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Dell Technologies (DELL) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Sep 8, 2025
Dell Technologies (DELL) reported revenue of $29.8B for the second quarter fiscal 2026 (Q2 FY26), +19% from a year earlier and +27% from the quarter before. Operating margin was 6.0%, net earnings $1.2B (3.9% of revenue).
Dell Technologies, Q2 FY26: revenue $29.8B (+19% year over year), operating margin 6.0%, net earnings $1.2B, operating cash flow $2.5B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $29.8B | +27% | +19% |
| Gross profit | $5.4B | +10% | +2% |
| Operating profit | $1.8B | +52% | +27% |
| Net earnings | $1.2B | +21% | +32% |
| Operating cash flow | $2.5B | -9% | +90% |
| Free cash flow | $1.9B | -16% | +184% |
What changed
Revenue was $29.8B in Q2 FY26, up 19% year over year and up 27% from the previous quarter. Products was the largest line at 80% of revenue. Products added $5.0B year over year (up 26%), 105% of the total change. Services declined 4%.
Gross margin was 18.3%, down 3.1 points from a year earlier. Operating profit was $1.8B, a 6.0% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, above the 6% margin then. Operating expenses fell 7% while revenue rose 19%. Net earnings were $1.2B, up 31% year over year. The effective tax rate was 19.2%.
Operating cash flow was $2.5B (up 90% year over year), 218% of net earnings. Non-cash charges added back $0.76B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items added $0.44B. Capital expenditures of $0.68B left free cash flow of $1.9B.
Questions
What was Dell Technologies' revenue in the second quarter fiscal 2026?
Dell Technologies (DELL) reported revenue of $29.8B for the second quarter fiscal 2026 (Q2 FY26), +19% from a year earlier and +27% from the quarter before.
Was Dell Technologies profitable in the second quarter fiscal 2026?
Operating profit was $1.8B (6.0% of revenue) and net earnings $1.2B.
Source: Dell Technologies 10-Q on SEC EDGAR.