Dell's AI server boom drives revenue up to $47.0B, net income up 255.1%

Filed September 8, 2026 · Period ending July 31, 2026 · Compared to 10-Q Sep 8, 2025 · ~1 min read

Key Changes

• high

  AI-optimized server revenue doubled to $47.0B in Q2 and tripled to $32.5B for the half, driving total revenue up 57.7% to $47.0B.

  MD&A: ISG revenue verify on EDGAR →
• high

  Operating income, but net income — the extra lift came from a smaller below-the-line deduction, not operations.

  MD&A: Operating income verify on EDGAR →
• high

  Purchase obligations ballooned from $7.2B to $34.8B as Dell locked in components for AI servers, raising supply-chain and margin risk.

  MD&A: Purchase obligations verify on EDGAR →