Dell's AI Server Backlog Hits $95 Billion as Revenue Jumps 58% to $47 Billion

Dell Technologies reported fiscal second-quarter 2027 results on September 1, 2026, with revenue up 58% year-over-year to $47 billion and non-GAAP EPS up 203% to $7.04. Non-GAAP operating income grew 160% to $5.9 billion, with operating margin reaching 12.6%.

AI Server Business, Specifically

• Infrastructure Solutions Group revenue jumped 89% to $31.8 billion
• AI-optimized server revenue reached $16.40 billion, above the $16.07 billion analyst consensus
• $60.9 billion in AI orders were booked during the quarter, with an AI backlog of $95 billion

Other Business Segments

Traditional server and networking revenue more than doubled to $10.5 billion, storage revenue increased 26% to $4.9 billion, and Client Solutions Group revenue rose 20% to $15 billion — indicating growth extended beyond the AI server business into Dell's broader infrastructure and client computing segments.

Raised Guidance

Dell raised full fiscal year guidance to approximately $192 billion in revenue and $25.50 non-GAAP EPS, reflecting roughly 70% and 150% growth respectively. The company now expects AI server revenue to triple for the full fiscal year.

What This Means for Enterprise Hardware Buyers

The $95 billion AI backlog figure is a specific forward-looking indicator of sustained demand well beyond the current quarter's results, distinct from — and arguably more informative than — the trailing revenue growth rate alone. For organizations planning AI infrastructure procurement, a backlog of this scale at a major server vendor is a relevant signal about potential lead times and capacity allocation priorities across the broader AI hardware supply chain, not just about Dell's own business trajectory.