Dell Technologies (DELL) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended July 31, 2026 and Dell Technologies published the results on September 1, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Dell Technologies reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Dell split ISG servers and networking revenue into AI-Optimized Servers and Traditional Servers and Networking starting in Q4 fiscal 2026. The year-ago rows above are Dell's recast figures; Q2 fiscal 2026 servers and networking revenue was $12,944 million as first reported.
• Dell's fiscal year ends on the Friday nearest January 31, so Q2 fiscal 2027 is the three months ended July 31, 2026.

Source: Dell Technologies Q2 fiscal 2027 results, September 1, 2026. Also in the Form 10-Q for the quarter ended July 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How Dell Technologies splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• Dell Technologies's Infrastructure Solutions Group (ISG) revenue was $31.8 billion in Q2 fiscal 2027, up 89% from $16.8 billion in Q2 fiscal 2026, 68% of total revenue.
• Dell Technologies's Client Solutions Group (CSG) revenue was $15.0 billion in Q2 fiscal 2027, up 20% from $12.5 billion in Q2 fiscal 2026, 32% of total revenue.
• Dell Technologies's Corporate and other revenue was $155 million in Q2 fiscal 2027, down 67% from $473 million in Q2 fiscal 2026, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Dell's guidance table also gives Q3 fiscal 2027 revenue of $49.0 billion, GAAP diluted EPS of $6.10 and non-GAAP diluted EPS of $6.50, and raises full-year AI-Optimized Servers revenue guidance to $74.0 billion from $60.0 billion.

In its Q2 fiscal 2027 release, Dell Technologies said:

“Full-year FY27 revenue guidance of $192.0 billion, up 69% year over year”

“Full-year FY27 EPS guidance of $24.37 and non-GAAP EPS guidance of $25.50, up 181% and 148% year over year, respectively”

“With AI momentum accelerating and our opportunity expanding across the portfolio, we're raising our full-year FY27 revenue outlook by $25 billion to $192 billion, up nearly 70% year over year.”

Source: Dell Technologies Q2 FY27 release, Sep 1, 2026.

This is the company's own guidance as of Sep 1, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the DELL forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net revenue and GAAP diluted EPS, each as first reported in that quarter's release.

Dell Technologies's next report is scheduled for November 24, 2026. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Sep 1, 2026

Dell Technologies reports two segments. The Infrastructure Solutions Group (ISG) brought in $31,782 million of Dell's $46,971 million net revenue in Q2 fiscal 2027: AI-Optimized Servers $16,401 million, Traditional Servers and Networking $10,531 million and Storage $4,850 million. The Client Solutions Group (CSG), which sells notebooks, desktops, workstations and peripherals, had $15,034 million, of which Commercial was $13,192 million and Consumer $1,842 million. (Dell Technologies Q2 FY27 release, Sep 1, 2026; Dell Technologies Form 10-K, fiscal 2026, Mar 16, 2026)

Dell Technologies said AI-Optimized Servers revenue rose 100% mainly on more units sold, and to a lesser extent higher average selling prices from richer configurations and disciplined pricing. Dell booked $60.9 billion of AI server orders in the quarter and ended it with a $95 billion AI server backlog. Traditional Servers and Networking rose 122%, mainly on higher average selling prices, and Storage rose 26% on demand for Dell-IP storage and disciplined pricing; Dell said ISG revenue grew most in the Americas. (Dell Technologies Form 10-Q, Q2 FY27, Sep 8, 2026; Dell Technologies Q2 FY27 release, Sep 1, 2026)

Dell Technologies' CSG revenue rose 20%. Commercial revenue grew 22% on higher average selling prices, partly offset by fewer units sold, and Consumer grew 7% on the same pattern. Dell attributed the higher prices in CSG primarily to disciplined pricing. (Dell Technologies Form 10-Q, Q2 FY27, Sep 8, 2026)

Dell Technologies' products revenue was $41,112 million and services revenue $5,859 million, which was flat on a year earlier. Revenue allocated to remaining performance obligations was approximately $132 billion at July 31, 2026, and Dell expects to recognize about 77% of it within twelve months. Sales outside the United States were approximately 45% of net revenue in fiscal 2026. (Dell Technologies Q2 FY27 release, Sep 1, 2026; Dell Technologies Form 10-Q, Q2 FY27, Sep 8, 2026; Dell Technologies Form 10-K, fiscal 2026, Mar 16, 2026)

Dell Technologies' GAAP diluted EPS was $6.34 in Q2 fiscal 2027 and its non-GAAP diluted EPS $7.04. Non-GAAP EPS adds back amortization of intangibles ($0.15 a share), stock-based compensation expense ($0.28) and other corporate expenses ($0.39), and takes out $0.11 of fair value gains on equity investments. Dell calculates non-GAAP income tax with a fixed estimated annual tax rate. (Dell Technologies Q2 FY27 release, Sep 1, 2026)

Dell Technologies' operating income was $5,385 million, 11.5% of revenue against 6.0% a year earlier. ISG operating margin rose 620 basis points to 15.0%, which Dell put down to a lower operating expense rate on revenue growth and a higher gross margin rate from disciplined pricing. The effective income tax rate was 19.5%, against 19.2%. (Dell Technologies Q2 FY27 release, Sep 1, 2026; Dell Technologies Form 10-Q, Q2 FY27, Sep 8, 2026)

Dell Technologies' diluted weighted average shares fell to 652 million from 686 million. Dell spent $3,796 million on share repurchases in Q2 fiscal 2027, and over the first six months repurchased approximately 20 million Class C shares for about $5.4 billion. It returned a record $4.3 billion to shareholders in the quarter through buybacks and dividends, and declared a quarterly dividend of $0.63 per share. (Dell Technologies Q2 FY27 release, Sep 1, 2026; Dell Technologies Form 10-Q, Q2 FY27, Sep 8, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Dell Technologies gives quarterly and full-year guidance in its release. For Q3 fiscal 2027 it guided revenue of $49.0 billion, GAAP diluted EPS of $6.10 and non-GAAP diluted EPS of $6.50. It raised full-year fiscal 2027 revenue guidance to $192.0 billion from $167.0 billion, AI-Optimized Servers revenue to $74.0 billion from $60.0 billion, GAAP diluted EPS to $24.37 from $17.31 and non-GAAP diluted EPS to $25.50 from $17.90. (Dell Technologies Q2 FY27 release, Sep 1, 2026)

A consensus figure is the average of the models published by the analysts who cover Dell Technologies, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Dell Technologies's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning DELL is on is DELL a buy or a sell?, what analysts expect next is on the DELL forecast, and what the company does is on the Dell Technologies (DELL) stock page.

Every number on this page can be traced to a document Dell Technologies published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.