Dell Technologies Inc. 8-K
PositiveEarningsGuidance raised
Accelerating AI server demand drives a $25B increase in FY revenue guidance.
Filed 2026-09-01 16:10 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 FY2027 results with Q3 and FY2027 guidance. Dell reported record revenue and EPS, with AI server demand driving growth. It raised FY revenue guidance by $25B to $192B.
Key Figures
| Metric | Q2 FY2027 | Q2 FY2026 | Y/Y |
|---|---|---|---|
| Revenue | $47.0B | $29.8B | 58% |
| Operating income | $5.39B | $1.77B | 204% |
| Non-GAAP operating income | $5.93B | $2.28B | 160% |
| Net income | $4.13B | $1.16B | 255% |
| Non-GAAP net income | $4.59B | $1.59B | 189% |
| Diluted EPS | $6.34 | $1.70 | 273% |
| Non-GAAP diluted EPS | $7.04 | $2.32 | 203% |
| Cash flow from operating activities | $2.23B | $2.54B | (13)% |
| Free cash flow, non-GAAP | $986M | $1.87B | (47)% |
| Adjusted free cash flow, non-GAAP | $8.15B | $2.52B | 224% |
- Infrastructure Solutions Group revenue rose 89% to $31.8B, including AI-optimized server revenue of $16.4B (+100%), traditional servers and networking of $10.5B (+122%), and storage of $4.85B (+26%). AI server orders reached a record $60.9B and backlog was $95B.
- Dell returned $4.3B to shareholders, including $3.80B in share repurchases and $405M in dividends. Weighted-average diluted shares fell 5% Y/Y. The board declared a $0.63/share dividend, payable 10/30/2026 to holders of record 10/20/2026.
- At 7/31/2026, cash and cash equivalents were $11.6B; short-term debt was $8.48B and long-term debt was $26.0B.
Guidance
Dell attributed the higher FY revenue outlook to accelerating AI momentum and opportunity across its portfolio.
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Revenue | Q3 FY2027 | $49B; 81% Y/Y | — | — |
| GAAP diluted EPS | Q3 FY2027 | $6.10; 168% Y/Y | — | — |
| Non-GAAP diluted EPS | Q3 FY2027 | $6.50; 151% Y/Y | — | — |
| Revenue | FY2027 | $192B; 69% Y/Y | $167B | Raised |
| AI-optimized servers revenue | FY2027 | $74B; 200% Y/Y | $60B | Raised |
| GAAP diluted EPS | FY2027 | $24.37; 181% Y/Y | $17.31 | Raised |
| Non-GAAP diluted EPS | FY2027 | $25.50; 148% Y/Y | $17.90 | Raised |
Investor Takeaways
- Q3 revenue and GAAP and non-GAAP EPS versus guidance will test whether current growth momentum continues.
- Watch conversion of AI server orders and backlog into revenue against FY2027 AI-optimized server guidance.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3