Dell Technologies Delivers Second Quarter Fiscal 2026 Financial Results

ROUND ROCK, Texas -- Dell Technologies (NYSE: DELL) announces financial results for its fiscal 2026 second quarter. The company also provides guidance for its fiscal 2026 third quarter and full year.

Second-Quarter Summary

• Record revenue of $29.8 billion, up 19% year over year
• Operating income of $1.8 billion, up 27% year over year, and non-GAAP operating income of $2.3 billion, up 10%
• Diluted earnings per share (EPS) of $1.70, up 38% year over year, and record second-quarter non-GAAP diluted EPS of $2.32, up 19%
• Cash flow from operations of $2.5 billion

“In Q2, we achieved strong top-line results and profitability, reaching record revenue of $29.8 billion,” said Yvonne McGill, chief financial officer, Dell Technologies. “We delivered another quarter of robust cash generation, with $2.5 billion in cash flow from operations and $1.3 billion in shareholder returns.”

“We’ve now shipped $10 billion of AI solutions in the first half of FY26, surpassing all shipments in FY25. This helped deliver another record revenue quarter in our Servers and Networking business, which grew 69%,” said Jeff Clarke, vice chairman and chief operating officer, Dell Technologies. “Demand for our AI solutions continues to be exceptional, and we’re raising our AI server shipment guidance for FY26 to $20 billion dollars.”

Infrastructure Solutions Group (ISG)

• Record revenue: $16.8 billion, up 44% year over year
• Record Servers and Networking revenue: $12.9 billion, up 69%
• Storage revenue: $3.9 billion, down 3%
• Second-quarter record operating income: $1.5 billion, up 14% year over year

Client Solutions Group (CSG)

• Revenue: $12.5 billion, up 1% year over year
• Commercial Client revenue: $10.8 billion, up 2%
• Consumer revenue: $1.7 billion, down 7%
• Operating income: $803 million, down 2% year over year

Capital Return

Dell Technologies returned $1.3 billion to shareholders in the second quarter through share repurchases and dividends.

Guidance Summary

• Full-year FY26 revenue expected between $105.0 billion and $109.0 billion, up 12% year over year at the midpoint of $107.0 billion
• Full-year FY26 GAAP diluted EPS expected to be $7.98 at the midpoint, up 25% year over year, and non-GAAP diluted EPS to be $9.55 at the midpoint, up 17%
• Third-quarter FY26 revenue expected between $26.5 billion and $27.5 billion, up 11% year over year at the midpoint of $27.0 billion
• Third-quarter FY26 GAAP diluted EPS expected to be $2.07 at the midpoint, up 26% year over year, and non-GAAP diluted EPS to be $2.45 at the midpoint, up 11%