Dell Technologies Financials
Dell Technologies (DELL) reported $113.5B in revenue for fiscal year 2026, up 18.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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 dominant mechanic is profitable scale that converts into cash while operating with structurally thin liquidity.
The FY2026 rebound materially improved cash conversion: operating cash flow reached$11.2B while free cash flow reached$8.6B , recovering from much weaker FY2025 levels. Because capital spending stayed near$2.6B , the improvement reflects stronger cash generation from operations rather than simply reduced reinvestment.
FY2026 operating leverage appeared even as gross-margin economics softened: gross margin fell to
The balance sheet still runs with limited short-term cushion: the current ratio was 0.9x and equity remained negative in FY2026. Cash recovered to
Financial Health Signals
Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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 strong profitability earns a score of 67/100, reflecting efficient cost management and pricing power. 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 72/100.
Dell Technologies's current ratio of 0.91 is below the typical benchmark, resulting in a score of 15/100. 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 51/100. The company generates positive cash flow after capital investments, but with room for improvement.
Dell Technologies scores 2.98, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($279.8B) relative to total liabilities ($103.8B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Dell Technologies passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
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 $5.22 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.
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.
Not reported for fiscal year 2026.
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
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $113.5B+18.8% | $95.6B+8.1% | $88.4B-13.6% | $102.3B+1.1% | $101.2B+16.8% | $86.7B+2.2% | $84.8B-6.4% | $90.6B+14.7% | $79.0B+27.1% | $62.2B+22.1% | $50.9B-6.0% | $54.1B |
| 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+3.7% | $64.2B-2.1% | $65.6B+12.1% | $58.5B+20.6% | $48.5B+14.1% | $42.5B-6.0% | $45.2B |
| Gross Profit | $22.7B+6.9% | $21.3B+0.9% | $21.1B-7.1% | $22.7B+3.6% | $21.9B+8.7% | $20.1B-2.4% | $20.6B-17.6% | $25.1B+22.0% | $20.5B+50.5% | $13.6B+62.7% | $8.4B-5.7% | $8.9B |
| R&D Expenses | $3.1B+2.6% | $3.1B+9.3% | $2.8B+0.8% | $2.8B+7.8% | $2.6B+5.0% | $2.5B0.0% | $2.5B-46.7% | $4.6B+5.0% | $4.4B+66.3% | $2.6B+150.8% | $1.1B+14.2% | $920.0M |
| 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-11.5% | $15.8B-23.4% | $20.6B+11.2% | $18.6B+38.5% | $13.4B+70.7% | $7.8B-5.3% | $8.3B |
| Operating Income | $8.1B+30.7% | $6.2B+15.3% | $5.4B-6.2% | $5.8B+23.9% | $4.7B+26.4% | $3.7B+55.7% | $2.4B+1338.7% | -$191.0M+92.1% | -$2.4B-1.1% | -$2.4B-365.0% | -$514.0M-62.7% | -$316.0M |
| Interest Expense | $1.6B+11.9% | $1.4B-7.1% | $1.5B+22.8% | $1.2B-20.8% | $1.5B-24.9% | $2.1B-12.1% | $2.3B-6.2% | $2.5B+3.4% | $2.4B+37.4% | $1.8B+157.5% | $680.0M-15.7% | $807.0M |
| Income Tax | $1.3B+181.1% | $472.0M-34.0% | $715.0M-11.0% | $803.0M-18.1% | $981.0M+871.3% | $101.0M+117.7% | -$572.0M-217.8% | -$180.0M+90.2% | -$1.8B-29.8% | -$1.4B-1103.4% | -$118.0M-10.3% | -$107.0M |
| Net Income | $5.9B+29.7% | $4.6B+35.7% | $3.4B+39.2% | $2.4B-57.6% | $5.7B+75.6% | $3.3B-29.6% | $4.6B+299.8% | -$2.3B+18.9% | -$2.8B-144.1% | -$1.2B-5.7% | -$1.1B+9.6% | -$1.2B |
| EPS (Diluted) | $8.68+36.1% | $6.38+38.7% | $4.60+42.0% | $3.24-48.2% | $6.26+48.3% | $4.22-30.0% | $6.03 | N/A | N/A | N/A | N/A | N/A |
DELL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $101.3B+27.0% | $79.7B-2.9% | $82.1B-8.4% | $89.6B-3.4% | $92.7B-24.9% | $123.4B+3.8% | $118.9B+6.3% | $111.8B-10.0% | $124.2B+3.8% | $119.7B+165.2% | $45.1B | N/A |
| Current Assets | $57.6B+59.0% | $36.2B+0.7% | $36.0B-15.0% | $42.4B-6.0% | $45.0B+3.4% | $43.6B+18.2% | $36.9B+2.0% | $36.1B-10.4% | $40.3B+26.4% | $31.9B+35.3% | $23.6B | N/A |
| Cash & Equivalents | $11.5B+217.3% | $3.6B-50.7% | $7.4B-14.4% | $8.6B-9.2% | $9.5B-0.3% | $9.5B+2.2% | $9.3B-3.9% | $9.7B-30.6% | $13.9B+47.2% | $9.5B+49.9% | $6.3B+17.1% | $5.4B |
| Inventory | $10.4B+55.4% | $6.7B+85.4% | $3.6B-24.2% | $4.8B-19.0% | $5.9B+73.3% | $3.4B+3.7% | $3.3B-10.1% | $3.6B+36.3% | $2.7B+5.5% | $2.5B+56.8% | $1.6B | N/A |
| Accounts Receivable | $17.6B+70.8% | $10.3B+10.2% | $9.3B-25.1% | $12.5B-3.3% | $12.9B+20.3% | $10.7B-14.0% | $12.5B+0.9% | $12.4B+5.5% | $11.7B+18.5% | $9.9B+102.4% | $4.9B | N/A |
| Goodwill | $19.5B+2.2% | $19.1B-2.9% | $19.7B+0.1% | $19.7B-0.5% | $19.8B-1.3% | $20.0B-5.3% | $21.2B-47.2% | $40.1B+0.4% | $39.9B+2.6% | $38.9B+362.9% | $8.4B0.0% | $8.4B |
| Total Liabilities | $103.8B+27.9% | $81.1B-3.7% | $84.3B-9.0% | $92.6B-1.8% | $94.3B-18.3% | $115.4B+0.3% | $115.1B+3.1% | $111.6B+4.9% | $106.3B+7.5% | $98.9B+127.0% | $43.5B | N/A |
| Current Liabilities | $63.3B+36.0% | $46.5B-3.8% | $48.4B-6.4% | $51.7B-8.1% | $56.2B+3.9% | $54.1B+3.2% | $52.5B+16.6% | $45.0B-1.9% | $45.8B+20.1% | $38.2B+50.8% | $25.3B | N/A |
| Long-Term Debt | $23.5B+21.4% | $19.4B+1.8% | $19.0B-17.4% | $23.0B+8.9% | $21.1B-35.7% | $32.9B-25.8% | $44.3B-9.9% | $49.2B+11.8% | $44.0B+2.2% | $43.1B+304.3% | $10.7B | N/A |
| Total Equity | -$2.5B-66.7% | -$1.5B+33.5% | -$2.2B+28.7% | -$3.1B-85.3% | -$1.7B-168.0% | $2.5B+257.5% | -$1.6B+72.7% | -$5.8B-149.2% | $11.7B-20.6% | $14.8B+906.6% | $1.5B-49.5% | $2.9B |
| Retained Earnings | $3.3B+386.6% | -$1.2B+74.0% | -$4.5B+33.9% | -$6.7B+17.8% | -$8.2B+40.5% | -$13.8B+18.6% | -$16.9B+20.9% | -$21.3B-211.2% | -$6.9B-67.5% | -$4.1B-4.0% | -$3.9B | N/A |
DELL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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+22.8% | $9.3B+32.9% | $7.0B+2.2% | $6.8B+189.1% | $2.4B+9.5% | $2.2B-15.2% | $2.6B |
| Capital Expenditures | $2.6B-0.7% | $2.7B-3.8% | $2.8B-8.2% | $3.0B+7.4% | $2.8B+34.3% | $2.1B-19.2% | $2.6B+72.1% | $1.5B+23.5% | $1.2B+73.4% | $699.0M+45.0% | $482.0M+0.8% | $478.0M |
| 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+38.9% | $6.7B+22.2% | $5.5B-2.4% | $5.6B+237.6% | $1.7B-0.7% | $1.7B-19.0% | $2.1B |
| 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+90.2% | -$4.7B-238.3% | $3.4B+217.9% | -$2.9B+90.8% | -$31.2B-9630.8% | -$321.0M+9.6% | -$355.0M |
| 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-29.2% | -$4.6B+67.9% | -$14.3B-3655.6% | $403.0M-98.7% | $31.8B+6508.3% | -$496.0M+84.0% | -$3.1B |
| Dividends Paid | $1.5B+14.4% | $1.3B+18.9% | $1.1B+11.2% | $964.0M | $0 | $0 | $0-100.0% | $2.1B | $0 | $0 | N/A | N/A |
| Share Buybacks | $6.0B+132.4% | $2.6B+24.4% | $2.1B-27.9% | $2.9B+92.7% | $1.5B+520.7% | $241.0M+2912.5% | $8.0M-99.9% | $14.1B+1844.1% | $724.0M+18.5% | $611.0M | N/A | N/A |
DELL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY26 | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 20.0%-2.2pp | 22.2%-1.6pp | 23.8%+1.7pp | 22.2%+0.6pp | 21.6%-1.6pp | 23.2%-1.1pp | 24.3%-3.3pp | 27.7%+1.7pp | 26.0%+4.0pp | 22.0%+5.5pp | 16.5%0.0pp | 16.4% |
| Operating Margin | 7.2%+0.7pp | 6.5%+0.4pp | 6.1%+0.5pp | 5.6%+1.0pp | 4.6%+0.3pp | 4.3%+1.5pp | 2.8%+3.0pp | -0.2%+2.8pp | -3.1%+0.8pp | -3.8%-2.8pp | -1.0%-0.4pp | -0.6% |
| Net Margin | 5.2%+0.4pp | 4.8%+1.0pp | 3.8%+1.4pp | 2.4%-3.3pp | 5.6%+1.9pp | 3.8%-1.7pp | 5.4%+8.0pp | -2.5%+1.0pp | -3.6%-1.7pp | -1.9%+0.3pp | -2.2%+0.1pp | -2.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | 131.1% | N/A | N/A | -24.3%-16.4pp | -7.9%+67.4pp | -75.3%-33.3pp | -42.0% |
| Return on Assets | 5.9%+0.1pp | 5.7%+1.6pp | 4.1%+1.4pp | 2.7%-3.5pp | 6.2%+3.5pp | 2.6%-1.3pp | 3.9%+5.9pp | -2.1%+0.2pp | -2.3%-1.3pp | -1.0%+1.5pp | -2.5% | N/A |
| Current Ratio | 0.91+0.1x | 0.780.0x | 0.74-0.1x | 0.820.0x | 0.800.0x | 0.80+0.1x | 0.70-0.1x | 0.80-0.1x | 0.880.0x | 0.84-0.1x | 0.93 | N/A |
| Debt-to-Equity | N/A | N/A | N/A | N/A | N/A | 13.26 | N/A | N/A | 3.75+0.8x | 2.92-4.3x | 7.26 | N/A |
| FCF Margin | 7.5%+5.6pp | 2.0%-4.7pp | 6.7%+6.1pp | 0.5%-6.9pp | 7.4%-3.3pp | 10.8%+2.8pp | 7.9%+1.9pp | 6.1%-1.1pp | 7.1%+4.4pp | 2.7%-0.6pp | 3.3%-0.5pp | 3.8% |
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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Where Dell Technologies Ranks
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 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 not reported?
Dell Technologies (DELL) has negative shareholder equity of -$2.5B as of fiscal year 2026, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 2.98, 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 7 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 5.22x, 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 56 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.