Dell Technologies Q3 Results: GAAP EPS expected at $6.10

0 min read | Published on 02 Sept 2026, 01:43 AM |Updated on 02 Sept 2026, 01:43 AM

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Key Highlights

Dell Technologies expects Q3 GAAP EPS of $6.10
Guidance focuses on per-share profitability
No other financial metrics disclosed in source

*this image is generated using AI for illustrative purposes only.

Dell Technologies (NYSE: DELL) has indicated it expects to report GAAP earnings per share of $6.10 for the third quarter.

The company provided this specific earnings guidance for the period, focusing investor attention on the per-share profitability metric.

Financial Guidance

The disclosure centers on the GAAP EPS figure, which serves as a primary indicator of the firm's bottom-line performance for the quarter.

Metric	Value
Q3 GAAP EPS	$6.10

No additional revenue, margin, or balance sheet data was included in the provided source material.

How does Dell's $6.10 GAAP EPS guidance compare to current Wall Street consensus estimates, and what does any deviation imply for near-term stock volatility?

Given the focus on EPS without disclosed revenue figures, what specific cost-cutting measures or one-time items might be driving this profitability metric?

Will Dell provide updated full-year revenue and margin guidance alongside these Q3 earnings results to clarify long-term growth trajectories?

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.

Metric	Q2 Estimate	Prior Year Q2	Change
Revenue	$44.95 billion	$29.78 billion	+50.9%
EPS	$4.91	$2.32	+111.6%

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.

How will Dell's ability to manage supply chain constraints impact its capacity to fulfill the $24.4 billion in AI server orders reported in Q1?

Will Dell raise its full-year guidance following this earnings report, and how might that influence investor sentiment given the stock's 264% year-to-date gain?

To what extent will the concentration of revenue in high-margin AI-Optimized Servers sustain the observed operating leverage and EPS growth in subsequent quarters?