Will Dell Technologies (DELL) beat quarterly earnings?
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Dell Technologies Inc Q2 EPS USD 6.34
Dell Technologies Inc Q2 Adjusted EPS USD 7.04 vs. Ibes Estimate USD 4.91
What To Look For When Dell Technologies Reports Earnings • • Dell Technologies sentiment remains firmly bullish, supported by resilient server demand and a robust AI pipeline that continues to drive estimate revisions higher. The key debate for companies with off-cycle server and storage exposure is whether demand can absorb the significant average selling price increases needed to offset rising component costs. • • Ahead of earnings, UBS analyst David Vogt raised estimates by roughly 4%, reflecting stronger unit demand for general-purpose servers despite substantial price increases, as well as improved conversion of Dell's AI server backlog and pipeline into FY27 revenue. He also increased FY28 estimates, expecting demand to remain robust through the first half of the year. • • For FQ2, David now forecasts revenue of $46.0bn and EPS of $4.97, versus consensus estimates of $45.1 bn and $4.90, respectively. He expects gross margins of 17.1% (vs. consensus at 17.3%), operating margins of 9.3%, and AI server revenue of $16 bn, up from his prior estimate of $15.6 bn. • • Following a review of Dell's end markets, particularly traditional and AI servers, UBS expects the company to raise its FY27 revenue and diluted EPS guidance again this quarter. The magnitude of any increase remains a key point of debate. David currently models FY27 revenue and EPS at $177.8 bn and $19.41, compared with consensus expectations of $174.8 bn and $19.03. • • He also raised his FY27 AI server revenue forecast by roughly 10%, to $66.9 bn from $60.6 bn, reflecting strong industrywide order momentum from neocloud providers. However, investor expectations appear even higher, with market "bogeys" reportedly closer to $70 bn-$75 bn. • • While Dell's valuation has rerated significantly over the past six months, elevating near-term expectations, limited scope for meaningful gross margin expansion may constrain further multiple expansion. As a result, David maintains a Neutral rating. For investors, the primary focus remains Dell's outlook for FY27 AI server revenue, where management's guidance will likely be the key catalyst for the stock.
What is this event about?
As of market creation, Dell Technologies is estimated to release earnings on September 1, 2026. The Street consensus estimate for Dell Technologies’s non-GAAP EPS for the relevant quarter is $4.90 as of market creation. This market will resolve to "Yes" if Dell Technologies reports non-GAAP EPS greater than $4.90 for the relevant quarter in its next quarterly earnings release. Otherwise, it will resolve to "No." The resolution source will be the non-GAAP EPS listed in the company’s official earnings documents.
If Dell Technologies releases earnings without non-GAAP EPS, then the market will resolve according to the non-GAAP EPS figure reported by SeekingAlpha. If no such figure is published within 96h of market close (4:00:00pm ET) on the day earnings are announced, the market will resolve according to the GAAP EPS listed in the company’s official earnings documents; or, if not published there, according to the GAAP EPS provided by SeekingAlpha. If no GAAP EPS number is available from either source at that time, the market will resolve to “No.” (For the purposes of this market, GAAP EPS refers to diluted GAAP EPS, unless it is not published, in which case it refers to basic GAAP EPS.)
If the company does not release earnings within 45 calendar days of the estimated earnings date, this market will resolve to “No.”
Note: Subsequent restatements, corrections, or revisions made to the initially announced non-GAAP EPS figure will not qualify for resolution, except in the case of obvious and immediate mistakes (e.g., fat finger errors, as with Lyft's (LYFT) earnings release in February 2024).
Note: The strike prices used in these markets are derived from SeekingAlpha estimates, and reflect the consensus of sell-side analyst estimates for non-GAAP EPS.
Note: All figures will be rounded to the nearest cent using standard rounding.
Note: For the purposes of this market, IFRS EPS will be treated as GAAP EPS.
Note: If multiple versions of non-GAAP EPS are published, the market will resolve according to the primary headline non-GAAP EPS number, which is typically presented on a diluted basis. If diluted is not published, then basic non-GAAP EPS will qualify.
Note: All figures are expressed in USD, unless otherwise indicated.
Note: For primarily internationally listed companies, this market refers specifically to the shares traded in the United States on U.S. stock exchanges such as the NYSE or Nasdaq. In cases where the company trades in the U.S. through an American Depositary Receipt (ADR) or American Depositary Share (ADS), this market will refer to the ADR/ADS.