Two of enterprise tech’s most recognizable names are about to show their homework. Dell Technologies and Hewlett Packard Enterprise are set to report quarterly earnings this week, with Dell reporting after the market close on September 1 and HPE following a day later. Dell shares have surged over 260% year-to-date, while HPE has climbed roughly 120%, both riding a wave of explosive demand for AI-optimized server infrastructure.
The numbers sound almost fictional. Dell’s AI server revenue hit $16.1 billion in its most recent quarter, up 757% year over year. Its AI-related order backlog currently sits at $51.3 billion. Dell recorded Q1 FY2027 revenue of $43.8 billion, up 88% year over year, making the upcoming Q2 report a test of whether that momentum can be sustained.
What the market is expecting
Consensus estimates for Dell’s upcoming quarter point to revenue around $44.5 billion, which would represent roughly 50% growth year over year. Analysts are also modeling earnings per share near $4.90, more than double the figure from the same period last year.
HPE’s targets look a bit less stratospheric but still demanding. Analysts project revenue of approximately $12 billion for its September 2 report, with earnings per share around $0.93.
