ChainThink reports that, according to a Goldman Sachs research report, Dell's AI server orders for F2Q27 (second quarter of fiscal year 2027) reached $60.9 billion, a 154% sequential increase, with backlog orders totaling $95 billion.
Total revenue of $46.971 billion, up 58% year-over-year; non-GAAP EPS up 204% year-over-year.
For the quarter, ISG revenue was $31.782 billion (up 89% year-over-year) with a margin of 15.0% (Goldman Sachs expectation: 11.7%); CSG revenue was $15.034 billion with a margin of 7.6% (Goldman Sachs expectation: 6.0%).
Earnings per share of $7.04, exceeding Goldman Sachs' forecast by 42%, market consensus by 43%, and the upper end of company guidance by 44%.
Dell raised its full-year revenue guidance to $192 billion (previously $165–169 billion), with AI servers contributing approximately $14 billion in incremental revenue;
Non-GAAP EPS guidance raised to $25.50 (previously $17.90). Goldman Sachs maintains a Buy rating with a price target of $510, implying a 12% upside from the current price of $456.
The call will focus on AI order sustainability, profit margin drivers, and the outlook for traditional server demand. Downside risks include weak PC demand, lower-than-expected enterprise IT spending, and a decline in AI server demand.