Dell Technologies AI server backlog reaches $95 billion, with fiscal second-quarter revenue at a record $47 billion
Dell Technologies (NYSE: DELL) received a record $60.9 billion in AI server orders during its fiscal second quarter ended July 31, bringing the company's total AI order backlog to a record $95 billion and a revenue pipeline that management describes as "multiples of our backlog." Revenue for the quarter reached $47 billion, up 58% year over year, on results released September 1. The next catalyst to watch is the order-to-shipment conversion rate in the fiscal third-quarter print.
Key takeaways
- Dell Technologies received a record $60.9 billion in AI server orders in its fiscal second quarter ended July 31, bringing its total AI order backlog to a record $95 billion.
- Fiscal second-quarter revenue reached a record $47 billion, up 58% year over year, with non-GAAP EPS of $7.04, up 203% year over year, beating consensus.
- Dell shipped $16.4 billion in AI servers during the quarter and raised full-year fiscal 2027 non-GAAP EPS guidance to $25.50, a 148% increase over the prior year.
- Dell targets $74 billion in AI server revenue for fiscal 2027, three times the prior year's figure and roughly 28% of the estimated $262 billion global AI server market for 2026.
- Dell shares have advanced 316% in 2026, outpacing Micron Technology's 256% gain and Nvidia's 23% rise for the year.
Dell Technologies (NYSE: DELL) received a record $60.9 billion in AI server orders during its fiscal second quarter ended July 31, bringing the company's total AI order backlog to a record $95 billion and a revenue pipeline that management describes as "multiples of our backlog." Revenue for the quarter reached $47 billion, up 58% year over year, on results released September 1. The next catalyst to watch is the order-to-shipment conversion rate in the fiscal third-quarter print.
The quarterly print
Dell shipped $16.4 billion in AI servers during the quarter. Non-GAAP earnings per share reached $7.04, up 203% year over year, against a Wall Street consensus of $4.92 on $44.9 billion in revenue. Both cleared. These servers mount accelerator chips from Nvidia and other chip designers, deployed in data centers to train large language models and run inference workloads. Nvidia holds an estimated 80% share of the AI data center accelerator market; Micron Technology supplies the memory chips that sit alongside those accelerators. The order book, at a record $95 billion, is a downstream read on how fast that infrastructure is actually being built.
Setup into fiscal 2027
Dell raised its full-year fiscal 2027 non-GAAP EPS guidance to $25.50, which would represent a 148% increase over the prior year. The company also targets $74 billion in AI server revenue for fiscal 2027, three times the prior year's figure. Fortune Business Insights estimates the global AI server market at $262 billion in 2026; Dell's fiscal 2027 target would put its share at roughly 28% of that figure. The same firm projects the market could reach $2.85 trillion by 2034 at a compound annual growth rate of about 35%.
The stock trades at 28 times forward earnings, a modest premium to the Nasdaq-100's 24 times. One analyst projects that if Dell's earnings per share reach $34.56 in fiscal 2029 and the stock holds a 30 times multiple, shares could approach $1,037. That conditional hinges on the $95 billion backlog converting to shipped hardware. Dell shares have advanced 316% in 2026, outpacing Micron Technology's 256% gain and Nvidia's 23% rise for the year.
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Filed by the newsroom of MarketPR on September 7, 2026. Source: finance.yahoo.com. Indicative figures are not investment advice.