On September 1, 2026, Dell Technologies reported second quarter fiscal 2027 results for the quarter ended July 31, 2026. Revenue was a record $47.0 billion, up 58 percent year over year. The Infrastructure Solutions Group delivered $31.8 billion, up 89 percent. GAAP diluted earnings per share were $6.34, up 273 percent, and non-GAAP diluted EPS was $7.04, up 203 percent.
Inside those numbers is the AI server business. Dell booked a record $60.9 billion of AI server orders in the quarter, recognized a record $16.4 billion of AI server revenue, up 100 percent year over year, and exited with a record $95 billion AI backlog. Orders ran at nearly four times recognized revenue, which is the clearest available signal that the constraint is supply and deployment schedule, not demand. Traditional servers and networking were up 122 percent, storage up 26 percent and client solutions up 20 percent.
Dell raised its full-year fiscal 2027 outlook by $25 billion, to $192.0 billion of revenue, up roughly 69 percent year over year, with AI-optimized server revenue guided to $74.0 billion. Jeff Clarke framed the demand shift as customers treating IT environments as “value drivers that fuel growth and competitive advantage” rather than cost centers.
For a business leader planning an AI infrastructure purchase, the backlog is the operative number. A $95 billion queue at a major integrator means lead times, not price, are the binding constraint on standing up owned capacity, and it strengthens the case for renting capacity from a cloud or neocloud provider while the queue clears.