Dell Technologies said net revenue for Q2 and the first six months of Fiscal 2026 increased 19% and 12%, respectively. The company said ISG net revenue increased 44% and 30%, respectively, and servers and networking net revenue increased 69% and 47%, respectively.

10-QQuarterly reportFiled Sep 8, 2025Period of report Aug 1, 2025Summary published (UTC) Oct 11, 2026

Key points

AI summary

Dell Technologies said net revenue for Q2 and the first six months of Fiscal 2026 increased 19% and 12%, respectively. The company said ISG net revenue increased 44% and 30%, respectively, and servers and networking net revenue increased 69% and 47%, respectively.
Dell Technologies said gross margin percentage for Q2 of Fiscal 2026 declined 310 basis points to 18.3% and non-GAAP gross margin percentage declined 330 basis points to 18.7%. The company cited a shift in mix towards AI-optimized server offerings as the factor for the decline.
Dell Technologies said operating income for Q2 of Fiscal 2026 increased 27% to $1.8 billion and non-GAAP operating income increased 10% to $2.3 billion. Total operating expenses for the same quarter decreased 7%, and the company cited a decline in overall headcount as the factor for the decrease in SG&A.
Dell Technologies said cash provided by operating activities for the first six months of Fiscal 2026 was $5.3 billion. As of August 1, 2025, debt principal increased $4.1 billion to $28.9 billion, and the company cited an increase in net debt from the issuance of Senior Notes as the factor for the increase.

Key figures

Quarter ended August 1, 2025

Revenue: $29.8B
Operating income: $1.8B
Net income: $1.2B
EPS: $1.70
Gross profit: $5.4B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Q2 and First-Half Net Revenue and ISG Net Revenue Growth

Dell Technologies said net revenue for Q2 and the first six months of Fiscal 2026 increased 19% and 12%, respectively. The company said ISG net revenue increased 44% and 30%, respectively, and servers and networking net revenue increased 69% and 47%, respectively.

Source · Based on the MD&A text of the filing

AI-Optimized Server Mix and Gross Margin Rate

Dell Technologies said gross margin percentage for Q2 of Fiscal 2026 declined 310 basis points to 18.3% and non-GAAP gross margin percentage declined 330 basis points to 18.7%. The company cited a shift in mix towards AI-optimized server offerings as the factor for the decline.

Source · Based on the MD&A text of the filing

Operating Income Growth and Operating Expense Decline

Dell Technologies said operating income for Q2 of Fiscal 2026 increased 27% to $1.8 billion and non-GAAP operating income increased 10% to $2.3 billion. Total operating expenses for the same quarter decreased 7%, and the company cited a decline in overall headcount as the factor for the decrease in SG&A.

Source · Based on the MD&A text of the filing

First-Half Operating Cash Flow and Debt Level

Dell Technologies said cash provided by operating activities for the first six months of Fiscal 2026 was $5.3 billion. As of August 1, 2025, debt principal increased $4.1 billion to $28.9 billion, and the company cited an increase in net debt from the issuance of Senior Notes as the factor for the increase.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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