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Dell Technologies Inc. 8-K Report, Financial Results (Sep 1, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed September 1, 2026
Period End
September 1, 2026
Security
DELL
In the record · 2016–202610-K1010-Q328-K174

DELL filed 10 annual reports (10-K), 32 quarterly reports (10-Q) and 174 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Oct ’17Oct ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Material agreement8-K · Dec ’21Dec ’21
  4. Leadership change8-K · Oct ’25Oct ’25

01—Abstract

Summary

Summary of the 8-K filed September 1, 2026. Cited figures are marked; the original filing is the authoritative source.

Dell Technologies reported fiscal Q2 2027 (quarter ended July 31, 2026) results that were dramatically above year-ago levels, driven by AI server demand.

Record revenue was $47.0 billiona, up 58% year over year, and diluted GAAP EPS was $6.34, up 273%. Non-GAAP diluted EPS was $7.04, up 203%. Operating income rose 204% to $5.4 billion, and gross margin expanded to 20.9% of revenue from 18.3%.

The Infrastructure Solutions Group (ISG) drove the growth, with revenue up 89% to a record $31.8 billionb. AI-Optimized Servers revenue reached $16.4 billion (up 100%), and the company reported a record $60.9 billion in AI server orders and a record $95 billion backlog. Traditional servers and networking grew 122%, while storage grew 26%.

Management raised full-year FY27 revenue guidance by $25 billion to $192.0 billionc, up about 69% year over year. It raised AI-Optimized Servers guidance to $74.0 billion from $60.0 billion. Full-year GAAP EPS guidance rose to $24.37 from $17.31, and non-GAAP EPS guidance rose to $25.50 from $17.90.

Third-quarter guidance calls for revenue of $49.0 billiond (up 81%) and non-GAAP EPS of $6.50 (up 151%). The company also declared a quarterly dividend of $0.63 per share and returned a record $4.3 billion to shareholders in the quarter. There are several points of caution for investors.

Operating cash flow fell 13% year over year to $2.2 billion, and free cash flow was $986 million, down 47%. Working capital absorbed significant cash, with accounts receivable, inventories and accounts payable all rising sharply. Total debt increased, and total shareholders' equity remained negative at $(1.4) billion.

Much of the EPS growth also reflects a large fair value gain on equity investments, which contributed $704 million to six-month GAAP net income. The company's results are heavily concentrated in AI server demand, so the outlook depends on sustaining that demand and on the supply chain.

02—Key points

Key Highlights

  1. Record Q2 FY27 revenue of $47.0B (+58% YoY) and GAAP diluted EPS of $6.34 (+273% YoY); non-GAAP diluted EPS of $7.04 (+203%).
  2. ISG revenue of $31.8B (+89%), led by AI-Optimized Servers at $16.4B (+100%) and Traditional Servers and Networking at $10.5B (+122%).
  3. Record AI server backlog of $95B and record AI server orders of $60.9B in the quarter.
  4. FY27 revenue guidance raised by $25B to $192.0B; AI-Optimized Servers guidance raised to $74.0B from $60.0B; non-GAAP EPS guidance raised to $25.50 from $17.90.
  5. Q3 FY27 guidance of $49.0B revenue (+81% YoY) and non-GAAP EPS of $6.50 (+151% YoY).
  6. Operating cash flow fell 13% to $2.2B and free cash flow fell 47% to $986M, while inventories and receivables rose sharply.
  7. Record $4.3B returned to shareholders in the quarter; quarterly dividend declared at $0.63 per share.

03—Questions

Frequently Asked Questions

  1. What drove Dell's record results this quarter?

    The growth came mainly from the Infrastructure Solutions Group, where AI-Optimized Servers revenue doubled to $16.4 billion. Traditional servers and networking grew 122%, and storage grew 26%. Client Solutions Group revenue grew 20% to $15.0 billion.

  2. How much did Dell raise its full-year guidance, and what is the new outlook?

    Dell raised FY27 revenue guidance by $25 billion to $192.0 billion, up about 69% year over year. It raised AI-Optimized Servers revenue guidance to $74.0 billion from $60.0 billion. Non-GAAP diluted EPS guidance rose to $25.50 from $17.90, and GAAP diluted EPS guidance rose to $24.37 from $17.31.

  3. Are there any concerns about the quality of earnings or cash generation?

    Yes. Operating cash flow fell 13% to $2.2 billion and free cash flow fell 47% to $986 million. Working capital absorbed cash, with inventories rising to $21.3 billion from $10.4 billion and accounts receivable rising to $22.9 billion from $17.6 billion. Some of the GAAP earnings growth also reflects gains on equity investments, which are excluded from non-GAAP results.

  4. What is the status of Dell's balance sheet and capital returns?

    Total debt rose to about $34.5 billion, including short-term debt, and shareholders' equity was still negative at $(1.4) billion. Dell 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 payable October 30.

  5. What is the outlook for AI server demand?

    Management cited a record $95 billion backlog and $60.9 billion of AI server orders in the quarter, which supports the raised guidance. Investors should still watch for execution risk, supplier dependence, and the margin and cash-flow effects of rapidly growing working capital.

04—Continue

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