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Dell Technologies · Q2 FY2027 · quarter ended Jul 31, 2026
AI lifts sales; cash conversion deserves attention.
Revenue rose 58% and Dell raised its annual outlook. Quarterly operating cash flow fell 13% year over year.
- Evidence included through
- Sample publication
A reading of public documents with a defined cutoff. Figures belong to the stated period; the sample’s publication date does not update the company’s results.
The figures, in context
- Revenue
- US$47.0B
47.0 billion · +58% year over year · GAAP.
Dell · Q2 FY2027 results and outlook - Earnings per share
- US$6.34
GAAP diluted EPS; US$7.04 on Dell’s non-GAAP measure.
Dell · Q2 FY2027 results and outlook - Gross margin
- 20.9%
GAAP · +2.6 percentage points year over year.
Dell · 10-Q for the quarter ended Jul 31, 2026
Editorial interpretation
Why it matters
Editorial interpretation: sales and cash collection are not moving at the same pace; customer financing deserves monitoring.
The open question
What could change this reading
The outlook remains an estimate. Collection timing, component availability, and margins can change the outcome.
A change you can verify
What changed between two Dell documents
We compare two Dell communications. These are company forecasts; the reading below is editorial.
Before ·
FY2027 revenue outlook: US$167 billion
Midpoint of the US$165–169 billion revenue range. Dell expected roughly US$60 billion in AI server revenue.
Dell · Q1 FY2027 results and prior outlookNew evidence ·
Revenue outlook raised to US$192 billion
The new annual outlook adds US$25 billion. AI server revenue guidance rises from US$60 billion to US$74 billion.
Dell · Q2 FY2027 results and outlook
How the reading changes
The demand outlook improves, but it remains a forecast. This compares official releases, not a new version of a Mundo Research report.
What to review in the next evidence
Watch the conversion of orders into deliveries and cash, alongside gross margin.
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Why are Dell’s sales growing while its quarterly operating cash flow is falling?
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