Dell Technologies (NYSE:DELL) delivered impressive Q2 fiscal 2027 results, with record revenue surging 58% year over year to $47.0 billion, comfortably topping Wall Street estimates. Non-GAAP diluted EPS reached $7.04, up 203% year over year. Cash flow from operations came in at $2.2 billion for the quarter, supporting $4.3 billion returned to shareholders through buybacks and dividends. Reflecting strong underlying operational leverage, management raised full-year FY27 revenue guidance by $25 billion to $192.0 billion, representing nearly 70% annual growth.
AI infrastructure momentum and portfolio-wide strength drove acceleration across enterprise verticals. Dell booked a record $60.9 billion in AI server orders during the quarter, recognized $16.4 billion in AI server revenue, and exited Q2 with an unprecedented $95 billion backlog. Beyond AI, traditional servers and networking expanded 122% year over year, storage revenue grew 26%, and the Client Solutions Group (CSG) advanced 20%. The Infrastructure Solutions Group (ISG) gained from accelerating adoption of the Dell AI Data Platform and IP storage portfolio alongside a broad compute refresh cycle. In client systems, extended enterprise deployment of AI-enabled PCs and workstations provided incremental top-line momentum across commercial accounts.
Despite extraordinary top line expansion, supply chain constraints and input costs remained critical watch items alongside the broader governance dynamics of executive leadership. Management explicitly highlighted memory component availability as the primary constraint limiting total shipment volume, noting that high demand will keep backlog elevated through year end while driving proactive multi-quarter customer commitments. CEO Michael Dell’s persistent absence from earnings calls calls into question what value he is truly adding to the enterprise outside of his ownership stake.
Here is the high-level summary card covering key figures and guidance.
