Dell reports Q2 FY27 earnings as AI server demand reshapes the company

Dell Technologies is scheduled to report its fiscal second quarter 2027 results on September 1, 2026. Dell’s AI-optimized server business has become the gravitational center of the entire operation, and this quarter will test whether that momentum is accelerating or approaching a ceiling. In Q1 FY27, Dell posted record revenue of $43.8 billion, representing an 88% jump compared to the same period a year earlier. AI-optimized server revenue alone hit $16.1 billion, a 757% increase year-over-year. What analysts are expecting Dell’s own guidance for Q2 calls for revenue between $44 billion and $45 billion, which would translate to roughly 50% year-over-year growth at the midpoint. Analysts are clustering toward the upper end of that range, with consensus estimates sitting around $45 billion in revenue and an adjusted earnings per share of approximately $4.91. The infrastructure solutions group, or ISG, posted $29 billion in revenue during Q1, a 181% surge. Dell’s AI orders during the quarter totaled $24.4 billion, and the company’s AI backlog swelled to $51.3 billion, up from $43 billion in the prior period. Management raised its full-year FY27 AI server revenue guidance to approximat...