戴尔2027财年第二季度业绩电话会纪要

发布时间：2026-09-02 一、AI总结内容 一、核心要点 1. 戴尔2027财年第二季度营收470亿美元，同比增长58%；非GAAP摊薄每股收益7.04美元，同比增长203%，均创历史新高。 2. 基础设施解决方案集团（ISG）营收318亿美元，同比增长89%，其中AI服务器订单创纪录达609亿美元，AI服务器营收164亿美元，AI积压订单达950亿美元。 3. 客户解决方案集团（CSG）营收150亿美元，同比增长20%，商业PC营收同比增长22%，消费者PC营收同比增长7%。 4. 本季度向股东返还43亿美元，创历史新高，其中回购950万股股份，股息约每股0.63美元。 二、业绩展望 1. 第三季度预期营收490亿美元，同比增长约80%；ISG营收同比增长约145%，AI服务器营收190亿美元；CSG营收同比增长约15%；非GAAP摊薄每股收益6.5美元，同比增长超150%。 2. 全财年营收指引上调250亿美元至1920亿美元，同比增长约70%；非GAAP摊薄每股收益25.5美元，同比增长约150%；ISG营收同比增长约120%，AI服务器营收740亿美元，同比增长3倍。 三、业务分板块情况 1. AI领域：需求覆盖新云厂商、主权客户及企业客户，客户总数超6500家，过去12个月AI服务器订单超1300亿美元，AI部署需要大量工程、设计及部署能力，公司获英伟达相关系统交付首单。 2. 传统服务器：营收同比增长122%，超市场预期，主要驱动为数据中心现代化、安全及韧性需求提升、AI及智能体工作负载新增需求；过去两个季度传统服务器市占率提升超10个百分点，仍有大量14代及以上旧服务器待更新，更新周期长且空间充足。 3. 存储领域：营收同比增长26%，持续实现市占率提升，已连续6个季度需求超市场，AI数据管理需求成为新增驱动，PowerStore等核心产品保持双位数增长，非结构化存储连续3个季度增长超双位数。 4. PC领域：商业PC连续8个季度增长，消费者PC连续4个季度增长，部分成本敏感客户延长设备升级周期，带来长期更新机会，CSG为本年度资本效率最高业务。四、Q&A核心内容 1. 非AI ISG需求：传统服务器需求来自企业客户，数据中心现代化、安全、智能体工作负载为核心驱动，存储需求来自数据量增长及AI数据管理需求，需求具备可持续性，第二半年代销预期保持稳定增长。 2. 长期增长：AI智能体工作负载将重塑数据中心，2030年推理令牌需求将达当前87倍，AI将占数据中心需求的75%，市场空间超万亿美元，公司将凭借工程、部署支持能力抓住机会。 3. 供应链状况：整体供应紧张，核心瓶颈为DRAM、NAND，伴随CPU、磁盘驱动器、部分芯片等短缺，公司通过优化配置、调整产能分配、加大资源投入提升交付能力，支撑上调后的业绩指引。 4. 定价与市场空间：传统服务器及存储增长包含产品升级带来的定价提升，但核心驱动为需求增长，客户对价格接受度较高，未出现明显议价压力，非结构化存储、数据管理等新应用持续拓展市场空间。5. 利润率驱动：ISG利润率提升核心为规模效应，其次为存储组合优化及运营纪律，全财年运营费用率预计为营收的8%，创42年历史最低，体现运营杠杆效果。 二、音频原文（转写） Please stand by. Good afternoon, and welcome tothe fiscal year 2027 second quarter financial results conference call for Dell Technologies Inc.I'd like to inform all participants this call is being recorded at the request of Dell Technologies. This broadcast is the copyrighted propertyof Dell Technologies Inc. Any rebroadcast of this information in whole or part without the prior written permission of Dell Technologies is prohibited. Following prepared remarks, we will conduct a question and answer session. If you havea question, simply press star then one on your telephone keypad at any time during the presentation. I'd like to turn the call over to Paul Franz, head of investigations. Mr. Franz, you may begin. Thanks everyone for joining us. With me today are Jeff Clark, David Kennedy and Tyler Johnson. Our earnings materials are available on ourIR website and I encourage you to review these materials. also Please take some time to review the presentation, which includes additional content to complement our discussion this afternoon.During this call, unless otherwise indicated, All references to financial measures refer to non-GAAP financial measures, including non-GAAP gross margin, operating expenses operating income, and income diluted earnings per share free cash flow and adjusted free cash flow. A reconciliation of these measures to their most. directly comparable GAAP measures can be found in our web deck and our press release. Growth percentages referred to year-over-year change, unless otherwise.specified Statements made during this call thatrelate to future results and events. are forward-looking statements. based on current expectati ons. actual results and events could differ materially from those projected due to a number of risks and uncertainties which are discussed in our web deck and our SEC filings. We assume no obligation to update. our forward-looking statements. now, I'll turn it over to Jeff. Thanks, Paul,and thanks everyone for joining us. another outstanding quarter. I am proud of how our team executed across the business. delivering record revenue and record earnings per share. Revenue was$47 billion, up 58%. and earnings per share was7.04 cents up 203% These results reflect the compounding benefits of our competitive advantages.the breadth of our portfolio and the strength of our operating model. Our modernization effortsare driving greater efficiency and significantoperating leverage. enabling us to grow earningsfaster than revenue. Customers no longer see ITenvironment simply as cost centers. but as value drivers that enable growth productivity and competitive advantage. As a result, they are expanding and reallocating budgets to support continued investment. This is creating opportunities across our portfolio from infrastructure to clientdevices. our world-class supply chain and ability to serve customers across their IT environments. are helping us meet more of their needs andgain share. Our deployment and service capabilities are helping customers integrate solutions across their IT environment. and capture more value quickly. The proof is in our results. Over thepast 12 months, we have booked more than $130 billion in AI server orders. In just the past 2 quarters, we have generated almost as much revenue from traditional servers and networking as wehave in any prior full year In company history Storage returned to growth and share gain with strong demand for Dell IP storage products. and CSG revenue is growing at the fastest rate in 5 years. It is clear why demand for our solutions isexceeding available supply. Our re