The numbers don’t lie—enterprise customers are driving unprecedented demand for AI infrastructure, and Dell is making the most of this incredible opportunity.
We delivered record-breaking results in our second quarter—record revenue of $29.8 billion, record ISG revenue and record AI shipments. In the first half of this year alone, we booked $17.7 billion in AI orders and shipped $10 billion to date. We’ve raised our full-year guidance based on the momentum we’re seeing.
We see a massive opportunity as enterprise and sovereign customers increasingly invest in AI. This isn’t just about selling hardware; it’s about building comprehensive Dell AI Factories that include networking, storage and professional services. This holistic approach is resonating with a growing base of customers across diverse industries.
Here’s a snapshot of the enterprise AI momentum we’re seeing:
- Historic enterprise AI demand surge. Q2 delivered our strongest enterprise AI quarter ever with the most enterprise orders revenue we’ve generated.
- Largest customer base expansion. Single biggest number of enterprise customers we’ve sold to in a quarter.
- Eight consecutive quarters of enterprise buyer base growth. Now balanced with 50% new customers, 50% returning customers.
- Broad enterprise industry adoption. Spanning tech, manufacturing, financial services, engineering, higher education and healthcare.
- Proof-of-Concept (POC) activity up significantly. More POC deployments than ever.
- Higher conversion rates. Increased POCs converting to full production deployments.
- Real ROI. Customers deploying AI into difficult business problems and seeing measurable returns.
Financial performance reflects this growth
Our enterprise-driven success is translating to strong financial results:
- Guidance raised. Full-year revenue guidance increased to $105-109 billion.
- Higher AI shipments. We raised our previous guidance of $15 billion+ in FY26 AI server shipments to $20 billion, more than double what we shipped last year. Our goal is to run through the $20 billion target. While there are a lot of moving parts, we have more than adequate capacity to take that through our manufacturing network and convert those orders.
- Margins improving. We expect AI margin rates to improve in the second half and margin-rich Dell-IP storage momentum to continue. This strategic shift toward our proprietary storage solutions, combined with normal seasonal acceleration in Q4, positions us for improved profitability across our portfolio.
- Massive cash opportunity. Enterprise customers aren’t just buying servers; they’re investing in complete AI factories that require the full gamut of what we make and sell. This ecosystem approach drives higher margins and deeper customer relationships.
We couldn’t be more excited about what all this means for our customers, partners, shareholders and for Dell Technologies. The AI wave is here and we’re riding it.
