What is Dell Technologies's earnings per share (EPS)?

Dell Technologies (DELL) reported diluted earnings per share of $8.68 for fiscal year 2026. This represents a 36.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Dell Technologies Financials

DELL

Source SEC Filings (10-K/10-Q) Updated Jan 30, 2026 Currency USD FYE January

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).

Financial Health Signals

Earnings Quality Cash-Backed

1.88x

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.

Interest Coverage Safe

5.2x

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

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Earnings & Revenue

Revenue

$113.5B

YoY+18.8%

5Y CAGR+5.5%

10Y CAGR+7.7%

Dell Technologies generated $113.5B in revenue in fiscal year 2026. This represents an increase of 18.8% from the prior year.

EBITDA

$11.2B

YoY+19.4%

5Y CAGR+4.3%

10Y CAGR+15.4%

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.

Net Income

$5.9B

YoY+29.3%

5Y CAGR+12.8%

Dell Technologies reported $5.9B in net income in fiscal year 2026. This represents an increase of 29.3% from the prior year.

EPS (Diluted)

$8.68

YoY+36.1%

5Y CAGR+15.5%

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

Free Cash Flow

$8.6B

YoY+357.6%

5Y CAGR-1.7%

10Y CAGR+15.2%

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.

Cash & Debt

N/A

Dividends Per Share

$2.10

YoY+18.0%

Dell Technologies paid $2.10 per share in dividends in fiscal year 2026. This represents an increase of 18.0% from the prior year.

Shares Outstanding

N/A

Margins & Returns

Gross Margin

20.0%

YoY-2.2pp

5Y CAGR-3.2pp

10Y CAGR+3.6pp

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.

Operating Margin

7.2%

YoY+0.7pp

5Y CAGR+2.9pp

10Y CAGR+7.8pp

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.

Net Margin

5.2%

YoY+0.4pp

5Y CAGR+1.5pp

10Y CAGR+7.5pp

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.

Return on Equity

N/A

Capital Allocation

R&D Spending

$3.1B

YoY+2.6%

5Y CAGR+5.1%

10Y CAGR+13.1%

Dell Technologies invested $3.1B in research and development in fiscal year 2026. This represents an increase of 2.6% from the prior year.

Share Buybacks

$6.0B

YoY+132.4%

5Y CAGR+90.3%

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.

Capital Expenditures

$2.6B

YoY-0.7%

5Y CAGR+4.8%

10Y CAGR+18.6%

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	FY26	FY25	FY24	FY23	FY22	FY21
Revenue	$113.5B+18.8%	$95.6B+8.1%	$88.4B-13.6%	$102.3B+1.1%	$101.2B+16.8%	$86.7B
Cost of Revenue	$90.8B+22.2%	$74.3B+10.3%	$67.4B-15.4%	$79.6B+0.4%	$79.3B+19.2%	$66.5B
Gross Profit	$22.7B+6.9%	$21.3B+0.9%	$21.1B-7.1%	$22.7B+3.6%	$21.9B+8.7%	$20.1B
R&D Expenses	$3.1B+2.6%	$3.1B+9.3%	$2.8B+0.8%	$2.8B+7.8%	$2.6B+5.0%	$2.5B
SG&A Expenses	$11.4B-4.5%	$12.0B-7.0%	$12.9B-9.0%	$14.1B-3.5%	$14.7B+4.7%	$14.0B
Operating Income	$8.1B+30.7%	$6.2B+15.3%	$5.4B-6.2%	$5.8B+23.9%	$4.7B+26.4%	$3.7B
Interest Expense	$1.6B+11.9%	$1.4B-7.1%	$1.5B+22.8%	$1.2B-20.8%	$1.5B-24.9%	$2.1B
Income Tax	$1.3B+181.1%	$472.0M-34.0%	$715.0M-11.0%	$803.0M-18.1%	$981.0M+871.3%	$101.0M
Net Income	$5.9B+29.3%	$4.6B+35.5%	$3.4B+38.7%	$2.4B-56.1%	$5.6B+71.2%	$3.3B
EPS (Diluted)	$8.68+36.1%	$6.38+38.7%	$4.60+42.0%	$3.24-48.2%	$6.26+48.3%	$4.22

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	FY26	FY25	FY24	FY23	FY22	FY21
Total Assets	N/A	$86.9B+8.3%	$80.2B-4.6%	$84.1B-4.9%	$88.4B-27.4%	$121.8B
Current Assets	N/A	$42.9B+24.0%	$34.6B-7.4%	$37.4B-9.6%	$41.4B-2.3%	$42.3B
Cash & Equivalents	N/A	$7.7B+32.1%	$5.8B-23.6%	$7.6B+14.7%	$6.7B-53.3%	$14.2B
Inventory	N/A	$7.4B+55.1%	$4.8B+19.1%	$4.0B-36.0%	$6.3B+64.0%	$3.8B
Accounts Receivable	N/A	$9.8B+14.3%	$8.6B-8.9%	$9.4B-20.6%	$11.8B+8.5%	$10.9B
Goodwill	N/A	$19.3B-1.7%	$19.6B-0.1%	$19.7B+0.3%	$19.6B-52.0%	$40.8B
Total Liabilities	N/A	$89.9B+8.4%	$82.9B-4.7%	$87.0B-4.1%	$90.8B-19.4%	$112.6B
Current Liabilities	N/A	$50.4B+5.6%	$47.7B+1.9%	$46.8B-11.7%	$53.1B-3.3%	$54.9B
Long-Term Debt	N/A	$23.9B+23.5%	$19.4B-15.6%	$23.0B+8.3%	$21.2B-44.1%	$37.9B
Total Equity	N/A	-$3.0B-7.2%	-$2.8B+6.6%	-$3.0B-22.8%	-$2.5B-170.6%	$3.5B
Retained Earnings	N/A	-$567.0M+85.8%	-$4.0B+37.8%	-$6.4B+12.7%	-$7.4B+42.7%	-$12.9B

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	FY26	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	$11.2B+147.4%	$4.5B-47.9%	$8.7B+143.4%	$3.6B-65.4%	$10.3B-9.6%	$11.4B
Capital Expenditures	$2.6B-0.7%	$2.7B-3.8%	$2.8B-8.2%	$3.0B+7.4%	$2.8B+34.3%	$2.1B
Free Cash Flow	$8.6B+357.6%	$1.9B-68.4%	$5.9B+953.4%	$562.0M-92.5%	$7.5B-19.5%	$9.3B
Investing Cash Flow	-$2.1B+7.2%	-$2.2B+20.4%	-$2.8B+8.0%	-$3.0B-331.5%	$1.3B+383.9%	-$460.0M
Financing Cash Flow	-$1.5B+74.8%	-$5.8B+18.0%	-$7.1B-336.6%	-$1.6B+90.2%	-$16.6B-179.1%	-$6.0B
Dividends Paid	$1.5B+14.4%	$1.3B+18.9%	$1.1B+11.2%	$964.0M	$0	$0
Share Buybacks	$6.0B+132.4%	$2.6B+24.4%	$2.1B-27.9%	$2.9B+92.7%	$1.5B+520.7%	$241.0M

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	FY26	FY25	FY24	FY23	FY22	FY21
Gross Margin	20.0%-2.2pp	22.2%-1.6pp	23.8%+1.7pp	22.2%+0.6pp	21.6%-1.6pp	23.2%
Operating Margin	7.2%+0.7pp	6.5%+0.4pp	6.1%+0.5pp	5.6%+1.0pp	4.6%+0.3pp	4.3%
Net Margin	5.2%+0.4pp	4.8%+1.0pp	3.8%+1.4pp	2.4%-3.1pp	5.5%+1.8pp	3.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A	93.2%
Return on Assets	N/A	5.3%+1.1pp	4.2%+1.3pp	2.9%-3.4pp	6.3%+3.6pp	2.7%
Current Ratio	N/A	0.85+0.1	0.73-0.1	0.80+0.0	0.780.0	0.77
Debt-to-Equity	N/A	-7.92-1.0	-6.87+0.7	-7.60+1.0	-8.61-19.5	10.88
FCF Margin	7.5%+5.6pp	2.0%-4.7pp	6.7%+6.1pp	0.5%-6.9pp	7.4%-3.3pp	10.8%

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%

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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.

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 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.

Does Dell Technologies buy back shares?

Yes, Dell Technologies (DELL) spent $6.0B on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

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.