Dell Technologies reported quarterly revenue of $47 billion, a 58% year-over-year increase. The company raised its full-year revenue outlook by $25 billion to $192 billion as demand for artificial intelligence servers drove growth across its infrastructure division.

The technology firm recorded adjusted earnings of $7.04 per share for the quarter, surpassing analyst expectations of approximately $4.90 per share. Dell Technologies recorded $60.9 billion in AI server orders in a single quarter. The company ended the period with a backlog of $95 billion.

Dell Technologies has more than 6,500 AI enterprise customers, having added 3,300 such clients in the last three quarters. The revised full-year revenue outlook represents approximately 70% year-over-year growth. Dell Technologies' traditional server business grew by 122%, while its storage business expanded by 26%. These gains contributed to an expansion in the infrastructure operating margin by 620 basis points to 15%.

Morgan Stanley described Dell Technologies' infrastructure operating margin expansion as "unprecedented." Dell Technologies shares have surged more than 310% year-to-date. The company is set to be added to the S&P 100 index, effective Sept. 21.

Michael Dell, the chairman and chief executive officer of Dell Inc. addressed concerns regarding the shift toward centralized cloud computing. "The risk is losing control of your data, your cost, your security, your intellectual property and your speed," Michael Dell said in a public statement in May 2026. Andy Jassy, CEO of Amazon, stated that 85% of global IT spend is still on premises.

Timeline

In May 2026, Michael Dell stated, "The risk is losing control of your data, your cost, your security, your intellectual property and your speed." A Federal Reserve Bank of Minneapolis analysis found that prices in the "video and information processing equipment" category were up 12.2% year over year through July 2026. Goldman Sachs Research estimated in August that U.S. investment in AI technology will total just under $600 billion in 2026. Dell Technologies' revised full-year revenue outlook represents approximately 70% year-over-year growth as of September 2026.

What's New

Additional reporting indicates that Dell Technologies will be added to the S&P 100 index, effective Sept. 21.

Historical data from the same source shows that prices in the "video and information processing equipment" category fell 6.5% per year from 2015 to 2019. A JP Morgan analysis found that AI-related capital expenditures added 1.1% to gross domestic product growth in the first half of 2025.

Why It Matters

The scale of Dell Technologies' recent performance reflects a broader transformation in corporate spending on technology infrastructure. With $60.9 billion in AI server orders in a single quarter and a backlog of $95 billion, the company is positioning itself at the center of a capital expenditure cycle that analysts estimate will reach just under $600 billion in the U.S. in 2026. The addition to the S&P 100 index follows a share price surge of more than 310% year-to-date.

This growth occurs against a backdrop of changing price dynamics for computing hardware. After years of declining costs, where prices in the "video and information processing equipment" category fell 6.5% per year from 2015 to 2019, recent data shows a reversal. Prices in this category were up 12.2% year over year through July 2026, according to a Federal Reserve Bank of Minneapolis analysis. The combination of rising hardware costs and substantial order backlogs suggests that enterprises are prioritizing immediate access to AI capacity.