Dell Technologies Inc. · Q2 FY2027
ReportedSep 1, 2026
Period endedJul 31, 2026
Rule of 40+60
Consensus vs reported
EPS · NON-GAAP
BEAT +43%
$7.04
vs $4.92 expected
QoQ+44.9%
YoY+203%
Revenue
BEAT +6%
$46.97B
vs $44.51B expected
QoQ+7.1%
YoY+57.7%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
The quarter in short
Revenue $46.97B, up 57.7% year over year and 7.1% on the quarter. Non-GAAP EPS $7.04, up 203% year over year and 44.9% on the quarter. GAAP EPS $6.34. Free cash flow $986M, down 47.2% year over year and 68.4% on the quarter. Non-GAAP EPS beat consensus by 43%. Rule of 40 score +60.
Reported this quarter
Revenue
$46.97B
QoQ +7.1%
YoY +57.7%
EPS · NON-GAAP
$7.04
QoQ +44.9%
YoY +203%
EPS · GAAP
$6.34
QoQ +21.0%
YoY +272.9%
Free Cash Flow
$986M
QoQ −68.4%
YoY −47.2%
Gross Margin
20.9%
QoQ +3.2 pp
YoY +2.6 pp
FCF Margin
2.1%
QoQ −5.0 pp
YoY −4.2 pp
P/E Ratio
23.5
QoQ +41.0%
YoY +26.8%
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The full-year guide went up $25 billion in one quarter. Fiscal 2027 revenue goes from $167.0bn to $192.0bn and non-GAAP EPS from $17.90 to $25.50, +42.5% — and the implied second half went from about $39.3bn a quarter to $50.6bn.
- Only 56% of the raise is AI servers. AI-optimized servers take $14.0bn of the $25.0bn; the other $11.0bn is a 10.3% lift to everything else Dell sells, from $107.0bn to $118.0bn.
- Orders ran 3.71 times the revenue Dell could recognise. $60.9bn booked against $16.4bn shipped took AI backlog from $51.3bn to about $95bn, up 85%. Management called supply, not demand, the constraint.
- Gross margin rose while the AI mix rose. 20.93% against 17.75% last quarter, +318 basis points, in the quarter AI-optimized servers went from 27.6% to 34.9% of revenue. The dilution thesis just took a counterexample.
- Inventories doubled and payables grew 48% since January. $21.3bn against $10.4bn and $49.7bn against $33.6bn — and $6.67bn of the $8.1bn adjusted free cash flow figure is money lent to customers, not earned.
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| FY2026 Q1 | — | $1.37 | — |
| FY2026 Q2 | — | $1.70 | — |
| FY2026 Q3 | — | $2.28 | — |
| FY2026 Q4 | — | $3.37 | — |
| FY2027 Q1 | — | $5.24 | — |
| FY2027 Q2 | $4.92 | $7.04 | +43% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1571996.
JSON
Company facts (XBRL)
Every figure DELL has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for Q2 FY2027, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings