Jul 2026 (Q2 FY27) — Sep 1, 2026
Dell Technologies Q2 FY27 — Record Revenue and EPS Driven by AI and Data Center Modernization
Read the full callDell Technologies (DELL) earnings
- Jul 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
Dell Technologies earnings: last reported Tue, 1 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 46,971 | +57.7% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 11.5 | +5.5 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 4,133 | +255.1% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
36 of 39 judged targets kept · 42 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| AI server revenue | $13 billion | Jan 2026 | we booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue | Achieved |
| AI server revenue | $50 billion, about 100% growth year-over-year | Jan 2026 | IHG is expected to grow roughly 80%, driven by $60 billion of AI server revenue at the midpoint or approximately 2.4x year-over-year | Revised Up |
| PC market share gain | take share and outperform the PC marketplace | Apr 2024 | We had lost share for 3 years. We exited the year with tremendous momentum | Missed |
3 of Dell Technologies Inc.'s 81 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 78 more targets are in the full ledger.
Claimed
- Record revenue of $47 billion, up 58% year-over-year.
- Record diluted EPS of $7.04, up 203% year-over-year.
- ISG revenue increased 89% to a record $31.8 billion, with operating income up 225% to $4.8 billion.
- Record AI orders of $60.9 billion in the quarter, with AI backlog reaching $95 billion.
- Traditional server revenue up 122%, gaining over 10 points of share in the past two quarters.
- Storage revenue up 26%, with Dell IP storage demand growing above market for six consecutive quarters.
Qualified
- Supply constraints remain across DRAM, NAND, CPUs, disk drives, and other components, limiting ability to meet full demand.
Price
$455 +0.73% · +$3.29
Performance +204.2% 1Y
1Y: $149.59 on 17 Oct 2025 → $455. High $588.4 (17 Sept 2026), low $111.07 (20 Jan 2026).
- Previous close
- $451.71
- 52-week range
- $111.07 – $588.4
- One year
- +207.70%
Overview
- Symbol
- DELL
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
36 of 39 judged targets kept · 42 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| AI server revenue | $13 billion | Jan 2026 | we booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue | Achieved |
| AI server revenue | $50 billion, about 100% growth year-over-year | Jan 2026 | IHG is expected to grow roughly 80%, driven by $60 billion of AI server revenue at the midpoint or approximately 2.4x year-over-year | Revised Up |
| PC market share gain | take share and outperform the PC marketplace | Apr 2024 | We had lost share for 3 years. We exited the year with tremendous momentum | Missed |
Claimed
- Record revenue of $47 billion, up 58% year-over-year.
- Record diluted EPS of $7.04, up 203% year-over-year.
- ISG revenue increased 89% to a record $31.8 billion, with operating income up 225% to $4.8 billion.
- Record AI orders of $60.9 billion in the quarter, with AI backlog reaching $95 billion.
- Traditional server revenue up 122%, gaining over 10 points of share in the past two quarters.
- Storage revenue up 26%, with Dell IP storage demand growing above market for six consecutive quarters.
Qualified
- Supply constraints remain across DRAM, NAND, CPUs, disk drives, and other components, limiting ability to meet full demand.
The full ledger
Open Dell Technologies Inc.’s full ledger
A free account opens 5 company ledgers a month. All 81 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — May 28, 2026
Dell Technologies Q1 FY27 — Record $43.8B revenue on AI-server surge; FY guide raised ~$27B
Read the full callJan 2026 (Q4 FY26) — Feb 26, 2026
Dell Technologies Q4 FY26 — Record AI Orders and Strong Financial Performance
Read the full callEvery analysed call
Dell Technologies earnings calls (DELL)
Financials
What the filings say
Net profit, year on year: +255% (quarter to jul 2026 against aug 2025).
| Line item | Nov 2024 | Jan 2025 | May 2025 | Aug 2025 | Oct 2025 | Jan 2026 | May 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 24,366 | 23,931 | 23,378 | 29,776 | 27,005 | 33,379 | 43,842 | 46,971 |
| Operating profit | 1,721 | 2,159 | 1,165 | 1,773 | 2,119 | 3,092 | 3,656 | 5,385 |
| Operating margin | 7.1% | 9.0% | 5.0% | 6.0% | 7.8% | 9.3% | 8.3% | 11.5% |
| Other income | -276 | -187 | -82 | -333 | -178 | -293 | 292 | -254 |
| Interest | 321 | 343 | 354 | 399 | 396 | 411 | 391 | — |
| Profit before tax | 1,445 | 1,972 | 1,083 | 1,440 | 1,941 | 2,799 | 3,948 | 5,131 |
| Tax rate | 19.0% | 22.3% | 10.9% | 19.2% | 20.3% | 19.3% | 12.9% | 19.4% |
| Net profit | 1,175 | 1,533 | 965 | 1,164 | 1,548 | 2,259 | 3,438 | 4,133 |
| EPS ($ per share) | 1.67 | 2.19 | 1.39 | 1.72 | 2.31 | — | 5.30 | 6.41 |
| Line item | Feb 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 16,114 | 16,091 | 16,849 | 7,898 | 8,424 | 8,926 | 9,119 | 9,457 |
| Reserves | -21,349 | -16,891 | -13,751 | -8,188 | -6,732 | -4,453 | -1,160 | 3,325 |
| Total liabilities | 111,566 | 115,077 | 115,390 | 94,315 | 92,636 | 84,258 | 81,133 | 103,756 |
| Fixed assets | 5,259 | 6,055 | 4,833 | 5,415 | 6,209 | 6,432 | 6,336 | 6,676 |
| Investments | 0 | — | — | — | — | — | — | — |
| Total assets | 111,820 | 118,861 | 123,415 | 92,735 | 89,611 | 82,126 | 79,746 | 101,286 |
| Line item | Feb 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Feb 2023 | Feb 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,991 | 9,291 | 11,407 | 10,307 | 3,565 | 8,676 | 4,521 | 11,185 |
| Cash from investing | 3,389 | -4,686 | -460 | 1,306 | -3,024 | -2,783 | -2,215 | -2,055 |
| Cash from financing | -14,329 | -4,604 | -5,950 | -16,609 | -1,625 | -7,094 | -5,815 | -1,464 |
| Net cash flow | -4,138 | -89 | 5,033 | -5,102 | -1,188 | -1,387 | — | — |
| Capital expenditure | -1,497 | -2,576 | -2,082 | -2,796 | -3,003 | -2,756 | -2,652 | -2,633 |
| Free cash flow | 5,494 | 6,715 | 9,325 | 7,511 | 562 | 5,920 | 1,869 | 8,552 |
DELL revenue by segment
Infrastructure Solutions Group grew from 59% to 68% of revenue over the last two years.
| Segment | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Infrastructure Solutions Group | 47% | 47% | 44% | 56% | 52% | 59% | 66% | 68% | +89.2% |
| Client Solutions | — | — | 54% | 42% | 46% | 40% | 33% | 32% | +20.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
DELL operating KPIs by quarter
| KPI | Jan 2025 Q4 FY25 | Apr 2025 Q1 FY26 | Oct 2025 Q3 FY26 | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| AI orders demand ISG | $1.7BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $12.1BWe booked $12.1 billion in orders in the first quarter, surpassing the entirety of shipments in all of FY '25.Source: earnings call transcript | $12.3BWe booked $12.3 billion in orders in the quarter, bringing year-to-date orders to $30 billion, both record figures.Source: earnings call transcript | $34.1BIn Q4, we booked $34.1 billion in AI orders, evidence that demand is accelerating as customers deploy AI at scale.Source: earnings call transcript | $24.4BIn Q1, we booked $24.4 billion in AI orders and recognized $16.1 billion of AI server revenue.Source: earnings call transcript | $60.9BIn Q2, we booked a record $60.9 billion in AI orders and recognized $16.4 billion in AI server revenue.Source: earnings call transcript | +149.6% |
| AI shipments ISG | $2.1BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $1.8BWe shipped $1.8 billion, leaving us with a backlog of $14.4 billion.Source: earnings call transcript | $5.6BWe shipped $5.6 billion in AI servers during the quarter for a total of $15.6 billion year-to-date.Source: earnings call transcript | $9.5BWe shipped $9.5 billion in AI servers in the quarter.Source: earnings call transcript | — | — | +69.6% |
| AI backlog ISG | $4.1BIn Q4, AI orders demand was $1.7 billion with $2.1 billion in shipments, ending the quarter with $4.1 billion in backlog as customers work through technology changes.Source: earnings call transcript | $14.4BWe shipped $1.8 billion, leaving us with a backlog of $14.4 billion.Source: earnings call transcript | $18.4BWe ended the quarter with a record backlog of $18.4 billion.Source: earnings call transcript | $43BWe exited Q4 with a record $43 billion in AI backlog, and our pipeline continued to grow sequentially even after converting $34.1 billion of orders, a clear sign of sustained momentum.Source: earnings call transcript | $51.3BWe exited the quarter with a record $51.3 billion of AI backlog, and our pipeline continued to grow sequentially and remains multiples of our backlog, even after converting $24.4 billion into orders.Source: earnings call transcript | $95BWe exited the quarter with a record $95 billion of AI backlog, and our pipeline continue to grow sequentially and remains multiples of our backlog even after converting $131.7 billion into orders over the past 12 months.Source: earnings call transcript | +85.2% |
| Customers | — | — | — | — | 5,000+Our customer count surpassed 5,000 with growth across neocloud, sovereigns and enterprise customers.Source: earnings call transcript | 6,500+Demand is broadening across neoclouds, sovereigns and enterprise customers and our customer count has surpassed 6,500.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
3017 filings between Nov 24, 2025 and Oct 9, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$3.58B
2708 sales by 20 insiders
Compensation
not trading decisions- 15
- Award — granted as compensation
- 207
- Option exercise — converted options into shares
- 11
- Tax withheld — shares kept back by the company to cover tax
Also filed: 64 other filings, 12 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Silver Lake Partners IV, L.P. | — | $1.02B | Oct 9, 2026 |
| SL SPV-2, L.P. | — | $888.58M | Oct 9, 2026 |
| SLTA V (GP), L.L.C. | — | $500.44M | Apr 16, 2026 |
| SLTA IV (GP), L.L.C. | — | $500.44M | Apr 16, 2026 |
| Silver Lake Partners V DE (AIV), L.P. | — | $462.62M | Oct 9, 2026 |
| Scannell William F | — | $23.61M | Mar 23, 2026 |
| Kullman Ellen Jamison | — | $21.82M | Mar 6, 2026 |
| CLARKE JEFFREY W | — | $21.17M | Apr 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 2,025 | $1.18M |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 1,555 | $905.8K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 147 | $86.2K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 2,514 | $1.47M |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 898 | $516.1K |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 2,389 | $1.39M |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 31 | $17.9K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 112 | $65.6K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 5,614 | $3.23M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 1,704 | $992.6K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 1,800 | $1.06M |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 1,975 | $1.13M |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 2,490 | $1.44M |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 1,202 | $697.6K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 20 | $11.5K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 56 | $32.3K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 54 | $31.4K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 41 | $24.0K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 67 | $39.5K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 984 | $565.5K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 1,501 | $868.0K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 2,617 | $1.52M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 3,226 | $1.89M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 3,257 | $1.92M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Other | 19,761 | — |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Option exercise | 65,892 | — |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 5,124 | $2.95M |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 2,171 | $1.25M |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 1,370 | $792.2K |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 1,461 | $846.8K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Option exercise | 995 | — |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 44 | $25.2K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 115 | $66.2K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 49 | $28.2K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 33 | $19.1K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 27 | $15.7K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 35 | $20.4K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 51 | $29.8K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 66 | $38.8K |
| Oct 9, 2026 | Silver Lake Technology Investors IV, L.P. Director | Sale | 48 | $28.3K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Option exercise | 67,641 | — |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 2,164 | $1.24M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 2,379 | $1.37M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 2,728 | $1.57M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 1,600 | $927.3K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 1,317 | $764.3K |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 5,464 | $3.20M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 7,207 | $4.23M |
| Oct 9, 2026 | Silver Lake Partners IV, L.P. Director | Sale | 2,353 | $1.39M |
| Oct 9, 2026 | SL SPV-2, L.P. Director | Sale | 2,295 | $1.34M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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