ROUND ROCK, Texas, September 2, 2026, 07:43 EDT —
- Dell traded at $460.20 at 07:43 EDT, up 8.28% before the open.
- Quarterly revenue rose 58% to $47.0 billion; AI-server backlog reached $95 billion.
- Dell raised fiscal 2027 revenue guidance to $192 billion from $167 billion.
Dell Technologies Inc. NYSE:DELL shares rose 8.28% to $460.20 before Wednesday’s open. A record $95 billion AI-server backlog drove the move Nasdaq premarket data.
The backlog equals 1.28 times Dell’s new $74 billion annual AI-server sales forecast. That coverage gives investors unusual revenue visibility, but it is not yet recognized sales.
The stronger signal came from profitability. Infrastructure operating margin reached 15%, up 620 basis points, as storage mix and pricing improved earnings-call transcript.
Dell premarket move
Price in U.S. dollars; previous close $425.00
Source: Nasdaq real-time premarket quotes. As of .
The stock initially traded at $468.50 at 04:00 EDT. It eased to $458.58 at 07:30, then recovered modestly. The fade trimmed the opening premarket gain without erasing it.
Fiscal second-quarter revenue jumped 58% to $47.0 billion. That beat the $44.92 billion Wall Street estimate cited by Reuters. Non-GAAP earnings reached $7.04 a share Dell results.
Fiscal 2027 guidance reset
Previous Updated
Source: Dell Technologies, fiscal second-quarter 2027 results, September 1, 2026.
Dell lifted full-year revenue guidance by $25 billion to $192 billion. It raised AI-server sales guidance by $14 billion to $74 billion. The non-GAAP earnings target rose 42.5% to $25.50.
Orders, however, still exceed near-term conversion. Dell booked $60.9 billion during the quarter and recognized $16.4 billion. Orders were 3.7 times recognized AI-server revenue.
Two profit engines, one faster mix shift
Source: Dell Technologies earnings release and prepared remarks for the quarter ended July 31, 2026.
Infrastructure generated $4.8 billion of operating income, up 225%. Traditional server sales more than doubled. Storage revenue advanced 26% to $4.9 billion.
Chief Financial Officer David Kennedy said stronger Dell-owned storage mix was the biggest profit contributor outside operating leverage. Management cautioned that every quarterly benefit may not persist.
Operating cash flow fell 13% to $2.2 billion. Adjusted free cash flow reached $8.1 billion, while buybacks and dividends totaled $4.3 billion. That gap makes cash conversion a key watchpoint.
Dell’s 18.12 forward earnings multiple exceeds Hewlett Packard Enterprise NYSE:HPE at 12.56. Super Micro Computer NASDAQ:SMCI trades at 8.06, according to LSEG data reported by Reuters Reuters.
Forward price-to-earnings comparison
Source: LSEG data reported by Reuters, September 2, 2026.
J.P. Morgan analysts, part of JPMorgan Chase & Co. NYSE:JPM, said the “AI momentum spoke for itself.” Melius Research raised its target to $735, Reuters reported.
Risks remain. Component costs, supply timing and low-margin AI hardware could slow conversion. The premium valuation also magnifies any backlog cancellation or margin miss.
Dell now guides fiscal third-quarter revenue to $49 billion and non-GAAP EPS to $6.50. Regular-session follow-through will show whether investors value the backlog or demand faster cash delivery.
Related articles: NYSE:DELL
