Dell Technologies (DELL) Q2 FY2027 earnings

Reported results

• Record revenue of $47.0 billion, up 58% year-over-year (GAAP)
• Record diluted EPS of $6.34, up 273% year-over-year (GAAP)
• Record non-GAAP diluted EPS of $7.04, up 203% year-over-year (non-GAAP)
• Infrastructure Solutions Group revenue of $31.8 billion, up 89% year-over-year, including AI-Optimized Servers revenue of $16.4 billion, up 100% year-over-year
• Client Solutions Group revenue of $15.0 billion, up 20% year-over-year
• Cash flow from operations of $2.2 billion; adjusted free cash flow of $8.149 billion, up 224% year-over-year

Guidance

• Q3 FY2027 revenue guidance: $49.0 billion, up 81% year-over-year
• Q3 FY2027 GAAP diluted EPS guidance: $6.10, up 168% year-over-year
• Q3 FY2027 non-GAAP diluted EPS guidance: $6.50, up 151% year-over-year
• Full-year FY2027 revenue guidance: $192.0 billion (updated from $167.0 billion), up 69% year-over-year
• Full-year FY2027 GAAP diluted EPS guidance: $24.37 (updated from $17.31), up 181% year-over-year
• Full-year FY2027 non-GAAP diluted EPS guidance: $25.50 (updated from $17.90), up 148% year-over-year
• Full-year FY2027 AI-Optimized Servers revenue guidance: $74.0 billion (updated from $60.0 billion), up 200% year-over-year

Notes

The company raised full-year FY2027 revenue guidance by $25 billion. AI-Optimized Servers business recorded $60.9 billion in orders, $16.4 billion in revenue, and exited the quarter with $95 billion in backlog. A quarterly cash dividend of $0.63 per common share was declared, payable October 30, 2026.

Price and volatility reaction

The stock moved +15.8% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -12.7 vol points across the event (constant-maturity series — not the front-week crush).

Source

The figures above come from the earnings release the company filed with the SEC on 2026-09-01 (8-K, Item 2.02). Read the original filing on sec.gov.