Dell Raises Fiscal 2027 Revenue Outlook To $192 Billion

Dell Technologies (DELL) raised its fiscal 2027 revenue forecast to $192 billion at the midpoint on September 1, 2026, a 15% increase from the previous estimate of $167 billion. The company attributed the upward revision primarily to demand for AI-optimized servers, which management now expects to generate $74 billion in revenue for the year, up from a prior forecast of $60 billion. This guidance increase was accompanied by a roughly 41% lift to the fiscal 2027 GAAP earnings per share outlook.

The stock has responded positively to the revised numbers. Dell shares closed at $541.74 on October 1, 2026, sitting well above the 50-day moving average of $486.49 and the 200-day moving average of $290.47. Since the close prior to the earnings release, the stock has gained 18.8%, outperforming the S&P 500, which slipped 0.3% over the same period. This price action reflects both the reported quarterly results and the new forward guidance.

To reach the raised full-year target, Dell must grow revenue by 67.6% in the final two quarters of fiscal 2027 compared to the same period last year. This required pace is slightly lower than the 70.8% growth achieved in the first two quarters of the fiscal year. For the upcoming fiscal third quarter, management guided to revenue of $49 billion at the midpoint.

The primary driver for potential upside remains the AI server business. Dell ended its fiscal second quarter with a record backlog of $95 billion in AI orders, representing shipments yet to be delivered. However, management identified supply constraints as a limiting factor, noting on the fiscal second-quarter call that memory chips remain its main bottleneck for meeting demand.

Valuation metrics show Dell trading at 30.7 times earnings, a premium to the S&P 500 multiple of 21.4. The stock's current position above its technical averages suggests an intact uptrend, a status that would change if shares closed below the 50-day moving average. Investors will watch whether the third-quarter results meet or exceed the $49 billion guide and if delivery rates for AI servers can keep pace with the record backlog.