Dell Technologies announced its Q2 fiscal year 2026 financial results on August 28, 2025, reporting record revenue of $29.8 billion, up 19% year-over-year, driven by strong demand for AI solutions and robust growth in its Servers and Networking business.
Revenue: $29.8 billion, up 19% year-over-year, announced August 28, 2025.
Operating Income: $1.8 billion (GAAP), up 27%; $2.3 billion (non-GAAP), up 10%.
Diluted EPS: $1.70 (GAAP), up 38%; $2.32 (non-GAAP), up 19%, a Q2 record.
Cash Flow from Operations: $2.5 billion, with $1.3 billion returned to shareholders.
AI Solutions: Shipped $10 billion in H1 FY26, surpassing FY25 total; FY26 guidance raised to $20 billion.
FY26 Guidance: Revenue $105.0–$109.0 billion; GAAP EPS $7.98; non-GAAP EPS $9.55.
Dell Technologies reported record Q2 FY2026 revenue of $29.8 billion, a 19% increase from $25.0 billion in Q2 FY2025. GAAP operating income rose 27% to $1.8 billion, while non-GAAP operating income grew 10% to $2.3 billion. Diluted earnings per share (EPS) reached $1.70 (GAAP), up 38%, and a record $2.32 (non-GAAP), up 19%. Cash flow from operations was $2.5 billion, supporting $1.3 billion in shareholder returns through share repurchases and dividends. The company’s cash position remained strong, though specific figures were not disclosed in the release.
Revenue: $16.8 billion, up 44% year-over-year, a record.
Servers and Networking: $12.9 billion, up 69%, driven by AI-optimized server demand.
Storage: $3.9 billion, down 3% year-over-year.
Operating Income: $1.5 billion, up 14%, a Q2 record.
Revenue: $12.5 billion, up 1% year-over-year.
Commercial Client: $10.8 billion, up 2%.
Consumer: $1.7 billion, down 7%.
Operating Income: $803 million, down 2%.
“We achieved strong top-line results and profitability,” said CFO Yvonne McGill, noting $2.5 billion in cash flow and $1.3 billion in shareholder returns. COO Jeff Clarke highlighted, “We’ve now shipped $10 billion of AI solutions in the first half of FY26, surpassing all shipments in FY25,” with Servers and Networking revenue growing 69%. Dell raised its FY26 AI server shipment guidance to $20 billion, reflecting exceptional demand for AI-optimized infrastructure. The company’s Dell AI Factory, integrating NVIDIA technologies, continues to drive enterprise AI adoption.
Full-Year FY26:
Revenue: $105.0–$109.0 billion, up 12% at the midpoint ($107.0 billion).
GAAP Diluted EPS: $7.98, up 25%.
Non-GAAP Diluted EPS: $9.55, up 17%.
Third-Quarter FY26:
Revenue: $26.5–$27.5 billion, up 11% at the midpoint ($27.0 billion).
GAAP Diluted EPS: $2.07, up 26%.
Non-GAAP Diluted EPS: $2.45, up 11%.
The global AI infrastructure market is projected to grow at a 27.5% CAGR through 2030, driven by enterprise AI adoption. Dell’s 69% growth in Servers and Networking, fueled by AI-optimized servers like the PowerEdge XE9680L, positions it strongly against competitors like HPE and Lenovo. The company’s $10 billion in AI solution shipments in H1 FY26, surpassing FY25’s total, underscores its leadership in this high-growth segment.
Dell Technologies (NYSE: DELL) provides a broad portfolio of technology solutions, from AI-optimized servers to PCs, serving enterprises and consumers globally. With partnerships like NVIDIA, Dell drives digital transformation in the AI era.
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