Outperforming Dell Technologies Stock Gears Up for Earnings

Dell Technologies Inc (NYSE:DELL) is scheduled to report second-quarter earnings after the close on Tuesday, Sept. 1. According to Zacks Research, analysts expect earnings of $4.95 per share on revenue of $45.25 billion, representing year-over-year increases of 113.4% and 52%, respectively. The consensus earnings estimate has also risen 5.9% over the past month.

Sector peer HP (HPQ) is sliding after earnings today, after the company reported that its PC ‌unit shipments and margins declined in the third quarter as price increases to offset rising memory chip costs. The shares are brushing off second-quarter earnings and revenue that beat estimates, as well as a strong full-year outlook. 

DELL stock has been a standout performer in 2026, up 268.6% year to date. The shares were last seen at $464.08, just 9.7% below their Aug. 13 record high of $514. The stock has also been enjoying support at the 60-day moving average.

Options traders are pricing in a 14.8% post-earnings move, regardless of direction, larger than DELL stock's average reaction of 11.6% over the last eight quarters. The shares have finished higher after four of those eight reports, including each of the last three. Most recently, Dell stock skyrocketed 32.8% after its late-May earnings, following gains of 21.9% and 5.8% in the prior two quarters.

Meanwhile, the stock's Schaeffer's Volatility Scorecard (SVS) sits at 91 out of 100, suggesting the shares have tended to outperform options traders' volatility expectations during the past year.