Dell Technologies (NYSE: DELL) reports second-quarter earnings Tuesday after market close. Analysts project record revenue of $44.95 billion and EPS of $4.91.

Shares are trading lower ahead of the report, down 4.48% to $435.57, as investors position for the results. The company enters the report as one of the top-performing stocks in 2026, with shares up 264% year-to-date. Investors will focus on whether Dell can sustain its momentum amid supply constraints and high expectations.

Earnings Estimates And Historical Beats

Analysts expect second-quarter revenue of $44.95 billion, a significant increase from $29.78 billion in the same quarter last year. This estimate would surpass the quarterly record of $43.84 billion set in the first quarter.

For earnings per share, estimates stand at $4.91, up from $2.32 in the prior year’s second quarter. These estimates sit close to the midpoint of Dell’s own guidance, which called for revenue between $44 billion and $45 billion and adjusted earnings around $4.80 per share.

Dell has demonstrated consistent execution, beating analyst estimates for revenue in two straight quarters and seven of the past ten. Similarly, it has beaten EPS estimates in four straight quarters and nine of the past ten.

Analyst Ratings And Price Targets

Recent analyst actions reflect confidence in Dell’s trajectory, with several firms raising price targets while maintaining their ratings:

• BofA Securities: Buy (Raises Target to $505)
• UBS: Neutral (Raises Target to $455)
• Morgan Stanley: Equal-Weight (Raises Target to $434)
• Evercore ISI Group: Outperform (Raises Target to $550)
• Wells Fargo: Overweight (Raises Target to $545)

Key Items To Watch

Dell’s stock performance has been bolstered by strong financial results and external catalysts. Shares are down approximately 9% from all-time highs, suggesting potential upside if results meet high expectations. The stock’s rise has also been influenced by shout-outs from President Donald Trump earlier this year, which preceded government contracts and significant share price appreciation.

Investors will closely monitor AI server revenue recognition and new bookings. In the first quarter, Dell reported $24.4 billion in AI orders, leading to raised full-year AI server expectations. The Traditional Servers and Networking segment saw revenue rise 92% year-over-year, while AI-Optimized Servers revenue surged 757% year-over-year.

Technical indicators show the stock trading 4.8% below its 20-day SMA ($457.73), signaling a cooled near-term trend after the push into August highs. It sits on its 50-day SMA ($434.44), a key support level. Resistance is seen at $455.00. The RSI is neutral at 46.91.

Given the elevated baseline, another beat-and-raise scenario is likely required to maintain current valuations. A miss or failure to raise guidance could result in sharp downside pressure, while a strong performance may push shares toward new highs.

What The Numbers Show

The divergence between the projected revenue growth (50.9% YoY) and the even sharper EPS growth (111.6% YoY) indicates significant operating leverage or margin expansion in the pipeline. With AI-Optimized Servers revenue growing at 757% YoY in the prior quarter, the concentration on high-margin AI hardware appears to be driving disproportionate bottom-line benefits relative to top-line growth.

Dell Technologies Inc. (NYSE: DELL) shares fell 3.4% to close at $456.24 on Friday, reflecting investor caution over potential semiconductor tariffs and broader trade policy shifts ahead of its second-quarter earnings report.

The options market is pricing in a significant post-print reaction, with a 9.80% implied move that translates to $28.9 billion of market value at stake for the IT hardware giant, according to Benzinga Pro data.

Earnings & Analyst Outlook

Dell is scheduled to report second-quarter earnings after the closing bell on Tuesday, September 1, 2026. The Street is modeling $4.88 in EPS on $44.67 billion in revenue, up from $2.32 on $29.78 billion a year earlier.

Recent analyst actions from Benzinga’s most-accurate analysts include:

• Citigroup: Asiya Merchant maintained a Buy rating and boosted the price target from $475 to $515 on July 24, 2026 (92% accuracy).
• Wells Fargo: Aaron Rakers maintained an Overweight rating and boosted the price target from $505 to $545 on August 14, 2026 (88% accuracy).
• Evercore ISI Group: Amit Daryanani maintained an Outperform rating and raised the price target from $500 to $550 on August 19, 2026 (83% accuracy).
• Morgan Stanley: Erik Woodring maintained an Equal-Weight rating and raised the price target from $430 to $434 on August 24, 2026 (81% accuracy).
• UBS: David Vogt maintained a Neutral rating and increased the price target from $440 to $455 on August 26, 2026 (75% accuracy).

Market Context & Tariff Risks

The Trump administration is reportedly considering tariff extensions beyond chips to products containing them, including laptops and gaming consoles. Commerce Secretary Howard Lutnick has indicated a preference for linking tariff relief to U.S. chip manufacturing investments. The White House dismissed these reports as "baseless speculation" pending official announcements.

Dell Technologies carries a Buy consensus rating, and the 180-day average analyst price forecast is above where the stock trades. In August, UBS, Morgan Stanley and Evercore ISI Group raised their price forecasts, per Benzinga Pro.

Corporate Initiatives

Michael Dell renewed support for the Trump Accounts program as it officially launched nationwide last month. He reiterated the $6.25 billion pledge he and his wife, Susan Dell, made last year to provide $250 to 25 million qualifying American children.

ETF Exposure

Dell carries significant weight in several exchange-traded funds, meaning fund flows could drive automatic trading activity.

• Tortoise AI Infrastructure ETF (NYSE: TCAI): 6.14% weight
• GraniteShares 2x Long DELL Daily ETF (NASDAQ: DLLL): 66.65% weight
• American Customer Satisfaction ETF (BATS: ACSI): 4.88% weight

What the Numbers Show

Analysts estimate Dell’s revenue will rise to $44.67 billion from $29.78 billion, while EPS is expected to jump to $4.88 from $2.32. This implies a projected operating leverage effect, where profit per share is estimated to grow at a faster pace than top-line revenue. The divergence between the conservative UBS target ($455) and the bullish Evercore ISI target ($550) highlights varying views on how tariff risks may impact near-term margins versus long-term data center demand.