Earnings Call
May 28, 2026
Q2 FY2026
EPS Estimate
2.96
EPS Actual
2.32
Post-Earnings Close
$420.91
Earnings Reaction
+32.8%
Dell's Q2 FY2026 results were headlined by record AI server shipments that drove top-line performance but compressed margins in ways that dominated the analyst conversation. Revenue came in at $29.8 billion, up 19% year over year, matching the prior quarter's record and landing broadly in line with the company's own trajectory, though below the $35.7 billion consensus estimate, a gap that reflects the timing of AI shipment recognition and the softer-than-expected performance in traditional infrastructure and client systems. Non-GAAP EPS of $2.32 was up 19% and set a Q2 record, but came in well below the $2.96 consensus estimate, with the shortfall driven primarily by the margin dilution from a dramatic mix shift toward AI servers, which represented nearly half of ISG revenue in the quarter, roughly three times the mix seen in Q1.
Report generated on May 27, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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