Dell Technologies Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Dell Technologies Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	62,164	79,040	90,621	84,815	86,670	101,197	102,301	88,425	95,567	113,538
Cost of revenue	48,515	58,503	65,568	64,176	66,530	79,306	79,615	67,356	74,317	90,831
Gross profit	13,649	20,537	25,053	20,639	20,140	21,891	22,686	21,069	21,250	22,707
Research and development	2,636	4,384	4,604	2,454	2,455	2,577	2,779	2,801	3,061	3,142
Selling, general and administrative	13,403	18,569	20,640	15,819	14,000	14,655	14,136	12,857	11,952	11,416
Operating expenses	16,039	22,953	25,244	18,273	16,455	17,232	16,915	15,658	15,013	14,558
Operating income	-2,390	-2,416	-191	2,366	3,685	4,659	5,771	5,411	6,237	8,149
Interest expense	1,751	2,406	2,488	2,334	2,052	1,542	1,222	1,501	1,394	1,560
Interest income	102	207	313	99	47	42	100	305	160	256
Other non-operating income	-2,104	-2,353	-2,170	-2,417	-1,339	1,264	-2,546	-1,324	-1,189	-886
Pre-tax income	-4,494	-4,769	-2,361	-51	2,346	5,923	3,225	4,087	5,048	7,263
Income tax	-1,420	-1,843	-180	-572	101	981	803	715	472	1,327
Income from continuing operations	-3,083	-2,849	-2,310
Net income to minority interests	9	-77	129	913	255	144	-20	-16	-16	0
Net income	-1,167	-2,849	-2,310	4,616	3,250	5,563	2,442	3,388	4,592	5,936
EBITDA	2,548	6,218	7,555	8,509	9,075	9,210	8,927	8,714	9,360	11,178
EPS, basic				6.38	4.37		3.33	4.71	6.51	8.79
EPS, diluted				6.03	4.22		3.24	4.60	6.38	8.68
Shares, basic (weighted)				724	744	762	734	720	705	675
Shares, diluted (weighted)				751	767	791	753	736	720	684
Dividend per share							1.32	1.48	1.78	2.10

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	9,474	13,942	9,676	9,302	9,508	9,477	8,607	7,366	3,633	11,528
Short-term investments	1,975	2,187	0
Receivables	9,420	11,721	12,371	12,484	10,731	12,912	12,482	9,343	10,298	17,585
Inventory	2,538	2,678	3,649	3,281	3,403	5,898	4,776	3,622	6,716	10,437
Other current assets	4,144	5,881	6,044	6,906	9,810	11,526	10,827	11,010	9,610	9,594
Total current assets	30,773	40,328	36,138	36,868	43,567	45,033	42,351	35,984	36,229	57,602
Property, plant and equipment	5,653	5,390	5,259	6,055	4,833	5,415	6,209	6,432	6,336	6,676
Lease right-of-use assets				1,780	1,121	871	725	707	660	640
Goodwill	38,910	39,920	40,089	21,159	20,028	19,770	19,676	19,700	19,120	19,547
Intangible assets	35,053	28,265	22,270	18,107	9,115	7,461	6,468	5,701	4,988	4,533
Long-term investments		4,163	1,005	864	1,334	1,839	1,518	1,316	1,496	1,730
Other non-current assets	1,364	2,403	2,835	10,428	6,733	6,985	7,311	7,116	5,650	5,376
Total assets	118,206	124,193	111,820	118,861	123,415	92,735	89,611	82,126	79,746	101,286
Accounts payable	14,422	18,334	19,213	20,065	21,572	27,143	18,598	19,226	20,832	33,630
Accrued liabilities	7,119	8,026	8,495	9,773	7,166	7,578	8,874	6,828	6,597	8,315
Deferred revenue	10,265	11,606	12,944	14,881	13,201	14,261	15,542	15,318	13,673	13,334
Short-term debt	6,329	7,873	4,320	7,737	6,357	5,823	6,573	6,982	5,204	7,990
Total current liabilities	38,135	45,839	44,972	52,456	54,132	56,219	51,654	48,354	46,527	63,269
Long-term debt	43,061	43,998	49,201	44,319	32,865	21,131	23,015	19,012	19,363	23,513
Lease liabilities			0	1,360	897	720	630	576	522	481
Other non-current liabilities	9,339	7,277	6,327	5,383	3,923	3,653	3,223	3,065	2,951	3,378
Total liabilities	98,966	106,324	111,566	115,077	115,390	94,315	92,636	84,258	81,133	103,756
Total debt	49,390	51,871	53,521	52,056	39,222	26,954	29,588	25,994	24,567	31,503
Paid-in capital	20,199	19,889	16,114	16,091	16,849	7,898	8,424	8,926	9,119	9,457
Retained earnings	-5,609	-6,860	-21,349	-16,891	-13,751	-8,188	-6,732	-4,453	-1,160	3,325
Treasury stock	-752	-1,440	-63	-65	-305	-964	-3,813	-5,900	-8,502	-14,533
Other comprehensive income	-595	130	-467	-709	-314	-431	-1,001	-800	-939	-719
Shareholders' equity	13,243	11,719	-5,765	-1,574	2,479	-1,685	-3,122	-2,227	-1,482	-2,470
Minority interests	5,766	5,766	4,823	4,729	5,074	105	97	95	95	0
Total equity	20,578	17,485	-942	3,155	7,553	-1,580	-3,025	-2,132	-1,387	-2,470
Total liabilities and equity	118,206	124,193	111,820	118,861	123,415	92,735	89,611	82,126	79,746	101,286
Shares outstanding	778	769	719	743	753	757	716	705	696	652

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-1,158	-2,926	-2,181	5,529	3,505	5,707	2,422	3,372	4,576	5,936
Depreciation and amortization	4,938	8,634	7,746	6,143	5,390	4,551	3,156	3,303	3,123	3,029
Stock-based compensation	398	835	918	1,262	1,609	1,622	931	878	785	723
Deferred income tax	-1,649	-2,605	-1,331	-1,116	-188	-221	-717	-91	-208	-60
Change in receivables	-1,935	-1,590	-1,104	-286	-396	-2,193	113	2,977	-1,295	-7,022
Change in inventory	1,076	-325	-1,445	311	-243	-2,514	875	975	-3,515	-3,987
Change in payables	751	3,779	952	894	1,598	5,742	-8,546	-498	1,703	12,665
Cash from operations	2,367	6,843	6,991	9,291	11,407	10,307	3,565	8,676	4,521	11,185
Capital expenditures	-699	-1,212	-1,497	-2,576	-2,082	-2,796	-3,003	-2,756	-2,652	-2,633
Acquisitions	-37,609	-658	130	-3	2,187	-16	-70	-126	0	-84
Purchases of investments	-778	-4,389	-925	-181	-338	-414	-108	-172	-125	-197
Sales and maturities of investments	1,173	3,878	6,612	497	169	513	116	226	382	246
Cash from investing	-31,236	-2,875	3,389	-4,686	-460	1,306	-3,024	-2,783	-2,215	-2,055
Debt issued	46,857	14,415	13,045	20,481	16,391	20,425	12,479	7,775	9,258	15,004
Debt repaid	-16,960	-12,258	-11,451	-22,117	-20,919	-26,723	-9,825	-11,246	-10,570	-8,522
Stock issued	4,422	0		350	179	62	5	10	1	5
Share buybacks	-611	-724	-14,075	-8	-241	-1,496	-2,883	-2,080	-2,588	-6,014
Dividends paid	0	0	-2,134	0	0	0	-964	-1,072	-1,275	-1,459
Cash from financing	31,785	403	-14,329	-4,604	-5,950	-16,609	-1,625	-7,094	-5,815	-1,464
Exchange rate effect	24	175	-189	-90	36	-106	-104	-186
Net change in cash	2,940	4,546	-4,138	-89	5,033	-5,102	-1,188	-1,387
Free cash flow	1,668	5,631	5,494	6,715	9,325	7,511	562	5,920	1,869	8,552
Interest paid	1,575	2,192	2,347	2,500	2,279	1,825	1,169	1,438	1,304	1,354
Income taxes paid	978	924	747	1,414	1,421	1,257	1,208	1,379	555	1,261

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $562.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	19.8%	Gross profit / revenue.
Operating margin	9.4%	Operating income / revenue.
EBITDA margin	11.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	9.1%	Pre-tax income / revenue.
Net margin	7.5%	Net income / revenue.
FCF margin	5.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	8.0%	Cash from operations / revenue.
Effective tax rate	17.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.9%	Net income / average total assets.
Return on invested capital (ROIC)	54.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.4%	Research and development expense / revenue.
SG&A / revenue	8.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.4%	Capital expenditures / revenue.
D&A / revenue	2.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.0%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	30.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	12.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	19.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	4.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	29.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	34.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	12.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	36.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	38.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	15.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	147.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	46.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-0.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	357.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	147.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	18.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	16.7%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	27.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-5.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.96x	Current assets / current liabilities.
Quick ratio	0.41x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.14x	(Cash + short-term investments) / current liabilities.
Debt / assets	27.1%	Total debt / total assets.
Liabilities / assets	101.1%	Total liabilities / total assets.
Net debt	$22.90B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.32x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	8.92x	Operating income / interest expense.
Working capital	-$3.16B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$25.22B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.19x	Revenue / average total assets.
Fixed asset turnover	20.4x	Revenue / average property, plant and equipment.
Inventory turnover	5.70x	Cost of revenue / average inventory.
Days inventory	64 days	365 x average inventory / cost of revenue.
Receivables turnover	6.60x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	150 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-30 days	Days inventory + days sales outstanding - days payables.
FCF conversion	75.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	29.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$17.45	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$231.90	Revenue / diluted weighted shares.
FCF per share	$13.13	Free cash flow / diluted weighted shares.
Operating cash flow per share	$18.64	Cash from operations / diluted weighted shares.
Book value per share	-$2.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$39.41	Tangible book value / shares outstanding.
Cash per share	$18.08	(Cash + short-term investments) / shares outstanding.
Payout ratio	13.8%	Dividends paid / net income, when net income is positive.
Dividends / FCF	18.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	99.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$364.81B	Share price x shares outstanding.
Enterprise value	$387.71B	Market cap + total debt - cash - short-term investments.
P/E	32.1x	Market cap / net income. Only when net income is positive.
P/S	2.41x	Market cap / revenue.
P/FCF	42.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	30.0x	Market cap / cash from operations, when positive.
EV/Sales	2.56x	Enterprise value / revenue.
EV/EBIT	27.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	45.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.4%	Dividends paid over the period / market cap.
Shareholder yield	2.8%	(Dividends paid + share buybacks) / market cap.
PEG	0.82x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Dell Technologies Inc.'s revenue in fiscal 2026?

Dell Technologies Inc. reported revenue of $113.54B for fiscal 2026, 18.8% higher than the year before.

Was Dell Technologies Inc. profitable in fiscal 2026?

Yes. Net income was $5.94B, a net margin of 5.2%.

How much free cash flow did Dell Technologies Inc. generate in fiscal 2026?

Cash from operations of $11.19B minus capital expenditures of $2.63B left free cash flow of $8.55B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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