Dell Technologies (DELL) financial statements
Dell Technologies reported revenue of $113.5B in fiscal 2026, up 6.9% a year over 9 years.
Net income was $5.9B and the operating margin 7.2%, against -3.8% in 2017.
Free cash flow was $8.6B, and the company returned $1.5B in dividends and $6.0B in net buybacks.
The diluted share count fell 9% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Dell Technologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $62.2B | $79.0B | $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 | $67.4B | $74.3B | $90.8B |
| Gross profit | $13.6B | $20.5B | $25.1B | $20.6B | $20.1B | $21.9B | $22.7B | $21.1B | $21.2B | $22.7B |
| Research and development | $2.6B | $4.4B | $4.6B | $2.5B | $2.5B | $2.6B | $2.8B | $2.8B | $3.1B | $3.1B |
| Selling, general and admin | $13.4B | $18.6B | $20.6B | $15.8B | $14.0B | $14.7B | $14.1B | $12.9B | $12.0B | $11.4B |
| Operating income | -$2.4B | -$2.4B | -$191M | $2.4B | $3.7B | $4.7B | $5.8B | $5.4B | $6.2B | $8.1B |
| Interest expense | $1.8B | $2.4B | $2.5B | $2.3B | $2.1B | $1.5B | $1.2B | $1.5B | $1.4B | $1.6B |
| Pre-tax income | -$4.5B | -$4.8B | -$2.4B | -$51M | $2.3B | $5.9B | $3.2B | $4.1B | $5.0B | $7.3B |
| Income tax | -$1.4B | -$1.8B | -$180M | -$572M | $101M | $981M | $803M | $715M | $472M | $1.3B |
| Net income | -$1.2B | -$2.8B | -$2.3B | $4.6B | $3.2B | $5.6B | $2.4B | $3.4B | $4.6B | $5.9B |
| EPS (diluted) | — | — | — | $6.03 | $4.22 | — | $3.24 | $4.60 | $6.38 | $8.68 |
| Diluted shares | — | — | — | 751M | 767M | 791M | 753M | 736M | 720M | 684M |
| Gross margin | 22.0% | 26.0% | 27.6% | 24.3% | 23.2% | 21.6% | 22.2% | 23.8% | 22.2% | 20.0% |
| Operating margin | -3.8% | -3.1% | -0.2% | 2.8% | 4.3% | 4.6% | 5.6% | 6.1% | 6.5% | 7.2% |
| Net margin | -1.9% | -3.6% | -2.5% | 5.4% | 3.7% | 5.5% | 2.4% | 3.8% | 4.8% | 5.2% |
Balance sheet
Fiscal years, from Dell Technologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and 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 | $45.0B | $42.4B | $36.0B | $36.2B | $57.6B |
| Property, plant and equipment | $5.7B | $5.4B | $5.3B | $6.1B | $4.8B | $5.4B | $6.2B | $6.4B | $6.3B | $6.7B |
| Goodwill | $38.9B | $39.9B | $40.1B | $21.2B | $20.0B | $19.8B | $19.7B | $19.7B | $19.1B | $19.5B |
| Total assets | $118.2B | $124.2B | $111.8B | $118.9B | $123.4B | $92.7B | $89.6B | $82.1B | $79.7B | $101.3B |
| Total current liabilities | $38.1B | $45.8B | $45.0B | $52.5B | $54.1B | $56.2B | $51.7B | $48.4B | $46.5B | $63.3B |
| Long-term debt | $43.1B | $44.0B | $49.2B | $44.3B | $32.9B | $21.1B | $23.0B | $19.0B | $19.4B | $23.5B |
| Total liabilities | $99.0B | $106.3B | $111.6B | $115.1B | $115.4B | $94.3B | $92.6B | $84.3B | $81.1B | $103.8B |
| Shareholders' equity | $13.2B | $11.7B | -$5.8B | -$1.6B | $2.5B | -$1.7B | -$3.1B | -$2.2B | -$1.5B | -$2.5B |
| Net debt | $39.9B | $37.9B | $43.8B | $42.8B | $29.7B | $17.5B | $21.0B | $18.6B | $20.9B | $20.0B |
Cash flow
Fiscal years, from Dell Technologies's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.4B | $6.8B | $7.0B | $9.3B | $11.4B | $10.3B | $3.6B | $8.7B | $4.5B | $11.2B |
| Capital spending | $699M | $1.2B | $1.5B | $2.6B | $2.1B | $2.8B | $3.0B | $2.8B | $2.7B | $2.6B |
| Free cash flow | $1.7B | $5.6B | $5.5B | $6.7B | $9.3B | $7.5B | $562M | $5.9B | $1.9B | $8.6B |
| Stock-based compensation | $398M | $835M | $918M | $1.3B | $1.6B | $1.6B | $931M | $878M | $785M | $723M |
| Dividends paid | $0 | $0 | $2.1B | $0 | $0 | $0 | $964M | $1.1B | $1.3B | $1.5B |
| Share buybacks (net) | -$611M | -$724M | -$14.1B | -$8M | -$241M | -$1.5B | -$2.9B | -$2.1B | -$2.6B | -$6.0B |
| Net borrowing | $29.9B | $2.2B | $1.6B | -$1.6B | -$4.5B | -$6.3B | $2.7B | -$3.5B | -$1.3B | $6.5B |
| Free cash flow margin | 2.7% | 7.1% | 6.1% | 7.9% | 10.8% | 7.4% | 0.5% | 6.7% | 2.0% | 7.5% |
| Dividends per share | — | — | — | — | — | — | $1.28 | $1.46 | $1.77 | $2.13 |
Questions
What was Dell Technologies's revenue in 2026?
$113.5B in fiscal 2026, from its 10-K filing.
How much free cash flow does Dell Technologies generate?
$8.6B in fiscal 2026 (operating cash flow minus capital spending).
From Dell Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.