Q2 FY27 · Ended Jul 31, 2026 · View SEC filing
Memory got dearer, yet Dell's margin widened
The filing credits disciplined pricing for a 20.9% gross margin in a quarter of substantial memory cost inflation.
For investorsCan the margin hold as memory costs and AI mix both press on it?
For foundersRepricing in a shortage: the playbook behind Dell's wider margin
Operating costs rose 21.0% against revenue's 57.7%, so most of the extra gross margin reached operating income.
Infrastructure earns 15.0% on its revenue against 7.6% for PCs, so data center spending now sets Dell's profit.
Free cash flow fell to $986M while net income rose to $4.1B, as working capital absorbed the growth.
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Business Lens describes Dell Technologies from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
