NYSE : DELL
Dell Technologies Inc. — Financial statements
Technology · Computer Hardware · United States
Last price 475.51 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 302.34B
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Financial statements
Dell Technologies Inc. (DELL) reported revenue of 151.20B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 151.20B | 113.54B | 95.57B | 88.42B | 102.30B | 101.20B |
| Cost of Revenue | 121.09B | 90.69B | 74.16B | 67.27B | 79.51B | 79.28B |
| Gross Profit | 30.11B | 22.85B | 21.41B | 21.16B | 22.79B | 21.92B |
| Selling, General & Admin | 11.75B | 11.12B | 11.53B | 12.34B | 13.77B | 14.56B |
| Research & Development | 3.38B | 3.01B | 2.94B | 2.76B | 2.72B | 2.57B |
| Operating Expenses | 15.13B | 14.13B | 14.47B | 15.10B | 16.50B | 17.13B |
| Operating Income | 14.97B | 8.72B | 6.93B | 6.06B | 6.30B | 4.79B |
| Interest Expense | -1.56B | -1.56B | -1.39B | -1.50B | -1.22B | -1.54B |
| Interest & Investment Income | 256.00M | 256.00M | 160.00M | 305.00M | 100.00M | 42.00M |
| Currency Exchange Gain (Loss) | -95.00M | -95.00M | -112.00M | -199.00M | -265.00M | -221.00M |
| Other Non Operating Income (Expenses) | 42.00M | 23.00M | -20.00M | 24.00M | -59.00M | 20.00M |
| EBT Excluding Unusual Items | 13.62B | 7.34B | 5.56B | 4.69B | 4.85B | 3.09B |
| Merger & Restructuring Charges | -723.00M | -569.00M | -693.00M | -648.00M | -527.00M | -134.00M |
| Gain (Loss) on Sale of Investments | 888.00M | 254.00M | 177.00M | 47.00M | -206.00M | 569.00M |
| Gain (Loss) on Sale of Assets | 36.00M | 236.00M | 3.97B | |||
| Legal Settlements | -894.00M | |||||
| Other Unusual Items | -1.57B | |||||
| Pretax Income | 13.82B | 7.26B | 5.05B | 4.09B | 3.23B | 5.92B |
| Income Tax Expense | 2.44B | 1.33B | 472.00M | 715.00M | 803.00M | 981.00M |
| Earnings From Continuing Operations | 11.38B | 5.94B | 4.58B | 3.37B | 2.42B | 4.94B |
| Earnings From Discontinued Operations | 615.00M | |||||
| Net Income to Company | 11.38B | 5.94B | 4.58B | 3.37B | 2.42B | 5.56B |
| Minority Interest in Earnings | 16.00M | 16.00M | 20.00M | 6.00M | ||
| Net Income | 11.38B | 5.94B | 4.59B | 3.39B | 2.44B | 5.56B |
| Net Income to Common | 11.38B | 5.94B | 4.59B | 3.39B | 2.44B | 5.56B |
| Shares Outstanding (Basic) | 656.00M | 675.00M | 705.00M | 720.00M | 734.00M | 762.00M |
| Shares Outstanding (Diluted) | 664.00M | 684.00M | 720.00M | 736.00M | 753.00M | 791.00M |
| EPS (Basic) | 17.34 | 8.79 | 6.51 | 4.71 | 3.33 | 7.30 |
| EPS (Diluted) | 17.14 | 8.68 | 6.38 | 4.60 | 3.24 | 7.02 |
| Free Cash Flow | 8.56B | 8.55B | 1.87B | 5.92B | 562.00M | 7.51B |
| Free Cash Flow Per Share | 12.89 | 12.50 | 2.60 | 8.04 | 0.75 | 9.50 |
| Dividend Per Share | 2.31 | 2.10 | 1.78 | 1.48 | 1.32 | |
| Gross Margin | 19.91% | 20.12% | 22.40% | 23.92% | 22.28% | 21.66% |
| Operating Margin | 9.90% | 7.68% | 7.25% | 6.85% | 6.16% | 4.74% |
| Profit Margin | 7.52% | 5.23% | 4.81% | 3.83% | 2.39% | 5.50% |
| Free Cash Flow Margin | 5.66% | 7.53% | 1.96% | 6.69% | 0.55% | 7.42% |
| EBITDA | 17.73B | 11.46B | 9.73B | 8.95B | 9.14B | 9.08B |
| EBITDA Margin | 11.72% | 10.09% | 10.18% | 10.12% | 8.93% | 8.97% |
| D&A For EBITDA | 2.75B | 2.74B | 2.80B | 2.89B | 2.84B | 4.29B |
| EBIT | 14.97B | 8.72B | 6.93B | 6.06B | 6.30B | 4.79B |
| EBIT Margin | 9.90% | 7.68% | 7.25% | 6.85% | 6.16% | 4.74% |
| Effective Tax Rate | 17.66% | 18.27% | 9.35% | 17.49% | 24.90% | 16.56% |
| Revenue as Reported | 151.20B | 113.54B | 95.57B | 88.42B | 102.30B | 101.20B |
| Advertising Expenses | 700.00M | 800.00M | 900.00M | 1.10B | 1.30B |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.57B | 11.53B | 3.63B | 7.37B | 8.61B | 9.48B |
| Short-Term Investments | 4.00M | 288.00M | ||||
| Trading Asset Securities | 1.00M | 5.00M | ||||
| Cash & Short-Term Investments | 11.57B | 11.53B | 3.64B | 7.65B | 8.61B | 9.48B |
| Accounts Receivable | 22.92B | 17.59B | 10.30B | 9.34B | 12.86B | 13.04B |
| Receivables | 22.92B | 17.59B | 10.30B | 9.34B | 12.86B | 13.04B |
| Inventory | 21.29B | 10.44B | 6.72B | 3.62B | 4.78B | 5.90B |
| Finance Div. Loans and Leases | 12.80B | 8.46B | 5.30B | 4.64B | 5.28B | 5.09B |
| Prepaid Expenses | 552.00M | 564.00M | 589.00M | 641.00M | 886.00M | |
| Restricted Cash | 136.00M | 272.00M | 534.00M | |||
| Other Current Assets | 11.96B | 9.04B | 9.71B | 10.00B | 9.91B | 10.11B |
| Total Current Assets | 80.55B | 57.60B | 36.23B | 35.98B | 42.35B | 45.03B |
| Property, Plant & Equipment | 4.96B | 4.86B | 4.81B | 7.14B | 6.93B | 6.29B |
| Long-Term Investments | 2.72B | 1.77B | 1.54B | 1.36B | 1.65B | 1.87B |
| Goodwill | 19.45B | 19.55B | 19.12B | 19.70B | 19.68B | 19.77B |
| Other Intangible Assets | 4.35B | 5.06B | 5.61B | 6.35B | 7.14B | 8.13B |
| Finance Div. Loans and Leases Long-Term | 7.62B | 5.82B | 5.93B | 5.88B | 5.64B | 5.52B |
| Long-Term Deferred Tax Assets | 2.94B | 2.80B | 2.92B | 3.02B | 2.51B | |
| Long-Term Deferred Charges | 650.00M | 1.21B | 2.15B | 2.54B | 2.31B | |
| Other Long-Term Assets | 4.56B | 588.00M | 319.00M | 652.00M | 668.00M | 1.30B |
| Total Assets | 127.39B | 101.29B | 79.75B | 82.13B | 89.61B | 92.73B |
| Accounts Payable | 49.72B | 33.63B | 20.83B | 19.23B | 20.66B | 28.56B |
| Accrued Expenses | 10.41B | 7.97B | 6.33B | 6.09B | 7.93B | 6.84B |
| Current Portion of Long-Term Debt | 2.28B | 2.27B | 30.00M | 1.12B | 1.17B | 20.00M |
| Current Portion of Leases | 253.00M | 246.00M | 236.00M | 253.00M | 260.00M | 287.00M |
| Finance Div. Debt Current | 6.21B | 5.72B | 5.17B | 5.86B | 5.40B | 5.80B |
| Current Unearned Revenue | 14.76B | 13.33B | 13.67B | 15.32B | 15.54B | 14.26B |
| Other Current Liabilities | 79.00M | 96.00M | 252.00M | 482.00M | 682.00M | 449.00M |
| Total Current Liabilities | 83.70B | 63.27B | 46.53B | 48.35B | 51.65B | 56.22B |
| Long-Term Debt | 22.59B | 20.12B | 15.87B | 15.41B | 18.23B | 17.32B |
| Finance Div. Debt Long-Term | 3.41B | 3.42B | 3.54B | 3.63B | 4.89B | 3.84B |
| Long-Term Leases | 552.00M | 481.00M | 522.00M | 576.00M | 630.00M | 720.00M |
| Long-Term Unearned Revenue | 14.96B | 13.60B | 12.29B | 13.83B | 14.74B | 13.31B |
| Pension & Post-Retirement Benefits | 248.00M | 224.00M | 213.00M | 247.00M | 266.00M | |
| Long-Term Deferred Tax Liabilities | 1.20B | 1.19B | 1.49B | 1.66B | 1.87B | |
| Other Long-Term Liabilities | 3.61B | 1.42B | 971.00M | 761.00M | 590.00M | 760.00M |
| Total Liabilities | 128.82B | 103.76B | 81.13B | 84.26B | 92.64B | 94.31B |
| Common Stock | 9.28B | 9.46B | 9.12B | 8.93B | 8.42B | 7.90B |
| Retained Earnings | 10.06B | 3.33B | -1.16B | -4.45B | -6.73B | -8.19B |
| Treasury Stock | -20.01B | -14.53B | -8.50B | -5.90B | -3.81B | -964.00M |
| Comprehensive Income & Other | -759.00M | -719.00M | -939.00M | -800.00M | -1.00B | -431.00M |
| Total Common Equity | -1.43B | -2.47B | -1.48B | -2.23B | -3.12B | -1.69B |
| Minority Interest | 95.00M | 95.00M | 97.00M | 105.00M | ||
| Shareholders' Equity | -1.43B | -2.47B | -1.39B | -2.13B | -3.02B | -1.58B |
| Total Liabilities & Equity | 127.39B | 101.29B | 79.75B | 82.13B | 89.61B | 92.73B |
| Total Debt | 35.28B | 32.26B | 25.37B | 26.85B | 30.58B | 28.00B |
| Net Cash (Debt) | -23.63B | -20.65B | -21.72B | -19.20B | -21.97B | -18.52B |
| Net Cash Per Share | -35.59 | -30.19 | -30.17 | -26.08 | -29.18 | -23.41 |
| Filing Date Shares Outstanding | 635.81M | 645.75M | 697.84M | 713.79M | 731.20M | 760.40M |
| Total Common Shares Outstanding | 640.00M | 652.00M | 696.00M | 705.00M | 716.00M | 757.00M |
| Working Capital | -3.16B | -5.67B | -10.30B | -12.37B | -9.30B | -11.19B |
| Book Value Per Share | -2.23 | -3.79 | -2.13 | -3.16 | -4.36 | -2.23 |
| Tangible Book Value | -25.22B | -27.08B | -26.21B | -28.27B | -29.94B | -29.59B |
| Tangible Book Value Per Share | -39.41 | -41.53 | -37.66 | -40.10 | -41.81 | -39.09 |
| Land | 2.88B | 3.06B | 3.10B | |||
| Machinery | 3.55B | 3.40B | 9.21B |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 11.38B | 5.94B | 4.59B | 3.39B | 2.44B | 5.56B |
| Depreciation & Amortization | 2.75B | 2.74B | 2.80B | 2.89B | 2.84B | 4.29B |
| Other Amortization | 290.00M | 290.00M | 325.00M | 416.00M | 317.00M | 263.00M |
| Loss (Gain) From Sale of Assets | -3.97B | |||||
| Stock-Based Compensation | 727.00M | 723.00M | 785.00M | 878.00M | 931.00M | 1.62B |
| Other Operating Activities | 561.00M | 654.00M | 229.00M | 502.00M | 224.00M | 617.00M |
| Change in Accounts Receivable | -7.88B | -7.02B | -1.29B | 2.98B | 113.00M | -2.19B |
| Change in Inventory | -14.31B | -3.99B | -3.52B | 975.00M | 875.00M | -2.51B |
| Change in Accounts Payable | 22.25B | 12.66B | 1.70B | -498.00M | -8.55B | 5.74B |
| Change in Unearned Revenue | 3.44B | -39.00M | -2.50B | -1.02B | 3.21B | 2.60B |
| Change in Other Net Operating Assets | -6.46B | -774.00M | 1.40B | -1.83B | 1.16B | -1.71B |
| Operating Cash Flow | 12.15B | 11.19B | 4.52B | 8.68B | 3.56B | 10.31B |
| Capital Expenditures | -3.59B | -2.63B | -2.65B | -2.76B | -3.00B | -2.80B |
| Cash Acquisitions | -84.00M | -84.00M | -126.00M | -70.00M | -16.00M | |
| Divestitures | 533.00M | 3.96B | ||||
| Investment in Securities | -130.00M | 49.00M | 257.00M | 54.00M | 8.00M | 99.00M |
| Other Investing Activities | 90.00M | 80.00M | 180.00M | 45.00M | 41.00M | 62.00M |
| Investing Cash Flow | -3.72B | -2.06B | -2.21B | -2.78B | -3.02B | 1.31B |
| Long-Term Debt Issued | 15.00B | 9.26B | 7.78B | 12.48B | 20.43B | |
| Long-Term Debt Repaid | -8.52B | -10.57B | -11.25B | -9.82B | -26.72B | |
| Net Debt Issued (Repaid) | 5.68B | 6.48B | -1.31B | -3.47B | 2.65B | -6.30B |
| Issuance of Common Stock | 5.00M | 5.00M | 1.00M | 10.00M | 5.00M | 334.00M |
| Repurchase of Common Stock | -9.11B | -6.40B | -3.17B | -2.45B | -3.28B | -1.84B |
| Common Dividends Paid | -1.57B | -1.46B | -1.27B | -1.07B | -964.00M | |
| Other Financing Activities | -87.00M | -88.00M | -64.00M | -109.00M | -39.00M | -8.81B |
| Financing Cash Flow | -5.07B | -1.46B | -5.82B | -7.09B | -1.62B | -16.61B |
| Foreign Exchange Rate Adjustments | 82.00M | 221.00M | -179.00M | -186.00M | -104.00M | -106.00M |
| Net Cash Flow | 3.45B | 7.89B | -3.69B | -1.39B | -1.19B | -5.10B |
| Free Cash Flow | 8.56B | 8.55B | 1.87B | 5.92B | 562.00M | 7.51B |
| Free Cash Flow Margin | 5.66% | 7.53% | 1.96% | 6.69% | 0.55% | 7.42% |
| Free Cash Flow Per Share | 12.89 | 12.50 | 2.60 | 8.04 | 0.75 | 9.50 |
| Levered Free Cash Flow | 6.03B | 6.61B | -267.00M | 6.45B | 377.50M | 6.67B |
| Unlevered Free Cash Flow | 7.01B | 7.58B | 604.25M | 7.39B | 1.14B | 7.64B |
| Cash Interest Paid | 1.35B | 1.35B | 1.30B | 1.44B | 1.17B | 1.82B |
| Cash Income Tax Paid | 1.26B | 1.26B | 555.00M | 1.38B | 1.21B | 1.26B |
| Change in Working Capital | -2.96B | 843.00M | -4.21B | 605.00M | -3.19B | 1.92B |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 249.66B | 75.84B | 72.28B | 60.97B | 30.25B | 42.96B |
| Enterprise Value | 273.30B | 98.31B | 92.95B | 80.23B | 53.70B | 75.87B |
| Last Close Price | 424.30 | 113.74 | 101.09 | 82.98 | 39.58 | 51.02 |
| PE Ratio | 22.91 | 12.78 | 15.74 | 18.00 | 12.39 | 7.72 |
| Forward PE | 13.95 | 9.88 | 11.36 | 12.84 | 7.03 | 8.32 |
| PS Ratio | 1.68 | 0.67 | 0.76 | 0.69 | 0.30 | 0.42 |
| PB Ratio | -30.70 | -52.11 | -28.60 | -10.00 | -27.19 | |
| P/FCF Ratio | 29.60 | 8.87 | 38.67 | 10.30 | 53.82 | 5.72 |
| P/OCF Ratio | 20.85 | 6.78 | 15.99 | 7.03 | 8.48 | 4.17 |
| PEG Ratio | 0.39 | 0.66 | 0.83 | 1.88 | 0.96 | 1.21 |
| EV/Sales Ratio | 1.83 | 0.87 | 0.97 | 0.91 | 0.53 | 0.75 |
| EV/EBITDA Ratio | 15.63 | 8.58 | 9.55 | 8.97 | 5.88 | 8.36 |
| EV/EBIT Ratio | 18.50 | 11.28 | 13.41 | 13.24 | 8.53 | 15.83 |
| EV/FCF Ratio | 32.36 | 11.49 | 49.73 | 13.55 | 95.55 | 10.10 |
| Debt / Equity Ratio | -24.73 | -13.06 | -18.29 | -12.59 | -10.11 | -17.72 |
| Debt / EBITDA Ratio | 1.95 | 2.74 | 2.52 | 2.88 | 3.21 | 2.94 |
| Debt / FCF Ratio | 4.12 | 3.77 | 13.57 | 4.54 | 54.41 | 3.73 |
| Net Debt / Equity Ratio | -16.56 | -8.36 | -15.66 | -9.00 | -7.26 | -11.72 |
| Net Debt / EBITDA Ratio | 1.33 | 1.80 | 2.23 | 2.15 | 2.40 | 2.04 |
| Net Debt / FCF Ratio | 2.76 | 2.42 | 11.62 | 3.24 | 39.10 | 2.47 |
| Asset Turnover | 1.40 | 1.25 | 1.18 | 1.03 | 1.12 | 0.94 |
| Inventory Turnover | 8.50 | 10.57 | 14.35 | 16.02 | 14.90 | 17.05 |
| Quick Ratio | 0.56 | 0.59 | 0.41 | 0.45 | 0.52 | 0.49 |
| Current Ratio | 0.96 | 0.91 | 0.78 | 0.74 | 0.82 | 0.80 |
| Return on Equity (ROE) | 165.48% | |||||
| Return on Assets (ROA) | 8.64% | 6.02% | 5.35% | 4.41% | 4.32% | 2.77% |
| Return on Invested Capital (ROIC) | 29.35% | 20.00% | 18.75% | 13.94% | 12.70% | 10.66% |
| Return on Capital Employed (ROCE) | 34.30% | 22.90% | 20.90% | 17.90% | 16.60% | 13.10% |
| Earnings Yield | 4.36% | 7.83% | 6.35% | 5.56% | 8.07% | 12.95% |
| FCF Yield | 3.38% | 11.28% | 2.59% | 9.71% | 1.86% | 17.48% |
| Dividend Yield | 0.64% | 1.80% | 1.71% | 1.71% | 3.12% | |
| Payout Ratio | 14.09% | 24.58% | 27.77% | 31.64% | 39.48% | |
| Buyback Yield / Dilution | 5.75% | 5.00% | 2.17% | 2.26% | 4.80% | -3.13% |
| Total Shareholder Return | 6.38% | 6.80% | 3.89% | 3.97% | 7.93% | -3.13% |