The earnings call reflected significant positive trends, particularly driven by record revenue and strong growth in AI and ISG. However, challenges in storage revenue and traditional server demand in North America, along with a decline in consumer revenue, present areas of concern. Overall, the highlights, especially around AI growth and record achievements, outweigh the lowlights.

Company Guidance

During Dell Technologies' fiscal year 2026 second-quarter earnings call, the company provided updated guidance highlighting a robust performance driven by record AI shipments and revenue growth. Revenue reached a record $29.8 billion, a 19% increase year-over-year, with the ISG and CSG segments each growing 22%. Earnings per share also rose by 19% to $2.32, marking a Q2 record. Dell raised its AI server shipment guidance by $5 billion to $20 billion for the year, reflecting strong demand, particularly from enterprise and sovereign sectors. The company expects Q3 revenue between $26.5 billion and $27.5 billion, with ISG and CSG projected to grow by 13%. Dell increased its full-year revenue guidance to a range of $105 billion to $109 billion, with EPS expected to rise by 17% to $9.55 at the midpoint. The company anticipates improved profitability in the second half, driven by a favorable mix in traditional servers and Dell IP storage, alongside ongoing modernization efforts and cash flow generation.

Record Revenue and AI Growth

Dell reported record revenue of $29.8 billion, up 19% year-over-year. AI server shipments were a significant driver, with $5.6 billion in orders and $8.2 billion shipped, resulting in a backlog of $11.7 billion.

Strong ISG Performance

Infrastructure Solutions Group (ISG) revenue was a record $16.8 billion, up 44%. This marks 6 consecutive quarters of double-digit revenue growth, with servers and networking revenue hitting a record $12.9 billion, up 69%.

EPS and Cash Flow Achievements

Earnings per share increased by 19% to $2.32, marking a Q2 record. Cash flow from operations was $2.5 billion, driven by profitability and revenue growth.

R&D and Operational Efficiency

Operational expenses were down 4% while continuing to invest in R&D. Gross margin was $5.6 billion or 18.7% of revenue.

Strong Enterprise and Sovereign AI Demand

Enterprise orders grew sequentially in Q2, with double-digit growth across enterprise and sovereign opportunities. New NVIDIA RTX Pro 6000 AI Factory solutions saw strong interest.

Dell Technologies (DELL) Earnings, Revenues Date & History

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DELL Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 25, 2025	2026 (Q3)	2.48 / -	2.15	―	―	―
Aug 28, 2025	2026 (Q2)	2.29 / 2.32	1.89	22.75% (+0.43)
May 29, 2025	2026 (Q1)	1.70 / 1.55	1.27	22.05% (+0.28)
Feb 27, 2025	2025 (Q4)	2.52 / 2.68	2.2	21.82% (+0.48)
Nov 26, 2024	2025 (Q3)	2.06 / 2.15	1.88	14.36% (+0.27)
Aug 29, 2024	2025 (Q2)	1.71 / 1.89	1.74	8.62% (+0.15)
May 30, 2024	2025 (Q1)	1.26 / 1.27	1.31	-3.05% (-0.04)
Feb 29, 2024	2024 (Q4)	1.73 / 2.20	1.8	22.22% (+0.40)
Nov 30, 2023	2024 (Q3)	1.46 / 1.88	2.3	-18.26% (-0.42)
Aug 31, 2023	2024 (Q2)	1.14 / 1.74	1.68	3.57% (+0.06)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DELL Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 28, 2025	$134.05	―	―
May 29, 2025	$113.17	$110.82	-2.08%
Feb 27, 2025	$106.71	$101.69	-4.70%
Nov 26, 2024	$139.70	$122.59	-12.25%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.