Financial Data and Key Metrics Changes - The company reported record revenue of $29.8 billion, up 19% year-over-year [6][17] - Earnings per share (EPS) increased by 19% to $2.32, marking a Q2 record [6][19] - Operating expenses decreased by 4% to $3.3 billion, representing 11% of revenue [18] - Net income rose by 13% to $1.6 billion, driven by stronger operating income [19] Business Line Data and Key Metrics Changes - Infrastructure Solutions Group (ISG) revenue reached a record $16.8 billion, up 44%, with servers and networking revenue up 69% [19][20] - Client Solutions Group (CSG) revenue increased by 1% to $12.5 billion, with commercial revenue up 2% and consumer revenue down 7% [22] - PowerStore saw double-digit growth for six consecutive quarters, with 46% of buyers being new customers [12][20] Market Data and Key Metrics Changes - Strong demand for AI servers continued, with $5.6 billion in orders booked and $8.2 billion shipped in Q2 [7][20] - International markets showed growth, while North America experienced weakness [11][19] - The company noted a significant opportunity as over 70% of the installed base is running on older server generations [11] Company Strategy and Development Direction - The company is focused on driving revenue growth and share gains while maintaining profitability [29] - Continued investment in AI solutions is a key differentiator, with expectations for AI hardware and services market to double by 2028 [16] - The company aims to improve execution in the PC market, particularly with the upcoming Windows 10 end of life [14][116] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth and value creation opportunities ahead, particularly in AI and enterprise sectors [30][98] - The company expects profitability to improve in the second half of the year across ISG and CSG, especially within AI servers [25][28] - Management acknowledged challenges in the storage market but remains confident in outperforming the market with their Dell IP portfolio [50][72] Other Important Information - The company returned $1.3 billion to shareholders through stock repurchases and dividends [24] - Full-year revenue guidance was raised to between $105 billion and $109 billion, with a midpoint of $107 billion, reflecting a 12% increase [27][28] Q&A Session Summary Question: AI server guidance and capacity - Management raised AI server shipment guidance to $20 billion, indicating strong demand and capacity to meet it [33][37] Question: Profitability improvements in the second half - Management expects improved profitability driven by seasonal acceleration in storage and better execution in CSG [40][42] Question: Storage market performance - Management noted slower demand in large accounts, particularly in North America, impacting storage revenue [47][50] Question: AI server margins - Management indicated that margins for AI servers are expected to improve due to a better business mix and reduced one-time costs [54][66] Question: Pipeline and sovereign orders - The pipeline for AI servers includes a mix of sovereign and enterprise orders, with strong growth in both segments [64][66] Question: Supply chain dynamics - Management discussed deflationary pressures in input costs and the expectation of stable supply chain conditions moving forward [130][132]

每经AI快讯，戴尔盘后股价上涨3%。 （文章来源：每日经济新闻） ...

A U G U S T 2 8 , 2 0 2 5 Q2 FY26 Performance Review 1 Copyright © Dell Inc. All Rights Reserved. Disclosures NON-GAAP FINANCIAL MEASURES This presentation includes information about non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expense, non-GAAP operating income, non- GAAP interest and other, net, non-GAAP income tax, non-GAAP net income, non- GAAP net income attributable to Dell Technologies Inc., non-GAAP earnings per share - basic and non-GAAP earnings per share - diluted, as well as adjus ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) This section provides an overview of Dell Technologies' strong Q2 FY26 financial performance, capital returns to shareholders, and optimistic fiscal year 2026 guidance [Second Quarter Fiscal 2026 Performance Overview](index=1&type=section&id=Second%20Quarter%20Fiscal%202026%20Performance%20Overview) Dell Technologies achieved strong top-line results and profitability in Q2 FY26, reaching record revenue of $29.8 billion, driven by exceptional demand for AI solutions, particularly in the Servers and Networking business which grew 69%. The company also generated robust cash flow from operations and delivered significant shareholder returns Q2 FY26 Key Financial Highlights | Metric | Value | Change Year-over-Year | | :---------------------- | :---------------- | :-------------------- | | Record Revenue | $29.8 billion | +19% | | Operating Income | $1.8 billion | +27% | | Non-GAAP Operating Income | $2.3 billion | +10% | | Diluted EPS | $1.70 | +38% | | Non-GAAP Diluted EPS | $2.32 | +19% | | Cash Flow from Operations | $2.5 billion | N/A | - Dell Technologies shipped **$10 billion of AI solutions** in the first half of FY26, surpassing all shipments in FY25, indicating exceptional demand[2](index=2&type=chunk) - The Servers and Networking business achieved record revenue, growing **69% year-over-year**[2](index=2&type=chunk)[5](index=5&type=chunk) [Capital Return](index=1&type=section&id=Capital%20Return) Dell Technologies returned a substantial amount of capital to its shareholders in the second quarter of fiscal 2026 through a combination of share repurchases and dividends - Dell Technologies returned **$1.3 billion** to shareholders in Q2 FY26[3](index=3&type=chunk) - Capital was returned through share repurchases and dividends[3](index=3&type=chunk) [Fiscal 2026 Guidance](index=2&type=section&id=Fiscal%202026%20Guidance) Dell Technologies provided optimistic guidance for both the third quarter and the full fiscal year 2026, projecting significant growth in revenue and EPS, and raising its AI server shipment guidance Fiscal 2026 Guidance Summary | Metric | Q3 FY26 Midpoint | Change YoY | Full-Year FY26 Midpoint | Change YoY | | :---------------------- | :--------------- | :--------- | :---------------------- | :--------- | | Revenue | $27.0 billion | +11% | $107.0 billion | +12% | | GAAP Diluted EPS | $2.07 | +26% | $7.98 | +25% | | Non-GAAP Diluted EPS | $2.45 | +11% | $9.55 | +17% | - Dell Technologies is raising its AI server shipment guidance for FY26 to **$20 billion**[2](index=2&type=chunk) [Detailed Financial Results (GAAP)](index=3&type=section&id=Detailed%20Financial%20Results%20(GAAP)) This section presents Dell Technologies' GAAP financial statements, including condensed consolidated statements of income, financial position, and cash flows, highlighting key financial metrics and changes [Condensed Consolidated Statements of Income](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Dell Technologies reported strong GAAP income statement results for Q2 FY26, with significant year-over-year growth in net revenue, operating income, and net income, primarily driven by product sales, despite a slight decline in services revenue Condensed Consolidated Statements of Income (Three Months Ended August 1, 2025) | Metric | Amount ($ millions) | Change YoY | | :---------------------- | :------------------ | :--------- | | Net revenue | 29,776 | 19% | | Products revenue | 23,935 | 26% | | Services revenue | 5,841 | (4)% | | Gross margin | 5,447 | 2% | | Operating income | 1,773 | 27% | | Net income | 1,164 | 32% | | Diluted EPS | $1.70 | 38% | | Income tax rate | 19.2% | 4.1 ppt | [Condensed Consolidated Statements of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position) As of August 1, 2025, Dell Technologies' total assets increased significantly to $89.18 billion from $79.75 billion at January 31, 2025, primarily driven by substantial increases in cash and cash equivalents and accounts receivable. Total liabilities also rose, leading to an increased stockholders' deficit Condensed Consolidated Statements of Financial Position (August 1, 2025 vs. January 31, 2025) | Metric | August 1, 2025 ($ millions) | January 31, 2025 ($ millions) | Change ($ millions) | | :-------------------------------- | :-------------------------- | :---------------------------- | :------------------ | | Total assets | 89,176 | 79,746 | +9,430 | | Cash and cash equivalents | 8,145 | 3,633 | +4,512 | | Accounts receivable, net | 15,023 | 10,298 | +4,725 | | Total liabilities | 91,942 | 81,133 | +10,809 | | Total stockholders' equity (deficit) | (2,766) | (1,387) | -1,379 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Dell Technologies demonstrated strong cash generation in Q2 FY26, with a significant year-over-year increase in cash flow from operating activities, while investing and financing activities resulted in net cash outflows Condensed Consolidated Statements of Cash Flows (Three Months Ended August 1, 2025) | Metric | Amount ($ millions) | Change YoY | | :------------------------------------------------ | :------------------ | :--------- | | Cash flow from operating activities | 2,543 | 90% | | Cash flow from investing activities | (655) | (17.6)% | | Cash flow from financing activities | (1,465) | (27.9)% | | Net change in cash, cash equivalents, and restricted cash | 438 | N/A | [Segment Performance](index=1&type=section&id=Segment%20Performance) This section analyzes the financial performance of Dell Technologies' Infrastructure Solutions Group (ISG) and Client Solutions Group (CSG), along with a reconciliation to consolidated results [Infrastructure Solutions Group (ISG)](index=1&type=section&id=Infrastructure%20Solutions%20Group%20(ISG)) The Infrastructure Solutions Group (ISG) experienced robust growth in Q2 FY26, primarily driven by a significant increase in Servers and Networking revenue, while Storage revenue saw a slight decline. ISG's operating income also increased, though its percentage of net revenue decreased ISG Segment Performance (Three Months Ended August 1, 2025) | Metric | Amount ($ millions) | Change YoY | | :-------------------------------- | :------------------ | :--------- | | Total ISG net revenue | 16,800 | 44% | | Servers and networking revenue | 12,944 | 69% | | Storage revenue | 3,856 | (3)% | | ISG operating income | 1,470 | 14% | | ISG operating income % of net revenue | 8.8% | (2.2) ppt | [Client Solutions Group (CSG)](index=1&type=section&id=Client%20Solutions%20Group%20(CSG)) The Client Solutions Group (CSG) showed modest overall revenue growth in Q2 FY26, with commercial client revenue increasing slightly and consumer revenue declining. Operating income for CSG decreased marginally, and its percentage of net revenue also saw a slight dip CSG Segment Performance (Three Months Ended August 1, 2025) | Metric | Amount ($ millions) | Change YoY | | :-------------------------------- | :------------------ | :--------- | | Total CSG net revenue | 12,503 | 1% | | Commercial Client revenue | 10,781 | 2% | | Consumer revenue | 1,722 | (7)% | | CSG operating income | 803 | (2)% | | CSG operating income % of net revenue | 6.4% | (0.2) ppt | [Reconciliation to Consolidated Results](index=10&type=section&id=Reconciliation%20to%20Consolidated%20Results) This section reconciles the reportable segment net revenue and operating income to the total consolidated figures, accounting for corporate and other items, amortization of intangibles, stock-based compensation expense, and other corporate expenses Reconciliation to Consolidated Net Revenue and Operating Income (Three Months Ended August 1, 2025) | Metric | Amount ($ millions) | | :-------------------------------------- | :------------------ | | Reportable segment net revenue | 29,303 | | Corporate and other net revenue | 473 | | Total consolidated net revenue | 29,776 | | Reportable segment operating income | 2,273 | | Corporate and other operating income | 11 | | Amortization of intangibles | (125) | | Stock-based compensation expense | (179) | | Other corporate expenses | (207) | | Total consolidated operating income | 1,773 | - Corporate and other includes results of divested businesses or non-reportable segments and other items managed at the corporate level not allocated to reportable segments[31](index=31&type=chunk) - Amortization of intangibles primarily relates to non-cash purchase accounting adjustments from the EMC merger transaction in 3QFY17[32](index=32&type=chunk) [Non-GAAP Financial Measures & Reconciliations](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) This section provides an overview of Dell Technologies' non-GAAP financial measures, including detailed reconciliations for gross margin, operating income, net income, EPS, cash flow, and future guidance [Non-GAAP Financial Measures Overview](index=4&type=section&id=Non-GAAP%20Financial%20Measures%20Overview) Dell Technologies provides non-GAAP financial measures to supplement its GAAP results, believing they offer additional insights into the company's core operations and performance by excluding certain items that may not be indicative of ongoing business trends - Non-GAAP financial measures are provided as a supplement to GAAP results[14](index=14&type=chunk)[37](index=37&type=chunk) - These measures include non-GAAP gross margin, operating expenses, operating income, net income, diluted EPS, free cash flow, and adjusted free cash flow[14](index=14&type=chunk)[37](index=37&type=chunk) - A detailed discussion of the reasons for including these measures, their limitations, and excluded items is available in the company's periodic reports filed with the SEC[37](index=37&type=chunk) [Selected Non-GAAP Financial Measures Summary](index=12&type=section&id=Selected%20Non-GAAP%20Financial%20Measures%20Summary) Dell Technologies reported strong non-GAAP financial results for Q2 FY26, with increases in non-GAAP operating income, net income, and diluted EPS, despite a slight decrease in non-GAAP gross margin percentage Selected Non-GAAP Financial Measures (Three Months Ended August 1, 2025) | Metric | Amount ($ millions) | Change YoY | | :-------------------------------- | :------------------ | :--------- | | Non-GAAP gross margin | 5,572 | 1% | | Non-GAAP gross margin % of net revenue | 18.7% | (3.3) ppt | | Non-GAAP operating expenses | 3,288 | (4)% | | Non-GAAP operating income | 2,284 | 10% | | Non-GAAP net income | 1,591 | 13% | | Non-GAAP diluted EPS | $2.32 | 19% | [Reconciliation of Non-GAAP Gross Margin, Operating Expenses, and Operating Income](index=13&type=section&id=Reconciliation%20of%20Non-GAAP%20Gross%20Margin%2C%20Operating%20Expenses%2C%20and%20Operating%20Income) This section details the adjustments made to reconcile GAAP gross margin, operating expenses, and operating income to their respective non-GAAP figures, primarily involving the exclusion of amortization of intangibles, stock-based compensation expense, and other corporate expenses Reconciliation of GAAP to Non-GAAP (Three Months Ended August 1, 2025) | Metric | GAAP ($ millions) | Non-GAAP Adjustments ($ millions) | Non-GAAP ($ millions) | | :---------------------- | :---------------- | :-------------------------------- | :-------------------- | | Gross margin | 5,447 | +39 (Amortization) | 5,572 | | | | +37 (Stock-based comp) | | | | | +49 (Other corporate) | | | Operating expenses | 3,674 | -86 (Amortization) | 3,288 | | | | -142 (Stock-based comp) | | | | | -158 (Other corporate) | | | Operating income | 1,773 | +125 (Amortization) | 2,284 | | | | +179 (Stock-based comp) | | | | | +207 (Other corporate) | | [Reconciliation of Non-GAAP Net Income and EPS](index=13&type=section&id=Reconciliation%20of%20Non-GAAP%20Net%20Income%20and%20EPS) The reconciliation from GAAP to non-GAAP net income and diluted EPS involves adjustments for amortization of intangibles, stock-based compensation expense, other corporate expenses, fair value adjustments on equity investments, and an aggregate adjustment for income taxes Reconciliation of GAAP to Non-GAAP Net Income and EPS (Three Months Ended August 1, 2025) | Metric | GAAP ($ millions/share) | Non-GAAP Adjustments ($ millions/share) | Non-GAAP ($ millions/share) | | :---------------------- | :---------------------- | :-------------------------------------- | :-------------------------- | | Net income | 1,164 | +125 (Amortization) | 1,591 | | | | +179 (Stock-based comp) | | | | | +200 (Other corporate) | | | | | -4 (Fair value adj.) | | | | | -73 (Income taxes) | | | Diluted EPS | $1.70 | +0.19 (Amortization) | $2.32 | | | | +0.26 (Stock-based comp) | | | | | +0.29 (Other corporate) | | | | | -0.01 (Fair value adj.) | | | | | -0.11 (Income taxes) | | - The company's non-GAAP income tax is calculated using a fixed estimated annual tax rate[42](index=42&type=chunk)[46](index=46&type=chunk) [Reconciliation of Non-GAAP Cash Flow Measures](index=15&type=section&id=Reconciliation%20of%20Non-GAAP%20Cash%20Flow%20Measures) This section reconciles cash flow from operations to free cash flow and adjusted free cash flow by accounting for capital expenditures, capitalized software development costs, changes in financing receivables, and equipment under operating leases Reconciliation of GAAP to Non-GAAP Cash Flow Measures (Three Months Ended August 1, 2025) | Metric | Amount ($ millions) | Change YoY | | :------------------------------------------------ | :------------------ | :--------- | | Cash flow from operations | 2,543 | 90% | | Capital expenditures and capitalized software development costs, net | (675) | N/A | | Free cash flow | 1,868 | 165% | | Financing receivables | 592 | N/A | | Equipment under operating leases | 58 | N/A | | Adjusted free cash flow | 2,518 | 96% | [Reconciliation of Non-GAAP Guidance](index=17&type=section&id=Reconciliation%20of%20Non-GAAP%20Guidance) Dell Technologies provides a reconciliation of its GAAP diluted EPS guidance to non-GAAP diluted EPS guidance for Q3 and full-year FY26, primarily adjusting for amortization of intangibles, stock-based compensation, other corporate expenses, fair value adjustments, and income taxes Reconciliation of Non-GAAP Guidance (Q3 and Full-Year FY26) | Metric (Q3 FY26 Guidance) | GAAP EPS | Non-GAAP Adjustments | Non-GAAP EPS | | :------------------------ | :------- | :------------------- | :----------- | | Diluted EPS | $2.07 | +0.18 (Amortization) | $2.45 | | | | +0.26 (Stock-based) | | | | | -0.06 (Income taxes) | | | Metric (Full-Year FY26 Guidance) | GAAP EPS | Non-GAAP Adjustments | Non-GAAP EPS | | :------------------------ | :------- | :------------------- | :----------- | | Diluted EPS | $7.98 | +0.72 (Amortization) | $9.55 | | | | +1.05 (Stock-based) | | | | | +0.22 (Other corp) | | | | | -0.03 (Fair value) | | | | | -0.39 (Income taxes) | | - Amortization of intangibles estimates are for acquisitions completed as of August 1, 2025, excluding potential future acquisitions[52](index=52&type=chunk) - Other corporate expenses primarily include severance, payroll taxes on stock-based compensation, facility action costs, and transaction-related expenses, with no estimate for future severance[53](index=53&type=chunk) [Additional Information](index=4&type=section&id=Additional%20Information) This section provides details on Dell Technologies' conference call, company overview, and important disclosures regarding forward-looking statements and associated risk factors [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) Dell Technologies announced details for its conference call to discuss Q2 FY26 performance and FY26 guidance, providing access information for live broadcast and archived recordings - A conference call to discuss performance and financial guidance was held on August 28 at 3:30 p.m. CST[9](index=9&type=chunk) - Prepared remarks, a presentation, and the live broadcast are accessible via investors.delltechnologies.com, with an archived version available for one year[9](index=9&type=chunk)[10](index=10&type=chunk) [About Dell Technologies](index=4&type=section&id=About%20Dell%20Technologies) Dell Technologies is a global technology leader focused on enabling digital transformation for organizations and individuals, offering a comprehensive and innovative portfolio of technology and services tailored for the AI era - Dell Technologies helps organizations and individuals build their digital future and transform how they work, live, and play[11](index=11&type=chunk) - The company provides the industry's broadest and most innovative technology and services portfolio for the AI era[11](index=11&type=chunk) [Forward-Looking Statements and Risk Factors](index=4&type=section&id=Forward-Looking%20Statements%20and%20Risk%20Factors) This section highlights that the press release contains forward-looking statements regarding future results and events, which are inherently subject to various risks, uncertainties, and other factors that could cause actual outcomes to differ materially from expectations - Statements relating to future results and events are forward-looking and based on current expectations[15](index=15&type=chunk) - Risks and uncertainties include adverse global economic conditions, competitive pressures, reliance on third-party suppliers, effects of AI solution demand, security incidents, and foreign operations[17](index=17&type=chunk)[18](index=18&type=chunk) - Investors should not place undue reliance on forward-looking statements, as actual results may differ materially due to various factors detailed in SEC filings[19](index=19&type=chunk)

Group 1 - Dow futures rose by 0.23%, S&P 500 futures increased by 0.08%, while Nasdaq futures fell by 0.03% [1] - Chinese concept stocks experienced a decline, with Alibaba down 2.07%, Pinduoduo down 0.31%, JD down 3.24%, and Xpeng down 4% [1] - Nvidia reported Q2 revenue of $46.743 billion, a 56% year-over-year increase, slightly above analyst expectations of $46.23 billion; however, data center revenue of $41 billion was below the expected $41.29 billion, leading to a 1.88% drop in stock price [1] - Li Auto's Q2 revenue was 30.2 billion RMB, a 4.5% year-over-year decline, below the forecast of 32.47 billion RMB, resulting in a 4.07% drop in stock price [1] Group 2 - Warren Buffett's Berkshire Hathaway increased its stake in Mitsubishi Corporation to 10.23%, up from 9.74% in March, while also acquiring shares in Mitsui & Co., though the stake remains below 10% [2] - Toyota reported a record global sales figure for July, reaching 899,449 vehicles, a 4.8% year-over-year increase, driven by strong demand in North America and performance in the Chinese market [2] - Morgan Stanley raised Dell Technologies' target price from $135 to $144, maintaining an "overweight" rating, citing better-than-expected performance in the enterprise hardware sector due to strong AI investments and PC sales [2] Group 3 - Snowflake's Q2 revenue reached $1.14 billion, exceeding analyst expectations of $1.09 billion, with a 32% year-over-year growth; the company raised its fiscal 2026 product revenue forecast from $4.33 billion to $4.4 billion [3] - The Hong Kong Securities and Futures Commission fined Deutsche Bank 23.8 million HKD (approximately $3.1 million) for multiple regulatory violations, including overcharging management fees and misallocating product risk ratings [3]

大摩分析师称："我们依然看好戴尔公司的长期发展态势——该公司在人工智能计算领域是当之无愧的 领先原始设备制造商，并且正与主要客户 xAI 和 CRVV 加强合作，从而不断扩大市场份额，同时在企 业存储市场也重新开始取得增长，其传统服务器业务表现尚可，而且公司正在实施一项覆盖全公司的成 本效率计划，我们预计该计划将在未来三年内推动每股收益增长 10%以上(而管理层设定的目标为 8%以 上)。戴尔的股价有望进一步上涨，并且每股收益也有望得到上调。不过，鉴于戴尔目前的估值溢价， 我们认为在接下来的 12 个月内，戴尔相对于慧与科技(HPE.US)的上涨空间有限(除非我们确信戴尔存储 业务能够成为长期增长引擎(借助人工智能的附加优势)，这一点已纳入我们目标价196 美元的牛市情景 中)。戴尔将于 10 月 7 日举行分析师日活动，这将是继第二季度财报之后的下一个重大催化剂。" 据大摩称，戴尔是人工智能计算领域的领先原始设备制造商(OEM)，其市场份额正随着主要客户xAI和 CRVV合作而稳步增长。此外还有其他一些有利因素推动着该股票的表现，这就是该行看好其长期前景 的原因所在。 智通财经APP获悉，近日，摩根士丹利分 ...

Group 1 - The core truth of today's investment world is that technological moats are failing, supply chains are critical to a company's survival, and the key metric determining value is "pulsation speed" [1][2] - Dell's stock price surged 269 times in the 1990s due to its innovative supply chain design, which included zero finished goods inventory and direct sales to customers [1][2] - Silicon Graphics, once a leader in 3D graphics technology, faced a dramatic decline due to supply chain failures, highlighting the importance of supply chain resilience [2] Group 2 - The "pulsation speed" framework from MIT analyzes how industries oscillate between vertical integration and horizontal modularity, with the transition speed determined by the industry's pulsation speed [5][7] - Different industries exhibit varying pulsation speeds, with personal computers having a product pulsation speed of less than 6 months, while pharmaceuticals can take over 10 years for new drug development [6][14] - The "whip effect" illustrates how small demand fluctuations can be amplified throughout the supply chain, leading to significant impacts on upstream suppliers [8] Group 3 - The three-dimensional capability chain map helps analyze a company's competitive position within its supply chain and technology ecosystem, focusing on organizational, technological, and capability chains [10][11][12] - Companies must adapt to market changes by managing their resources efficiently, as demonstrated by Dell's just-in-time production model that minimizes inventory cycles [13] - Investment strategies should be tailored based on industry types, such as "fruit fly" industries with rapid iteration cycles and "elephant" industries with stable cash flows [18][20]

Core Viewpoint - Dell Technologies is expected to report strong Q2 2026 earnings, with analysts raising EPS estimates significantly, reflecting high market expectations for the company's performance [1][2]. Financial Estimates - Projected revenue for Q2 2026 is $29.2 billion, with adjusted EPS estimated at $2.30, driven by optimism in AI infrastructure and traditional server sales [2][9]. - Analysts have upgraded EPS estimates 13 times and downgraded 3 times in the past 90 days, indicating strong market sentiment [1]. Segment Performance - The Infrastructure Solutions Group (ISG) is anticipated to see a 12% year-over-year revenue increase in Q1 2026, with server and networking revenue growing by 16% [3][4]. - AI-optimized server shipments reached $1.8 billion, with a backlog of $14.4 billion, primarily driven by demand from cloud service providers and enterprise clients [3][4]. Strategic Developments - Dell is enhancing its AI data platform to streamline AI development and deployment, aiming to connect AI agents with enterprise data [4]. - The company is positioned to benefit from a significant upgrade cycle as many existing servers are outdated, particularly among its customer base [4]. Market Trends - The overall IT spending forecast for 2025 indicates strong growth in data center systems, with Dell expected to outperform market expectations in this area [8][9]. - The commercial PC sales are gradually increasing, supported by the anticipated improvements from Windows 11 updates [10]. Financial Health - As of Q1 2026, Dell's cash and cash equivalents stood at $7.7 billion, with total debt at $28.8 billion, reflecting a strong financial position [10][11]. - The company has seen improvements in its leverage ratio, indicating better financial management since Q2 2025 [10]. Future Outlook - Dell is expected to achieve significant growth in Q2 2026, driven by AI server sales and a shortening refresh cycle for traditional servers and commercial devices [10][12]. - The integration of GenAI technology in operations is anticipated to enhance operational efficiency and drive future growth [10].

Group 1 - IHS Markit is a world leader in critical information, analytics, and solutions for major industries and markets that drive global economies [1] - The company serves over 50,000 key business and government customers, including 80 percent of the Fortune Global 500 and leading financial institutions [1] - IHS Markit is headquartered in London and is committed to sustainable, profitable growth [1] Group 2 - The company provides next-generation information, analytics, and solutions to enhance operational efficiency and deliver deep insights for informed decision-making [1]

Core Viewpoint - Dell Technologies Inc. is expected to report Q2 '26 earnings on August 28, 2025, with positive analyst expectations leaning towards the upper end of the guidance range [1] Group 1: Earnings Report Expectations - Analysts have a positive outlook for Dell's upcoming earnings report, anticipating results at the upper end of the guidance range [1] Group 2: Analyst Background - Michael Del Monte, an analyst with over 5 years of experience in equity analysis, emphasizes a comprehensive approach to investment recommendations, considering the entire investment ecosystem rather than evaluating a company in isolation [1]