Dell earnings: guidance, results and what to watch
Dell's next results are expected on November 24, 2026. Watch whether AI backlog becomes delivered equipment and collected cash.
What has Dell guided for fiscal 2027?
On September 1, 2026, Dell raised its fiscal 2027 revenue forecast and its AI-server target. Fiscal 2027 ends in January 2027; it is Dell’s accounting year, not the calendar year. AI servers are computers configured for artificial-intelligence workloads, so this target says these expensive systems should become a major part of Dell’s sales.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Revenue — FY27 | Year to Jan 2027 | 190,000 | 194,000 | Sep 1, 2026 |
| GAAP guidance — diluted EPS, FY27 | Year to Jan 2027 | 24.12 | 24.62 | Sep 1, 2026 |
| Non-GAAP guidance — diluted EPS, FY27 | Year to Jan 2027 | 25.25 | 25.75 | Sep 1, 2026 |
| Non-GAAP operating income growth — FY27 | Year to Jan 2027 | 120.0% | 120.0% | Sep 1, 2026 |
| AI Server revenue — FY27 | Year to Jan 2027 | 74,000 | 74,000 | Sep 1, 2026 |
What were Dell's last eight quarters?
The last eight quarters show sales accelerating from 24,366 in November 2024 to 46,971 in July 2026. A specialist follows shipments, configurations, prices and product categories separately before trusting the consolidated growth rate.
| Jul 2026 | May 2026 | Jan 2026 | Oct 2025 | Aug 2025 | May 2025 | Jan 2025 | Nov 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46,971 | 43,842 | 33,379 | 27,005 | 29,776 | 23,378 | 23,931 | 24,366 |
| Gross margin | 20.9% | 17.8% | 20.2% | 20.7% | 18.3% | 21.1% | 23.7% | 22.0% |
| Operating income | 5,385 | 3,656 | 3,092 | 2,119 | 1,773 | 1,165 | 2,159 | 1,721 |
| Net income | 4,133 | 3,438 | 2,259 | 1,548 | 1,164 | 965 | 1,533 | 1,175 |
| EPS, diluted | 6.34 | 5.24 | 3.37 | 2.28 | 1.70 | 1.37 | 2.15 | 1.64 |
| = Free cash flow | 986 | 3,118 | 3,953 | 503 | 1,868 | 2,228 | -150 | 914 |
What should I watch in Dell's next results?
Dell expects to report its October-quarter results in late November 2026. Investors should compare revenue with consensus, then examine inventory and cash movement. Backlog can rise while shipments disappoint because customer readiness and component availability are uneven. The useful question is how much backlog became delivered equipment and then collected cash.
DFS requires a second clock. Investors should track originations alongside overdue payments, charge-offs and reserves. Dell’s principal charge-off rate was 0.2% in fiscal 2026, but that backward-looking result may not reveal the risk in a rapidly expanding portfolio.