DELL Q2 Earnings Report: AI Servers Enter Accelerated Growth Phase, This Report is Super Strong Q2 revenue hit $47B, up 58% YoY, with EPS at $7.04, up 203% YoY—both smashing expectations. AI Server revenue reached $16.4B, up 100% YoY, with record-breaking orders at $60.9B and backlog climbing to $95B. Meanwhile, traditional servers/networking grew 122%, and storage grew 26%, showing that growth isn’t just coming from a single AI product line. The management team is very optimistic. The CEO stated that AI Server business hit all-time highs this quarter in orders, revenue, and backlog, while traditional servers, storage, and client businesses are also growing in sync. Management significantly raised FY27 guidance, increasing revenue from $167B to $192B, AI Server revenue from $60B to $74B, and EPS from $17.90 to $25.50. Q3 revenue guidance of $49B is also well above market expectations. Operating expense ratio is expected to drop to 8%, the lowest in 42 years, with operating leverage clearly kicking in.