Dell Technologies (DELL) Q2 FY2027 earnings: revenue $47.0 billion, up 57.7% on the year

Dell Technologies Inc. (DELL) reported revenue of $47.0 billion for Q2 FY2027, the quarter ended 31 July 2026, up 57.7% on the same quarter a year earlier. Net income was $4.1 billion, up 255.1% on the year, and diluted earnings per share $6.34. The figures are the company's own, from the 10-Q it filed with the SEC on 8 September 2026.

Revenue

$47.0 billion

+57.7% on the year · +7.1% on the quarter

Q3 FY2025Q2 FY2027

Operating margin

11.5%

6.0% a year earlier

Q3 FY2025Q2 FY2027

Net income

$4.1 billion

+255.1% on the year · +20.2% on the quarter

Q3 FY2025Q2 FY2027

Diluted EPS

$6.34

+272.9% on the year · +21.0% on the quarter

Q3 FY2025Q2 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 raised, 3 new.

Record quarterly revenue: Net revenue was $47.0 billion, up 58% from $29.8 billion. Six-month revenue reached $90.8 billion, up 71%.
Record diluted EPS: Diluted EPS was $6.34, up 273%. Non-GAAP diluted EPS was $7.04, up 203%.
Full-year revenue guidance raised: Full-year revenue guidance raised by $25 billion to $192.0 billion, with AI-Optimized Servers guidance raised to $74.0 billion.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Revenue	46,971	43,842	29,776	+7.1%	+57.7%
Cost of revenue	37,141	36,060	24,329	+3.0%	+52.7%
Gross profit	9,830	7,782	5,447	+26.3%	+80.5%
Gross margin	20.9%	17.8%	18.3%
Research and development	1,109	983	785	+12.8%	+41.3%
Selling, general and administrative	3,336	3,143	2,889	+6.1%	+15.5%
Operating income	5,385	3,656	1,773	+47.3%	+203.7%
Operating margin	11.5%	8.3%	6.0%
Interest expense	400	391	399	+2.3%	+0.3%
Pre-tax income	5,131	3,948	1,440	+30.0%	+256.3%
Income tax	998	510	276	+95.7%	+261.6%
Effective tax rate	19.5%	12.9%	19.2%
Net income	4,133	3,438	1,164	+20.2%	+255.1%
Net margin	8.8%	7.8%	3.9%
Diluted EPS	$6.34	$5.24	$1.70	+21.0%	+272.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Operating cash flow	2,225	4,081	2,543	-45.5%	-12.5%
Capital expenditure	1,239	963	675	+28.7%	+83.6%
Free cash flow	986	3,118	1,868	-68.4%	-47.2%
Free cash flow margin	2.1%	7.1%	6.3%
Cash from investing	-1,337	-1,067	-655
Cash from financing	-882	-2,954	-1,465
Depreciation and amortisation	754	758	762	-0.5%	-1.0%
Share-based compensation	184	189	179	-2.6%	+2.8%
Buybacks	3,796	1,628	940	+133.2%	+303.8%
Dividends paid	405	464	366	-12.7%	+10.7%
Dividend per share	$0.63	$0.63	$0.53	0.0%	+20.0%
Diluted shares, weighted	652m	656m	686m	-0.6%	-5.0%
Shares outstanding at period end	640m	649m	675m	-1.4%	-5.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q2 FY2027	Q1 FY2027	Q2 FY2026	On the quarter	On the year
Shareholders' equity	-1,427	-1,404	-2,766
Non-controlling interest	n/a	n/a	0.0
Debt	34,466	31,161	28,689	+10.6%	+20.1%
Operating lease liabilities	552	495	549	+11.5%	+0.5%
Other liabilities	93,802	84,661	62,704	+10.8%	+49.6%
Total liabilities and equity	127,393	114,913	89,176	+10.9%	+42.9%
Fixed assets	7,417	6,945	6,458	+6.8%	+14.8%
Goodwill	19,448	19,504	19,336	-0.3%	+0.6%
Intangible assets	4,347	4,439	4,748	-2.1%	-8.4%
Investments	2,679	2,484	1,596	+7.9%	+67.9%
Cash and equivalents	11,569	11,578	8,145	-0.1%	+42.0%
Receivables	22,918	25,854	15,023	-11.4%	+52.6%
Inventory	21,290	15,052	7,211	+41.4%	+195.2%
Other assets	37,725	29,057	26,659	+29.8%	+41.5%
Total assets	127,393	114,913	89,176	+10.9%	+42.9%

Questions

What was Dell Technologies' revenue in Q2 FY2027?

Dell Technologies (DELL) reported revenue of $47.0 billion for Q2 FY2027, the quarter ended 31 July 2026, up 57.7% on the same quarter a year earlier.

How much did Dell Technologies earn in Q2 FY2027?

Net income for Q2 FY2027 was $4.1 billion, up 255.1% on the year, and diluted earnings per share $6.34.

When did Dell Technologies report Q2 FY2027 results?

Dell Technologies filed its 10-Q for the quarter ended 31 July 2026 with the SEC on 8 September 2026.

Quarterly results, the last 20 quarters

	Q3 FY2022 †	Q4 FY2022 †	Q1 FY2023 †	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 †	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027	Q2 FY2027
Revenue	26,424	27,992	26,116	26,425	24,721	25,039	20,922	22,934	22,251	22,318	22,244	25,026	24,366	23,931	23,378	29,776	27,005	33,379	43,842	46,971
Cost of revenue	20,890	22,374	20,332	20,986	19,014	19,283	15,842	17,547	17,050	16,946	17,393	19,665	19,006	18,253	18,441	24,329	21,412	26,649	36,060	37,141
Gross profit	5,534	5,618	5,784	5,439	5,707	5,756	5,080	5,416	5,201	5,372	4,851	5,361	5,360	5,678	4,937	5,447	5,593	6,730	7,782	9,830
Gross margin	21%	20%	22%	21%	23%	23%	24%	24%	23%	24%	22%	21%	22%	24%	21%	18%	21%	20%	18%	21%
R&D	650	611	681	626	677	795	688	705	692	716	763	780	745	773	808	785	752	797	983	1,109
SG&A	3,838	3,398	3,553	3,543	3,268	3,772	3,261	3,517	2,970	3,109	3,123	3,189	2,894	2,746	2,964	2,889	2,722	2,841	3,143	3,336
Operating income	1,046	1,609	1,550	1,270	1,762	1,189	1,131	1,194	1,539	1,547	965	1,392	1,721	2,159	1,165	1,773	2,119	3,092	3,656	5,385
Operating margin	4%	6%	6%	5%	7%	5%	5%	5%	7%	7%	4%	6%	7%	9%	5%	6%	8%	9%	8%	11%
Interest expense	406	287	265	298	272	387	405	352	371	373	343	387	321	343	354	399	396	411	391	400
Pre-tax income	4,547	-48.0	1,213	635	454	923	767	743	1,233	1,344	592	1,039	1,445	1,972	1,083	1,440	1,941	2,799	3,948	5,131
Tax rate	19%	n/a	12%	20%	47%	34%	18%	35%	15%	10%	-68%	15%	19%	22%	11%	19%	20%	19%	13%	19%
Net income	3,843	2.0	1,072	511	245	614	637	489	1,052	1,210	997	887	1,175	1,533	965	1,164	1,548	2,259	3,438	4,133
Net margin	15%	0%	4%	2%	1%	2%	3%	2%	5%	5%	4%	4%	5%	6%	4%	4%	6%	7%	8%	9%
Diluted EPS	$4.87	n/a	$1.37	$0.68	$0.33	$0.86	$0.79	$0.63	$1.36	$1.66	$1.37	$1.23	$1.64	$2.15	$1.37	$1.70	$2.28	$3.37	$5.24	$6.34
Operating cash flow	3,251	3,093	-269	724	396	2,714	1,777	3,214	2,152	1,533	1,043	1,340	1,553	585	2,796	2,543	1,172	4,674	4,081	2,225
Capital expenditure	799	740	690	807	747	759	701	624	704	727	596	682	639	735	568	675	669	721	963	1,239
Free cash flow	2,452	2,353	-959	-83.0	-351	1,955	1,076	2,590	1,448	806	447	658	914	-150	2,228	1,868	503	3,953	3,118	986
Buybacks	18.0	628	1,436	689	622	182	240	260	702	878	700	725	429	734	1,980	940	1,247	1,847	1,628	3,796
Dividends paid	0.0	0.0	248	242	238	236	276	269	266	261	336	316	312	311	396	366	351	346	464	405
Shares outstanding	767m	757m	747m	734m	718m	716m	729m	724m	715m	705m	710m	705m	702m	696m	683m	675m	667m	652m	649m	640m
Filing	10-K	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 July 2026, filed 8 September 2026: the filing.