Dell Technologies Financials
This page shows Dell Technologies (DELL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Dell’s operating leverage is the standout mechanic: leaner overhead turned high revenue growth into stronger cash and earnings.
By FY2026, gross margin had compressed to20.0% from23.8% in FY2024. Yet operating margin still rose to7.2% as revenue reached$113.5B , showing the improvement came from overhead absorption and cost discipline rather than fatter product margins.
The sharper change is cash conversion: free cash flow rebounded to
The balance sheet remains shareholder-distribution heavy: despite negative equity of
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Dell Technologies's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Dell Technologies has an operating margin of 7.2%, meaning the company retains $7 of operating profit per $100 of revenue. This results in a moderate score of 37/100, indicating healthy but not exceptional operating efficiency. This is up from 6.5% the prior year.
Dell Technologies's revenue surged 18.8% year-over-year to $113.5B, reflecting rapid business expansion. This strong growth earns a score of 56/100.
Dell Technologies has elevated debt relative to equity (D/E of -9.52), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Dell Technologies's current ratio of 0.91 is below the typical benchmark, resulting in a score of 13/100. This tight liquidity could limit financial flexibility if cash inflows slow.
Dell Technologies has a free cash flow margin of 7.5%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.
Dell Technologies scores 2.26, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.
Dell Technologies passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Dell Technologies generates $1.88 in operating cash flow ($11.2B OCF vs $5.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Dell Technologies earns $5.2 in operating income for every $1 of interest expense ($8.1B vs $1.6B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Dell Technologies generated $113.5B in revenue in fiscal year 2026. This represents an increase of 18.8% from the prior year.
Dell Technologies's EBITDA was $11.2B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.4% from the prior year.
Dell Technologies reported $5.9B in net income in fiscal year 2026. This represents an increase of 29.7% from the prior year.
Dell Technologies earned $8.68 per diluted share (EPS) in fiscal year 2026. This represents an increase of 36.1% from the prior year.
Cash & Balance Sheet
Dell Technologies generated $8.6B in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 357.6% from the prior year.
Dell Technologies held $11.5B in cash against $23.5B in long-term debt as of fiscal year 2026.
Dell Technologies paid $2.10 per share in dividends in fiscal year 2026. This represents an increase of 18.0% from the prior year.
Dell Technologies had 652M shares outstanding in fiscal year 2026. This represents a decrease of 4.5% from the prior year.
Margins & Returns
Dell Technologies's gross margin was 20.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 2.2 percentage points from the prior year.
Dell Technologies's operating margin was 7.2% in fiscal year 2026, reflecting core business profitability. This is up 0.7 percentage points from the prior year.
Dell Technologies's net profit margin was 5.2% in fiscal year 2026, showing the share of revenue converted to profit. This is up 0.4 percentage points from the prior year.
Capital Allocation
Dell Technologies invested $3.1B in research and development in fiscal year 2026. This represents an increase of 2.6% from the prior year.
Dell Technologies spent $6.0B on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 132.4% from the prior year.
Dell Technologies invested $2.6B in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 0.7% from the prior year.
DELL Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $33.4B+12.1% | $29.8B+27.4% | $23.4B-4.1% | $24.4B-2.6% | $25.0B+12.5% | $22.2B-0.3% | $22.3B+0.3% | $22.3B |
| Cost of Revenue | $26.6B+9.5% | $24.3B+31.9% | $18.4B-3.0% | $19.0B-3.4% | $19.7B+13.1% | $17.4B+2.6% | $16.9B-0.6% | $17.1B |
| Gross Profit | $6.7B+23.6% | $5.4B+10.3% | $4.9B-7.9% | $5.4B0.0% | $5.4B+10.5% | $4.9B-9.7% | $5.4B+3.3% | $5.2B |
| R&D Expenses | $797.0M+1.5% | $785.0M-2.8% | $808.0M+8.5% | $745.0M-4.5% | $780.0M+2.2% | $763.0M | N/A | $692.0M |
| SG&A Expenses | $2.8B-1.7% | $2.9B-2.5% | $3.0B+2.4% | $2.9B-9.3% | $3.2B+2.1% | $3.1B | N/A | $3.0B |
| Operating Income | $3.1B+74.4% | $1.8B+52.2% | $1.2B-32.3% | $1.7B+23.6% | $1.4B+44.2% | $965.0M-37.6% | $1.5B+0.5% | $1.5B |
| Interest Expense | $411.0M+3.0% | $399.0M+12.7% | $354.0M+10.3% | $321.0M-17.1% | $387.0M+12.8% | $343.0M | N/A | $371.0M |
| Income Tax | $540.0M+95.7% | $276.0M+133.9% | $118.0M-57.1% | $275.0M+75.2% | $157.0M+139.3% | -$400.0M-394.1% | $136.0M-25.7% | $183.0M |
| Net Income | $2.3B+94.1% | $1.2B+20.6% | $965.0M-17.9% | $1.2B+32.5% | $887.0M-11.0% | $997.0M-17.6% | $1.2B+15.0% | $1.1B |
| EPS (Diluted) | N/A | $1.70+24.1% | $1.37-16.5% | $1.64+33.3% | $1.23-10.2% | $1.37-17.5% | $1.66+16.9% | $1.42 |
DELL Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $101.3B+13.6% | $89.2B+2.7% | $86.9B+6.0% | $82.0B-0.9% | $82.7B+3.1% | $80.2B-2.4% | $82.1B-1.4% | $83.3B |
| Current Assets | $57.6B+26.6% | $45.5B+6.0% | $42.9B+12.9% | $38.0B+1.3% | $37.5B+8.4% | $34.6B-3.8% | $36.0B-2.7% | $37.0B |
| Cash & Equivalents | $11.5B+41.5% | $8.1B+5.8% | $7.7B+47.4% | $5.2B+14.8% | $4.5B-22.0% | $5.8B-20.9% | $7.4B-11.2% | $8.3B |
| Inventory | $10.4B+44.7% | $7.2B-2.8% | $7.4B+11.5% | $6.7B+11.7% | $6.0B+24.5% | $4.8B+32.0% | $3.6B+7.1% | $3.4B |
| Accounts Receivable | $17.6B+17.1% | $15.0B+53.5% | $9.8B-12.5% | $11.2B-1.8% | $11.4B+33.0% | $8.6B-8.3% | $9.3B | N/A |
| Goodwill | $19.5B+1.1% | $19.3B+0.1% | $19.3B+0.4% | $19.2B-2.1% | $19.7B+0.1% | $19.6B-0.3% | $19.7B+0.4% | $19.6B |
| Total Liabilities | $103.8B+12.8% | $91.9B+2.3% | $89.9B+6.8% | $84.1B-1.6% | $85.5B+3.1% | $82.9B-1.6% | $84.3B-1.8% | $85.8B |
| Current Liabilities | $63.3B+15.3% | $54.9B+8.8% | $50.4B+1.9% | $49.5B-4.9% | $52.0B+9.0% | $47.7B-1.3% | $48.4B-1.1% | $48.9B |
| Long-Term Debt | $23.5B+9.2% | $21.5B-10.0% | $23.9B+23.3% | $19.4B+9.0% | $17.8B-8.1% | $19.4B+1.9% | $19.0B-5.5% | $20.1B |
| Total Equity | -$2.5B+10.7% | -$2.8B+8.5% | -$3.0B-32.3% | -$2.3B+21.0% | -$2.9B-2.6% | -$2.8B-26.7% | -$2.2B+16.4% | -$2.7B |
| Retained Earnings | $3.3B+1339.4% | $231.0M+140.7% | -$567.0M+78.8% | -$2.7B+23.3% | -$3.5B+13.1% | -$4.0B+10.2% | -$4.5B+19.3% | -$5.5B |
DELL Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $4.7B+83.8% | $2.5B-9.0% | $2.8B+80.0% | $1.6B+15.9% | $1.3B+28.5% | $1.0B-32.0% | $1.5B-28.8% | $2.2B |
| Capital Expenditures | $721.0M+6.8% | $675.0M+18.8% | $568.0M-11.1% | $639.0M-6.3% | $682.0M+14.4% | $596.0M-18.0% | $727.0M+3.3% | $704.0M |
| Free Cash Flow | $4.0B+111.6% | $1.9B-16.2% | $2.2B+143.8% | $914.0M+38.9% | $658.0M+47.2% | $447.0M-44.5% | $806.0M-44.3% | $1.4B |
| Investing Cash Flow | -$695.0M-6.1% | -$655.0M-644.3% | -$88.0M+83.2% | -$524.0M+5.9% | -$557.0M-22.1% | -$456.0M+31.8% | -$669.0M+18.9% | -$825.0M |
| Financing Cash Flow | -$2.1B-42.9% | -$1.5B-218.4% | $1.2B+492.7% | -$315.0M+84.5% | -$2.0B+2.2% | -$2.1B-14.2% | -$1.8B-25.8% | -$1.4B |
| Dividends Paid | $346.0M-5.5% | $366.0M-7.6% | $396.0M+26.9% | $312.0M-1.3% | $316.0M-6.0% | $336.0M+28.7% | $261.0M-1.9% | $266.0M |
| Share Buybacks | $1.8B+96.5% | $940.0M-52.5% | $2.0B+361.5% | $429.0M-40.8% | $725.0M+3.6% | $700.0M-20.3% | $878.0M+25.1% | $702.0M |
DELL Financial Ratios
| Metric | Q4'26 | Q3'26 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.2%+1.9pp | 18.3%-2.8pp | 21.1%-0.9pp | 22.0%+0.6pp | 21.4%-0.4pp | 21.8%-2.3pp | 24.1%+0.7pp | 23.4% |
| Operating Margin | 9.3%+3.3pp | 5.9%+1.0pp | 5.0%-2.1pp | 7.1%+1.5pp | 5.6%+1.2pp | 4.3%-2.6pp | 6.9%+0.0pp | 6.9% |
| Net Margin | 6.8%+2.9pp | 3.9%-0.2pp | 4.1%-0.7pp | 4.8%+1.3pp | 3.5%-0.9pp | 4.5%-0.9pp | 5.4%+0.7pp | 4.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 2.2%+0.9pp | 1.3%+0.2pp | 1.1%-0.3pp | 1.4%+0.4pp | 1.1%-0.2pp | 1.2%-0.2pp | 1.5%+0.2pp | 1.3% |
| Current Ratio | 0.91+0.1 | 0.83-0.0 | 0.85+0.1 | 0.77+0.0 | 0.720.0 | 0.73-0.0 | 0.74-0.0 | 0.76 |
| Debt-to-Equity | -9.52-1.7 | -7.79+0.1 | -7.92+0.6 | -8.49-2.3 | -6.15+0.7 | -6.87+1.7 | -8.54-1.0 | -7.55 |
| FCF Margin | 11.8%+5.6pp | 6.3%-3.3pp | 9.5%+5.8pp | 3.8%+1.1pp | 2.6%+0.6pp | 2.0%-1.6pp | 3.6%-2.9pp | 6.5% |
Note: Shareholder equity is negative (-$2.5B), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.91), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Dell Technologies's annual revenue?
Dell Technologies (DELL) reported $113.5B in total revenue for fiscal year 2026. This represents a 18.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Dell Technologies's revenue growing?
Dell Technologies (DELL) revenue grew by 18.8% year-over-year, from $95.6B to $113.5B in fiscal year 2026.
Is Dell Technologies profitable?
Yes, Dell Technologies (DELL) reported a net income of $5.9B in fiscal year 2026, with a net profit margin of 5.2%.
What is Dell Technologies's EBITDA?
Dell Technologies (DELL) had EBITDA of $11.2B in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Dell Technologies have?
As of fiscal year 2026, Dell Technologies (DELL) had $11.5B in cash and equivalents against $23.5B in long-term debt.
What is Dell Technologies's gross margin?
Dell Technologies (DELL) had a gross margin of 20.0% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Dell Technologies's operating margin?
Dell Technologies (DELL) had an operating margin of 7.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Dell Technologies's net profit margin?
Dell Technologies (DELL) had a net profit margin of 5.2% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
Does Dell Technologies pay dividends?
Yes, Dell Technologies (DELL) paid $2.10 per share in dividends during fiscal year 2026.
What is Dell Technologies's free cash flow?
Dell Technologies (DELL) generated $8.6B in free cash flow during fiscal year 2026. This represents a 357.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Dell Technologies's operating cash flow?
Dell Technologies (DELL) generated $11.2B in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Dell Technologies's total assets?
Dell Technologies (DELL) had $101.3B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Dell Technologies's capital expenditures?
Dell Technologies (DELL) invested $2.6B in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Dell Technologies spend on research and development?
Dell Technologies (DELL) invested $3.1B in research and development during fiscal year 2026.
What is Dell Technologies's current ratio?
Dell Technologies (DELL) had a current ratio of 0.91 as of fiscal year 2026, which is below 1.0, which may suggest potential liquidity concerns.
What is Dell Technologies's debt-to-equity ratio?
Dell Technologies (DELL) had a debt-to-equity ratio of -9.52 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Dell Technologies's return on assets (ROA)?
Dell Technologies (DELL) had a return on assets of 5.9% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
Why is Dell Technologies's debt-to-equity ratio negative or unusual?
Dell Technologies (DELL) has negative shareholder equity of -$2.5B as of fiscal year 2026, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Dell Technologies's Altman Z-Score?
Dell Technologies (DELL) has an Altman Z-Score of 2.26, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Dell Technologies's Piotroski F-Score?
Dell Technologies (DELL) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Dell Technologies's earnings high quality?
Dell Technologies (DELL) has an earnings quality ratio of 1.88x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Dell Technologies cover its interest payments?
Dell Technologies (DELL) has an interest coverage ratio of 5.2x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Dell Technologies?
Dell Technologies (DELL) scores 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.