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How Dell Technologies (DELL) makes money: Q2 FY2027 revenue breakdown
US GAAP · $M · vs Q2 FY2026 · quarter ended 07/31/2026 (fiscal year is shifted) · reported 09/01/2026
Dell Technologies Inc. is an American multinational technology company that has been headquartered in Round Rock, Texas, since 1994. · Wikipedia
More about the company
It was formed as a result of the September 2016 merger of Dell Inc. and EMC Corporation. Dell Technologies ranked 44th on the 2025 Fortune 500 rankings of the largest United States corporations based on its 2024 revenue; its products include personal computers, servers, monitors, computer software, computer security and network security, as well as information security services.
Key growth driver: AI-Optimized Servers — the fastest-growing revenue line: $16,401, +100% y/y. · by the Q2 FY2027 report
How does Dell Technologies make money?
Dell Technologies brought in $47.0 billion of revenue in Q2 FY2027, up 58% year over year. The largest source was Infrastructure Solutions Group: $31.8 billion, or 68% of the total, followed by Client Solutions Group ($15.0B, 32%). Net income for the quarter was $4.13 billion, up 255% year over year.
Revenue by source, Q2 FY2027
- Infrastructure Solutions Group$31.8B · 68% · +89%
- Client Solutions Group$15.0B · 32% · +20%
- Corporate & Other$155M · 0.3% · −67%
Shares of $47.0B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is DELL’s next earnings date?
Tuesday, November 24, 2026estimated
Dell Technologies (DELL) has not confirmed the date yet; Nov 24, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $6.41 (8 analysts), vs $2.35 in the same quarter last year.
What time does DELL report? Usually after market close: the last 4 results releases reached the SEC at 4:10 pm, 4:15 pm, 4:08 pm, 4:10 pm ET.
Last report: Sep 1, 2026 (Q2 FY2027) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$46,971
+58%
Gross profit
$9,830
+80%
20.9% margin
Operating income
$5,385
+204%
11.5% margin
Net income
$4,133
+255%
$6.34 diluted EPS
Verdict: a record quarter on every line — revenue up 58% to $47.0B with ISG up 89% on $16.4B of AI servers and a surprising +122% in traditional servers, gross margin recovering to 20.9% (from 17.8% last quarter), operating income tripling to $5.4B and diluted EPS up 273% to $6.34; full-year revenue guidance was raised to $192B (+69%).
OCF $2,225M; capex $1,239M; adjusted FCF $8,149M (+224%); record $4.3B returned to shareholders (buybacks $3,796M, dividends $405M); quarterly dividend $0.63/share; FY27 guidance: revenue $192.0B (+69%), AI server revenue $74B, GAAP EPS $24.37; Q3 GAAP EPS guidance $6.10.
Source and notation
* marks non-cash / ≈ estimated. Source: Dell Technologies 8-K press release for the quarter ended July 31, 2026 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Company reports
DELL earnings history: past report dates
| Sep 1, 2026 Tue | 4:10 pmafter market close | Jul 31, 2026 | $47.0B+58% y/y | $6.34+273% y/y |
| May 28, 2026 Thu | 4:15 pmafter market close | May 1, 2026 | $43.8B+88% y/y | $5.24+282% y/y |
| Feb 26, 2026 Thu | 4:08 pmafter market close | Jan 30, 2026 | ≈$33.4B+39% y/y | ≈$3.33+55% y/y |
| Nov 25, 2025 Tue | 4:10 pmafter market close | Oct 31, 2025 | $27.0B+11% y/y | $2.28+39% y/y |
| Aug 28, 2025 Thu | 4:09 pmafter market close | Aug 1, 2025 | $29.8B+19% y/y | $1.70+38% y/y |
| May 29, 2025 Thu | 4:07 pmafter market close | May 2, 2025 | $23.4B+5% y/y | $1.37+0% y/y |
| Feb 27, 2025 Thu | 4:07 pmafter market close | Jan 31, 2025 | $23.9B+7% y/y | $2.15+30% y/y |
| Nov 26, 2024 Tue | 4:12 pmafter market close | Nov 1, 2024 | $24.4B+10% y/y | $1.64+15% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Dell Technologies: 5-year financials
| FY2026 | 113,538 | 8,149 | 5,936 | 8,552 | 1,459 |
| FY2025 | 95,567 | 6,237 | 4,592 | 1,869 | 1,275 |
| FY2024 | 88,425 | 5,411 | 3,388 | 5,920 | 1,072 |
| FY2023 | 102,301 | 5,771 | 2,442 | 562 | 964 |
| FY2022 | 101,197 | 4,659 | 5,563 | 7,511 | — |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP); the company’s fiscal year doesn’t match the calendar year so years follow the company’s own labels.
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
0/2systematically poor
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Dec 2018Dell bought back its Class V tracking stock for $14.0B in cash and 149.4M Class C shares; plaintiffs alleged the price was billions below fair value, with the difference captured by Dell and Silver Lake. sec.gov ↗
- Nov 2022In re Dell Class V Litigation was settled for $1.0B; the payment is borne by the company and its insurers on behalf of the defendants under indemnification obligations ($0.9B expense in FY2023). sec.gov ↗
- Mar 2026Michael Dell and Silver Lake control 91.7% of the vote; Dell alone has over 50% — the company is "controlled" under NYSE rules. sec.gov ↗
- Mar 2026Per-share dividend $1.32 (FY2023) → $2.10 (FY2026); diluted shares −10.8% over 5 years (XBRL). data.sec.gov ↗
Scoring: 2.0 −1.0 (criterion 6: 2018 Class V tracking stock exchange; the suit over the lowball price was settled for $1.0B at the company's expense) −1.0 (criterion 7: Michael Dell controls >50% of the vote through 10-vote Class A, no sunset) = 0.0
- Share classes
- Only Class C trades; Class A (10 votes) is held by Michael Dell, Class B by Silver Lake; together 91.7% of the vote, Dell alone >50% — a "controlled company", no sunset → −1.0.
- Dilution
- Diluted shares −10.8% over 5 years ($15B of buybacks over FY2022–FY2026), SBC 0.6% of revenue — no deduction.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividends since FY2023, raised every year ($1.32 → $2.10 per share), no deviations from policy.
- Lawsuits & regulators
- The Class V holders' suit (Delaware Chancery) over value extraction by controlling shareholders was settled for $1.0B (2022–2023), paid by the company/insurers under indemnification of the defendants → counted under criterion 6. The 2010 SEC case ($100M) is over 10 years old — no effect on the total (score already 0).
- Related parties
- The Class V settlement was paid by the company on behalf of the defendants (Dell, Silver Lake) under indemnification obligations; a reincorporation to Texas was proposed in 2026 (no deduction).
How the score works · checked as of Sep 2026
Dell Technologies (DELL) earnings: FAQ
How does Dell Technologies make money?
Dell Technologies brought in $47.0 billion of revenue in Q2 FY2027, up 58% year over year. The largest source was Infrastructure Solutions Group: $31.8 billion, or 68% of the total, followed by Client Solutions Group ($15.0B, 32%). Net income for the quarter was $4.13 billion, up 255% year over year.
When is DELL's next earnings date?
Dell Technologies (DELL) has not confirmed the date yet; Nov 24, 2026 is an estimate based on its past reporting schedule.
What time does DELL report earnings?
Dell Technologies usually reports after market close: its latest results release was filed with the SEC at 4:10 pm ET on Sep 1, 2026.
When did DELL last report earnings?
Dell Technologies reported Q2 FY2027 results on Sep 1, 2026.
What is the EPS estimate for DELL's next earnings?
The consensus EPS forecast is $6.41 (8 analysts), vs $2.35 in the same quarter last year.
Where can I find Dell Technologies's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to DELL's filings; this page breaks the latest report down in a Sankey chart.
What was DELL's net income in Q2 FY2027?
Dell Technologies reported net income of $4,133M for Q2 FY2027 (+255% year over year), under US GAAP.
Does Dell Technologies pay dividends?
Yes. In fiscal 2026, Dell Technologies paid $1,459M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 09/07/2026. How we make the breakdowns · Report an error
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