across the enterprise AI lifecycle. Despite the earnings beat, shares declined in after-hours trading, reflecting market expectations for even stronger results. The company raised fiscal 2026 revenue guidance to $3.28 billion to $3.30 billion and adjusted EPS guidance to $3.78 to $3.82. Zscaler continues to invest in AI security, Zero Trust, and data security solutions, with strong customer adoption and a growing partner ecosystem.

Key Takeaways

CleanSpark is transitioning from Bitcoin mining to a diversified compute platform integrating AI workloads, supported by significant power and land acquisitions and innovative digital asset management strategies.
NetApp's strong financial performance is driven by AI-focused product innovation, cloud storage growth, and strategic partnerships, positioning it as a leader in intelligent data infrastructure.
Workday leverages AI integration and strategic acquisitions to enhance its unified HR and finance platform, driving subscription revenue growth and expanding AI capabilities across industries.
Dell capitalizes on robust AI server demand and operational efficiency to achieve record revenue and earnings, with a focus on high-margin storage platforms and a sustained PC refresh cycle.
Zscaler's growth is fueled by strong demand for AI security and Zero Trust solutions, complemented by strategic acquisitions that expand its AI security portfolio and enterprise customer base.