Dell reports $16.4 billion in AI server revenue and a record $95 billion backlog

Dell reported record revenue of $47 billion in its second fiscal quarter of 2027 (corresponding to mid-2026), up 58% year over year, driven by $16.4 billion in AI server revenue and $60.9 billion in new orders, which pushed its backlog to a record $95 billion.

AI infrastructure demand shows no sign of slowing

According to the earnings report filed on September 1, 2026, Dell raised its full fiscal-year revenue guidance by $25 billion, to $192 billion, and its earnings-per-share projection to $25.50. For the next quarter, the company expects revenue of $49 billion, with its infrastructure division (ISG) growing roughly 145% and AI server revenue reaching $19 billion.

What the $95 billion backlog reveals

A backlog of this size means AI server demand keeps outrunning Dell's delivery capacity, even after a quarter of record orders. Non-GAAP earnings per share of $7.04, up 203% year over year, also suggests Dell is capturing healthy margins despite massive spending on manufacturing capacity to meet demand.