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It is widely known that the solutions of the Lyapunov equations can be used to compute the H_2 norm of LTI dynamical systems. In this talk we show how this theory extends to dynamical system with delays. The first result is that the H_2 norm can be computed from the solution of a generalization of the Lyapunov equation. It turns out that even though a time-delay system is an infinite-dimensional system, this equation can be solved (in exact arithmetic) with elementary linear algebra operations applied to matrices of finite dimension. This is joint work with J. Vanbiervliet and W. Michiels (K.U. Leuven).