Earnings preview

Dell Technologies Inc. Dell Technologies Inc. Q2 FY2027 Earnings Results vs. Expectations

ReportsSep 1, 2026
SlotAfter Market Close

Results are out

This quarter has reported. The consensus below is what we expected going in.

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What the Street expects

EPS · NON-GAAP
$4.92
Guided $4.80 midpoint
QoQ+1.2%
YoY+112%
Revenue
$44.51B
Guided $44.0B–$45.0B
QoQ+1.5%
YoY+49.4%

QoQ and YoY are what the consensus implies against the prior quarter and the prior year.

Also on the card
Company guidance $44.0-$45.0B revenue, non-GAAP EPS $4.80 mid
GAAP EPS $4.48 guided; the consensus above is non-GAAP
AI servers $15.5B guided, below April's $16.1B
Implied H2 $78.7B, about $39.3B a quarter
Full-year guide $165-$169B revenue, AI servers roughly $60B
AI backlog $51.3B at 1 May, after $24.4B of orders
Quarter ended July 31, 2026

Q2 FY2027 reported results

What to watch

  1. The full-year revenue range, currently $165.0–169.0 billion. Left unchanged, it holds the second half at about $39.3 billion a quarter. Raised, it retires the most interesting thing in the current guide.
  2. The full-year AI-optimized server figure, currently roughly $60 billion. The same test on the line that matters: $16.1 billion is banked and $15.5 billion is guided, so anything above $60 billion is a second-half raise on the AI line specifically.
  3. AI-server revenue against the $15.5 billion guide, and orders and backlog against $24.4 billion and $51.3 billion. Backlog growing while recognised revenue plateaus is the memory constraint; both falling is demand.
  4. Gross margin against 17.75%. April was the thinnest quarter in the series and the company has said component costs stay inflated all year. Where this lands decides whether the AI line is a low-margin business or a shrinking-margin one.
  5. Non-GAAP EPS against $4.80 guided and $4.92 expected, and GAAP against $4.48. The two per-share bases are 32 cents apart at the guide. Both will be quoted; only one is comparable to the $5.24 GAAP figure this site carries for April.

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Estimate against reported

$7.89$3.95$0.00FY2026 Q1 reported $1.37FY2026 Q1FY2026 Q2 reported $1.70FY2026 Q2FY2026 Q3 reported $2.28FY2026 Q3FY2026 Q4 reported $3.37FY2026 Q4FY2027 Q1 reported $5.24FY2027 Q1FY2027 Q2 estimate $4.92FY2027 Q2 reported $7.04FY2027 Q2
Our published estimate Reported EPS
QuarterEstimateReportedSurprise
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.

Every quarter

Q2 FY2027Q1 FY2027Q4 FY2026Q3 FY2026Q2 FY2026Q1 FY2026

Read the full preview → Q2 FY2027 release page View DELL stock page