Management remarks
Call period: 2027 Q2 · 2026-09-01
Guidance: David Kennedy: For the full year, we are raising our revenue guide by $25 billion to $192 billion at the midpoint, up roughly 70%, with diluted non-GAAP EPS of $25.50, up approximately 150%.Demand and orders: Jeffrey Clarke: Revenue was up 122% as demand remains exceptionally strong, supported by multiple vectors of growth.Margins: David Kennedy: With gross margin improvement and the benefits of significant scale, operating income is expected to grow approximately 120% with over 2 points of rate improvement year-over-year.Analyst Q&A
Analyst Amit Daryanani asked: And if I look at a traditional server growth of 122% was actually faster than AI compute and storage grew 26% as well. I think a worry folks will have is this driven by a combination of pricing and prebuys rather than real demand. So I don't know if you can spend some time just talking about what do you think is driving this demand? Management Jeffrey Clarke answered: Think about it. I think if we blend Q1 and Q2 together, we grew storage 17% in the first half of the year. We continue to see our Dell IP storage growing ahead of the market for 6 consecutive quarters on a demand basis. We could run off a bunch of fun numbers. PowerStore has now grown 10 consecutive quarters in a row. We have PowerScale 5 quarters in a row, ObjectScale 4 quarters in a row. Data Domain, 3 quarters in a row, our all-flash arrays have grown now 10 quarters in a row. So there is inherent demand. Our products are more competitive.管理层陈述
电话会期间：2027 Q2 · 2026-09-01
指引：大卫·肯尼迪表示，对于全年，我们将收入指引中点上调250亿美元至1920亿美元，同比增长约70%，摊薄非GAAP每股收益为25.50美元，同比增长约150%。需求与订单：杰弗里·克拉克表示，由于需求依然异常强劲且受多重增长因素支撑，公司收入增长了122%。利润率：大卫·肯尼迪表示，得益于毛利率改善和显著的规模效应，预计营业利润将同比增长约120%，利润率提升超过2个百分点。分析师问答
分析师阿米特·达里亚拉尼：传统服务器增长122%，人工智能计算与存储均增26%，前者更快。市场担忧这是定价与提前备货所致，而非真实需求，请谈谈推动这类需求的因素。管理层杰弗里·克拉克：合并一、二季度，今年上半年存储业务增17%。戴尔IP存储需求连续六季度跑赢市场，PowerStore、全闪存阵列均连增十季度，PowerScale连增五季度，ObjectScale连增四季度，Data Domain连增三季度，可见是真实内在需求，我们的产品更具竞争力。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
