Dell Technologies Inc. (DELL) Earnings Call Transcripts

Dell Technologies Inc.'s Latest Earnings Call - September 10, 2026

In the fiscal Q2 2027 earnings call, Dell Technologies Inc. reported a significant increase in revenue and orders, with a year-on-year revenue growth of 70%. The company booked $61 billion in orders for the quarter, contributing to a total of $132 billion over the past 12 months. Management maintained a realistic outlook for the second half of the year, guiding towards $192 billion in revenue, despite ongoing supply constraints, particularly in CPUs and memory. The strong demand across all segments, especially in AI and storage, positions Dell favorably for continued growth.

Reported metrics

Guidance from management

Dell maintained a realistic outlook for the second half of FY 2027, guiding towards $192 billion in revenue, despite ongoing supply constraints. Management indicated that demand is expected to remain strong, particularly in AI and storage segments.

What management said

No. I think from our portfolio, if you think of commercial PCs and traditional servers, it's about more a sustained margin rate. Look, we're trying to make sure we can give as many customers access to the kind of compute power that's there. Our margin lever is Storage. That's our margin lever and then to lean on the scale of the company as we do that.

Yes. Look, I think you're not going to see in terms of the same dollar value. But the opportunity, if you look at our guide for this year, we're adding $2.5 billion of Storage revenue to our P&L. Double-digit growth. So that's something we -- you haven't seen us do. This will be a record Storage quarter for the company's history. I think the more and more you see these inferencing workloads and enterprise is adopting...

What analysts pressed on

Analysts are worried about the sustainability of demand growth, questioning if there is a potential cliff ahead after the current surge. Concerns were raised regarding supply constraints and their impact on future revenue recognition.

Main topics on the call

• Strong Order Growth — Dell reported $61 billion in orders for Q2, matching the previous three quarters, totaling $132 billion over 12 months. CEO David Kennedy noted, "the tailwind from an AI server GPU perspective" is driving this growth, in...
• Supply Constraints Persist — Management highlighted that supply constraints are expected to worsen in FY 2028, with demand for traditional and AI servers outpacing supply. Kennedy stated, "Demand is still faster than supply," indicating ongoing chal...
• Storage Growth Acceleration — Dell's storage segment grew by 26%, with expectations for double-digit growth for the year. Kennedy emphasized that the storage portfolio is a key margin driver, stating, "the margin rate enhancement from our Storage por...
• Operational Efficiency — Dell achieved an operating expense ratio of 8% of revenue, the lowest in its history. This operational efficiency is expected to enhance EPS growth, as noted by Kennedy, "Our P&L will find about 4.5 points of scale is go...

Read the full Dell Technologies Inc. transcript (September 10, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 96 Dell Technologies Inc. earnings call transcripts on record, spanning February 27, 2020 to September 10, 2026. Based on this history, Dell Technologies Inc. reports quarterly. The most recent call on file is dated September 10, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

DELL

Exchange

NYSE

Country

US

Sector

Information Technology

Industry

Technology Hardware, Storage and Peripherals

Calls on record

96

First call

February 27, 2020

Most recent

September 10, 2026

Reporting cadence

quarterly