Revenue of $43.84B compared with consensus near $35.43B, while EPS of $4.86 compared with about $2.94. AI-server revenue reached $16.1B, orders $24.4B and backlog $51.3B. Traditional server revenue of $8.5B rose 92%, showing a broader compute cycle.
[AS-040]FY2027 revenue rose to $165–169B, EPS to $17.90 ± $0.25 and AI revenue to $60B; Q2 revenue was $44–45B and EPS $4.80 ± $0.10.
[AS-040]The midpoint implies H2 revenue of about $78.7B versus $88.3B in H1 and H2 EPS of $8.24 versus $9.66, a supply- and margin-driven deceleration rather than weaker demand.
[AS-040]The roughly 33% surge reflected a guidance reset far beyond even recently raised expectations.
[MKT-001]Revenue of $43.84B compared with consensus near $35.43B, while EPS of $4.86 compared with about $2.94. AI-server revenue reached $16.1B, orders $24.4B and backlog $51.3B. Traditional server revenue of $8.5B rose 92%, showing a broader compute cycle.
Revenue of $43.84B compared with consensus near $35.43B, while EPS of $4.86 compared with about $2.94.
AI-server revenue reached $16.1B, orders $24.4B and backlog $51.3B.
Traditional server revenue of $8.5B rose 92%, showing a broader compute cycle.
FY2027 revenue rose to $165–169B, EPS to $17.90 ± $0.25 and AI revenue to $60B; Q2 revenue was $44–45B and EPS $4.80 ± $0.10.
| Metric | Prior | Latest | Consensus | Delta | Status | Reason / implication |
|---|---|---|---|---|---|---|
| FY2027 revenue | $138–142B | $165–169B | Approximately $142–144B | +$27B midpoint | Raised | AI and traditional-server demandFar above Street |
| FY2027 non-GAAP EPS | $12.90 ± $0.25 | $17.90 ± $0.25 | Approximately $13.14 | +$5.00 midpoint | Raised | Scale, pricing and supply executionFar above Street |
| FY2027 AI-server revenue | Approximately $50B | Approximately $60B | Approximately $54B | +$10B | Raised | Orders and backlogAbove Street |
| Q2 revenue | Not previously guided | $44–45B | Approximately $35–36B | New | New | Demand and pricingAbout $9B above Street |
| Q2 non-GAAP EPS | Not previously guided | $4.80 ± $0.10 | Approximately $2.98 | New | New | Operating scaleFar above Street |
| H2 revenue requirement | Not applicable | Approximately $78.7B | Not applicable | Below H1 approximately $88.3B | Calculated | Full-year midpoint less H1Sequential deceleration |
The direct read-through was to AI-server shipments and backlog, traditional-server revenue, CSG and ISG margin, inventory, working capital and free cash flow.
The midpoint implies H2 revenue of about $78.7B versus $88.3B in H1 and H2 EPS of $8.24 versus $9.66, a supply- and margin-driven deceleration rather than weaker demand.
The roughly 33% surge reflected a guidance reset far beyond even recently raised expectations.
The stock gained roughly 33% on the first full session.
| Window | Stock | vs benchmark | vs peers |
|---|---|---|---|
| 1D | +32.8% | +32.5% | +22.4% |
| 2D | +47.0% | +46.5% | +26.8% |
| 5D | +33.1% | +32.8% | +10.3% |
Supply availability—not customer appetite—became the binding constraint, while agentic AI expanded the role of traditional servers.
Q1 FY27: management framed agentic AI as a "new market" for traditional compute requiring CPU orchestration, DRAM and storage.
Q1 FY27: Dell repricing "every day"; TrendForce sees server DRAM contract prices +13-18% QoQ in 3Q26.
Q1 FY27: some customers accelerating purchases while others begin to wait as prices rise; pricing moved up earlier in Q1.
Q1 FY27: leading-edge nodes fully allocated, lead times "a year," DRAM/NAND/CPU ranked top bottlenecks, HDDs added.
The direct read-through was to AI-server shipments and backlog, traditional-server revenue, CSG and ISG margin, inventory, working capital and free cash flow.
Q1 FY27: Dell gaining share across PCs, storage, traditional and AI servers; channel checks cite SMCI compliance/China issues shifting deals to Dell.
HPE F2Q26 (Jun-26): traditional server revenue +33%, orders more than doubled, absorbing higher ASPs like Dell.
Consensus snapshots are reconstructed from contemporaneous broker notes; the flattened AlphaSense export does not preserve stable document URLs.
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