Dell’s AI Server Orders Hit Record $12.1 Billion In Q1, Stockpile Swells To $14.4 Billion: ‘Incredibly Strong Demand’

Dell Technologies Inc. (NYSE: DELL) reported a mixed first quarter, driven by what executives described as “extremely strong demand” for its AI-optimized servers.

The company reported $12.1 billion in AI server orders in the first quarter of 2026, surpassing the total shipments for all of fiscal year 2025, and pushing its stockpile to a record $14.4 billion.

Vice Chairman and COO Jeff Clarke noted that just 91 days into the year, Dell had already secured $12.1 billion in AI server orders, a figure that significantly contributed to the burgeoning $14.4 billion backlog.

Looking ahead, Dell anticipates shipping around $7 billion of that stockpile in the second quarter. Clarke emphasized the company’s focus on actively converting its extensive “five-quarter pipeline” into…

Its first-quarter earnings of $23.38 billion beat the consensus estimate of $23.14 billion. Dell also generated a record $2.8 billion in cash flow from operations for the first quarter and returned $2.4 billion to investors through stock repurchases and dividends.

The fiscal 2026 revenue is expected to be between $101 billion to $105 billion with a full-year EPS of $9.40.

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