Dell Technologies Inc (DELL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$4.92	$7.04	+43.1%	—	$47B	—
Q1 27	$2.96	$4.86	+64.2%	—	$43.8B	—
Q4 26	$3.51	$3.89	+10.8%	—	$33.4B	—
Q3 26	$1.94	$2.13	+9.8%	—	$27B	—
Q2 26	$2.29	$2.32	+1.3%	—	$29.8B	—
Q1 26	$1.69	$1.55	-8.3%	—	$23.4B	—
Q4 25	$2.52	$2.68	+6.3%	—	$23.9B	—
Q3 25	$2.06	$2.15	+4.4%	—	$24.4B	—
Q2 25	$1.71	$1.89	+10.5%	—	$25B	—
Q1 25	$1.29	$1.27	-1.6%	—	$22.2B	—
Q4 24	$1.72	$2.2	+27.9%	—	$22.3B	—
Q3 24	$1.47	$1.88	+27.9%	—	$22.3B	—
Q2 24	$1.14	$1.74	+52.6%	—	$22.9B	—
Q1 24	$0.85	$1.31	+54.1%	—	$20.9B	—
Q4 23	$1.63	$1.8	+10.4%	—	$25B	—
Q3 23	$1.6	$2.3	+43.7%	—	$24.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$8.79	—	—	$113.5B	—
FY25	—	$6.6	—	—	$95.6B	—
FY24	—	$4.55	—	—	$88.4B	—
FY23	—	$3.24	—	—	$102.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$62.2B	$79B	$90.6B	$84.8B	$86.7B	$101.2B	$102.3B	$88.4B	$95.6B	$113.5B
YoY change	+22.1%	+27.1%	+14.7%	-6.41%	+2.19%	+16.8%	+1.09%	-13.6%	+8.08%	+18.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	62.2B	79B	90.6B	84.8B	86.7B	101.2B	102.3B	88.4B	95.6B	113.5B
Cost of revenue	48.5B	58.5B	65.6B	64.2B	66.5B	79.3B	79.6B	67.6B	74.3B	90.8B
Gross profit	13.6B	20.5B	25.1B	20.6B	20.1B	21.9B	22.7B	20.9B	21.3B	22.7B
Gross margin	22%	26%	27.6%	24.3%	23.2%	21.6%	22.2%	23.6%	22.2%	20%
Research & development	2.6B	4.4B	4.6B	2.5B	2.5B	2.6B	2.8B	2.8B	3.1B	3.1B
Selling, general & administrative	13.4B	18.6B	20.6B	15.8B	14B	14.7B	14.1B	12.9B	12B	11.1B
Operating expenses	16B	23B	25.2B	18.3B	16.5B	17.2B	16.9B	15.7B	15B	14.3B
Operating income	-2.4B	-2.4B	-191M	2.4B	3.7B	4.7B	5.8B	5.2B	6.2B	8.4B
Operating margin	-3.84%	-3.06%	-0.21%	2.79%	4.25%	4.6%	5.64%	5.89%	6.53%	7.44%
Non-operating income, net	-410M	-41M	136M	-120M	565M	2.7B	-1.4B	-84M	65M	98M
Pretax income	-4.5B	-4.8B	-2.4B	-51M	2.3B	5.9B	3.2B	3.9B	5B	7.3B
Income tax	-1.4B	-1.8B	-180M	-572M	101M	981M	803M	692M	472M	1.3B
Net income	-1.2B	-2.9B	-2.2B	5.5B	3.5B	5.7B	2.4B	3.2B	4.6B	5.9B
Net margin	-1.86%	-3.7%	-2.41%	6.52%	4.04%	5.64%	2.37%	3.61%	4.79%	5.23%
EBITDA	2.6B	6.4B	7.9B	8.6B	9.2B	9.3B	9B	8.8B	9.5B	11.8B
EPS	-1.62	-3.97	-6.02	6.38	4.37	7.02	3.24	4.55	6.6	8.79
Diluted EPS	-1.62	-3.97	-6.04	6.03	4.22	7.02	3.24	4.55	6.38	8.68

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	22.3B	22.3B	22.2B	25B	24.4B	23.9B	23.4B	29.8B	27B	33.4B	43.8B	47B
Cost of revenue	17.1B	17B	17.4B	19.7B	19.1B	18.1B	18.4B	24.3B	21.4B	26.6B	36.1B	37.1B
Gross profit	5.1B	5.3B	4.8B	5.3B	5.3B	5.8B	4.9B	5.4B	5.6B	6.7B	7.8B	9.8B
Gross margin	23.1%	23.8%	21.6%	21.2%	21.8%	24.3%	21.1%	18.3%	20.7%	20.2%	17.8%	20.9%
Research & development	692M	716M	763M	780M	745M	773M	808M	785M	752M	797M	983M	1.1B
Selling, general & administrative	3B	3.1B	3.1B	3.2B	2.9B	2.7B	3B	2.9B	2.7B	2.8B	3B	3.2B
Operating expenses	3.7B	3.8B	3.9B	4B	3.6B	3.5B	3.8B	3.7B	3.4B	3.6B	4B	4.4B
Operating income	1.5B	1.5B	920M	1.3B	1.7B	2.3B	1.2B	1.8B	2.2B	3.1B	3.8B	5.5B
Operating margin	6.68%	6.68%	4.14%	5.36%	6.85%	9.64%	4.98%	5.95%	8.03%	9.42%	8.58%	11.6%
Non-operating income, net	-22M	78M	-68M	-8M	17M	124M	248M	-11M	87M	-31M	508M	-87M
Pretax income	1.2B	1.3B	547M	989M	1.4B	2.1B	1.1B	1.4B	1.9B	2.8B	3.9B	5.1B
Income tax	176M	130M	-408M	148M	265M	467M	118M	276M	393M	540M	510M	998M
Net income	1B	1.2B	955M	841M	1.1B	1.7B	965M	1.2B	1.5B	2.3B	3.4B	4.1B
Net margin	4.51%	5.19%	4.29%	3.36%	4.63%	6.91%	4.13%	3.91%	5.73%	6.77%	7.84%	8.8%
EBITDA	2.4B	2.4B	1.8B	2.2B	2.5B	3.1B	1.9B	2.6B	3B	4B	4.6B	6.3B
EPS	1.39	1.64	1.36	1.19	1.61	2.2	1.41	1.72	2.31	3.47	5.3	6.41
Diluted EPS	1.36	1.64	1.32	1.17	1.58	2.15	1.37	1.7	2.28	3.37	5.24	6.34

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	12.7B	14.5B	17.7B	17.9B	27.5B	43.3B	29.8B	58.5B	72.1B	77.2B	345.5B
Enterprise value	50.6B	50.2B	61.6B	62.4B	57.2B	60.8B	50.8B	77.2B	93.1B	97.2B	381.6B
Shares outstanding	718.4M	718.4M	719M	724M	744M	762M	734M	706.3M	696.1M	675M	675M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	—	3.24	7.84	7.59	12.3	18.3	15.8	13	31.7
P/S	0.2	0.18	0.2	0.21	0.32	0.43	0.29	0.66	0.75	0.68	2.29
P/B	0.66	0.81	69.7	4.73	3.43	-27.4	-9.86	-25.4	-52	-31.3	-245.7
EV/EBITDA	19.1	7.81	7.82	7.25	6.2	6.55	5.63	8.75	9.77	8.27	21.5
EV/Sales	0.81	0.64	0.68	0.74	0.66	0.6	0.5	0.87	0.97	0.86	2.52
Earnings yield	—	—	—	30.9%	12.8%	13.2%	8.12%	5.46%	6.35%	7.68%	3.16%
FCF yield	11.5%	36.4%	31%	37.5%	33.9%	17.4%	1.88%	10.1%	2.59%	11.1%	1.75%
PEG	—	—	—	—	—	—	—	—	—	—	0.12

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	22%	26%	27.6%	24.3%	23.2%	21.6%	22.2%	23.6%	22.2%	20%	20.9%
Operating margin	-3.84%	-3.06%	-0.21%	2.79%	4.25%	4.6%	5.64%	5.89%	6.53%	7.44%	12%
Net margin	-1.86%	-3.7%	-2.41%	6.52%	4.04%	5.64%	2.37%	3.61%	4.79%	5.23%	7.52%
ROE	-6.02%	-16.4%	-858.7%	146.1%	43.7%	-361.2%	-80.1%	-138.4%	-329.9%	-240.3%	-240.3%
ROA	-0.98%	-2.36%	-1.95%	4.65%	2.84%	6.15%	2.7%	3.89%	5.74%	5.86%	8.64%
ROIC	-4.18%	-4.51%	-0.43%	4.9%	9.34%	24.5%	24.1%	26.2%	28.9%	39.4%	55.8%
Return on tangible assets	3.9%	24%	16.9%	-752.2%	5.38%	14.9%	6.49%	10.2%	14.5%	11.2%	14.3%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	0.81	0.88	0.8	0.7	0.8	0.8	0.82	0.74	0.78	0.91	0.96
Quick ratio	0.74	0.82	0.72	0.64	0.74	0.7	0.73	0.67	0.63	0.75	0.71
Debt / equity	2.57	2.9	210.7	14.2	4.89	-17.1	-9.78	-11.3	-17.7	-12.8	-0.25
Debt / assets	0.42	0.42	0.48	0.45	0.32	0.29	0.33	0.32	0.31	0.31	0.27
Net debt / EBITDA	14.3	5.56	5.57	5.17	3.22	1.88	2.32	2.11	2.2	1.7	1.28
Interest coverage	-1.5	-0.89	0.1	0.98	2.14	4.84	3.52	3.52	4.57	5.66	5.66
Effective tax rate	0%	0%	0%	0%	4.31%	16.6%	24.9%	17.8%	9.35%	18.3%	17.7%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	86.5	110	126	117.1	116.5	132.8	139.4	125.2	137.3	168.2	230.5
EPS (basic)	-1.62	-3.97	-6.02	6.38	4.37	7.02	3.24	4.55	6.6	8.79	8.79
EPS (diluted)	-1.62	-3.97	-6.04	6.03	4.22	7.02	3.24	4.55	6.38	8.68	17.2
Book value per share	26.8	24.9	0.35	5.23	10.8	-2.07	-4.12	-3.27	-1.99	-3.66	-2.23
FCF per share	2.03	7.32	7.64	9.27	12.5	9.86	0.77	8.38	2.68	12.7	13.1
Cash per share	15.9	22.5	13.5	12.8	12.8	12.4	11.7	10.4	5.22	17.1	18.2
Capex per share	0.03	0	0.01	—	—	—	—	—	—	3.9	5.51

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.04%	0%	0.01%	—	—	—	—	—	—	2.32%	2.38%
Capex / operating cash flow	0.64%	0%	0.15%	—	—	—	—	—	—	23.5%	29.6%
Payout ratio	0%	0%	-97.8%	0%	0%	0%	39.8%	33.6%	27.9%	24.6%	13.4%
Dividend yield	0%	0%	12.1%	0%	0%	0%	3.23%	1.83%	1.77%	1.89%	0.46%

Yield

0.46%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.63

ex-dividend Jul 21, 2026

Payout ratio

13%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 21, 2026	$0.63
Apr 21, 2026	$0.63
Jan 20, 2026	$0.525
Oct 21, 2025	$0.525
Jul 22, 2025	$0.525
Apr 22, 2025	$0.525
Jan 22, 2025	$0.445
Oct 22, 2024	$0.445

Split history

Date	Ratio

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$4.92	$7.04	+43.1%	—	$47B	—
Q1 27	$2.96	$4.86	+64.2%	—	$43.8B	—
Q4 26	$3.51	$3.89	+10.8%	—	$33.4B	—
Q3 26	$1.94	$2.13	+9.8%	—	$27B	—
Q2 26	$2.29	$2.32	+1.3%	—	$29.8B	—
Q1 26	$1.69	$1.55	-8.3%	—	$23.4B	—
Q4 25	$2.52	$2.68	+6.3%	—	$23.9B	—
Q3 25	$2.06	$2.15	+4.4%	—	$24.4B	—
Q2 25	$1.71	$1.89	+10.5%	—	$25B	—
Q1 25	$1.29	$1.27	-1.6%	—	$22.2B	—
Q4 24	$1.72	$2.2	+27.9%	—	$22.3B	—
Q3 24	$1.47	$1.88	+27.9%	—	$22.3B	—
Q2 24	$1.14	$1.74	+52.6%	—	$22.9B	—
Q1 24	$0.85	$1.31	+54.1%	—	$20.9B	—
Q4 23	$1.63	$1.8	+10.4%	—	$25B	—
Q3 23	$1.6	$2.3	+43.7%	—	$24.7B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$8.79	—	—	$113.5B	—
FY25	—	$6.6	—	—	$95.6B	—
FY24	—	$4.55	—	—	$88.4B	—
FY23	—	$3.24	—	—	$102.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$62.2B	$79B	$90.6B	$84.8B	$86.7B	$101.2B	$102.3B	$88.4B	$95.6B	$113.5B
YoY change	+22.1%	+27.1%	+14.7%	-6.41%	+2.19%	+16.8%	+1.09%	-13.6%	+8.08%	+18.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	62.2B	79B	90.6B	84.8B	86.7B	101.2B	102.3B	88.4B	95.6B	113.5B
Cost of revenue	48.5B	58.5B	65.6B	64.2B	66.5B	79.3B	79.6B	67.6B	74.3B	90.8B
Gross profit	13.6B	20.5B	25.1B	20.6B	20.1B	21.9B	22.7B	20.9B	21.3B	22.7B
Gross margin	22%	26%	27.6%	24.3%	23.2%	21.6%	22.2%	23.6%	22.2%	20%
Research & development	2.6B	4.4B	4.6B	2.5B	2.5B	2.6B	2.8B	2.8B	3.1B	3.1B
Selling, general & administrative	13.4B	18.6B	20.6B	15.8B	14B	14.7B	14.1B	12.9B	12B	11.1B
Operating expenses	16B	23B	25.2B	18.3B	16.5B	17.2B	16.9B	15.7B	15B	14.3B
Operating income	-2.4B	-2.4B	-191M	2.4B	3.7B	4.7B	5.8B	5.2B	6.2B	8.4B
Operating margin	-3.84%	-3.06%	-0.21%	2.79%	4.25%	4.6%	5.64%	5.89%	6.53%	7.44%
Non-operating income, net	-410M	-41M	136M	-120M	565M	2.7B	-1.4B	-84M	65M	98M
Pretax income	-4.5B	-4.8B	-2.4B	-51M	2.3B	5.9B	3.2B	3.9B	5B	7.3B
Income tax	-1.4B	-1.8B	-180M	-572M	101M	981M	803M	692M	472M	1.3B
Net income	-1.2B	-2.9B	-2.2B	5.5B	3.5B	5.7B	2.4B	3.2B	4.6B	5.9B
Net margin	-1.86%	-3.7%	-2.41%	6.52%	4.04%	5.64%	2.37%	3.61%	4.79%	5.23%
EBITDA	2.6B	6.4B	7.9B	8.6B	9.2B	9.3B	9B	8.8B	9.5B	11.8B
EPS	-1.62	-3.97	-6.02	6.38	4.37	7.02	3.24	4.55	6.6	8.79
Diluted EPS	-1.62	-3.97	-6.04	6.03	4.22	7.02	3.24	4.55	6.38	8.68

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	22.3B	22.3B	22.2B	25B	24.4B	23.9B	23.4B	29.8B	27B	33.4B	43.8B	47B
Cost of revenue	17.1B	17B	17.4B	19.7B	19.1B	18.1B	18.4B	24.3B	21.4B	26.6B	36.1B	37.1B
Gross profit	5.1B	5.3B	4.8B	5.3B	5.3B	5.8B	4.9B	5.4B	5.6B	6.7B	7.8B	9.8B
Gross margin	23.1%	23.8%	21.6%	21.2%	21.8%	24.3%	21.1%	18.3%	20.7%	20.2%	17.8%	20.9%
Research & development	692M	716M	763M	780M	745M	773M	808M	785M	752M	797M	983M	1.1B
Selling, general & administrative	3B	3.1B	3.1B	3.2B	2.9B	2.7B	3B	2.9B	2.7B	2.8B	3B	3.2B
Operating expenses	3.7B	3.8B	3.9B	4B	3.6B	3.5B	3.8B	3.7B	3.4B	3.6B	4B	4.4B
Operating income	1.5B	1.5B	920M	1.3B	1.7B	2.3B	1.2B	1.8B	2.2B	3.1B	3.8B	5.5B
Operating margin	6.68%	6.68%	4.14%	5.36%	6.85%	9.64%	4.98%	5.95%	8.03%	9.42%	8.58%	11.6%
Non-operating income, net	-22M	78M	-68M	-8M	17M	124M	248M	-11M	87M	-31M	508M	-87M
Pretax income	1.2B	1.3B	547M	989M	1.4B	2.1B	1.1B	1.4B	1.9B	2.8B	3.9B	5.1B
Income tax	176M	130M	-408M	148M	265M	467M	118M	276M	393M	540M	510M	998M
Net income	1B	1.2B	955M	841M	1.1B	1.7B	965M	1.2B	1.5B	2.3B	3.4B	4.1B
Net margin	4.51%	5.19%	4.29%	3.36%	4.63%	6.91%	4.13%	3.91%	5.73%	6.77%	7.84%	8.8%
EBITDA	2.4B	2.4B	1.8B	2.2B	2.5B	3.1B	1.9B	2.6B	3B	4B	4.6B	6.3B
EPS	1.39	1.64	1.36	1.19	1.61	2.2	1.41	1.72	2.31	3.47	5.3	6.41
Diluted EPS	1.36	1.64	1.32	1.17	1.58	2.15	1.37	1.7	2.28	3.37	5.24	6.34

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	12.7B	14.5B	17.7B	17.9B	27.5B	43.3B	29.8B	58.5B	72.1B	77.2B	345.5B
Enterprise value	50.6B	50.2B	61.6B	62.4B	57.2B	60.8B	50.8B	77.2B	93.1B	97.2B	381.6B
Shares outstanding	718.4M	718.4M	719M	724M	744M	762M	734M	706.3M	696.1M	675M	675M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	—	—	3.24	7.84	7.59	12.3	18.3	15.8	13	31.7
P/S	0.2	0.18	0.2	0.21	0.32	0.43	0.29	0.66	0.75	0.68	2.29
P/B	0.66	0.81	69.7	4.73	3.43	-27.4	-9.86	-25.4	-52	-31.3	-245.7
EV/EBITDA	19.1	7.81	7.82	7.25	6.2	6.55	5.63	8.75	9.77	8.27	21.5
EV/Sales	0.81	0.64	0.68	0.74	0.66	0.6	0.5	0.87	0.97	0.86	2.52
Earnings yield	—	—	—	30.9%	12.8%	13.2%	8.12%	5.46%	6.35%	7.68%	3.16%
FCF yield	11.5%	36.4%	31%	37.5%	33.9%	17.4%	1.88%	10.1%	2.59%	11.1%	1.75%
PEG	—	—	—	—	—	—	—	—	—	—	0.12

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	22%	26%	27.6%	24.3%	23.2%	21.6%	22.2%	23.6%	22.2%	20%	20.9%
Operating margin	-3.84%	-3.06%	-0.21%	2.79%	4.25%	4.6%	5.64%	5.89%	6.53%	7.44%	12%
Net margin	-1.86%	-3.7%	-2.41%	6.52%	4.04%	5.64%	2.37%	3.61%	4.79%	5.23%	7.52%
ROE	-6.02%	-16.4%	-858.7%	146.1%	43.7%	-361.2%	-80.1%	-138.4%	-329.9%	-240.3%	-240.3%
ROA	-0.98%	-2.36%	-1.95%	4.65%	2.84%	6.15%	2.7%	3.89%	5.74%	5.86%	8.64%
ROIC	-4.18%	-4.51%	-0.43%	4.9%	9.34%	24.5%	24.1%	26.2%	28.9%	39.4%	55.8%
Return on tangible assets	3.9%	24%	16.9%	-752.2%	5.38%	14.9%	6.49%	10.2%	14.5%	11.2%	14.3%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	0.81	0.88	0.8	0.7	0.8	0.8	0.82	0.74	0.78	0.91	0.96
Quick ratio	0.74	0.82	0.72	0.64	0.74	0.7	0.73	0.67	0.63	0.75	0.71
Debt / equity	2.57	2.9	210.7	14.2	4.89	-17.1	-9.78	-11.3	-17.7	-12.8	-0.25
Debt / assets	0.42	0.42	0.48	0.45	0.32	0.29	0.33	0.32	0.31	0.31	0.27
Net debt / EBITDA	14.3	5.56	5.57	5.17	3.22	1.88	2.32	2.11	2.2	1.7	1.28
Interest coverage	-1.5	-0.89	0.1	0.98	2.14	4.84	3.52	3.52	4.57	5.66	5.66
Effective tax rate	0%	0%	0%	0%	4.31%	16.6%	24.9%	17.8%	9.35%	18.3%	17.7%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	86.5	110	126	117.1	116.5	132.8	139.4	125.2	137.3	168.2	230.5
EPS (basic)	-1.62	-3.97	-6.02	6.38	4.37	7.02	3.24	4.55	6.6	8.79	8.79
EPS (diluted)	-1.62	-3.97	-6.04	6.03	4.22	7.02	3.24	4.55	6.38	8.68	17.2
Book value per share	26.8	24.9	0.35	5.23	10.8	-2.07	-4.12	-3.27	-1.99	-3.66	-2.23
FCF per share	2.03	7.32	7.64	9.27	12.5	9.86	0.77	8.38	2.68	12.7	13.1
Cash per share	15.9	22.5	13.5	12.8	12.8	12.4	11.7	10.4	5.22	17.1	18.2
Capex per share	0.03	0	0.01	—	—	—	—	—	—	3.9	5.51

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.04%	0%	0.01%	—	—	—	—	—	—	2.32%	2.38%
Capex / operating cash flow	0.64%	0%	0.15%	—	—	—	—	—	—	23.5%	29.6%
Payout ratio	0%	0%	-97.8%	0%	0%	0%	39.8%	33.6%	27.9%	24.6%	13.4%
Dividend yield	0%	0%	12.1%	0%	0%	0%	3.23%	1.83%	1.77%	1.89%	0.46%

Yield

0.46%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.63

ex-dividend Jul 21, 2026

Payout ratio

13%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 21, 2026	$0.63
Apr 21, 2026	$0.63
Jan 20, 2026	$0.525
Oct 21, 2025	$0.525
Jul 22, 2025	$0.525
Apr 22, 2025	$0.525
Jan 22, 2025	$0.445
Oct 22, 2024	$0.445

Split history

Date	Ratio

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$22.3B	$22.3B	$22.2B	$25B	$24.4B	$23.9B	$23.4B	$29.8B	$27B	$33.4B	$43.8B	$47B
YoY change	-9.99%	-10.9%	+6.32%	+9.12%	+9.51%	+7.23%	+5.1%	+19%	+10.8%	+39.5%	+87.5%	+57.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	11.4B	16.1B	9.7B	9.3B	9.5B	9.5B	8.6B	7.4B	3.6B	11.5B
Receivables	9.4B	11.7B	12.4B	12.5B	10.7B	12.9B	12.5B	9.3B	10.3B	17.6B
Inventory	2.5B	2.7B	3.6B	3.3B	3.4B	5.9B	4.8B	3.6B	6.7B	10.4B
Total current assets	30.8B	40.3B	36.1B	36.9B	43.6B	45B	42.4B	35.9B	36.2B	57.6B
Property, plant & equipment	10B	9.7B	9.8B	12.5B	11.7B	5.4B	6.2B	6.4B	6.3B	6.7B
Goodwill & intangibles	147.9B	136.4B	124.7B	119.6B	58.3B	54.5B	52.3B	50.8B	48.2B	48.2B
Total assets	118.2B	124.2B	111.8B	118.9B	123.4B	92.7B	89.6B	82.1B	79.7B	101.3B
Accounts payable	14.4B	18.3B	19.2B	20.1B	21.6B	27.1B	18.6B	19.4B	20.8B	33.6B
Short-term debt	6.3B	7.9B	4.3B	8.2B	6.4B	5.8B	6.6B	7B	5.2B	8B
Total current liabilities	38.1B	45.8B	45B	52.5B	54.1B	56.2B	51.7B	48.5B	46.5B	63.3B
Long-term debt	43.1B	44B	49.2B	45.7B	32.9B	21.1B	23B	19B	19.4B	23.5B
Total liabilities	99B	106.3B	111.6B	115.1B	115.4B	94.3B	92.6B	84.4B	81.1B	103.8B
Shareholders' equity	19.2B	17.9B	254M	3.8B	8B	-1.6B	-3B	-2.3B	-1.4B	-2.5B
Total debt	49.4B	51.9B	53.5B	53.8B	39.2B	27B	29.6B	26B	24.6B	31.5B
Net debt	39.9B	37.9B	43.8B	44.5B	29.7B	17.5B	21B	18.6B	20.9B	20B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	8.3B	7.4B	5.8B	4.5B	5.2B	3.6B	7.7B	8.1B	9.6B	11.5B	11.6B	11.6B
Receivables	9.7B	9.3B	8.6B	11.4B	11.2B	10.3B	9.8B	15B	11.7B	17.6B	25.9B	22.9B
Inventory	3.4B	3.6B	4.8B	6B	6.7B	6.7B	7.4B	7.2B	6.9B	10.4B	15.1B	21.3B
Total current assets	37B	35.9B	34.6B	37.5B	38B	36.2B	42.9B	45.5B	43.1B	57.6B	70.6B	80.5B
Property, plant & equipment	6.9B	6.4B	6.2B	6.3B	6.3B	6.3B	6.4B	6.5B	6.5B	6.7B	6.9B	7.4B
Goodwill & intangibles	51B	50.8B	50.4B	50.1B	48.8B	48.2B	48.4B	48.2B	48B	48.2B	47.9B	47.6B
Total assets	83.3B	82.1B	80.2B	82.7B	82B	79.7B	86.9B	89.2B	87.5B	101.3B	114.9B	127.4B
Accounts payable	19.5B	19.4B	20.6B	24.1B	23.4B	20.8B	25.3B	27.5B	23.8B	33.6B	45.3B	49.7B
Short-term debt	6.7B	7B	6.1B	6.7B	5.6B	5.2B	4.8B	7.2B	7.4B	8B	7.5B	8.5B
Total current liabilities	48.9B	48.5B	47.7B	52B	49.5B	46.5B	50.4B	54.9B	50.5B	63.3B	74.6B	83.7B
Long-term debt	20.7B	19B	19.4B	17.8B	19.4B	19.4B	23.9B	21.5B	23.8B	23.5B	23.6B	26B
Total liabilities	85.8B	84.4B	82.9B	85.5B	84.1B	81.1B	89.9B	91.9B	90.1B	103.8B	116.3B	128.8B
Shareholders' equity	-2.6B	-2.3B	-2.7B	-2.8B	-2.2B	-1.4B	-3B	-2.8B	-2.6B	-2.5B	-1.4B	-1.4B
Total debt	27.5B	26B	25.5B	24.5B	25B	24.6B	28.8B	28.7B	31.2B	31.5B	31.2B	34.5B
Net debt	19.2B	18.6B	19.6B	20B	19.8B	20.9B	21.1B	20.5B	21.7B	20B	19.6B	22.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	-1.2B	-2.9B	-2.2B	5.5B	3.5B	5.7B	2.4B	3.2B	4.6B	5.9B
Depreciation & amortization	4.9B	8.6B	7.7B	6.1B	5.4B	4.6B	3.2B	3.3B	3.1B	3B
Stock-based compensation	398M	835M	918M	1.3B	1.6B	1.6B	931M	878M	785M	723M
Change in working capital	1.2B	1.6B	549M	323M	1.4B	1.9B	-3.2B	782M	-4.2B	843M
Operating cash flow	3.8B	6.1B	6.5B	7.9B	11.4B	10.3B	3.6B	8.7B	4.5B	11.2B
Capital expenditure	24M	0	10M	—	—	—	—	—	—	-2.6B
Investing cash flow	-30.3B	-1.3B	4.9B	-2.1B	1.6B	4.1B	-21M	-27M	437M	-2.1B
Dividends paid	0	0	-2.1B	0	0	0	-964M	-1.1B	-1.3B	-1.5B
Share repurchases	-1.4B	-1.8B	-14.5B	-3.6B	-1.6B	-1.8B	-3.3B	-2.5B	-3.2B	-6.4B
Financing cash flow	31.8B	403M	-14.3B	-4.6B	-6B	-16.6B	-1.6B	-7.1B	-5.8B	-1.5B
Net change in cash	5.2B	5.2B	-3B	1.1B	7.1B	-2.2B	1.9B	1.6B	-857M	7.7B
Free cash flow	1.5B	5.3B	5.5B	6.7B	9.3B	7.5B	562M	5.9B	1.9B	8.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	1B	1.2B	955M	804M	1B	1.7B	965M	1.2B	1.5B	2.3B	3.4B	4.1B
Depreciation & amortization	822M	841M	800M	784M	765M	774M	738M	762M	756M	773M	758M	754M
Stock-based compensation	227M	203M	210M	191M	198M	186M	190M	179M	165M	189M	189M	184M
Change in working capital	108M	-910M	-819M	-655M	-545M	-2.1B	985M	94M	-1.5B	1.2B	38M	-2.8B
Operating cash flow	2.2B	1.5B	1B	1.3B	1.6B	585M	2.8B	2.5B	1.2B	4.7B	4.1B	2.2B
Capital expenditure	—	—	—	—	—	—	—	-675M	-669M	-721M	-963M	-1.2B
Investing cash flow	6M	58M	140M	125M	115M	57M	480M	-655M	-617M	-695M	-1.1B	-1.3B
Dividends paid	-266M	-261M	-336M	-316M	-312M	-311M	-396M	-366M	-351M	-346M	-464M	-405M
Share repurchases	-744M	-896M	-1.2B	-739M	-454M	-751M	-2.3B	-945M	-1.3B	-1.9B	-2.2B	-3.8B
Financing cash flow	-1.4B	-1.8B	-2.1B	-2B	-315M	-1.4B	1.2B	-1.5B	856M	-2.1B	-3B	-882M
Net change in cash	712M	-228M	-894M	-567M	1.4B	-749M	4.5B	422M	1.4B	1.9B	60M	6M
Free cash flow	1.4B	806M	447M	658M	914M	-150M	2.2B	1.9B	503M	4B	3.1B	986M

Dell Technologies Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Dell Technologies Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement