Dell Technologies delivered fiscal second-quarter results that sent its shares sharply higher in extended trading on Tuesday. The stock climbed as much as 10% after hours after the company reported results that exceeded Wall Street’s expectations across earnings, revenue, and AI server demand.

Key Highlights

• Adjusted earnings per share: $7.04, versus analyst estimates of $4.91
• Quarterly revenue: record $47 billion, up 58% year over year and above the $44.9 billion consensus
• AI-focused server revenue: $16.4 billion, up 100% from a year earlier
• AI server bookings: record $60.9 billion
• AI server backlog: $95 billion
• Full-year revenue outlook: raised to $192 billion from $167 billion

Dell Technologies Inc. (DELL) reported adjusted earnings of $7.04 per share for its fiscal second quarter of 2027, well ahead of the $4.91 per share analyst consensus. The result was 203% higher than the $2.32 per share posted in the same period last year.

Revenue reached a record $47 billion, topping the $44.9 billion expectation. That figure was up 58% from $29.8 billion in the comparable quarter a year earlier.

Shares were near $425 at Tuesday’s close before rising to about $467 in after-hours trading.

$DELL TECHNOLOGIES Q2’27 EARNINGS HIGHLIGHTS

Revenue: $47.0B (Est. $44.92B) ; +58% YoY
Adj. EPS: $7.04 (Est. $4.91) ; +203% YoY
AI-Optimized Servers Revenue: $16.4B (Est. $16B) ; +100% YoY
ISG Revenue: $31.8B (Est. $29.8B) ; +89% YoY
Raises FY27 Guide: … pic.twitter.com/ORJkuaqY6L

— Wall St Engine (@wallstengine) September 1, 2026

Dell’s artificial intelligence server business was the main growth driver. Revenue from AI-Optimized Servers reached $16.4 billion in the quarter, doubling from the prior-year period, underscoring how large AI infrastructure orders are shaping results across the hardware sector. The company also said it secured $60.9 billion in AI server bookings during the quarter and ended the period with a record $95 billion backlog in its AI server segment.

“IT environments have shifted from cost centers to value drivers that fuel growth and competitive advantage,” Jeff Clarke, Dell’s chief operating officer, said in the company’s earnings announcement.

Dell raised its full-year revenue forecast to $192 billion from its previous $167 billion projection. The new outlook is above analysts’ $174 billion consensus estimate.

“With AI momentum accelerating and our opportunity expanding across the portfolio, we’re raising our full-year FY27 revenue outlook by $25 billion to $192 billion, up nearly 70% year over year,” Clarke said.

The company also said its conventional server, networking, and storage businesses posted growth during the quarter, contributing to broader gains across the business.

Market expectations were already elevated ahead of the report. DELL shares had risen more than 230% year to date and were trading at about 20.3 times forward earnings before the announcement, well above the company’s five-year average of 10.9 times forward earnings.

Hewlett Packard Enterprise, which has also gained roughly 110% year to date, moved higher in after-hours trading after Dell’s results were released.

Other hardware companies have also reported strong results tied to AI demand. Super Micro Computer posted better-than-expected fiscal fourth-quarter results on August 11 and issued upbeat full-year guidance. Cisco Systems also recently reported encouraging results, pointing to AI hardware demand as an important factor. Dell ended the fiscal second quarter with the largest AI server backlog in its history at $95 billion, adding a forward-looking measure of demand that investors often watch alongside revenue and earnings when assessing how durable the current infrastructure cycle may be.