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Dell Technologies (DELL) has been one of the hottest stocks of 2026, and Tuesday's second-quarter earnings report could either fuel the fire or pour cold water on it. The company reports after the market close, and expectations are sky-high.
Here's what Wall Street is looking for, what analysts are saying, and what could move the stock.
Analysts are calling for Dell to post revenue of $44.95 billion in the second quarter, according to market data. That would be a massive jump from the $29.78 billion it reported in the same period last year. It would also top the company's all-time quarterly revenue record of $43.84 billion, which was set just last quarter.
Dell has a solid track record of beating revenue estimates, having done so in two straight quarters and in seven of the past 10. On the earnings per share front, analysts expect $4.91, up from $2.32 a year ago. The company has beaten EPS estimates in four consecutive quarters and in nine of the past 10.
Several analysts have recently updated their price targets on Dell, and the tone is generally positive, though not universally so.
The range of targets suggests some analysts see more upside than others, but the overall direction is upward.
Dell's stock has been on a tear, up 264% year-to-date, making it one of the top performers in the S&P 500. But it's still about 9% below its all-time high of $514, so there's room to run if the company delivers.
A big part of the stock's surge has been tied to President Donald Trump's shout-outs earlier this year, which preceded government contracts and helped fuel the rally. But the fundamentals are also strong. In the first quarter, Dell reported record revenue of $43.84 billion, up 88% year-over-year, with its Traditional Servers and Networking segment up 92% and AI-Optimized Servers revenue up a staggering 757%.
The company also booked $24.4 billion in AI orders in Q1, which led it to raise its full-year AI server expectations. Investors will be watching closely to see if Q2 shows similar momentum in AI server revenue recognition, bookings, and whether the company raises its guidance again.
Dell also raised its full-year revenue and EPS estimates last quarter, so the bar is already high. With such lofty expectations, a miss or a failure to raise guidance could hit the stock hard. On the flip side, a strong beat-and-raise could send shares back toward record highs.
The broader tech and AI sector has been reporting strong earnings lately, which only adds to the pressure on Dell to deliver. The market is in a mood where AI-related names are being rewarded, but also punished harshly for any sign of weakness.
On Monday, Dell shares were up 1.48% to $462.09, within a 52-week range of $110.22 to $514. The stock is up 263.9% year-to-date in 2026.
So, will Dell keep the party going? Tune in Tuesday after the close to find out.
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