Record $60.9 billion in AI server orders, a $95 billion backlog and $131.7 billion in trailing twelve-month AI orders underpinned raises to $192 billion revenue and $25.50 adjusted EPS.
Dell Technologies reported fiscal 2027 second-quarter revenue of $46.97 billion, up 58% year over year and ahead of roughly $44.9 billion in analyst expectations, with adjusted earnings of $7.04 a share versus estimates near $4.91 and net income of $4.13 billion, or $6.34 per share, up from $1.16 billion a year earlier. AI-optimized server revenue reached $16.4 billion on a record $60.9 billion of quarterly AI server orders, lifting the AI backlog to a record $95 billion as the company converted $131.7 billion of AI demand into orders over the past 12 months—more than $130 billion of AI-server bookings over the past year, driven by cloud providers including CoreWeave and Nscale—and said its pipeline remains several times larger than the backlog. Dell raised its fiscal 2027 AI-optimized server revenue forecast to $74 billion from $60 billion after starting the year at $50 billion, lifted full-year revenue guidance by about $25 billion to $192 billion from roughly $167 billion and adjusted EPS to $25.50 from about $17.90, and guided third-quarter revenue to about $49 billion with adjusted EPS of $6.50, above consensus near $41.36 billion and $4.46. Management said demand outran supply for a second straight quarter and described shortages spanning DRAM, NAND, CPUs, disk drives, power components, substrates and optical parts, while industry voices including Counterpoint Research and SK Hynix have flagged that meaningful new memory supply may not arrive until 2028 or that tightness could last through 2030; Infrastructure Solutions Group revenue hit $31.8 billion, up 89%, Client Solutions Group rose about 20% as Dell passed higher memory costs through, the company returned a record $4.3 billion to shareholders, and shares rebounded nearly 8% after hours to $459.03 after closing 6.8% lower at $425.